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Softening mineral prices affect export receipts by 9%

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Softening mineral prices affect export receipts by 9%

The decline in global mineral commodity prices has resulted in a 9% decrease in export receipts during the first nine months of 2023 compared to the same period in 2022.

Rudairo Mapuranga

According to the Reserve Bank of Zimbabwe (RBZ) through a press statement released on Tuesday titled “Resolutions of the Monetary Policy Committee (MPC) Meeting Held on 23 October  2023” prices of minerals such as platinum, lithium and nickel have been declining negatively affecting export receipts in the economy.

The Reserve Bank said the country’s foreign currency generation thereby fell by 9 per cent over the nine months to September 2023, from US$4.5 billion during the comparable period in 2022 to US$3.6 billion.

“Due to the negative developments in the global economy, prices for most mineral commodities including platinum, nickel and lithium have been declining, negatively affecting export receipts in the economy. As a result, export receipts, which are the main source of foreign currency for both the wholesale and retail foreign exchange auctions and for servicing the country’s foreign commitments, fell by 9% over the nine months to September 2023, from US$4.5 billion during the comparable period in 2022 to US$3.6 billion.

“Considering. the emerging global risks and the need to keep the exchange rate and inflation expectations anchored to support economic growth, the MPC made the following resolutions:

Interest rates

With immediate effect, the Bank Policy rate has been reduced from 150% to 130% per annum and the medium-term Bank Accommodation (MBA) interest rate for the productive sectors including individuals and MSMEs will be maintained at 75% per annum.

Foreign Currency Retentions

With effect from 1 November, foreign currency retentions on exports shall be standardised at the level of 75% across all sectors of the economy and all special dispensations granted to some sectors of the economy shall be removed. The net effect of this measure is to increase foreign exchange resources available to the Bank and Government to  meet foreign exchange requirements for the settlement of national and international obligations.

 Promotion of No-Frills (Low-Cost) bank accounts

Financial institutions are encouraged to scale up financial inclusion through the opening of Moreno-frills (low-cost) accounts. This measure will promote more usage of banking services and financial products, including increased use of bank cards, digital financial services and other cash-lite means of payments in the economy. In order to complement efforts to formalise the economy and to give more impetus to the use of non-cash-based means of payment in the economy, it is recommended that Government considers removing Intermediated Money Transfer Tax(IMTT) on transactions that are intermediated through plastic bank cards and other digital platforms.

Trading Margins

In order to support the continuous fine-tuning and further liberalisation of the foreign exchange market, with a view to guaranteeing and safe guarding exchange rate stability, it is recommended that the limit of 10% trading margin above the interbank rate be removed.

Zimbabwe Gold (ZiG)

Since its introduction as a medium of exchange on 5 October 2023, the use of ZiG has been embraced widely in the economy and its continued dual use as a value preserving instrument and a medium of exchange in the economy will go a long way in supporting digitisation, financial inclusion and the overall stability of local currency.

The MPC will remain alert to attend to any emerging risks, emanating from both the domestic and international fronts, in its commitment to ensuring stability in the exchange rate and general price levels.

Unki production increases by 3 percent

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Unki production increases by 3 percent

Anglo-American Platinum (AMPLATS) platinum group metals (PGM) producer Unki Mine in Shurugwi recorded a 3 per cent increase in production during the quarter ended 30 September 2023 compared to the previous quarter ended 30 June 2023.

Rudairo Mapuranga

Unki PGM production during the third quarter of 2023 increased by 3 per cent to 60 500 ounces compared to 59 000 ounces produced during the second quarter of 2023. Unki also recorded a 1 per cent increase during the quarter compared to the third quarter of 2022 in which the mine accounted for 59 900 ounces.

Despite mining through higher internal waste areas, Unki Mine PGM production increased by 2 per cent during the first half year compared to the same period last year.

The mine’s total PGM production during the half year of 2023 was at 121 500 ounces compared to 119 600 ounces produced during the period 1 January to 30 June of 2022.

However, Unki PGM production decreased by 11 per cent to 59,000 ounces against 66,300 ounces produced during the comparable period of 2022. The decreased production was a result of mining through planned higher internal waste areas.

The PGM also took a 6 percent decrease during the second quarter of 2023 compared to the first quarter of 2023 where production was at 62 500 ounces.

Amplats total PGM production in Q3 2023 decreased by 2 per cent against the prior period (Q3 2022) to 1,029,600 ounces, with platinum production decreasing by 1 per cent to 475,900 ounces, and palladium production decreasing by 3 per cent to 314,800 ounces.

PGM production from own-managed mines

Total PGM production from own-managed mines decreased by 3 percent to 568,200 ounces primarily due to lower production from Mogalakwena and Amandelbult.

PGM production at Mogalakwena decreased by 5 per cent to 246,800 ounces. In line with guidance, we continued to mine lower grades at Mogalakwena which resulted in a 3 per cent reduction in 4E built-up head grade to 2.75g/t from 2.84g/t in Q3 2022.

PGM production from Amandelbult achieved a 25 per cent improvement against Q2 2023 which equates to a 4 per cent decrease to 184,900 ounces against the prior period which was driven primarily by continued lower available ore reserves as a result of poor ground conditions at Amandelbult’s Dishaba Mine. Improving ore reserve availability at Dishaba Lower remains a priority.

Unki and Mototolo PGM production increased by 1 per cent against the prior period.

PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)

Total PGM production from Joint Operations increased by 2 per cent to 195,000 ounces.

Total Modikwa PGM production increased by 5 per cent against the prior quarter to 79,200 ounces due to increased grades and recoveries.

Total Kroondal PGM production decreased by 1 percent to 115,800 ounces.

Purchases of PGM concentrate from third parties

Purchases of PGM concentrate (POC) from third parties of 266,300 ounces are in line with the prior period.

Prospect in significant discovery at Step Aside Lithium project

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Prospect in significant discovery at Step Aside Lithium project

Australia Stock Exchange-listed mining and exploration junior Prospect Resources has reported a significant discovery from the Phase 3 diamond drilling programme at its Step Aside Lithium Project in Goromonzi.

Rudairo Mapuranga

According to Prospect Resources, two scout drill holes (CDD055-056) targeting the new “WinBin” zone at Step Aside return wide intercepts of strongly mineralised pegmatite from shallow depths with CDD055 returning assays showing 23.08m @ 1.03% Li2O from 45m, including 11m @ 1.51%Li2O from 54m.

“Scout drilling in the area south of the Pegmatite Band Cdepositsreturned a 25.73m intersection of pegmatite (from a vertical depth of 36m) in angled diamond drill hole CDD055. Visual logging of the core from CDD055 showed strong lithium mineralisation with abundant coarse spodumene crystals evident. Assaying of this core has returned an interval of 23.08m @ 1.03% Li2O from 45m, including 11m @ 1.51% Li2O from 54m.

“Upon initial submission of this core for assay, a follow-up vertical drill hole, CDD056, was collared 2m to the west of CDD055 and drilled to ascertain an orientation of the newly discovered pegmatite. CDD056 intersected a similar, approximately 40m wide section of coarse-grained, spodumene mineralised pegmatite, commencing from 77.8m down hoe. This indicates a dip of approximately 60° to the west at this location,” Prospect said.

According to Prospect Resources Managing Director and CEO Sam Hosack Step Aside represents an exciting discovery in a zone that was targeted for scout drilling following identified Li-in-soil anomalism, strong proof of targeting methodology.

He said the current results potentially represent a feeder zone for the defined spodumene mineralisation identified further to the north during the earlier phases of drilling at Step Aside.

He said his company will Accelerate follow-up drilling as part of an expanded Phase 3 diamond drill programme comprising approx. 5,000m (currently just over 60% complete), with two rigs now on site.

“We are very excited by the potential of this new, buried pegmatite discovery at Step Aside. Prompt follow-up drilling of WinBin is underway and we look forward to rapidly increasing this new opportunity. I would like to congratulate the entire Prospect exploration team for their diligent work and perseverance in delivering this discovery, providing clear evidence of the success of our geochemical targeting and validation of our process,” Hosack said.

Four die in Mine collapse

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Four die in Mine collapse

Four miners died Friday following a mine shaft collapse at Kangela Mine in Mashonaland West.

Police confirmed the tragedy, saying the bodies have since been retrieved.

“The ZRP confirms a mine incident which occurred at Kangela Mine, D Troop area, Chikuti, Murereka on 20 October 2023 in which four people were killed when a mine shaft they were working in collapsed.

“The bodies were retrieved from the shaft by villagers and were taken to Chinhoyi Provincial Hospital mortuary for postmortem,” police said.

The incident follows another mine accident just under a month ago in which 10 illegal miners died in a shaft collapse at Bay Horse, a disused gold mine near Chegutu town.

Mine accidents are common in Zimbabwe as thousands of men mostly in their youthful ages risk life and limb to plunge in deep tunnels in search of precious minerals.

Most of the operations are illegal and are carried out using ordinary tools such as picks and shovels.

Raids were carried out by authorities in the past but the Zanu PF-led government, realising the potential revenue and political gain from the activities, later elevated them to the status of artisanal miners but a lot continue to die with no compensation in place.

Zimlive

Zimbabwe shifts diamond sales to Dubai

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Zimbabwe shifts diamond sales to Dubai

Zimbabwe’s biggest diamond producer has shifted almost all of its sales to Dubai, targeting cutters, polishers and traders and eliminating middlemen.

Zimbabwe Consolidated Diamond Co. has auctioned 4-million carats of stones so far this year in the emirate, up from 850 000 ct for the whole of 2022. The state-owned miner is targeting revenue of $1-billion by 2030, according to Sales and Marketing Manager Enock Moyo.

The switch in sales to Dubai comes amid a slump in global diamond prices. Buyers in India — the industry’s biggest customers for rough stones — have been putting pressure on the largest miners to rein in supply. Last month, Russian diamond giant Alrosa PJSC said it was halting all sales until November.

The Zimbabwean producer expects gem prices to firm up by early next year.

The UAE already ranks as the No. 3 export destination for Zimbabwe, after South Africa and China. It’s the biggest buyer of the nation’s gold and the second-largest buyer of tobacco.

ZCDC, located in the eastern district of Marange, is targeting output of 5.3-million carats this year, up from 4.3-million last year.

The company has also teamed up with Russia’s Alrosa to form a joint-venture that’s exploring for gems at Chimanimani and Mwenezi.

Mining Weekly

ZCDC targets to spend US$6 million in CSR

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ZCDC targets to spend US$6 million in CSR

The country’s biggest diamond producer the Zimbabwe Consolidated Diamond Company (ZCDC) has set a target of US$6 million as part of its corporate social responsibility in Manicaland, Manicaland Minister of State for Provincial Affairs and Devolution Hon Advocate M Mugadza said.

Rudairo Mapuranga

Speaking at the ZCDC Media Workshop today, Hon Mugadza applauded ZCDC for its contribution towards the improvement of health, education, and infrastructure in Manicaland as part of its CSR strategy.

“ZCDC has set a target of USD6 million as part of its Corporate social responsibility thus contributing towards the improvement of health, education, and infrastructure among others. The Sakubva Urban Renewal Project which the company had undertaken to partly finance is a key project which we are also looking forward to its completion. Allow me to encourage ZCDC leadership here present to continuously invest more towards uplifting livelihoods of the people of Manicaland and Zimbabwe at large through embarking on more initiatives which to support our communities,” Mugadza said.

Mugadza said ZCDC was contributing significantly towards job creation and various CSR programs as an initiative to give back to communities where it is extracting diamonds.

“Our mining companies including ZCDC are contributing significantly towards the provincial Gross Domestic Product. To date, I am proud that our state miner ZCDC has not only created employment for the people of Manicaland province but is also investing in various corporate social responsibility programmes to give back to the community and to support our national agenda of economic development,” Hon Adocate Mugadza.

Zimbabwe gold buying prices/ gram 18 October 2023

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Zimbabwe gold buying prices/ gram 18 October 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 18 October 2023.

SG 90% AND ABOVE US$58.58/g
SG ABOVE 85% BUT BELOW 90% US$57.96g
SG ABOVE 80% BUT BELOW 85% US$57.34/g
SG ABOVE 75% BUT BELOW 80% US$56.72/g
SAMPLE BELOW 10g BUT ABOVE 5g US$55.79/g
FIRE ASSAY CASH US$58.89/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 prices.

Surveyors urged to embrace technology

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Surveyors urged to embrace technology

The Ministry of Mines and Mining Development has urged the Association of Mines Surveyors of Zimbabwe (AMSZ) to embrace technology to ensure that the profession is not left behind with technological advancement which is fast becoming a determinism factor in every sector.

Rudairo Mapuranga

Speaking at the AMSZ Annual General Meeting and Conference in Victoria Falls last month the Ministry’s Chief Director of Technical Affairs, Mr Charles Simbarashe Tahwa said the survey industry should embrace technology so that they won’t be left behind.

“I noticed that we have companies that are here, that are coming, who also share with us, engage with us, network, showcase the various technologies that we have. Of course, today’s mine survey is an exact science. If we don’t embrace it, we will be as sure as the sun will rise tomorrow, we will be left behind. That’s the bad part of technology. You don’t embrace it; it turns around and goes, flows, and leaves you behind. So, we are seeing more and more inter-credit systems and applications that are coming. Things that make life easy. Unmanned aerial vehicles,” Tahwa said.

Tahwa said the AMSZ was supposed to transform their association into an institution that will direct and control the activities of mine surveying in Zimbabwe to ensure they remain relevant and up to date with the technology advancement.

He said the AMSZ should partner with institutions of higher and tertiary learning such as the Zimbabwe School of Mines (ZSM) to ensure that surveyors are up to date with new skills and technology of the industry.

“And perhaps look into transforming your association into a very good professional one. Because the demands will be there. There are lots of research areas that are available to you. Partner with special institutions. Partner with ZSM to do something. I get depressed when I get some calls from ZSM that we have so many students whom we have failed to attach. I understand. Big minds, they have a limited number and there are a lot of things that affect us. But when I look, when I take a step backwards, I notice that the demand for mining licenses, registrations and mines that are operating from small scale to that are increasing. So, is it true that we have limited the number of people, the number of places to place our students?” Tahwa added.

He said the AMSZ needs to come up with strategies that will make it relevant to the international community. Tahwa said the association needs to establish set standards that are acceptable to international groups seeking to monitor the activities of the mining industry. 

“And what are your strategies so that you are able, as a mining sector, to continue with an impact? Remember, there are a lot of pressures in terms of the extractive industry that come from a lot of countries. Be strategic. Build your brand. And influence the change by making necessary policy, technical, and administrative recommendations. The Ministry is there with open arms to accept, engage you, engage with you, so that we have a better sector” the Chief Director said.

Kuvimba mental health awareness to reduce LTI, increase production

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Kuvimba mental health awareness to reduce LTI, increase production

In an endeavour to ensure that its mines increase production and reach set targets, reduce Lost time injuries and fatalities as well as improve the mental well-being of its employees, Kuvimba Mining House (KMH) last week launched the Mental Wellness Beyond Generations which will see the company addressing mental health issues for its workers.

Rudairo Mapuranga

Mental health includes emotional, psychological, and social well-being. It affects how people think, feel, and act. It also helps determine how one handles stress, relates to others, and makes healthy choices.

Kuvimba said it believes that what is often overlooked among the legitimate concerns about physical risks, is that mining is also one of the most mentally taxing professions which require employers to address issues of mental health.

According to KMH Compliance Officer Amanda Mudzingwa, there are a number of mental health problems unique to mining, whose cause is directly influenced by the work involved, therefore, it becomes important for mining firms to create mental health facilities at the workplace to ensure these issues are addressed.

“We are talking about the importance of mental health in the workplace, every employee is someone who comes somewhere there is something going on, either its depression, either there is illness, either there is grief. So we are here saying let’s recognise that every individual may have something going on. We are therefore here to say let’s take time to deal with our mental health. The workplace should start creating mental health facilities to ensure these issues are addressed,” Mudzingwa said.

Shandawana Mines Safety Health and Environment Quality (SHEQ) Superintendent Cecilia Mashingaidze said mental health problems, like fatigue and sleep deprivation, can decrease the focus and attention to tasks and augment the risks of accidents.

“This is a very important day for us as SHEQ because we believe that the wellness and safety of our employees is very fundamental to productivity because if employees are healthy and well interms of their mental and physical abilities they are able to focus on their work. Employee wellness is very important to us because it helps the workers to focus on work thereby be well aware of the hazards associated with their work,” Mashingaidze said.

According to Zimalloys General Manager Mr Dereck Dube, “Mental Health is something that is not just affecting us monthly or weekly but something that is affecting us every day. As Kuvimba we have seen it fit to launch this initiative to be able to raise the awareness that is needed to say that mental health is very important for us as a ground. We want to create a space where people are comfortable sharing their mental health issues. Behind the targets and machines are people so we want their minds to be ready and suited for the job,” he said.

Zimbabwe gold buying prices/ gram 16 October 2023

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Zimbabwe gold buying prices/ gram 16 October 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 16 October 2023.

SG 90% AND ABOVE US$58.00/g
SG ABOVE 85% BUT BELOW 90% US$57.39g
SG ABOVE 80% BUT BELOW 85% US$56.77/g
SG ABOVE 75% BUT BELOW 80% US$56.16/g
SAMPLE BELOW 10g BUT ABOVE 5g US$55.24/g
FIRE ASSAY CASH US$58.31/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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