It is crucial to protect miners from losses stemming from the nation’s unstable monetary policies, which expose them to foreign exchange risks.
By Rudairo Mapuranga
The current 75/25 foreign currency retention policy is impeding the growth of the mining sector and fails to meet the demand for an 80% retention rate, which seems to be a better option for miners to sustain their growth.
Recently, the volatile exchange rate ate into Caledonia Mining Corporation‘s profits. The company reported a foreign exchange loss of US$4.1 million in the quarter ended 31 March 2024, compared to a foreign currency gain of US$1.5 million in Q1 2023.
What is the Foreign Currency Retention Threshold in Zimbabwe?
Last year, the central bank raised the foreign currency retention threshold for exporters to 75%. Previously, exporters were only allowed to retain 60% of their foreign currency earnings, leading to challenges in accessing forex for vital capital expenditures and operational financing.
Is the Forex Retention Feasible for Miners?
Miners argue that the forex-deprived economy forces exporters to convert a portion of their earnings into local currency at an official exchange rate, which often results in losses due to the significant disparity with the black market exchange rate. With over 70% of transactions in Zimbabwe now in USD, meaning suppliers are now charging in forex, mine executives had expected the central bank to either raise the retention threshold more or drop it entirely.
An industry report published by Zimbabwe’s Chamber of Mines says the sector will experience a slower 7% growth in 2022, down from a projected 8% last year. Mining costs are projected to increase by 15% in 2023, with energy being the main driver, the report said. ZESA tariffs for miners, paid in USD, went up by 40% last year, increasing forex pressure on the industry.
Gladys Mutsopotsi-Shumbambiri, an economist with extensive experience in monetary policy, emphasizes the importance of understanding the dynamics at play. She said the demand for forex can lead to inflation, resulting in miners losing their local currency portion to inflation.
“Lower forex retentions mean reduced inflows of foreign currency into the economy. This places the burden on the RBZ to source local currency to fulfil its obligations, potentially leading to increased money supply and inflationary pressures,” she explained.
What is Sustainable for Miners?
Last year, the Chamber of Mines, which represents the country’s major mining firms, lobbied for retention levels to be moved to at least 80%.
“Given that the multicurrency system was embedded into law, we are of the view that there is a need to review the foreign exchange retention framework in line with the new policy changes. We are proposing an upward review of the minimum retention from 60% to 80%.
“Information gathered from mining houses shows that mining companies now require at least 80% of their foreign currency earnings to meet the increased demand for forex and fund their operational requirements and expansion projects,” the Chamber of Mines said in proposals to the Ministry of Finance.
The Gold Miners Association of Zimbabwe CEO, Irvine Chinyenze, commented on how the introduction of the 75/25 per cent policy to the artisanal and small-scale gold miners was going to affect the economy. He said the 75% forex retention was going to incentivize smuggling.
“There was a danger that smuggling was going to be rampant as miners were going to look for more lucrative markets where they get value for money rather than lose value in the process.
“This was going to reduce production at an alarming rate as miners were going to diversify to other sectors that wholly give earnings in US$. Though we can’t quantify criminality, the country was going to lose over US$2bn in revenues if the current policy direction was not reversed,” he said.
“This was going to see a great deal of forex being externalized beyond the country’s borders, thereby losing massive revenues along the way. This was going to create an influx of gold mafia gangs as the authorities created a thriving environment for them to smuggle and externalize United States dollars through illicit deals.”
What Should the Government Do?
The repercussions of lower forex retentions extend beyond the realm of monetary policy, permeating various sectors of the economy. A decrease in the availability of foreign currency can hinder import-dependent industries, leading to supply shortages and price hikes. Furthermore, the depreciation of the local currency against major currencies can erode purchasing power and diminish consumer confidence.
In response to these anticipated challenges, the government must adopt a multifaceted approach that addresses both short-term exigencies and long-term structural reforms. Enhancing export competitiveness and fostering a conducive business environment is essential.
The Chamber of Mines President Mr Thomas Gono expressed satisfaction with the proceedings, stating, “Our AGM went very well. I think we had a lot of attendees, more than the two-thirds required for a majority. We also had new members join from various sectors, including gold, platinum group metals, and lithium. This demonstrates confidence in the Chamber and we hope this will continue to broaden our membership base. We anticipate a very good conference starting tomorrow. Overall, it was a successful meeting.”
The first day of the AGM and Conference was dedicated to traditional constitutional meetings, including the annual general meeting and council meetings focused on internal governance issues within the mining industry.
Day Two: Critical Minerals Symposium
On the second day, the conference will feature two key symposiums. The Critical Minerals Symposium will delve into the global production and markets of critical minerals, particularly those essential for driving clean energy. The Honorable Minister of Mines and Mining Development, Hon. Winston Chitando, will grace the event as the guest of honour. A keynote speaker from SFA Oxford will provide valuable insights into the global critical mineral markets.
May 30th: The Main Conference (Indaba)
The main conference, or Indaba, will take place on May 30th, officially opened by President Mnangagwa. Senior government officials, including the Minister of Finance, the Minister of Mines, the ZIMRA Commissioner General, and representatives from the energy sector and financial markets, will gather to discuss the growth imperatives of the mining industry and strategies for harnessing capital from financial markets.
Networking Opportunities
The event will conclude on May 31st with a networking day, featuring activities such as golf and other events at Victoria Falls. This will offer delegates ample engagement and networking opportunities in a relaxed environment.
Dallaglio’s Gold production increased by 39 per cent during the three months ending 31 March 2024, compared to the same period last year, due to an increase in tonnes milled and mill feed grade. The company announced this through a trading update for the first quarter.
Patricia Rwafa
Dallaglio Holdings owns Pickstone Peerless and Eureka Gold Mine, one of the country’s highest-gold-producing mines.
The initial phase of the Pickstone Peerless Mine underground (PUG) project was officially commissioned by President Mnangagwa, on 10 April 2024. Meanwhile, ore hoisting from PUG continued in parallel with Phase 2 of the underground development.
In a trading update released on 14 May 2024, A.D. Lorimer, Secretary General of Padenga Holdings, said:
“Gold production for the three months ending 31 March 2024 increased by 39% (751.6 kg vs. 541.4 kg) compared to the same period last year. This was achieved due to a 7% increase in tonnes milled, which rose to 457,444 mt from 427,702 mt recorded for the same period last year.”
The increase was attributed to optimized plants throughout Eureka Mine, as well as the addition of a new mill at Pickstone Peerless Mine. Mill feed grade also registered a 2% increase (1.47 g/mt vs. 1.44 g/mt).
The group has embarked on further capital expenditure at Pickstone Peerless for Phase 2 of the underground project in line with the budget. Other projects earmarked for 2024 include the Pre-Leach Thickener and Solar Project at Eureka Mine.
SG 90% AND ABOVE US$71.17/g
SG ABOVE 85% BUT BELOW 90% US$70.42g
SG ABOVE 80% BUT BELOW 85% US$69.67/g
SG ABOVE 75% BUT BELOW 80% US$68.91/g
SAMPLE BELOW 10g BUT ABOVE 5g US$67.78/g
Fire Assay CASH $71.55/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.
In a bid to solidify its position as a leading explosives manufacturer in Zimbabwe, Intrachem Private Limited is implementing a multifaceted strategy aimed at enhancing product safety, quality, customer satisfaction, and industry sustainability.
Last Month, Mining Zimbabwe went on a technical visit to the Intrachem Private Limited explosives manufacturing plant to gain an insight into how the company manufactures explosives and have a glimpse of the company’s plans for growth in Zimbabwe. This publication realised that Intrachem at full capacity has the ability to manufacture explosives enough for the whole national mining industry.
Intrachem explosives manufacturing plant in Kwekwe
According to Intrachem Managing Director, Darryn Brider, Intrachem’s holistic approach to explosives manufacturing encompasses a commitment to safety, quality, innovation, sustainability, and social responsibility. By prioritizing safety, customer satisfaction, environmental stewardship, and regulatory compliance, the company is poised to emerge as Zimbabwe’s premier explosives manufacturer, driving industry advancement and prosperity for all stakeholders.
Intrachem’s Managing Director Darryn Brider
The company’s Operations Manager, Engineer Walter Madzimure, said Intrachem is focused on several key areas to achieve its goal as the biggest and most reliable explosives manufacturer in Zimbabwe, among them production of quality products, customer satisfaction and technical support.
Production of Quality Products
According to Engineer Madzimure at the heart of Intrachem’s mission is the improvement of the world we live through the safe and responsible use of explosives. This is supported by a strong commitment to providing high-quality explosives and related products to its customers to ensure safety and efficiency. Through stringent quality control measures and adherence to international standards, the company ensures that its products meet the highest industry benchmarks for safety and efficiency.
Customer Satisfaction
“As Intrachem, we prioritize customer satisfaction which is one of our core values. Our commitment to ensuring that customers are satisfied lies in delivering high-quality and safe products to all our customers. We not only offer and supply products but also focus on value addition at customer sites through various projects we execute time and again. We continuously enhance the value our customers receive by leveraging different technologies and innovations at our disposal,” Engineer Madzimure said.
Value Addition and New Technology
The company’s Managing Director said “Intrachem continuously seeks to add value to its offerings by leveraging the latest technological advancements. Our robust team providing on-call and on-site technical support, as well as our multiple blasting support innovations enhance the value proposition for our customers, empowering them to achieve optimal results in their blasting operations, delivering quantifiable value benefits to the customer.”
“Then we have reliable equipment that’s fitted with up-to-date technology, assuring our customers of product volume accountability, charging time efficiency and quality control. So, I would want to say we are one of the best in Southern Africa in terms of the technology that we have at our disposal to help us attain the requisite levels of quality,” Darryn said.
One-Stop Shop
Intrachem’s Operations Manager, Engineer Madzimure, speaking on the Sidelines of Mining Zimbabwe technical visit to the Intrachem explosives plant, said, “By recognizing the importance of convenience for its customers, Intrachem operates as a comprehensive one-stop shop for all explosive products and blasting solutions. By offering a diverse and complete range of products and services, the company eliminates the need for customers to source from multiple suppliers, streamlining their procurement processes and improving logistics costs.”
“At Intrachem, our commitment to excellence extends beyond merely supplying explosive products. We’ve strategically positioned ourselves as a comprehensive one-stop shop for our valued customers for all explosives and explosive-related products. Imagine a place where convenience meets quality and safety —a hub where explosive solutions are tailored to fit every blasting requirement. Our offerings span the spectrum, from small-scale applications to large-scale charging and blasting projects including for sensitive blasting operations. By choosing us, customers not only save time and effort but also benefit from the highest quality products, cost-effective solutions, seamless communication, and lightning-fast service. We’re not just suppliers; we’re partners in progress, ensuring that blasting success is always well within reach of the Zimbabwean market,” he said.
Fair Pricing
Walter Madzimure
According to Engineer Madzimure, the company remains committed to maintaining fair and competitive pricing across its product portfolio. While offering discounts for larger volume consumers, the company ensures that all pricing structures are transparent and equitable, fostering long-term relationships with its clientele.
” Our pricing is not only competitive but is also fair and transparent. While we provide discounts for larger volume consumers of explosives, it is our commitment to offer competitive prices across the board. Furthermore, we believe in honest pricing, ensuring that our customers receive value for their investment. Whether you’re a small-scale operation or a major player in the industry, our pricing philosophy remains consistent: affordability without compromising safety or quality,” he said.
Offer Technical Support
As part of its customer retention strategy, Intrachem provides robust technical support to assist clients in optimizing their blasting operations. With reliable equipment equipped with cutting-edge technology, the company ensures that customers receive comprehensive assistance throughout their engagement.
“I’ve spoken of technical support, which we provide to customers as part of our customer service. Our dedicated and highly trained technical team is available around the clock to assist with any queries, troubleshooting issues and to simply ensure seamless operations. Whether it’s optimizing blasting techniques, addressing safety concerns or fine-tuning equipment, we are committed to enhancing our customers’ experience and project efficiency. We believe that robust technical support assures quality, but also strengthens our partnerships with clients, making us their trusted ally in the explosive industry.,” Madzimure said.
Safety and sustainability
According to Intrachem’s Managing Director, in terms of safety and sustainability, the company is producing only the highest quality products and maintains high safety standards to ensure safety in application.
“With our company values emphasizing safety as our first priority, Intrachem produces only the highest quality products and maintains high safety standards to ensure safety in application. This value applies not only to our own team, but to every stakeholder involved at any point in any of our products’ life cycles, it is our goal to ensure firstly ‘zero harm’, but also to ensure that every member of our wider industry family involved in the use of our products returns home to their families each day, unharmed. Achieving this value on a daily basis ensures not only the sustainability of Intrachem, but aides the sustainability of all customer projects we’re involved in.”
Environmental Friendliness
Intrachem upholds a steadfast commitment to environmental sustainability throughout its operations. Embracing the principle of “cradle to the grave,” the company ensures responsible manufacturing and usage of explosives, minimizing environmental impact and adhering to regulatory standards.
“In terms of environmental friendliness, we adhere to well-established standards that meet and often exceed international norms for explosives manufacturing and application. These standards are subject to annual audits, and we meticulously track the usage of our product from dispatch to consumption, following the ‘Cradle to Grave’ principle to ensure that we do not harm the environment.”
“In the event of spills, which may happen, we have established procedures and response strategies to maintain environmental cleanliness, in any areas where our product is used, we’ve implemented measures to prevent our explosives from contaminating the environment outside of prescribed regulation,” Madzimure said.
Growth Strategy
While already a dominant player in small-scale mining and large open-pit mining, Intrachem’s growth strategy includes penetrating additional markets, such as the underground platinum mining industry, through targeted expansion efforts and strategic partnerships. By leveraging its technological capabilities and industry expertise, the company aims to capitalize on new opportunities for growth and diversification.
“Regarding growth, we are actively exploring opportunities to penetrate the platinum mining industry. We’re currently devising various strategies to facilitate our entry into the underground mining sector, where we know, we are well-equipped to provide world-class service. Additionally, we’re closely monitoring developments in the mining sector, seeking growth opportunities. In support of our growth strategy, we have ensured that we have adequate state-of-the-art equipment and robust technology to assist our existing customers and any potential projects seeking Intrachem’s services,” Engineer Madzimure said.
Women Empowerment
Women at work in the explosives manufacturing workshop
Intrachem champions women’s empowerment through its inclusive employment practices, with around 50% of its detonator plant employees being women. By fostering a diverse and inclusive workforce, the company not only drives social impact but also harnesses the full potential of its talent pool. “We have deliberately employed quite a number of women as part of the empowerment drive to empower women in the industry, with around 50% of the detonator assembly plant team being women,” the company said, adding, “Our goal is not just the inclusion of women into our industry, but we aim to continuously develop them to grow within our business and the industry as a whole, an industry traditionally monopolised by men.”
Measures to Ensure Explosives Are Not in the Wrong Hands
To prevent the misuse of its products, Intrachem strictly adheres to the regulatory requirements outlined in the Explosives Act and explosives regulations. By selling only to permitted and licensed buyers, the company mitigates the risk of unauthorized access to its explosives, thereby safeguarding both public safety and regulatory compliance.
“We stand guided by the laws of the land. We follow the requirements of the Explosives Act and the explosives regulations, which govern how we are supposed to handle explosives. And, of course, the law requires us that we sell to permitted or licensed buyers. And this is what guides us mainly. We don’t sell explosives to people who do not have the requisite requirements of the law. All our explosives are sold to people who meet the legal requirements,” Madzimure said.
About Intrachem
Intrachem Private Limited (‘’Intrachem”) is a Zimbabwean registered company, operating since 1990. Its primary business is the supply of explosives, explosives accessories, and process chemicals for the mining, quarrying and manufacturing industries.
Intrachem offers quality products at competitive prices, and guarantees timely delivery; thanks to a wide branch network around Zimbabwe, and excellent logistics arrangements around the globe.
Intrachem sources quality products from world-renowned manufacturers within, and outside Africa.
Intrachem is registered with key regulatory bodies in Zimbabwe, such as The Environmental Management Agency, Ministry of Mines and Mining Development, Medicines Control Authority of Zimbabwe, The National Social Security Authority, as a licensed supplier of explosives and chemicals. Preferential agreements with clearing agents and shipping companies are in place, and this results in smooth logistics.
This significant event, set to take place from June 3-5, 2024, in the Philippines, marks another milestone for ZMF as it seeks to expand its influence and foster global partnerships in the gold mining sector.
Takavarasha’s presentation will cover the financial aspects of Artisanal and Small-scale Mining (ASM) in Zimbabwe.
“My presentation will cover the financial aspects of ASM in Zimbabwe. What is Zimbabwe doing in this regard? Many countries are beginning to address this issue, so we’ll be taking notes. You will then encounter some recommendations on what the government is expected to do after the workshop. The focus is mainly on empowering miners through the financial sector. This involves developing policies that will enhance miners’ production achievements. Empowerment through the financial sector is a key aspect of the presentation. The main objective is to come up with policies that will support and enhance miners’ production capabilities.”
“As Zimbabwe, Kenya, and Uganda prepare to speak at this prestigious event, the participation of ZMF signifies a step forward in advancing the interests of Zimbabwean miners on a global platform. The forum promises to be an enriching experience, offering opportunities for learning, networking, and collaboration, which are essential for the sustained growth and development of the mining sector in Zimbabwe,” Takavarasha said.
ZMF was recently invited to participate in the China Gold Congress and Expo, highlighting the federation’s growing prominence on the international stage.
In a communication from Assietou Gaye, the coordinator for the planetGOLD Global Forum, Takavarasha was officially invited to participate as a speaker. Gaye emphasized Takavarasha’s nomination by Carmen Teichgraber, based on his extensive experience with planetGOLD Zimbabwe.
The forum session, scheduled for June 3, 2024, will focus on miners’ views, discussing challenges and success stories regarding access to finance and formal supply chains. This discussion is crucial as it aims to highlight the real-world experiences of miners, providing a platform for sharing insights and strategies for overcoming obstacles in the mining sector.
SG 90% AND ABOVE US$71.17/g
SG ABOVE 85% BUT BELOW 90% US$70.42g
SG ABOVE 80% BUT BELOW 85% US$69.67/g
SG ABOVE 75% BUT BELOW 80% US$68.91/g
SAMPLE BELOW 10g BUT ABOVE 5g US$67.78/g
Fire Assay CASH $71.55/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.
On March 21, 2024, Sinomine Resources Group held a grand electrification ceremony for the 132kV power transmission and transformation project at the Bikita mine in Masvingo Province.
The ceremony was attended by the Minister of State for Masvingo Province, Mr. Ezra Chadzamira, chiefs, and several members of Parliament.
Mr. Wang Pingwei, Chairman and President of Sinomine Resources, delivered a speech, while Mr. Gong Xuedong, Assistant President of Sinomine Resources and General Manager of Bikita Mine, represented the company.
The 132kV power transmission and transformation project, featuring 112 kilometers of power lines and the Bikita substation, was invested in and constructed by Sinomine Resources. It connects Zimbabwe’s TOKWE 330kV substation with the Bikita mine.
Construction began in May 2023, and the project successfully transmitted power on March 17, 2024, marking a record-setting 10-month completion time. This achievement was recognized as the fastest and highest-quality project of its kind in the past 20 years by the Zimbabwe Power Transmission and Transformation Company, establishing it as a model project.
Chairman Wang highlighted the strong support from the Zimbabwean government, the power sector, and the community. He emphasized that the new transmission line would significantly improve the power supply to Masvingo, Bikita, Nyika, Zaka, and surrounding areas, alleviating local power shortages.
For the Bikita Mine, the project enhances power security, reduces dependence on fossil fuels, and significantly lowers production costs. It is also a key component of Sinomine Resources’ commitment to carbon emission reduction, following their photovoltaic power generation project.
This initiative underscores Sinomine Resources’ dedication to ecological environmental protection and responsible business practices. The company looks forward to continued collaboration with the Zimbabwean government and society to further develop the Bikita mine and strengthen the bond between the people of China and Zimbabwe.
The ambitious Karo Platinum project, spearheaded by Victoria Falls Stock Exchange-listed Karo Mining Holdings (KMH), a subsidiary of Tharisa, has hit a slowdown due to a delay in securing a tax agreement with the Zimbabwean government and the ongoing decline in platinum group metals (PGMs) prices.
By Rudairo Mapuranga
Tharisa, which will hold an effective 68% stake in the Karo Platinum Project upon completion of capital commitments, has decided to adopt a more measured approach to the project’s development.
The decision comes as the company navigates through a challenging financial landscape marked by a substantial drop in PGM prices.
This cautious stance was articulated by Tharisa CEO Phoevos Pouroulis during the company’s six-month financial results announcement, covering the period ending in March 2024.
“A measured decision was taken to slow the project timeline, continuing with smaller work packages, aligned with funding availability,” said Pouroulis.
“The Karo Platinum Project has progressed well despite the slowdown, and smaller work packages have been completed on time and within budget.”
While the PGM market has shown some signs of recovery since the beginning of the year, prices remain significantly lower compared to the same period last year. Tharisa’s report highlights a 39% year-on-year decline in the average PGM price, a stark indicator of the challenges facing the industry.
On the brighter side, the chrome market has exhibited resilience. Tharisa recorded an average metallurgical grade chrome price of $288 per ton for the six months, representing a 16.9% increase. Global chrome production also saw a 4% rise, even as port inventories in China were being depleted.
In terms of output, Tharisa achieved a 10% year-on-year increase in chrome production, totalling 865,000 tons. However, this was offset by a 7.7% decline in PGM production, which fell to 71,100 ounces. The decline in PGM output was partly due to the company purchasing third-party ore to feed its mill, a move necessitated by efforts to clear a backlog in waste stripping, which adversely affected PGM recoveries.
Financially, Tharisa faced a tough period. Despite higher chrome output and pricing, the sharp decline in PGM prices could not be offset. Unit costs rose by 17.8%, driven in part by the increased reliance on third-party ore, which accounted for approximately 29% of overall costs. Consequently, Tharisa reported a 29% year-on-year decline in taxed profit, which stood at $38.8 million for the six months. Headline share earnings dropped by 25% to 13.2 cents per share.
The company also reported a negative free cash flow of $27.9 million. Nevertheless, Tharisa CFO Michael Jones assured stakeholders that the balance sheet remained robust, with net cash falling from $112.7 million at the end of December to $86.3 million. Despite the financial strain, Tharisa declared an interim dividend of 1.5 US cents per share, albeit half of last year’s comparable payout.
Pouroulis remained optimistic about the company’s long-term prospects, despite the current headwinds. He pointed out the firm’s ongoing $5 million share buy-back program, which is expected to gain momentum in the coming months. “The PGM price is ignoring the schism between supply and demand, which, in our view, is only a matter of time before it corrects and a more balanced picture for PGM uses emerges,” he said.
Looking ahead, Tharisa maintained its PGM production guidance at 145,000 to 155,000 ounces for the year, with expectations for a stronger performance in the second half. Chrome production is forecasted to reach 1.7 to 1.8 million tons, in line with previous guidance.
The challenges faced by the Karo Platinum project underscore the volatility of the commodities market and the complexities of operating in a regulatory environment that can impact project timelines. As Tharisa navigates these challenges, the industry will be watching closely to see how the company balances strategic caution with its commitment to growth and shareholder returns.
A study by researchers at the University of Michigan and Cornell University has found that to meet the copper needs of electrifying the global vehicle fleet, as many as six new large copper mines must be brought online annually over the next several decades.
The paper, published by the International Energy Forum, examined 120 years of global data from copper mining companies and calculated how much copper the US electricity infrastructure and car fleet would need to upgrade to renewable energy. It found that renewable energy’s copper needs would outstrip what copper mines can produce at the current rate.
Copper is mined by more than 100 companies operating mines on six continents. The researchers drew data for global copper production back to 1900, which told them the global amount of copper mining companies had produced over 120 years. They then modeled how much copper mining companies are likely to produce for the rest of the century.
The researchers found that between 2018 and 2050, the world will need to mine 115% more copper than has been mined in all human history until 2018 just to meet “business as usual.” This would meet our current copper needs and support the developing world without considering the green energy transition.
“A normal Honda Accord needs about 40 pounds of copper. The same battery electric Honda Accord needs almost 200 pounds of copper. Onshore wind turbines require about 10 tons of copper, and in offshore wind turbines, that amount can more than double,” said Adam Simon, co-author of the study. “We show in the paper that the amount of copper needed is essentially impossible for mining companies to produce.”
“Renewable energy technologies, clean water, wastewater, electricity — they cannot exist without copper. So we then end up with tension between how much copper we need to build infrastructure in less developed countries versus how much copper we need for the energy transition,” Simon said.
“Our study highlights that significant progress can be made to reduce emissions in the United States. However, the current — almost singular — emphasis on the downstream manufacture of renewable energy technologies cannot be met by upstream mine production of copper and other metals without a complete mindset change about mining among environmental groups and policymakers.”
Zimbabwe’s largest copper mine, Mhangura, shut down in the late 1990s, due to falling prices on the world copper market.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Intrachem’s Operations Manager, Engineer Madzimure, speaking on the Sidelines of Mining Zimbabwe technical visit to the Intrachem explosives plant, said, “By recognizing the importance of convenience for its customers, Intrachem operates as a comprehensive one-stop shop for all explosive products and blasting solutions. By offering a diverse and complete range of products and services, the company eliminates the need for customers to source from multiple suppliers, streamlining their procurement processes and improving logistics costs.”
