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ZSE & VFEX Mandatory Sustainability Reporting and Minimum Disclosure Requirements: Applications to the Mining Sector

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ZSE & VFEX Mandatory Sustainability Reporting and Minimum Disclosure Requirements: Applications to the Mining Sector

Companies listed on the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) will, starting January 2024, be required to report on sustainability issues as part of their financial disclosures.

Alexandra Mliswa

This move by the regulator, titled Practice Note 16, is a welcome one that I have been advocating for since 2020. In doing so my main drive has been mandatory sustainability reporting across the mining sector for both listed and unlisted companies due to the inherently destructive nature of mining operations.

However, this does not take away from the work that has been done by the regulator and gives us a good start as we have about four mining companies listed on the ZSE and VFEX jointly.

The question we need to grapple with is whether the minimum disclosure requirements effectively cover ESG topics relevant to the mining sector and secondly, if they push listed mining companies to develop ESG strategies that they deliver on. My brief comments on those issues are as follows:

Globally recognized sustainability reporting standards

Firstly, the regulator did a good job by not reinventing the wheel and opting to use the existing globally recognized sustainability reporting standards, namely, GRI (Global Reporting Initiative) and IFRS (International Financial Reporting Standards) albeit that most, if not all, of the standards reference GRI while only some refer to IFRS- which I mention merely as an observation and not to point out a fault or objection.

Practice Note 16 goes further to categorize the disclosure metrics into Economical, Environmental, Social and Governance which will make reporting easier for the listed companies but I will focus on the latter three which comprise ESG.

Social

On Social: Sustainable Community development through CSR and CSI  has been a longstanding heated issue when it comes to mining companies and I am pleased to see local community listed as a metric that requires companies to disclose their contributions towards communities as well as the  SDG goals contribution. The SDG element is particularly clever because it forces companies to re-evaluate their CSR/CSI strategies to reflect real issues outlined in SDG goals such as water and sanitation or healthcare for instance. We know of many reports of companies donating t-shirts to soccer teams or money to a church and calling it CSR. While these are not bad things, they are not the standard of activities that contribute to sustainable community development or truly bettering the lives of local communities beyond the lifespan of a mine.

The Gender diversity metric can promote the hiring of more female employees and of course, contributes to SGD goal 5 as well as our NDS1 strategy which looks at women empowerment. On a practical level, mining is largely a male-dominated industry and having more female employees can ease the pressures of the workplace that many women in mining currently face.

Lastly, on Social,  the Occupational Health and Safety metric is a big one here due to the hazardous nature of mining and may push companies to take HIRA and other HSE issues seriously by developing or implementing policies and ISO standards.

Governance

On Governance, the Board composition metric also pushes the women empowerment agenda as companies may appoint more females on the board as key decision makers.

On the Environmental side, I’ve identified 3 metrics that have the potential to influence some change. Firstly, material metrics can help the supply side of the economy by showing what materials are used and possibly boosting the local availability of those materials/chemicals used in mining. As well as highlight the more harmful materials that have been outlawed or could be substituted for less hazardous materials.

Second, the Waste metric can assist EMA to cross-reference the waste reported and waste management as well as provide an opportunity for waste reduction, recycling and ultimately zero-waste operations which may contribute to technological advances around waste management.

Lastly, Emissions metrics help us to monitor our NDCs ( Nationally Determined Contributions), as well as provide the opportunity to adopt mitigation and adaptation strategies such as renewable energy.

While this is a move in the right direction, it’s no secret that some mining companies already greenwash and misrepresent issues in their annual reports. SECZ is the responsible regulator for listed companies and penalties for greenwashing or misrepresentation of sustainability reports are still unclear an issue that needs to be rectified if any of this is to be taken seriously and for the integrity of the disclosures to be kept intact.

Finally, this new development is a bold move in the right direction and highlights once again how important ESG is and cannot be ignored. Mandatory ESG disclosures must be adopted across the mining sector not only due to the destructive and disruptive nature of the activity but also as a catalyst to drive for sustainable community development and contribute to SDG goals.  To this end, ESG matters as well as issues around greenwashing should be incorporated into the Mines and Minerals Act and given criminal offences for noncompliance.

Alexandra Mliswa is a lawyer by profession who has been working in the mining space. She is an ESG enthusiast and has GRI certification in sustainability reporting which her consultancy Alteri Consultants (https://www.alteri.co.zw/ ) offers as well as services in developing and implementing ESG and CSR strategies.

Nearly four thousand miners lost employment in Q2

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Nearly four thousand miners lost employment in Q2

Nearly 4000 people employed in the mining industry lost employment during the second quarter of 2023, statistics by Zimbabwe National Statistics Agency (ZimStat) show.

Rudairo Mapuranga

According to ZimStat, overall during the period, 68 296 people lost employment in all the sectors of the economy with the mining industry accounting for 5.6 per cent of the total which is 3 825.

Zimstat shows that of the 3,239,965 people formally employed in the country, 6.2 per cent translating to 200 878 were employed by the mining industry during the second quarter of 2023. The statistics show that 8,017 people reported work-related illness or injury in the mining industry.

According to Zimstat 138 925 in the mining industry are informally employed meaning they work mostly in the artisanal sector where workers work without registers or any documentation.

The mining industry of Zimbabwe is highly diversified, with 63 different minerals. The predominant minerals mined by the industry include platinum, chrome, gold, coal, and diamonds. The country boasts the second-largest platinum deposit and high-grade chromium ores in the world, with approximately 2.8 billion tons of platinum group metals and 10 billion tons of chromium ore. The sector accounts for about 12 per cent of the country’s gross domestic product (GDP).

Ariana Starts Drilling for Gold in Zimbabwe’s Promising Dokwe Project

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Ariana Starts Drilling for Gold in Zimbabwe’s Promising Dokwe Project

Ariana Resources PLC (AIM:AAU) said it has begun an exploratory due diligence drilling programme on the Dokwe gold project in Tsholotsho, Zimbabwe, where it has a 1.3% interest.

The AIM-listed explorer’s stake in the venture, which is majority owned by Rockover Holdings Ltd, was acquired through the Asgard Metals Fund, as announced last week.

With Dokwe boasting roughly 1.3 million ounces in JORC measured, indicated and inferred resources, Ariana said it has started a 1,500-metre (m) diamond drilling program focusing on two primary zones: Dokwe North and Dokwe Central.

These areas have previously yielded significant gold intercepts, it noted, with Dokwe North revealing an 8m strike at 197.22 grams per tonne (g/t) gold (Au), including a remarkable 1m intercept of 1,568 g/t Au. Dokwe Central, on the other hand, has reported a 49m strike at 4.42g/t Au.

Ariana’s exploration technology and specialist teams are currently conducting a historical data review alongside the diamond drilling, to validate historical data and better understand the structural geology before advancing discussions with Rockover, said Ariana’s managing director Kerim Sener.

“Building on the operational base we have established in Turkiye with strong and experienced local partners, we are making strides to expand our portfolio,” Sener added.

He said Dokwe represents “a potential bulk-tonnage mining opportunity upon which a positive pre-feasibility study has been delivered and which could be advanced to feasibility in the near term. At this stage, we see potential at Dokwe to identify further resources in the vicinity and to develop a multi-decade mining opportunity in Zimbabwe.”

About Dokwe Pan

Dokwe Pan is in Tsholotsho, Matabeleland North Province. Pan is a near-level shallow, natural depression or basin, usually containing an intermittent lake, pond, or pool.

Private gold buyers buying gold at higher prices – Shamva MP

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Private gold buyers buying gold at higher prices – Shamva MP

The Zimbabwean government is facing calls to enforce its gold pricing policy after allegations emerged that private players are purchasing the yellow metal at higher prices than the State-set rate.

The allegations were raised by Shamva South Member of Parliament (MP) Joseph Mapiki, during a Question and Answer session on Wednesday.

Mapiki asked the Ministry of Mines and Mining Development to explain why private buyers are willing to pay more for gold than the government.

“The Minister stated clearly that he is issuing licences to private players. I want the Hon. Minister to explain why they buy at a higher price than Fidelity Printers. I want to understand where they sell their gold,” said Mapiki.

The Deputy Minister of Mines and Mining Development, Polite Kambamura, responded by saying that the government sets gold prices based on international market prices daily and that any buyer purchasing at a higher price would be required to explain.

“If there is any buyer purchasing at a higher price, please show us that buyer because as Government, we have set prices depending on the international market prices on a daily basis just like when bread is priced at a dollar.

“If we find you buying bread at $10.00, we would need an explanation as to why you are buying at such a price when Bakers Inn is selling at $1,” said Kambamura.

The allegations of private buyers purchasing gold at higher prices than the government-set rate raise concerns about the transparency and fairness of the country’s gold market.

Zimbabwe on the 1st of November 2023 re-introduced the once abolished 75% us$ payments and 25% local currency payment system for Small-scale miners. This did not sit well the miners on Mining Zimbabwe’s facebook page after we asked how the new 75/25% payment system is. 99% of the miners who responded said it was a wrong move lamenting that all consumables, equipment, accessories are sold in US dollars.

KMH aims for 200M tonnes JORC certified resource size

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KMH aims for 200M tonnes JORC certified resource size

The country’s biggest mining company Kuvimba Mining House (KMH) is expecting to have a JORC-certified resource size of around 200 million tonnes in totality following the completion of phase 3 and 4 exploration, KHM director of energy cluster Trevor Barnard has hinted.

Rudairo Mapuranga

Addressing journalists at KMH Headquarters in Harare on Wednesday, Barnard said KMH has completed phase 1 exploration at the Sandawana Lithium project and has embarked on phase 2 which is expected to be complete by the end of the first quarter next year with the mine targeting 100 million tonnes at the end of the campaign. The results of the exploration will be reported following precisely the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’).

The main principles governing the operation and application of the JORC Code are transparency, materiality and competence.

According to Barnard, chemical analysis and assaying work will be done and is expected to be complete in the next two weeks and from the initial exploration results, the resource is estimated to be around 50 million tonnes at a grade of about 1,6 per cent.

He said Phase 2 of the exploration programme at Sandawana is already in progress and expected to be complete by the first quarter of next year with the company targeting to double the resource from the 50 million tonnes of phase 1 to 100 tonnes for both phases.

“We estimate that we’ll double the size of the resource by that time. If you put that in context Sandawana Mines with that high grade and with that level of resource size would be a very significant resource in international terms.

“We decided to develop a three million tonnes per annum mine and processing plant at Sandawana Mines in the short term,” Barnard said.

Barnard said that at the end of phase 4 exploration, the Sandawana Lithium project will be one of the biggest lithium mines in the world totalling 200 million tonnes with phases 3 and 4 expected to produce results of 100 million tonnes.

“We are also doing further phases of exploration, phases 3 and 4 and the overall expectation is that we would end up at the resource size of around 100 million tonnes in totality, that can’t be confirmed at this stage but that is from our initial exploration expectations and evidence that we found on site.

“From that perspective, this would be really one of the biggest in the world. The next step is the development of the mine and the project,” said Barnard.

What is JORC certification?

The JORC certification is an Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.

Sandawana Mines

Sandawana Mines ( formerly Sandawana) Resuscitated in 2023. The Mine is currently drilling as well as conducting feasibility studies. The Mine will also do floatation and finally producing lithium grade carbonate at more than 99%.

Padenga gold production increases 12 percent

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Padenga gold production increases 12 percent

Gold production by diversified Victoria Falls Stock Exchange listed company Padenga Holdings Limited, increased by 12 per cent during the nine months to 30 September 2023 compared to the same period last year due to an increase in tonnes milled and mill feed grade, the company announced through a trading update for the third quarter (FY2023).

Padenga recently acquired 100 per cent ownership in gold-focused mining company Dallaglio Holdings which owns Pickstone Peerless Mine and Eureka Gold Mine which is one of the largest and most technologically advanced mines in Zimbabwe.

According to Padenga Holdings Limited’s trade update for the third quarter (FY2023), gold production during the period 1 January to 30 September 2023 stood at over 1.6 tonnes compared to under 1.5 tonnes produced during the same period last year.

The trading update stated that tonnes milled increased by 5 per cent during the nine months due to positive plant throughput at Eureka Mine and a new mill at Pickstone Peerless Mine. The mill feed grade also increased by 6 per cent due to the coming in of the Pickstone underground project.

“Gold sales in the nine months to 30 September rose by 12% in comparison to the same period last year (1 664.8 kgs vs 1 480 kgs). This was achieved on the back of an increase in tonnes milled and mill feed grade. The tonnes milled increased by 5% to 1 332 973 Mt from 1 267 421 mt recorded for the nine months to 30 September 2022. This was due to positive in plant throughput at Eureka Mine, achieved through optimization as well as the addition of a new mill at Pickstone Peerless Mine. Mill feed grade also registered a 6% increase (1.42g/Mt vs 1.34/mt).

“The Picksone underground project was completed at the end of August 2023, with commercial hoisting of ore commencing in September 2023,” the trade update reads in part.

According to the trading update, underground operations at Pickstone will increase gold output for the group.

“Production out of the Pickstone underground operation is set to increase gold output for the group. Management’s priority is to ensure a smooth ramp-up of underground operations by the end of the financial year. The gold Outlook appears firm for the remainder of the year with prices having recovered after the reporting date,” the trade update reads.

Caledonia records over US$107 million in revenue

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Caledonia records over US$107 million in revenue

Victoria Falls Stock Exchange listed gold-focused miner, Caledonia Mining Corporation recorded a US$107.7 million revenue during the nine months ended 30 September 2023. The revenue is in line with the prior year’s performance, the company results for the quarter and nine months ended September 30 2023 shows.

According to Caledonia CEO Mark Learmonth gold production at the company’s Gwanda-based gold mine, Blanket Mine was at 55 244 ounces during the nine months ended 30 September 2023. The Mine produced quarterly gold production of 21 772 ounces, a new quarterly record for the mine and an increase of three per cent on the 21 120 ounces produced in the corresponding quarter of 2022.

He said net debt at the end of the Quarter was at US$3.2 million compared to US$ 2.9 million realised in the previous quarter.

According to Learmonth Notwithstanding the very strong operating cash flow in the Quarter, net cash and cash equivalents decreased in the Quarter due to the negative cash flows at the Bilboes oxides mine and the continued high level of capital investment at Blanket, principally on a new tailings storage facility.

He said a dividend of 14 cents per share was paid in July 2023, and a further dividend at the same rate of 14 cents per share was paid in October 2023, being the 40th quarterly dividend paid by the Company since it began paying dividends in 2013.

Gross profit in the Quarter according to Learmonth was US$ 14.1 million and EBITDA1 of US$ 15.5 million, 2.5 percent lower than the US$15.9 million in the third quarter of 2022.

He said Consolidated on-mine cost per ounce for the Quarter was at US$928 compared to US$ 734 per ounce in the comparable Quarter of 2022. He said the increase was mainly due to the high cost per ounce at the Bilboes oxide mine, which has subsequently been placed on care and maintenance. On-mine costs at Blanket were US$817 per ounce, an 11.3 per cent increase from the comparative quarter with the increase being due to higher labour and electricity costs.

“Production at Blanket in the Quarter was excellent: Blanket is now operating as expected having achieved record gold production in the Quarter. Management is exploring initiatives to further improve mining efficiencies and manage operating costs.

“The Bilboes oxide mine has been a disappointment and as a result of operating losses incurred at Bilboes it has been returned to care and maintenance with effect from 1 October, from October onwards, the monthly holding cost of Bilboes is expected to be significantly reduced to approximately $200,000c per month. In due course, the remaining oxide material will be mined and processed alongside the sulphide ore. This outcome has no bearing on the viability of the much larger sulphide project which was the reason for acquiring Bilboes.

“As previously announced, encouraging results were received during the Quarter from the ongoing underground drilling program at Blanket which currently targets the Eroica ore body. Initial results indicate that the Eroica ore body has better grades and widths than expected. These results indicate that there is additional mineralisation that may, in due course, be accessed using the current infrastructure and which should further extend the life of mine. Blanket continues to provide a solid foundation for the Company, providing us with a platform for our other growth projects in Zimbabwe.

“We continue to work on a revised feasibility study for the sulphide project at Bilboes which will consider updated commercial assumptions and will inform the most judicious way to commercialise the project with the objective of providing the best returns for investors. I look forward to providing an update on our progress in due course.” Learmonth said.

Caledonia to sell its 12MW solar plant

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Caledonia to sell its 12MW solar plant

Gold-focused mining company, Caledonia Mining Corporation says it has received an undisclosed offer from a global operator to buy its 12MW solar plant with the process of sale underway.

Hit by power cuts and an unstable grid, Caledonia’s Blanket mine had installed diesel power backup, but this has been expensive and unfriendly to the environment. In 2021, the company began building a solar farm next to the mine, after raising US$13 million from a share sale for the project.

The plant which was announced to be in operation exactly 12 months ago as Caledonia started generating electricity for its Blanket Mine, providing an alternative to unreliable and costly ZESA power, will be sold to the unnamed company as Caledonia wants to focus on mining and leave electricity generation to energy firms.

According to the company CEO Mark Learmonth, the solar plant is currently operating well and providing economic benefits for the Company extensively.

“The solar plant which was commissioned in early 2023 continues to operate well. The solar plant is owned by Caledonia rather than by Blanket and therefore the economic benefit arising from the solar plant has been realised in the consolidated all-in sustaining cost rather than the on-mine cost. An offer has been received from a global solar operator to buy the solar plant and the sale process is underway,” Learmonth said.

Blanket Mine

Blanket Gold Mine is a well-established Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 55,000 ounces of gold in 2019. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant.

The Blanket Mine is located in the south-west of Zimbabwe approximately 15 km west of Gwanda, the provincial capital of Matabeleland South. Gwanda is 150 km south east of Bulawayo the country’s second largest city and 196 km northwest of the Beit Bridge Border post with South Africa, and 560 km from Harare, Zimbabwe’s capital city. Access to the mine is by an all-weather tarred road from Gwanda, which is linked from Beit Bridge to Bulawayo and Harare by a national highway.

Invictus reaffirms presence of moveable hydrocarbons at Mukuyu 2

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Invictus reaffirms presence of moveable hydrocarbons at Mukuyu 2

The prospect of finding commercially viable oil and gas in Muzarabani is almost within reach as the company reported that it discovered the presence of moveable hydrocarbons at Mukuyu 2 exploration well.

Rudairo Mapuranga

According to Invictus Energy‘s Managing Director Scott MacMillan, the exploration team successfully recovered natural gas (predominantly methane and trace heavier hydrocarbons) to the surface from the Pebbly Arkose formation and continued pipe-conveyed logging operations due to challenging borehole conditions.

He said wireline logging data from gamma-ray, density-neutron and resistivity has identified multiple hydrocarbon bearing intervals in the Upper and Lower Angwa reservoir sands, subsequently reaffirming the moveable hydrocarbons observed during initial fluid sample cleanup which showed gas and liquid hydrocarbons flowing through the onboard compositional fluid analyser (CFA). “Prior to the fluid sampling in the Pebbly Arkose formation,” MacMillan said, “analysis of the wireline logs interpreted the presence of residual gas (low gas saturation below the net pay cutoff). The formation was targeted to acquire a water sample to assist the calibration of resistivity data and calculation of gas saturation in the below Upper and Lower Angwa formations.”

According to MacMillan the recovery of natural gas to the surface from a primarily water-bearing interval in the Pebbly Arkose confirms the presence of hydrocarbons coupled with the wireline log interpretation of hydrocarbon-bearing reservoirs in the Upper and Lower Angwa formations and most importantly signifies a potential discovery in the Mukuyu field (as per Society of Petroleum Engineers Petroleum Resource Management 2018 definition section 2.1.1.).

“Further evaluation results continue to reaffirm the presence of moveable hydrocarbons at Mukuyu2, evidenced by the recovery of natural gas from the Pebbly Arkose formation and further wireline logging data interpretations obtained from the Upper and Lower Angwa reservoirs.

“Due to compounding sampling challenges, borehole conditions and well control measures the Company, in conjunction with our service providers, have determined a simple vertical sidetrack will provide the strongest opportunity to achieve our remaining Upper and Lower Angwa evaluation objectives.

“The Company is currently funded to conduct and evaluate the planned sidetrack operations, with the completion allowing the well to be suspended for future flow testing. I thank our shareholders for their patience as we conduct the sidetrack well and finalise the evaluation program, I invite you to attend the webinar briefing to discuss the initial results and forward plan,” MacMillan said.

Subsequent evaluation of the Upper and Lower Angwa

Higher than anticipated pressure in the gas leg in the Lower Angwa beneath 3,400mMD where formation pressures exceed 5,000 psi which required an increase in the mud weight to maintain control of the wel and preserve well barriers whilst drilling.

Connection gases were observed during the drilling of this part of the hole section to a Total Depth of 3,718mMD together with high levels of trip gas resulting in the implementation of well control measures through the raising of the mud weight to ensure the safety of the drilling and logging operations and maintain well integrity.

The raising of the mud weight has subsequently led to high overbalance conditions in the shallower intervals of this hoe section which has resulted in fluid losses and formation invasion by the drilling fluid which is evidenced by the high pump-out volumes required to obtain fluid sample cleanup to obtain representative reservoir fluid sampes. High amounts of overpul are required to free the drill string and wireline tools from several points along the well bore resulting in tool damage, together with hold-ups and obstructions in the wellbore is typically indicative of hole instability/breakdown.

Subsequent attempts to complete the fluid sampling program on pipe-conveyed logging in the Upper and Lower Angwa reservoirs and the remaining data acquisition program have been hampered by too many failures. This is primarily related to the conditions, borehole deterioration and compounded by the duration this hole section has been exposed since drilling of this interval commenced.

Due to the limited availability of replacement fluid sampling tools and the risk of successfully completing the fluid sampling and remaining data acquisition program in the current borehole, the Company has carefully considered all options to achieve our objectives for the Mukuyu2 well.

A thorough assessment in conjunction with our service providers was conducted and determined that plugging back the existing 8 ½ inch wellbore section and conducting a simple vertical sidetrack from the 9 ⅝ inch shoe (at approximately 1,966mMD) would provide the Company with the strongest opportunity of acquiring vaid fluid samples from the well.

Forward plan

The Exao Rig 202 is preparing to plug back the existing 8 ½” wellbore section and commence re-drilling the 8 ½” hole section with more optimal parameters to approximately 3,400mMD above where the overpressure zone in the Lower Angwa commences. The Mukuyu-2 vertical sidetrack will be more conducive for conventional wireline logging operations including the fluid sampling to be conducted in the Upper Angwa and part of the Lower Angwa reservoirs, providing parameters for a more efficient and economic sidetrack operation in comparison to the Mukuyu-1 sidetrack well.

The completion of the sidetrack will also allow for the well to be suspended for future flow testing through running the 7 inch liner over this interval and retain the ability to drill, evaluate and test the remaining portion of the Lower Angwa in 6 inch hole in future operations.

Following the conclusion of the drilling of the 8 ½ inch hole section, the well will be logged including wireline formation testing and final results provided. The Company anticipates the remaining activities to conduct the sidetrack and wireline logging to take approximately 2128 days depending on drilling and logging conditions and is currently funded to complete these activities.

Caledonia COO Dana Roets to step-down

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Caledonia COO Dana Roets to step-down

Caledonia Mining Corporation Plc has announced that Chief Operating Officer (COO) Dana Roets will step down from his role on February 29, 2024. However, Roets will remain a director of the company and its subsidiaries until that date.

Roets joined Caledonia as COO in 2013 and has played a significant role in the development of the business over the past decade.

During his tenure, the Caledonia’s production increased from 45,000 ounces to over 80,000 ounces in 2022. In the most recent quarter, ended September 30, 2023, the Blanket Mine achieved record quarterly production of nearly 21,800 ounces. Additionally, the group’s all-in sustaining costs decreased from $978 per ounce to $878 per ounce over the same period.

One of the key factors contributing to Caledonia’s success in the past decade was the successful implementation of the Central Shaft project. Under Mr. Roets’ direction, the company sank a six-meter diameter shaft from the surface to 1,204 meters.

The project was accomplished using internal financial and technical resources and was completed without any fatalities. It also significantly extended the mine-life of Blanket Mine, a Gwanda based gold miner.

Furthermore, the resumption of deep-level exploration at Blanket in early 2023 has shown promising results, which are expected to further extend the mine’s lifespan.

In light of Mr. Roets’ impending departure, Caledonia has already begun the process of identifying a suitable candidate for the COO position.

Commenting on the announcement, Caledonia Mining Chief Executive Officer, Mark Learmonth,  expressed his appreciation for Roets’ contributions over the past decade. Learmonth highlighted the increased production, reduced costs, and exploration success achieved under Roets’ leadership. Learmonth also mentioned significant milestones, such as the operational solar plant and the construction of a new tailings storage facility.

“Dana has made an outstanding contribution to Caledonia over the last ten years – as evidenced by the increased production, reduced costs and exploration success which we believe will, in due course, extend Blanket’s life of mine. This was achieved against the backdrop of a challenging operating environment and the COVID-19 pandemic which introduced a new set of unanticipated operational challenges,” Learmonth said.

“Dana is leaving the business not only having seen Blanket Mine hit its long-term target of 80,000 ounces (in 2022), but also with an operational solar plant providing around a quarter of Blanket Mine’s daily electricity requirements, thereby reducing our dependence on diesel generators. More recently, he has overseen the construction of the first phase of a new tailings storage facility which, when fully built, is expected to serve the mine for at least the next fourteen years at the current production rate.

“Along with the board and his colleagues, I would like to thank Dana for his contribution and we wish him well in his future endeavours,” Learmonth concluded.

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