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Karo platinum project a prime example of local empowerment

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Karo platinum project a prime example of local empowerment

Tharisa’s Karo Platinum Group Metals (PGM) Project in Mhondoro Ngezi has proven to be one of the favourites with 99 per cent of employees and contractors being from within Zimbabwe.

Rudairo Mapuranga

The project whose groundbreaking exploration was commissioned by President Emmerson Mnangagwa in 2018 is expected to be online 7 years later in 2025 relatively a short period for a project of that magnitude.

According to world standards, on average it takes from exploration to development stage of a PGM project it usually takes 10-15 years to open an ore deposit for production, and costs vary from $100 million to over $1 billion to complete depending on the type of mine. Development involves extensive pre-development planning and paperwork.

Tharisa will invest over US$400 million in the first phase of the project, already over US$100 million has been invested with Tharisa initially targeted bringing the first ore to the mill by the second half of 2024 and significant progress has been made in line with the target. However, the giant has indicated that the timeline has been extended to June 2025 in response to the deterioration in PGM prices.

The project is in the development stage, employing over 1000 people with over 400 coming from the surrounding community and over 600 coming from other areas like Norton, Chegutu and the rest of the country.

Of the 15 contractors working to build what could be the country’s second-biggest PGM mine after Zimplats in 2025, 14 are Zimbabwean-owned companies proving that the project is in the hands of Zimbabweans.

The Karo project has also been designed as a model and yardstick to ensure the knowledge to build PGM project is cascaded downwards for future generations to be able to open and develop Mines.

During its first phase of production, Karo Platinum Mine will produce an annual average of 190,000 ounces of PGMs with the capacity to grow the country’s GDP by an average 2 per cent.

“Over 400 local people from this surrounding community have already been employed in the project. We’ve got 1104 people with respect today working on the project which is a big number. Obviously, you’ve seen a lot of the local companies that are providing services and contributing to the local economy and developing obviously not just the current point but also developing the country’s skills base to do projects of this magnitude.

“This project is being done to international standards both from environmental social issues, engineering sticks up to some of the best engineerings in the world. It’s a project of the highest quality that we’re developing here so we hope that that sort of skill set will cascade downwards into other sectors of the economy.

“It’s a big project we’re looking to produce plus or minus 190 000 ounces of PGMs on an annual basis you know with some of the work that we’re doing it might go beyond 200 000 ounces of PGMs.

“For every thousand jobs that are created in the mining industry you create an additional seven you, so if we do a thousand jobs here, there are 7 000 jobs created,” Karo Resources Country Director Dr Joe Zimba speaking on the sidelines of Ministerial visit to Karo Platinum project on Tuesday said.

Some foreign investors bring with them too many employees from abroad to a country with high employment rates and jobless skilled professionals saturating the already pressed jobmarket.

BREAKING: PMDs stripped of the right to transfer ownership of mining claims

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BREAKING: PMDs stripped of the right to transfer ownership of mining claims

The Permanent Secretary in the Ministry of Mines and Mining Development Mr Pfungwa Kunaka on Tuesday wrote to all Provincial Mining Directors (PMDs) to stop the transfer of registered mining titles without seeking written authorisation from the Head Office.

In a statement seen by Mining Zimbabwe, Kunaka said many of the transfers were being effected without the knowledge of PMDs and the Head Office leading to mining activities which are disproportionate to the locations concerned.

“It has come to the principal’s attention that so many transfers of mining titles are being affected and many of those could be taking place without the knowledge of PMDs and Head Office. This development has led to serious ownership of mining rights and has also, in several cases led to mining activities which are disproportionate to the locations concerned.

“Taking into account the above, I hereby advise you that with immediate effect, all PMDs and any of your staff are directed not to effect any transfer or exchange of ownership of mining title. Whereby such transfer is required by any title holder, PMDs are required to seek written authorisation from Head Office,” Kunaka said.

Whilst it is commendable that the Ministry  is taking measures to stop rising disputes across the sector, the decision is likely to affect change of ownership time frame as it is likely to take more time creating backlogs in the process.

This is a developing story…

Premier issues US$2.5 million shares to Zim’s largest contractor, JR Goddard

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Premier issues US$2.5 million shares to Zim’s largest contractor, JR Goddard

AIM-listed mining and exploration company, Premier African Minerals has settled the payment of US$2.5 million in invoices by issuing 769,230,769 new ordinary shares of the Company to Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd popularly known as JRG, the company CEO George Roach said.

Rudairo Mapuranga

According to Roach, the company has also announced a subscription to raise £2.4 million before expenses at an issue price of 0.23 pence per new ordinary share for the Zulu project.

He also said Premier is on track to target revenue-generating production by February 2024 following the installation of the 55 tons per hour ball mill and other associated structures which is expected to be completed by late January/early February 2024.

The Premier African Minerals CEO said the Company has conditionally settled the payment of US$2.5 million (equivalent to £2 million) in invoices through the issue of 769,230,769 new ordinary shares of the Company to Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd, issued at a price of 0.26 pence per new ordinary share.

“The subscription and the contractor settlement should see Zulu through to production in February 2024.

“We are deeply encouraged that the subscription was taken up by two institutional investors with one of the investors having supported the Company previously. We believe that the attraction of further institutional investment into Premier demonstrates the underlying value of Premier.

“We would be remiss if we did not also express our appreciation to our Mining Contractor for their willingness to accept settlement of invoices in Premier shares,” Roach said.

Karo project excites government

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Karo project excites government

The government is enthusiastic about the development and plant construction phase of the Karo Platinum project, despite the impact of declining commodity prices on production projections. Over $100 million has been invested in the project so far.

Rudairo Mapuranga

Speaking to Mining Zimbabwe on the sidelines of a Ministerial visit to the Karo Platinum project in Ngezi on Tuesday, the Deputy Minister of Mines and Mining Development, Engineer Polite Kambamura, said that the Karo project, despite changing its timelines for production commencement, is in line with global mine development for Platinum Group Metals (PGM) projects, which is between 10 to 15 years. Karo’s timelines, despite being reviewed upwards, will only go to 8 years.

Kambamura said the future of the project will be of significant benefit to the country’s economic prosperity. It currently employs over 1100 people, with 420 of them coming directly from the Mhondoro Ngezi community. 99 percent of the employees are Zimbabweans, and 14 percent are women. The company has a strategy to employ at least 20 percent women.

“As you are aware, mine projects take a long time to establish. The company started with massive exploration drilling and they drilled 488 holes, which translates to 53 km. They are further drilling to 58 km. The exploration will be JORC certified.

“Karo Resources is going to process 225,000 tonnes of ore per month at a strip ratio of 1:19, which means for every tonne of ore that is mined, they have to bring 19 tonnes of waste, translating to 4 million tonnes of waste that has to be moved per month. Annually, the company is looking forward to producing 190,000 ounces of PGM. This includes 42% platinum, 39.9% palladium, 8.5% gold, and 4.1% rhodium, at a grade of 2.8 grams per tonne. The deposit here is very economical, and the company is also looking to exploit base minerals. So the future here is great,” Dr. Kambamura said.

Speaking to Mining Zimbabwe at the same event, Karo Resources Country Director Dr. Joe Zimba said pilot mining has already started in the country, with the company using a mining strategy after commissioning in 2025.

Dr. Zimba said Karo was looking forward to commissioning as soon as possible, with the possibility of going ahead of the timelines if the factors that affected the previous projections have changed.

He said the project will be very significant, contributing around 1 percent of the national GDP.

“The pilot mining has already started, and construction of processing plants is underway, and everything should be set by 2025. We would like to commission as early as possible. We are fully committed to this project, and we want it to contribute to the country’s GDP as soon as possible. We believe that this project will contribute 1 to 2 percent of the country’s GDP,” Dr. Zimba said.

Karo Platinum

Karo Platinum is the newest low-cost, open-pit PGM asset under construction and located on the Great Dyke in Zimbabwe.

A joint venture between Karo Mining Holdings (85%) and Generation Minerals (15%), a Republic of Zimbabwe special purpose vehicle (SPV), the Karo Platinum project has an initial life of 17 years with less than 10% of the 23 903 ha project area having been utilised to attaining this project life.

The project has a short construction period and is due to deliver its first ore to the mill by the third quarter of 2024.

Muzvezve community commends Zimplats for building the Gweshe maternity clinic

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Muzvezve community commends Zimplats for building the Gweshe maternity clinic

The country’s biggest platinum group metals (PGM) producer Zimplats has been commended for building a modern pre and post-natal care facility worth over US$230 000 at Gweshe Clinic in Muzvezve constituency, Mhondoro Ngezi District in Mashonaland West as the company seeks to make life easy for expecting mothers in the area.

Rudairo Mapuranga

The facility which comprises of a maternity ward, a waiting mother’s shelter, spacious staff accommodation for two families, and a cooking area has a maternity ward and the mother’s waiting home fitted with state-of-the-art beds and linen which has been received joyously by the community.

Speaking to Mining Zimbabwe, Mhondoro Ngezi Rural District Council Chairperson Ephraim Chengeta said Zimplats has been at the forefront in improving the quality of health care in the District.

He said people in Mhondoro Ngezi were going to benefit significantly from the establishment of the health facility by Zimplats.

“We are grateful to Zimplats, they have been helping us in many projects including the building of the facilities that you see here. As the people of Mhondoro Ngezi district, we are thankful for what they have been doing to us through their Corporate Social Responsibility strategy,” Councilor Chengeta said.

Gweshe clinic Sister in Charge Agnes Madzamba said the project has enhanced health care services for communities around the clinic, increased the clinic’s capacity to serve the community and improved the overall health care experience for both patients and medical staff.

“This has made it easy for people in the Muzvezve constituency. We thank Zimplats for the equipment that they gave us. We received beds for pre and post-natal, delivery beds and blankets. We are grateful for this gesture by Zimplats by bringing a state-of-the-art maternity clinic to this constituency,” Sister Madzamba said.

Enoch Majinga a community health worker in the District said the gesture would lead to health benefits for the people of Mhondoro Ngezi especially pregnant women who were going to Kadoma for maternity and some would end up giving birth at home.

Majinga said Gweshe Clinic used to have one block and two staff quarters, which were insufficient to cater for the needs of neighbouring communities. Due to these constraints, most patients preferred to seek treatment in Kadoma, while it was uncommon for expecting mothers to give birth at home, putting their lives and that of their babies at risk since home births are associated with a higher risk of infant death, seizures and nervous system disorders than hospital births.

“Zimplats has done amazing things for us, it is now easy for women and pregnant women to receive medication. It is going to cut costs to go to Kadoma and we are going to reduce a situation where pregnant women give birth at home,” he said.

Zimbabwe gold buying prices/ gram 12 December 2023

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Zimbabwe gold buying prices/ gram 12 December 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 12 December 2023.

SG 90% AND ABOVE US$60.35/g
SG ABOVE 85% BUT BELOW 90% US$59.72g
SG ABOVE 80% BUT BELOW 85% US$59.08/g
SG ABOVE 75% BUT BELOW 80% US$58.44/g
SAMPLE BELOW 10g BUT ABOVE 5g US$57.48/g

Fire Assay CASH $60.67/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.

Zimplats officially hands over a modern pre and post-natal care facility

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Zimplats officially hands over a modern pre and post-natal care facility

The country’s biggest platinum group metal (PGM) producer, ZIMPLATS, has officially handed over a pre and post-natal care facility worth over US$230 000 to Gweshe Clinic in Mhondoro Ngezi in an endeavour to make life easy for expecting mothers in the area.

Rudairo Mapuranga

The facility comprises of a maternity ward, a waiting shelter, spacious staff accommodation for two families, and a cooking area. The maternity ward and the mother’s waiting home were fitted with state-of-the-art beds and linen.

The clinic used to have one block and two staff quarters, which were insufficient to cater for the needs of neighbouring communities. Due to these constraints, most patients preferred to seek treatment in Kadoma a distance away.

Speaking at the official handover of the Gweshe clinic project, Zimplats’ Managing Director Mr Stanley Segula said the PGM miner takes pride in interventions that improve the quality of Healthcare in the country bringing it closer to achieving universal health coverage, equity and reducing maternal and newborn deaths.

“Through this project, we have enhanced Healthcare services for communities around the clinic, increased the clinic’s capacity to serve the community and improved the overall Healthcare experience for both patients and medical staff,” he said.

Also speaking at the official handover ceremony of the ward, the Minister of Health and Child Dr Douglas Mombeshora represented by the Minister of State for Provincial Affairs and Devolution Hon Marian Chombo said mining Institutions should join Zimplats in investing in the health delivery system to enable the country to provide universal access to all people within a reasonable period.

“With more Institutions coming on board to join Zimplats in investing in the health delivery system, Zimbabwe should be able to provide universal access to all within a reasonable period. Such is the objective of the National Health Strategy 2021-2025, which outlines the road map towards turning around and restoring stability in the country’s health system, with focus on 10 strategic areas, amongst them, improving access to essential environment,  improving health infrastructure and medical equipment for health service delivery and improved governance of health services,” Dr Mombeshora said.

Minister Chombo commended Zimplats for the work it is undertaking in its Corporate Social Responsibility (CSR) drive which she said will go a long way in transforming the country’s economy in line with President Emmerson Mnangagwa’s vision of leaving no place behind.

“What makes me proud about the work they’re doing in their communities is that they’re targeting social performance programmes, which are among catalysts for the country’s development, namely community wellness, education and skills development, infrastructure development, and enterprise development.

“Their interventions in the realm of community wellness, resonate with President Emmerson Mnangagwa’s clarion call that no place and no one should be left behind as we seek to propel our nation forward on the path to economic prosperity,” Hon Chombo said.

Astralian company to acquire 6 lithium-tin-tantalum claims

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Astralian company to acquire 6 lithium-tin-tantalum claims

MetalsGrove Mining Ltd (ASX:MGA) is trading higher on entering into a strategic agreement to acquire six, contiguous and highly prospective lithium-tin-tantalum claims in Zimbabwe, in what the company considers a “transformational” opportunity.

The newly acquired claims are close to the ‘world-class’ Arcadia Minerals lithium-producing mine in Zimbabwe, which is one of the world’s largest lithium mines producing up to 450,000 tonnes per annum of lithium concentrate.

Notably, five claims are within the well-known Goromonzi lithium belt with the sixth claim located in the Beatrice lithium belt.

Looking ahead, MGA’s technical team is finalising plans for an initial exploration campaign which is due to kick off in the March quarter of 2024.

The markets have welcomed the news with shares trading as high as $0.105, up 40% from the previous close.

“Transformational opportunity”

MetalsGrove managing director Sean Sivasamy said: “MetalsGrove is very excited to be acquiring these advanced lithium assets which provide the company with prime exposure to the proven lithium-producing district in Zimbabwe.

“Importantly, the upfront acquisition terms are modest, allowing the company to set about rapidly advancing these projects through a targeted exploration campaign early next year.

“Further highlighting the near-term development potential of these projects, we will be located nearby to accessible high-quality infrastructure and a large-scale lithium processing facility.

“The board considers this a transformational opportunity for MGA supported by a strong lithium market and we look forward to advancing these assets as quickly as possible over the coming months.”

Asset summary

The new claims spanning 510 hectares are situated across the Arcturas and Beatrice projects, where recent rock chip samples have returned grades up to 2.5% and 2.1% lithium respectively.

Arcturas Lithium Project (ALP) is 35 kilometres northeast of Harare and the Beatrice Project is 55 kilometres south of Harare.

The ALP is also close to the Arcadia Lithium Mine and the Arcturas Gold Mine.

The Arcadia Minerals lithium mine was purchased by Zhejiang Huayou Cobalt in 2022 for US$422 million.

Well-known pegmatite zone

This region is the most well-known pegmatite zone that is mineralised in spodumene, lepidolite, beryllium, tantalum and caesium.

The lithium minerals consist of spodumene and lepidolite-bearing pegmatites and are populated by several artisanal workings and pegmatite surface outcrops.

The pegmatites are exposed at the surface and close to the surface with some of the pegmatites being flat-lying.

ProactiveInvestors

Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder

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Caledonia Mining Corporation Plc: Notification of relevant change to significant shareholder

Caledonia Mining Corporation Plc: VFX announces that it received notification on December 8, 2023, from BlackRock, Inc. that on December 7, 2023 it had crossed a threshold for notification of a relevant change (as defined by the AIM Rules for Companies).

A copy of the notification is below.

Enquiries:

Caledonia Mining Corporation Plc
Mark LearmonthTel: +44 1534 679 800
Camilla HorsfallTel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Joint Broker)
Adrian HaddenTel: +44 207 397 1965
Pearl KellieTel: +44 131 220 9775
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane CollingsTel: +44 20 3100 2000
BlytheRay Financial PR (UK)
Tim Blythe/Megan RayTel: +44 207 138 3204
3PPB (Financial PR, North America)
Patrick ChidleyTel: +1 917 991 7701
Paul DurhamTel: +1 203 940 2538
IH Securities (Private) Limited (VFEX Sponsor – Zimbabwe)
Lloyd MlotshwaTel: +263 (242) 745 119/33/39

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:CALEDONIA MINING CORPORATION PLC
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuerX
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
NameBlackRock, Inc.
City and country of registered office (if applicable)Wilmington, DE, USA
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached vi:07/12/2023
6. Date on which issuer notified (DD/MM/YYYY):08/12/2023
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)Total number of voting rights held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached4.18%0.50%4.68%899,705
Position of previous notification (if
applicable)		3.10%1.61%4.71%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii
A: Voting rights attached to shares
Class/type of
shares
ISIN code (if possible)		Number of voting rights ix% of voting rights
Direct
(DTR5.1)		Indirect
(DTR5.2.1)		Direct
(DTR5.1)		Indirect
(DTR5.2.1)
JE00BF0XVB15803,5764.18%
SUBTOTAL 8. A803,5764.18%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial instrumentExpiration
date x		Exercise/
Conversion Period xi		Number of voting rights that may be acquired if the instrument is
exercised/converted.		% of voting rights
Securities LendingN/AN/A4,1000.02%
SUBTOTAL 8. B 14,1000.02%
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of financial instrumentExpiration
date x		Exercise/
Conversion Period xi		Physical or cash
Settlement xii		Number of voting rights% of voting rights
CFDN/AN/ACash92,0290.47%
 SUBTOTAL 8. B.292,0290.47%

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv		X
Name xv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable threshold
BlackRock, Inc.
Trident Merger, LLC
BlackRock Investment Management, LLC
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Institutional Trust Company, National Association
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Fund Advisors
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Capital Holdings, Inc.
BlackRock Advisors, LLC
 
10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional information xvi
BlackRock Regulatory Threshold Reporting Team

Jana Blumenstein

020 7743 3650

Place of completion12 Throgmorton Avenue, London, EC2N 2DL, U.K.
Date of completion08 December 2023

 

Zimbabwe gold buying prices/ gram 11 December 2023

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Zimbabwe gold buying prices/ gram 11 December 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 11 December 2023.

SG 90% AND ABOVE US$61.01/g
SG ABOVE 85% BUT BELOW 90% US$60.36g
SG ABOVE 80% BUT BELOW 85% US$59.71/g
SG ABOVE 75% BUT BELOW 80% US$59.07/g
SAMPLE BELOW 10g BUT ABOVE 5g US$58.10/g

Fire Assay CASH $61.33/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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