Open Forum Vince Musewe

I HAVE just completed quite interesting research on our mineral sector trying to see who owns what. I looked at the key minerals which include gold, platinum, chrome and lithium. From what I see, hardly any indigenous people own these critical minerals and that is a shame and needs urgent attention.

The total estimated value of reserves in the ground of these four minerals is about $5 trillion which will take hundreds of years to exhaust. In my opinion, it’s time for a relook at empowering citizens so that they have a stake in their own country’s mineral endowments.

The indigenisation model that was used during the Mugabe era was wrong and misguided and now we need a new one, not driven by politicians for their own benefit but by citizens themselves.

Gold

Zimbabwe has an estimated 13 million tonnes of gold ore which can yield up to 3 500 tonnes of gold. currently we are targeting to produce 50 tonnes per annum meaning that it would take us 70 years to exhaust the reserves. Currently gold makes up about 47 percent of total mineral exports. Total gold production for 2025 was at 46,7 tonnes with 75 percent (34,9 tonnes) being produced by artisanal and small-scale miners.

The key players include

Caledonia Mining Corporation listed on NYSE,AIM and VFEX. Toziyana Resources (victor Gapare) owns 12,7 percent.

l Operates the Blanket Gold Mine near Gwanda.

l Developing the large Bilboes Gold Project, expected to become one of Zimbabwe’s biggest gold mines producing 200 000 ounces (6,2mt) annually.

Kuvimba Mining House under Mutapa Investment Fund

l Owns Freda Rebecca, Shamva Mine, and Jena Mine.

RioZim Limited controlled by GEM Holdings 84 percent Randhawa Family

l Operates the Renco Gold Mine.

Dallaglio Investments 100 percent owned by Padenga Holdings listed on the VFEX

l Part of Padenga Holdings. Owns Eureka Mine open pit mine Guruve and Pickstone-peerless gold mine in Chegutu. Produced a total of 2mt in 2025.

Kavango Resources listed on London Stock Exchange and VFEX. Metal Limited an offshore based company is the majority owner

l Developing Hillside, Nara Gold, and Leopard gold projects around Bulawayo

Namib Minerals Nasdaq listed and 62,8 percent owned Southern SellBen Trust

l Formerly Metallon

l Operates How Mine and has interests in Mazowe and Redwing mines.

Ariana Resources AIM listed in London,largest shareholder Hong Kong Xinhai 17,5 percent

l Developing the Dokwe Gold Project in Tsholotsho mat North

Duration Gold Limited owned by Clarity Capital Jersey

l Duration offers gold exploration and production services. The company owns five core assets with historic production of 4,6 million oz.

Small scale and artisanal miners produce 75 percent of total exports but there is no ownership and title of gold assets especially for artisanal miners. Added to that is the ridiculous proposition that small scale minders must produce 20kg and invest up to $15 million. In my opinion this is unfair and will marginalise millions of artisanal miners. It needs to be reconsidered.

Platinum

Zimbabwe hosts the second largest known platinum reserves in the world, after South Africa estimated at 2,8 billion tonnes of PGM ore (8,000mt) Platinum is among the country’s largest foreign currency earners contributing at least 20 percent of mineral exports revenue. Zimbabwe produced approximately 502 000 (15,6mt) ounces of platinum in 2025 and supplies around 10 percent of platinum global supply and is a lower cost producer compared to South Africa who supply 80 percent to global markets.

There are three major producers:

Zimplats is the single largest platinum producer in Zimbabwe with four underground mines in Ngezi, Bimha, Mupani and Rukodzi. An open pit mine was also started in 2025. Zimplats is 87 percent owned by impala platinum South Africa. Zimplats reserves are estimated at 3 000 tonnes of ore.

Mimosa Mining Company is the second largest PGM producer in Zimbabwe. Mimosa is a joint venture partnership between Impala Platinum Holdings Limited Sibanye Still Water. Mimosa total ore reserves are estimated at 1,24 million tonnes. Annual production for 2025 was 253 900 ounces (7,9 mt)

Unki Mine, located in Shurugwi, is Zimbabwe’s third largest PGM producer. The mine is owned by Valterra Platinum (Anlgo American) and located near Zvishavane The key challenge faced by Unki is grade decline. Total reserves are estimated at 964 tonnes. In 2025 the mine produced a total of 219 600 ounces (6,83 mt).

Again, here we can see that there is no indigenous ownership.

Lithium

Zimbabwe is one of Africa’s largest lithium holders, with major estimated deposits of up to 500 000 tonnes in the Bikita, Arcadia in Goromonzi, and Zulu areas in Gweru Zimbabwe holds the largest reserves of lithium in Africa and ranks fifth globally in terms of lithium deposits Currently lithium makes up five percent of total exports at USD517 million for 2025 (1,128m tonnes) .The sector is dominated by a mix of Chinese-owned or backed firms.

Sinomine, a Chinese batterymineral group, owns Bikita Minerals in Masvingo with a 300 000 tonnes per year spodumene plant mining is a major economic sector which can drive the re-industrialisation of the country, create many opportunities through direct and indirect linkages and also increase employment levels. The reality is that, despite our boasting of our mineral endowments, not many of us citizens own and stand to benefit from them.

*Musewe is an economist

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