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171 Investment Deals Worth US$1.2 Billion Clinched — ZIDA

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By Itai Mazire

The mining sector, through the Zimbabwe Investment and Development Authority (ZIDA), signed 171 investment deals during the first and second quarters of 2025, expected to bring inflows amounting to US$1.2 billion across the sector’s value chain.

Speaking at the ongoing 2025 Mine Entra Conference in Bulawayo, Mines and Mining Development Minister Winston Chitando said Zimbabwe boasts over 60 known minerals, although only a quarter of them are currently being mined. He added that vast investment opportunities remain open to global investors.

“Investments are flowing in, reflecting global confidence in our vision. According to ZIDA, we have witnessed significant growth in mining investment, with 80 and 91 new investment licences issued in the first and second quarters respectively. These are projected to attract over US$1.2 billion worth of investment in the form of capital equipment, cash, equity, and debt financing,” said Minister Chitando.

He highlighted the launch of the Palm River Energy and Metallurgical Special Economic Zone (PREMSEZ) in Beitbridge in February 2025 — a US$3.6 billion project expected to produce one million tonnes of steel per annum (both carbon and stainless), one million tonnes of thermal coal, and 500,000 tonnes of coking coal annually.

Minister Chitando also noted that Zimplats’ expansion project, valued at US$1.8 billion, had recorded major milestones.

“Under the expansion programme, 35MW of the 185MW solar project and an expanded smelter were commissioned by His Excellency, the President, Cde Dr Emmerson Mnangagwa,” he said.

He further outlined developments at the Zhongjin Heli Energy Five Mile Industrial Park, a vertically integrated, circular-economy complex combining coke production, coal-fired power generation, and cement manufacturing from fly ash. The facility includes:

A coke battery (Phases I and II) producing 500,000 tonnes per year;

A power generation plant with a capacity of 235MW (100MW in Phase I and 135MW in Phase II); and

A cement plant capable of producing 500,000 tonnes annually.

Minister Chitando said these projects are designed not only to boost output but also to create long-term value through economic growth, environmental stewardship, and social development.

The Mine Entra 2025 Conference, which runs from October 8 to 10 under the theme “Beyond Extraction: Sustaining the Future of Mining,” has attracted regional and international investors from across the globe.

The Minister emphasized that the government’s focus extends beyond mineral exploration to include beneficiation and value addition, ensuring maximum benefits for the nation.

“Export restrictions for all base mineral ores and beneficiation taxes have spurred progress. Lithium companies are advancing battery-grade lithium processing, such as at Prospect Lithium Zimbabwe, where a Lithium Sulphate Plant is under construction,” he said.

He reaffirmed the government’s position that exports of lithium concentrates will be banned by 2027, while exports of chrome ores and chrome concentrates are already prohibited.

“In the PGM and coal sectors, we are advancing value addition through expanded smelting and coking capacities. Progress is particularly notable in coke production, a critical input for metallurgy,” Minister Chitando added.

He revealed that research is underway to develop processing methods for PGM oxides, as Zimbabwe moves towards establishing a base metal refinery. In the iron and steel sector, the Dinson Iron and Steel Company (DISCO) Manhize plant has begun producing deformed bars and steel billets, with plans to expand into a broader range of steel products, including angle iron and flat bars.

“This value-oriented approach ensures that wealth is retained within Zimbabwe, creates jobs, and positions the country as a leader in the energy transition. True sustainability means ensuring that our people benefit first,” said Minister Chitando.

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Former COO Fayaz King Returns to Lead Econet InfraCo

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Econet Wireless Zimbabwe has appointed its former Chief Operating Officer, Fayaz King, as the Chief Executive Officer of its newly established infrastructure subsidiary, Econet InfraCo.

King is making a return to the telecommunications giant after departing in 2019 to serve as Assistant Secretary-General at the United Nations Children’s Fund (UNICEF). He is set to assume his new role on 1 March 2026.

Econet InfraCo is expected to list on the Victoria Falls Stock Exchange (VFEX) toward the end of March, subject to shareholder approval of Econet’s proposed delisting from the Zimbabwe Stock Exchange and transition to an over-the-counter trading platform overseen by the VFEX.

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International FinTech Executive Tinashe Muhove Supports SMEs and Youth Talent

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LONDON — International fintech executive Tinashe Muhove is playing an important role in expanding financial access, supporting small businesses, and helping young people enter the global fintech industry.

Muhove has worked in senior positions at well-known fintech companies such as Mukuru, Mama Money, and MoneyGram. In these roles, he focused on growing businesses and expanding into new markets, especially in cross-border payments and money transfer services.

Much of his work has targeted emerging and underbanked communities, helping improve access to financial services in Africa, Europe, and other regions.

Industry experts say his experience dealing with different regulations and business environments has given him a strong understanding of both business growth and financial inclusion.

Muhove is currently the Co-Founder and Chief Executive Officer of UJU, a UK-based technology company that supports small and medium-sized enterprises (SMEs). The platform helps high-street businesses keep customers and improve long-term profits at a time when competition and digital change are increasing.

UJU provides tools that help businesses encourage repeat customers and maintain steady income. This is important as many small businesses face rising costs and changing customer habits. The company’s work supports wider efforts in the UK to strengthen local economies and protect jobs.

Alongside his business work, Muhove is also involved in education and skills development. He founded Fin4NextGen, a four-week global programme that introduces young people to the fintech industry.

The programme teaches basic fintech ideas, career options, and real-life examples. It mainly targets young people who may not normally have access to the fintech sector. This supports industry efforts to improve skills and increase diversity in fintech.

Muhove is also sharing his ideas through writing. He is currently working on a book about the challenges of building fintech startups. The book follows two young entrepreneurs in the same industry but with very different goals, and looks at ambition, ethics, and purpose.

At the centre of the book is a key question he believes founders must ask themselves:

“Why am I building what I am building?”

Analysts say this focus on purpose reflects a wider shift in fintech, as companies are now expected to consider social impact as well as profit.

With experience in global fintech companies, SME technology, youth education, and thought leadership, Muhove is increasingly seen as someone helping shape the future of the UK and global fintech industry.

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Dangote Appoints MTN CEO Ralph Mupita to Fertiliser Board Ahead of IPO

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Africa’s richest man, Aliko Dangote, has appointed MTN Group Chief Executive Officer Ralph Mupita to the board of Dangote Fertiliser as the company prepares for a landmark initial public offering (IPO) on the Nigerian Stock Exchange later this year.

 

Dangote Fertiliser Managing Director Vishwajit Sinha confirmed Mupita’s appointment, signalling a strategic move as the fertiliser business positions itself for expansion and entry into public markets.

 

Mupita’s inclusion brings high-level capital markets and corporate governance experience to Dangote’s fast-growing fertiliser unit. He previously led the successful 2019 listing of MTN Nigeria, now one of the country’s most valuable companies. Since its listing, MTN Nigeria’s revenues have more than quadrupled, and the company currently boasts a market capitalisation of about US$8.6 billion, making it the Nigerian Exchange’s second-largest stock after BUA Foods.

 

The appointment comes at a pivotal moment for Dangote Fertiliser, which is seeking to tap public markets to fund ambitious expansion plans. The company currently produces around 3 million tonnes of granulated urea annually from its US$2.5 billion Lagos-based complex and aims to become the world’s largest fertiliser producer by 2028.

 

To support this goal, Dangote Fertiliser plans to expand its existing Nigerian operations and commence construction of a new production facility in Ethiopia later this year. The Ethiopian plant is expected to strengthen the company’s footprint in East Africa while supporting regional food security and agricultural productivity.

 

Africa’s fertiliser market is gaining prominence as the continent experiences the world’s fastest population growth. According to the African Development Bank, rising food demand, rapid urbanisation and expanding intra-African trade could see the continent’s agricultural sector grow to more than US$1 trillion by 2030. However, limited access to fertilisers remains a key challenge for many small-scale farmers, constrained by financing gaps, poor infrastructure and underdeveloped markets.

 

Dangote Fertiliser’s expansion is positioned as a response to these challenges, aiming to reduce Africa’s dependence on imported fertilisers while supporting higher crop yields across the continent.

 

Mupita has led MTN Group, Africa’s largest mobile network operator, for more than five years, having joined the group in 2017 as chief financial officer. Prior to MTN, he held senior roles at South African financial services group Old Mutual and began his career as a trained engineer. His blend of engineering, finance and capital-markets expertise is expected to bolster Dangote Fertiliser’s governance and investor appeal ahead of its IPO.

 

Beyond fertiliser, Dangote Industries is also preparing to list its massive oil refinery business, a move Aliko Dangote has previously described as part of a broader strategy to raise capital, deepen transparency and attract institutional investors.

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