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Zimbabwe Gold Buying prices per gram 13 September 2024

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Zimbabwe Gold Buying prices per gram 13 September 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today, 13 September 2024.

SG 90% and ABOVE US$77.35/g
SG ABOVE 85% BUT BELOW 90% US$76.53g
SG ABOVE 80% BUT BELOW 85% US$75.71/g
SG ABOVE 75% BUT BELOW 80% US$74.89/g
SAMPLE BELOW 10g BUT ABOVE 5g US$73.66/g

Fire Assay CASH $77.76/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 world market prices.

ZETDC to Enforce Smart Prepaid Billing Amid $5.7 Billion Debt Crisis

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ZETDC to Enforce Smart Prepaid Billing Amid $5.7 Billion Debt Crisis

The Zimbabwe Miners Federation (ZMF) has informed its members that the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) will switch large and medium power users to a smart prepaid billing system starting October 1, 2024.

By Rudairo Mapuranga

In a recent statement, ZMF CEO Wellington Takavarasha disclosed that ZETDC is owed ZW$ 5.7 billion across various customer segments, creating severe cash flow problems and threatening national energy security.

Takavarasha noted that ZETDC requires all customers to clear their arrears and prepay their bills by September 30, 2024. More details on the new system will be provided by the utility. Customers should contact their local ZETDC account managers for clarification.

“On September 4, 2024, the ZMF Secretariat was invited by ZETDC for an urgent update on the transition to the smart prepaid billing system,” Takavarasha said. Key points discussed were:

  1. ZETDC is owed approximately ZW $5.7 billion by customers across all segments.
  2. This debt has severely impacted operations, resulting in cash flow constraints that threaten service delivery and energy security.
  3. The migration to the smart prepaid billing system begins on October 1, 2024. Customers must clear arrears and prepay by September 30, 2024.
  4. Further implementation details will be communicated, and customers are encouraged to contact their local ZETDC account managers.

Takavarasha emphasized the urgency for customers to prepare for the transition and the serious impact of the debt crisis on energy security.

Pambili Natural Resources Launches Underground Drilling at Golden Valley Mine

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Pambili Natural Resources Launches Underground Drilling at Golden Valley Mine

Toronto Stock Exchange-listed Pambili Natural Resources Corporation has begun underground drilling at its Golden Valley Mine (GVM) in Bulawayo, aiming to extend the previously mined orebody and explore potential parallel zones.

By Patricia Rwafa

Pambili has contracted Shengela (Private) Limited to conduct the 600m diamond drilling program. This includes up to six holes, each with a maximum depth of 100m, using a Meter Eater drilling rig to produce an AXT (30 mm) core. The primary goal is to test the down-dip continuity of the orebody, with the initial holes (EADD001 to EADD003) drilled in a fan pattern at a -45° angle.

Pambili also aims to investigate a NW-trending shear identified from airborne geophysics. A scout hole (EADD004) will be drilled at a +5° angle, with two additional holes planned based on initial results.

The company’s drilling program focuses on identifying a production resource rather than a code-compliant mineral resource estimate. Assays from mineralized intersections will be submitted to an accredited laboratory in Zimbabwe to guide further drilling.

CEO Jon Harris stated that promising gold grades from previous drilling support the belief that historical mining stopped once the mineralized zone was mined out. Pambili’s program aims to identify new zones to provide a near-term ore source for GVM operations, with plans for further surface drilling to establish a compliant resource.

Bikita Minerals Launches Monthly Performance Bonuses to Boost Morale

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Bikita Minerals Launches Monthly Performance Bonuses to Boost Morale

SinoMine Group-owned Bikita Minerals, one of the country’s largest lithium spodumene and petalite producers, has launched a new initiative to boost employee morale and productivity by introducing monthly performance bonuses.

By Patricia Rwafa

The Lithium Mine, located in Bikita, Masvingo, is offering these bonuses in addition to the traditional 13th cheque and mid-year bonus.

The company has begun awarding its workforce monthly production bonuses, complementing the regular incentives of a 13th cheque and mid-year bonus. More than 1,000 employees have already benefited from this new scheme.

“Bikita Minerals recognises its employees as the driving force behind its success. To foster a culture of excellence, the company rewards its workers with monthly production bonuses, a mid-year bonus, and a 13th cheque,” the company stated.

Bikita Minerals also emphasized its commitment to employee welfare, ensuring workers are compensated well above the stipulated NEC rates, in compliance with Zimbabwean laws.

“The best employees are further recognized in December with individual prizes, and more than 20 employees are sent to China for a week-long experience,” the company added.

Britain in Talks with Government, Chamber for Greater Role in Zimbabwe’s Mining Sector

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Britain in Talks with Government, Chamber for Greater Role in Zimbabwe’s Mining Sector

The United Kingdom is advancing its role in Zimbabwe’s mining sector through discussions with key stakeholders. British officials told Mining Zimbabwe that they are negotiating with both the Ministry of Mines and the Chamber of Mines Zimbabwe (CoMZ) to formalize a strategic partnership as Zimbabwe aims to revitalize its mining industry and attract more foreign investment.

By Ryan Chigoche

The discussions reflect a broader UK interest in Zimbabwe’s mineral resources, which are crucial for global supply chains. British firms are exploring ways to contribute expertise in mining technology, finance, and environmental management to support Zimbabwe’s goals of increasing local value addition and ensuring responsible mining practices.

Currently, only a few British companies are involved in Zimbabwe’s mining sector, including Anglo American, Kavango Resources, and Cluff Africa, which have shown interest in further investments.

Martin Alsop, Deputy Development Director at the British Embassy in Harare, said on the sidelines of a recent event that talks are progressing with the government and the Chamber of Mines Zimbabwe to formalize partnerships. The aim is to increase UK involvement in the local mining sector, focusing on responsible mining and value addition.

“Mining is a relatively new area for us at the embassy, but we are in talks with both the Chamber of Mines and the ministry to formalize our partnership through an agreement,” Alsop stated. He emphasized the UK’s commitment to leveraging its mining expertise to support Zimbabwe, particularly in areas such as environmental, social, and governance (ESG) standards. “One of our key priorities is ensuring the mining we support is responsible, with good labour and environmental standards.”

Alsop also highlighted the importance of adding value to Zimbabwe’s mining sector.

“We understand that value addition is a priority for the government, and we are exploring how the UK can help. While the UK may not directly engage in large-scale processing, there are other ways we can contribute, such as through mining services, finance, and other support functions.”

Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals, including platinum group metals (PGMs), chrome, gold, coal, lithium, and diamonds. The country holds the world’s second-largest platinum deposits and high-grade chromium ores, with approximately 2.8 billion tons of PGM and 10 billion tons of chromium ore. The sector contributes around 12% of the country’s GDP and 80% of national exports.

Opportunities in Zimbabwe’s mining sector extend beyond direct investment in mining. There is significant demand for heavy underground mining machinery, transportation infrastructure, and power generation solutions. The government’s push to increase domestic production of value-added mineral products will require larger capital investments compared to the current model of exporting unprocessed resources.

However, the UK’s involvement will need to navigate challenges, including economic sanctions, regulatory hurdles, and shifting political dynamics. UK investment in Zimbabwe’s mining sector has historically been significant, with British firms engaged in various roles, from direct mining operations to technological partnerships.

Zimbabwe has been implementing reforms to attract foreign investment, including efforts to streamline regulations and enhance transparency. While this presents opportunities for UK investors, it also comes with risks. The evolving regulatory landscape and ethical considerations surrounding investment—such as adherence to human rights and environmental standards—remain key.

Looking ahead, British companies are well-positioned to play a pivotal role in Zimbabwe’s mining sector, provided they can navigate the complex challenges and capitalize on emerging opportunities. The future of UK investment will largely depend on the stability of Zimbabwe’s regulatory environment and international relations.

ZimAlloys Revives Smelting, Targets 120,000 Tonnes Annual Ferrochrome Production

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ZimAlloys Revives Smelting, Targets 120,000 Tonnes Annual Ferrochrome Production

Kuvimba Mining House (KMH)-owned Zimbabwe Alloys (ZimAlloys) has reasserted itself as a leading alloy producer in Zimbabwe, with plans to become one of the largest high-carbon ferrochrome producers in the country, Mining Zimbabwe can report.

By Rudairo Mapuranga

ZimAlloys Managing Director Deric Dube confirmed that the company has commissioned its first smelter, the M1 smelter, which has the capacity to produce 10 tonnes of high-carbon ferrochrome per day.

He said the company is now focused on resuscitating additional smelters, including its largest, the A3 smelter, as part of a plan to ramp up production to 120,000 tonnes of high-carbon ferrochrome annually.

“Our plan is to eventually reach 120,000 tonnes of high-carbon ferrochrome production annually and then restart the smelting of other alloys further down the line. For now, we’re excited to be back in the smelting industry in Zimbabwe and to be a strong voice in that space. This means a lot to us, and to me personally, as I’ve had the privilege of being the Managing Director during the transition from no smelting to producing raw alloy, which you’ll see today. We’ve undergone two rounds of fundraising that have brought these projects to life. As you can imagine, raising capital is tough when you don’t have much money—no one wants to lend to you,” said Dube.

In addition to its smelting operations, ZimAlloys is also producing 8,000 metric tonnes of chrome concentrates per month, with plans to increase this figure by year-end.

“Our current operations produce about 8,000 metric tonnes of chrome concentrates on a monthly basis, and we are in the process of increasing that number. Over the last 12 months, we’ve opened or upgraded several facilities, either by building completely new plants or resuscitating old ones to leverage proven resources. We’ve restarted three chrome concentrator plants, nearly doubling our production compared to this time last year,” Dube explained.

ZimAlloys was once a dominant player in Zimbabwe’s ferrochrome industry but faced significant challenges in the early 2010s. After the company ceased smelting operations in 2013, it entered judicial management for nearly eight years due to financial difficulties and an inability to meet obligations to local and foreign creditors.

In 2019, Kuvimba Mining House took over ZimAlloys, which had been struggling under a heavy debt burden. Kuvimba invested substantial resources to clear the company’s debts and reposition them for growth, allowing ZimAlloys to start afresh and be free from the financial liabilities that had previously hampered its operations.

Under Kuvimba’s leadership, ZimAlloys has made a strategic comeback by focusing on reviving its core smelting operations and expanding its resource base. The company has embarked on significant capital investment, leading to the commissioning of new smelters and the reopening of old ones. The parent company, Kuvimba, holds 85% of ZimAlloys’ shares, while the remaining 15% is held by Co-Metal, a foreign entity responsible for marketing ZimAlloys’ products in international markets.

ZimAlloys has also diversified its portfolio, producing a range of ferroalloys, including high-carbon and low-carbon ferrochrome, ferrosilicon chrome, and ferromanganese. This diversification has allowed the company to mitigate risks in volatile markets by ensuring it is not reliant on a single product. The company is also focused on proving up its resource base to strengthen its balance sheet and ensure long-term sustainability.

With the support of Kuvimba Mining House and favourable market conditions, ZimAlloys is well on its way to reclaiming its position as one of Zimbabwe’s key ferrochrome producers. The company is aiming for long-term growth and sustainability, with plans to introduce additional smelting technologies and expand its production capacity in the near future.

ZimAlloys’ return to smelting after an 11-year hiatus marks a significant milestone in the revival of Zimbabwe’s ferrochrome industry, with the company set to play a crucial role in the country’s mining sector moving forward.

Prospect Resources Uncovers High-Grade Copper Intercepts at Mumbezhi Project

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Prospect Resources Uncovers High-Grade Copper Intercepts at Mumbezhi Project

Australia Stock Exchange-listed mining and exploration junior, Prospect Resources, has announced significant copper discoveries at its Mumbezhi Copper Project in Zambia.

By Patricia Rwafa

The company’s recent drilling program has unearthed high-grade copper mineralization, confirming the project’s potential for significant economic value. These findings represent a major milestone for Prospect as it continues to expand its regional operations.

In a press release on 9 September, Phase 1 diamond drilling has produced wide, high-tenor intersections that have extended high-grade copper mineralization at the key Nyungu Central deposit.

Significant new intersections from the current drilling include:

  • 64.3m @ 0.53% Cu from 241.7m (NCDD004)
  • 15.2m @ 0.73% Cu from 99.1m (NCDD001)
  • 12.0m @ 1.13% Cu from 36.0m (NCDD002)
  • 6.9m @ 0.80% Cu from 256.1m (NCDD003)

Newly sampled portions of visually mineralized diamond drill core from three previously unassayed holes completed in 2023 by the prior owner, GDC, also returned:

  • 53.0m @ 0.76% Cu from 215.0m and 15.0m @ 0.70% Cu from 43.0m (DD23-1)
  • 10.6m @ 0.55% Cu from 246.0m, including 7.0m @ 0.68% Cu from 246.0m (DD23-3)

The widths and copper grades have strongly supported and extended the historical Mumbezhi data sets, providing high confidence in the overall prospectivity of significantly growing the Nyungu deposits.

Three drilling rigs are currently on-site, with a fourth mobilizing in September to accelerate the Phase 1 program for the remainder of 2024.

Sam Hosack, Prospect’s Managing Director and CEO, commented:

“These initial results from Phase 1 drilling at Mumbezhi are highly revealing. In acquiring Mumbezhi, it was our strong belief that this advanced exploration project had large existing deposit growth potential plus regional discovery prospectivity. These initial results have already demonstrated the former dynamic and demand that we accelerate our drilling efforts.

“We have also recently commenced a ground-based Induced Polarisation survey targeting five regional areas, including the Kabikupa prospect, which has previously returned significant historic drill intercepts. This work is an exciting first step in interrogating the extent of the regional prospectivity at Mumbezhi, as I alluded to above.

“Our recent capital raising has funded the delivery of key exploration and project advancement milestones at Mumbezhi over the next 12 months. This includes targeting the declaration of a maiden JORC-reportable Copper Mineral Resource estimate for the Nyungu deposits during Q1 2025.

“Finally, I want to emphasize that we are serious about advancing the Mumbezhi Project rapidly in all key respects. To that end, and among a range of project workstreams, our Environmental and Social Impact Assessment (ESIA) studies are advancing well for full reporting by the end of 2024, which will support the completion of a Scoping Study, coinciding with the maiden Mineral Resource estimate declaration next year.”

Zimbabwe gold buying prices per gram 12 September 2024

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Zimbabwe gold buying prices per gram 12 September 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today, 11 September 2024.

SG 90% and ABOVE US$76.19/g
SG ABOVE 85% BUT BELOW 90% US$75.38g
SG ABOVE 80% BUT BELOW 85% US$74.57/g
SG ABOVE 75% BUT BELOW 80% US$73.77/g
SAMPLE BELOW 10g BUT ABOVE 5g US$72.56/g

Fire Assay CASH $76.59/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 world market prices.

Platinum Prices Stagnate Despite Looming Supply Shortfall

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Platinum Prices Stagnate Despite Looming Supply Shortfall

The global platinum market is headed for a significant supply deficit in 2024, yet prices for the metal, along with its sister metals palladium and rhodium, remain muted.

By Rudairo Mapuranga

According to the World Platinum Investment Council (WPIC), the demand for platinum will exceed supply by 1.03 million ounces this year, a sharp increase from the 476,000 oz deficit predicted in the first quarter.

Driving the demand surge are strong inflows into exchange-traded funds (ETFs), which recorded 444,000 oz in the second quarter, alongside a boost in jewellery sales, particularly in the US and Europe.

The automotive sector has also contributed to the demand rise, with a 1% increase to 820,000 oz in the second quarter, pushing projected automotive demand to a seven-year high of 3.24 million oz for 2024.

On the supply side, refined mine production grew by 4% in the second quarter, reaching 1.54 million oz, buoyed by a 7% increase in South African output.

However, the council predicts that South African production will fall by 2% for the year as costly operations are scaled back, bringing the total mined platinum supply to a four-year low of 5.51 million oz.

Despite these supply and demand dynamics, platinum prices have remained flat. “For a long time, price setting has been influenced more by sentiment than by supply/demand fundamentals,” said Trevor Raymond, CEO of the WPIC, referring to the lingering effects of the 2015 Dieselgate scandal and the decline in light-duty diesel vehicle sales in Europe.

However, experts believe that a shift in market sentiment is inevitable.

“It’s difficult to say exactly when we’ll see the change, but the longer it takes, the more dramatic the response is likely to be,” said Ed Sterck, WPIC’s director of research. He pointed to dwindling above-ground stocks, projected to be at only four months’ supply by year-end, as a possible trigger for price movement.

The market may also be impacted by potential interest rate cuts from the US Federal Reserve. “It’s the expectation of rate cuts that matters,” added Sterck, noting that platinum ETFs, a non-yielding investment, would benefit from a lower interest rate environment.

ZiG Devaluation Choking the Mining Sector – Chamber

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ZiG Devaluation Choking the Mining Sector – Chamber

The Chamber of Mines Zimbabwe (CoMZ) reports that the recent devaluation of the local currency on the parallel market is negatively impacting miners, who are struggling to access the necessary retooling funds at the same rate at which their foreign currency is liquidated, Mining Zimbabwe can report.

By Ryan Chigoche

The gold-backed currency is currently experiencing its longest run of losses against the dollar since it started trading on April 8. The ZiG, short for Zimbabwe Gold, traded at a record low of 13.95 per dollar on Tuesday, according to data on the central bank’s website, and has lost almost 1% of its value since August 29. On the parallel market, the new currency is exchanging hands at between 16 and 26 per dollar, according to ZimPriceCheck.com, which tracks official and unofficial exchange rates.

Since exporters are forced to liquidate 25% of their foreign currency at the prevailing official rate, Thomas Gono, the president of the CoMZ, told Mining Zimbabwe that the devaluation of the ZiG is choking miners, as they can’t purchase inputs at the same rate at which their forex is liquidated.

“The depreciation of the ZiG against the US dollar on the parallel market has resulted in widening premiums that have diminished the value of the surrender portion for export proceeds, liquidated at the official exchange rate, while local inputs are generally priced at the parallel market rate. This loss of value, now estimated at around 15% of gross mineral earnings, is akin to a tax on exports and is significantly impacting the viability of mining companies,” Gono said.

Last year, the central bank increased the foreign currency retention threshold for exporters to 75%. Previously, exporters retained 60% of the foreign currency from their export proceeds and often complained that the higher export surrender requirements made it difficult to access forex for critical capital expenditure and operations financing.

The forex retention policy has left miners grappling with a significant shortfall, as the 25% portion of their earnings surrendered to the government at the official rate yields far less than what is required to meet operational costs. The disparity between the official and parallel market rates means miners lose a considerable portion of their revenue in the exchange, leaving them with insufficient funds to import essential equipment, spare parts, and other critical inputs necessary for maintaining and expanding their operations. This situation is further exacerbated by the volatility of the local currency, making financial planning increasingly difficult for mining companies.

The mining sector, being capital-intensive, has long pushed for a higher retention threshold to counter foreign exchange losses. Miners argue that the forex-deprived economy forces exporters to convert a portion of their earnings into local currency at an official exchange rate, which often results in losses due to the significant disparity with the black market exchange rate.

The economy is also currently experiencing foreign currency shortages, and exporters are finding it difficult to offload the liquidated ZiG balances. Currently, dollars are used in 60% of transactions, compared with 85% when the ZiG was adopted, with the local unit making up the balance.

The scarcity has forced the central bank to pump $190 million into the market to support the ZiG.

The ZiG is the country’s sixth attempt at establishing a functioning local currency in 15 years. Its predecessor, the Zimbabwean dollar, was scrapped after consistently losing value against the greenback every single trading day this year, bringing its losses to 80%.

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