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Gold buying prices per gram in Zimbabwe 18 March 2025

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Gold buying prices per gram in Zimbabwe 18 March 2025

Gold buying prices per gram in Zimbabwe today 18 March 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$91.04g
SG ABOVE 89% BUT BELOW 90% US$90.07g
SG ABOVE 80% BUT BELOW 85% US$89.11/g
SG ABOVE 75% BUT BELOW 80% US$88.15/g
SAMPLE BELOW 10g BUT ABOVE 5g US$86.70/g

Fire Assay CASH $91.52/g

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (Small-scale miners)
A 5% royalty is set for Primary Producers

Freda’s Gold Output Rises 14.3% in FY2025

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Freda’s Gold Output Rises 14.3% in FY2025

The country’s biggest gold producer, Freda Rebecca Gold Mine (FRGM), the leading producer in Kuvimba Mining House’s gold cluster, saw a 14.3% increase in gold production in FY2025 after experiencing a slight decline in the previous year. Contributing over 68% to Kuvimba’s total output, FRGM remains critical to the group’s overall success, Mining Zimbabwe can report.

By Rudairo Mapuranga

Freda Rebecca Gold Mine has consistently led the Kuvimba Gold Cluster, producing 2,280 kg of gold in FY2023, representing 69.1% of the cluster’s total output. In FY2024, production dipped slightly by 2.2% to 2,229 kg as the mine dealt with operational adjustments. However, in FY2025, the mine bounced back, producing 2,123 kg in the first 10 months, with projected annual output expected to reach 2,548 kg by year’s end—a 14.3% increase compared to FY2024.

The mine has shown relatively stable monthly production, with occasional fluctuations. FY2023 peaked at 240 kg of gold produced in both July and August, though this dropped to 134 kg by December 2022. The following year, FY2024, mirrored this cyclical trend, with production peaking at 218 kg in January 2024 before falling to 157 kg in September 2023.

In contrast, FY2025 has seen a more consistent output, with monthly production varying between 179 kg and 230 kg. The steady performance suggests that the mine’s operations are increasingly stabilized, though continuing to refine monthly production remains an area of focus for maximizing output.

Freda has maintained a strong focus on ore quality, as reflected in its head grades. In FY2023, the mine recorded an average head grade of 1.46 g/t, which saw a modest improvement to 1.47 g/t in FY2024. This upward trend continued in FY2025, where the first 10 months reported a head grade of 1.55 g/t, marking a 6.2% improvement over the past three years.

The mine’s recovery rates have shown slight fluctuations but remain strong. FY2023 saw recovery rates averaging 79%, which dipped slightly to 77% in FY2024. By FY2025, the mine had managed to stabilize and improve the rate to 78%, reflecting its commitment to maintaining high extraction efficiency even as operational pressures persist.

The gold producer’s ore processing capabilities have shown positive developments over the past three years. In FY2023, the mine processed 2,034,089 tonnes of ore. This volume remained stable in FY2024, with no significant growth, but by FY2025, ore processing saw a boost, with 1,741,183 tonnes processed in the first 10 months alone. The projected annual total for FY2025 is estimated to reach 2,089,420 tonnes, reflecting a 2.7% increase in throughput.

This increase in processed ore suggests that FRGM is effectively optimizing its resources to sustain growth, a key indicator of operational maturity in one of Zimbabwe’s largest gold mining ventures.

Despite its consistent contribution to Kuvimba’s gold output, Freda Rebecca Gold Mine faces ongoing challenges. Maintaining consistent head grades and further improving recovery rates will be crucial to its future success. Additionally, while the mine has shown resilience, operational bottlenecks, particularly in managing monthly production fluctuations, still present hurdles to sustained high performance.

However, FRGM also stands at a point of opportunity. With strategic investments in equipment upgrades, enhanced workforce training, and further optimization of mining processes, the mine could significantly bolster its output. Maintaining strong relationships with local communities and ensuring compliance with environmental and safety standards will also help FRGM solidify its role as the cluster’s leader.

Bravura Commended for Building Houses to Facilitate Kamativi Mine Development

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Pan African mining company Bravura has been praised for its efforts in building housing for workers as part of its ongoing project at Kamativi Mine in Hwange District, Matabeleland North, Mining Zimbabwe can report.

By Rudairo Mapuranga

Kamativi Mine is a former tin mine now under the concession of Mutapa Investment Fund-owned Defold Mine.

Bravura recently constructed six houses in Kamativi, replacing six previously demolished homes—three of which were unoccupied and three that were occupied. The demolitions were necessary to make way for the construction of a state-of-the-art plant at Kamativi, a former tin mine undergoing redevelopment.

The handover marks a significant milestone in the Kamativi project, demonstrating Bravura’s commitment to ensuring that community members and workers are properly accommodated during the mine’s expansion. In addition to the six new houses, Bravura is constructing a new campsite to house its workers, with future plans to build accommodations for over 350 workers who are expected to be part of the plant’s workforce.

Bravura builds houses for workers
Bravura builds houses for workers
Bravura builds houses for workers
The 8 roomed houses built by Bravura for its workers

Local leaders, including Chief Nekatambe, expressed their gratitude for the housing initiative, emphasizing the significant contribution it represents to the community.

“I would never be in a position to build such a house. We thank these people, as well as the President, for bringing such a company. We’ve got people-centred at heart,” he said. Chief Nekatambe also expressed hope that the company would fulfil all its promises, with housing being a critical step toward that.

Minister of State for Provincial Affairs, Hon. Richard Moyo, echoed these sentiments, stating that the government is pleased with Bravura’s efforts to uplift the local community. “We are very happy about the houses, and even our comment was that they are too big for workers, so we suggested they could accommodate two families per house. This is the first company to build such houses, and we are more than happy. We want other mining companies to take a leaf from Bravura,” said Minister Moyo.

Bravura’s initiative marks a significant development in Kamativi, reflecting the company’s commitment not only to advancing its mining operations but also to improving the lives of workers and the broader community. As the construction of the new plant progresses, the company continues to stand out as a positive example of corporate responsibility in Zimbabwe’s mining sector.

The NUM rejects the appointment of Ben Magara as CEO of EXXARO

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The NUM rejects the appointment of Ben Magara as CEO of EXXARO

The National Union of Mineworkers (NUM) is vehemently opposed to the appointment of Ben Magara as the new CEO  of Exxaro Resources. The Exxaro board has not been engaging with us in good faith in that we had a meeting with them on 19th February 2025 with the follow-up meeting scheduled for 17th March 2025 discussing the CEO saga in the company.

“Since the NUM is a mandate-driven organization, we had to consult our members who constitute more than 80% across the group to ascertain the marching orders from our constituency about the suspension of the then CEO Dr Nombasa Tsengwa.  The feeling of our members on the ground was that Nombasa Tsengwa would remain the darling of the workers and workers are willing to do anything to have her back at Exxaro as it is clear that her suspension was unjust and unfair since her sins were insourcing core business within the group which gives sustainable jobs to our members. This insourcing approach by the suspended CEO happened to be acting against the interest of the board that is for outsourcing business with the aim of self-enrichment.  Before we could give feedback on the feelings of our members and have meaningful engagement on the scheduled meeting on the 17th of March 2025, Ben Magara was appointed the new CEO,” said Tshilidzi Mathavha, NUM Highveld Regional Secretary.

The NUM has been engaging the board on the state of affairs at Exxaro, specifically the way the Board has orchestrated the suspension of the former CEO Dr Nombasa Tsengwa to disguise its protection of Kgabi Masia from facing a fair process of investigation for misconduct. Ben Magara was allegedly part of this orchestration, he was a part of the decision to suspend and charge the former CEO and also supported the smokescreen created by the Board to shield Kgabi Masia’s misconduct and irregular activities that have resulted in over-expenditure in the trucking of coal to Maputo. Having overspent by more than 40% in coal logistics to Maputo compared to other mining companies in the same area.

It is no surprise that Grinrod, a company Ben Magara is a director was advantaged over other competent companies, nominated as the sole service provider to truck and rail coal from Exxaro mines to Maputo at exorbitant rates, yet to a Grinrod Coal Terminal. It is unheard of in our industry that one company provides a wall-to-wall logistics solution, (ie. trucking, railing and loading) created specifically for Exxaro to its terminal. It is uncompetitive to do this especially with a director of Grinrod seating on the Board, and also in the Logistics subcommittee of the Board where these decisions are discussed and approved. These matters are still under the Bowman’s investigation on Masia, and Magara is very conflicted and we do not believe there will be a fair outcome with him at the helm. He’ll never go against a company he is also an active director of.

We believe the abuse of primary mining equipment rentals is deliberate as Masia strategically delayed the purchase of trucks from reputable companies and opted to rent trucks from unheard-of companies in Belarus, also meant to benefit companies like Tau Mining with little or no technical support for their equipment. Also irregular mining standards and massive losses at Leeuwpan are still under Masia’s prolonged and ever ongoing investigation. Therefore we have no confidence that Ben Magara and the Board will be keen to expose Masia given the current Board’s intention to cover Masia up through a prolonged tedious investigation compared to the hastened ENS report on the former CEO that was rushed so that Ben Magara can be appointed within 4 weeks of the former CEOs resignation. Why? Was this pre-determined? We believe Ben Magara is only coming to the CEO seat to implement the Board’s agenda including its business interests as we have mentioned before to the Chairman of the Board.

How is Magara appointed with all his personal business interests which overlap to those of Exxaro, namely copper, manganese, lithium, logistics, coal etc?

We are also aware of Magara’s role in the demise of Lonmin post-2013 when he took over as CEO and Director there. He is known to disrespect the voices of employees and more so of women. As his previous record, we expect him to retrench and fire employees at will. Exxaro has made massive losses in 2024 from the cost burden in the coal business under Masia, and given Magara’s record we have no confidence in his ability to preserve jobs for our members. The news headlines alone during his tenure at Lonmin tell the story of Magara’s track record.

We believe Magara’s swift appointment and announcement were pre-planned, aimed at confusing the market and covering up the extent of losses resulting from Masia’s conduct. We are aggrieved about the continued disregard of our plea to the Chairman to curb corruption in the company and we are left with no option but to approach Exxaro’s shareholders on the risk of working under the leadership of Magara and the Board that seems to care more about their business interests rather than those of the workforce, shareholders and stakeholders at large. This appointment has indicated the refusal by the Board to listen to us as organised labour, representing about 80% of its employees. Therefore, we raise this matter as urgent and cannot wait for a Monday meeting after this unfortunate announcement when the signs are clear of the unstoppable interests perpetuated by the Board.

Gold buying prices per gram in Zimbabwe 17 March 2025

Mining
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Gold buying prices per gram in Zimbabwe 17 March 2025

Gold buying prices per gram in Zimbabwe today 17 March 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$90.48g
SG ABOVE 89% BUT BELOW 90% US$89.52g
SG ABOVE 80% BUT BELOW 85% US$88.56/g
SG ABOVE 75% BUT BELOW 80% US$87.60/g
SAMPLE BELOW 10g BUT ABOVE 5g US$86.17/g

Fire Assay CASH $90.95/g

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (Small-scale miners)
A 5% royalty is set for Primary Producers

Zimplats Gold Production Declines by 16%

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Zimplats Gold Production Declines by 16%

The country’s biggest platinum group metal (PGM) producer, Zimplats, reported a 16% decrease in its gold production for the half-year ended 31 December 2024, producing 14,587 ounces compared to 17,424 ounces during the same period in 2023, Mining Zimbabwe can report.

By Rudairo Mapuranga

This decline is part of a broader trend seen across various metals and minerals in Zimplats’ portfolio, as the company faces several challenges in production and market conditions.

In total, the group produced 279,890 ounces of 6E (Platinum Group Metals) during the six months, down by 15% from the 327,810 ounces produced in the half-year ended 31 December 2023. Platinum production also fell by 13%, from 151,170 ounces to 130,772 ounces, while palladium saw a significant 15% drop, with production decreasing from 127,474 ounces to 108,011 ounces.

Other metals were similarly affected, with rhodium dropping by 6% to 11,202 ounces and ruthenium falling by 9% to 10,258 ounces. Iridium experienced the sharpest decline among the PGMs, with a 20% decrease, falling to 5,060 ounces from the previous year’s 6,332 ounces.

Zimplats’ production of silver decreased slightly, dropping by 4% to 24,777 ounces, while nickel production remained relatively stable, recording 2,655 tonnes compared to 2,350 tonnes in the previous year, showing a modest 13% increase. Copper output remained static, holding at 2,032 tonnes, a slight improvement of 2% from the previous period.

Sales volumes followed a similar trend, with platinum sales down 11% to 130,737 ounces compared to 147,362 ounces sold during the same period in 2023. Palladium sales declined by 14%, reaching 107,971 ounces. Gold sales reflected the production trend, decreasing by 13% to 14,606 ounces from 16,866 ounces in the previous year.

Total 6E sales amounted to 279,740 ounces, a 13% decline from the 320,196 ounces sold in 2023. Silver sales also dropped by 6% to 29,351 ounces. However, nickel sales rose marginally to 2,685 tonnes, while cobalt sales decreased significantly by 30%, dropping to 35 tonnes from 50 tonnes.

The production and sales declines signal a challenging period for Zimplats as the company navigates fluctuating market conditions and operational difficulties across its mining operations. These figures also reflect the broader economic pressures facing Zimbabwe’s mining industry, as producers contend with both global market trends and local operational constraints.

Zimplats will need to implement strategic initiatives in the coming months to stabilize production and capitalize on its mineral assets, particularly as demand for PGMs and precious metals remains high globally due to their industrial and technological applications.

Muchesu Coal Project Gains Momentum as Local Investor Increases Stake

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Muchesu Coal Project Gains Momentum as Local Investor Increases Stake

Huo Investments (Pvt) Limited has deepened its commitment to Zimbabwe’s Muchesu coal project, reinforcing confidence in the mine’s long-term potential. Contango Holdings Plc confirmed that an entity controlled by a director of Huo Investments has acquired an additional 6.502% stake in Monaf Investments (Private) Limited (“Monaf”) from a local minority shareholder.

By Ryan Chigoche

However, this transaction does not affect Contango’s existing interest in Monaf; instead, it signals growing investor confidence in the project’s future.

This latest acquisition is part of a broader strategy as Huo Investments moves closer to securing a controlling 51% stake in Monaf, pending regulatory approvals.

The Muchesu Project, which boasts over 2 billion tonnes of coal reserves, has been gaining traction as Zimbabwe positions itself as a key player in the global coal market. The shift marks a defining period for Contango, significantly reducing its previous risks as the sole operator at Muchesu and paving the way for a more sustainable and capital-efficient business model.

In a statement, Contango CEO Carl Esprey welcomed Huo Investments’ additional purchase, emphasizing the growing confidence in Muchesu’s potential.

“We note the investor’s purchase of additional shares in Monaf from another minority shareholder and the investor’s continued investment in the Muchesu Project. This should provide shareholders with further confidence in the investor’s focus on the development of the Muchesu Project and reinforce its inherent value.

“The investor has already made a material investment ‘into the ground’ at Muchesu, acquired a 20.42% holding, and become Contango’s largest shareholder. In addition to this, royalty payments to Contango have commenced. This further increased ownership interest in Monaf and the Muchesu Project, bodes well for the investor’s commitment to fully developing Muchesu.

“I look forward to updating shareholders on further progress and the completion of outstanding documentation with respect to the Definitive Agreements,” Esprey said.

Beyond increasing its stake, Huo Investments has demonstrated its commitment through tangible financial contributions. In July 2024, an initial $1 million was advanced as part of a future equity subscription, reflecting strong confidence in Muchesu’s potential. This was followed by another $1 million in January 2025, facilitating the successful closure of a planned $2 million equity placement.

As a result, Huo Investments has become Contango’s largest shareholder. At the same time, Contango has been streamlining its operations, resizing its cost base, and positioning itself for a leaner and more efficient financial future.

Additionally, the company’s recent transition to a royalty-focused business model marks a shift toward a more sustainable and risk-mitigated strategy. By focusing on royalties rather than direct mining operations, Contango is not only unlocking substantial growth potential for investors but also shielding shareholders from uncertainties related to future operational costs, capital expenditure, and working capital requirements.

As regulatory approvals near completion, Contango and Huo Investments are poised to accelerate the Muchesu Project’s development. With increased financial backing, a streamlined business model, and growing investor confidence, Muchesu is on track to become a major force in Zimbabwe’s coal industry.

RioZim Faces Financial Struggles as New Ownership and Capital Injection Loom

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RioZim Faces Financial Struggles as New Ownership and Capital Injection Loom

RioZim Limited, one of Zimbabwe’s prominent gold producers, is facing severe financial challenges, but a possible change in ownership and a significant capital injection offer a glimmer of hope for the troubled company. The new investor, whose identity has not yet been disclosed, is reportedly in advanced talks to take over the company’s operations and inject much-needed capital to revive RioZim’s struggling assets.

By Rudairo Mapuranga

For years, RioZim has been grappling with declining production, financial instability, and operational difficulties. Its flagship gold mine, Renco, has suffered from aging infrastructure, low ore grades, frequent mechanical failures, and volatile exchange rates, which have exacerbated the company’s woes. Gold production at Renco plunged by 42% in the first half of 2024, producing just 130 kilograms, marking a continuation of the company’s years-long downward spiral.

Further compounding its problems, RioZim’s BIOX plant at Cam & Motor Mine, which was expected to boost production by up to 50%, failed to deliver the anticipated results. Operations at the Empress Refinery have largely been suspended, adding to the financial strain, while its Murowa Diamonds interest has been hampered by liquidity challenges and an underperforming mining sector.

RioZim’s financial distress is further illustrated by its mounting debts. The company owes US$34 million to the Zimbabwe Asset Management Corporation (ZAMCO), a state-run entity set up to manage distressed companies’ debts. Additionally, RioZim has been the target of calls from the Zimbabwe Diamond and Allied Minerals Workers’ Union (ZDAMWU) for improved conditions after many of its workers went months without pay.

Despite these obstacles, insiders suggest that a deal with a new investor could signal a turning point. If finalized, this acquisition would mark a major shake-up for RioZim, with the new investor expected to take over management of the company’s assets and assume its liabilities. The investor is also likely to be required to make a mandatory offer to minority shareholders, as per regulatory requirements.

The government has also intervened in RioZim’s struggles, with authorities issuing a reconstruction order on some of the company’s assets, including Bindura Nickel Corporation’s Trojan Mine, which has been underperforming due to a sharp decline in global nickel prices.

In an effort to stabilize operations, RioZim is expected to receive a capital boost from the incoming investor, who has committed to addressing the company’s liquidity issues and reviving its stalled projects, such as the Sengwa coal project in Gokwe. However, the success of any turnaround strategy will depend on how effectively the new owners manage RioZim’s restructuring efforts and resolve the underlying issues within Zimbabwe’s mining sector, including foreign exchange shortages, inconsistent policies, and operational inefficiencies.

As shareholders and industry players await the outcome of these negotiations, RioZim’s future hangs in the balance. The conclusion of the deal, which remains subject to due diligence, regulatory approvals, and shareholder agreements, could offer the company a new lease on life, provided the new investors inject the capital and expertise needed to revive its struggling operations.

RioZim has advised shareholders to exercise caution while dealing with the company’s securities, as significant developments are imminent. If successful, this capital injection and ownership change could help RioZim avoid collapse and stabilize its position within Zimbabwe’s complex mining industry. However, failure to finalize the deal could deepen the company’s crisis, potentially leading to further financial distress and operational disruptions.

Ran Mine Restarts Operations After Implementing Environmental Safety Reforms

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Ran Mine Restarts Operations After Implementing Environmental Safety Reforms

Bindura-based gold miner Ran Mine has officially restarted operations following the completion of an extensive environmental cleanup and the implementation of safety protocols required by the Environmental Management Agency (EMA), Mining Zimbabwe can report.

By Rudairo Mapuranga

The mine was forced to cease operations after a slimes dam breach last month raised concerns about public safety and environmental damage. However, it has now fulfilled all regulatory requirements to resume work.

EMA Mashonaland Central Environment and Publicity Officer Maxwell Mupotsa confirmed that the mine had addressed the necessary conditions to prevent future incidents, including pollution control measures and a redesign of the slimes dam.

“Ran Mine has met the conditions of the order, including implementing pollution abatement measures, creating safety ponds, and switching to a safer, older slimes dam located away from the public. We are satisfied with the work done by the mine,” Mupotsa said.

The mine was ordered to halt operations following the breach of its tailings storage facility (TSF), which posed a significant risk to both the environment and the surrounding communities. The breach led to concerns about the potential contamination of water sources and other environmental hazards. However, with the cleanup and safety upgrades now completed, the mine is back in full operation.

Ran Mine’s management, led by Mine Manager Brienie Dzumbunu, has pledged to continue upgrading safety measures and collaborating with EMA and the Civil Protection Unit to ensure the ongoing safety of the mine’s operations.

“We did a community cleanup and also rehabilitated the dam, putting in several cut-off drains using the area’s topography, along with additional rehabilitation of the dam so that it meets the requirements of EMA and the satisfaction of the community. We have since resumed operations last night,” Dzumbunu explained.

The environmental disaster and the two-week stoppage caused a significant disruption to the mine’s gold production, resulting in an estimated loss of 15 kilograms of gold. Despite this setback, Ran Mine remains optimistic about its future production targets. The mine is currently working towards a 36% increase in gold production in 2025, driven by expansion plans and enhanced operational efficiency.

Ran Mine’s commitment to safety and environmental sustainability is part of a broader effort to enhance the mine’s operations and contribute to the growth of Zimbabwe’s mining sector. With the new safety protocols in place and a renewed focus on responsible mining practices, the mine is poised to achieve its ambitious production goals while safeguarding the environment and surrounding communities.

Gold buying prices per gram in Zimbabwe 14 March 2025

Mining
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Gold buying prices per gram in Zimbabwe 14 March 2025

Gold buying prices per gram in Zimbabwe today 14 March 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$90.35g
SG ABOVE 89% BUT BELOW 90% US$89.40g
SG ABOVE 80% BUT BELOW 85% US$88.44/g
SG ABOVE 75% BUT BELOW 80% US$87.49/g
SAMPLE BELOW 10g BUT ABOVE 5g US$86.05/g

Fire Assay CASH $90.83/g

NB: Fire Assay cash price is for gold above 100gs; no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (Small-scale miners)
A 5% royalty is set for Primary Producers

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