Home Blog Page 261

Premier releases new Zulu SAMREC-compliant MRE

Mining
-
0
Premier releases new Zulu SAMREC-compliant MRE

AIM-listed mining and exploration company Premier African Minerals has released a new SAMREC-compliant Mineral Resource Estimate (MRE) on its wholly-owned Zulu Lithium and Tantalum Project.

The South African Code for the Reporting of Exploration Results, Mineral Resources, and Mineral Reserves (the SAMREC Code or the Code) sets out minimum standards, recommendations, and guidelines for Public Reporting of Exploration Results, Mineral Resources, and Mineral Reserves in South Africa.

According to Premier CEO George Roach, the MRE is concerned with those areas of the Zulu tenements that are expected to be mined and processed through the present plant only and excludes the greater exclusive prospecting order (EPO) area.

He said the MRE estimates lithium (Li2O) that is contained in spodumene, specifically Li2O that is attributable to spodumene at 107,366 tonnes, and the direct conversion of the contained Li2O to spodumene concentrate 6 (SC6) is 1,789,433 tonnes. Roach also said that the MRE estimates that the ore body contains 1,045,908 kg of tantalum (Ta2O5).

The Premier CEO said ongoing Mineral Resource development drilling to identify extensions to the current MRE and thereto have the potential to add additional Mineral Resources is ongoing.

“This MRE supports the development of the Zulu mine on an expedited basis. It underlines our confidence in the medium and long-term future of this mine and further supports our view that Zulu has the standalone potential to develop a Lithium Sulphate plant. Work continues in the greater EPO area, and we have now identified areas of future potential mineralization and secured those areas in the longer term under new mineral claims.

“It is worth noting that this MRE is based on an assumed 80% of the total Li2O grade of the ore body being attributable to the SQI dominant style of mineralization, which is conservative in our opinion, and ongoing analysis of the mineral assemblage may support an increase in this percentage with potential increases in the contained spodumene. We have previously set out our expectation that Zulu is likely to produce spodumene concentrates with low iron and higher spodumene concentrate grades.

“Accordingly, we expect to receive a premium for spodumene concentrates produced at Zulu, and this further supports our determination to bring this plant into production now. While we do not have the ability to recover tantalite at present, relatively minor plant additions that are under consideration are expected to see production of Ta2O5 concentrate in the future.

“At the same time, I am pleased to note the arrival at the site of all plant components and, in particular, the arrival and installation of the new ball mill. Assembly is expected to be complete within the next few weeks. Optimization of the sorters is ongoing, and we expect the overall plant to be back in production during February 2024,” he said.

What is the government doing to ensure Zimbabwe’s mining assets are being adequately exploited to maximise value capture?

Mining
-
0
What is the government doing to ensure Zimbabwe’s mining assets are being adequately exploited to maximise value capture?

The Minister of Mines and Mining Development Hon Zhemu Soda highlighted a comprehensive strategy aimed at maximizing value capture and transforming the mining sector.

Responding to the question “What is the government doing to ensure Zimbabwe’s mining assets are being adequately exploited to maximise value capture?, the Minister emphasized the Zimbabwe government’s commitment to fostering inclusivity in mining activities, promoting an open pegging system accessible to both locals and foreigners.

He said the concerted effort has not only enhanced capacity utilization in mineral processing facilities but has also resulted in increased employment opportunities for local communities and boosted government revenue via taxes and royalties.

“There is openness in pegging for both locals and foreigners. The Government, through the Ministry of Mines and Mining Development, has in the past few years facilitated the opening of new mines, resuscitation of closed ones and expansion of existing operating mines and enhanced capacity utilisation of the existing mineral processing facilities; hence increased employment of local people and increased revenue to government through royalties and taxes.

He said there is increased focus on value addition which is supported by the banning of the export of raw minerals.

“Recently, there has also been an enhanced focus on value addition supported by the banning of exports of raw minerals. In the same vein, the government enabled the establishment of key value addition and beneficiation facilities such as gold jewellery manufacturing facilities and diamond cutting and polishing facilities; to move the economy up the value chain and structurally transform the mining sector to realise maximum value.

The Minister said in order to prevent speculative practices and ensure efficient resource utilization, the government has adopted the “use it or lose it” principle, discouraging the hoarding of mining claims.

“The government is also implementing the use it-or-lose it principle to mitigate against the hoarding of mining claims for speculative purposes by miners,” he said.

In conclusion the Minister said the revival of the Mining Promotion Corporation (MPC) introduced a novel approach, with the government reserving specific areas for exploration through Joint Venture partnerships.

“The resuscitation of the Mining Promotion Corporation (MPC) has also brought in a new model in which the Government reserved some areas targeted for exploration by MPC through Joint Venture partnerships,” Hon Soda concluded.

The Minister is currently in Cape Town the Investing in African Mining Indaba 2024.

This interview can be accessed in full at miningzimbabwe.com/magazine

Forensic Report Dashes Hopes for Vubachikwe Gold Mine’s Reopening

Mining
-
0
Forensic Report Dashes Hopes for Vubachikwe Gold Mine’s Reopening

A forensic report conducted by South Africa’s ForFar Forensics has flagged the reopening of Vubachikwe Gold Mine, citing several issues such as mismanagement, mounting debts, and unscrupulous operations.

Rudairo Mapuranga

While workers were looking forward to the reopening of the mine, the prospects are looking bleak as the damning report may be the figurative black cloud hovering over the heads of the workforce that still hoped to be breadwinners again.

Vubachikwe Gold Mine in Gwanda closed on November 8, 2022, after workers downed tools due to outstanding salary payments, poor working conditions, and other issues.

According to the report, Duration Gold, the owners of Vubachikwe Gold Mine, and its subsidiary Forbes and Thompson (Pvt) Ltd are swimming in murky waters due to a ballooning debt of over US$8,592,720 and ZWL 3,556,917,841 as of November 2023.

A monthly debt increase is estimated at approximately US$250,000.00, and it appears that there is no laid-out plan or strategy to service the debts.

The forensic investigation report was conducted between January 2022 and November 2023. The aim was to look into the overall management of Forbes and Thompson (Pvt) Ltd and its associated group companies in Zimbabwe. The results show several irregularities that do not portray a positive position for the company to get back on its feet. Many of the problems emanate from the major shareholder’s incompetence, over-expenditures, and the mismanagement of funds.

Mr. Allan Brent Dolan is the major shareholder and Managing Director of Forbes and Thompson, and according to the report, he seems to have an appetite for travelling yet fails to own up to the bills. The investigation report notes that hotel bills are accumulating, with some hotels now only accepting Mr Dolan as a guest if there is a deposit paid in advance. Bronte Hotel in Harare and Musketeers in Bulawayo are cited as some of these hotels. Apart from extensive traveling, Mr. Dolan is said to have been involved in ‘reckless trading’ that includes engaging new creditor liabilities despite the company’s inability to pay the new appointees, undervaluing asset sale transactions to benefit related parties at the expense of creditors, and failing to own up to promises made to creditors. This has resulted in Forbes and Thompson losing credibility with its suppliers.

“What led to Vubachikwe employees going on strike on that fateful day of April 8, 2022, was not because of their own greed, but one can imagine a father spending so much time in the mine only to come home empty-handed. The over 800 employees have been reeling in poverty, and yet working in an industry regarded as one of the country’s biggest foreign currency earners does not augur well with President Mnangagwa’s mantra of leaving no place and no one behind,” one writer commented.

The Forfar Forensic report notes that during the period of January 2023 to November 2023, workers at Vumbachikwe were receiving a stipend of US$100.00 and food hampers worth approximately US$70.00, which were only given to the 107 essential services employees. Despite coming up with such a fuzzy selection criterion, the company failed to own up to the stipend.

Mr. Dolan as the major shareholder is being accused of embarking on a cash-demanding Exclusive Prospecting Order (EPO) soil sampling project, which has no bearing on the operations of Forbes and Thompson/Duration Group operations. The EPOs are said to be personally owned by Mr. Dolan, and instead of funding from his personal coffers, he is diverting cash generated by other subsidiaries such as Met Solutions. As a result, even Met Solutions has been struggling to pay their employee salaries and wage bills.

According to the Forensic report, Duration Gold has failed to allocate funding to the Vubachikwe human disaster but instead funded the purchasing of camping equipment and paying samplers engaged in the EPO project.

Apart from employee salaries, other creditors in the queue include the Zimbabwe Revenue Authority (ZIMRA), Zimbabwe Electricity Supply Authority (ZESA), and ZINWA.

By November 2023, ZESA was owed US$1,116,000.00, and the money was accumulating at approximately US$60,000.00 per month. The Forensic report indicates that an audit was done into Forbes and Thompson ZIMRA non-compliance and issues of tax evasion that include nonpayment and/or inaccurate payment of Pay As You Earn (PAYE) and nonpayment of withholding tax. ZIMRA issued an assessment to the value of US$2,671,6658.00 withholding tax accrued but not remitted. Such action is not only to the detriment of employees and staff of Forbes and Thompson but also to the National Fiscus. In simple terms, Forbes and Thompson (Pvt) Ltd have not been conforming to the legislative requirements expected in the country.

With all these findings, one would wonder if the idea of reopening the Vubachikwe mine is not just a dummy sold to quiet the creditors.

Vubachikwe was one of the biggest mining companies in Matabeleland South, and its coming back online would create job opportunities for the community, and contribute to the province’s gold output, and the national gross domestic product.

ZMF Invites Members to Participate in ASGM Strategy

Mining
-
0
ZMF Invites Members to Participate in ASGM Strategy

The Zimbabwe Miners Federation (ZMF) is inviting members to participate in the Artisanal and Small-Scale Mining (ASGM) strategy, Minerals and Development Policy, Value Addition, and Beneficiation Strategy.

According to ZMF, each of the eight provinces should provide eight members to attend the strategic workshop.

The workshop has been designed by the Ministry of Mines and Mining Development to spearhead the country’s development agenda and achieve an upper-middle-income economy by 2030.

In a statement released today, the ZMF said:

“The Ministry of Mines and Mining Development is drafting the Artisanal and Small-Scale Miners, Strategy, Minerals Development Policy, and Value-Addition and Beneficiation Strategy.

In order to ensure inclusion in the drafting process, the Ministry will be conducting stakeholder consultations in the country’s eight mining provinces from the 25th of February 2024.

The Ministry is urgently requesting 30 participants from each of the country’s eight mining provinces to attend the workshops in their respective provinces.

Kindly submit the names of the participants to the ZMF Head Office by the end of the day on Friday, 9th February 2024,” the statement concluded.

Zimbabwe Miners Federation (ZMF)

The Zimbabwe Miners Federation (ZMF) is a government initiative to effect sustainable growth and meaningful transformation of the artisanal and small-scale mining industry. It is Zimbabwe’s largest mining body with over 1.5 million members, which contribute an annual average of 60% of the total gold deliveries to Fidelity Printers and Refiners (FPR) the country’s sole gold buyer.

MetalsGrove Initiates Arcturus Lithium Exploration in Zimbabwe

Mining
-
0
MetalsGrove Initiates Arcturus Lithium Exploration in Zimbabwe

MetalsGrove Mining Ltd (ASX:MGA) has started exploration at its Arcturas Lithium Project in Zimbabwe, marking the company’s first exploration program in Zimbabwe since it entered a strategic agreement in December 2023 to acquire six, contiguous and highly prospective lithium-tin-tantalum claims.

The region is a well-known pegmatite zone that is mineralised in spodumene, lepidolite, beryllium, tantalum and caesium.

MetalsGrove suspects — subject to positive exploration results — that the project may have the potential for a large open-cut mine to be established.

The company says that the Arcturus Project could be developed independently, depending on the results of exploration and mineral resource delineation.

It contains a significant number of pegmatite outcrops that extend up to 1,000 metres on strike within a 50-metre-wide lithium corridor with thick flat laying beds of mineralised pegmatite and are host to artisanal mine workings for lithium.

Maiden exploration program

The maiden exploration campaign will include detailed surface mapping and sampling in order to generate and refine priority target areas for drilling.

Drilling is planned once the surface mapping and sampling have been completed.

Activity will initially focus on the highly prospective Arcturs Project area, 35 kilometres northeast of Harare, before shifting to the Beatrice Project which is 55 kilometres south of Harare.

Recent rock chip samples at the Arcturas Project have returned grades up to 2.5% lithium oxide and at the Beatrice Project 2.1% lithium oxide from the surface outcrops.

Notably, Arcturus is close to the world-class producing Arcadia Lithium Mine — one of the world’s largest lithium mines producing 450,000 tonnes/year of lithium concentrates. The Arcadia mine was purchased by Zhejiang Huayou Cobalt in 2022 for US$422 million.

Targeted approach to exploration

MetalsGrove managing director Sean Sivasamy said: “We have moved very quickly to get this maiden exploration program underway in Zimbabwe and we are excited to be on the ground in this highly prospective lithium district.

“Our initial focus is on completing the necessary surface mapping and sampling across both Arcturas and Beatrice as this will enable our team to start refining our priority drill target areas.

“These are advanced assets in a proven mining jurisdiction, so we are confident that we can add significant value through a targeted approach to exploration. We look forward to reporting further updates over the coming weeks.”

Source: proactiveinvestors

Zimbabwe gold buying prices/ gram 06 February 2023

Mining
-
0
Zimbabwe gold buying prices/ gram 06 February 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 06 February 2023.

SG 90% AND ABOVE US$61.31/g
SG ABOVE 85% BUT BELOW 90% US$60.66g
SG ABOVE 80% BUT BELOW 85% US$60.01/g
SG ABOVE 75% BUT BELOW 80% US$59.36/g
SAMPLE BELOW 10g BUT ABOVE 5g US$58.39/g

Fire Assay CASH $61.63/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.

RAMAPHOSA OPENS MINING INDABA WITH CALL FOR COLLABORATION

Mining
-
0
RAMAPHOSA OPENS MINING INDABA WITH CALL FOR COLLABORATION

Investing in African Mining Indaba 2024 opened yesterday in Cape Town with a record 11,000 registered delegates from 126 countries, and 8,000 delegates attending on the first day.

South Africa’s President Cyril Ramaphosa delivered a keynote address at the opening ceremony with a clarion call for collaboration between the mining industry and government, highlighting the immense potential that Africa has in being central to the global clean energy transition. “Our Just Energy Transition Investment Plan outlines a pathway to create new industries and support more livelihoods in the green economy.” President Ramaphosa appealed for the Indaba to prioritise discussions on how to strengthen mining value chains and enhance beneficiation.

In his much-anticipated address, President Ramaphosa also touched on the South African government’s four priorities aimed at developing the mining sector.  Top of the list is the government’s proposed solutions to solve South Africa’s crippling power challenges, where he mapped out critical measures taken through the Electricity Action Plan to improve the performance of the existing generation fleet and initiatives to add to the electricity grid. President Ramaphosa also spoke about measures to tackle illegal mining and the resultant damage to infrastructure, referring to the specialised police task force mandated to deal with criminal elements.  President Ramaphosa expressed his commitment to resolving the backlog in prospecting and mining rights applications by improving the regulatory environment through the development of a new cadastral system.

Mining Indaba 2024’s opening ceremony also featured keynote addresses from Zambia’s President Hakainde Hichilema who reiterated his government’s commitment to making Zambia a reliable investment partner of choice on the African continent. Democratic Republic of Congo Prime Minister Jean-Michel Sama Lukonde highlighted investment opportunities in the DRC’s mining sector in his keynote address.

This year’s theme, “Embracing the power of positive disruption: A bold new future for African Mining,” promised to ignite meaningful dialogue in a way never done before and the first day of Mining Indaba did not disappoint. Kickstarting the Disruptive Discussions were the series of “Voices of Disruption” panels which saw insightful conversations from Anglo American CEO Duncan Wanblad, Rio Tinto Minerals CEO Sinead Kaufman, Newmont African Business Unit MD David Thornton and Barrick Gold Corporation CEO Mark Bristow. “In keeping with our 2024 theme, we want to ignite meaningful dialogues that extend beyond the event and radically transform the conversation on pressing issues”, says Frans Baleni, Executive Advisory Board Chairman of Mining Indaba

This year marks Mining Indaba’s 30th anniversary with over 320 exhibitors, 400 speakers, 1,000 Investors, 450 mining companies, proving it is the largest African mining investment event.

About the Investing in African Mining Indaba

Investing in African Mining Indaba is the largest mining investment event in Africa. With a proven track record of bringing together Ministers, senior Government representatives, Mining Companies, Mid and Junior Miners, Investors, professional services as well as mining equipment and service providers, Mining Indaba is the place to meet everybody who’s anybody in the African and global mining industry.

It is the must-attend event that drives the mining industry forward and provides attendees with unmatched access to the entire value chain and the most influential players in African mining for four days of high-quality content, deal-making and networking opportunities.

Zimplats’ Mopani to host AMMZ’s Q1 technical visit

Mining
-
0
Zimplats’ Mopani to host AMMZ’s Q1 technical visit

Zimplats, the country’s largest platinum group metal (PGM) producer, is set to host the Association of Mine Managers of Zimbabwe (AMMZ)‘s Q1 technical visit on the 23rd of February, 2024 at its Mupani Mine in Ngezi, Mashonaland West.

AMMZ‘s technical visit aims to facilitate the exchange of information, skills, and expertise within the mining industry.

In a statement, the AMMZ announced the event and provided a registration link for interested members to participate: “The Association of Mine Managers of Zimbabwe will be having a technical visit at Zimplats Mupani Mine on the 23rd of February 2024. Members wishing to take part can register on the link provided below:

https://docs.google.com/forms/d/e/1FAIpQLScVwA36ih0T-V2hjpGlNf2crW1GBHL7h3M3Q8sC1qhywAJhYQ/viewform?pli=1,” stated the AMMZ.

As a forward-thinking organization, AMMZ is dedicated to advancing knowledge and aiding in the adoption of technology and specialization, fostering local collaboration. The association plays a pivotal role in talent development and promotes the safe and sustainable extraction of minerals.

During the technical visit, delegates will be guided through presentations, underground tours, and engaging discussions, providing a platform for knowledge sharing among industry professionals.

Mining Indaba Day one, Highlights

Mining
-
0
Mining Indaba Day one, Highlights

Investing in African Mining Indaba 2024 currently underway at Cape Town International Conference Centre yesterday roared to life.

Day one was a hive of activity, with various events lined up, from the Opening Ceremony to impactful Presidential Addresses, Disruptive Discussions launch, and global dialogue at the Electronic and Automotive Producers Talk shop.

The Minerals Marketing Corporation of Zimbabwe (MMCZ) supported by the Ministry of Mines and Mining Development are exhibiting at the event and engaging with global investors and stakeholders with interests in Zimbabwe Mining.

Major stakeholders which include representatives from the Chamber of Mines, the Zimbabwe Miners Federation (ZMF), ZITF, the Association of Mine Managers of Zimbabwe (AMMZ), and the Parliamentary Portfolio Committee on Mines and Mining Development are also in attendance.

A significant number of delegations visited the Zimbabwe Stand to be furnished with information on the various investment opportunities available in the country.

Mining Indaba 2024 Opening Ceremony

Mining Indaba 2024 commenced with a vibrant Opening Ceremony, launching a week of innovation. Day one featured compelling keynotes and dynamic discussions shaping the future of mining.

Heads of State Addresses

Presidents Cyril Ramaphosa,  Hakainde Hichilema, and Prime Minister Jean-Michel Sama Lukonde delivered crucial insights during the Heads of State Keynotes, initiating the tone for insightful and impactful sessions.

Disruptive Discussion Launch

Industry leaders explored positive disruption and the future of African mining, discussing topics such as exploration, mineral export bans, critical mineral supply, logistics and community involvement.

Global Electronic and Automotive Producers Talkshop

In this session discussions centred around the importance of accessing critical minerals, the value Africa can bring to the industrialisation of components and why is good performance at ESG at the centre of the global supply chain debate.

What to look out for Today

Partners for prosperity: the future of democracy, good governance and responsible mining in Africa

When: 09:15 – 10:00 at the Disruptors Stage

  • To what degree will strengthening democracy, good governance and rule of law enable more responsible mining and, in doing so, support the development of the continent and the objectives of the energy transition?
  • How can mining companies support the strengthening of democracy, good governance and the rule of law?
  • How can civil society best partner with the mining sector to strengthen governance?

Investment roundtables – Spotlighting commodity trends

When: 11:10 – 11:50 at the Pioneers Stage

Table 1: Gold & PGMs

Table 2: Lithium & Graphite

Table 3: Manganese & Iron ore

Table 4: Nickel, Cobalt & Copper

Mining Indaba will run until the 8th of February 2024.

 

ZCDC constructs a block at Chiadzwa Primary School

Mining
-
0
ZCDC constructs a block at Chiadzwa Primary School

The Zimbabwe Consolidated Diamond Company (ZCDC) has undertaken the construction of a new block at Chiadzwa Primary School, demonstrating its commitment to ensuring that communities benefit from the extraction of minerals in the area.

The initiative aims to empower future generations through education, reinforcing ZCDC’s dedication to Corporate Social Responsibility (CSR).

According to ZCDC, the recent commissioning of the school block at Chiadzwa Primary is a testament to their ongoing CSR commitment. The company has consistently supported Chiadzwa Primary in terms of education, with a focus on creating a positive impact on the community.

In the previous year, Manicaland Minister of State for Provincial Affairs and Devolution, Hon Advocate M. Mugadza, disclosed that ZCDC had set a CSR target of US$6 million. Minister Mugadza commended ZCDC for its substantial contribution to the enhancement of health, education, and infrastructure in Manicaland as part of its CSR strategy.

“ZCDC has set a target of USD 6 million as part of its Corporate Social Responsibility, contributing to the improvement of health, education, and infrastructure, among other areas,” stated Minister Mugadza. He highlighted the Sakubva Urban Renewal Project, partially financed by ZCDC, as a key initiative expected to contribute positively to the region upon completion.

Mugadza urged ZCDC’s leadership to continue investing in initiatives aimed at uplifting the livelihoods of the people in Manicaland and Zimbabwe at large. He emphasized the importance of supporting communities through ongoing initiatives, acknowledging ZCDC’s significant role in job creation and various CSR programs that align with the national agenda for economic development.

“Our mining companies, including ZCDC, are making substantial contributions to the provincial Gross Domestic Product. I am proud that ZCDC, our state miner, has not only generated employment in Manicaland province but is also actively investing in CSR programs to give back to the community and support our national economic development agenda,” stated Hon Advocate Mugadza.

1...260261262...719Page 261 of 719