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Zimbabwe gold buying prices/ gram 2 April 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 2 April 2024.

SG 90% AND ABOVE US$67.27/g
SG ABOVE 85% BUT BELOW 90% US$66.56g
SG ABOVE 80% BUT BELOW 85% US$65.85/g
SG ABOVE 75% BUT BELOW 80% US$65.14/g
SAMPLE BELOW 10g BUT ABOVE 5g US$64.07/g

Fire Assay CASH $67.63/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.

Emilia Chisango Appointed as Independent Non-Executive Director of Zimplats

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Zimbabwe’s biggest miner, Zimplats has announced the appointment of Mrs. Emilia Chisango as an independent non-executive director of the Company, effective from 1st April 2024.

In a statement, the company said Mrs. Chisango brings with her a wealth of experience and expertise in the fields of finance, accounting, and corporate governance.

A Chartered Accountant (Zimbabwe) by profession, Mrs. Chisango holds a Bachelor of Accountancy Honours degree, along with a Certificate of Theory in Accounting. Her illustrious career spans over two decades, notably at KPMG, where she served for 21 years and rose to the position of partner in 2001. During her tenure at KPMG, she held the esteemed position of head of Internal Audit, Risk, and Compliance Services, showcasing her proficiency in navigating complex financial landscapes and ensuring regulatory compliance.

In 2015, Mrs. Chisango embarked on a new chapter of her career by joining Econet Wireless Zimbabwe Limited as the Group Chief Finance Officer. Her strategic financial acumen and leadership capabilities were instrumental in steering the company through various financial challenges and opportunities. In November 2018, she assumed the role of Group Finance Director at Cassava Smartech Zimbabwe Limited, where she continued to demonstrate her exceptional financial stewardship until February 2021.

Mrs. Chisango’s dedication to excellence extends beyond her executive roles, as she currently serves as a non-executive director of NMB Bank Limited and Econet Lesotho Limited. Her commitment to fostering financial transparency, accountability, and sustainable growth underscores her reputation as a trusted leader in the corporate arena.

Gold Hits Record High

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Gold miners will be smiling all the way to the bank as gold prices surged to unprecedented levels, due to a combination of factors that underscored the metal’s status as a safe-haven asset.

This is good news for primary producers and over 500 000 Artisanal and small-scale miners that contribute an annual average of 60% of the total gold deliveries to Fidelity Gold Refinery (FGR) the country’s sole gold buyer.

The catalyst for this surge was a softer-than-expected U.S. inflation reading, which solidified market expectations of an imminent interest rate cut by the Federal Reserve of America.

At 0529 GMT, spot gold was trading at $2,258.12 per ounce, marking a significant 1.2% increase from previous levels. During the session, it reached an all-time high of $2,265.49, underlining the strong investor appetite for the precious metal. Con-currently, U.S. gold futures rose by 1.8% to $2,279.10, reflecting similar bullish sentiment in the futures market.

The surge in gold prices can be attributed to the growing anticipation that the Federal Reserve will implement its first interest rate cut of the year in June. This sentiment gained traction following the release of U.S. inflation data that fell below market expectations. Lower inflation typically signals a dovish stance by central banks, as they seek to stimulate economic growth by reducing borrowing costs. Consequently, investors turned to gold as a hedge against potential economic uncertainty and currency depreciation.

The record-breaking rally in gold also reflects broader market concerns regarding geopolitical tensions and trade disputes. Amidst these uncertainties, investors traditionally seek refuge in assets perceived as safe havens, with gold being the foremost choice due to its historical resilience during times of crisis.

Currently commodity prices are soften leading to job cuts and in some instances mine closures. For the first time in more than a decade, in 2023 gold generated more foreign currency than platinum in Zimbabwe.

Zim Geomatallurgist discovers R450 billion “Invisible gold”

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Obtaining a PhD at 26 is already a massive achievement, but what makes Dr Steve Chingwaru‘s graduation from Stellenbosch University (SU) even more remarkable is his groundbreaking Geomatallurgy research that has garnered interest from mining companies around the globe.

Chingwaru has uncovered what is potentially the world’s largest invisible gold resource.

Originally from Zimbabwe and growing up in Johannesburg with his aunt, the gifted Geometallurgist has mining in his blood. Chingwaru is the grandson of the legendary prospector George Nolan who discovered lithium in Zimbabwe and even wrote a book, Road to Lithium Lodge, about his adventures looking for precious metals in the wilderness of what was then southern Rhodesia.

Although his grandfather lost most of his fortune, Chingwaru’s future looks bright. His findings could help unlock gold to the value of R450 billion that is hiding in plain sight within the unsightly mine dumps around Johannesburg.

Uncovering a hidden gold mine

Historical mine waste from the Witwatersrand called tailings, contains over six billion tonnes of material with significant gold content, Chingwaru explains. The research for his Master’s degree, which was upgraded to a PhD along the way, aimed to calculate and characterise these gold reserves. He also explored ways to extract the gold efficiently while addressing environmental concerns related to the tailings, such as the release of acid mine drainage due to pyrite oxidation.

“Invisible gold” – minuscule particles locked inside other minerals – is nothing new. But Chingwaru is the first scholar to calculate that the six billion tons of tailings around Johannesburg’s mines contain up to 460 tons of gold.

“Historically, the low concentration of gold inside tailings was considered too low grade to be of value. But now that extensive mining has depleted most of the high-grade concentration of gold, it’s becoming unfeasible to mine – some shafts are already reaching 4 km underground. Looking for gold in low-concentration sources is becoming more viable,” Chingwaru notes.

Some big mining companies have started to process the tailings to extract the leftover gold, but the traditional way of extraction through cyanide is not very effective and also damaging to the environment, Chingwaru points out. “Typically, they manage to extract just 30% of the gold through this process. So, in my PhD research, I asked where the remaining 70% is and how it can be safely removed from the pyrite.”

As a child growing up in Alberton, Chingwaru thought the mine dumps were just a natural feature of Joburg. “When it was windy in August, the dust would turn everything in our house orange,” he remembers. Having now analysed samples from tailing dumps in Carletonville, Central Rand, Evander and Klerksdorp Goldfields, Chingwaru knows the nuisance he experienced in his youth is extremely dangerous for the environment and humans.

“When sulphides become oxidised, they produce sulphuric acid, and when that goes into the groundwater, it increases the mobility of several toxic elements. It’s a big problem in some parts of Johannesburg where they’re scared that their groundwater is becoming polluted by tailings-related acid mine drainage. That’s why I’m passionate about highlighting the economic potential, as well as the environmental benefits of reprocessing tailings dumps efficiently.

“If you process the pyrite, you are taking out the key cause of acid mine drainage, plus you’re getting economic value from it. The process has the potential to recover additional valuable byproducts such as copper, cobalt and nickel, and reduce or even eliminate the heavy metal pollution and acid mine drainage associated with tailings dumping,” Chingwaru says.

Academic acclaim

In his short scholarly career, Chingwaru has become somewhat of a celebrity academic. His research has been published in top industry journals such as Mineral Processing and Extractive Metallurgy Review and Minerals Engineering and he’s been featured in news media and radio shows. At the end of last year, he was invited to a meeting hosted by the Public Protector in Johannesburg to discuss the environmental impact of illegal mining.

When Chingwaru presented his work at a conference of the Prospectors and Developers Association of Canada, his research was voted the third best at the world’s largest international conference on minerals exploration and investment.

Chingwaru credits his supervisors, Dr Bjorn von der Heyden from the Department of Earth Sciences, and Dr Margreth Tadie from the Department of Process Engineering, for inspiring and guiding him to greater heights. “I’m extremely grateful that they pushed and encouraged me to think big. They gave me free rein to follow my instincts.” They are co-authors of his recent article “An underexploited invisible gold resource in the Archean sulphides of the Witwatersrand tailings dumps”, published in the prestigious journal Nature Scientific Reports.

During his time at SU, the Department of Earth Sciences became his second home, Chingwaru says. “My lecturers and fellow students are the most welcoming people I’ve ever encountered. They became like family. I made friends for life in Stellenbosch.”

Future plans

With his PhD in the bag, Chingwaru is considering different employment options, but his first choice would be to join Prof Anita Parbhakar-Fox at the Institute of Sustainable Minerals in Australia. Alternatively, he would consider going to Germany to join the Helmholtz Institute Freiberg for Resource Technology where there are excellent facilities to study mining waste.

With his sister and mom still living in Zimbabwe, Chingwaru says he never wants to lose touch with his roots. “I’m very proudly African, I love this continent to bits and I’m always encouraging people to come here. There are brilliant scientists in Africa, we’re just not bringing out the full potential of our brightest minds. It’s high time that Africans make discoveries that benefit us all.”

Talking about his difficult childhood, Chingwaru says his early struggles taught him to be goal-orientated and resilient. “When I stayed with my auntie, life was very, very hard. My dad had died before I was born and my mom struggled to raise three kids. From an early age, I knew I had to set goals and have a plan to overcome poverty. As I got older and more interested in science, I realised material things are nice, but it’s more worthwhile to strive for discovery. That’s what motivates me – the adventure of scientific discovery.”

When he was in matric, Chingwaru decided to retrace his grandfather’s footsteps to visit Lithium Lodge in Zimbabwe. “My grandfather was a very colourful character. Going back in his footsteps to where he discovered the Bikita pegmatites, one of the biggest deposits of lithium in Africa, was a journey of self-discovery. The area was bombed during the Civil War, so there is very little left of the original infrastructure. The house is overgrown, all you can see is the ruins. People there were very amused to meet the grandson of the famous prospector. I think that piqued my curiosity to go into earth science.”

Source: sun.ac.za

Gold buying prices per gram 28 March 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 28 March 2024.

SG 90% AND ABOVE US$66.61/g
SG ABOVE 85% BUT BELOW 90% US$65.91g
SG ABOVE 80% BUT BELOW 85% US$65.20/g
SG ABOVE 75% BUT BELOW 80% US$64.50/g
SAMPLE BELOW 10g BUT ABOVE 5g US$63.44/g

Fire Assay CASH $66.97/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.

Kuda Tagwirei completely out of Kuvimba – Cross

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Economist and President Mnangagwa advisor Eddie Cross has said business mogul Kudakwashe Tagwirei left Zimbabwe’s biggest mining company Kuvimba Mining House (KMH).

In an interview with a local daily, Cross revealed that Kuda’s journey began with the fuel business, where he capitalized on sales and eventually secured a substantial share in the Zimbabwe-Mozambique fuel pipeline.

Cross said Tagwirei made considerable profits from these ventures, allowing him to diversify his portfolio into various properties and investments.

Cross said Tagwirei made a strategic decision to channel his wealth into Kuvimba, a burgeoning enterprise with seven mines on its portfolio. Investing heavily in Kuvimba, Kuda played a pivotal role in its development and success.

“Kuda was Kuvimba. He took all the money he got from the fuel business, disposing of the sales, putting the pipeline back to NOIC because he had 50 per cent shares of the pipeline and NOIC bought him out. He made a lot of money and bought a lot of properties and put it into Kuvimba. Now Kuvimba has been taken over by the National Wealth Fund (Mutapa Fund),” Eddie Cross said in the interview.

Kuvimba has since undergone a significant transformation, being taken over by the National Wealth Fund, also known as the Mutapa Fund.

Tagwirei’s investment into Kuvimba has seen the rise of the Shamva gold mine located 90km northeast of Harare.

However, the company now faces a daunting task at some of its mines namely Bindura Nickel, Sandawana (Lithium) and Great Dyke Investments (Platinum) due to plummeting commodity prices.

This has led to the company releasing hundreds of workers from its promising ventures such as Sandawana.

Lithium prices are down more than 80% from their 2022 peak, due to low demand, prices of palladium and platinum fell by 40% and 15% in 2023.

While many are sceptical of why commodity prices are falling, the simple explanation is Supply has outgrown demand.

Companies Investing in Muzarabani-Mbire Should Think Beyond Oil and Gas Extraction

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While reports indicate that companies have initiated a rush for land in Mbire in anticipation of the economic activities expected to be brought by oil and gas extraction in the area, Natural Resource Governance expert Tapuwa Nhachi believes that the companies must plan for long-term sustainability beyond the extraction phase.

Speaking to Mining Zimbabwe, Nhachi said investing in land in an area where the economic feasibility of oil and gas extraction is yet to be determined poses risks for individuals and companies from other communities. The uncertainty surrounding the project’s future, especially amid a green revolution and growing environmental concerns, raises questions about the sustainability of such investments.

“If a town is established as a result of oil and gas exploration, it is crucial to plan for long-term sustainability beyond the extraction phase. To ensure continuity and avoid the pitfalls experienced by towns like Mashava and Mhangura after resource depletion, the following measures should be considered:

Diversification of the Economy: Encourage economic diversification by investing in industries beyond oil and gas to create a resilient local economy that can thrive even after resource extraction ceases.

Infrastructure Development: Key infrastructure development should not only focus on mining-related structures but also on developing sustainable infrastructure such as schools, hospitals, roads, and utilities to support the community’s long-term needs beyond the lifespan of the oil and gas project.

Environmental Conservation: Implement strict environmental regulations to mitigate the impact of oil and gas extraction on the environment and promote sustainable practices to protect natural resources for future generations.

All this should be done through encompassing community engagement by involving local communities in decision-making processes, prioritizing local employment opportunities, and investing in skills development to ensure that residents benefit from the project and are equipped for post-extraction livelihoods,” Nhachi said.

Mbire Rural District Council chief executive officer, Cladius Majaya, stated that the local authority would not deviate from its original development project, emphasizing that the oil/gas project must fit into the existing plan.

He acknowledged the discovery of gas in the province had put the area in the limelight and in a perfect position to receive increased investment.

Majaya was responding to questions about whether the local authority would consider development around the project site, which would also require extensive relocation of locals already settled in the vicinity of that project.

The district, Majaya said, already had approved layout plans for their development, while one for Angwa, a few kilometres from Mbire along the way to Kanyemba Border Post, was awaiting approval by the Government. The Government is also working on the master plan for the planned border town of Kanyemba, which lies on the border with Zambia and Mozambique.

As part of the ambitious development plans for the province, the local construction firm Exodus & Company was contracted to develop a tarmac highway from Mahuwe, with more than 15 kilometres already completed. A further 24 kilometres are scheduled to be developed this year, which will take the full stretch of the highway a few kilometres from Mushumbi and 277 km from Harare.

According to Majaya, Mbire plans to turn Kanyemba, which lies on the precinct of the mighty Zambezi River, into the ‘second Victoria Falls’, amid high demand for land, the bulk of which has sold out on the Zambezi Riverfront, while land for holiday homes and residential stands has also sold like hotcakes. This comes as the Government, Majaya pointed out, has since directed all rural local authorities to come up with layout plans for their locations.

Majaya said the Mbire local authority started responding to strong interest for land in the district sometime back when exploration by Mobil confirmed the existence of gas deposits, which at the time did not have a huge market.

“In as much as we were marketing the district on that basis, no one was interested because there was no, sort of, national pronouncement. So, we have started responding both to the gas issue and even to the Kanyemba issue. “We have a layout plan that is at some stage, that we have sent to the Government for approval, which we expect to absorb the pressure of demand for land in the district that will arise due to Kanyemba and the gas project.

“We are also doing the same for Mushumbi; we are also doing the same for Mahuwe.

“What we wanted to avoid was a situation where we develop new towns anchored, say, on the gas project (or any other in-demand mineral),” he said.

He said history showed towns developed on the strength of a particular resource quickly degenerated into ghost towns while workers lost jobs once the resources got exhausted or prices plunged.

“What we need to do is that the existing areas that are already there before the coming of the gas project, are the ones we will simply expand. Examples of towns that turned into pale shadows of their former glory due to either metal prices going down or the resource mining out include Mhangura (gold), Penhalonga (gold), Mashava (asbestos), Redliff (iron ore), Trojan (nickel), Patchway (gold), Chakari (gold) and Alaska (copper) and Mutorashanga (chrome), among others.

“There now is that (surge in demand for land); already we have a meeting to respond to the calls. We have already received inquiries and visits from developers; we interviewed others recently.

“We have set up a committee where we interview those that are interested every Wednesday; others want (to establish infrastructure to tap into the gas supply.

“What the province has advised is that we should not do piecemeal development. We need to do it wholesomely to say instead of saying one wants 60 hectares and we give them, another wants 30 hectares and we give them; the other wants 10 hectares and we give them; they should be feeding into our plans.

“We have sent layout plans for approval. If one wants to develop 60 stands, we are simply going to say this is the area you can develop; if someone wants to do a shopping mall, we will say, ‘This is the area for a shopping mall’.

“There is nothing we are doing specifically in response to the gas project. If Invictus itself wants lands, we will give them in Mahuwe, we will give them in Mushumbi,” Majaya said.

ZIMSHEC and ActionAid vow to bring sanity to ASM

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The Zimbabwe Mining Safety Health and Environmental Council (ZIMSHEC), in partnership with ActionAid Zimbabwe, is ready to implement strategies critical for sustainable and responsible mining in the artisanal and small-scale mining (ASM) sector to ensure future communities benefit as well as ensure that the environment and human capital are in a healthy state.

Artisanal and small-scale mining, or ASM, in Zimbabwe, is a largely semi-formal economic sector that includes individuals and/ or companies who use basic tools to extract gold and gemstones to vital metals such as cobalt, chrome, tin, tungsten, and tantalum, from the belly of the earth.

Speaking to Mining Zimbabwe on the sidelines of the National Launch of The Action Aid’s Zimbabwe Accountability and Citizen Engagement Management (ZIMACE) Programme to promote sustainable environmental management in the mining sector held at Rainbow Towers Hotel in Harare on Wednesday, ZIMSHEC Executive Director Mr Makumba Nyenje said the launch of ZIMACE was going to bring transparency and accountability in the ASM industry with ZIMSHEC going to ensure that miners are empowered with adequate knowledge on how to preserve the environment.

Nyenje said the ZIMACE has received a buy-in from all the major stakeholders in the mining industry including mining associations, environmental sustainability associations, government agencies, and the Parliament of Zimbabwe.

“The aim is to promote responsible sourcing vis-à-vis respect for environmental protection. Mining can be done, and mining can take place, but after mining, what comes? We should always leave a good legacy to the mining communities after mining, after the exploitation of minerals. So basically, today’s activity has been to get buy-in from all the key stakeholders who have something to do with mining. So, yeah, we have got very good recommendations from key stakeholders. Parliament included the Parliamentary Portfolio Committee on Mines, as well as the Portfolio Committee on Environment. We also had other key stakeholders by way of agencies like the Environmental Management Agency (EMA), we had Forestry Commission, we also had ZINWA, all of these people have direct bearing or have some policies and statutory instruments which they use to monitor mining activities when it comes to environmental protection,” Nyenje said.

Action Aid Zimbabwe under this project works on the premise that environmental management challenges continue to undermine community development.

The organization is aware that there is a need to ensure that mining corporations are compliant, transparent, and accountable for ZIMSHEC to achieve good environmental governance on the ground. This can help Zimbabwe to maximize benefits in terms of pricing.

“If our minerals are extracted in a manner that satisfies the international markets whilst adhering to internationally accepted standards and free from negative tags such as conflict minerals or irresponsibly sourced minerals in any manner, then we benefit more. The market has become alive to responsibly sourced minerals and these determine the market attitude and eventually the price,” the organization said.

Action Aid Zimbabwe and ZIMSHEC strongly believe that establishing collaborative alliances and working towards strengthened partnerships between government stakeholders, communities, corporates, and artisanal (ASMers) and small-scale (SSMers) miners can influence positive policy reforms and, in the process, strengthen the capacity of all these stakeholders aimed at promoting sustainable environmental practices in Zimbabwe’s mining sector.

Muzarabani’s Rich Gas Condensate Discovery to Enable Low-Cost Early Monetisation Development

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Invictus Energy, an oil and gas exploration company listed on the Australian Stock Exchange, has confirmed a rich gas-condensate discovery in Muzarabani following compositional analysis of additional downhole fluid samples. The company aims to pursue a low-cost early monetization development strategy with minimal gas processing at the surface.

According to Scott McMillan, the company’s Managing Director, the gas-condensate composition results have surpassed Invictus’ pre-drill expectations, revealing high-quality, liquids-rich gas with low inert content in both Mukuyu wells. This discovery allows the company to target a low-cost early monetization development approach with minimal gas processing at the surface from the Mukuyu field.

McMillan noted that samples from Mukuyu-2 indicate a condensate gas ratio (CGR) estimated between 10-25 barrels per million standard cubic feet of gas, along with 50-60° API gravity condensate.

“We are extremely pleased with the results from the additional downhole reservoir fluid sample analysis, which confirms a significant rich gas-condensate discovery at Mukuyu and positions the company for continued success in Mukuyu and the Upper and Lower Angwa geological trend,” said McMillan.

“The samples demonstrate a consistent, high-quality natural gas composition, with low inert content—less than 2% CO2 and no H2S—which will require minimal processing for sale,” he added.

McMillan further highlighted the presence of light oil in the Upper Angwa and potentially Dande formation, indicating multiple hydrocarbon source rocks and charge events.

“The hydrocarbons present in the Mukuyu gas-condensate field appear, from initial analyses, to have been generated and expelled from both local source rock intervals within the massive Mukuyu structure and also migrated from other source rock-rich areas off-structure. These results bode well for the presence of hydrocarbons in the prospects and leads in the remainder of the Company’s acreage, which has been de-risked by the Mukuyu gas-condensate discovery,” McMillan concluded.

Tough times ahead – Chamber Predicts Continued Softening of Commodity Prices

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The Chamber of Mines of Zimbabwe (CoMZ) has forecasted that the challenges faced by the mining industry due to the softening of certain platinum group metals (PGM) will persist over the next 12 months and beyond.

In a statement, CoMZ highlighted concerns regarding weak demand and the potential long-term decline in PGM prices over the next 12 months.

“We anticipate the PGM market to remain weak in the next 12 months,” the CoMZ said.

According to the Chamber of Mines, the government of Zimbabwe should intervene and assist in reducing costs, specifically in areas such as electricity tariffs and taxes.

“The industry is calling upon the Government to intervene and assist in reducing costs, specifically in areas including electricity tariffs and fiscal charges, to minimize mine closures and ensure that mining companies survive this difficult period,” stated CoMZ.

The downturn is expected to lead to the suspension of some capital projects and deter investment in new projects and exploration activities, further dampening prospects for the PGM sector.

To mitigate the impact of low prices, mining companies have implemented measures to manage production costs, including improving efficiencies and deferring capital projects. Companies also plan to increase production to offset revenue losses resulting from low commodity prices.

However, these initiatives have proven insufficient to restore the viability of operations, and some mining companies are now reducing their workforce to supplement these measures.

About Chamber of Mines of Zimbabwe

The Chamber of Mines Zimbabwe (COMZ) is a private-sector voluntary organization established in 1939 by an Act of Parliament. The members include mining companies, suppliers of machinery, spare parts, and chemicals, service providers including banks, insurance companies, consulting engineers, and various mining-related professional bodies and individuals.