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Gold buying prices per gram 28 March 2024

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Gold buying prices per gram 28 March 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 28 March 2024.

SG 90% AND ABOVE US$66.61/g
SG ABOVE 85% BUT BELOW 90% US$65.91g
SG ABOVE 80% BUT BELOW 85% US$65.20/g
SG ABOVE 75% BUT BELOW 80% US$64.50/g
SAMPLE BELOW 10g BUT ABOVE 5g US$63.44/g

Fire Assay CASH $66.97/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.

Kuda Tagwirei completely out of Kuvimba – Cross

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Kuda Tagwirei completely out of Kuvimba – Cross

Economist and President Mnangagwa advisor Eddie Cross has said business mogul Kudakwashe Tagwirei left Zimbabwe’s biggest mining company Kuvimba Mining House (KMH).

In an interview with a local daily, Cross revealed that Kuda’s journey began with the fuel business, where he capitalized on sales and eventually secured a substantial share in the Zimbabwe-Mozambique fuel pipeline.

Cross said Tagwirei made considerable profits from these ventures, allowing him to diversify his portfolio into various properties and investments.

Cross said Tagwirei made a strategic decision to channel his wealth into Kuvimba, a burgeoning enterprise with seven mines on its portfolio. Investing heavily in Kuvimba, Kuda played a pivotal role in its development and success.

“Kuda was Kuvimba. He took all the money he got from the fuel business, disposing of the sales, putting the pipeline back to NOIC because he had 50 per cent shares of the pipeline and NOIC bought him out. He made a lot of money and bought a lot of properties and put it into Kuvimba. Now Kuvimba has been taken over by the National Wealth Fund (Mutapa Fund),” Eddie Cross said in the interview.

Kuvimba has since undergone a significant transformation, being taken over by the National Wealth Fund, also known as the Mutapa Fund.

Tagwirei’s investment into Kuvimba has seen the rise of the Shamva gold mine located 90km northeast of Harare.

However, the company now faces a daunting task at some of its mines namely Bindura Nickel, Sandawana (Lithium) and Great Dyke Investments (Platinum) due to plummeting commodity prices.

This has led to the company releasing hundreds of workers from its promising ventures such as Sandawana.

Lithium prices are down more than 80% from their 2022 peak, due to low demand, prices of palladium and platinum fell by 40% and 15% in 2023.

While many are sceptical of why commodity prices are falling, the simple explanation is Supply has outgrown demand.

Companies Investing in Muzarabani-Mbire Should Think Beyond Oil and Gas Extraction

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Companies Investing in Muzarabani-Mbire Should Think Beyond Oil and Gas Extraction

While reports indicate that companies have initiated a rush for land in Mbire in anticipation of the economic activities expected to be brought by oil and gas extraction in the area, Natural Resource Governance expert Tapuwa Nhachi believes that the companies must plan for long-term sustainability beyond the extraction phase.

Speaking to Mining Zimbabwe, Nhachi said investing in land in an area where the economic feasibility of oil and gas extraction is yet to be determined poses risks for individuals and companies from other communities. The uncertainty surrounding the project’s future, especially amid a green revolution and growing environmental concerns, raises questions about the sustainability of such investments.

“If a town is established as a result of oil and gas exploration, it is crucial to plan for long-term sustainability beyond the extraction phase. To ensure continuity and avoid the pitfalls experienced by towns like Mashava and Mhangura after resource depletion, the following measures should be considered:

Diversification of the Economy: Encourage economic diversification by investing in industries beyond oil and gas to create a resilient local economy that can thrive even after resource extraction ceases.

Infrastructure Development: Key infrastructure development should not only focus on mining-related structures but also on developing sustainable infrastructure such as schools, hospitals, roads, and utilities to support the community’s long-term needs beyond the lifespan of the oil and gas project.

Environmental Conservation: Implement strict environmental regulations to mitigate the impact of oil and gas extraction on the environment and promote sustainable practices to protect natural resources for future generations.

All this should be done through encompassing community engagement by involving local communities in decision-making processes, prioritizing local employment opportunities, and investing in skills development to ensure that residents benefit from the project and are equipped for post-extraction livelihoods,” Nhachi said.

Mbire Rural District Council chief executive officer, Cladius Majaya, stated that the local authority would not deviate from its original development project, emphasizing that the oil/gas project must fit into the existing plan.

He acknowledged the discovery of gas in the province had put the area in the limelight and in a perfect position to receive increased investment.

Majaya was responding to questions about whether the local authority would consider development around the project site, which would also require extensive relocation of locals already settled in the vicinity of that project.

The district, Majaya said, already had approved layout plans for their development, while one for Angwa, a few kilometres from Mbire along the way to Kanyemba Border Post, was awaiting approval by the Government. The Government is also working on the master plan for the planned border town of Kanyemba, which lies on the border with Zambia and Mozambique.

As part of the ambitious development plans for the province, the local construction firm Exodus & Company was contracted to develop a tarmac highway from Mahuwe, with more than 15 kilometres already completed. A further 24 kilometres are scheduled to be developed this year, which will take the full stretch of the highway a few kilometres from Mushumbi and 277 km from Harare.

According to Majaya, Mbire plans to turn Kanyemba, which lies on the precinct of the mighty Zambezi River, into the ‘second Victoria Falls’, amid high demand for land, the bulk of which has sold out on the Zambezi Riverfront, while land for holiday homes and residential stands has also sold like hotcakes. This comes as the Government, Majaya pointed out, has since directed all rural local authorities to come up with layout plans for their locations.

Majaya said the Mbire local authority started responding to strong interest for land in the district sometime back when exploration by Mobil confirmed the existence of gas deposits, which at the time did not have a huge market.

“In as much as we were marketing the district on that basis, no one was interested because there was no, sort of, national pronouncement. So, we have started responding both to the gas issue and even to the Kanyemba issue. “We have a layout plan that is at some stage, that we have sent to the Government for approval, which we expect to absorb the pressure of demand for land in the district that will arise due to Kanyemba and the gas project.

“We are also doing the same for Mushumbi; we are also doing the same for Mahuwe.

“What we wanted to avoid was a situation where we develop new towns anchored, say, on the gas project (or any other in-demand mineral),” he said.

He said history showed towns developed on the strength of a particular resource quickly degenerated into ghost towns while workers lost jobs once the resources got exhausted or prices plunged.

“What we need to do is that the existing areas that are already there before the coming of the gas project, are the ones we will simply expand. Examples of towns that turned into pale shadows of their former glory due to either metal prices going down or the resource mining out include Mhangura (gold), Penhalonga (gold), Mashava (asbestos), Redliff (iron ore), Trojan (nickel), Patchway (gold), Chakari (gold) and Alaska (copper) and Mutorashanga (chrome), among others.

“There now is that (surge in demand for land); already we have a meeting to respond to the calls. We have already received inquiries and visits from developers; we interviewed others recently.

“We have set up a committee where we interview those that are interested every Wednesday; others want (to establish infrastructure to tap into the gas supply.

“What the province has advised is that we should not do piecemeal development. We need to do it wholesomely to say instead of saying one wants 60 hectares and we give them, another wants 30 hectares and we give them; the other wants 10 hectares and we give them; they should be feeding into our plans.

“We have sent layout plans for approval. If one wants to develop 60 stands, we are simply going to say this is the area you can develop; if someone wants to do a shopping mall, we will say, ‘This is the area for a shopping mall’.

“There is nothing we are doing specifically in response to the gas project. If Invictus itself wants lands, we will give them in Mahuwe, we will give them in Mushumbi,” Majaya said.

ZIMSHEC and ActionAid vow to bring sanity to ASM

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ZIMSHEC and ActionAid vow to bring sanity to ASM

The Zimbabwe Mining Safety Health and Environmental Council (ZIMSHEC), in partnership with ActionAid Zimbabwe, is ready to implement strategies critical for sustainable and responsible mining in the artisanal and small-scale mining (ASM) sector to ensure future communities benefit as well as ensure that the environment and human capital are in a healthy state.

Artisanal and small-scale mining, or ASM, in Zimbabwe, is a largely semi-formal economic sector that includes individuals and/ or companies who use basic tools to extract gold and gemstones to vital metals such as cobalt, chrome, tin, tungsten, and tantalum, from the belly of the earth.

Speaking to Mining Zimbabwe on the sidelines of the National Launch of The Action Aid’s Zimbabwe Accountability and Citizen Engagement Management (ZIMACE) Programme to promote sustainable environmental management in the mining sector held at Rainbow Towers Hotel in Harare on Wednesday, ZIMSHEC Executive Director Mr Makumba Nyenje said the launch of ZIMACE was going to bring transparency and accountability in the ASM industry with ZIMSHEC going to ensure that miners are empowered with adequate knowledge on how to preserve the environment.

Nyenje said the ZIMACE has received a buy-in from all the major stakeholders in the mining industry including mining associations, environmental sustainability associations, government agencies, and the Parliament of Zimbabwe.

“The aim is to promote responsible sourcing vis-à-vis respect for environmental protection. Mining can be done, and mining can take place, but after mining, what comes? We should always leave a good legacy to the mining communities after mining, after the exploitation of minerals. So basically, today’s activity has been to get buy-in from all the key stakeholders who have something to do with mining. So, yeah, we have got very good recommendations from key stakeholders. Parliament included the Parliamentary Portfolio Committee on Mines, as well as the Portfolio Committee on Environment. We also had other key stakeholders by way of agencies like the Environmental Management Agency (EMA), we had Forestry Commission, we also had ZINWA, all of these people have direct bearing or have some policies and statutory instruments which they use to monitor mining activities when it comes to environmental protection,” Nyenje said.

Action Aid Zimbabwe under this project works on the premise that environmental management challenges continue to undermine community development.

The organization is aware that there is a need to ensure that mining corporations are compliant, transparent, and accountable for ZIMSHEC to achieve good environmental governance on the ground. This can help Zimbabwe to maximize benefits in terms of pricing.

“If our minerals are extracted in a manner that satisfies the international markets whilst adhering to internationally accepted standards and free from negative tags such as conflict minerals or irresponsibly sourced minerals in any manner, then we benefit more. The market has become alive to responsibly sourced minerals and these determine the market attitude and eventually the price,” the organization said.

Action Aid Zimbabwe and ZIMSHEC strongly believe that establishing collaborative alliances and working towards strengthened partnerships between government stakeholders, communities, corporates, and artisanal (ASMers) and small-scale (SSMers) miners can influence positive policy reforms and, in the process, strengthen the capacity of all these stakeholders aimed at promoting sustainable environmental practices in Zimbabwe’s mining sector.

Muzarabani’s Rich Gas Condensate Discovery to Enable Low-Cost Early Monetisation Development

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Muzarabani’s Rich Gas Condensate Discovery to Enable Low-Cost Early Monetisation Development

Invictus Energy, an oil and gas exploration company listed on the Australian Stock Exchange, has confirmed a rich gas-condensate discovery in Muzarabani following compositional analysis of additional downhole fluid samples. The company aims to pursue a low-cost early monetization development strategy with minimal gas processing at the surface.

According to Scott McMillan, the company’s Managing Director, the gas-condensate composition results have surpassed Invictus’ pre-drill expectations, revealing high-quality, liquids-rich gas with low inert content in both Mukuyu wells. This discovery allows the company to target a low-cost early monetization development approach with minimal gas processing at the surface from the Mukuyu field.

McMillan noted that samples from Mukuyu-2 indicate a condensate gas ratio (CGR) estimated between 10-25 barrels per million standard cubic feet of gas, along with 50-60° API gravity condensate.

“We are extremely pleased with the results from the additional downhole reservoir fluid sample analysis, which confirms a significant rich gas-condensate discovery at Mukuyu and positions the company for continued success in Mukuyu and the Upper and Lower Angwa geological trend,” said McMillan.

“The samples demonstrate a consistent, high-quality natural gas composition, with low inert content—less than 2% CO2 and no H2S—which will require minimal processing for sale,” he added.

McMillan further highlighted the presence of light oil in the Upper Angwa and potentially Dande formation, indicating multiple hydrocarbon source rocks and charge events.

“The hydrocarbons present in the Mukuyu gas-condensate field appear, from initial analyses, to have been generated and expelled from both local source rock intervals within the massive Mukuyu structure and also migrated from other source rock-rich areas off-structure. These results bode well for the presence of hydrocarbons in the prospects and leads in the remainder of the Company’s acreage, which has been de-risked by the Mukuyu gas-condensate discovery,” McMillan concluded.

Tough times ahead – Chamber Predicts Continued Softening of Commodity Prices

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Tough times ahead – Chamber Predicts Continued Softening of Commodity Prices

The Chamber of Mines of Zimbabwe (CoMZ) has forecasted that the challenges faced by the mining industry due to the softening of certain platinum group metals (PGM) will persist over the next 12 months and beyond.

In a statement, CoMZ highlighted concerns regarding weak demand and the potential long-term decline in PGM prices over the next 12 months.

“We anticipate the PGM market to remain weak in the next 12 months,” the CoMZ said.

According to the Chamber of Mines, the government of Zimbabwe should intervene and assist in reducing costs, specifically in areas such as electricity tariffs and taxes.

“The industry is calling upon the Government to intervene and assist in reducing costs, specifically in areas including electricity tariffs and fiscal charges, to minimize mine closures and ensure that mining companies survive this difficult period,” stated CoMZ.

The downturn is expected to lead to the suspension of some capital projects and deter investment in new projects and exploration activities, further dampening prospects for the PGM sector.

To mitigate the impact of low prices, mining companies have implemented measures to manage production costs, including improving efficiencies and deferring capital projects. Companies also plan to increase production to offset revenue losses resulting from low commodity prices.

However, these initiatives have proven insufficient to restore the viability of operations, and some mining companies are now reducing their workforce to supplement these measures.

About Chamber of Mines of Zimbabwe

The Chamber of Mines Zimbabwe (COMZ) is a private-sector voluntary organization established in 1939 by an Act of Parliament. The members include mining companies, suppliers of machinery, spare parts, and chemicals, service providers including banks, insurance companies, consulting engineers, and various mining-related professional bodies and individuals.

Production of Battery Grade Lithium: Is Zimbabwe Ready?

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Production of Battery Grade Lithium: Is Zimbabwe Ready?

Zimbabwe has been pushing for value addition and beneficiation of the country’s minerals, with much focus on lithium as the country gears up to advance the green revolution agenda and achieve an upper-middle-income economy by 2030.

Beneficiation is a crucial part of Zimbabwe’s economic diversification, and the establishment of lithium processing hubs, particularly lithium battery manufacturing companies, could immensely benefit the country.

The lithium beneficiation venture is closely linked to the drive for the country’s reindustrialization. Reports indicate that the country’s manufacturing capacity utilization has declined by over 34 per cent, with the government committed to reviving the manufacturing industry through the introduction of Special Economic Zones (SEZ).

The softening of lithium commodity prices will likely affect the implementation of beneficiation plans, as companies may face revenue challenges for expanding mining projects.

Can Zimbabwe benefit from the clean energy revolution?

The local think tank Zimbabwe Coalition on Debt and Development (ZIMCODD), in its weekly communique, highlighted Africa’s struggle with trade injustice, hindering its ability to develop industries while continuing to export raw minerals to the Global West.

“Lithium will become one of the most in-demand minerals in the coming years due to its importance in clean energy and information technology. The country must create a conducive environment through government policy and practice to encourage and sustain investment.

“Zimbabwe needs to centralize the processing of raw minerals to produce higher-quality products, creating jobs and boosting local economies,” stated ZIMCODD.

Economist and trade expert Doubt Chiorora believes Zimbabwe stands to benefit significantly from the ongoing lithium rush but emphasizes the need to enhance the regulatory framework to attract investors interested in adding value to the resource locally.

“With proper investment and support, Zimbabwe has the potential to become a major player in the lithium industry. However, lithium beneficiation may face challenges such as limited infrastructure and technical expertise. The government should focus on creating favourable regulatory and environmental conditions,” said Chiorora.

Is Zimbabwe ready to produce battery-grade lithium?

The government wants lithium miners in the country to aim to produce battery-grade lithium locally and is considering imposing taxes on lithium concentrate exports in the future.

Although currently Zimbabwe is allowing companies to export lithium concentrates, the government seeks to move beyond concentrate production, often shipped for further processing outside the country, mainly to China.

Establishing a converter/plant for battery-grade lithium requires green or renewable power, natural gas, food-grade carbon dioxide, first-class sodium carbonate, and other supporting materials, which are in short supply in Zimbabwe and Africa at large. The Sandawana lithium project aims to produce battery-grade lithium, either as lithium sulfate or lithium carbonates, by 2030.

According to Kuvimba’s Head of Energy Cluster, Trevor Barnard, KHM prioritizes the development of the Sandawana lithium project and aims to make the mine fully operational by the first quarter of 2025. The subsequent stages include establishing a lithium sulfate plant and eventually a lithium carbonate processing plant, with the process expected to take three to four years from the date of full operations.

Prospect Lithium Zimbabwe (PLZ), according to Paul Chimbodza, is studying the feasibility of producing battery-grade lithium.

“Feasibility work has begun to explore value addition, either through lithium carbonates or lithium sulfate. With these battery-grade lithium products readily available in Zimbabwe, it may be easier to attract battery manufacturers to set up operations locally,” said Chimbodza.

Is battery manufacturing possible?

There is significant potential for Zimbabwe to establish value-addition and beneficiation facilities, such as a lithium-ion battery manufacturing industry, which would create jobs and increase the value of the country’s lithium exports.

Max Mind Investment and its partners are preparing to construct an industrial park to host lithium battery manufacturing plants.

Zhejiang Huayou Cobalt’s Prospect Lithium Zimbabwe intends to manufacture lithium batteries in Zimbabwe as part of its efforts to contribute towards the government’s vision of achieving an upper-middle-income economy by 2030.

PLZ’s director in the general manager’s office, Mr. Yu Long, stated that they will explore manufacturing lithium batteries in Zimbabwe after completing the process to produce battery-grade lithium.

“As PLZ, we will follow the procedure step by step. Firstly, we need to complete the concentrate, then move on to producing lithium sulfate and continue further to manufacturing batteries,” Long explained.

Conclusion

While it appears that Zimbabwe is poised to produce battery-grade lithium, investment readiness remains a concern, particularly with the softening of commodity prices. Prospects in the mining sector suggest that the country may not be fully prepared to produce battery-grade lithium in the next two years.

High electricity costs, water shortages hinder progress at Fools

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High electricity costs, water shortages hinder progress at Fools

Gold producer, Fools Mine, currently under care and maintenance is facing challenges in returning to full production due to the aforementioned issues. The mine’s operations are particularly impacted by its status as a low-grade producer.

Thabani Masuku, the Manager of Fools Mine, expressed concerns to Mining Zimbabwe on the difficulties faced by the mine. Masuku highlighted that while investors are awaiting equipment from China to commence operations, the high electricity bills pose a significant obstacle, making operations at the mine unsustainable and affecting numerous families.

The mine typically processes an average of 250 tonnes of ore per day and employs approximately 100 workers, with 70 currently unable to work due to the high operating costs attributed to elevated electricity expenses.

Masuku emphasized the importance of government intervention, suggesting that subsidizing power costs for small-scale miners to US$0.07 per kWh from the current US$0.14 per kWh would be beneficial.

“High electricity bills, low grades, and shortage of water for processing are major threats to our operations. Despite our efforts to conserve water, the ongoing drought poses a significant challenge. Additionally, power cuts necessitate a shift to diesel-powered generators, further adding to our distress.

“We currently spend around US$50,000 on electricity bills, which is unsustainable given our low-grade mining operations,” Masuku remarked.

New Frontier in Mining: Medium-scale Mines Association formed

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New Frontier in Mining: Medium-scale Mines Association formed

Medium-scale miners in Zimbabwe have formed an organization known as the Junior Chamber of Miners Zimbabwe (JCMZ), to promote the growth and development of medium-scale mines in the country.

Rudairo Mapuranga

Speaking to Mining Zimbabwe, the organization’s Secretary-General, Dosman Mangisi, said JCMZ would be an affiliate of the Chamber of Mines of Zimbabwe. He implored that JCMZ aims to address issues that affect medium-scale miners who appear to have been sidelined in representation.

Mangisi mentioned that the idea was conceived in 2017 and was revived last year.

“The Junior Chamber is an incubator for those miners who have an appetite to grow, miners who are operating at a medium and not-so-professional level. We aim to train them in ways to secure funding by engaging stakeholders like Fidelity Gold Refinery (FGR) and the Minerals Marketing Corporation of Zimbabwe (MMCZ) and also encourage them to list on the stock exchange.

“We look forward to their investment in exploration for professional mining, and we will collaborate with stakeholders like the Zimbabwe School of Mines (ZSM) to advance knowledge sharing,” Mangisi said.

According to Mangisi, the Junior Chamber will hold a quarterly meeting on April 5th, where the association’s roadmap will be unveiled.

He mentioned that the organization proposes to work with the Zimbabwe School of Mines to create a calendar of technical visits supervised by professional mining trainers.

After these technical visits, it will be the association’s responsibility to share the findings of the medium-scale miners with relevant stakeholders to craft growth and development solutions.

While JCMZ is currently not affiliated with any organization, Mangisi proposed it to be an affiliate of the Zimbabwe Chamber of Mines, collaborating with four critical committees: the Gold Development Committee, the Non-metal Committee chaired by the Minerals Marketing Corporation of Zimbabwe (MMCZ), Safety Health, and Training chaired by the Zimbabwe School of Mines, and the Mining Business Development Committee.

According to Mangisi JCMZ will have eight executives, with Mr Brian Samuriwo of Time Styreming Mining company in Matabeleland South province elected as President.

The first vice president is Mr Prosper Shumba of King Solomon Resources in Bindura, and the second Vice president is Mr Lufeyi Shato.

The Secretary-General is Mr Dosman Mangisi, who is the Chief Operating Officer at the Zimbabwe Institute of Foundries and the treasurer is Mr. Panashe Guyo of Panjan Mining Company in Kwekwe.

All the executives are renowned miners with thriving mining projects and businesses in different provinces.

 

Gold buying prices per gram 22 March 2024

Mining
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0
Gold buying prices per gram 22 March 2024

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

SG 90% AND ABOVE US$65.94/g
SG ABOVE 85% BUT BELOW 90% US$65.24g
SG ABOVE 80% BUT BELOW 85% US$64.54/g
SG ABOVE 75% BUT BELOW 80% US$63.85/g
SAMPLE BELOW 10g BUT ABOVE 5g US$62.80/g

Fire Assay CASH $66.29/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.

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