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Zimbabwe gold buying prices per gram 10 September 2024

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Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today, 10 September 2024.

SG 90% and ABOVE US$75.94/g
SG ABOVE 85% BUT BELOW 90% US$75.14g
SG ABOVE 80% BUT BELOW 85% US$74.33/g
SG ABOVE 75% BUT BELOW 80% US$73.53/g
SAMPLE BELOW 10g BUT ABOVE 5g US$72.33/g

Fire Assay CASH $76.34/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 Reviving Freight Rail System to Alleviate Pressure on Roads, Boost Mining Logistics

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Zimbabwe’s freight transportation sector is undergoing a significant transformation as the government partners with private players, including China Rail International Group and South Africa’s Grindrod, to revitalize the country’s ailing rail network.

By Rudairo Mapuranga

This initiative is set to significantly impact the mining industry. The industry has largely relied on road transport to move key minerals such as chrome, lithium, iron, and coal, placing immense strain on the nation’s roads.

The National Railways of Zimbabwe (NRZ), once a powerhouse hauling 12 million tons of cargo annually in the 1990s, now struggles to move less than three million tons due to decades of underinvestment, deteriorating locomotives, and poorly maintained rail infrastructure. This has left the bulk of Zimbabwe’s mineral output dependent on road transport, with disastrous consequences for the nation’s highways.

The Bulawayo–Victoria Falls road and the Harare–Chirundu road are prime examples of this strain. Both roads are in a poor state, as heavy trucks carrying chrome and coal have turned them into hazard zones. The rapid deterioration of these key routes has increased road maintenance costs and led to frequent accidents.

The Importance of Reviving Rail for Mining

The resurgence of Zimbabwe’s mineral sector, driven by increasing global demand for lithium and chrome, makes restoring the rail network crucial for the mining industry.

Key minerals such as chrome, iron ore, and lithium from companies like Tsingshan Holdings, Sinosteel, Sinomine, Zhejiang Huayou Cobalt, and Chengxin Lithium are currently being exported via road to Mozambique’s ports, a situation that is far from ideal for long-term sustainability.

Without an efficient rail system, Zimbabwe’s roads will continue to suffer from the heavy burden of transporting minerals, potentially hindering growth in the mining sector.

An improved rail network will not only ease pressure on roads but also provide a more cost-effective and efficient means of exporting Zimbabwe’s growing commodity volumes.

NRZ spokesperson Andrew Kunambura noted that the rail network cannot currently handle the rising demand, moving only 2.8 million tons last year against available business of over 3 million tons. Private companies like Grindrod are now stepping in, deploying locomotives and wagons to boost NRZ’s capacity.

“Last year we moved 2.8 million tons against available business of 3 million tons. So these private companies are coming in with their locomotives and wagons to augment what we have,” Kunambura said.

Grindrod, through its subsidiary Beitbridge Bulawayo Railway, has already deployed three locomotives and 150 wagons since March 2024, forming part of a larger strategy to build freight rail partnerships across Southern Africa.

The company is keen to capitalize on emerging market opportunities, with plans to expand operations to other countries, including the Democratic Republic of Congo and South Africa.

Future Opportunities for Mining Logistics

The revival of Zimbabwe’s rail network presents significant opportunities for the mining industry. With ongoing discussions between President Emmerson Mnangagwa and Chairman Bi Yanchun of China Rail International Group, there is hope for further infrastructure development.

A partnership with China Rail International could dramatically improve the rail system’s capacity, providing a sustainable solution for the country’s growing mineral exports.

As Zimbabwe positions itself as a key player in global mineral supply chains, the restoration of the rail network is essential for maintaining the momentum of its mining sector.

Improved rail capacity will enhance the efficiency of mineral exports, reduce the damage caused to roads, and support the nation’s broader economic development goals.

With private investments and international partnerships in place, Zimbabwe’s rail system is poised to once again become a vital artery for the country’s burgeoning mining industry, ensuring that minerals like chrome, coal, iron, and lithium can be transported efficiently to markets across the globe.

This transformation is not only critical for the mining sector but also for the long-term sustainability of Zimbabwe’s infrastructure and its ability to attract further investment in both mining and logistics.

Garlpex Investments Staff Charged with Selling Company Mining Equipment

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Two employees of Garlpex Investments Private Limited have appeared in court for the theft of US$194,500 worth of mining equipment, according to the National Prosecuting Authority of Zimbabwe.

By Patricia Rwafa

Fungai Mafundirwa, aged 38, and Kaseba Cosmas Ngwenya, aged 72, a security manager and guard respectively at Garlpex Investments, were arrested and charged with theft of trust property.

The two allegedly conspired to sell company mining equipment without authorization, receiving USD 3,000 in cash from a buyer.

To cover their tracks, the accused reported the equipment as stolen to the police. However, an investigation led to their exposure and arrest. The stolen property was valued at USD 194,500, and none of it was recovered.

According to the National Prosecuting Authority of Zimbabwe, as announced on its X page yesterday, Mafundirwa and Ngwenya were arraigned before the Hwange Magistrates Court on charges of theft of trust property.

“Sometime in July 2024, the two accused persons allegedly instructed two men to find buyers for the sale of mining equipment. The men brought a buyer from Bulawayo, who purchased the equipment for USD 3,000 in cash. The buyer later sold the mining equipment to a Chinese company in Bulawayo.

“The accused then allegedly filed a police report, claiming the mining equipment had been stolen.

“Police investigations, initiated after a tip-off on July 24, 2024, revealed that the mining equipment had been sold.

“Further investigations led the police to the buyer of the mining equipment, who implicated the accused persons, resulting in their arrest. The stolen property was valued at USD 194,500, and nothing was recovered,” read the statement on X.

Zimbabwe gold buying prices per gram 9 September 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 9 September 2024.

SG 90% and ABOVE US$76.14/g
SG ABOVE 85% BUT BELOW 90% US$75.33g
SG ABOVE 80% BUT BELOW 85% US$74.53/g
SG ABOVE 75% BUT BELOW 80% US$73.72/g
SAMPLE BELOW 10g BUT ABOVE 5g US$72.51/g

Fire Assay CASH $76.54/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.

Govt Urges Miners to Invest in Mine Reclamation

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The government, through the Ministry of Mines and Mining Development, has urged miners to invest in the rehabilitation of mined areas and encouraged those who have yet to embrace Environmental, Social, and Governance (ESG) practices to do so.

By Ryan Chigoche

This call was made by Deputy Minister of Mines and Mining Development, Polite Kambamura, at a recent Environmental, Social, and Governance (ESG) breakfast meeting held in the capital.

One of the key aspects of ESG is reducing the environmental footprint of mining operations. This includes adopting technologies and methods that minimize waste production, lower energy consumption, and reduce greenhouse gas emissions. This call comes as mining leaders are being urged to lead in environmental stewardship, alongside their role in driving innovation and technological advancements.

Climate change, water scarcity, and biodiversity loss are pressing concerns. By adopting ESG practices, it is believed Zimbabwe can reduce its carbon footprint, implement renewable energy solutions, and preserve ecosystems.

Addressing delegates at the meeting, Kambamura urged mining companies to inject capital specifically for rehabilitation purposes and called on all mining companies to adopt ESG practices.

“Another crucial area is the restoration and reclamation of mining sites. ESG-focused mining companies should now invest in the rehabilitation of mined areas, aiming to restore ecosystems and mitigate the long-term impacts of mining activities,” said Kambamura.

“Traditional mining practices have often led to deforestation, habitat destruction, water pollution, and soil degradation. By embracing ESG principles, we can mitigate risks, capitalize on opportunities, and contribute to a more sustainable future. ESG considerations help us manage our environmental footprint, respect human rights, and engage with local communities.”

“I, therefore, urge mining companies that are yet to adopt ESG practices to do so as we work to promote the sustainability of our mining operations,” Kambamura added.

Currently, the system for financing mine rehabilitation is limited. The Environmental Management Agency (EMA) does not collect resources from mining companies specifically for environmental rehabilitation.

Recently, EMA revealed that the mining sector rehabilitated 464 hectares of land in the second quarter of this year.

For years, the mining industry has faced severe criticism for its environmental and social record, with many mines leaving behind a trail of pollution and destruction when they close operations. Zimbabwe is currently experiencing a mining boom, with many new projects coming on stream.

In May this year, the Chamber of Mines Zimbabwe proposed the creation of a mine closure rehabilitation fund to ensure that mining companies take responsibility for rehabilitating their sites after closure. The move aims to mitigate the environmental and social impacts of mining on local communities.

According to the Chamber, the fund would require mining companies to contribute a portion of their operational costs to a pool used to restore and rehabilitate mined lands after closure. This would ensure that the environment is restored to its original state and that local communities are left with sustainable resources—a step in the right direction toward responsible mining practices.

Projects Must Not Depend on Rebates/Incentives -Gvt tells Investors

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Investors have been advised to ensure the viability of their projects before committing resources, avoiding excessive reliance on tax rebates or government concessions, Mining Zimbabwe can report.

By Ryan Chigoche

This guidance was provided by George Guvamatanga, PPP Committee Chairperson and Permanent Secretary in the Ministry of Finance and Investment Promotion, during the Northern Region Capacity Building Workshop held recently.

In Zimbabwe, investors, particularly in the mining sector, have frequently expressed frustration over the numerous taxes and royalties imposed on them. These concerns highlight how financial obligations impact their operations and overall profitability.

At the meeting, Guvamatanga emphasized, “Any project should be viable without relying on massive government concessions and rebates. While we offer incentives, the foundation of a project’s viability should not depend on them.”

His statement underscores a broader government stance: projects must be economically viable on their own merits, without excessive dependence on state support.

He argued that projects should not rely heavily on government rebates or concessions to ensure their viability. This approach reflects a push for self-sufficiency within the sector, reinforcing the idea that mining enterprises should be robust enough to thrive independently.

This perspective, however, comes amid ongoing concerns from miners about the heavy tax burden and high royalty rates imposed on the industry. Zimbabwean miners have often criticized the complex regulatory environment and financial pressures stemming from corporate tax rates, significant mining royalties, VAT, and other levies.

In June, the Chamber of Mines Zimbabwe called on the Treasury to review the special capital gains tax on the transfer of mining titles and royalties, which they argued was a major concern for investors.

The Chamber added that the royalties were negatively impacting the sector’s viability.

Royalties, a key form of government revenue, are calculated as a percentage of the gross market value of mineral revenue. In Zimbabwe, different minerals attract different rates: diamonds and precious stones at 10%, platinum at 5%, base and industrial metals at 2%, and coal at 1%. Gold has a flexible royalty rate of 5% if the international market price is above US$1,200 per ounce, and 3% if it falls below that threshold. Artisanal and small-scale mining operations benefit from a fixed 1% preferential rate.

Miners argue that these financial demands, coupled with economic instability and high operational costs, present significant challenges to maintaining and expanding their operations. The government’s stance suggests a shift toward reinforcing the expectation that projects must stand on their own, sparking a debate about balancing regulatory demands with industry sustainability.

Platinum Revenue Soars 2% to Overtake Palladium as Zimplats’ Top Earner

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The country’s largest Platinum Group Metal (PGM) producer, Zimplats, has seen platinum overtake palladium as its leading revenue contributor, according to its preliminary final report for the financial year ending 30 June 2024.

By Rudairo Mapuranga

Platinum revenue rose by 2%, amounting to US$246.05 million during the fiscal year, up from US$240.98 million in the previous year.

This increase enabled platinum to become Zimplats’ top revenue earner, overtaking palladium, which saw a sharp decline in revenue to US$220.71 million, down from US$340.65 million during the financial year ended 30 June 2023.

The 35% year-on-year drop in palladium revenue reflects the changing dynamics within the global PGM market.

Rhodium also experienced a significant decline in revenue, generating US$90.99 million compared to US$169.28 million the previous year.

In contrast, gold revenue saw growth, rising to US$64.54 million from US$51.84 million in the prior year, demonstrating the metal’s increased contribution to Zimplats’ overall earnings.

Nickel, however, saw a decline in revenue, earning US$79.99 million, down from US$102.89 million.

Iridium and copper revenues showed modest increases, with iridium rising to US$29.72 million from US$25.05 million, and copper to US$29.39 million from US$25.63 million.

Smaller contributions came from ruthenium, which fell slightly to US$4.98 million from US$5.31 million, silver, which increased to US$477,000 from US$387,000, and cobalt, which dipped to US$253,000 from US$275,000.

In total, Zimplats’ revenue for the year amounted to US$767.11 million, a decline from US$962.29 million recorded in the previous financial year. This downturn was largely driven by the substantial decreases in palladium and rhodium revenues, despite the resilience shown by platinum and the gains in gold and other metals.

Zimplats’ shift in revenue leadership from palladium to platinum underscores the evolving market dynamics and the growing importance of platinum in its revenue stream. This trend may continue as global demand for platinum increases, particularly in the green energy sector, where it plays a vital role in hydrogen fuel cell technology.

Gold Deliveries Surge by Over 36% in August, Driven by ASM

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Gold deliveries to Zimbabwe’s sole operating gold buyer and exporter, Fidelity Gold Refinery (FGR), experienced a substantial increase of approximately 36 per cent in August 2024 compared to July, Mining Zimbabwe can report.

By Rudairo Mapuranga

According to FGR delivery statistics, overall gold deliveries from both Artisanal and Small Scale Miners (ASM) and Large Scale Miners (LSM) surged from 2,495.0803 kgs in July to 3,400.3442 kgs in August.

Deliveries by ASM recorded a significant increase of approximately 42.7 per cent, rising from 1,618.5140 kgs in July to 2,373.0537 kgs in August. This sharp rise underscores the continued dominance of small-scale miners in the nation’s gold production.

Large-scale miners also contributed positively to the monthly growth, with their deliveries increasing by 10.6 per cent, from 999.8705 kgs in July to 1,027.2995 kgs in August.

In August 2024, ASM accounted for approximately 70 per cent of the total gold deliveries, compared to LSM’s 30 per cent, highlighting the critical role of small-scale miners in Zimbabwe’s gold sector.

This latest increase follows a strong performance in the second quarter of 2024, where gold deliveries surged by over 28 per cent compared to the first quarter. The total gold delivered in the second quarter amounted to 7,739.4241 kgs, up from 6,044.8689 kgs in the first quarter.

The significant rise in deliveries during the second quarter was largely driven by ASM, which delivered 4,515.1660 kg, representing a 55.6 per cent increase from their first-quarter deliveries. Large-scale miners, while also contributing to the overall increase, saw a more modest rise in their deliveries, which grew by 2.6 per cent to 3,224.2581 kgs.

Despite a minor decline in production from May to June 2024, the gold sector remains robust, with small-scale miners playing a pivotal role in driving growth. The performance in August marks a continuation of this trend, reinforcing the importance of both ASM and LSM in sustaining Zimbabwe’s gold production and economic stability.

Gold deliveries in 2023 had declined by 15 per cent due to challenges like rising costs, power shortages, and government currency policies. However, the strong rebound in 2024 suggests a recovery driven by improved mining conditions and increased contributions from small-scale miners. As the year progresses, the sector appears poised for further growth, particularly if the challenges faced in 2023 continue to be addressed.

Zimbabwe gold buying prices per gram 4 September 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 4 September 2024.

SG 90% and ABOVE US$75.34/g
SG ABOVE 85% BUT BELOW 90% US$74.54g
SG ABOVE 80% BUT BELOW 85% US$73.74/g
SG ABOVE 75% BUT BELOW 80% US$72.95/g
SAMPLE BELOW 10g BUT ABOVE 5g US$71.75/g

Fire Assay CASH $75.74/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.

Rushwaya’s father passes away

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The Zimbabwe Miners Federation (ZMF) has announced of the passing of Mr Henry Rushwaya, father to the organisation’s President, Ms Henrietta Rushwaya.

Mr Henry Rushwaya passed away in Gweru last night.

“It is with deep sorrow that we announce the passing of Mr Henry Rushwaya, father of the Zimbabwe Miners Federation (ZMF) President, Ms Henrietta Rushwaya. Mr. Rushwaya passed away last evening at approximately 23:23 hours,” the ZMF Media team said.

Mourners are gathered at Kenilworth Farm, Somabhula, where family and friends come together to pay their last respects.

Directions to Kenilworth Farm are as follows:

From Gweru, travel 49 kilometres along the Bulawayo road until you reach a signpost for Daisyfield Primary School, Kenilworth. Turn left at the signpost and cross the railway line. Follow the road as it curves to the right, passing Daisyfield Primary School, and immediately turn left after the school. Continue driving for 7 kilometres along a dirt road. The farmhouse will be on your left.

The burial will take place in Gutu on Saturday, 7th September 2024. Our thoughts and prayers are with Ms. Henrietta Rushwaya and her family during this difficult time.