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Marula Mining Pulls the Plug on Zimbabwe Exploration Projects

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Marula Mining PLC (AQSE: MARU), an investment and development company specializing in African mining ventures, has officially announced its decision to cease exploration and project acquisition activities in Zimbabwe.

The move comes after a comprehensive effort through its 80% owned subsidiary, Muchai Mining (Pvt) Limited, to secure lithium and copper mining opportunities in the region.

In the latter half of 2023, Marula Mining had initiated a strategic program aimed at identifying high-potential mining projects in Zimbabwe. Despite the presence of advanced project opportunities in the country’s mining sector, the company concluded that none met its stringent internal benchmarks for grade, cost efficiency, and development timelines. This outcome has prompted Marula to redirect its resources toward other promising ventures across the African continent.

Focus Areas: Tanzania and South Africa

Marula Mining is now concentrating on high-grade mining projects in Tanzania and South Africa. The Kinusi Copper Mine in Tanzania has emerged as a flagship operation, with initial copper sales expected to commence by December 31, 2024. An independent assessment suggests that the site could host a 10-15 million tonne deposit rich in high-grade copper, gold, and other base metals. This potential was first highlighted in August 2023, and ongoing development at the site underlines its strategic importance to the company.

In addition, Marula Mining is evaluating copper mining and processing opportunities in Kenya. Technical due diligence is underway to assess the viability and long-term potential of these projects.

Advancing Lithium Mining in South Africa

South Africa’s Blesberg Lithium and Tantalum Mine will serve as Marula’s principal hub for lithium mining and processing. The company is in advanced discussions to establish a joint venture focused on commissioning a lithium acid leaching plant. This facility is expected to enhance the mine’s output and align with the growing global demand for battery metals. Furthermore, Marula is conducting technical reviews of two additional lithium brine projects located in South Africa and Botswana, aiming to expand its footprint in the burgeoning lithium market.

Strategic Portfolio and Market Presence

Marula Mining boasts a diverse portfolio of mining operations and development projects spanning South Africa, Kenya, Tanzania, and Zambia. With a clear emphasis on battery metals—such as lithium, copper, and tantalum—the company’s strategy aligns with the accelerating global shift toward renewable energy and electric vehicle technologies.

The company’s shares are actively traded on the Aquis Stock Exchange in London and the A2X Markets in South Africa. Plans are underway to expand trading activities to additional exchanges in Kenya and South Africa, reflecting Marula’s commitment to growing its market presence across the continent.

Gold buying prices per gram in Zimbabwe 13 December 2024

These are the official gold buying prices per gram in Zimbabwe today 13 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$81.55/g
SG ABOVE 85% BUT BELOW 90% US$80.69g
SG ABOVE 80% BUT BELOW 85% US$79.83/g
SG ABOVE 75% BUT BELOW 80% US$78.96/g
SAMPLE BELOW 10g BUT ABOVE 5g US$77.67/g

Fire Assay CASH $81.98/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.

Gold buying prices per gram in Zimbabwe 12 December 2024

These are the official gold buying prices per gram in Zimbabwe today 12 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$82.19/g
SG ABOVE 85% BUT BELOW 90% US$81.32g
SG ABOVE 80% BUT BELOW 85% US$80.45/g
SG ABOVE 75% BUT BELOW 80% US$78.58/g
SAMPLE BELOW 10g BUT ABOVE 5g US$78.28/g

Fire Assay CASH $82.63/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 mulls 26% shareholding in new mining projects

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Zimbabwe’s Secretary for Mines, Pfungwa Kunaka, has highlighted the government’s ambition to secure a 26% shareholding in major mining projects in Zimbabwe. Speaking to Bloomberg, Kunaka emphasized the need for careful negotiations with existing investors to achieve this goal.

“We need to move to a level where we reach 26% shareholding in most of the big projects,” Kunaka stated. He acknowledged that such changes require dialogue, particularly where agreements were established under different frameworks.

“A lot of these things would take negotiations with the investors that are on the ground,” he explained. “Obviously, when you have decisions which were made some years back and decisions were made on the basis of a certain framework, you cannot just willy-nilly go and change that. It takes negotiations.”

Kunaka did not disclose the minimum value of mining assets in which the government would want a shareholding, saying that details will be released later. He said the policy may be introduced next year.

Zimbabwe abolished its 51% ‘Indigenous Zimbabwean’ ownership of all foreign companies (with an asset value of above US$500,000) which included mines.

RZM Murowa Ordered to Pay US$452,218 to Catering Company in Contract Dispute

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RioZim‘s diamond unit RZM Murowa has been ordered to pay US$452,218.62 to local catering firm Introwise Catering (Pvt) Ltd following a contractual dispute over unpaid invoices for services rendered since 2015.

Justice Joseph Chilimbe handed down the ruling at the Harare High Court after Introwise sought legal redress, arguing that the mining giant failed to honour its payment obligations as stipulated in their agreement.

In a contract signed on March 1, 2015, Introwise was engaged to provide catering services to RZM Murowa at its mine and Harare sites. The contract was structured on 12-month terms, with the final extension governed by Addendum Number 6.

Under the agreement:

  • Introwise was entitled to a management fee of US$10,000 per month.
  • The company could submit rates for personnel and food items procured, with an 8% markup.
  • All invoices explicitly stated they were in USD, aligning with the contract’s payment terms.

Despite fulfilling its contractual obligations, including providing food, beverages, and other services, Introwise claimed RZM Murowa failed to settle the final bill after terminating the contract on August 8, 2023.

Introwise argued that RZM Murowa was legally obligated to pay in USD, consistent with the historical terms of their agreement. The company emphasized that Murowa had consistently honored previous invoices in USD and was therefore bound to continue doing so.

On the other hand, RZM Murowa contended that changes in Zimbabwe’s monetary regulations since 2019, particularly regarding foreign and local currency obligations, necessitated payment in local currency. Advocate Taona Nyamakura, representing RZM Murowa, argued that the legal framework allowed debts to be settled in Zimbabwean dollars unless explicitly exempted.

After reviewing submissions, Justice Chilimbe ruled in favor of Introwise, ordering RZM Murowa to pay US$452,218.62. The judgment also allowed the mining company to settle the amount in local currency at the official exchange rate on the payment date.

“The resultant questions over legal rights and commercial priorities require a sober-minded if not patient approach to address. I find neither mischief nor frivolity in either side’s case,” Justice Chilimbe noted.

Each party was ordered to bear its own legal costs, reflecting the partial success of both sides’ arguments.

The case highlights the complexities arising from Zimbabwe’s evolving monetary policies and their impact on longstanding contracts. For businesses, the judgment underscores the importance of clarity in contract terms and adaptability to regulatory changes.

RZM Murowa is yet to comment on the ruling or indicate whether it plans to appeal.

Learmonth Increases His Caledonia Ownership to 0.97%

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Multi-listed, gold-focused miner Caledonia Mining Corporation Plc’s CEO and Director, Mark Learmonth, has increased his ownership stake in the company to 0.97%, Mining Zimbabwe reports.

By Rudairo Mapuranga

Learmonth recently purchased 2,047 depositary interests, representing the same number of common shares, at GBP8.30 per share. This brings his total shareholding in Caledonia to 187,031 shares.

The purchase signifies Learmonth’s confidence in the company’s long-term growth and stability. As a key decision-maker, his increased stake sends a strong signal of alignment between the company’s leadership and its shareholders, fostering positive sentiment among investors.

Key Implications of the Purchase

  1. A Vote of Confidence in Caledonia’s Future
    Executives like Learmonth purchasing company shares are often seen as a reflection of their belief in the business’s future prospects. Learmonth’s action indicates his optimism regarding Caledonia’s strategic direction and ongoing projects, which bodes well for the company’s financial performance and growth potential.
  2. Enhanced Leadership Alignment with Shareholders
    By increasing his personal stake, Learmonth is further aligning his financial interests with those of Caledonia’s shareholders. This demonstrates sound corporate governance and suggests that decisions made at the top will prioritize enhancing shareholder value.
  3. Positive Market Sentiment
    Insider buying by senior executives often has a positive impact on market sentiment. Investors may interpret this as a signal of strength, stability, and forthcoming positive developments for the company. Learmonth’s purchase is likely to boost confidence among existing shareholders and attract potential investors.

Kamlesh Pattni Sanctioned by U.S. for Gold Smuggling Network Exposed in Gold Mafia

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Gold trader Kamlesh Pattni has been placed under U.S. sanctions for his role in a global gold smuggling and money laundering network, with his most recent activities in Zimbabwe exposed in the Gold Mafia documentary, Mining Zimbabwe can report.

By Rudairo Mapuranga

On Monday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Pattni and 27 other individuals for their roles in illicit activities, as part of ongoing efforts to combat corruption and money laundering.

Pattni, notorious for his involvement in Kenya’s Goldenberg scandal in the 1990s which cost that country an estimated Sh27 billion three decades ago, is accused of exploiting Zimbabwe’s natural resources for personal gain, enriching corrupt officials while depriving the nation’s citizens of their rightful benefits. His operations allegedly involved bribing government officials and establishing a network of companies and trusted associates to obscure asset ownership.

Key Individuals and Companies

Others sanctioned alongside Pattni include his brother-in-law, Mukesh Manushklal Vaya, who oversees several companies within Pattni’s network, and Rahul Sood, a director linked to businesses controlled by Pattni. The sanctions were part of a coordinated effort by the U.S. and the UK, with the UK also imposing restrictions on Pattni and his associates.

Links to the Gold Mafia

The move follows Pattni’s appearance in the Gold Mafia documentary earlier this year, which exposed his illegal gold trading activities across Southern Africa. The documentary highlighted the extent of his operations and connections within the region.

The sanctions aim to dismantle Pattni’s network and block him and his associates from accessing their illicit wealth, striking a significant blow to one of the most prominent gold smuggling and money laundering syndicates in Southern Africa.

Gold buying prices per gram in Zimbabwe 10 December 2024

These are the official gold buying prices per gram in Zimbabwe today 10 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$81.17/g
SG ABOVE 85% BUT BELOW 90% US$80.31g
SG ABOVE 80% BUT BELOW 85% US$79.46/g
SG ABOVE 75% BUT BELOW 80% US$78.60/g
SAMPLE BELOW 10g BUT ABOVE 5g US$77.31/g

Fire Assay CASH $81.60/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.

Namib Minerals Set to Become Nasdaq-Listed Gold Miner

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Namib Minerals is poised to join the Nasdaq stock exchange following Africa’s largest-ever shell company acquisition, which includes a producing mine, How Mine, and former top gold mines Redwing and Mazowe mines.

Namib MineralsThe proposed US$500-million merger with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp. VI (Nasdaq: HCVI) is expected to close in the first quarter of 2025. The deal values the combined enterprise at approximately US$609 million. Namib Minerals’ management team will continue to lead the company following the transaction.

“As Namib Minerals takes this significant step toward becoming a publicly traded company, we remain dedicated to our mission of creating safe, sustainable, and profitable mining operations,” said Namib CEO Ibrahima Tall in a news release.

Strategic Assets in Zimbabwe

Namib Minerals’ portfolio includes the award-winning How Mine and the past-producing Mazowe and Redwing mines, all located within Zimbabwe’s greenstone belt. Proceeds from the merger will be allocated to enhancing operations at the How Mine and funding the restart of Mazowe and Redwing.

The How Mine is a high-grade, cash-generating gold asset that has produced 1.8 million ounces of gold between 1941 and 2023. In 2023, the mine generated US$65 million in revenues, with an additional US$42 million earned in the first half of 2024.

Mazowe and Redwing have substantial gold resource estimates. Mazowe’s measured and indicated resources are 291,000 ounces, with an additional inferred estimate of 915,000 ounces. Redwing’s measured and indicated resources total 1.19 million ounces, while inferred resources stand at 1.33 million ounces.

Merger Details and SEC Filings

The merger, announced in June, involves the issuance of 50 million Namib ordinary shares, with an additional 30 million shares (valued at US$300 million) tied to operational milestones. Namib filed registration documents with the U.S. Securities and Exchange Commission (SEC) on Monday.

The transaction is contingent on shareholder approvals from HCVI and Greenstone Corp., an affiliate of Namib Minerals and co-registrant with the SEC. Upon closing, Greenstone’s existing shareholders will own nearly 75% of the newly formed company.

The combined entity will operate under the Namib Minerals name with the ticker symbol NAMM and will incorporate all Greenstone’s mining and exploration assets.

Expanding Into Battery Metals

In addition to its Zimbabwean gold projects, Greenstone holds interests in 13 battery metals exploration permits in the Democratic Republic of the Congo. Early-stage diamond drilling in the Haut Katanga and Lualaba provinces has shown significant potential for copper and cobalt, diversifying the company’s asset base.

This merger positions Namib Minerals for significant growth as a publicly traded company, leveraging its diverse portfolio of gold and battery metals assets.

Interview – Eng. Gift Mapakame, General Manager Shamva Mine

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Gift Mapakame is an accomplished leader in Zimbabwe’s gold mining sector. With over 14 years of experience—more than seven in senior management— Engineer Mapakame has played a significant role in transforming Shamva Gold Mine into one of the nation’s leading gold producers.

Under his leadership, the Shamva mine has achieved remarkable milestones, including significantly scaling up production and surpassing 1.2 million fatality-free shifts.

In this exclusive interview, we delve into his inspiring career were he shares his insights on leadership, operational success, safety excellence, and the future of Zimbabwe’s gold mining industry amidst a dynamic regulatory and environmental landscape.


Q: Could you share a bit about your background before pursuing mining as a career? What inspired you to choose mining engineering, and how has your journey evolved to your current position as General Manager of Shamva Gold Mine?

A: Growing up in the mining town of Bindura, I developed a passion for engineering and the built environment. Both my parents worked at Anglo-American’s Bindura Nickel Corporation, which exposed me to the mining industry early on. Career guidance sessions and interactive events hosted by Anglo inspired me to pursue mining engineering.

After earning my degree from the University of Zimbabwe, I began my career at Bindura Nickel Corporation and later transitioned to Freda Rebecca Gold Mine, where I contributed to its revival in 2010. My journey progressed through various roles, culminating in my appointment as General Manager of Shamva Mining Company in 2022, where I now contribute to the growth of a broader commodities group.


Q: With over 14 years in gold mining, including seven in senior management, what key leadership strategies have helped you successfully manage Shamva Gold Mine?

A: Building a competent team and fostering a culture of attention to detail, analytical thinking, and prompt decision-making were key strategies. This alignment between roles and competencies ensured the team worked cohesively toward shared goals.

I also embrace vulnerability in my leadership style, always striving for continuous improvement. This mindset has transformed Shamva into a learning organization that refines fundamentals to achieve predictable and consistent performance.


Q: Shamva Gold Mine has reached milestones such as producing 55,000 tonnes of ore monthly—up from 20,000 tonnes—and achieving over 1.2 million fatality-free shifts. What factors contributed to these accomplishments?

A: Success stems from assembling the right team, defining clear business objectives, and implementing transformative operational measures. Safety is at the core of our values, supported by rigorous training, awareness programs, and an internationally recognized management system.

Our Board and group have been instrumental, offering both financial flexibility and lessons from past challenges, which enhanced our production processes.


Q: KUVIMBA Mining House has projected that Shamva Gold Mine requires US$150 million for processing facilities. What are the main plans for this investment, and how will it transform Shamva into a world-class operation?

A: Shamva hosts one of Zimbabwe’s largest sulphide-gold deposits, paving the way for a significant open-pit operation. The investment will fund a Definitive Feasibility Study and new processing facilities. Once operational, Shamva Mine will compete among the nation’s top gold producers, achieving new production heights.


Q: Shamva has not reached this level of production since 1910. What innovations or operational changes have revitalized productivity?

A: We streamlined underground operations with a present-value approach, enhanced resource evaluation, and optimized infrastructure along the mine-to-mill value chain. Additionally, starter-pit projects serve as precursors to larger open-pit operations.


Q: Could you describe the technological and operational frameworks in place at Shamva Gold Mine? How have they contributed to safety and efficiency?

A: We are certified under ISO 45001, ISO 14001, and ISO 9001 standards and are working towards additional certifications like ISO 17025 and ISO 55000. This risk-based system ensures hazard identification, risk assessment, and implementation of preventive measures for each task.


Q: Shamva Mine uses conventional mining methods with 10-tonne locomotives. What are the advantages and challenges of this approach in modern gold mining?

A: Conventional methods allow for selective mining, optimizing mineral yield. However, they expose personnel to risks. To address this, we are exploring advanced technologies like battery-powered trackless equipment, modular tunnel boring, and raise boring to improve safety and efficiency.


Q: As a member of the AMMZ Executive Council, what are your thoughts on the future of Zimbabwe’s gold mining industry, especially regarding sustainability and regulatory developments?

A: The future is bright with opportunities for growth. However, the sector must tackle underinvestment in exploration, development, and equipment. Strengthening lobbying institutions like the Chamber of Mines is critical to aligning industry needs with policy goals.


Q: How has your educational background in Mining Engineering, an MBA in Finance, and an MSc in Mineral Economics influenced your approach to mine management?

A: My education has bridged knowledge gaps across technical, business, and economic aspects of mining. This holistic perspective enhances decision-making and enables strategic, informed leadership.


Q: You were the Past President of the Mine Rescue Association of Zimbabwe. How has this experience shaped your approach to safety at Shamva Gold Mine?

A: Mine rescue instills a commitment to emergency preparedness, which is central to Shamva’s safety protocols. We have developed an on-site rescue team equipped with rigorous training and mock drills to handle potential crises effectively.


Q: What advice would you give to young mining engineers aspiring to senior management roles in Zimbabwe’s gold mining sector?

A: Stay focused, eager to learn, and committed to hard work. Respect and courtesy are crucial. Most importantly, embrace the challenges—they offer invaluable learning opportunities.


Q: Mining can be demanding, especially in leadership roles. How do you balance your professional and personal life?

A: I enjoy golfing and outdoor adventures, including camping at Mana Pools. These activities help me recharge and maintain a healthy work-life balance.


This interview first appeared in the Mining Zimbabwe Magazine edition 76 which was first distributed at the AMMZ AGM 2024