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Cabinet Approves MPC and Prospect Brooke Resources Exploration Deal in Arcturus

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Cabinet Approves MPC and Prospect Brooke Resources Exploration Deal in Arcturus

The Minister of Information, Hon. Jenfan Muswere, has announced that the Cabinet of Zimbabwe has approved a proposed partnership between the Mining Promotion Corporation (MPC) and Prospect Brooke Resources (Pvt) Ltd. This partnership aims to conduct exploration and mine development over the Arcturus Exclusive Prospecting Order Number 1842.

According to Muswere, the joint venture seeks to explore for lithium and other minerals found within pegmatite rock as the country strives to become a leader in Africa’s green revolution.

Muswere stated that MPC, which will not bear any financial obligations towards the exploration of the resources, will hold a 30% stake in the project, while Prospect Brooke Resources will hold the remaining 70%.

“Cabinet considered and approved the proposed partnership between the Mining Promotion Corporation and Prospect Brooke Resources (Pvt) Ltd to conduct exploration and mine development over the Arcturus Exclusive Prospecting Order Number 1842, as presented by the Minister of Finance, Economic Development and Investment Promotion, Honourable Professor Mthuli Ncube.

“The joint venture seeks to prospect and explore for lithium and pegmatite minerals on 52,600 hectares in Goromonzi, Mashonaland East Province. Prospect Brooke Resources (PBR) is a Zimbabwean-based private company incorporated under the Companies and Other Business Entities Act [Chapter 24:31]. In terms of the agreement, a special purpose vehicle, the MPC JV, will be established in which Prospect Brooke Resources shall hold 70% shareholding and the Mining Promotion Corporation 30% at the exploration stage. Prospect Brooke Resources will mobilize the entire amount required for exploration, and the Mining Promotion Corporation is not expected to make any financial contribution towards this stage.

“Prospect Brooke Resources has demonstrated the technical and financial capacity to undertake the project, and exploration is expected to commence once the Joint Venture Agreement is signed by the parties. Prospecting and exploration are estimated to take no more than five years from the commencement date. The Joint Venture shareholding structure will be renegotiated after the exploration stage if the project proceeds to mine development and commences mining activities.

“The Joint Venture Agreement is in line with the Standing Policy on Public-Private Partnerships,” Muswere said.

ZMF encourages ASM to prepare EMPs to avoid mine closure

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ZMF encourages ASM to prepare EMPs to avoid mine closure

The Zimbabwe Miners Federation (ZMF) has called on Artisanal and Small-scale Miners (ASM) to prepare an Environmental Management Plan (EMP), an ASM-designed Environmental Impact Assessment (EIA), to avoid arrests during the ongoing operation targeting miners without an EIA.

By Rudairo Mapuranga

ZMF CEO Mr Wellington Takavarasha advised miners to have an EMP because it’s easier and does not require consultants to carry it out.

“There is an operation ongoing to arrest those without EIAs. Please, you are advised to prepare an Environmental Management Plan (EMP) for small-scale mining operations, which you can do yourself without necessarily engaging an EIA registered consultant and be given an EIA certificate,” Takavarasha said.

Currently, the majority of small-scale miners are operating without Environmental Impact Assessment (EIA) Certificates, which is a violation of the Environmental Management Act Cap 20:27 and its ancillary legislation. One of the reasons cited by small-scale miners for not complying with the legislation is a lack of financial resources to undertake the EIA process. Some miners with EIA certificates are failing to comply with the submitted Environmental Management Plans (EMPs), mainly due to a lack of understanding of the full contents of the so-called “voluminous” EIA documents.

To improve compliance, it is proposed that small-scale miners should be assisted in developing a generic and simplified Environmental Management Plan. The Agency developed operational guidelines for small-scale miners in line with the provisions of the Act. These guidelines have reduced the cost of engaging EIA consultancies for undertaking EIA reports. It is also expected that the guidelines should be simplified to enable easy understanding by small-scale miners.

Women in Mat North Eager to Fully Utilize Bubi Gold Centre

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Women in Mat North Eager to Fully Utilize Bubi Gold Centre

Women under the Zimbabwe Miners Federation (ZMF) in Matabeleland North Province have vowed to restructure operations at the Bubi Gold Service Centre, which is currently “partially” operating.

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, ZMF Matabeleland North Chairperson Jane Lusinga said women are now eager to come and strategize operations at the Bubi Service Centre because it has been run by people who were not ready to listen to the miners’ concerns.

She said the ZMF women’s wing in Matabeleland North is working to ensure they take matters into their own hands so that the Bubi Gold Service Centre can work at full capacity to help achieve the government’s vision for the country to become an upper-middle-income economy by 2030.

“We have our people who were members of the board, the operation has predominantly been run by men. As women, we are working to make the centre viable. The previous management did not adequately address the diverse needs of miners. We are now strategizing and focusing on reviving some of the essential machinery at the site, including setting up ball and stamp mills and cyanidation tanks. These are critical for the efficient processing of gold ore and improving recovery rates. By enhancing our processing capabilities, we aim to support both large-scale and artisanal miners in the region,” Lusinga said.

The Bubi Small Scale Miners Association, in partnership with ZMDC, set up the Bubi Service Centre in the Bubi Area of Matabeleland North Province. The Service Centre was launched by the Government of Zimbabwe in July 2018, with funding from the Reserve Bank of Zimbabwe (RBZ).

Although ZMDC claims on its website that the Bubi Milling Centre is fully operational, the centre is reportedly shunned by miners due to the lack of competitive measures to attract clients.

About ten small-scale miners in the area have already received capacitation in the form of services and equipment. However, there are claims that the equipment they received is not suitable for running a small-scale mine, as the rollout of the equipment was done without consultations.

Artisanal and small-scale miners contribute over half the gold sold to Fidelity Printers, with over 23.3 tonnes of the 35 tonnes delivered in 2022. This year, the Government is targeting the production of over 50 tonnes to be delivered as a result of the support for artisanal and small-scale miners and the expansion of mines by the major mining houses.

Illegal Miners ordered to Vacate Mazowe or Face the full wrath of the law

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Illegal Miners ordered to Vacate Mazowe or Face the full wrath of the law

The Zimbabwe Republic Police (ZRP) has issued a notice to illegal miners from Mazowe Mine Lease 35 to vacate the area by July 13, 2024, or face the full wrath of the law.

By Patricia Rwafa

The eviction order, issued by the Ministry of Mines and Mining Development, requires all illegal occupants to vacate the area which stretches from near ZRP Mazowe to the small town of Concession.

In a press statement, Police Assistant Commissioner Paul Nyathi said:

“The Zimbabwe Republic Police confirms that the Government, through the Ministry of Mines and Mining Development, recently issued an eviction notice and order for all illegal occupiers of mining sites, those involved in the destruction of land and vegetation activities, and those engaged in criminal acts to vacate Mazowe Mine Lease 35, which covers areas near ZRP Mazowe up to Concession, with effect from July 6 to July 13, 2024.

“The Zimbabwe Republic Police, therefore, has the opportunity to warn illegal occupants of mining sites and those perpetuating criminal activities to heed the notice and vacate the indicated areas by the given period.

“Police will ensure the law takes its course on anyone who defies the government’s directive or commits criminal activity under the guise of mining syndicate groups. The public is urged to cooperate with police officers as they move in to maintain law and order.”

The government is grappling with how to tackle illegal mining due to the prevalence of unregistered mines and limited resources for enforcement as more and more citizens take to mining to earn a living.

The Ministry however faces capacitation challenges which is leading to Mining Certificates taking over five years to be processed. In places like Mashonalandwest earlier this year there were reportedly 13 000 Mining Certificates applications which are expected to be processed via physical site inspections from Ministry Officials of which the 57,441 km² province only has two vehicles.

Prospect: Goldberg Appointed E.D of Finance, Hosack now based in Zim

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Prospect: Goldberg Appointed E.D of Finance, Hosack now based in Zim

Australia Stock Exchange-listed mining and exploration junior, Prospect Resources, has appointed Mr. Ian Goldberg to the Prospect Board as Executive Director of Finance and to lead its Australia offices. Managing Director and CEO Sam Hosack will now be based in Zimbabwe, Prospect Non-Executive Chairman Mark Wheatley announced.

By Rudairo Mapuranga

According to Wheatley, Goldberg, who has been Prospect’s Chief Financial Officer (CFO) and Joint Company Secretary since February 2021, will become Prospect’s Executive Director of Finance effective from 8 July 2024.

Wheatley said Goldberg played a crucial role in the advancement of the Arcadia Lithium Project (Arcadia), particularly during the strategic financing process.

“Supported by Ian’s guidance and expertise, Arcadia was successfully sold to Zhejiang Huayou Cobalt in April 2022 for US$378 million in cash,” Prospect said.

Goldberg is a Chartered Accountant (CA) with more than 20 years of senior finance and commercial mining experience. He has previously served as CFO in operating mining businesses across Africa and Australia, leading several mining projects through the securement of project financing and development into profitable commercial operations.

According to Wheatley, Goldberg will head up the Perth office, and his role has been expanded to include corporate development. David Broomfield, Corporate Development Manager, will now report directly to him.

Wheatley also stated that Prospect MD and CEO Sam Hosack is now permanently based in Zimbabwe to concentrate on their African projects.

“The Company also wishes to advise that Sam Hosack, MD and CEO, is now permanently based in Zimbabwe. This will allow Sam to concentrate on the Company’s African activities with a key focus on the newly acquired flagship asset, the Mumbezhi Copper Project, located in the world-class Zambian Copperbelt,” the company said.

Commenting on the appointments, Wheatley added:

“It is a pleasure to welcome Ian to the Prospect Board. Ian has been a key member of Prospect’s senior management team for over 3 years now. During this period, he has been instrumental in delivering outstanding outcomes, including the successful sale of Arcadia and expansion of our exploration and development asset portfolio.

“With Sam now permanently based in Zimbabwe, Ian’s appointment and expanded role bring greater efficiency to the delivery of corporate services across the company. With all historical drill data now validated and drilling at Mumbezhi set to commence shortly, we are excited to bring the full weight of our team’s capabilities towards rapidly advancing this huge opportunity.”

Zimbabwe gold buying prices per gram 8 July 2024

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Zimbabwe gold buying prices per gram 8 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 8 July 2024.

SG 90% and ABOVE US$72.28/g
SG ABOVE 85% BUT BELOW 90% US$71.51g
SG ABOVE 80% BUT BELOW 85% US$70.75/g
SG ABOVE 75% BUT BELOW 80% US$69.98/g
SAMPLE BELOW 10g BUT ABOVE 5g US$68.83g

Fire Assay CASH $72.66/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.

Pambili and Kavango Resources Forge Strategic Alliance to Unlock Zimbabwe’s Gold Riches

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Pambili and Kavango Resources Forge Strategic Alliance to Unlock Zimbabwe’s Gold Riches

Toronto Stock Exchange-listed Pambili Natural Resources Corporation and London Stock Exchange-listed Kavango Resources Plc have joined forces to unlock Zimbabwe’s gold potential. This strategic partnership fuels exploration and development efforts at the Golden Valley Mine, aiming to revive production and propel Zimbabwe’s modern mining sector.

By Patricia Rwafa

Pambili Natural Resources Corporation (PNN) confirmed Kavango Resources Plc’s conversion of their US$250,000 loan into company shares, following approval by the TSX Venture Exchange.

The TSX-V has determined that the previously announced Premium of US$75,000 exceeds its guidelines. Kavango has therefore agreed to reduce the Premium to US$60,000, the maximum allowable amount, resulting in an effective interest rate of 24% on the loan.

After giving effect to the exchange rate, the Loan and Premium (C$423,770) will be settled through the issuance of 7,704,910 Shares at C$0.055 per Share (“Settlement”). After giving effect to the Settlement and following the acquisition of the Golden Valley Mine (announced on June 20, 2024), Kavango will own approximately 14.0% of the enlarged share capital of Pambili and become an insider of the Corporation.

Kavango is a mineral exploration company listed on the London Stock Exchange (LSE: KAV) with projects in Zimbabwe and Botswana.

According to Pambili CEO Jon Harris:

“Pambili is in a strong position. We have taken positive steps forward in exploring Golden Valley’s near- and longer-term gold potential. Following the TSXV’s recent approval of our acquisition of the project, we’re ready to push on with preparations for our planned underground drilling program.

The funds provided by Kavango will be key in advancing this pivotal work, and we welcome them as a strategic investor. Our goal is to identify an initial source of ore to bring the mine back into full production. This stands to provide us with a source of revenue we can invest directly into operation expansion and investigating Zimbabwe’s modern production potential.”

In addition to what Pambili CEO Jon Harris said, Kavango CEO Ben Turney commented:

“Kavango and Pambili share an appreciation of the immense, underexplored gold potential across Zimbabwe’s many greenstone belts. Our common goal is to support the nation as it enters the modern mining era.

We have been highly encouraged by Pambili’s progress at Golden Valley and welcomed the recent news that the TSXV approved the Company’s acquisition of the project. I have every faith in Jon and the team’s ability to develop Golden Valley moving forward. Kavango will support them fully as a strategic investor.”

Dallaglio mourns board chairman

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Dallaglio mourns board chairman

Dallaglio Investments’ has expressed sadness in the passing of its board chairman Mr Sternford Moyo who passed away in Harare on friday.

In a statement, the gold miner described Moyo’s leadership and dedication as instrumental to the Gold Miner’s growth.

“It is with deep sadness that we extend our condolences on the passing of our esteemed Board Chairman, Mr. Sternford Moyo. Since joining our Board in 2020, Mr. Moyo’s leadership and dedication have been instrumental to Dallaglio Investments growth,” the company said.

“Mr. Moyo’s remarkable career was marked by numerous historic achievements. In January 2021, he became the first African President of the International Bar Association, a significant milestone in his distinguished career. On 28 September 2022, he was honoured as the Freeman of the City of London, a testament to his global influence and exemplary leadership. Mr. Moyo also served on the boards of several prominent companies in Zimbabwe, leaving a lasting impact on each,” the company continued.

The company extended condolences to the Moyo family.

“His legacy will continue to inspire us. We extend our heartfelt condolences to Mr. Moyo’s wife, Mrs. Sarah Moyo, their three children, friends, and colleagues during this difficult time,”

 

Zimbabwe gold buying prices per gram 5 July 2024

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Zimbabwe gold buying prices per gram 5 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 5 July 2024.

SG 90% and ABOVE US$71.66/g
SG ABOVE 85% BUT BELOW 90% US$70.90g
SG ABOVE 80% BUT BELOW 85% US$70.14/g
SG ABOVE 75% BUT BELOW 80% US$69.38/g
SAMPLE BELOW 10g BUT ABOVE 5g US$68.24g

Fire Assay CASH $72.04/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.

Ethan Seth Empowers Women with Gemstone Cutting and Polishing Training

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Ethan Seth Empowers Women with Gemstone Cutting and Polishing Training

As part of their strategy to develop and grow the gemstone mining sector in Zimbabwe, Ethan Seth Pvt Ltd has initiated a skills transfer program aimed at empowering women to join the gemstone cutting and polishing industry.

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, Mr Takunda Takaendesa Mamhungo, Ethan Seth’s Operations Manager, said the company will conduct practical lessons on weekends as part of their first training plan.

“We are calling for practical training in gemstone cutting and polishing. Women are critical to this industry because they bring unique perspectives, meticulous attention to detail, and a high level of craftsmanship. Empowering women in this field not only promotes gender equality but also enhances the overall quality and innovation within the gemstone sector. Their involvement can lead to more diverse and inclusive growth, contributing to the sector’s sustainability and success,” Takaendesa Mamhungo said.

The cutting and polishing of gemstones are critical to the country’s beneficiation and value-addition drive. By developing these skills locally, Zimbabwe can retain more value from its raw gemstone resources, reduce dependency on foreign processing, and increase its export earnings. This initiative aligns with the national vision of achieving an upper-middle-income economy by 2030, as it promotes industrialization, job creation, and economic empowerment for communities, particularly for women who are often underrepresented in the mining sector.

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