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Caledonia Announces CFO Transition as Chester Goodburn Steps Down

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Caledonia Announces CFO Transition as Chester Goodburn Steps Down

Multi-listed gold-focused miner Caledonia Mining Corporation Plc has announced that CFO Chester Goodburn will step down in March after the publication of the company’s 2024 financial results, with financial expert Ross Jerrard set to succeed him, Mining Zimbabwe reports.

By Rudairo Mapuranga

Goodburn, who has served as CFO since July 2022, will stay on briefly as a consultant to ensure a smooth transition. His leadership has been instrumental in Caledonia’s financial growth and its progress toward becoming a mid-tier, Zimbabwe-focused gold producer.

Caledonia CEO Mark Learmonth expressed gratitude for Goodburn’s contributions, stating, “Chester has made a substantial contribution to Caledonia’s growth since he joined us in 2014. I thank him for his dedication and wish him well in his future endeavours.”

Jerrard, 50, is a member of the Institute of Chartered Accountants of Australia and New Zealand and the Institute of Chartered Accountants of Zimbabwe. He previously served as CFO of Centamin Plc, a former FTSE-250 dual-listed mining company, where he played a key role in its $2.5 billion acquisition by AngloGold Ashanti Plc in November 2024.

Learmonth welcomed Jerrard, saying, “Ross brings a depth and breadth of experience that will be invaluable as we advance our strategy to become a mid-tier, Zimbabwe-focused gold producer.”

This leadership change marks a new chapter for Caledonia as it strengthens its operations and expands its footprint in Zimbabwe’s gold mining sector.

AMSZ Launches Nationwide Register of Qualified Mine Surveyors

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AMSZ Launches Nationwide Register of Qualified Mine Surveyors

In a major step toward improving professionalism in Zimbabwe’s mining industry, the Association of Mine Surveyors of Zimbabwe (AMSZ) has partnered with the Ministry of Mines and Mining Development (MMMD) to elevate standards in mine surveying, Mining Zimbabwe can report.

By Rudairo Mapuranga

AMSZ President Stewart Gumbi emphasized the need for a formal structure, announcing the introduction of a nationwide register of qualified mine surveyors, categorized by province and accessible via the AMSZ website and online search engines.

“We want miners to easily find registered professionals and ensure compliance. We will share lists of vetted surveyors and companies on the various provincial Ministry of Mines and Mining Development’s notice boards. Soon the lists will also be available online for easy access,” Gumbi stated.

Gumbi also reiterated that to protect the integrity of the profession, AMSZ will also implement standardized service rates, preventing both overcharging and underpricing.

“Our goal is to maintain professionalism and ensure miners pay fair rates for the work being done,” Gumbi said.

He also added on stating, “We also do not want a situation where miners are also overcharged, so the AMSZ will also implement standardized service rates, preventing both overcharging and underpricing,” Gumbi concluded.

The (AMSZ) is an affiliate of The Chamber of Mines of Zimbabwe. It was formed in 1985 as a Professional Non-Profit Body that represents the interests of the Mine Surveying Profession in Zimbabwe.

The association comprises of members from Mine Surveying Departments of various Mining Organizations, both locally and abroad, as well as other affiliate members from diverse technical fields related to Mine Surveying and the Mining Industry in general.

Karo Retrenches Employees, Terminates Contractors Amid Tough Market Conditions

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Karo Retrenches Employees, Terminates Contractors Amid Tough Market Conditions

Tharisa plc-owned Karo Platinum has retrenched 16 permanent employees and terminated the contracts of several contractors as part of its strategic decision to optimize costs in response to the continued depression of platinum group metal (PGM) prices, Mining Zimbabwe can report.

By Rudairo Mapuranga

This move, effective from January 31, 2025, comes as the company reassesses its expenditure to align operational objectives with available financial resources for the year.

In a statement, Karo Platinum confirmed that over US$150 million had already been invested in bulk earthworks, civil works, and the procurement of long lead-time equipment for its project. Despite this significant progress, the current market environment has necessitated a review of ongoing costs. Fixed-term contracts were allowed to lapse naturally, and a workforce reduction was executed, impacting 16 permanent employees. The retrenchment process was conducted in strict adherence to Statutory Instrument 191, introduced on December 6, 2024.

“Karo understands the distress such situations can cause and has made considerable efforts to address and resolve any legitimate claims and concerns raised by the affected employees with compassion and diligence,” the company stated.

Despite the workforce reductions, Karo Platinum remains optimistic about the project’s future. Preparations are underway for the construction of a 5,000-megalitre dam on the Chirundazi River and a 32-kilometre power line to connect with the Selous substation, ensuring a reliable water and power supply for its operations. The company has also scheduled a new underground drilling campaign for 2025, which is expected to further advance the project’s development.

The retrenchments at Karo Platinum reflect the broader challenges facing Zimbabwe’s PGM sector, which has been severely impacted by declining metal prices. Of the three operational PGM mines in Zimbabwe—Mimosa, Zimplats, and Unki—only Unki has avoided retrenchments. Both Zimplats and Mimosa have made difficult adjustments in response to softening market conditions, with Zimplats implementing a 10% salary reduction for its employees.

While these developments pose challenges for the sector, Karo Platinum remains focused on its long-term goals. The company continues to prioritize the creation of a globally significant, low-cost PGM operation that will contribute to Zimbabwe’s economy and play a key role in supplying strategic commodities for a sustainable future.

As Karo advances its project, it is actively securing funding to complete construction and commission its concentrator—an essential milestone for achieving its 2025 operational targets. Although the current market conditions have necessitated cost-cutting measures, Karo remains confident in its long-term vision of delivering a sustainable, value-generating operation in the PGM sector.

Govt Urges Families to Identify Deceased from “Operation Vala Umgodi” in South Africa

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Govt Urges Families to Identify Deceased from “Operation Vala Umgodi” in South Africa

The Ministry of Foreign Affairs and International Trade has called on Zimbabwean relatives and friends to assist in identifying deceased persons from the tragic Operation Vala Umgodi incident at Stilfontein Mine in the North West Province of South Africa, Mining Zimbabwe can report.

By Rudairo Mapuranga

The operation, which took place between August 2024 and January 2025, resulted in the unfortunate loss of lives, leaving several unidentified bodies in South African mortuaries.

In a press statement, Mrs. Philiswe Chidawanyika, Director of Public Diplomacy, Communication, and Advocacy at the Ministry of Foreign Affairs and International Trade, emphasized the need for Zimbabwean citizens with missing relatives or friends in South Africa to come forward.

“We are calling on all Zimbabweans who suspect that their relatives or friends may have been victims of this tragedy to assist the Government by providing information that could help identify the deceased,” said Mrs. Chidawanyika.

The Zimbabwean Government has taken steps to facilitate the identification process for affected families. Those in Zimbabwe are encouraged to visit their nearest Zimbabwe Republic Police (ZRP) station or the Provincial/District Social Welfare Offices of the Ministry of Public Service, Labour and Social Welfare. Zimbabweans in South Africa can seek assistance from the Zimbabwean Consulate in Johannesburg.

Family members are urged to bring along photographs, medical or dental records, identification documents, or any distinguishing details that may help confirm the identities of the deceased.

Mrs. Chidawanyika assured the public that the Government is fully committed to supporting families during this difficult time, stating, “The Government of Zimbabwe is dedicated to assisting all affected families in identifying their loved ones and ensuring that the remains are repatriated for a dignified burial.”

As Zimbabwean families continue to cope with the aftermath of this tragic incident, the Government remains steadfast in its efforts to ensure that the deceased are properly identified and that their families receive the necessary support to lay them to rest.

Zimbabwe Losing $100 Million Monthly from Illicit Trade in Critical Battery Metals

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Zimbabwe Losing $100 Million Monthly from Illicit Trade in Critical Battery Metals

A recent report by the Southern Africa Resource Watch (SARW) reveals that Zimbabwe is losing approximately US$100 million every month in critical battery metals crucial for energy transitions due to illicit trade which is a result of weak regulatory enforcement, Mining Zimbabwe reports.

By Ryan Chigoche

In addition to the losses in critical minerals, Zimbabwe is also losing at least US$100 million worth of gold every month, which is being smuggled out of the country through its porous borders. When combined with the losses from critical minerals, it is estimated that approximately US$200 million worth of minerals are being illicitly exported from Zimbabwe every month. This further undermines the country’s ability to fully leverage its natural resources for economic development.

This alarming figure underscores the country’s struggles to capitalize on its vast mineral wealth, particularly in essential resources like lithium, nickel, and rare earth elements, which are crucial for the global green energy transition.

Zimbabwe is a major player in the global minerals market, holding the second-largest platinum reserves in the world, along with high-grade chromium ores. The country also boasts the second-largest lithium reserves in Africa and the fifth-largest globally.

These critical minerals are essential for green technologies such as electric vehicles and renewable energy systems. However, Zimbabwe is failing to benefit from these resources due to revenue leakages driven by illicit financial flows (IFFs).

The SARW report estimates that Zimbabwe is losing around US$100 million per month in critical battery metals, primarily due to sophisticated syndicates exploiting gaps in the current systems.

“Critical minerals, such as lithium, nickel, and rare earth elements, are essential for green technologies, including electric vehicles and renewable energy systems. However, illicit financial flows (IFFs) often undermine financial benefits from these resources. Skills limitations to evaluate mining data and lack of verification and assaying processes have provided sophisticated mining companies with loopholes to engage in illicit activities…. Can the government detect illicit trade in minerals and machinery to distinguish minerals such as silica from lithium exports? Border controls are important, but small airplanes may still be a menace. Zimbabwe reportedly loses about $100 million monthly in leakages through sophisticated syndicates.” a part of the report read.

SARW also underscored how the ineffective implementation of taxation laws, combined with poor enforcement and a lack of legislative oversight on parliament’s resolutions concerning revenue leakages, has exacerbated the problem. This includes the inadequacy of weighbridges, which has made it easier for illicit trade to thrive without detection.

The report also highlights the lack of capacity within Zimbabwe’s regulatory bodies to effectively monitor and enforce compliance in the mining sector. With insufficient oversight, mining companies have been able to exploit weaknesses in the system to conduct illicit activities. The report further emphasizes the inadequacy of Zimbabwe’s weighbridge systems and border controls, pointing out that small aircraft are frequently used to smuggle minerals out of the country through unmonitored airstrips.

Illicit financial flows are not only draining Zimbabwe’s economy but are also hampering the country’s development. The report links these illicit activities to a loss of foreign exchange, stifled trade, and a reduction in domestic resources. The United Nations Conference on Trade and Development (UNCTAD) notes that such financial flows exacerbate poverty and inequality, making it even more difficult for Zimbabwe to leverage its mineral wealth for sustainable development.

In light of these challenges, the SARW report calls for stronger regulatory frameworks and improved technological solutions to track and control illicit activities. One key recommendation is enhancing air surveillance with new radar control systems to monitor aircraft entering and leaving Zimbabwe’s airspace. The report stresses that addressing illicit financial flows is critical for Zimbabwe to ensure that its critical mineral resources contribute to both domestic economic growth and global renewable energy efforts.

SARW, is an independent, non-profit organization that  monitors natural resource extraction in the region

Gold buying prices per gram in Zimbabwe 19 February 2025

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Gold buying prices per gram in Zimbabwe 19 February 2025

Gold buying prices per gram in Zimbabwe today 19 February 2025, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$88.93g
SG ABOVE 85% BUT BELOW 90% US$87.99g
SG ABOVE 80% BUT BELOW 85% US$87.05/g
SG ABOVE 75% BUT BELOW 80% US$86.10/g
SAMPLE BELOW 10g BUT ABOVE 5g US$84.69/g

Fire Assay CASH $89.40/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

Cash available. Fidelity Gold Refinery prices will be changing daily to match the world market.

YMF Partners with SAMYA to Boost Young Miners’ Growth and Opportunities

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YMF Partners with SAMYA to Boost Young Miners’ Growth and Opportunities

The Young Miners Foundation (YMF) has partnered with the South African Mining Youth Association (SAMYA) to provide young miners in both Zimbabwe and South Africa with opportunities for growth and development in the mining sector.

By Ryan Chigoche

This strategic collaboration is designed to address the unique challenges faced by young miners in both countries, particularly focusing on access to capital and mining rights, and fostering entrepreneurship.

In Zimbabwe, young miners benefit from unique access to mining rights, positioning them to tap into the country’s rich mineral resources. However, many struggle to get started or expand operations due to a lack of capital.

In contrast, young miners in South Africa face significant challenges. While there is a strong interest in small-scale mining, it is often criminalized due to the lack of a clear legal framework.

In response to this, YMF CEO Payne Kupfuwa sees the partnership with SAMYA as a crucial opportunity for young miners from both countries to grow.

Speaking to Mining Zimbabwe, Kupfuwa highlighted the strategic advantage the partnership provides, as Zimbabwe’s young miners can gain access to capital, consumables, and mining expertise, all of which will drive efficiency and growth in mining operations.

“We look forward to evolving from small-scale mining to becoming entry-level junior miners as we grow. This partnership will initiate developmental programs that will help us establish larger mining houses in Zimbabwe. SAMYA will bring in the necessary resources to boost productivity in mining operations. Meanwhile, in Zimbabwe, we have access to mining rights as young people, making this partnership a perfect match that will help us build a more sustainable and developmental mining sector,” Kupfuwa said.

Commenting on the partnership, SAMYA Secretary Vumile Mbonani echoed the same sentiments, telling Mining Zimbabwe:

“The partnership between YMF and SAMYA will create valuable opportunities for young miners through exchange programs that foster business development, entrepreneurship, and collaboration… Together, we can amplify our collective voice and create more opportunities for youth in the mining sector across the continent,” he said.

By joining forces, the two organizations aim to create a platform for young miners to transition from small-scale mining operations to junior miners, fostering both economic growth and sustainable mining practices in the process.

In addition to providing mentorship and resources, the partnership seeks to facilitate cross-border cooperation, leveraging Zimbabwe’s access to mining rights and SAMYA’s support for young miners in South Africa to create a robust ecosystem for mining entrepreneurship across the continent.

Tharisa PLC Focuses on Value Engineering to Navigate Challenging PGM Pricing Environment

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Tharisa PLC Focuses on Value Engineering to Navigate Challenging PGM Pricing Environment

Tharisa PLC, a Johannesburg Stock Exchange (JSE)-listed metals miner and the parent company of Karo Mining Holdings, stated in its Q1 2025 update that it will continue to evaluate and implement value engineering opportunities at its Karo Platinum project in Zimbabwe.

By Ryan Chigoche

This development comes amid a difficult period for the platinum group metals (PGM) sector, which is plagued by low global prices. The company’s focus on optimizing cost efficiencies is essential to maintaining the long-term viability of the Karo Platinum mine and its other operations.

Value engineering is a structured approach used in project management to improve the value of a product or process. It involves analyzing functions and identifying ways to reduce costs while preserving quality and performance. In mining, this may include finding more cost-effective alternatives for materials and methods, streamlining labour and operations, or improving logistical strategies.

For Tharisa, value engineering has become particularly important due to the prolonged period of low PGM prices. The company is scrutinizing every aspect of the Karo Platinum project, including equipment procurement and operational techniques, all aimed at ensuring the mine remains competitive and sustainable despite market fluctuations.

The global PGM market has faced significant pressure in recent months. One of the primary factors affecting the market is the decline in demand from key industries, particularly automotive manufacturing, which has long been one of the largest consumers of platinum. As vehicle production and demand for platinum-based components have slowed, the drop in PGM prices has been significant, forcing many mining companies to adjust their strategies.

In its first-quarter production update for the fiscal year 2025, Tharisa reported a marginal increase in PGM prices. The average price was US$1,381 per ounce, up slightly from US$1,370 per ounce in the final quarter of the fiscal year 2024. While this increase is a sign of modest improvement, it has done little to alleviate the broader challenges posed by subdued global demand. The persistently low prices have left companies like Tharisa searching for ways to reduce exposure to market volatility. Value engineering is now serving as a critical tool in that process.

Tharisa’s proactive response to this challenging environment involves reengineering its processes and projects to maximize efficiency.

For Tharisa, the Karo Platinum project represents a key part of its growth strategy. The mine, located on Zimbabwe’s Great Dyke, is expected to significantly increase the company’s platinum production and contribute to the country’s export revenues. Initially, Tharisa had hoped to begin production in mid-2024, but delays in securing funding and the weak PGM market have pushed back the timeline. Production is now expected in the second half of 2026.

Despite these delays, Tharisa remains committed to the Karo Platinum project. The company’s ongoing efforts in value engineering, along with its focus on securing the necessary financing, are critical to ensuring that the mine meets its potential once market conditions improve. The company believes that despite the volatility of the PGM market, demand for platinum will continue in the future, particularly as global supply deficits are forecasted to grow.

By maintaining a sharp focus on cost reductions through value engineering and optimizing development strategies, Tharisa aims to ensure that the Karo Platinum project delivers strong results even in a volatile pricing environment. As the company navigates these challenges, its long-term outlook remains positive, with the expectation that future price increases and supply shortages will ultimately drive the success of the Karo Platinum mine.

Mines Ministry & AMSZ team up to make mine surveying affordable & accessible

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Mines Ministry & AMSZ team up to make mine surveying affordable & accessible

In a groundbreaking move to enhance safety, operational efficiency, and regulatory compliance within Zimbabwe’s mining industry, the Ministry of Mines and Mining Development (MMMD) has partnered with the Association of Mine Surveyors of Zimbabwe (AMSZ) to make qualified mine surveying services accessible and affordable to all mining operators, from large-scale mining houses to small-scale and artisanal miners, Mining Zimbabwe can report.

By Rudairo Mapuranga

Announcing the program, Chief Government Mining Engineer Eng. Michael Munodawafa said the AMSZ has been engaged to provide technical advisory visits to mining operations of all sizes. They will offer expertise in areas such as operational optimization, regulatory compliance, and expert surveying services, particularly for small to medium entities.

“This program is designed to improve safety, operational efficiency, formalization, and regulatory compliance across the sector. By making qualified mine surveying services readily available, we hope to support miners of all sizes in operating more safely and productively,” Eng. Munodawafa said in a statement.

Under this arrangement, AMSZ will provide technical advisory visits and expert surveying services to all mining operations, with a particular focus on small- and medium-scale entities. To ensure seamless access, AMSZ will compile and maintain a register of qualified mine surveyors by province, updated monthly. This register will be made available to Provincial Mining Directors and shared with mining operators in their respective regions.

Miners will be able to consult the AMSZ register to engage qualified surveyors, with services offered at nominal, pre-negotiated rates. Miners are also encouraged to explore cooperative arrangements, pooling resources to hire a single surveyor for multiple operations, thereby making the service even more affordable.

AMSZ President Stewart Gumbi urged surveyors to regularize their membership with AMSZ.

“This milestone achievement is a significant step toward improving safety and compliance in the mining sector. We encourage all surveyors to ensure their details are registered and up to date to be included in the monthly registers and be part of this transformative initiative,” he said.

This partnership between MMMD and AMSZ is expected to bring numerous benefits to the mining sector:

  • Enhanced safety and efficiency across mining operations.
  • Greater compliance with mining regulations.
  • Affordable access to surveying expertise, particularly for small- and medium-scale miners.
  • Employment opportunities for independent and unemployed mine surveyors.

The initiative marks a significant shift toward professionalizing mine surveying services and fostering safer mining practices across Zimbabwe. The Ministry is confident that this program will benefit the entire mining community, helping miners operate more effectively while contributing to the nation’s economic growth.

Zimplats Delays SO₂ Abatement Plant Project to 2028

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Zimplats Delays SO₂ Abatement Plant Project to 2028

Zimbabwe’s largest platinum producer and a subsidiary of Impala Platinum Holdings (Implats), Zimplats, has announced a delay in the completion of its much-anticipated Sulphur Dioxide (SO₂) abatement plant. The company’s operations account for 79% of Implats’ total direct SO₂ emissions, Mining Zimbabwe can report.

By Rudairo Mapuranga

Initially scheduled for completion in June 2026, the project has now been postponed to June 2028 due to capital constraints, according to the Implats 2024 Environmental, Social, and Governance (ESG) report.

The R4 billion smelter upgrade project, which began in 2022, includes the installation of best-in-class SO₂ abatement equipment. This equipment is critical for reducing harmful SO₂ emissions at Zimplats’ operations. Once completed, the project will bring the plant’s SO₂ emissions well below South Africa’s legislated limit of 1,200 mg/Nm³ for point-source emissions, ensuring Zimplats operates within strict environmental standards.

The delay comes as Zimplats continues to contribute significantly to the Group’s direct SO₂ emissions. In 2024, Zimplats’ operations were responsible for 79% of Implats’ total direct SO₂ emissions, up from 78% in 2023. This makes Zimplats the single largest contributor to SO₂ emissions within the Implats Group, highlighting the urgency of implementing the abatement project.

Implats’ other major operations, including the Rustenburg smelter and refineries, contributed the remaining 21% of emissions in 2024. The Rustenburg smelter, which operates without SO₂ abatement equipment, along with the coal-fired boilers at the refineries, collectively emitted 31,057 tonnes of SO₂ in 2023.

Once completed in 2028, the SO₂ abatement project will drastically reduce emissions from Zimplats’ smelter, bringing the operation into full compliance with global environmental standards. This development is crucial not only for improving air quality but also for addressing long-standing environmental concerns associated with sulphur dioxide emissions from smelting operations.

Despite capital constraints delaying the project, Zimplats remains committed to completing the upgrade as part of its broader efforts to align with international environmental governance frameworks. The abatement plant will mark a significant step forward in the Group’s sustainability goals, improving environmental outcomes for both local communities and the broader region.

As the largest platinum producer in Zimbabwe and a key player in the global PGM market, Zimplats’ efforts to reduce its environmental footprint will play a critical role in ensuring the long-term sustainability of its operations while protecting public health and the environment.

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