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Gold buying prices per gram in Zimbabwe 6 January 2025

These are the official gold buying prices per gram in Zimbabwe today 6 January 2025, from the official gld buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$80.41/g
SG ABOVE 85% BUT BELOW 90% US$79.56g
SG ABOVE 80% BUT BELOW 85% US$78.71/g
SG ABOVE 75% BUT BELOW 80% US$77.86/g
SAMPLE BELOW 10g BUT ABOVE 5g US$76.58/g

Fire Assay CASH $80.84/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

Gold Deliveries Increase by Over 26% in 2024, Small-Scale Miners Dominate with a 21% Surge

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Gold deliveries to Fidelity Gold Refinery (FGR) saw a substantial increase of 26.65% in 2024 compared to 2023, largely driven by small-scale miners whose deliveries surged by over 21%. Mining Zimbabwe can confirm that small-scale miners maintained their dominance, contributing nearly two-thirds of the total gold delivered.

By Rudairo Mapuranga

December Performance

In December, small-scale miners delivered 3,127.7228 kgs of gold, marking a 19.57% increase from 2,615.8037 kgs in November. On the other hand, large-scale miners experienced a slight decline in deliveries, dropping by 8.16% from 1,126.3594 kgs in November to 1,034.517 kgs in December. The total gold deliveries for December stood at 4,162.2398 kgs.

2024 Year-End Performance

For the entire year of 2024, small-scale miners delivered an impressive 23,745.6423 kgs, a 21.41% increase compared to 18.7 tonnes (18,700 kgs) delivered in 2023. Large-scale miners contributed 12,741.1103 kgs, showing stability but lower growth compared to the previous year. The overall gold deliveries for 2024 reached 36,486.7526 kgs, marking a 21.22% increase from the 30.1 tonnes delivered in 2023.

This performance underscores the critical role that artisanal and small-scale mining (ASM) plays in Zimbabwe’s gold production, consistently contributing the bulk of the national output. Small-scale miners accounted for over 65% of total gold deliveries in 2024.

Monthly Fluctuations in 2024

The monthly fluctuations in gold deliveries throughout 2024 highlighted the sector’s volatility. In November, small-scale miners delivered 2,615.8037 kgs, followed by 3,127.7228 kgs in December, reflecting a 19.57% month-over-month increase. Meanwhile, large-scale miners saw an 8.16% decline in December compared to the 1,126.3594 kgs delivered in November.

Performance Throughout the Year

The ASM sector’s contributions grew steadily over the year. In the second quarter, small-scale miners delivered 12,321.5587 kgs, a 15% increase from the first quarter. Large-scale miners, although showing more modest growth, remained steady contributors to the gold sector, ensuring overall stability in national output.

In August 2024, a significant rise of approximately 36% in gold deliveries compared to July was driven by small-scale miners. Large-scale miners also showed consistent performance throughout the year, though their share of total deliveries was overshadowed by the small-scale sector’s output.

Challenges and Outlook

While 2024 has been a productive year, the gold mining sector continues to face challenges, including rising operational costs, power shortages, and unfavorable exchange rate policies. Despite these obstacles, both ASM and large-scale miners have demonstrated resilience, contributing significantly to Zimbabwe’s economy.

Looking forward, stakeholders remain hopeful that addressing these challenges will ensure sustained growth in 2025. The continued expansion of small-scale mining, coupled with increased efficiencies in large-scale operations, will be crucial for the country’s economic development.

As the year concludes, the mining sector reflects on a strong performance, with overall gold deliveries increasing by over 26%, driven by the relentless efforts of small-scale miners.

Invictus Energy Completes Historic US$10 Million Capital Raise for Muzarabani Oil Project

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Victoria Falls Stock Exchange and Australia Stock Exchange-listed oil and gas exploration company Invictus Energy Limited has successfully completed the second tranche of its US$10 million institutional capital raise, managed by Mangwana Capital (Private) Limited, to fund the next phase of its Cabora Bassa Project (Muzarabani oil and gas project), Mining Zimbabwe can report.

By Rudairo Mapuranga

The capital raise, which has garnered strong support from both local and institutional investors, was completed at AU$0.10 per share, marking a significant milestone for the company and Zimbabwe’s energy landscape.

The placement received overwhelming interest, leading to an additional US$2 million in oversubscriptions.

Invictus Energy accepted the oversubscriptions, resulting in the issuance of 31,298,025 new shares on the same terms as the initial offering. This brings the total number of new shares issued under the second tranche to 53,030,303.

Invictus Energy Managing Director Scott Macmillan expressed his appreciation for the support received, stating that the capital raise has demonstrated growing investor confidence in Zimbabwe’s energy sector, setting the stage for further exploration and development.

“The completion of this strategic capital raise is a testament to the strong investor confidence in our Cabora Bassa Project and its potential to drive transformative growth in Zimbabwe’s energy landscape. We are grateful for the enduring and overwhelming local and institutional support,” he said.

Macmillan emphasized that the capital secured will enable Invictus to accelerate exploration and development activities at the Cabora Bassa Project.

“With the capital secured, we are equipped to accelerate the next phase of our exploration and development activities at the Cabora Bassa Project. We remain committed to delivering long-term value for our shareholders and contributing to Zimbabwe’s energy independence and economic growth,” he added.

The raise, completed with the approval of shareholders at an Extraordinary General Meeting held on 21 October 2024, saw participants issue Zimbabwe Depository Receipts (ZDRs) on the Victoria Falls Stock Exchange (VFEX). This secondary listing on VFEX aims to support local liquidity and provide Zimbabwean investors with the opportunity to trade in Invictus securities.

“This strategic investment is historic for both Invictus and investors in Zimbabwe, who can now hold and trade securities in the company through its listing on the Victoria Falls Stock Exchange. It highlights the importance of local participation in Zimbabwe’s energy future,” Macmillan commented.

Mangwana Capital, the managing firm for the capital raise, was paid a 5% fee on the funds raised, partially settled through the issuance of 2,711,208 new shares at AU$0.10, with the balance settled in cash.

Participants in the placement will also have the option to acquire an additional share for every four shares subscribed under the Private Placement, exercisable at AU$0.30 within a two-year period. The total capital raised will support the ongoing work on the Cabora Bassa Project, a venture seen as pivotal in shaping Zimbabwe’s energy future.

Mine Workers in Zimbabwe Face Rising Challenges, Chinhema

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Zimbabwe’s mining sector, despite its growth and potential, continues to face significant challenges, particularly for the workers who form the backbone of the industry. With the sector being a major contributor to the country’s economy, mine workers are still grappling with low wages, precarious working conditions, delayed salaries, and safety concerns, Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) General Secretary Justice Chinhema said.

By Rudairo Mapuranga

In his end-of-year statement, Chinhema said the year 2024 has been particularly difficult, marked by the erosion of workers’ purchasing power due to inflation, increasing casualization of labour, and a worrying disregard for workers’ rights, especially by foreign investors.

Chinhema pointed out that despite the mining sector’s growth, workers continue to struggle with poor wages that do not reflect the value of their labour.

“The majority of mine workers are struggling to survive on wages that fall drastically short of supporting their families. The erosion of purchasing power has made basic necessities unaffordable,” he said.

He further criticized the economic conditions of 2024, noting that inflation, high taxes, and the devaluation of the Zimbabwean dollar had left workers facing a “gloomy and sorrowful future.”

He also condemned the casualization of labour in the mining industry, particularly in the lithium sector, where over 1,000 workers lost their jobs due to short-term contracts.

“This callous practice, where workers are subjected to short fixed contracts, is causing job insecurity,” said Chinhema, warning that it is leading to a loss of collective power for workers.

Failure to Pay Salaries on Time

Chinhema also addressed the issue of delayed salary payments, which has left many workers in financial distress.

“Some companies have been failing to honour their obligations by delaying salary payments, leaving families in dire financial situations and contributing to mental stress and domestic violence in mining communities,” he said.

He vowed that ZDAMWU would continue to hold employers accountable to ensure mine workers are paid on time.

Safety Issues and Lack of PPE

The statement also brought to light safety concerns in the mining industry. Chinhema warned that many mine workers continue to work under dangerous conditions due to employers’ failure to provide proper Personal Protective Equipment (PPE).

“Mine workers deserve to return home safely at the end of each day. It is our duty to advocate for better safety measures and enforce compliance among employers,” he stressed.

Foreign Investors and Labour Law Violations

Chinhema was critical of foreign investors in the mining sector, accusing some of deliberately violating Zimbabwe’s labour laws.

“There is a total disregard of labour laws, especially by foreign investors who abuse workers to further their own capitalist interests,” he said.

He also criticized the complex and cumbersome dispute resolution process, which he said makes it difficult for unions to protect workers’ rights.

Achievements and the Way Forward

Despite the grim outlook, Chinhema highlighted some of the union’s achievements. He praised the successful implementation of training programs focused on tackling Gender-Based Violence and Harassment (GBVH), which he said had made workplaces safer for women.

“We have rolled out our gender and sexual harassment policy, ensuring a safe and respectful environment for all workers,” said Chinhema.

He also spoke of the union’s efforts to improve worker representation by training shop-floor leaders in collective bargaining and dispute resolution.

“Our members are now more equipped to engage with management and advocate for their interests,” he noted.

Looking forward to 2025, Chinhema said the union’s main priority would be to grow its membership and strengthen its influence in the mining sector.

“The year ahead is dubbed the ‘Year of Growth.’ We are focused on building strong structures for sustainable change and becoming the union of choice for mine workers,” he declared.

ZDAMWU, he said, will continue to advocate for better wages, job security, and safer working conditions for all mine workers, ensuring no mine or worker is left behind.

FGR branches housed in ZB to close for business at 12pm tomorrow

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All Fidelity Gold Refinery (FGR) branches housed in ZB Bank branches will close at 12 Midday tomorrow the 31st of December 2024, the country’s sole gold buyer has announced in a statement.

Fidelity Gold Refinery (Pvt) Limited proudly serves as Zimbabwe’s official buyer, refiner, and exporter of gold on behalf of the government. With authorization to procure gold from both small-scale and large-scale producers, FGR stands as a trusted partner in ensuring quality and compliance in the nation’s gold industry.

Gold buying prices per gram in Zimbabwe 30 December 2024

These are the official gold buying prices per gram in Zimbabwe today 30 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$79.47/g
SG ABOVE 85% BUT BELOW 90% US$78.63g
SG ABOVE 80% BUT BELOW 85% US$77.79/g
SG ABOVE 75% BUT BELOW 80% US$76.95/g
SAMPLE BELOW 10g BUT ABOVE 5g US$75.69/g

Fire Assay CASH $79.89/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

Filabusi mine robbed of carbons worth US$22,400

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The Zimbabwe Republic Police (ZRP) in Gwanda have launched an investigation following a daring robbery at a mine in Filabusi on December 27, 2024.

According to a police statement, the incident occurred around 11 PM when seven unidentified male suspects, armed with machetes and logs, attacked three security guards on duty. The assailants then forced their way into the carbon room, stealing 250 kilograms of gold carbons valued at approximately US$22,400.

“Police in Gwanda are investigating a case of robbery which occurred at a mine in Filabusi on 27/12/24 at around 2300 hours. Seven unidentified male suspects who were armed with machetes and logs attacked three security guards who were on duty before breaking into a carbon room where they stole 250kgs of gold carbon valued at US$22 400.00. Anyone with information to report at any nearest Police Station,” the Police said in a statement.

Authorities are appealing for public assistance to track down the perpetrators.

The robbery highlights the persistent security challenges faced by small-scale mining operations in the region.

Congo Frees Chinese Nationals Detained for Illegal Mining

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The Democratic Republic of Congo has released 14 of the 17 Chinese nationals who were arrested last week on suspicion of operating an illegal gold mine in the country, authorities of that country announced late on Tuesday.

According to News central, the men, who are now on their way back to China, were detained alongside others from Congo and neighbouring Burundi during a crackdown on illegal mining activities. They were unable to provide the necessary documentation for their operations.

Jean-Jacques Purusi Sadiki, the governor of South Kivu, where the arrests took place, expressed his surprise upon hearing of their release. He added that the Chinese miners owed the government $10 million in unpaid taxes and fines.

Around 60 Chinese nationals were present at the site, with the 17 detained individuals believed to be in charge. The Chinese embassy in Kinshasa has yet to comment on the matter, while Burundi’s embassy is awaiting more information from its representative in Bukavu.

Bernard Muhindo, South Kivu’s finance minister and acting mines minister, explained that the goal was to reform the sector. “The idea is not to go on a manhunt, but rather to clean up the mining sector so that reliable partners can work properly and legally,” he stated.

The DRC has been struggling to curb the activities of unlicensed mining companies and, in some cases, armed groups who exploit its vast reserves of cobalt, copper, gold, and other valuable minerals. Competition for control over mining operations has also contributed to ongoing conflicts in the region, which borders Rwanda.

Gold buying prices per gram in Zimbabwe 23 December 2024

These are the official gold buying prices per gram in Zimbabwe today 23 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$79.49/g
SG ABOVE 85% BUT BELOW 90% US$78.65g
SG ABOVE 80% BUT BELOW 85% US$77.81/g
SG ABOVE 75% BUT BELOW 80% US$76.97/g
SAMPLE BELOW 10g BUT ABOVE 5g US$75.70/g

Fire Assay CASH $79.91/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 Kicks-Off Project to Reduce Mercury Use in Artisanal and Small-Scale Gold Mining

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Zimbabwe’s government is taking action to support a more responsible artisanal gold mining sector, launching a $23.7 million USD project to reduce mercury across mine sites in the country.

A toxic chemical used to extract gold from ore, mercury damages the lungs, skin, and eyes. The chemical can travel far from where it is released, polluting the air, water, and soil. Furthermore, it bioaccumulates up the food chain.

In Zimbabwe, over 300,000 people work in artisanal gold mining, with the sector contributing to more than 40 percent of the country’s mineral exports. Across the country, 96 percent of artisanal gold mine sites use mercury, with miners often forgoing protective equipment and risking exposure to toxic fumes. Zimbabwe’s artisanal gold mining activities result in more than 24 tonnes of mercury being released annually.

The five-year planetGOLD Zimbabwe project is financially supported by the Global Environment Facility (GEF) and implemented by the United Nations Environment Programme (UNEP). The project is executed by the international non-profit organization, IMPACT, in close coordination with the government of Zimbabwe.

The project will work together with local communities to reduce the use of mercury in artisanal and small-scale gold mining—the world’s largest source of anthropogenic emissions of mercury pollution— while improving the health and lives of local mining communities. The Zimbabwe project is part of a global programme implemented in 25 countries.

The planetGOLD Zimbabwe project plans to support 7,500 men and women at 11 districts in Zimbabwe, reducing mercury use by 4.85 tonnes. In addition to mercury reduction, the project aims to support formalization of the artisanal gold mining sector and increasing miner’s access to finance. This will lead to the adoption of mercury-free technologies and promote more responsible and traceable gold supply chains.

The project officially launched on November 14 in Harare, with an Inception Workshop that brought together stakeholders to discuss how planetGOLD Zimbabwe will support a more responsible artisanal gold sector.

In a keynote speech, Mr. Edward Samuriwo, Acting Permanent Secretary of the Ministry of Environment, Climate, and Wildlife, outlined the project’s significance in addressing the challenges of mercury use in Zimbabwe’s gold mining sector. Mr. Samuriwo reaffirmed Zimbabwe’s commitment to the Minamata Convention on Mercury and emphasized the pivotal role the planetGOLD project will play in supporting the country’s efforts to eliminate mercury use in artisanal gold mining through the implementation of Zimbabwe’s National Action Plan.

Zimbabwe ratified the Minamata Convention on Mercury in 2021. In its National Action Plan, the country committed to strong cooperation among all stakeholders including government agencies and supply chain actors to improve the health and safety of communities involved in artisanal gold mining.

“Through the launch of the planetGOLD project, Zimbabwe moves towards more responsible artisanal gold mining. We look forward to working with all stakeholders to create a sustainable change in the sector,” said Yann Lebrat, IMPACT’s Deputy Executive Director.