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Zimbabwe gold buying prices per gram 22 July 2024

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Zimbabwe gold buying prices per gram 22 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 22 July 2024.

SG 90% and ABOVE US$75.35/g
SG ABOVE 85% BUT BELOW 90% US$74.55g
SG ABOVE 80% BUT BELOW 85% US$73.76/g
SG ABOVE 75% BUT BELOW 80% US$72.96/g
SAMPLE BELOW 10g BUT ABOVE 5g US$71.76g

Fire Assay CASH $75.75/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.

Freda Rebecca Gold Mine Expands Exploration to Extend Mine Life

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Freda Rebecca Gold Mine Expands Exploration to Extend Mine Life

Freda Rebecca Gold Mine, the country’s largest gold producer, is undertaking extensive exploration efforts at its Bindura mine to extend its mine life and increase processing capacity.

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, Freda Rebecca Managing Director Patrick Maseva-Shayawabaya emphasized the importance of extending the mine’s operational lifespan beyond the current five years to enable more confident planning.

“Freda currently has a mine life of about five years. We need to extend that beyond five years, which will allow us to plan with much more confidence. The expansion will depend on the results of the ongoing exploration work. Initially, our goal is to extend the life of the mine. However, if the exploration reveals a much larger resource than we currently know, there will be an opportunity to increase the plant’s capacity, enabling us to produce significantly more than we are now,” said Maseva-Shayawabaya.

The Managing Director, who also heads the gold cluster at Kuvimba Mining House (KMH), revealed that the parent company plans to inject US$40 million into its gold operations, which include Freda Rebecca Gold Mine, Shamva Mine, and Jena Mines. This strategic investment aims to ramp up production and optimize efficiency.

“In terms of capital expenditure for the year, for the cluster, we are looking at about US$40 million. That is the plan,” he stated.

“But not all of that capital expenditure is funded as yet. We have not secured the resources that we will need to implement all of those projects. A portion of it, I would say 50% of the capital expenditure, will come from internal cash flows, but we will need to raise the balance so that we can implement those projects.”

For the fiscal year ending March 2024, the group produced 104,000 ounces of gold and expects this figure to increase marginally by 1% to 105,000 ounces in the current year.

BREAKING: Kuvimba Signs Over US$300 Million BOT Agreement with a Chinese Firm

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BREAKING: Kuvimba Signs Over US$300 Million BOT Agreement with a Chinese Firm

Kuvimba Mining House (KMH), owned by the country’s sovereign wealth fund, Mutapa Investment Fund, has entered into a significant Build, Operate, and Transfer (BOT) agreement with a Chinese consortium worth US$310 million for the Sandawana Lithium Project.

By Rudairo Mapuranga

The US$310 million deal, valid for six years, aims to establish a state-of-the-art processing plant with a capacity of 3 million tonnes per year at Sandawana Lithium Mine. This facility is projected to generate an annual revenue of $600 million.

According to KMH Group CEO Trevor Barnard, the plant is expected to be operational within 18 months. Plans for a second plant are also in the pipeline, contingent on the results of ongoing exploration activities.

“The financing for the first plant will be around $310 million, to be disbursed over the next 18 months. The loan will be repaid during the BOT period. We are thrilled to establish these groundbreaking agreements with international entities. Kuvimba Mining House is poised to become a world-class lithium processing company, with a strong competitive edge in marketing high-quality lithium concentrate,” said Barnard.

“The growing trust and confidence in the Zimbabwean minerals sector by a broad spectrum of investors is encouraging. We are committed to a transparent, accountable partnership and efficient management of our local resources,” he concluded.

 

Zimbabwe gold buying prices per gram 18 July 2024

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Zimbabwe gold buying prices per gram 18 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 18 July 2024.

SG 90% and ABOVE US$75.35/g
SG ABOVE 85% BUT BELOW 90% US$74.55g
SG ABOVE 80% BUT BELOW 85% US$73.76/g
SG ABOVE 75% BUT BELOW 80% US$72.96/g
SAMPLE BELOW 10g BUT ABOVE 5g US$71.76g

Fire Assay CASH $75.75/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.

Muzarabani oil and gas exploration license renewed for three years

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Muzarabani oil and gas exploration license renewed for three years

The exploration for oil and gas by Geo Associates, owned by the Australia Stock Exchange-listed company Invictus Energy, has been granted an additional three years by the government of Zimbabwe through the renewal of their Special Grant (SG).

By Rudairo Mapuranga

According to Invictus Energy, the Special Grant 4571 License was renewed for a further three-year term to allow the company to continue its exploration of oil and gas in the Muzarabani area.

The company plans to undertake a comprehensive work program for this third three-year exploration period, including 3D seismic acquisition and additional exploration/appraisal drilling.

“SG 4571 License containing Mukuyu Discovery renewed for a further three-year term. Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of Special Grant 4571 has received notification that its application to extend the tenure of the SG 4571 License for a further three years has been approved by the Mining Affairs Board.

“This will be followed by publication in the Government Gazette. The exploration license for the third period for SG 4571 runs to June 2027. The Company plans to undertake a comprehensive work program for the third three-year exploration period including 3D seismic acquisition and additional exploration/appraisal drilling.

“The Company is able to apply for a production special grant license at any stage,” Invictus said.

MMCZ generates USD 1.5 Billion in Q1 amid softening commodity prices

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MMCZ generates USD 1.5 Billion in Q1 amid softening commodity prices

The Minerals Marketing Corporation of Zimbabwe (MMCZ), the nation’s sole minerals marketing agent excluding gold and silver, sold a total of 1.9 million metric tonnes (mt) of minerals valued at USD 1.5 billion in the first half of 2024, falling short of its revenue and volume projections.

By Rudairo Mapuranga

According to MMCZ Acting General Manager Dr. Nomsa Moyo, the Corporation had aimed to sell 2 million mt of minerals valued at USD 2.03 billion. However, declines in global mineral prices led to a 6% volume miss and a 26% revenue shortfall.

“During the same period last year, the Corporation sold 1,531,149 mt valued at USD 1.689 billion. This points to a 25% year-on-year increase in sales volumes and an 11% slump in value terms,” said Dr. Moyo.

She highlighted that depressed mineral commodity prices for some of Zimbabwe’s top revenue contributors significantly impacted performance in the first half of 2024.

“Lithium was down 72%, nickel 20%, coal 13%, and coke 39%, translating to significant price declines compared to budget forecasts. However, year-over-year price increases were observed for platinum as it firmed 6%, rhodium 6%, copper 16%, fluorite 2%, and chrome concentrates 4%. These were not enough to offset the negative impact on overall revenue,” she said.

The top three contributors in terms of value in the first six months of 2024 were Platinum Group Metals (PGMs) matte, PGM concentrate, and Zimbabwe’s primary lithium export, spodumene.

“Overall, concentrate sales volume grew by 30%, while their value increased by 2%. However, matte sales experienced a 7% volume increase but a 5% decrease in value,” she said, attributing the volume rise across both categories to the stock carried over from the previous period.

Hwange Colliery revitalizes with US$50m coal mine partnership

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Hwange Colliery revitalizes with US$50m coal mine partnership

Hwange Colliery Company Limited (HCCL) has teamed up with the Chinese firm Zhong Jiani Investment (ZJI) to launch a new underground coal mine in Hwange, Zimbabwe.

The US$50 million project is expected to produce 80,000 tonnes of coking coal monthly, with a lifespan of 25 years.

HCCL has restructured into seven independent companies, including a joint venture with ZJI. The strategic restructuring aims to boost production and streamline operations. The newly formed entities are Hwange Mining and Processing Company, Hwange Property Company, Hwange Medical Company, Hwange Zambezi Agriculture Company, Hwange Lubimbi Energy Company, Hwange Khula Fund, and the joint venture with ZJI.

Eng Munashe Shava, the administrator overseeing HCCL’s reconstruction, emphasized the importance of this venture in the company’s recovery.

“When we looked at the Hwange business model, it was saddled with a lot of value-eroding activities,” Shava said. “We meticulously formulated a strategy to eliminate these issues, transforming HCCL from a loss-making entity to a revenue-generating company.”

Zimbabwe gold buying prices per gram 17 July 2024

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Zimbabwe gold buying prices per gram 17 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 17 July 2024.

SG 90% and ABOVE US$74.23/g
SG ABOVE 85% BUT BELOW 90% US$73.44g
SG ABOVE 80% BUT BELOW 85% US$72.65/g
SG ABOVE 75% BUT BELOW 80% US$71.87/g
SAMPLE BELOW 10g BUT ABOVE 5g US$70.69g

Fire Assay CASH $74.62/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.

Prospect Executes Joint Venture Earn-in Agreement on Bikita Gem Project

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Prospect Executes Joint Venture Earn-in Agreement on Bikita Gem Project

Australia Stock Exchange-listed mining and exploration junior Prospect Resources has executed a Joint Venture earnings-in agreement on the Bikita Gem Project, according to the company’s Investor Presentation.

According to the Investor Presentation titled “Leading Africa in the Battery and Electrification Metals Revolution,” released on Tuesday in late May, Prospect Resources executed a Joint Venture Earn-in Agreement on the Bikita Gem Project. The Bikita Gem tenure comprises 18 claims over 401 hectares, located on the northeastern extremity of the Masvingo Greenstone Belt in Zimbabwe.

“The project site is 5 km northwest of the rapidly expanding Bikita Lithium Mine, operated by China’s Sinomine Resource Group, which produces spodumene and petalite concentrates,” says the report.

According to the report, surface trenching has been completed and pads have been prepared for an initial 1,000-meter RC drilling program.

“An excavator has completed surface trenching and prepared pads for an initial 1,000-meter RC drilling program. This drilling is designed to test the subsurface below several targets previously identified through geochemical soil sampling,” Prospect said.

The report states that Prospect has the option to exit the JV at any time during the initial period.

“Prospect Resources can exit the JV at any time during the initial period if the results fall short of expectations,” the company said.

The company continues to field numerous early-stage lithium opportunities in the current counter-cyclical environment.

Gold Price Surpasses $79.38 per Gram for a New All-Time High

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Gold Price Surpasses $79.38 per Gram for a New All-Time High

Gold has reached a new all-time high amid growing expectations for Federal Reserve rate cuts and increased trader speculation on a potential second Donald Trump presidency.

Spot gold was up 1.7% to $79.24 per gram by 2:15 p.m. ET, having earlier hit a new record of $79.30 per gram. U.S. gold futures also surged 1.7% to $79.38 per gram in New York.

Bullion is now almost 20% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks. Geopolitical tensions have also supported the metal, which is traditionally seen as a safe-haven asset.

“Optimism about U.S. interest rate cuts as more economic data supports the case for a Fed pivot is supporting gold,” Ewa Manthey, a commodities strategist at ING Bank NV, said in a Bloomberg note on Tuesday.

“Gold is poised to keep its positive momentum going amid the current global geopolitical and macroeconomic landscape, while central bank demand is expected to grow,” Manthey added.

On Monday, Fed Chair Jerome Powell said recent data had given policymakers greater confidence that inflation is heading down to the central bank’s 2% goal. Traders have been adding bets there will be three cuts this year after Goldman Sachs said conditions were ripe for easing, with “a solid rationale” for officials to lower rates as soon as July.

Gold’s latest rally isn’t unexpected: in June, consultancy Metals Focus predicted a fresh record this year, while earlier this month Citigroup said its base case for gold in 2025 was $86.78-$96.42 per gram.

Trump’s presidential candidacy gained momentum after a failed assassination attempt over the weekend and a judge dismissed a criminal case against him. However, a Trump presidency could have potentially positive and negative impacts on gold, according to Giovanni Staunovo, a commodity analyst at UBS Group AG. It might lead to “tax cuts, supporting a shift to equities, and eventually limiting faster rate cuts,” he warned. On the other hand, tax cuts would impact U.S. fiscal balances, potentially weakening the dollar’s status and pushing buyers toward safe-haven assets such as gold, Staunovo said.

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