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Funding of Ongoing Zulu Plant Optimisation

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Funding of Ongoing Zulu Plant Optimisation

The Board of Premier African Minerals Limited is pleased to announce a placing today to raise £1,759,500 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project Pilot Plant Optimisation.

The Company is also pleased to report that the plant is now producing concentrate from both the spodumene and mica floatation circuits.

George Roach, CEO commented: “Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.

Mining operations continue to encourage with both grade and ore body definitions meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene-dominant pegmatites not included in the resource currently being mined.

Similarly, our joint venture partner at our Mutare Project (as announced on 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future.”

Placing

Premier has today issued by way of a placing (“Placing”), conditional on admission, 190,216,216 new ordinary shares of nil par value (“Placing Shares”) at a Placing price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (“CMC Markets”), acted as the Company’s sole placing agent in respect of the Placing.

Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2023.

The Placing has been arranged within the Company’s existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.

Total Voting Rights

Following the issue of the Placing Shares, the Company’s issued share capital consists of 22,770,103,177 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

 

RioZim Limited Announces New Leadership Appointments

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RioZim Limited Announces New Leadership Appointments

Diversified mining company, RioZim Limited, has announced new leadership appointments and resignations on their Board of Directors.

Effective April 28, 2023, Rajgopal Swami was appointed as the new Chief Executive Officer, succeeding Mr Manit M. Shah who will be resigning from the position. Swami has been a longtime employee of the RioZim Group and held the position of Chief Financial Officer for a number of years. With over 30 years of experience in senior management across various industries, including mining, energy, aviation, infrastructure, and financial services across four continents, Swami is well-equipped to take on his new role as CEO.

Also effective April 28, 2023, Atish Mangal was be appointed as the new Chief Finance Officer, succeeding Swami. Mangal has 20 years of experience in Corporate Finance and Treasury, Financial Reporting, Strategy, Refinancing, Loan Restructuring, Financial Modelling, and Tax Planning across the mining, trading, manufacturing, and financial services sectors.

In addition to these executive appointments, RioZim Limited has also appointed two new Non-Executive Directors, effective April 28, 2023. Grant R. Flanagan, with over 20 years of experience in the frontier and emerging market of Africa, will be joining the board. Mr Ajay P. Shanghavi, with over 38 years of experience in leading and expanding various medium and large-scale companies in industries such as engineering, manufacturing, packaging, IT, EdTech, financial services, media, and entertainment, will also be joining the board.

However, the board also announced the resignation of Manit M. Shah as Chief Executive Officer and Gopal K. Jain as a Non-Executive Director effective from April 27, 2023. The Board expressed their gratitude for their valuable contribution to the Group.

ZANU PF warns against invasion and grabbing of mines

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ZANU PF warns against invasion and grabbing of mines

Zimbabwe’s ruling party has warned its members against the illegal invasion and grabbing of mines.

Tinoda Machakaire, the Zanu-PF youth league leader and Deputy Minister of Youth, Sport, Art, and Recreation, stressed that such actions are against the party’s ethos.

“I know as youths we want to be involved in mining, we want to have mines. We don’t condone lawlessness, we don’t want to hear that you have illegally grabbed or invaded mines,” Machakaire said.

Machakaire said President Mnangagwa encouraged youth facing challenges in registering mines to seek assistance as the party will not support lawlessness.

“The President has said when you are having challenges in properly registering mines you must seek assistance. Zanu-PF is not going to condone lawlessness. The party is not in support of youths who will illegally grab mines. The party is not in support of the youths who are going to use machetes to grab or invade mines. We want law and order to prevail. The President has warned such malcontents,” he said.

He spoke out against the violence in the mining claims, caused by gangs wielding machetes, which has been terrorising small-scale miners and communities across the country. Machakaire added that if there were difficulties registering mines, solutions should be sought legally and not through violent means.

 

Unki Mine planning manager Collins Mwatahwa passes away

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Unki Mine planning manager Collins Mwatahwa passes away

Anglo American Platinum has announced the untimely death of Unki Mine Planning Manager Collins Mwatahwa.

Mwatahwa passed away on, Thursday the 11th of May 2023 in Gweru, he was 53.

According to the Platinum miner, Mwatahwa joined the company as a Graduate Trainee on January 26th, 1993, and he worked his way up the ranks, serving as an Exploration Manager and Chief Geologist before becoming the Mine Planning Manager on March 1, 2021, a role he held until his untimely passing.

He was also the secretary for the Geological Society of Zimbabwe.

Many in the mining community have expressed condolences and shock at the sudden loss.

Unki Mine General Manager Mr. Walter Nemasasi expressed his heartfelt condolences.

“I was deeply saddened to hear about the passing of a friend and colleague. It’s always difficult to come to terms with the loss of a loved one, especially someone with whom we spend a large part of our lives. Losing someone we work with is never easy and it can be difficult to find the right words to say. Collins will be greatly missed and his memory will live on through the positive impact he made on those around him,” Nemasasi said.

Caledonia Mining Executive Director, Victor Gapare, said that Mwatahwa’s death had robbed many of a reliable and upstanding individual.

“The testimonies on this forum are amazing and are a true reflection of who Collins was to many of us. Collins was truly an officer and a gentleman. He was a guy who was always ready to be helpful whenever he was called upon to do so. When my colleagues and I left Anglo in 2003, Collins worked with us to ensure all the mineral rights which we bought and were in Anglo’s name were properly transferred to us. He gave us all the support we needed. There was absolutely no drama unlike in other areas where we experienced a few problems. Go well, Collins. Fare thee well my friend,” Gapare said on a mining forum.

“A big loss to the Family and the Geological Fraternity. I  remember even in 1992 when I was in the 2nd year of Geology, when he was an Honours Student, coming to demonstrate to us during Optical Mineralogy practicals, how he simplified things with all the tricks in identifying minerals under the microscope, and even the challenges with Optical Indicatrix with the late Professor JF Wilson. Collins was a good teacher, mentor, and brother to many who interacted with him. Early 2000’s he was my Boss when we resuscitated Hunters Road, a very knowledgeable and with zeal to clarify things, a man, full of humor. Rest in Eternal Peace my Brother,” said another.

“Collins was a good-nurtured, wise Geologist who, on field trips, shared his wide experience with many including some of us who invaded his “cooler box” and whiskey! What I’m trying to convey is simply that we have lost a keen Geologist, a glue to many successful field trips! Gosh mate, we will miss you!” another on the forum expressed.

Mwatahwa is survived by his Wife, His Son Leeroy (24), and his daughter Lindsay (13).

Funeral arrangements

Mourners are gathered at House Number 178 Manresa, Greendale (near Macadamia Road) in Harare.

Anglo expressed its heartfelt condolences and support to the Mwatahwa family from the Unki Management team and all the employees during this difficult time.

Government sets aside us$5 Million for small-scale miners

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Government sets aside us$5 Million for small-scale miners

The small-scale mining sector is a crucial part of the Zimbabwean economy, as it provides work for millions of people across the country. However, these miners face many challenges, including limited access to finance, lack of infrastructure, and insecurity of tenure. In addition, the sector has been affected by heavy rains that hit the country in January and February of this year, resulting in decreased production.

In response to these challenges, the government has set aside 5 million dollars to help small-scale miners.

Mines and Mining Development Minister Hon Winston Chitando said the funds will be used to capacitate the miners by providing training, infrastructure, and equipment.

“Looking at the current production in 2023, gold producers have delivered a total of 8.57 tonnes of gold to Fidelity Gold Refinery (FGR) for the period January to April 2023, a 15.77% decrease from last year’s production of 10.17 tonnes during the same period. The decreased gold production from small-scale miners, the major contributors of gold delivered to Fidelity Gold Refinery, in January and February was mainly due to heavy rains and they spent the period dewatering shafts. As a way to mitigate this challenge, the Government of Zimbabwe has set aside USD5
Million towards capacitation of small-scale miners. The decrease in production was also due to power cuts and the
The government has set aside USD5 Million towards the establishment of gold service centres,” Minister Chitando said.

The support will go a long way in addressing the challenges that small-scale miners face, including access to markets, finance, and equipment. It will also promote sustainable mining practices, as small-scale miners will be trained on best practices to reduce the environmental impact of their activities.

Small-scale mining is an important sector in Zimbabwe, and with the right support, it has the potential to contribute significantly to the country’s economic development.

Why you should exhibit at the CoMZ Annual Mining Conference and Exhibition

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Why you should exhibit at the CoMZ Annual Mining Conference and Exhibition

The Chamber of Mines of Zimbabwe’s Annual Mining Conference and Exhibition draws attendees from all over the world, including mining Executives, industry experts, delegates, and decision-makers, since it is the primary forum for mining sector stakeholders.

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.

Here are reasons to mark the event on your calendar if you’re still on the fence about going.

Gain exposure

Exhibiting at the Chamber of Mines Annual General Meeting and Exhibition presents a great opportunity for your company to gain exposure and effectively promote its products and services. It provides a platform for companies to showcase their offerings to a targeted audience of mining industry professionals including Mining executives, mining companies, mining equipment manufacturers, and suppliers. This can lead to increased brand awareness and visibility, new partnerships and collaborations, and ultimately lead to potential revenue growth. It is an effective way for companies to network with industry players and gain valuable insights into industry trends and advancements. In summary, being part of the Chamber of Mines Annual General Meeting and Exhibition is a great strategy for companies that want to establish a strong foothold in the mining industry and grow their business.

Network

The event provides a platform for delegates to meet and connect with Mining executives, peers, regulators, suppliers, and industry players. You get a chance to forge new partnerships, explore new business opportunities, and collaborate with other industry professionals.

Build your brand

The Chamber of Mines Annual General Meeting and Exhibition is an excellent platform to showcase your brand and build your reputation among industry professionals.

Advertise your products and services

The Annual Conference and Exhibition provides an opportunity for companies to showcase their products and services to a targeted audience. Advertising your products and services in Mining Zimbabwe magazine can give your business a significant boost. This is because the magazine will be distributed to all in attendance and read by Captains of the mining industry and professionals in mining who are interested in keeping up-to-date with the latest trends, technologies and products. By advertising with Mining Zimbabwe, you can ensure that your brand is seen by the right audience, helping you to build credibility and increase sales. Whether you offer equipment, materials, or services related to mining, advertising in this issue is an effective marketing strategy that can help you grow your business and succeed in this challenging industry.

Meet potential buyers

Exhibiting at the event is an excellent opportunity to meet potential buyers and generate new leads. The Chamber of Mines of Zimbabwe’s Annual Mining Conference and Exhibition offers a chance to showcase your offerings to a captive audience and meet potential buyers face to face. Attending the event allows you to connect with industry professionals, learn about new trends and technologies, and build relationships with customers who are interested in what you have to offer.  You can gain valuable insights into the mining industry, establish your brand, and increase your chances of making sales. Overall, attending this is an essential part of any successful business strategy for companies in the mining industry.

Keep up to date with industry trends

The Chamber of Mines Annual General Meeting and Exhibition brings together all the major players in the mining industry. Attending the event enables you to keep up to date with the latest industry trends and developments.

Learn from industry experts

The event provides an excellent opportunity to attend seminars and workshops, where you can learn from industry experts and stay on top of the latest developments in the mining industry. The event features a Lithium battery value chain symposium which is a must-attend for those interested in the clean energy mineral.

Enhance your credibility

Exhibiting at a mining conference is an excellent way to enhance your credibility in the industry. By showcasing your company’s products and services, sharing your expertise, and networking with industry leaders and peers, you can establish yourself as a credible and knowledgeable authority in the mining sector. This can help to build trust with potential customers, investors, and partners, who are more likely to collaborate with someone they know and trust. Overall, exhibiting at this annual event is a key way to build your reputation and establish yourself as a top player in the industry.

Generate new business leads

The Chamber of Mines Annual General Meeting and Exhibition is an excellent platform for generating new business leads and expanding your customer base.

Increase your revenue

Exhibiting at the event provides an opportunity to generate new business and increase your revenue, which is the ultimate goal for any business.

Mnangagwa Launches Responsible Mining Initiative

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Mnangagwa Launches Responsible Mining Initiative

President Emmerson Mnangagwa yesterday launched the Responsible Mining Initiative in an effort to combat illegal mining activities in Zimbabwe.

Mnangagwa stated that the government of Zimbabwe will not tolerate any form of non-compliance within the mining sector, and a mines audit will soon be conducted to ensure that all companies are following proper legislation.

The mining industry in Zimbabwe has been plagued with illegal operations that have cost the country millions of dollars and have been detrimental to the environment.

In his address, the President stressed that this initiative would play a vital role in creating a sustainable US$12 billion mining industry. He also mentioned that this program was crucial to the government’s quest for good stewardship of Zimbabwe’s natural and mineral resources. Furthermore, the President declared that the malpractices that were occurring within the mining industry, such as mineral leakages, environmental degradation, and haphazard operations, could not be condoned.

“This initiative represents an essential milestone in our journey towards a sustainable US$12 billion mining industry,” the President said.

“Furthermore, the programme is an indispensable undertaking in my Government’s quest to exercise good stewardship over the many natural and mineral resources that our beautiful country, Zimbabwe, has been blessed with by Almighty God.

“The situation, where the sector is characterised by malpractices such as environmental degradation, mineral leakages and haphazard operations conducted outside the legal provisions of our country, can never be condoned.”

To address these issues, audit teams will be deployed soon to investigate the activities of mining entities in Zimbabwe. These audits will aim to highlight any challenges and offer recommendations for the improvement of the mining sector.

“Audit teams will conduct thorough investigations on activities within the various mining entities, with the objective of highlighting and proffering challenges recommendations towards the overall improvement of our mining sector,” Mnangagwa said adding that the audits will be done soon.

While this may be a challenging task with many obstacles to overcome, the Responsible Mining Initiative represents a significant step in the right direction for Zimbabwe’s mining industry. This positive step will not only benefit the country in terms of revenue generation but also in environmental protection.

According to Minister of Mines and Mining Development Hon Winston Chitando, the audit team comprises of different government departments.

“The objective of the Initiative is to ensure that all mining operations are conducted in accordance with the country’s laws. The audit team will comprise members from the following Ministries, Departments and Agencies: Mines and Mining Development, Lands, Agriculture, Fisheries, Water and Rural Development, Local Government and Public Works, Energy and Power Development, Environment, Climate, Tourism and Hospitality Industry, Departments of Immigration and Labour, the Zimbabwe Revenue Authority, the Environmental Management Agency, and the Zimbabwe Republic Police,” Chitando said in a statement.

Taskforce dispatched to conduct a Gold Mobilization Blitz

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Taskforce dispatched to conduct a Gold Mobilization Blitz

Ministry of Mines and Mining Development on Wednesday dispatched the Gold Mobilisation Taskforce to conduct a Gold Mobilization Blitz which is one of the Ministry’s strategic plans to increase gold deliveries to Fidelity Gold Refinery (FGR), contributing to the growth of the mining sector.

Speaking at the Gold Mobilisation Taskforce send-off Mines and Mining Development Minister Hon Winston Chitando said significant improvements in the gold delivered to FGR have been seen thanks to the collective efforts of all stakeholders.

The current production in 2023 shows that gold producers have delivered a total of 8.57 tonnes of gold to FGR for the period January to April 2023, a 15.77% decrease from last year’s production of 10.17 tonnes during the same period. The decreased gold production was mainly due to heavy rains and power cuts.

As a way to mitigate these challenges, the Government of Zimbabwe has set aside USD5 million towards the capacitation of small-scale miners, and the establishment of gold service centres. Small-scale miners are the major contributors of gold delivered to Fidelity Gold Refinery.

“Looking at the current production in 2023, gold producers have delivered a total of 8.57 tonnes of gold to Fidelity Gold Refinery (FGR) for the period January to April 2023, a 15.77% decrease from last year’s production of 10.17 tonnes during the same period. The decreased gold production from small-scale miners, the major contributors of gold delivered to Fidelity Gold Refinery, in January and February was mainly due to heavy rains and they spent the period dewatering shafts. As a way to mitigate this challenge, the Government of Zimbabwe has set aside USD5
Million towards capacitation of small-scale miners,” Chitando said

In March and April of 2023, the gold delivered to FGR increased significantly, providing a positive outlook for the gold sector and giving confidence that if delivery rates are maintained, then the 2023 targets are well in sight. However, despite the increase in gold delivery, these deliveries fall short of possible gold produced in Zimbabwe during this period due to rampant side marketing, which calls for enhanced compliance enforcement in the sector.

The country is rich in gold deposits, and the stakeholders strongly believe that the production can reach 40 tonnes by 2023. However, the key to realizing this target is the plugging of side markets and improved power generation which are a pariah to efforts in the mining sector and the development that is hoped to be achieved.

There is a need to conscientize the miners on the advantages of responsible mining as the fatalities of unlicensed miners have recently been on the rise. Small-scale mining is provided for in the Mines and Mineral Act Bill and is a potent means of creating a contribution to economies and multitudes of livelihoods it supports about 500 000 people directly employed in the sector and 1.5 million people indirectly.

World heritage site in Zimbabwe targeted for oil exploration

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World heritage site in Zimbabwe targeted for oil exploration

One of Africa’s premier wildlife areas has been targeted for oil exploration.

Shalom Mining has applied to explore oil and gas in Mana Pools, which has been designated as a World Heritage Site by the United Nations Educational, Scientific and Cultural Organization, according to a notice in the Zimbabwean Government Gazette.

Mana Pools lies on the southern bank of the Zambezi River that serves as the border between Zimbabwe and Zambia.

The river braids across a flood plain, attracting wildlife and serving as the site of a number of luxury lodges that charge $1 000 a night. The heritage site covers 676 600 hectares, spanning the Mana Pools National Park, Sapi and Chewore Safari areas.

“On the banks of the Zambezi, great cliffs overhang the river and the floodplains,” Unesco says, describing the site. “The area is home to a remarkable concentration of wild animals, including elephants, buffalo, leopards and cheetahs.”

Shalom has applied for an exploration license over an area of 130 000 hectares and any objections will need to be lodged by 19 May, the Mining Affairs Board said in the notice.

Shalom is a Zimbabwean company, Pfungwa Kunaka, chairman of the board, said, without giving further detail.

Bloomberg

RBZ Gold-backed Digital Tokens – Pricing, application, redemption and more…

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RBZ Gold-backed Digital Tokens – Pricing, application, redemption and more…

The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance the divisibility of the investment instruments and widen their access and usage by the public.

The digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The digital tokens will be available for sale, through banks, in both foreign and local currency. Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens.

The digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlement.

It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.

Pricing

The pricing of the Digital Tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix. Payment for the digital tokens or physical gold coins in local currency shall be at a 20% margin above the willing-buyer willing-seller interbank mid-rate.

APPLICATIONS

Applications will be through banks, building societies and the POSB. Applications must be for a minimum of US$10 and US$5,000 for individuals and corporates and other entities (including financial institutions), respectively. The Reserve Bank reserves the right to accept or reject any application or part thereof.

The full payment for allotted digital tokens shall be made on the settlement date through the normal payment systems.

Application for this issue must be on the form provided with this prospectus and should be addressed to the Director, Financial Markets, 80 Samora Machel Avenue, Harare and forwarded to the following email address: [email protected].

SOURCE OF FUNDS

Investors cannot use borrowings to finance the purchase of tokenized gold coins. The Financial Intelligence Unit shall take appropriate action in respect of any suspicious sources of funding. Financial institutions are required to exercise Know Your Customer (KYC) principles.

ISSUANCE

The digital tokens will be issued in milligrams, which is one-thousandth of a gram, through custodian banks within the Central Securities Depository (CSD) payment system.

REGISTRATION

Transfer of the digital tokens will be done through the custodial banks which will split allotments to its various customers’ accounts.

REDEMPTION

The digital tokens can be redeemed after the vesting period of 180 days, based on the international gold price as determined by the London Bullion Market Association (LBMA) PM fix, payable in either local or foreign currency as is the case with physical gold coins. Payments will be done through the nominated custodial banks.

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