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Prospect: Goldberg Appointed E.D of Finance, Hosack now based in Zim

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Prospect: Goldberg Appointed E.D of Finance, Hosack now based in Zim

Australia Stock Exchange-listed mining and exploration junior, Prospect Resources, has appointed Mr. Ian Goldberg to the Prospect Board as Executive Director of Finance and to lead its Australia offices. Managing Director and CEO Sam Hosack will now be based in Zimbabwe, Prospect Non-Executive Chairman Mark Wheatley announced.

By Rudairo Mapuranga

According to Wheatley, Goldberg, who has been Prospect’s Chief Financial Officer (CFO) and Joint Company Secretary since February 2021, will become Prospect’s Executive Director of Finance effective from 8 July 2024.

Wheatley said Goldberg played a crucial role in the advancement of the Arcadia Lithium Project (Arcadia), particularly during the strategic financing process.

“Supported by Ian’s guidance and expertise, Arcadia was successfully sold to Zhejiang Huayou Cobalt in April 2022 for US$378 million in cash,” Prospect said.

Goldberg is a Chartered Accountant (CA) with more than 20 years of senior finance and commercial mining experience. He has previously served as CFO in operating mining businesses across Africa and Australia, leading several mining projects through the securement of project financing and development into profitable commercial operations.

According to Wheatley, Goldberg will head up the Perth office, and his role has been expanded to include corporate development. David Broomfield, Corporate Development Manager, will now report directly to him.

Wheatley also stated that Prospect MD and CEO Sam Hosack is now permanently based in Zimbabwe to concentrate on their African projects.

“The Company also wishes to advise that Sam Hosack, MD and CEO, is now permanently based in Zimbabwe. This will allow Sam to concentrate on the Company’s African activities with a key focus on the newly acquired flagship asset, the Mumbezhi Copper Project, located in the world-class Zambian Copperbelt,” the company said.

Commenting on the appointments, Wheatley added:

“It is a pleasure to welcome Ian to the Prospect Board. Ian has been a key member of Prospect’s senior management team for over 3 years now. During this period, he has been instrumental in delivering outstanding outcomes, including the successful sale of Arcadia and expansion of our exploration and development asset portfolio.

“With Sam now permanently based in Zimbabwe, Ian’s appointment and expanded role bring greater efficiency to the delivery of corporate services across the company. With all historical drill data now validated and drilling at Mumbezhi set to commence shortly, we are excited to bring the full weight of our team’s capabilities towards rapidly advancing this huge opportunity.”

Zimbabwe gold buying prices per gram 8 July 2024

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Zimbabwe gold buying prices per gram 8 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 8 July 2024.

SG 90% and ABOVE US$72.28/g
SG ABOVE 85% BUT BELOW 90% US$71.51g
SG ABOVE 80% BUT BELOW 85% US$70.75/g
SG ABOVE 75% BUT BELOW 80% US$69.98/g
SAMPLE BELOW 10g BUT ABOVE 5g US$68.83g

Fire Assay CASH $72.66/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.

Pambili and Kavango Resources Forge Strategic Alliance to Unlock Zimbabwe’s Gold Riches

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Pambili and Kavango Resources Forge Strategic Alliance to Unlock Zimbabwe’s Gold Riches

Toronto Stock Exchange-listed Pambili Natural Resources Corporation and London Stock Exchange-listed Kavango Resources Plc have joined forces to unlock Zimbabwe’s gold potential. This strategic partnership fuels exploration and development efforts at the Golden Valley Mine, aiming to revive production and propel Zimbabwe’s modern mining sector.

By Patricia Rwafa

Pambili Natural Resources Corporation (PNN) confirmed Kavango Resources Plc’s conversion of their US$250,000 loan into company shares, following approval by the TSX Venture Exchange.

The TSX-V has determined that the previously announced Premium of US$75,000 exceeds its guidelines. Kavango has therefore agreed to reduce the Premium to US$60,000, the maximum allowable amount, resulting in an effective interest rate of 24% on the loan.

After giving effect to the exchange rate, the Loan and Premium (C$423,770) will be settled through the issuance of 7,704,910 Shares at C$0.055 per Share (“Settlement”). After giving effect to the Settlement and following the acquisition of the Golden Valley Mine (announced on June 20, 2024), Kavango will own approximately 14.0% of the enlarged share capital of Pambili and become an insider of the Corporation.

Kavango is a mineral exploration company listed on the London Stock Exchange (LSE: KAV) with projects in Zimbabwe and Botswana.

According to Pambili CEO Jon Harris:

“Pambili is in a strong position. We have taken positive steps forward in exploring Golden Valley’s near- and longer-term gold potential. Following the TSXV’s recent approval of our acquisition of the project, we’re ready to push on with preparations for our planned underground drilling program.

The funds provided by Kavango will be key in advancing this pivotal work, and we welcome them as a strategic investor. Our goal is to identify an initial source of ore to bring the mine back into full production. This stands to provide us with a source of revenue we can invest directly into operation expansion and investigating Zimbabwe’s modern production potential.”

In addition to what Pambili CEO Jon Harris said, Kavango CEO Ben Turney commented:

“Kavango and Pambili share an appreciation of the immense, underexplored gold potential across Zimbabwe’s many greenstone belts. Our common goal is to support the nation as it enters the modern mining era.

We have been highly encouraged by Pambili’s progress at Golden Valley and welcomed the recent news that the TSXV approved the Company’s acquisition of the project. I have every faith in Jon and the team’s ability to develop Golden Valley moving forward. Kavango will support them fully as a strategic investor.”

Dallaglio mourns board chairman

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Dallaglio mourns board chairman

Dallaglio Investments’ has expressed sadness in the passing of its board chairman Mr Sternford Moyo who passed away in Harare on friday.

In a statement, the gold miner described Moyo’s leadership and dedication as instrumental to the Gold Miner’s growth.

“It is with deep sadness that we extend our condolences on the passing of our esteemed Board Chairman, Mr. Sternford Moyo. Since joining our Board in 2020, Mr. Moyo’s leadership and dedication have been instrumental to Dallaglio Investments growth,” the company said.

“Mr. Moyo’s remarkable career was marked by numerous historic achievements. In January 2021, he became the first African President of the International Bar Association, a significant milestone in his distinguished career. On 28 September 2022, he was honoured as the Freeman of the City of London, a testament to his global influence and exemplary leadership. Mr. Moyo also served on the boards of several prominent companies in Zimbabwe, leaving a lasting impact on each,” the company continued.

The company extended condolences to the Moyo family.

“His legacy will continue to inspire us. We extend our heartfelt condolences to Mr. Moyo’s wife, Mrs. Sarah Moyo, their three children, friends, and colleagues during this difficult time,”

 

Zimbabwe gold buying prices per gram 5 July 2024

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Zimbabwe gold buying prices per gram 5 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 5 July 2024.

SG 90% and ABOVE US$71.66/g
SG ABOVE 85% BUT BELOW 90% US$70.90g
SG ABOVE 80% BUT BELOW 85% US$70.14/g
SG ABOVE 75% BUT BELOW 80% US$69.38/g
SAMPLE BELOW 10g BUT ABOVE 5g US$68.24g

Fire Assay CASH $72.04/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.

Ethan Seth Empowers Women with Gemstone Cutting and Polishing Training

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Ethan Seth Empowers Women with Gemstone Cutting and Polishing Training

As part of their strategy to develop and grow the gemstone mining sector in Zimbabwe, Ethan Seth Pvt Ltd has initiated a skills transfer program aimed at empowering women to join the gemstone cutting and polishing industry.

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, Mr Takunda Takaendesa Mamhungo, Ethan Seth’s Operations Manager, said the company will conduct practical lessons on weekends as part of their first training plan.

“We are calling for practical training in gemstone cutting and polishing. Women are critical to this industry because they bring unique perspectives, meticulous attention to detail, and a high level of craftsmanship. Empowering women in this field not only promotes gender equality but also enhances the overall quality and innovation within the gemstone sector. Their involvement can lead to more diverse and inclusive growth, contributing to the sector’s sustainability and success,” Takaendesa Mamhungo said.

The cutting and polishing of gemstones are critical to the country’s beneficiation and value-addition drive. By developing these skills locally, Zimbabwe can retain more value from its raw gemstone resources, reduce dependency on foreign processing, and increase its export earnings. This initiative aligns with the national vision of achieving an upper-middle-income economy by 2030, as it promotes industrialization, job creation, and economic empowerment for communities, particularly for women who are often underrepresented in the mining sector.

Zimbabwe Lithium Mine Set for Expansion Despite Tungsten Mine Impasse

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Zimbabwe Lithium Mine Set for Expansion Despite Tungsten Mine Impasse

Premier African Minerals, a London-listed company, has made significant progress at the Zulu Lithium and Tantalum Project, overcoming obstacles to achieve substantial milestones.

By Patricia Rwafa

Production of saleable spodumene concentrate is underway, with an upcoming upgrade promising even greater efficiency. Confident in meeting ambitious targets, the company aims for a competitive delivery cost for spodumene concentrate to China. Favourable resource estimates indicate a long and productive future at Zulu.

As announced on June 28 in the annual report for the year ended December 2023, high wolframite prices suggest resuming production at the RHA Tungsten Mine could be profitable. However, ongoing discussions about ownership structure with the Zimbabwean government are delaying a decision. To allocate resources for the Zulu project’s expansion, Premier African Minerals might relocate most of the RHA plant by late 2024.

The Zulu Lithium Project overcame initial hurdles in its continuous flotation process and successfully produced saleable spodumene concentrate with a lithium oxide (Li2O) content of up to 6.2%. To further optimize production, an additional conditioning cell will be installed in July 2024, bringing the plant to its designed throughput and enabling the achievement of the original production targets.

The company reports positive developments with a major Chinese miner evaluating their eastern Zimbabwe claims for potential acquisition. While development is on hold due to the focus on Zulu, Premier seeks alternative avenues to unlock the value of its 50% stake in the Turwi Gold Project.

Despite delays at Zulu impacting further development, Premier remains interested in increasing its control in MN Holdings due to the positive outlook for manganese. Financial highlights for MN Holdings’ subsidiary Otjozondu include:

– Revenue of approximately N$76 million ($4.1 million) for the year ended June 30, 2023.
– Operating profit before tax of approximately N$24.1 million ($1.3 million).
– Total assets of approximately N$289 million ($15.6 million) as of June 30, 2023.

While progress has been slow on the Vortex Lithium Project, the company notes an improved situation in Ethiopia. However, frustrations related to cooperative agreements and differing opinions on development continue to hinder progress.

Premier African Minerals raised net proceeds of $17.542 million during the reporting period, up from $14.838 million in 2022.

George Roach, CEO of the Zulu Lithium plant, expressed dissatisfaction with the performance of the original plant and equipment suppliers and intends to seek substantial redress. He acknowledged the support of their offtake and prepayment partner and remains committed to meeting their long-term interests, which focus on the supply of SC6.

The company released updated resource estimates, identifying that the main pegmatite at Zulu is primarily a spodumene-rich ore body. This estimate, coupled with the extent of pegmatites within the EPO, suggests a longer-term life of mine and the potential for increased plant production capacity. An application has been made for the renewal of the EPO, and extensive new mining claims have been registered within the EPO.

Based on internal assessments, the production cost associated with spodumene concentrate supports an internal project of a delivered China port all-in cost of $828 per tonne for the year ending June 2025. The new scrubber unit will be operational by the week of July 10, enabling Zulu to produce and derive revenue from the sale of SC6. The Board believes Zulu is a valuable asset, with an estimated fair value of $200 million by the prepayment and offtake agreement. The group has sufficient share authorities to sustain its reduced holding costs through December 31, 2025.

Disco Establishes Clinic for Its Workers

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Disco Establishes Clinic for Its Workers

In an endeavor to promote a safe working environment and workers’ health, Dinson Iron and Steel Company (Disco) has built a clinic for its workers in Manhize.

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, an official from Disco said the clinic will serve all workers free of charge to ensure their health is prioritized.

“As Dinson Iron and Steel Company (Disco), we have already built a clinic that will serve all our workers free of charge, without any deductions of any sort. There will be a doctor, two nurses, and up to four nurse aides. We are awaiting approval from the Ministry of Health, but everything is now in place and the clinic will start operating soon,” he said.

The clinic aims to provide comprehensive healthcare services, including regular check-ups, emergency care, and health education programs, ensuring that workers maintain good health and are well-prepared to handle any occupational hazards.

Disco has achieved a historic milestone with the activation of its blast furnace at the Manhize steel plant in June 2024. This landmark event signals the beginning of pig iron production.

This development heralds a new era for the region’s industrial landscape, positioning Zimbabwe as a burgeoning hub in the global steel industry. Pig iron, an essential intermediary in steel manufacturing, is produced by smelting iron ore in a blast furnace, and its local production marks a significant advancement.

The Manhize Plant, nearing full commissioning later this year, is on track to become one of Africa’s largest integrated steelworks. Built by Disco, a subsidiary of China’s Tsingshan Holdings Group Limited, the plant is poised to transform Zimbabwe’s industrial capabilities. Tsingshan also operates Dinson Colliery in Hwange and Afrochine Smelting Limited in Selous.

ASM Gold Deliveries Surge Due to Hammer Mill Regulation, VAT Removal, and FGR’s Strategies: ZMF

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ASM Gold Deliveries Surge Due to Hammer Mill Regulation, VAT Removal, and FGR’s Strategies: ZMF

The Zimbabwe Miners Federation (ZMF), the country’s leading representative of the Artisanal and Small-Scale Mining (ASM) sector, has attributed the 55.6% increase in gold deliveries in the second quarter of 2024 to the government’s relaxed stance on hammer mills, the removal of value-added tax (VAT), and marketing strategies implemented by Fidelity Gold Refinery (FGR).

By Rudairo Mapuranga

Speaking to Mining Zimbabwe, ZMF CEO Mr Wellington Takavarasha stated that the government’s decision to regularize the use of hammer mills by ASM miners, rather than disrupting their operations through arrests, has improved gold production and deliveries to FGR.

“The government has realized the full potential and significance of hammer mills. Together with the Minister of Mines and Mining Development, we have started to regularize the operations of those using hammer mills. This equipment allows small-scale miners to crush as little as 20 kg and quickly realize the benefits,” Takavarasha said.

He added that the removal of the 15% VAT on all gold sales to FGR and the deployment of the gold mobilization team, which educates and encourages miners to deliver the gold to the country’s sole operating gold buyer and exporter, have significantly contributed to increased gold deliveries.

“Recently, the removal of the 15% tax has incentivized gold deliveries to Fidelity Gold Refinery. The gold mobilization team, sent by the Minister of Mines, has been conducting education and awareness campaigns. These efforts have improved relations between miners and the government and encouraged miners to deliver their gold to Fidelity,” he said.

Takavarasha also noted Fidelity’s efforts to enhance its services, including advertising, creating social groups for feedback, and extending operating hours, even on holidays. These measures have removed barriers to gold deliveries during normal times.

“We anticipate a significant increase in gold deliveries from small-scale miners. There is potential for even greater production as we continue to have mutual meetings with the Minister of Mines and develop policies that support the artisanal sector,” Takavarasha concluded.

Gold deliveries to the country’s sole operating gold buyer and exporter increased by over 28% in the second quarter of 2024.

Overall, gold deliveries surged to 7,739.4241 kgs for the second quarter of 2024, marking a significant 28.033% increase from the first quarter’s 6,044.8689 kgs.

Small-scale miners led this surge, delivering 4,515.1660 kgs in the second quarter, representing a substantial 55.5988% increase from their first-quarter deliveries of 2,901.8006 kgs. This notable rise underscores the critical role of artisanal and small-scale miners in the country’s gold production.

Large-scale miners also contributed to the overall increase, albeit to a lesser extent. Their deliveries rose to 3,224.2581 kgs in the second quarter, up by 2.58314% from the 3,143.0683 kgs delivered in the first quarter.

Zimbabwe gold buying prices per gram 4 July 2024

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Zimbabwe gold buying prices per gram 4 July 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 4 July 2024.

SG 90% and ABOVE US$71.74/g
SG ABOVE 85% BUT BELOW 90% US$70.98g
SG ABOVE 80% BUT BELOW 85% US$70.22/g
SG ABOVE 75% BUT BELOW 80% US$69.46/g
SAMPLE BELOW 10g BUT ABOVE 5g US$68.32g

Fire Assay CASH $72.12/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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