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Zimbabwe gold buying prices 31 May 2023

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Zimbabwe gold buying prices 31 May 2023

Fidelity Gold Refinery (FGR) official gold buying prices Wednesday 31 May 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$59.63/g
SG ABOVE 85% BUT BELOW 90% US$58.69/g
SG ABOVE 80% BUT BELOW 85% US$58.06/g
SG ABOVE 75% BUT BELOW 80% US$57.43/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.49/g
FIRE ASSAY CASH US$59.63/g

NB: Fire Assay cash price is for gold above 100gs and 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 charged to Primary Producers

Cash available. Fidelity Gold Refinery prices will be changing daily in relation to world market prices.

Chamber of Mines Annual Mining Conference and Exhibition kicks off

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Chamber of Mines Annual Mining Conference and Exhibition kicks off

The Chamber of Mines of Zimbabwe‘s Annual Mining Conference and Exhibition 2023 kicked off yesterday in Victoria Falls.

The Conference is the Prime Event for the Zimbabwe mining industry, and it provides a platform for key stakeholders in the sector including Government, senior executives in the mining industry and investors to deliberate on pertinent matters in the mining industry.

Running under the theme Mining for Economic Transformation: “Creating Growth Enablers for the Mining Industry” the event yesterday began with Closed Door Sessions for Members AGM and Council Meetings where Golden Reef Chief Executive Officer (CEO) Thomas Gono was appointed the Chamber of Mines of Zimbabwe (CoMZ) President. Gono will be deputized by ZIMASCO CEO Mr John Musekiwa who was appointed First Vice President and Munashe Shava as Second Vice President. Shava is Kuvimba Mining House’s technical director.

On Today’s program, the event continues with the Lithium and Battery Minerals Value Chain Symposium titled “Unleashing the Growth Potential of the Battery Minerals Value Chain”. The symposium will be addressed by the Guest of Honour Minister of Mines and Mining Development Hon Winston Chitando and many other industry players.

Lithium miners namely Bikita Minerals, Zulu Lithium, Sabi Star, Arcadia Mine and Zimbabwe Lithium (Kamativi) will also give Project Overviews of their operations.

This will be followed by an address by the Vice President of the Chamber of Mines of Namibia Mr George Botshiwe who will be talking about the Prospects for a Regional Battery Minerals Value Chain.

Lots are lined up for the day including the Strengthening Governance in the Batteries Minerals Value Chain and emerging global trends on responsible sourcing of critical minerals.

Mining Industry heavyweights are currently attending the event including Caledonia Mining CEO Mark Learmonth and Director Mr Victor Gapare, and ZMF President Ms Henrietta Rushwaya, among many others.

Mining Zimbabwe will be broadcasting live some of the proceedings on our social media platforms.

Kwekwe house “swallowed” by mine tunnel

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Kwekwe house “swallowed” by mine tunnel

A house near Globe and Phoenix Mine in Kwekwe has been “swallowed” by a mine tunnel.

According to the Permanent Secretary of the Ministry of Information, Publicity and Broadcasting Services the kitchen and bathroom collapsed into an underground tunnel following explosions in the area.

“This is a house in Silver Oaks Street, near Globe and Phoenix Mine, belonging to Mrs Rusike and her family. The dining room collapsed into a tunnel a year ago, forcing them out of their home. Last evening, the kitchen and bathroom gave in, owing to the dynamite explosion from the mining activities around the area. This revealed a huge shaft that has been underneath the house. Cabinet has an inter-ministerial team to deal with this,” Mangwana said on his Twitter account.

Earlier this year the Mine Rescue Association of Zimbabwe swiftly attended to an emergency at Globe and Phoenix Mine in Kwekwe when a classroom collapsed resulting in the injury of 18 schoolchildren. This was after some ground subsidence caused by illegal small-scale mining activities gave way at a primary school resulting in the injury of 18 schoolchildren.

41 kids were geared to start lessons around 0730hrs when suddenly half of the floor of their classroom gave in following the ground subsidence. 14 kids went down with the collapse but luckily the desks and chairs went in first and closed the gaping floor and that saved the kids.

During the collapse, other kids from adjacent classes panicked and jumped out through the windows resulting in four more children being injured. Fortunately, all the children were taken to the hospital and were all discharged by the end of the day.

 

BREAKING: Thomas Gono appointed Chamber of Mines President

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BREAKING: Thomas Gono appointed Chamber of Mines President

Golden Reef Chief Executive Officer (CEO) Thomas Gono has been appointed the Chamber of Mines of Zimbabwe (CoMZ) President at the ongoing Chamber of Mines Annual Conference and exhibition happening in Victoria Falls.

Gono will be deputized by ZIMASCO CEO Mr John Musekiwa who has been appointed First Vice President and Munashe Shava as second Vice President. Shava is Kuvimba Mining House’s technical director.

The CoMZ President and vice Presidents are elected at the CoMZ council. The council is the highest policy-making body of the Chamber and it is also an elective council or an elective forum.

Thomas GonoGono takes over Presidency from Colin Chibafa who has been at the helm of the organisation for the past two years.

More to come…

Kamativi Mine’s progress satisfies government!

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Kamativi Mine’s progress satisfies government!

The government of Zimbabwe through Mines and Mining Development Deputy Minister Hon Polite Kambamura has expressed satisfaction with the progress by Kamativi Mining Company (KMC) at its Kamativi Mine.

Speaking at the tour of Kamativi Mine, the Deputy Minister praised KMC for its adherence to the government’s objective of local beneficiation and value addition in minerals exports. He cited KMC as one of the country’s most exceptional investors.

Kambamura further lauded KMC for investing in state-of-the-art equipment, a move that he expects will improve the mine’s productivity levels.

Kamativi mining Company (KMC) dump trucks“Kamativi Mining Company (KMC) has purchased a lot of state-of-the-art equipment, drill rigs, dump trucks, excavators, and craters. They are already on site and they have already started stripping the open pits to expose the old bearing rock,” Kambamura said.

Additionally, the Deputy Minister noted that KMC had been successful in its exploration, having drilled more than 19,000 meters and exposed more than 20 million tons of ore. These exploratory activities have extended the life of the once-abandoned Kamativi Mine to ten years.

“They are continuing exploration and drilled over 19,000 meters and exposed more than 20 million tons of ore reserves, which puts the life of the mine span of about 10 years,” Kambamura said.

He said the first phase will be done by October 2023 and KMC will invest a total of us$100 million by 2024 furthermore construct a phase two plant for lithium beneficiation.

“We are looking forward to this mine finishing the first phase in October this year, where they have already sunk 25 million US dollars. And come early 2024, they will be finishing the second phase, which is going to grow to about 75 million US dollars, to make a total of 100 million US dollars. This shows seriousness on the side of the investor. Also, following the government’s ban on the export of raw lithium ore, KMC has gone further to construct a lithium beneficiation plant. They are also going to resuscitate the old plant and we are looking forward to the construction of the plant by October this year, which is expected to be handling 1,000 tons of ore per day. Come early 2024, they will be producing about 350,000 tons of lithium concentrates from 2.3 million tons of mined ores per year.

He said progress at the mine places the Kamativi as one of the largest lithium producers in Zimbabwe which is expected to employ 1500 locals.

“So this shows much, much progress and this also positions this mine as one of the country’s largest lithium producers. And in the long term, we are looking forward to doing lithium salts. After doing concentrates, they will further beneficiate to lithium salts. So we are much, much excited about this project, given that after the second phase, the mine will be able to employ between 1,100 to 1,500 Zimbabwean employees.

Kambamura singled out KMC for its commitment to Corporate Social Responsibility (CSR), despite its non-production status.

“Currently, KMC is employing over 250 employees, with a bigger chunk of employees coming from the local community. And one impressive thing is that the company has not waited to start production to work with the community. They have already drilled eight boreholes, and they have already renovated the local clinic, with some donations, and they are working well with the local community. KMC is one good example of an investor who follows the government’s vision of local beneficiation and value addition for the export of minerals. So we are looking forward to the company finishing the first and second phases, and we will come for commissioning,” Kambamura concluded.

Zimbabwe gold buying prices 29 May 2023

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Zimbabwe gold buying prices 29 May 2023

Fidelity Gold Refinery (FGR) official gold buying prices Monday 29 May 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$59.49/g
SG ABOVE 85% BUT BELOW 90% US$58.55/g
SG ABOVE 80% BUT BELOW 85% US$57.92/g
SG ABOVE 75% BUT BELOW 80% US$57.30/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.36/g
FIRE ASSAY CASH US$59.49/g

NB: Fire Assay cash price is for gold above 100gs and 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 charged to Primary Producers

Cash available. Fidelity Gold Refinery prices will be changing daily in relation to world market prices.

Botswana Refuses to Back Down in Demand for Greater Share of Rough Diamonds

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Botswana Refuses to Back Down in Demand for Greater Share of Rough Diamonds

Botswana’s President, Mokgweetsi Masisi, stated that his country will not back down from its demand for a bigger share of rough diamonds from its joint venture with De Beers.

This comes as talks for a new sales deal appear to be stalling. Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal has been in place since 2011 but is set to expire next month.

De Beers, a unit of Anglo American, acquires 75% of Debswana’s production, while the remaining 25% is sold to the State-owned Okavango Diamond Company. Masisi wants Botswana to sell more diamonds outside the De Beers channel.

“Our agreement with De Beers is very restrictive to us. We signed it at a time when we didn’t know much, but now our eyes are open,” Masisi said at a community meeting in Mmadinare, 400 km north-east of the capital, Gaborone.

Although the government has not publicly stated what share it seeks, it is believed to be as high as 50%, double the current allocation. Masisi hinted at the possibility of litigation over the sales agreement, stating “even if we lose the litigation, our diamonds will remain ours and we will never give in,” said Masisi.

Last month, Masisi threatened to walk away from talks to renew the sales deal unless Botswana gets a larger share of output from the joint venture. He did not specify the size of the share it sought.

Masisi told reporters at the time that Botswana had denied itself the opportunity to sell its own diamonds through the 54-year-old joint venture agreement.

He added that the experience of selling diamonds outside the De Beers system, which sells unpolished, or rough, stones, had shown that Botswana could get more revenue.

“Besides the fact that the diamonds are ours, it doesn’t make sense for us to continue to relegate ourselves to participating in the rough space only. So, it’s only logical that we want more and we are going to get more. But through negotiation,” Masisi said.

De Beers says Botswana receives more than 80% of returns from Debswana, after taxes and royalties are factored in, and has expressed confidence that its five-decade partnership with Botswana will continue, on terms “that make economic and strategic sense for both parties”. De Beers, a global diamond market leader, has not yet commented on Masisi’s latest statement.

Botswana is playing hardball in its ongoing negotiation with De Beers regarding diamond sales. Masisi’s stance may be driven by upcoming elections, and De Beers will have to decide whether to accept the demand or risk losing its partnership with Botswana.

Zimbabwe ranks 10th African country with booming Mineral Exports

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Zimbabwe ranks 10th African country with booming Mineral Exports

Zimbabwe has been listed as the tenth African country to have exported the largest volumes of natural resources totalling us$9.77 billion for the year 2022.

In a list, courtesy of a report done in 2022, by the Economist Intelligence Unit, the research and analysis division of The Economist Group, Zimbabwe is slightly below Gabon which exported $10.92 billion.

South Africa sits at the top of the list with a mineral production worth a staggering us$124.96 billion. This is primarily due to the country’s rich deposits of gold, manganese, and platinum.

South Africa is trailed by Nigeria which generates the second-highest mineral revenue at $52.69 billion. The country’s oil reserves form a significant part of its mineral wealth.

3rd on the list is Algeria with revenues largely derived from hydrocarbons. Angola at number four has a diverse range of minerals including diamonds, gold, and oil. It generates $32.04 billion in mineral revenue.

Despite being ranked fifth on the list, Libya has a relatively modest annual mineral production of $27.03 billion. This is primarily due to the country’s reliance on oil and neglect of other minerals.

Egypt has a variety of minerals including gold, copper, and silver. Its mineral revenue stands at $23.22 billion.

Ghana trails Egypt and mineral production primarily comes from gold, limestone, and iron ore. It generates $14.97 billion in mineral revenue.

At number eight is the Democratic Republic of Congo which hosts a large reserve of minerals including gold, copper, and cobalt. It generates $13.69 billion in mineral revenue.

Ninth is Gabon which has significant deposits of manganese, iron ore, and uranium generating $10.92 billion in revenue.

At number ten is Zimbabwe which hosts a variety of minerals including platinum, chrome, coal, and gold. The country also has the largest deposits on Lithium on the continent. Its Bikita Minerals mine holds the world’s largest-known deposit of lithium at approximately 11 million tonnes.

Despite gruelling sanctions, the country in 2022 generated us$9.77 billion in mineral revenue.

Zimbabwe set a target of a 12 billion mining industry by the end of 2023 and should it meet the target the country will likely advance on the list.

Below are the top 10 African countries that exported the most significant volumes of natural resources in 2022 and generated the most wealth from their abundant reserves.

RankCountryPredominant resourcesAnnual mineral production
1.South AfricaGold, Manganese, Platinium, others$124.96 billion
2.NigeriaOil, Iron Ore, Columbite, others$52.69 billion
3.AlgeriaHydrocarbons$38.70 billion
4.AngolaDiamond, Gold, Oil, others$32.04 billion
5.LibyaOil, Clay, Cement, Salt, others$27.03 billion
6.EgyptGold, Copper, Silver, others$23.22 billion
7.GhanaGold, Limestone, Iron Ore, others$14.97 billion
8.Democratic Republic of CongoGold, Copper, Cobalt, others$13.69 billion
9.GabonManganese, Iron Ore, Uranium, others$10.92 billion
10.ZimbabwePlatinum, Chrome, Coal, Gold, others$9.77 billion

 

Zulu Plant to Produce 1,376 tons of Concentrate before remedial upgrades

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Zulu Plant to Produce 1,376 tons of Concentrate before remedial upgrades

Premier African Minerals Limited, is pleased to provide a further update on progress at Zulu Lithium and Tantalum Project.

Highlights

·   

Plant provider has recommended staged approach to optimisation.

·   

First Spodumene (SC6) shipments now scheduled for June 2023.

·   

Final optimisation now expected in Quarter 4 of 2023 following plant modifications.

·   

Production from Spodumene float circuit expected to increase by 25% after final optimisation.

·   

Mining operations continue to confirm resource model.

George Roach, CEO commented, “The process plant is fully commissioned and capable of producing concentrate. The Plant Supplier has advised that the milling and sizing component of the plant requires certain limited modifications to allow for full optimisation to design capacity throughput. The Plant Supplier has provided details and timelines for this remedial action and pending completion of this work, has advised that expected production of concentrate to 30 June 2023 will be 1,376 tons and production for July and August will be 1,137 tons per month, increasing to 2,359 tons in September, 3,577 tons in October 2023 and 4,471 tons from 1 December 2023.

At present concentrate prices and production at these current levels to the end of August, the Company expects Zulu to operate profitably.

The modifications include the upgrade of screening, relocation of the mill and addition of cyclones to remove correctly sized material to the floatation plant. Premier understands that the costs associated with this remedial action will be met by the plant supplier, and we will work with them to ensure that the plant achieves nameplate throughput expeditiously.

As announced on 29 March 2023, Premier’s requirements to supply spodumene to Canmax Technologies Co., Ltd. (“Canmax”) are to ship first product by 30 May 2023 (which will not now be met), failing which CanMax may elect to cancel the Marketing and Pre-Payment Agreement and require that the prepayment plus interest is settled within 90 days following notice. Canmax has always been supportive of Premier, and we continue to engage with them and look forward to first shipment in June 2023.

While frustrated with the timeline for putting the plant into full production, I am encouraged by our growing confidence in our resource and mining operations, near completion of our dam and tailings facility, performance of the crushing, sorting, and floatation elements of the plant.

The Company has previously advised that the delays had caused our cash to be constrained. Recent exercise of options and issue of remaining shares free from pre-emptive rights by way of direct placement, has provided interim relief to this position. Alternative further funding may need to be sought if there are any further significant shipment delays.”

Drill Holes: Lithium & Tantalum Results

The table below sets out the composites determined, as per the outlined compositing routine in the text below the table, from analyses received from the independent external laboratory (SGS) for holes ZDD149, ZDD154, MIDI-GT-05A, MIDI-GT-06, MIDI-GT-07, MIDI-GT-08, ZT005, ZT011 & ZT012.

Table 1 -Assay Summary Results

Hole

From (m)

To (m

Width* (m)

Li2O%

Ta2O5 ppm

Rb ppm

MDI-GT-05A

195.90

209.55

13.65

1.86

127

539

MDI-GT-06

67.60

75.55

7.95

1.34

77

1161

MDI-GT-06

125.40

132.55

7.15

1.33

75

1565

MDI-GT-07

48.87

54.32

5.45

1.41

76

1652

 

 

 

 

 

 

 

MDI-GT-07

70.00

75.64

5.64

1.03

45

1585

MDI-GT-07

79.33

88.20

8.87

0.87

112

1689

Incl.

80.33

 

81.33

 

1.00

1.68

 

167

 

1301

 

MDI-GT-07

104.25

106.82

2.57

1.26

45

1092

MDI-GT-07

117.30

120.24

2.94

1.91

62

1399

Incl.

117.30

 

118.30

 

1.00

 

3.23

 

79

 

1677

 

MDI-GT-07

 

131.77

140.20

8.26

1.14

111

1088

Incl.

132.77

 

133.84

 

1.07

1.92

 

2

 

771

 

MDI-GT-08

90.10

96.10

6.00

0.95

85

1522

 

 

 

 

 

 

 

Incl.

92.10

 

93.10

 

1.00

 

1.88

 

123

 

1635

 

MDI-GT-08

130.68

133.61

2.93

2.18

32

393

MDI-GT-08

137.45

146.55

9.10

1.52

56

1471

Incl.

140.00

 

141.85

 

1.85

 

2.32

 

102

 

1234

 

ZDD149

 

295.56

297.88

2.32

1.20

18

2408

ZDD149

300.19

302.52

2.33

1.25

53

433

ZDD154

222.32

229.18

6.86

1.60

72

667

ZT005

22.00

24.00

2.00

1.20

72

1800

ZT005

27.60

30.10

2.50

0.66

58

1140

ZT005

35.40

38.00

2.60

1.43

54

1312

ZT005

42.60

47.50

4.90

0.53

85

1657

ZT011

71.11

73.50

2.39

0.87

53

3550

ZT012

35.71

41.00

5.29

0.54

58

2776

 

*Not True Width but drilled width

**0.50% Li2O cut-off applied.

The following compositing routine has been applied:

·                   

0.50% Li2O cut-off was applied to the pegmatitic intersections only.

·                   

<2m standalone composites at the cut-off grade but with an overall weighted average grade of >0.5% Li2O are not reported.

·                   

Within any composite of >2m thickness, high-grade intersections of 1m and greater are reported provided the high-grade intersection is a multiple of x 1.5 of the overall weighted composite grade, and

·                   

Within any composite, inclusions of country rock of <2m thickness are included within the composite provided the overall grade of the composite is not <0.50% Li2O.

The following Table 3 sets out the drill hole collar coordinates for the drill holes reported in Table 1 above:

Table 2 – Drill Holes Collar Coordinates

Dhole

UTM 35S*

Easting

UTM 35S*

Northing

Elevation (AMSL)

Azimuth TN (°)

Collar Dip

       (°)

EOH

(m)

MDI-GT-05A

751164.023

7782864.865

1341.68

19.41

-69.68

250.1

MDI-GT-06

751095.609

7782404.083

1316.569

153.92

-71.25

202.48

MDI-GT-07

751167.197

7782345.715

1313.152

217.4

-67.48

202.58

MDI-GT-08

751109.254

7782250.679

1324.084

194.27

-70.48

151.68

ZDD149

750709.986

7782110.631

1328.076

105.94

-50.76

361.68

ZDD154

751077.739

7782108.867

1320.744

291.6

-53.56

251.48

ZT005

751196.456

7782304.848

1312.501

290

0

127.00

ZT011

751226.4069

7782721.784

1331.701

290

0

98.00

ZT012

751199.5709

7782684.17

1326.97

290

0

80.50

 * ARC1950 Datum (10m local datum shift)

The Geology of Zulu

The area, located in the Fort Rixon Greenstone Belt, is underlain by Archaean-aged meta-volcanics and meta-sedimentary sequences of the Bulawayan Supergroup, with serpentinites and banded iron formations at the base in the east and metamorphosed volcano-sedimentary sequences to the west. The greenstone belt is tear drop shaped measuring 30 km long and 19 km wide near the broad section at the top. Metamorphism is retrograded to Greenschist facies.

The Zulu Pegmatite is a LCT (Lithium-Caesium-Tantalum) pegmatite swarm which intrudes along the contacts between serpentine and metamorphosed volcano-sedimentary sequences over a strike length of several kilometres. Outcrop widths vary between 10 and 50m. The pegmatite bodies strike N20° and dip 70° to 90° to the west.

The area was first pegged in 1955 by J.S. Willemse and intensely explored, under option, by mapping, trenching, and drilling by Rhodesian Selection Trust Co. Ltd. (“RST”) in 1958. In 1961 and 1962 a small quantity of petalite from the River Pegmatites (see below) was mined by W. Burchett in partnership with J.S. Willemse. Premier later acquired the claims in 2013.

Recent mapping and interpretation of the pegmatite swarm from semi-quantitative X-Ray Diffraction (XRD) has identified three distinct phases of pegmatites. A spodumene-rich, thick pegmatite named the Main Zone which lies north and south of the Machakwe River, footwall low-spodumene pegmatites with associated tantalum and rubidium and a suite of petalite-bearing pegmatites of short strike length, named the River Pegmatites.

In general, the lithium minerals, occurring in varying quantities, are coarse grained with associated feldspars and quartz with only very minor sulphides being observed. In several contact zones, the lithium-bearing amphibole, holmquistite, has been observed.

Zimbabwe gold buying prices 26 May 2023

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Zimbabwe gold buying prices 26 May 2023

Fidelity Gold Refinery (FGR) official gold buying prices Friday 26 May 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$59.50/g
SG ABOVE 85% BUT BELOW 90% US$58.56/g
SG ABOVE 80% BUT BELOW 85% US$57.93/g
SG ABOVE 75% BUT BELOW 80% US$57.31/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.37/g
FIRE ASSAY CASH US$59.50/g

NB: Fire Assay cash price is for gold above 100gs and 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 charged to Primary Producers

Cash available. Fidelity Gold Refinery prices will be changing daily in relation to world market prices.

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