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MMCZ Sends Out Subagents in Effort to Increase Gemstone Exports

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MMCZ Sends Out Subagents in Effort to Increase Gemstone Exports

The Minerals Marketing Corporation of Zimbabwe (MMCZ) yesterday deployed subagents in the Hurungwe district, tasked with buying gemstones as the Corporation aims to increase exports of semi-precious stones.

By Ryan Chigoche

This development comes at a critical time, as MMCZ exported gemstones worth only US$200,000 in 2023, a figure indicating rampant smuggling through unofficial channels, as the numbers do not reflect local production.

Locals are involved in the gemstone mining sector, which is currently dominated by foreign buyers who then smuggle the stones outside the country, resulting in very low official exports. The subagents will be directly competing with these foreigners for the stones.

Speaking at an event in Karoi, Mashonaland West Province, MMCZ’s Effort Shoko said the subagents in Hurungwe district are the first step to rapidly increasing official exports, with plans to expand to other areas.

“MMCZ subagents will purchase minerals at fair prices for the benefit of the community and the country at large. This area has many minerals, so we are here to ensure they get a fair value. We are also planning to go to other areas with vast gemstone resources,” Shoko said.

Mining research expert and subagent Lyman Mlambo told Mining Zimbabwe that the MMCZ initiative is a step towards formalizing the sector, which is estimated to produce over US$20 billion annually, despite current exports being significantly lower.

“We estimate the industry to be around $20 billion, but what we are exporting is less than a billion every year. The problem is not that we are not producing but the accounting aspect,” Mlambo said.

“And the problem is also the illicit flows in the gemstone sector. Some production goes unaccounted for because it goes, for example, to the Zambian border, where there is a very organized market. So you have a lot of illicit flows from here to Zambia.”

He added that by formalizing the quality of the gemstone market, the subagents can channel production to MMCZ through official channels, enhancing accountability and improving government revenue.

Zimbabwe Miners Federation National Secretary Privelage Moyo, who also spoke at the event in Karoi, concurred with Mlambo and advised miners to sell to the subagents for the benefit of the country and communities, noting that foreigners are paying close to nothing for the minerals.

“Gemstones are a billion-dollar industry, however, the government wasn’t benefiting. The subagents will ensure that the government benefits. No foreign nation should be allowed to buy the minerals on the ground, they should come to MMCZ,” Moyo said.

As it stands, the government is losing fiscal revenue and export revenue due to mineral leakages.

The event was also attended by local chiefs who approved the activities to be undertaken by the 23 subagents operating in Hurungwe.

Zimbabwe has a total of over 40 special coloured gemstones. Mashonaland West Province, where Karoi is located, is home to several significant gemstone deposits that contribute to Zimbabwe’s rich mining heritage.

The region is known for its diverse array of gemstones, including amethyst, aquamarine, and garnets, which are often found in the surrounding mountainous areas. Artisanal miners frequently explore riverbeds and hillsides for these precious stones, leveraging the area’s geological formations. The province is also known for its potential in gold and other minerals, which often coexist with gemstone deposits. Globally, the market for gemstones is huge, with some even fetching more money than diamonds.

MMCZ faces challenges regarding payments, as it can take up to six months for miners to receive their dues. This situation is currently being exploited by foreign buyers who come in with cash, offering far below the original value.

RioZim Achieves 940kg Gold Production in 2023, Up 1% Despite Operational Challenges

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RioZim Achieves 940kg Gold Production in 2023, Up 1% Despite Operational Challenges

Zimbabwe Stock Exchange-listed miner RioZim produced 940 kg of gold in 2023, marking a 1% increase despite facing significant operational challenges throughout the financial year.

By Ryan Chigoche

The company experienced a boost in revenue due to favourable gold prices and increased production. However, production was hindered by persistent plant breakdowns at the Cam & Motor Mine, leading to a 5% decrease in gold production. The Delny Mine, which has faced considerable operational difficulties, remained under care and maintenance during the reporting period, contributing to no production. The Delny Mine has struggled with ageing infrastructure and frequent equipment failures, exacerbating its operational issues and leading to a prolonged period of inactivity.

Significantly contributing to overall production was the Renco Mine, which saw a 10% surge in output. This improvement was attributed to the implementation of a “low grade-high volume” strategy, although inconsistent power supply continued to pose a challenge. To address this, RioZim’s energy project has reached the funding stage following previous regulatory approvals.

RioZim’s diamond business, operated through RZM Murowa, faced a challenging year. Production decreased by 3%, falling to 414,000 carats from 426,000 carats in 2022. Despite the decrease, Murowa remains a key asset for RioZim, known for its high-quality gem and industrial diamonds. The mine has been investing in technology upgrades to enhance efficiency and diamond recovery. Additionally, Murowa is exploring expansion opportunities to increase its resource base and extend its operational life. However, fluctuating global diamond prices and ongoing operational challenges have impacted performance.

The company also faced a disastrous accident at the beginning of the financial year, with the tragic loss of major shareholder representatives and four executives in a plane crash. This incident had a significant impact on RioZim’s financial performance, compounded by persistent plant breakdowns, fluctuating power supply, a turbulent macroeconomic environment, and unfavourable exchange rates.

Additionally, a legal dispute over the company’s chrome claims affected overall business operations. Despite these challenges, RioZim reported several positive aspects, including increased gold production and prices, and a rise in nostro retention from 60% to 75%, which helped alleviate foreign currency shortages.

While favourable gold prices and a slight increase in productivity contributed to a revenue increase, the company still closed the year in the red.

RioZim is an integrated mining and metallurgical company in Zimbabwe with an extensive portfolio of resources in gold, base metals, diamonds, coal, and chrome. Its mining operations include the Renco Gold Mine in Masvingo Province, and the Cam & Motor Gold Mine and Empress Nickel Refinery in Mashonaland West Province. RioZim also holds interests in Sengwa Colliery (Private) Limited with coal assets in Gokwe North, Murowa Diamonds (Private) Limited with operations in Zvishavane, and the Maranatha Ferrochrome Refinery in Kadoma.

The company separated from its parent company, Rio Tinto plc, in 2004 to become a wholly-owned Zimbabwean entity. Its subsidiaries include RioGold Limited, RioZim Base Metals Limited, and RioDiamonds Limited.

Empowering Women in Mining: Moving Beyond Gender to Achieve Success

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Empowering Women in Mining: Moving Beyond Gender to Achieve Success

Women in the mining industry must demonstrate unwavering dedication to their professional growth and understand that mining is a vocation, not an entitlement.

This sentiment was echoed by Rudairo Mapuranga, Chairman of the Association of Junior Mining Professionals of Zimbabwe (AJMPZ), during his address at the 15th Annual Women in Mining and African Networking Forum in South Africa.

The event, organised by the Intelligence Transfer Centre, was held on July 30-31, 2024, at the Birchwood Hotel OR Tambo Conference Centre in South Africa. It focused on transitioning from integration to leadership development for women in mining.

Mapuranga emphasized that women should view themselves as miners first and foremost, rather than relying on their gender as a basis for advancement.

“Women must recognize that they are miners first and should avoid relying solely on the gender card, as it can lead to perpetual complaints of being sidelined by men. Instead, women should focus on self-improvement and take full advantage of laws that promote gender equality. However, it is crucial that they actively participate and show up to seize these opportunities,” he stated.

The forum brought together influential figures in the mining sector to discuss critical issues facing women in the industry. Eng. Dolly Masilela, Mining Superintendent at Exxaro Resources in South Africa, highlighted the importance of skill development, networking, and mentorship.

She pointed out that women should not expect to be employed merely based on their gender. Instead, they should continually enhance their skills and professionalism to rise through the ranks in the mining industry.

“It is also essential for them to build professional relationships with their managers, who may be men, and to always show a willingness to learn,” Masilela advised.

The forum covered a wide range of topics, from the future of female leadership in mining to the role of artificial intelligence (AI) in empowering women within the industry. Leticia Ohemaa Appiah-Asiamah from Goldfields, Ghana, and Itumeleng Mogatusi-Sekgota from Anglo-American, South Africa, shared insights into the challenges women face, such as gender bias and limited access to opportunities. They underscored the importance of addressing these issues to ensure that women can contribute meaningfully to the sector.

Dr. Gargi Mishra of the De Beers Group discussed the transformative potential of AI in the workforce, noting its impact on job requirements, hiring processes, and career progression. She emphasized that while AI presents challenges, it also offers opportunities for women to upskill and become leaders in an increasingly automated world.

The discussion also touched on the value of leadership that transcends formal qualifications. Grace Akinyi, Founder of Women in Mining Kenya, advocated for inclusive leadership that values diverse experiences and perspectives. She encouraged women in mining to seek mentorship, pursue relevant training, and remain curious about new ideas, regardless of their formal education.

As the forum progressed, the focus shifted to entrepreneurial participation and the collaboration between women and men in mining. Payne Farai Kupfuwa, CEO of the Young Miners Foundation in Zimbabwe, spoke about the need to upscale women’s involvement in mining enterprise development. He emphasized the importance of a collaborative future where men and women work together to drive the industry forward.

Throughout the event, speakers reinforced the idea that women in mining must be proactive in their pursuit of success. This includes leveraging available resources, building strong networks, and maintaining a commitment to continuous learning and self-improvement. The forum concluded with reflections on the progress made towards gender equality in the mining industry, while also recognizing the challenges that persist.

The 15th Annual Women in Mining and African Networking Forum, hosted by the Intelligence Transfer Centre (ITC), served as a crucial platform for discussing the future of women in mining. The discussions emphasized that true empowerment comes from a combination of self-dedication, strategic networking, and a willingness to engage with and overcome the unique challenges faced by women in the industry.

Dinson Iron and Steel Company Starts Steel Billet Production

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Dinson Iron and Steel Company Starts Steel Billet Production

Dinson Iron and Steel Company (Disco) has officially commenced the production of steel billets, marking a significant milestone for the Zimbabwean steel industry.

By Patricia Rwafa

The company’s announcement coincides with SADC Industrialization Week, underscoring its role in regional development.

Announcing on X, Dinson Iron and Steel Company said it had started its steel production.

“Exciting news! We’ve taken another step forward—DISCOSTEEL has officially started producing steel billets!” the company said on X.

Disco’s plant manager, Wilfred Motsi, revealed that the furnaces successfully began generating pig iron on July 18, paving the way for steel billet production.

The company’s billion-dollar investment is poised to transform Zimbabwe’s steel sector, according to the government.

To add icing to the cake, Disco will be focusing on showcasing its ability to meet the entire region’s construction steel needs at the 7th SADC Industrialization Week (July 28th-August 2nd) in Harare.

With full production expected within a month, Disco aims to meet both domestic and export demand for steel billets. The company has already secured deals with local and regional clients and is eyeing expansion into markets like Mozambique, South Africa, and Zambia.

Ultimately, Disco envisions an annual production capacity of five million tonnes of steel once all phases of the project are complete.

Anglo-American Delivers Strong Results Amidst Market Challenges

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Anglo-American Delivers Strong Results Amidst Market Challenges

Diversified mining group Anglo American reported a resilient performance in the first half of the year, achieving an underlying EBITDA of $5 billion.

By Ryan Chigoche

This performance comes despite the group facing a challenging market environment with lower product prices, particularly in the PGMs and diamonds sector. The mining giant demonstrated its operational strength by improving costs and maintaining steady production volumes.

For the Platinum Group Metals (PGMs), production from own-managed mines (Mogalakwena, Amandelbult, Unki, and Mototolo) and equity share of joint operations decreased by 12% to 1,051,500 ounces against 1,198,700 ounces in the prior period due to the disposal of Kroondal.

However, second-quarter production was 9% higher than the first quarter, positioning the business well into the second half of the year.

Commenting on the results, Duncan Wanblad, Chief Executive of Anglo American, said:

“I am very encouraged by a strong operational performance that delivered steady volumes and a 4% improvement in unit costs, while still facing weak cyclical markets for PGMs and diamonds. We are on track to reduce our annual run rate costs by $1.7 billion and reduce capital spending by $1.6 billion over the 2024-2026 period. We are moving at pace to create a much more agile and structurally profitable mining company focused on our exceptional quality Copper and Premium Iron Ore businesses, which both continue to perform very strongly, while maintaining our growth optionality in crop nutrients. We are committed to completing the key elements of this transformation by the end of 2025, creating a simpler, highly valued mining company with extensive growth options and considerable strategic flexibility.”

In the financials for the period, the underlying EBITDA of $5.0 billion improved cost performance largely offsetting a 10% lower product basket price.

As diamonds and PGMs prices were weak in the period, copper and iron ore performance and margins were strong, contributing $3.5 billion of EBITDA. In the period, the group’s focus on operational performance delivered results, most notably in its copper and premium iron ore businesses, with EBITDA margins of 53% and 43% respectively.

As a result, unit costs improved by 4%, reflecting weaker currencies, operational improvements, and effective cost control.

On the downside, the group reported a US$0.7 billion loss attributable to equity shareholders, impacted by a $1.6 billion impairment of Woodsmith due to the decision to slow down the project’s development.

Net debt is now at US$11.1 billion, reflecting tight discipline to optimize capital allocation and free cash flow. The group is on track to reduce annual costs by approximately $1.7 billion and reduce capex by US$1.6 billion over 2024-2026.

Despite the performance in the reported period, the group reportedly lost two workers who died in an accident at its Amandelbult PGMs mine in South Africa.

As a result of that incident, the company is tirelessly working towards achieving its lowest-ever injury rate, showing a 23% improvement compared to just two years ago.

The steelmaking coal business also improved production and cost performance. As the group divests one of its mines in this segment, the CEO reported that the company is well underway with continued strong interest from a large number of potential new owners.

“We are transforming Anglo-American by focusing on our world-class asset base in copper, premium iron ore, and crop nutrients, thereby accelerating the recognition of value inherent in our business. From that compelling platform, I believe our proven project delivery capabilities, global relationship networks, and longstanding reputation as a responsible mining company will together help us unlock the outstanding mineral endowment options within our portfolio and other growth opportunities that we will aim to secure over time,” said Wanblad, commenting on the outlook.

Anglo-American operates the Shurugwi located, Unki mine in Zimbabwe.

Meanwhile, a $0.5 billion interim dividend, equal to $0.42 per share, consistent with a 40% payout policy, was declared in the period.

Zimbabwe gold buying prices per gram 1 August 2024

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Zimbabwe gold buying prices per gram 1 August 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 1 August 2024.

SG 90% and ABOVE US$73.71/g
SG ABOVE 85% BUT BELOW 90% US$72.93g
SG ABOVE 80% BUT BELOW 85% US$72.15/g
SG ABOVE 75% BUT BELOW 80% US$71.37/g
SAMPLE BELOW 10g BUT ABOVE 5g US$70.20g

Fire Assay CASH $74.10/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.

Zimbabwe gold buying prices per gram 31 July 2024

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Zimbabwe gold buying prices per gram 31 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 31 July 2024.

SG 90% and ABOVE US$72.62/g
SG ABOVE 85% BUT BELOW 90% US$71.85g
SG ABOVE 80% BUT BELOW 85% US$71.08/g
SG ABOVE 75% BUT BELOW 80% US$70.31/g
SAMPLE BELOW 10g BUT ABOVE 5g US$69.16g

Fire Assay CASH $73.00/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.

Bikita Minerals Records Nearly 0.5 Million Fatality-Free Shifts

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Bikita Minerals Records Nearly 0.5 Million Fatality-Free Shifts

Sinomine-owned Bikita Minerals, in its quest to achieve zero harm in the mining industry, has recorded 457,500 injury and fatality-free shifts, Mining Zimbabwe has learnt.

By Rudairo Mapuranga

According to a statement by Bikita Minerals on its X handle (formerly Twitter), the lithium mine prioritizes the safety of its employees and the surrounding community.

“We celebrate the attainment of zero fatalities and injuries in the first 7 months of 2024. At Bikita Minerals, we value the safety of our employees and the community around us and believe zero harm is sustainable,” the statement read.

This safety achievement follows the milestone reached by Kuvimba Mining House-owned Shamva Mine, which recorded 365 days without a lost time injury and over 1.1 million fatality-free shifts.

Achieving zero harm in mining has significant benefits for the government, communities, and families. For the government, it means fewer resources spent on healthcare and emergency response, allowing more funds to be allocated toward development projects. Safe mining practices also enhance the industry’s reputation, attracting investment and boosting economic growth.

Communities benefit from reduced environmental and health risks, fostering trust between mining companies and local residents. This trust can lead to greater community support and cooperation, facilitating smoother operations and local development initiatives.

For families, zero harm means that workers return home safely each day, reducing the emotional and financial strain caused by workplace accidents. This stability can improve the overall quality of life and well-being of families, reinforcing the social fabric of mining communities. Zero harm is not just a goal but a foundation for sustainable development and shared prosperity in mining regions.

Investment Opportunities Exist in Exploration and Value Addition – Chiwenga

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Investment Opportunities Exist in Exploration and Value Addition – Chiwenga

There are numerous opportunities to invest in greenfield exploration and value addition for over 60 tradable minerals found in Zimbabwe, Vice President Dr. Constantine Guvheya Chiwenga said.

By Rudairo Mapuranga

Speaking at the investment conference held during the 7th SADC Industrialisation Week on Monday, Vice President Chiwenga highlighted that Zimbabwe is endowed with over 60 tradable minerals that are critical to the world’s technological advancement.

“Zimbabwe is open to new investments in the energy sector, and investors can explore opportunities in renewable energy sources such as solar, wind, hydro, and thermal energy, including gas and coal. As you may be aware, Zimbabwe is among the countries in the world endowed with over 60 tradable minerals such as gold, platinum, diamonds, coal, nickel, and 17 rare earth elements that are critical in a technologically driven world. Investment opportunities, therefore, exist in greenfield exploration, value addition, and beneficiation. These opportunities can be explored through joint ventures with various companies and by providing financial and technical support to small-scale miners,” Dr. Chiwenga said.

Dr. Chiwenga also mentioned the opportunity for Zimbabwe to manufacture lithium batteries and subsequently become a key player in the electric vehicle manufacturing industry, urging Southern Africa Development Community (SADC) countries to prioritize beneficiation and value addition of minerals.

“Zimbabwe presents opportunities for lithium beneficiation and, in the long term, the manufacturing of lithium batteries, positioning the country as a key player in the electric vehicle manufacturing industry. SADC Member States should capitalize on these resources and invest in value addition and beneficiation to maximize foreign currency earnings and develop our own skills,” the Vice President of Zimbabwe said.

The theme of this year’s SADC Industrialisation Week is “Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development towards an Industrialised SADC.” This investment conference aligns with the SADC Industrialisation Strategy and Roadmap, aiming to enhance the environment for industrial development, improve investment efficiency, and create regional value chains.

The objective of this investment conference is to expedite the implementation of the SADC Industrialisation Strategy and Roadmap and identify industrialisation projects for joint implementation by the public and private sectors in SADC Member States. This conference offers a platform for local, regional, and international investors to explore potential investment opportunities within the SADC region, network, establish collaborations, and showcase transformative investment projects.

The SADC region holds significant investment potential. According to SADC reports, its 16 Member States contribute 27.78% of Africa’s GDP and attracted 55.10% of total foreign direct investment inflows in Africa in 2021. The region boasts valuable minerals, offering investment opportunities in extraction, beneficiation, and value addition. Recent discoveries of lithium in the Democratic Republic of Congo and Zimbabwe present opportunities for lithium beneficiation and, in the long term, the manufacturing of lithium batteries and becoming a key player in the electric vehicle manufacturing industry. SADC Member States should capitalize on these resources and invest in value addition and beneficiation to maximize foreign currency earnings and develop our own skills.

It is high time that the region becomes self-reliant and stops depending on other countries for goods that can be produced locally. In light of these resources, SADC adopted the Regional Infrastructure Development Master Plan in 2012 at the 32nd Summit of SADC Heads of State and Government, held in Mozambique. This plan upscaled the development of priority projects across six clusters: energy, water, transport, meteorology, tourism, and information communication technology.

The SADC Secretariat has developed a compendium of SADC investment opportunities, which highlights 45 key regional projects in infrastructure development. These should be implemented as they are essential for sustainable regional growth. The Africa Continental Free Trade Area presents opportunities for the SADC region to position itself as a premier investment destination in Africa. Collaboration to enhance productive capacities, competitiveness, and attract foreign direct investment is crucial. The region must leverage its comparative advantages such as peace and stability, an educated populace, natural resources, a favourable climate, and integrated transport infrastructure to boost productivity and seize trading opportunities under the African Continental Free Trade Area.

In 2006, SADC adopted the Protocol on Finance and Investment to promote investment in the region. This protocol encourages Member States to attract investors through favourable policies and regulations. The SADC Industrialisation Strategy and Roadmap emphasizes deeper integration to facilitate increased FDI inflows and integrate regional industries into global value chains. Member States are urged to implement these investment-friendly policies to attract FDI, increase production and productivity, and facilitate technology and skills transfers. Competitive policies that attract and protect investments, as well as incentivize private sector investment, are needed to stimulate economic growth.

Manufacturing Growth Revised Upwards to 2.5% on Account of DISCO

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Manufacturing Growth Revised Upwards to 2.5% on Account of DISCO

The government has revised the growth projection for the manufacturing sector upwards to 2.5% from 1.5%, which was initially projected in November 2023. This revision takes into account the commencement of operations at Dinson Iron and Steel Company (DISCO).

According to the Minister of Finance and Investment Promotion, Prof. Mthuli Ncube, while presenting the 2024 Midterm Budget and Economic Review, this projected growth reflects the expected positive impact of ongoing investments.

“The growth of the manufacturing sector has been revised upwards to 2.5% from the 1.6% projected in November 2023, to reflect the expected positive impact of substantial investments in both existing and new plant and machinery.

“In addition, the projection also considers the commencement of steel production at Dinson Iron and Steel Company in Manhize and its effect on both downstream and upstream industries,” he said.

Despite the growth in output during 2023, capacity utilisation slightly declined to 53.2%, primarily due to new investments that increased the installed capacity of the local industry.

Prof. Mthuli Ncube also mentioned that investments in modern technology, artificial intelligence, and robotics have resulted in increased production in the bakery and dairy subsectors.

“Significant investments in modern automation technologies, such as robotics, have led to the bakery subsector increasing bread production capacity to 2.3 million loaves per day.

“Similarly, the Dairy Processors Association of Zimbabwe has formed partnerships with tertiary institutions such as the Harare Institute of Technology, Chinhoyi University of Technology, and a Danish university to enhance the training of technicians in areas related to dairy technology, production efficiencies, and ensuring high product quality. New production technologies are also being installed in the edible oils, beverages, and other subsectors. All these interventions are directly increasing productivity through modern technology,” Ncube said.

Reviving the Clothing Sub-Sector

Furthermore, to revive the clothing sub-sector, the Zimbabwe Cotton-to-Clothing Strategy 2024–2030 amendment is expected to be completed and implemented by the end of 2024.

Investments in the Fertilizer Sub-Sector

Notable investments were recorded in the fertilizer sub-sector, with refurbishments at Sable Chemicals and ZFC Limited, two of the largest fertilizer-producing companies. The subsector also recorded the entry of two new players, which is expected to significantly increase fertilizer output going forward.

Domestic Steel Production

In terms of domestic steel production, Dinson Iron and Steel Company is now at an advanced stage of setting up a massive iron and steel plant, to be implemented in four phases at a cost of US$1.5 billion. The first phase is now complete, and the production of pig iron and stockpiling for further value addition to steel billets is underway. The second phase, which includes the production of steel billets, is earmarked for the latter half of 2024.

Financial Support for Growth

To facilitate the growth of the manufacturing sector, an amount of ZiG34.5 million was disbursed to the Ministry of Industry and Commerce during the period under review. The sector also benefitted from Development Partner assistance amounting to US$1.8 million. Of this, US$1.3 million was disbursed by the Swedish Embassy towards capacity building for the Confederation of Zimbabwe Industries, aimed at strengthening industrial transformation, enterprise development, and entrepreneurship.

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