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Bravura’s State-of-the-Art Processing Plant for Kamativi Unveiled

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Bravura’s State-of-the-Art Processing Plant for Kamativi Unveiled

Pan-African diversified miner Bravura has showcased its highly advanced, state-of-the-art lithium processing plant, which is being manufactured by Manhattan in South Africa.

Rudairo Mapuranga

Mining Zimbabwe was part of a Media tour that was conducted on the 6th of June 2024 at Manhattan Corporation, an engineering company which is manufacturing a state-of-the-art processing plant for Bravura in South Africa.

see images HERE

Eng. Chris Pouroullis, Chairman of Manhattan, provided a detailed presentation and tour of the plant, highlighting its key features and advanced technologies. The plant has a 600-tonne-per-hour feed section at the front end, leading into a 300-tonne-per-hour wash plant. This feeds into the Dense Media Separation (DMS) section, processing 150 tonnes per hour. The final product is spodumene, produced at approximately 10 tonnes per hour, depending on the input feed grade.

The plant’s design is based on data published by Bravura and extensive test work, effectively handling the coarse fraction of the Kamativi dump, which is around 25 million tonnes. Approximately 50% of this material is processed through the DMS plant. The plant’s gross capacity is 70,000 tonnes per annum of saleable spodumene concentrate. The front end operates only during the day to align with the mining equipment’s operational schedule, while stockpiles accumulated during the day are processed during the night shift, enhancing safety and operational efficiency.

The plant spans 400 meters in length and 150 meters in width, designed for optimal operational performance. Trucks dump ore into a feed bin set against a rock platform, with material transported 125 meters away to minimize dust and airborne pollutants. Safety and operational efficiency are paramount, with approximately 27 conveyors moving ore and waste materials, keeping personnel and machinery separate.

The wash plant separates materials from the Kamativi dump, handling sizes from 2 mm to 0 mm. Plus 450-micron material goes into the DMS circuit, while minus 450-micron material is pumped to a recovery circuit for potential reprocessing. The DMS section includes two primary units, each processing 75 tonnes per hour, using dense media for gravity separation. Eight cyclones, instead of the traditional two, ensure optimal recovery efficiency.

A secondary DMS unit processes 25 to 30 tonnes per hour, refining the final product to ensure high-quality cuts free from contaminants. The final product undergoes drying and cooling to reduce moisture and temperature before packaging. A magnet plant removes any remaining contaminants, and the product is stored under cover before shipping.

The plant operates with synchronized 1.5 MVA diesel generators, providing a combined output of 5 MVA. A water pump station supplies water, with a thickener recovering and recycling water to minimize local extraction. Extensive earthworks and civil engineering efforts are ongoing to establish a stable platform for the plant, given the challenging terrain at the Kamativi site.

Eng. Chris Pouroullis emphasized the plant’s efficiency during the tour.

“You can dismantle it and ship it to the mine site. Some of the assembled equipment at the back has been trial-assembled, showing how everything fits together into a moving component. The green tanks are part of the DMS plant structures, upside down because they’ve been rubber-lined to protect the rubber before shipping. The rubber needs to be packed onto trucks, delivered to the site and assembled. We pre-assemble as much as possible without interfering with truck loading efficiency. These components form a module that allows the plant to operate as a moving machine.”

He continued, “The processing plant structures fill up 450 meters with equipment, including long overland conveyors that return waste products to the plant. Raw steel is fabricated, welded, assembled, sandblasted, and painted with three coats for rust protection and longevity. Some structures are still in their raw state, being dismantled into smaller pieces for sandblasting and painting.”

“A skilled technician, Godfrey, and the technical team design the components, which are then converted into steel. Behind us, you can see the equipment in progress, including bandsaws used to cut steel with a straight edge for neat assembly, avoiding structural problems.”

Pouroullis explained, “The workshop has shifted work outside, preparing for delivery and installation. Components have been removed for sandblasting and painting. We plan another trial assembly of the plant once it’s painted to preassemble tanks inside structures, ensuring a complete delivery to the site.”

“The plant, when complete, is about four and a half stories high, with a 450-meter footprint. It includes infrastructure and buildings. We acquired equipment from Vibramac, a reputable South African brand known for high-quality products essential for plant reliability and uptime. The plant prioritizes high-quality, reliable components for successful project outcomes,” Pouroullis added.

Pouroullis highlighted the plant’s design features, “The splitter directs material flow with gate valves, fabricated in-house using laser cutters for precise cuts. Plates are drawn on CAD and cut with smooth edges for easy assembly. Welded components are assembled permanently with color-coded safety handrails. Material is processed through the sandblasting and painting phases before final assembly. Some components were brought back for re-sandblasting and painting. Pre-assembly work tests equipment fit before shipping to the site.”

He noted the importance of conveyor belts, “Conveyor belts, crucial for material transport, are assembled and tested. Variable speed drives control drum energy, preventing coarse material from becoming fine. Coarse material is cleaned and sent to the DMS, avoiding contamination of the medium used for separation.”

Pouroullis explained the role of electrical components, “Electrical components, housed in containers, form the electronic control system. Quality checks ensure all components meet standards before packing for shipment. The control room operators use touch screens to monitor and adjust plant operations, maintaining efficiency and process control.”

“The plant processes 600 tonnes per hour, removing unwanted material and optimizing feed rates for steady process control. Feeder interlocks and weightometers adjust feed rates for optimal equipment performance. Cyclones and magnetic separators maintain slurry density, essential for effective separation,” Pouroullis detailed.

He concluded, “DMS technology offers cost-effective processing by treating material without extensive crushing or milling. The plant design minimizes energy costs and maximizes operational efficiency, making it economically viable. Electrical panels and components, integral to the MCCs, are thoroughly checked and prepared for shipping.”

Pouroullis highlighted the plant’s efficiency, “The plant’s design ensures energy efficiency and high-quality production, crucial for maintaining economic viability in fluctuating market conditions. The plant is set up to process coarse material, with future potential for fine material processing if economically viable. The design includes multiple conveyors and emergency stockpiling to ensure continuous operation, even during maintenance.”

“This state-of-the-art plant operates without a front-end loader, feeding material directly to trucks, significantly reducing costs and energy consumption. The plant’s design, guided by Bravura, ensures efficient, modern operations,” Pourou

The AMMZ to Conduct a Technical Visit at Unki Mine

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The AMMZ to Conduct a Technical Visit at Unki Mine

The Association of Mine Managers of Zimbabwe (AMMZ) has announced a technical visit to the Unki Complex in Shurugwi, scheduled for 21 June 2024.

The visit presents a unique opportunity for members to gain firsthand insights into the operations and innovations at one of Zimbabwe’s premier mining sites.

Announcing on its Twitter page the AMMZ also known as the Technical Arm of the Zimbabwe Mining Industry, the Apex Association said members wishing to attend should register by the 14th of June 2024.

“Members wishing to participate in the visit can register on the link provided below before the 14th of June 2024 https://t.co/ndihkN7mZ0

The visit aims to provide a comprehensive understanding of the challenges and successes in modern mining operations.

The Unki Platinum Complex is renowned for its advanced mining techniques and commitment to sustainable practices and stands as a significant case study for industry professionals. Participants will have the chance to observe the complex’s state-of-the-art extraction processes, safety protocols, and environmental management systems. To add to the icing on the cake, visitors will also have a chance to network with the men and women running the day-to-day activities at large-scale mines in Zimbabwe.

AMMZ emphasizes the importance of such visits in fostering professional mining development and knowledge sharing among its members. By engaging directly with an advanced operational environment of a modern mine like Unki, members can enhance their technical expertise and apply learned best practices to their respective operations.

The association encourages all interested members to seize this opportunity to network with peers and industry leaders while expanding their technical know-how.

Interested in becoming an AMMZ member? register HERE

 

Zimbabwe gold buying prices per gram 6 June 2024

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Zimbabwe gold buying prices per gram 6 June 2024

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices per gram today 6 June 2024.

SG 90% AND ABOVE US$71.09/g
SG ABOVE 85% BUT BELOW 90% US$70.34g
SG ABOVE 80% BUT BELOW 85% US$69.59/g
SG ABOVE 75% BUT BELOW 80% US$68.83/g
SAMPLE BELOW 10g BUT ABOVE 5g US$67.71g

Fire Assay CASH $71.47/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.

Zim Should Prioritize Research to Find New Sources of Critical Minerals – Chitando

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Zim Should Prioritize Research to Find New Sources of Critical Minerals – Chitando

The Minister of Mines and Mining Development, Hon. Winston Chitando, has reiterated the importance of prioritizing research to discover new sources of critical minerals and develop cutting-edge technology for their extraction, processing, and value addition.

By Rudairo Mapuranga

The Minister stated that realising value addition projects along the Critical Minerals Value Chain would offer numerous benefits to the people of Zimbabwe.

“The benefits include employment creation both directly and indirectly, increased revenue inflow from taxes and export of value-added materials, less dependence on the import of finished products as these will be made locally, and ultimately the realization of Vision 2030 of becoming an upper-middle-income economy,” Hon. Chitando said.

Minister Chitando highlighted the challenge in the processing and refining of minerals, noting that most of the world’s current processing capacity for critical minerals is concentrated in a few countries, which can create price vulnerability, leaving Zimbabwe as a price taker rather than a negotiator.

He emphasized the importance of Zimbabwean stakeholders coming together to invest in research and development to ensure the country benefits from its critical minerals.

“Another challenge is the processing and refining of the minerals. Most of the world’s current processing capacity is available in a few countries. This has the potential to create vulnerabilities and price fluctuations. It is in this light that the country must develop domestic refining and processing capabilities to enhance economic independence. We need to take a comprehensive and cooperative approach in order to overcome these challenges and take advantage of the potential that critical minerals bring. Prioritizing research and development is necessary in order to find new sources of critical minerals and create cutting-edge techniques for their extraction and processing. We, as the Government, therefore implore all stakeholders to work together to ensure the sustainable growth of the critical minerals value chain. Let us work together to harness the transformative power of these remarkable minerals and build a brighter future for generations to come,” Chitando said.

By definition, critical minerals are mineral commodities that have significant economic importance for key sectors in the economy, whose uses are essential, have a high supply risk, and have no viable substitutes. As we embark on an era of unprecedented technological advancements, critical minerals have become the cornerstone of modern society. These minerals find use in space technology, consumer electronics, health, aviation, agriculture, renewable energy, and defence, among others, which are deemed critical for the long-lasting functioning of a country’s economy. Their high supply risk is due to the very high import demand in particular countries. Zimbabwe is endowed with vast mineral resources, including those discussed here today—critical minerals. The country boasts deposits of highly sought-after critical minerals, particularly hard rock lithium, nickel, copper, graphite, and platinum group metals, among others. The criticality of any mineral changes with time as supply and the needs of a country shift. It is in this light that the Government has moved to ensure maximum benefit is reaped from the exploitation of most of the stages that make up the Critical Minerals Value Chain in Zimbabwe. Exploration, mine development, mining, mine closure, mineral processing, smelting, refining, manufacturing, and recycling are all included in the mineral value chain. There are several opportunities for Zimbabweans anywhere along the Critical Minerals Value Chain,” he concluded.

It’s Over for Lab-Grown Diamonds as De Beers Ditches Man-Made Stones

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It’s Over for Lab-Grown Diamonds as De Beers Ditches Man-Made Stones

De Beers has unveiled a comprehensive five-year strategy to reposition itself as the top luxury jewellery group.

While the company already sells diamond jewellery through its global network of boutiques, CEO Al Cook plans to significantly expand the number of retail outlets to compete with luxury brands like Tiffany and Cartier.

“If I look at the future of diamonds, it is way beyond mining,” Cook was quoted by the Financial Times. “I’m really excited by the idea that we can really deploy our full strategy all the way to creating the world’s greatest jewelry maison [house], which would not be a natural part of a mining company.”

De Beers, known for driving demand for mined diamonds, aims to capture the interest of a new generation with its “Origins” strategy. This plan focuses on revitalizing marketing efforts to boost interest in natural diamonds and employing innovative methods to maximize reach and impact.

In a significant move, De Beers is phasing out its lab-grown diamond operations. This marks the end of a six-year experiment selling lab-grown diamond jewellery under its Lightbox brand, launched in 2018. Although the company will continue selling its existing Lightbox inventory for about a year, it will then reconsider the unit’s future.

Collaboration with retailers is crucial to De Beers’ new approach. The successful “Seize the Day” pilot campaign, launched in September 2023, demonstrated the potential of such collaborations, receiving support from over 22,000 retail stores. De Beers plans to build on this by developing strategic partnerships with major retailers, including Signet Jewelers in the United States and Chow Tai Fook in China.

De Beers already owns the Forevermark diamond brand, available in more than 2,400 jewellery retail stores. The company has also opened dedicated stores in 16 different markets, including prominent locations like Madison Avenue in New York City and the Houston Galleria, alongside its De Beers Jewellers website.

The move away from lab-grown diamonds comes as the diamond industry faces challenges from increasing consumer preference for cheaper alternatives and global economic instability. Last year, consumer demand for diamonds declined in both China and the US, which together account for about half of the global diamond jewelry market.

In response, De Beers made significant price cuts in January, lowering diamond prices by about 10% to revive sales. The company also revised its full-year production forecast down to 26 million-29 million carats from the previously guided 29 million-32 million. It increased expected average costs to $90 per carat, from $80, and announced a $1.6 billion writedown.

Despite these challenges, De Beers is targeting annual core profits of $1.5 billion by 2028. Last year, the company made just $72 million, although its traditional profit range has been between $500 million and $1.5 billion.

As De Beers prepares for its future, it seems ready to operate independently once again, as it did for most of its 136-year history. Anglo American acquired an 85% stake in De Beers in 2011, with the remaining shares held by the government of Botswana.

Over 55 Tonnes Produced by ASM in Zimbabwe Not Declared?

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Over 55 Tonnes Produced by ASM in Zimbabwe Not Declared?

A report by SWISSAID, titled “On the Trail of African Gold: Quantifying Production and Trade to Combat Illicit Flows,” suggests that over 55 tonnes of gold produced by Artisanal and Small-scale Miners (ASM) in 2022 in Zimbabwe were not properly declared.

The report indicates that, through its methodical stance of cross-analysis of data, it discovered that over 40 tonnes of gold produced by ASM was properly declared. However, statistics from the Reserve Bank of Zimbabwe (RBZ) suggest that in 2022, artisanal miners declared around 24 tonnes of gold.

There have been widespread reports of gold smuggling from Zimbabwe, with the Ministry of Finance reportedly stating it has been losing about US$1.8 billion of mineral revenues, especially from gold smuggling.

Hon. Kazembe Kazembe, the Minister of Home Affairs, also reportedly said Zimbabwe has been losing some US$100 million worth of gold monthly through international smuggling rings and the country’s porous borders.

What did the SWISSAID report say about Africa?

Each year, between 321 tonnes and 474 tonnes of gold produced through ASM in Africa are not declared. This corresponds to a value of between USD 23.7 billion and USD 35 billion at the price of gold on May 1, 2024. In 2022, this represented between 72% and 80% of total ASM gold production, or between 32% and 41% of total gold production (artisanal, small-scale, industrial, and semi-industrial) on the African continent.

In nine African countries, the estimated production of undeclared ASM gold exceeds 20 tonnes per year. Total gold production in Africa reached between 991 tonnes and 1,144 tonnes in 2022, representing between a quarter and a third of global mined gold production that year. More than half of the gold extracted in Africa in 2022 came from ASM. Forty-one of the 54 African countries have an estimated ASM gold production of at least 100 kg per year, and 15 of these countries produce ASM gold but do not officially report any production.

Comparison of Gold Production in Africa and Trade in African Gold

The vast majority of African gold that is not declared at the production stage or for export is declared for import into non-African countries. In other words, gold originating from clandestine African circuits acquires a legal existence when it enters the international market, particularly via the UAE. A comparison with import data shows that undeclared ASM gold production in Africa is very likely to reach or even exceed the high end of the range of estimates calculated by SWISSAID, i.e., 474 tonnes.

Most of the gold produced by ASM in Africa is not declared for export.

Trade in African Gold

– More than 435 tonnes of gold were smuggled out of Africa in 2022, representing more than a tonne a day. At the price of gold on May 1, 2024, this corresponds to a value of USD 30.7 billion. The overwhelming majority of this gold was imported into the UAE before being re-exported to other countries.
– In 2022, 66.5% (405 tonnes) of the gold imported into the UAE from Africa was smuggled out of African countries. Between 2012 and 2022, 2,569 tonnes of African gold imported into the UAE were not declared for export in African countries, corresponding to a total value of USD 115.3 billion at the average price of gold over these eleven years.
– Twelve African countries are involved in smuggling more than 20 tonnes of gold a year. Most gold smuggling in Africa takes place in Mali, Ghana, and Zimbabwe.
– Gold smuggling in Africa more than doubled between 2012 and 2022.
– The vast majority of African gold is shipped to a few countries. The UAE, Switzerland, and India were the three main countries importing gold from Africa between 2012 and 2022. In 2022, almost 80% of African gold imported abroad went to these three countries, with over 47% going to the UAE alone. These percentages are even higher if we correct for artificial statistical discrepancies.
– The majority of African industrial gold was exported to South Africa, Switzerland, and India, while 80 to 85% of African ASM gold was exported to the UAE.
– Between 2012 and 2022, the vast majority of declared intra-African gold trade involved South Africa as a destination country. However, most of the African gold imported into South Africa was then re-exported to non-African countries.

Availability and Reliability of Data on the Gold Sector in Africa

When collecting data on gold production and trade in Africa, SWISSAID found that much of this data is not in the public domain or simply does not exist. Upon analysis, SWISSAID discovered that many figures were erroneous, incomplete, inaccurate, unreliable, or inconsistent. The South African authorities’ statistics on the gold trade in South Africa, in particular, are opaque and do not give an accurate picture of the gold trade in that country.

Zimbabwe gold buying prices per gram 5 June 2024

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Zimbabwe gold buying prices per gram 5 June 2024

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

SG 90% AND ABOVE US$70.66/g
SG ABOVE 85% BUT BELOW 90% US$69.92g
SG ABOVE 80% BUT BELOW 85% US$69.17/g
SG ABOVE 75% BUT BELOW 80% US$68.42/g
SAMPLE BELOW 10g BUT ABOVE 5g US$67.30g

Fire Assay CASH $71.04/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.

Selous PGM Project Feasibility Study Indicates at least 35 Years LOM

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Selous PGM Project Feasibility Study Indicates at least 35 Years LOM

Bravura Group expects a life of mine (LOM) exceeding 35 years at its Selous Platinum Group Metals (PGM) project.

The Selous PGM project is set to be one of the largest platinum projects in the country and is expected to contribute significantly to the national GDP.

According to Bravura Group General Manager Mr Gbenga Ojo, the company has drilled over 40,000 meters to a maximum depth of over a kilometre. Independent consultant SRK has verified the resource, and the company is preparing for the excavation of a box cut at the Selous PGM project.

“Regarding the life of mine at Selous, we are completing our feasibility study. We conducted over 40,000 meters of drilling to a maximum depth of over a kilometre, verified by independent consultant SRK. We are confident in the measured resource and expect a life of mine exceeding 35 years, with further phases to follow. We are preparing for the excavation of the box cut,” Ojo said.

Ojo emphasized the company’s commitment to local content, noting that 90% of its current employees are local. He also highlighted that Bravura will have a well-detailed closure plan to ensure local communities benefit even after depleting the resource.

“In terms of employment, we prioritize local hiring and skill transfer. Currently, 90% of our staff are Zimbabweans. We do not engage in contract mining; all equipment and personnel are in-house, mitigating operational risks. As part of our Environmental Impact Assessment (EIA), we include closure plans. We have already obtained an EIA certificate for Kamativi and are finalizing the EIA application for Selous. We are transparent with the government regarding our closure plans. We think globally and stay attuned to global developments, including climate and pollution risks. We strive to ensure compliance and future-proof our operations,” he said.

Regarding the Kamativi dump processing plant, Ojo expects the project to be operational early next year.

“The installation of the plant will take six to seven months, with operations expected to commence next year,” Ojo added.

ASM Gold Deliveries Increase by Over 37%

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ASM Gold Deliveries Increase by Over 37%

Gold deliveries to the country’s sole gold buyer and exporter, Fidelity Gold Refinery (FGR), by Artisanal and Small-scale Miners (ASM) increased by over 37 per cent, statistics from FGR show.

by Rudairo Mapuranga

ASM gold deliveries increased by approximately 37.8% to 1,678.4475 kgs in May 2024 from 1,218.2045 kgs in April. However, large-scale gold producers, whose deliveries have been impressive throughout the year, saw their deliveries decline by approximately 36.7% to 1,055.6854 kgs in May from 1,668.7922 kgs in April.

ASM accounted for approximately 61.4% of the total gold deliveries, returning to their annual average delivery rate from the decline experienced in February and March when large-scale producers dominated.

Total gold deliveries increased by approximately 14.5% to 2,734.1329 kgs in May from 2,386.9067 kgs in April.

Gold deliveries to FGR surged by approximately 31.4% in April 2024 compared to the previous month, driven by increased contributions from ASM.

April’s gold deliveries reached 2,386.9067 kgs, marking a significant increase from the 1,816.5413 kgs delivered in March 2024.

ASM deliveries soared by approximately 58% to 1,218.2045 kgs in April, compared to 770.9838 kgs in March, while deliveries by large-scale gold miners also rose by about 11.78% to 1,168.7022 kgs from 1,045.5575 kgs in March. For the first time in two months, ASM deliveries surpassed those of large-scale miners, accounting for approximately 51% of the total deliveries in April.

The first quarter of 2024 closed with total deliveries of 6,044 kgs, slightly lower than the 6,194 kgs recorded in the first quarter of 2023 and significantly below the 7,694 kgs delivered in the first quarter of 2022, which was a record-breaking year. Large-scale miners delivered 51.995% (3,143.0683 kgs) of the total deliveries in the first quarter of 2024, surpassing ASM, who delivered 48.004% (2,901.8006 kgs). Historically, ASM has been the country’s primary gold deliverer to FGR, accounting for over 61% of total gold deliveries.

Compared to the record year of 2022, deliveries during the same quarter decreased by 24% to 7,694 kgs. Additionally, deliveries in March 2024 dropped by 27% compared to March 2022, from 2,403 kgs to 1,816 kgs.

Zimbabwe’s gold deliveries declined by 15% in 2023 due to rising costs, power shortages, and government currency policies. Deliveries to Fidelity totalled 30.1 tonnes in 2023, down from 35.6 tonnes in 2022, which was a record year fueled by new mining projects and improved payments to small-scale miners, who make up the majority of Zimbabwe’s gold deliveries. However, sales slowed in 2023.

Gold output remained stagnant for large producers at 11.4 tonnes in 2023, showing little growth from the 11.2 tonnes delivered in 2022 and 2021. Small-scale producers experienced a sharp drop, delivering just 18.6 tonnes in 2023, a 23% decrease from the 24.1 tonnes sold in 2022, bringing deliveries back to 2021 levels.

Bravura Confident Softening Commodity Prices Will Not Affect Their Operations

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Bravura Confident Softening Commodity Prices Will Not Affect Their Operations

Pan-African mining company Bravura Group is confident that the softening of commodity prices will not affect their operations, even if prices remain low, due to their early planning before embarking on projects.

Rudairo Mapuranga

The group, which is currently undertaking exploration activities at the Selous Platinum Group Metals (PGM) project, the Manhize Iron project, and preparing to process lithium dumps at the former Kamativi tin mine, is confident that it will become one of the leading miners in Zimbabwe.

Speaking at a media briefing in Harare on Tuesday, Bravura Group General Manager Mr Gbenga Ojo said his company prides itself on planning ahead and had already anticipated softening commodity prices before starting their drilling campaigns or the manufacturing of the lithium processing plant for the Kamativi dump.

He said the company focuses on in-house investments and is not dependent on contractors to ensure that work is not disrupted due to contractual challenges.

“Before embarking on our projects, it is important to note that our choice of commodities—platinum, iron ore, and lithium—was strategic. The budget and finances required for these projects were secured beforehand. Regarding commodity prices and their impact on our projects, we have strategies to mitigate competition. One key strategy is our vertical integration. Historically, many mining companies have collapsed during commodity price crashes, which typically occur in five-year cycles. We anticipated this before starting. By being vertically integrated, we avoid issues like dependency on contractors, which became evident during COVID-19 when many companies faced crises due to contractor agreements. In our case, our drills are in-house, avoiding such contractual challenges. In conclusion, we have the budget and have analyzed the costs, taking into account the commodity cycle. Although there’s currently a dip, we remain confident in our strategies and operations.”

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