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Zimbabwe sells gold refinery to group of miners for US$49m

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HARARE – Ten companies are to take control of Zimbabwe’s privatised gold refinery for US$49 million, Finance minister Mthuli Ncube said Thursday.

This will be the first time that the refinery will be in private hands since it was established in 1988.

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The sale, first announced in December last year, will see the new shareholders owning 60% of Fidelity Printers & Refiners, while the Reserve Bank of Zimbabwe (RBZ) retains the remaining 40%.

“The process of partial privatisation of Fidelity Printers and Refineries through offering 60% of its shareholding in the gold refinery business to producers of gold. The Central Bank will remain with 40% in the gold refinery company and 100% in the printing, minting and gold financing business. Ten shareholders have so far accepted to take shareholding in Fidelity Gold Refinery at a total consideration of US$49 million,” Ncube told Parliament as he presented a budget review statement.

He did not name the shareholders.

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However, under the ownership structure announced last year, companies would take shareholding based on the average quantity of gold delivered to Fidelity over the previous three years. Large scale miners will hold a 50% shareholding, while 3% will go to gold buying agents and the remaining 7% to the small scale producers through their representative bodies.

Among the country’s largest gold producers are Kuvimba – which controls Freda Rebecca, Shamva and other mines – Caledonia Mining, which runs Blanket, and RioZim, which owns three gold mines.

Kuvimba’s biggest mine, Freda, produced 2,7 tonnes last year. Blanket Mine produced 1,6 tonnes while output at RioZim was 1,21 tonnes for 2020.

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The privatisation of FPR came after lobbying from some players in the mining business.

It follows the model of Rand Refinery, South Africa’s biggest refinery, which is owned by the five largest gold miners Anglogold Ashanti, Gold Fields, Harmony, Sibanye Gold and DRDGOLD.

However, the privatisation will create fresh controversy over the ownership of mining assets, given the leading role that Kuvimba, whose shareholding structure has been subject to public scrutiny, is likely to play due to its commanding output.

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FPR started refining gold in 1988, and at its peak producers from abroad sent in their gold for refining at its Msasa refinery. However, FPR has not used most of its installed capacity to refine 50 tonnes of gold per year, and its new owners will have to invest substantially in retooling.

The company, which buys gold from miners from at least a dozen centres around the country, has struggled to pay miners on time for gold deliveries, pushing miners to call for its privatisation. – newZwire

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In the community

Victoria Falls launches bill-payment incentive program to drive municipal growth

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BY NOKUTHABA DLAMINI

The City of Victoria Falls has launched a promotional campaign offering prizes ranging from solar power systems to helicopter rides to encourage residents to settle their utility bills and rates.

The initiative, titled the “Pay and Stand a Chance to Win Promotion,” began on April 2, 2026, and is scheduled to run in three-month cycles through the end of the year. According to a notice issued by Town Clerk Ronnie Dube, the program aims to have residents work together to contribute to the continued growth and improvement of the city.

To qualify for the draws, domestic customers in high-density suburbs must pay at least 30% of their outstanding balance or a minimum of US$100. Residents in medium and low-density suburbs are required to pay at least 30% of their debt or a minimum of US$200.

The city is offering a tiered prize structure to incentivize different levels of payment. Four 3KVA solar systems are reserved as grand prizes for residents who achieve a zero-balance account. Other prizes in the pool include four refrigerators, four gas stoves, and 100 solar lights.

Leveraging its status as a World Heritage Site, the city is also offering four “Flight of Angels” helicopter rides, four boat cruise tickets, and four complimentary dinner tickets for two. Consolation prizes such as city-branded T-shirts will also be available.

The first draw is scheduled for the second week of July, followed by a second draw in October. The final and grand draw will take place in the second week of January 2027. Residents can enter by making payments at Council Pay Points and dropping their receipts into designated entry boxes.

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National

30 killed in Easter road crashes as pedestrians bear the brunt

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BY WANDILE TSHUMA 

The Zimbabwe Republic Police has reported a worrying rise in road fatalities during the 2026 Easter holiday, despite a decline in the total number of accidents.

According to the police, 30 people were killed in road traffic accidents during the holiday period, up from 24 deaths recorded in 2025. However, the total number of accidents dropped from 384 in 2025 to 337 in 2026, while injuries also decreased significantly from 178 to 104. 

Police said 22 of the recorded accidents were fatal, compared to 21 during the same period last year. 

Pedestrians most affected

Pedestrians accounted for the majority of fatalities, making up 63% of the deaths (19 people). Passengers were the second most affected group with seven deaths (23%), followed by drivers with three (10%), while one rider (3%) was killed. 

Speeding, overtaking blamed

Authorities identified speeding as the leading cause of accidents during the period, with many drivers losing control of their vehicles. Unsafe overtaking was also cited as a major contributor to head-on collisions. 

Deadly incidents recorded

One of the most tragic incidents occurred on 2 April 2026, when six family members died after a head-on collision between a Toyota Corolla and a truck along the Harare–Masvingo Road. 

In another traffic accident , seven people were killed and four injured on 3 April 2026 at the 51km peg along the Bulawayo–Beitbridge Road. A truck rammed into three vehicles — a Nissan March, Toyota Probox and Toyota Hiace — before striking pedestrians who had gathered at the scene. 

Police warning

The police have urged motorists to exercise caution, obey traffic laws and avoid speeding, especially during peak travel periods. Drivers involved in accidents are also being reminded to stop, render assistance and report incidents.

 

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National

Econet InfraCo targets ultra-luxury market with Vic Falls resort

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BY STAFF REPORTER 

Econet InfraCo has unveiled plans for a multimillion-dollar luxury resort in Victoria Falls, marking a strategic push by the billion-dollar infrastructure platform into high-end tourism.

The development, branded Vic Falls Lifestyle, will feature 40 luxury residential villas supported by premium amenities, including restaurants, wellness centres and sports facilities.

Chief executive Fayaz King described the project as a landmark for Zimbabwe’s luxury tourism segment.
“These will be among the most exclusive residential properties ever developed in Zimbabwe, designed to meet top-tier international hospitality standards comparable to presidential suites in leading global hotels,” he said.

The project aims to reposition Victoria Falls as a destination for affluent global travellers seeking privacy, exclusivity and fully integrated services.
Recently listed on the Victoria Falls Stock Exchange with a valuation of about US$1 billion, Econet InfraCo said the resort will include a 24-hour, 10-bed private hospital offering emergency and dental services—an amenity tailored to high-net-worth clientele.
Security and privacy will be central to the offering, with the gated development providing round-the-clock protection for residents and guests.

Under the investment model, buyers will own individual villas but will be required to place them in a rental pool for up to 11 months a year, balancing personal use with income generation.

“Victoria Falls needs developments of this calibre to attract visitors who not only spend, but invest,” King said.

Econet founder and group chairman Strive Masiyiwa played an advisory role in shaping the concept and is expected to be among the property owners.
The company said the project has already drawn interest from local and diaspora investors, as well as international buyers.

Land has been secured, planning is at an advanced stage, and construction is scheduled to begin before year-end.

The Victoria Falls resort is Econet InfraCo’s second major project. Its flagship, Econet Tech City, is a planned industrial and technology hub near Robert Gabriel Mugabe International Airport in Harare, expected to host around 300 businesses across more than 800 hectares.

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