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Zimbabwe gold buying prices 8 September 2023

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Fidelity Gold Refinery (FGR) official gold buying prices. See the Zimbabwe gold buying prices today 8 September 2023.

SG 90% AND ABOVE US$58.28/g
SG ABOVE 85% BUT BELOW 90% US$57.66/g
SG ABOVE 80% BUT BELOW 85% US$57.05/g
SG ABOVE 75% BUT BELOW 80% US$56.43/g
SAMPLE BELOW 10g BUT ABOVE 5g US$55.50/g
FIRE ASSAY CASH US$58.59/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.

Green Transition: ASM should not be left behind

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As the world is moving towards the adoption of a green energy future, the Artisanal and small-scale mining (ASM) sector should not be left behind in terms of getting access to mining fossil fuels and participation in green energy minerals such as lithium, copper, nickel and other minerals that are essential for non-carbon emission future.

Rudairo Mapuranga

While the Transition to green energy is essential to combat climate change, fossil fuels should not be abandoned but exploited while the demand and market for them is still huge.

Recently Zimbabwe discovered a huge potential for oil and natural gas with the country also rich in coal with over 600 million tonnes of proven resource.

Despite climate change activists calling third world countries’ investment in fossil fuel to cease if there is any chance of limiting global warming to 1.5 degrees Celsius, the point beyond which climate impacts are expected to worsen significantly. Experts have been calling for third-world countries to exploit their fossil fuels to fund the adoption of green energy. They believe that third-world countries are not yet ready at the moment to go green as this would leave the government coffers with a very huge debt therefore what needed to be done was to exploit the fossil fuel at their disposal to fund green energy.

This therefore means that Zimbabwe should accelerate its fossil fuel exploitation for it to be able to fund the green energy future therefore the ASM should be part of the exploitation of coal and other minerals that are deemed a hazard to climate.

Individuals within the ASM sector must be involved throughout the green energy revolution process to ensure changes are in tune with realities on the ground at the same time ensuring that small players adopt future technologies in mining.

To create long-term sustainable ASM green energy strategies, a number of things need to be considered. These include creating a platform for positive and regular dialogue between ASM stakeholders and government to provide a conduit for consultation on changes, informing dialogue based on research on mining communities and establishing a co-created roadmap outlining interventions with input from various stakeholders, including non-mining ones, at all levels.

The Mines and Minerals Act states that, the rights to explore and mine coal, mineral oils or natural gases may only be acquired under special grants which are issued in two phases namely, the exploration stage and mining stage. It is expensive for small players to get a special grant for coal mining. Experts have therefore been calling for the government to relax this law to ensure the ASM are partly empowered to extract fossil fuels such as coal.

According to mineral economic expert Mr Lyman Mlambo the ASM should be empowered to be part of the green transition before fossil fuels are phased out completely from the market. He said the resource should be extracted so that it will not be left useless for future generations.

 

“The discovery of gas amidst the thrust towards greener technology isn’t an issue at all for a number of reasons:

  • We still have more than two decades, perhaps more than 3 decades, before fossil fuel can be phased out completely from the market, so the strategy is to accelerate our exploitation while demand is still there – remember a resource is a resource because there is demand for it;
  • these resources belong to both this generation and the next generations right now when they still got value, we don’t want to leave something useless to the next generations when we had the opportunity to convert it into income before it became obsolete;
  • there are many countries whose economies are dependent on fossil fuel and wars are actually still being fought today for that resource, so the world is still so much interested in it;
  • we can actually use the proceeds from fossil fuel to fund the development of cleaner and greener energy – that happens to be one of the wisest things to do;
  • another is to invest in offshore investments that can earn interest for the country in forex and the fund can expand overtime to catalyse the long-term development of Zimbabwe;
  • an interesting thing to note is that the global north is the one with the capital that is being invested into fossil fuel in the global south, especially in Africa – that should tell you something – where is Invictus Energy based?;
  • Zimbabwe needs energy NOW to meet its current energy deficits.” Mlambo said.

It is expected that the production of minerals such as graphite, lithium, and cobalt could increase by nearly 500% by 2050 to facilitate the transition to net zero. Certain minerals have already seen a significant jump in production, such as lithium, where production has risen from 28,100 tonnes in 2010 to an estimated global total of 82,000 tonnes in 2020.

As the production and use of these metals and minerals proliferate, the importance of a circular supply chain will become more apparent, as most renewable and low-carbon technology uses recoverable metals. This offers the opportunity for the recycling and re-purpose of technology such as electric vehicles (EV) at the end of their operating life.

The effectiveness of mining Closure plans

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Sudden closure or closing of Mines without a proper closure strategy can bring about a host of challenges to stakeholders and communities which includes but are not limited to a rise in poverty, deterioration of living standards, increase in outward migration, emergence of crime and diseases, decline in the provision of services, reduction in employment opportunities in the mine and second-order employment, loss of foreign exchange and limited money circulation.

Rudairo Mapuranga

Closure plan development includes in-house specialists such as senior management, mine engineering, environment, external affairs, legal and financial staff. This internal team, frequently led by consulting specialists to assist in “workshopping” the risks and opportunities presented by integrated closure planning, can come out of the closure planning process with stronger working relationships and a better understanding of the business.

Mine closure planning involves planning effectively for the after-mining landscape that is all activities required before, during, and after the operating life of a mine that is needed to produce an acceptable landscape economically.

Increasing public expectations for environmental protection and the increasing value of the natural environment as recreational space will continue to drive regulatory requirements and mining practices in the future. Mine closure planning has been and in many cases still is, left until near the end-of-mine life, often leaving little time, financial provision and/or resources for effective closure planning and decommissioning. This has resulted in many Mines in Zimbabwe shutting down and leaving a lot to be desired for the communities involved. Mining town such as Shurungwi, Mashava and Mvuma are perfect examples of poor mining closure towns.

Although it is not easy to specify when the closure of the mine should occur (since this decision is influenced by several factors such as the market price of the metal or the cost of mining), all mines benefit from having a closure plan that is fully integrated and updated in the general business plan, that assumes a realistic cost and that establishes the time to run it.

The Shutdown of Mines like Shabane Mines, Mashava Mines, Mhangura Mines, and ZISCO among others brought above negative effects to the growing towns which included deteriorating infrastructure and the end of sporting activities. Currently, Gaths Mine Stadium which used to be one of the best stadia in the country has deteriorated due to the closure of Gaths Mine and King Mine in Mashava.

To deal with such challenges caused by mining closure, Mine closure planning has to be done at the starting point of the mining operations and needs periodic review and revision during its life cycle to cope with the market due to geotechnical constraints, safety and economic risks, social and environmental challenges.

Social and economic benefits of a comprehensive closure plan

The social and economic benefits of closing a mine are usually significant and underline the importance of early preparation. A wide variety of alternative uses for mined lands is available including adapting post-closure landscapes for forestry, agriculture or wildlife habitat, or use of land for recreational purposes. Some post-closure land uses have the possibility of generating economic benefits which could potentially facilitate transfer of the site to a third party once closed or provide for ongoing post-closure operating and maintenance costs.

Gaths Mine which use to be one of the biggest asbestos producers is now housing Great Zimbabwe University (GZU) Arts and Commerce campuses. If a relative plan was in place for the closure of the mine, one of the infrastructures that are now useless for example Gaths Mine Stadia could still be in use and will have been developed for University sports.

Closure strategy at Zimbabwe Iron and Steel Company (Zisco)

To ensure that stakeholders are not going to be affected by the closure of their mine and Mining value chain business as was the case from the period 2008 when the company shut down due to different reasons. Zisco is planning to develop a comprehensive closure strategy that will see through all problems created by a sudden shutdown of the mining value chain company.

Speaking to the media on the sidelines of the ZISCO Steel media tour in Redcliff last month, the company body Chairman Engineer Martin Manuhwa said his company was working to establish a strategic and comprehensive closure plan that will ensure that stakeholders are not affected by an unplanned closure.

“Our approach is from cradle to cradle, so as we design the new systems, we must also have a demolition plan and recycling plan. As Zisco we believe in the circular economy where most of the scrap is recycled. There will be no waste as we go forward, we really believe in the circular plan and we will make a strategic and comprehensive closure plan after the feasibility study to ensure that mine closure minimally affects stakeholders,” Engineer Manuhwa said.

Engineer Martin Manuhwa said part of the closure strategy is to ensure that workers will not be owed money by the company after closure as was the case with the Shutdown of the iron mining, Steel manufacturing and value addition company.

Conclusion

It should be noted that planning for mine closure is a complex process because it encompasses the decommissioning project, land rehabilitation, post-closure monitoring, and the necessary provisions for future land management after the mining cycle is complete.

Mining companies must however prioritise responsible closure of their mines – as responsible and compliant mine closure is good for business and society. There is potential for industry collaboration and innovation to support well-planned mine closures that ensure the sustainability of local communities and the natural environment.

Zephyr Announces Zimbabwe Exploration Program & Private Placement

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Zephyr Minerals Ltd. (TSXV: ZFR) (“Zephyr” or the “Company”) is pleased to announce it intends to conduct ground magnetic and induced polarization (IP) geophysical surveys over three gold properties, MC, MC-2 and Nyanga North; to be followed by a diamond drill program.

The MC and MC-2 properties are currently being mined for gold on a small scale by pits ten to twenty meters deep in the easily mined weathered zones. Although there is no mining currently at Nyanga North, there has been small-scale gold mining directly to the west, which is on strike with a postulated wide shear zone that trends onto Nyanga North and extends approximately 1.5km across the property. To the best of the Company’s knowledge, the three properties have never been exposed to modern exploration methods and have never been drill-tested.

Loren Komperdo, President and CEO stated, “The MC and MC-2 properties have many of the same geological characteristics as the Red Lake camp in Northern Ontario, making these two properties excellent targets for high-grade shear-hosted gold deposits. The Nyanga North prospect is on a shear zone where eluvial gold was discovered and mined but little or no follow-up exploration has ever been done. All three of these properties have high discovery potential for significant gold deposits.”

The planned exploration the program described above is contingent upon the completion of the private placement described below.

The Company announces it intends to issue, by way of a non-brokered private placement financing, up to 4,000,000 units at a price of $0.09 per unit for gross proceeds of up to $360,000 (the “Financing”). Each Unit consists of one common share and one whole common share purchase warrant (a “Warrant”) of the Company (the “Units”). Each Warrant will be exercisable to purchase one common share of the Company for $0.13 for a period of twelve months from the closing date.

The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to $0.26 for any 20 consecutive trading days. If this occurs, the Company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced Warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such press release.

Net proceeds from the funds raised will be used for mineral exploration programs in Zimbabwe, and for general working capital purposes. In connection with the offering, a finder’s fee may be paid consisting of a cash commission equal to 7% of the gross proceeds raised under the offering and that number of non-transferable finder’s fee warrants as is equal to 7% of the number of shares. Each finder’s fee warrant will be exercisable into one common share of the Company at $0.13 per share, for a period of twelve months from the closing date. The expiry date of the finder’s warrants are also subject to the same acceleration clause as the Unit warrants.

The Financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the Financing will be subject to a four-month hold period.

Pambili secures US$250,000 convertible loan

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Pambili Natural Resources Corporation (TSX-V: PNN) is pleased to announce that it has secured a US$250,000 convertible loan (the “Loan”) through an agreement with an arms-length third party (“Lender”). The proceeds of the Loan will be used by the Corporation for general working capital.

The Corporation has already received the first US$150,000 from the Lender and the balance is expected before the end of September. The Loan has a term of six months from the date of receipt of the final tranche (“Term”) and repayment includes a premium of US$75,000. The total repayment of US$325,000 (“Settlement”) will be satisfied through the issue of Pambili shares at the higher of C$0.05 or the price set in the next Private Placement or Public Offering (should such an offering close within the Term), it being a condition of the Loan that the Corporation will proceed with the one for ten share consolidation approved at the last special meeting of the shareholder. On Settlement the Lender will also receive Warrants issued at the same rate as those issued to any Private Placement participants.

The Loan and the Settlement are both subject to approval by the TSX-V.

Pambili CEO Jon Harris commented: “We are delighted that the Lender not only believes in our vision for a gold consolidation strategy in Zimbabwe but is also prepared to provide the financial support required to execute that vision. I would like to thank the Lender for that support, and we look forward to working closely with them who, through the Settlement, will have a vested interest in our future success.”

Zimbabwe gold buying prices 6 September 2023

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Fidelity Gold Refinery (FGR) official gold buying prices. See the Zimbabwe gold buying prices today.

SG 90% AND ABOVE US$58.51/g
SG ABOVE 85% BUT BELOW 90% US$57.90/g
SG ABOVE 80% BUT BELOW 85% US$57.28/g
SG ABOVE 75% BUT BELOW 80% US$56.66/g
SAMPLE BELOW 10g BUT ABOVE 5g US$55.73/g
FIRE ASSAY CASH US$58.82/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.

Dallaglio’s Pickstone to host AMMZ Q3 Technical visit

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Dallaglio Investments’ Pickstone Peerless Mine in Chegutu, Zimbabwe is set to host the Association of Mine Managers of Zimbabwe (AMMZ) for a technical visit on September 21, 2023. The Q3 visit aims to facilitate the exchange of information, skills, and expertise within the mining industry.

Speaking to Mining Zimbabwe AMMZ President Engineer Elton Gwatidzo said members’ visit will be on the mine’s new underground infrastructure and processing operations

“The focus of the visit will be on the mine’s new underground infrastructure and processing operations. Delegates will have the opportunity to tour the underground facilities and witness the mine’s open pit to underground transition. The visit will also showcase the mine’s operational readiness in the underground setting,” President Gwatidzo said.

In addition to the technical aspect of the visit, there will be ample opportunities for interaction and networking with key stakeholders in the mining industry. This will provide delegates with the chance to build connections and foster collaboration with other professionals in the field.

Participating delegates are advised to come prepared with their own preferred white overalls or work suits, hard hats, and steel-toe gumshoes or boots (PPE). These safety measures are necessary to ensure the well-being of all participants during the visit.

For any RSVPs or inquiries regarding the technical visit, interested parties can contact Vincent at +263 77 346 7610, Stephen at +263 77 254 1340, Gift at +263 772 570 091, or Laston at +263 772 556 536.

Mine Entra 2023 Set for November

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Mine Entra 2023 will be held from 1 to 3 November 2023 at the Zimbabwe International Exhibition Centre (ZITF) in Bulawayo, Dr. Nicholas Ndebele, Chief Executive Officer of the Zimbabwe International Trade Fair Company has announced.

Organized in partnership with the Ministry of Mines & Mining Development and the Chamber of Mines of Zimbabwe, Mine Entra is renowned as the largest and most reputable expo in Zimbabwe.

With 25 successful editions under its belt, Mine Entra has established itself as a pivotal platform for industry professionals, stakeholders, and investors to connect, share knowledge, and explore innovative solutions. The expo has gained a solid reputation for bringing together influential figures in the mining sector to shape and improve Zimbabwe’s mining landscape.

Running under the theme “Accelerating Economic Transformation through Mineral Beneficiation.” This theme aligns with the country’s goal of achieving a stable and sustainable US$ 12 billion output by 2023. It also emphasizes the importance of technology transformation, energy transition, and critical minerals in the mining industry. The event aims to encourage industry stakeholders to embrace technology and innovation in their mining processes to drive job creation, increase profitability, and attract direct foreign investment.

In a statement, Ndebele said the three-day exhibition will feature expert-led conferences, networking opportunities, and concurrent events. Attendees can look forward to the Mine Entra Conference, Official Opening, Exhibitors Cocktail, Mine Entra Charity Golf Challenge, and the Small Scale and Artisanal Miners Conference.

These events will provide a platform for collaboration and knowledge sharing among government officials, industry experts, and investors.

Registration is currently open, and all stakeholders are encouraged to participate and contribute to the advancement of the mining sector.

Dr Nicholas Ndebele expressed his excitement for the upcoming exhibition and highlighted its potential to drive economic growth and progress towards the National Development Strategy and Vision 2030.

The mining industry in Zimbabwe plays a significant role in the country’s economy, and Mine Entra continues to serve as a catalyst for innovation, partnership, and economic development in the sector.

Zimbabwe gold buying prices 5 September 2023

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Fidelity Gold Refinery (FGR) official gold buying prices Tuesday 5 September 2023. See the Zimbabwe gold buying prices today.

SG 90% AND ABOVE US$58.85/g
SG ABOVE 85% BUT BELOW 90% US$58.23/g
SG ABOVE 80% BUT BELOW 85% US$57.61/g
SG ABOVE 75% BUT BELOW 80% US$56.98/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.05/g
FIRE ASSAY CASH US$59.16/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.

AMMZ AGM and Conference 2023 dates announced

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The Association of Mine Managers of Zimbabwe (AMMZ) has announced that its much-awaited Annual General Meeting (AGM) and Conference will be taking place from November 16th to 19th, 2023, in the resort town of Victoria Falls.

The event brings together mining industry professionals to advance the science and practice of Mining and supporting disciplines such as Survey, Geology, and Metallurgy.

Simply put, the AGM and Conference is the perfect time to engage with the experts and decision-makers who are on the ground actively overseeing the running of large-scale mines in Zimbabwe.

The must-attend event hosts the highest number of technical mining professionals and experts providing attendees with a chance to engage with them directly, strike deals and gain valuable insights.

The Registration fee for attendance at the event is US$600.00 per person.

Registration for the AGM and Conference is now open, and interested individuals are encouraged to secure their spot as soon as possible. To register, attendees can visit: https://protect-za.mimecast.com/s/Jm9MCg5DlAhqpj393cNLxvu?domain=forms.gle.

All registration fees are to be paid to the Chamber of Mines of Zimbabwe. Payments can be made at the Accounts Office, located at 20 Mt Pleasant Drive, Mt Pleasant, Harare. Alternatively, attendees can deposit the registration fee into the Chamber of Mines of Zimbabwe Bank Account.

To obtain invoices and banking details, individuals can contact the Chamber of Mines Accounts Office via email at [email protected].

The AMMZ is a vehicle for information exchange and dissemination of good practices and seeks to promote the study and growth of Mining and allied disciplines in Zimbabwe.