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Zimbabwe gold buying prices 26 April 2023

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

SG 90% AND ABOVE US$60.70/g
SG ABOVE 85% BUT BELOW 90% US$59.74/g
SG ABOVE 80% BUT BELOW 85% US$59.10/g
SG ABOVE 75% BUT BELOW 80% US$58.46/g
SAMPLE BELOW 10g BUT ABOVE 5g US$57.50/g
FIRE ASSAY CASH US$60.70/g

NB: Fire Assay cash price is for gold above 100gs and no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (small-scale miners)
A 5% royalty is charged to Primary Producers

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

Zimbabwe gold buying prices 25 April 2023

Fidelity Gold Refinery (FGR) official gold buying prices Tuesday 25 April 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$60.42/g
SG ABOVE 85% BUT BELOW 90% US$59.46/g
SG ABOVE 80% BUT BELOW 85% US$58.83/g
SG ABOVE 75% BUT BELOW 80% US$58.19/g
SAMPLE BELOW 10g BUT ABOVE 5g US$57.24/g
FIRE ASSAY CASH US$60.42/g

NB: Fire Assay cash price is for gold above 100gs and no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (small-scale miners)
A 5% royalty is charged to Primary Producers

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

Zim to introduce yet another currency, gold coins ignored?

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The Reserve Bank of Zimbabwe (RBZ) has revealed its plans to introduce a gold-backed digital currency as legal tender to try and stabilize the Zimbabwean dollar.

This decision comes as the country’s currency faces extreme volatility, with its value against the US dollar plummeting significantly over the past months.

This digital currency becomes yet another currency introduced in less than a year after Mosi-Oa-Tunya gold coins which were expected to rescue the unstable local currency.

The RBZ last year also introduced gold coins which it said would be in use in the country. This created a frenzy with companies and wealthy individuals buying the coins which were at a cost of us$1800. This however did not help the ailing economy’s poor majority as they could not afford the astronomical amount. The government promised to introduce smaller denominations of the coin but to date, no action has been taken.

The proposed digital tokens will be backed by the country’s gold reserves, which will be held by the central bank. Through the introduction of the gold-backed digital currency, RBZ aims to offer a way for people holding Zimbabwean dollars to exchange their money for the token, providing them with a hedge against the country’s volatile currency.

To date, the Zimbabwean dollar’s value has been fluctuating significantly, with 1 US dollar being worth around 1,000 ZWL on the official market, compared to 150 Zimbabwean dollars only a year ago; this is partly because Zimbabwe operates a dual-currency system, utilizing both the Zimbabwean dollar and the US dollar.

In August 2021, RBZ announced that it would create a central bank digital currency (CBDC). This step follows a trend among African countries that are exploring the potential benefits of CBDCs. For example, Nigeria launched its eNaira digital currency in October 2021.

The introduction of a gold-backed digital currency in Zimbabwe could potentially provide a more stable alternative to the Zimbabwean dollar and help restore confidence in the country’s financial system. Nevertheless, the success of this initiative will depend on factors such as the central bank’s ability to maintain adequate gold reserves, public trust in the digital currency, and the government’s commitment to addressing broader economic challenges.

Invictus to begin drilling at second site in early Q3

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Australian energy firm Invictus Energy Limited (IEL) is set to begin its Mukuyu-2 appraisal early in the third quarter of this year.

The appraisal will integrate the experience gained from the drilling of the unsuccessful Mukuyu-1 exploration well, which had to suspend operations in December 2022 when the drilling tools encountered problems while securing a viable hydrocarbon sample.

The firm raised AUD10m ($6,680,750) through a private placement to fund its new drill site Mukuyu-2. Scott Macmillan, the firm’s managing director told shareholders that Mukuyu-2, located in the Muzarabani potential oil and gas site, will be designed for flow testing to confirm reservoir connectivity and deliverability following the successful discovery of gas-condensate.

The well will also target multiple hydrocarbon-bearing intervals encountered during the exploration of Mukuyu-1. IEL is hoping to expand its exploration portfolio with fresh offerings to boost the company’s operations in the Zambezi Valley basin.

The firm is soliciting institutional and fresh investors to support ongoing efforts to progress the exploration of the frontier Cabora Bassa Basin.

Interview – Tinotenda Chitakunye acting section Manager Unki

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May we kindly have a brief introduction of yourself?

My name is Stella Tinotenda Chitakunye, I am a mining Engineer by profession. I joined Anglo American Platinum Unki Mine in 2015 as Mining Graduate Trainee and have been recently appointed acting Section Manager.  I hold a BSc Mining Engineering degree from the University of the Witwatersrand and I am currently studying towards an MBA in Management Strategy.

In my other life, I am a wife to my husband and a proud mommy of two girls.

Congrats on being appointed acting section manager. Tell us about this new exciting role!

You got it right to say exciting role – I am truly excited to take up the new challenge. I am responsible for all mining operations in the South Section of the underground workings at Unki Mine. I work with a great team of capable shift supervisors and their teams and we are chasing the Anglo-American goal of safe, stable and capable production.

How do you think your colleagues describe you?

Tough one to answer! Recently I had an earnest conversation with a colleague who described me as an introvert, therefore, I would like to believe colleagues describe me as a woman of very few but impactful words.

How do you deal with conflict in the workplace?

I believe the first step to dealing with conflict is to have an objective conversation and understand the viewpoint of others. From then we would need to agree on the points of agreement and disagreement and map the way forward to address the conflict for the gain of both parties.

You oversee/ supervise men at work. What is your working relationship with them like?

I believe we have formed a good working relationship with my team of shift supervisors (all men). Critical to establishing this relationship was getting them to understand my expectations and my understanding their pain points. We then developed a workable plan to ensure that pain points are addressed so that we all pull to one objective, which is meeting business expectations.

Is there any gender discrimination at work for the girl child and can it be stopped?

Gender discrimination is a definite no-no and has to be eradicated from the mining industry. Any comments passed should be based on merit and not petty stereotypes.

The mining environment is considered to be harsh, looking back on your career, do you sometimes regret ever choosing the mining profession?

Never! I do not regret my decision to take up Mining Engineering as a profession. I remember in college I used to say that Mining Engineering is the easiest of all engineering professions. I still believe this statement though I am also cognisant of the fact that there is great risk in the work we do and it is upon us to make the working place environment safe and conducive for all.

What are some of the most important skills for a mining engineer to have?

Continuous/Business Improvement skills. Before being appointed Acting Section Manager I was an Operational Planning Officer in the Integrated Planning and Operating Model Department. I believe the business improvement skills I acquired in that role have set me up for success in my current role.

What is the most challenging project you’ve worked on as a mining engineer?

I was part of the project team that rolled out the Anglo-American Operating Model at Unki Mine. The Anglo-American Operating Model is a framework which enables operations to operate in a standardised and structured way to help meet business expectations. With this project came a lot of challenges, especially in change management but I am glad the rollout was a success.

Which professional affiliations or associations are you part of?

I am a member of SAIMM

After all your experience in the Mining Industry would you recommend mining to the girl child?

Most definitely. There are vast opportunities in Mining and the girl child should also tap into them.

What do you think is the most important aspect of Mine safety?

Being a brother’s keeper. This calls on all of us to correct unsafe acts/conditions in our workings so we protect ourselves and the next person from the hazard.

As “World’s Greatest Mum” how do you balance mining and being a mother?

In the few weeks, I have been appointed to this role I have had to rethink my parenting model. For me to be a good mom to my girls I realized I need to make the most of my time with them – this means that when I get home I put down my laptop bag and get on the floor to play with them and give them my full attention. When I am away from them I try as much as I can to keep in touch by video calling them every night to catch up on the day and say good night.

What new technologies or innovations in mining do you recommend to fellow mines/miners?

With the world going big on data analytics I believe that miners should invest in data – both quantity and quality. The availability of quality data will enable mines to do trend analysis and employ forecasting tools to enable management to make informed decisions.

What was/is your favourite project and why?

My first project as a Mining Graduate Trainee was the 2015 Unki Mines Rapid Results Projects – 100-Day Plan. I enjoyed working on this project as I embraced it as an opportunity to showcase my acquired skills as a graduate and add value to the business. The project was later dubbed, “The Everyday Plan” as it saw Unki Mine registering significant improvements in production and productivity beyond the 100 days.

Do you think a women-only mine is possible?

No, I believe to make mining a success we need men and women to merge their diverse skills.

Any advice to Melo who wants to venture into Mining Engineering?

Go for it girl! It will not be easy but definitely worth your while. It all needs you to accept the challenge and face it head-on – no backing down over petty stereotype comments!

Besides mining what’s Tino into?

I am a Deacon at my church and I enjoy ministering through hosting.

Mechanical issues, logistical challenges affect Blanket’s Q1 Production

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Blanket Mine produced 16,036 ounces of gold during the 1st quarter, representing a 13% decrease compared to the same period in the previous year.

The reduction is attributed to a series of minor mechanical issues and logistical challenges, all of which have now been resolved. Management has reiterated its production guidance for the year ending December 31, 2023, with an anticipated output of between 75,000 and 80,000 ounces of gold from the Blanket Mine.

The Bilboes oxide project produced a mere 105 ounces of gold during the quarter, and the ramp-up to commercial production has been slower than expected due to inconsistent grades, mechanical breakdowns, and the limited availability of spare parts and alternative equipment. The company had initially predicted on-mine cost per ounce of Bilboes oxide production to be between $1,200-1,320, making it a low-margin activity. Given the initial challenges faced in the project, management has decided to report actual production achieved each quarter at the oxide project as part of the pre-stripping activities.

Caledonia Mining Corporation CEO, Mark Learmonth, acknowledged the lower production levels at the Blanket Mine but is optimistic about the following quarters. He also reiterated the production guidance for Blanket and reaffirmed the company’s commitment to the Bilboes sulphide project, which is currently undergoing an updated feasibility study. Although the Bilboes oxide project is a low-margin activity, the company sees the project as a necessary pre-stripping exercise for the larger sulphide operation.

Said Mark Learmonth: “Gold production at Blanket is usually lower in the first quarter of each year and increases in the following quarters.

“This trend is in evidence this year, albeit production in the first quarter of 2023 was below our target due to a series of issues including equipment failures and logistical issues.

“These issues have been resolved and production to date in April has been higher than expected.

“The small-scale low-margin oxide operation at Bilboes is effectively a pre-stripping exercise for the larger sulphide project in respect of which we have commenced work on an updated feasibility study,” he concluded.

Zimbabwe gold buying prices 24 April 2023

Fidelity Gold Refinery (FGR) official gold buying prices Monday 24 April 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$60.28/g
SG ABOVE 85% BUT BELOW 90% US$59.32/g
SG ABOVE 80% BUT BELOW 85% US$58.69/g
SG ABOVE 75% BUT BELOW 80% US$58.06/g
SAMPLE BELOW 10g BUT ABOVE 5g US$57.10/g
FIRE ASSAY CASH US$60.28/g

NB: Fire Assay cash price is for gold above 100gs and no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (small-scale miners)
A 5% royalty is charged to Primary Producers

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

Lithium price drop a negative for Zimbabwe

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The reduction in lithium costs may be a welcome respite to EV manufacturers looking to cut costs in order to make EVs more affordable to consumers.

The rise of EVs has been hampered by high production costs, which translate to higher retail prices. As a result, EVs have been seen as a luxury item, out of reach for many consumers.

With the drop in lithium prices, manufacturers can now explore options for producing affordable EVs. In the past, the high cost of batteries has been blamed for the high price of EVs. This cost covers not only lithium but also other components such as cobalt, nickel, and manganese. However, the reduction in the cost of lithium is encouraging news for manufacturers when it comes to the battery component of EVs.

Cheaper lithium is not just good news for EV manufacturers but also for energy storage firms looking to expand their operations. Lithium-ion batteries are widely used in various energy storage applications, including off-grid and or grid-connected projects, such as residential energy storage systems, large commercial installations, and utility-scale operations. The reduction in lithium prices means that energy storage firms can purchase the batteries needed for their specific applications at a lower cost, which in turn, can filter down to consumers, making energy storage more affordable.

This however is negative news for Zimbabwe which still has Lithium reserves that have not yet found large-scale takers despite overwhelming interest from Small-scale Miners. The country does have upcoming projects but these will take time to get off the ground and as time goes by prices will continue to plummet.

Government in December 2022 halted the acceptance and processing of applications for lithium and other minerals which it deemed strategic.

“Further, we have of late seen a flooding of applications for mining titles for minerals which have been deemed strategic in the upcoming Mines and Minerals Amendment Bill. It has thus become necessary that in the national interest, we temporarily stop acceptance and processing of applications for mining titles for the following minerals until further notice: diamonds, copper, lithium, nickel (and) rare earth minerals,” Mines and Mining Development Permanent Secretary Mr Pfungwa Kunaka said in a statement to all Provincial Mining directors.

It is not clear if this restriction will be lifted if the Mines Bill does not sail through.

The drop in lithium prices has been attributed to several factors, including increased production and supply from Australia, Chile, and Argentina. Analysts predict that the supply of lithium will continue to rise even as demand increases due to the growth of EVs and energy storage systems.

Interview: Blessing Hungwe, an inspirational leader and miner

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Small-scale mining has been a vital economic activity for centuries. It has provided jobs and earned revenues for individuals, families, and communities. However, the risks and challenges associated with small-scale mining operations cannot be ignored leading to many despising this industry. Blessing Hungwe defies the odds in this tough industry and is a beacon of hope even for men aspiring to succeed in this industry.

Mining Zimbabwe had a one-on-one with the inspirational woman and here is how our interaction went.

Can you tell me a bit about your background and how you became interested in Mining?

I went to school in Kwekwe where I stayed with my uncles who are into gold mining and they inspired me. I tried going to Diaspora but my heart and passion was back home to establish in the mining sector. I rose from humble beginnings as an artisanal miner and reinvested my earnings to mechanise and expand my mining operations.

Why did you venture into Mining and why specifically gold mining?

The inborn passion that grew in me is from my uncles (the Kadenhe’s)  who took me to the gold pits. Because of them, I have an eye on opportunities in that sector. Zimbabwe is a blessed country, with a vast of minerals. I got so much interested in gold mining since it’s a valuable mineral with a readily available market. Gold mining is a major contributor to economic growth due to the creation of employment and business opportunities for local people and I grabbed the opportunity.

How is working with men and being the one in charge?

Indeed, it is perceived as intimidating to work in a male-dominated industry but personally, I hold the fort and stay determined. Mining is not usually selected as a career choice by women as they give value to jobs that are aligned with the traditional roles for women. Mining is considered a male-oriented sector while women are perceived as naturally weak, so you need to go the extra mile in performing your duties as a woman in the industry. Commitment is one key driver to success.

You are one of the most looked up to women miners in the Zimbabwe mining industry, what are you doing to use your influence to inspire women miners?

I am making every effort to bring more women into the mining industry. I am a miner and a top producer of gold and hence inspiring women to invest in the mining industry hence our mantra “Women can do it”. My passion for empowering women miners has resulted in me occupying various leadership positions in women in mining associations and platforms including the Zimbabwe Miners Federation (ZMF), Guruve District Women in Mining Association, Mashonaland Central Province Women in Mining Association, Zimbabwe Association of Women in Mining Associations (ZAWIMA). I am the founder and leader of the Women in Mining Association under the wings of the Ministry of Women, Community, Small, and Medium Enterprises. I also served as SADC Secretary General for SADC Women in Mining Association which I am a board member. I played a key role in the formation of the Zimbabwe Women in Mines and Mining Development Trust to make sure the interests of women in the mining industry are prioritized. I am a member of the Artisanal Small Scale Mining Committee in the African Women in Mining Association (AWIMA). Currently, I am the Regional Knowledge Exchange Coordinator for Anglophone Africa for the Delve Exchange programme being sponsored by World Bank.

Women are still considered a vulnerable group within the mining sector and we are ring-fencing the interests of women by creating platforms like ZAWIMA which brings all women’s associations together to create a formidable force and talk with one voice and be heard.

Since joining the mining industry what have been your achievements?

  • Lobbying for the affordable charges for Environmental Impact Assessment for small-scale miners at Zimbabwe Alternative Mining Indaba in 2018 (ZELA) which has brought up the Environmental Management Plan (EMP)
  • Zero Mercury Project (UNDP), Capacity Building for Women in Mining and managed to make Zero Mercury awareness with ZELA in Midlands
  • Lobbying and achieving Women in Mining Training with the School of Mines in 2018
  • Lobbied for the establishment of a gold milling centre in Guruve which was then established by ILO and AfDB through the Ministry of Women’s Affairs and benefited over 200 women
  • Commission on the Status of Women CSW 61 in 2017 and pushed the agenda of establishing Women in Mining Associations in Africa and speaking with one voice
  • I am one of the members who contributed to the establishment of the SADC Women in Mining Association.

Can you walk me through your main roles and responsibilities at the mine?

I started small roles that involved pegging, getting the required paperwork, organizing human resources and machinery and running a day-to-day business even catering for my employees. After taking my mining venture as a real business I acquired more mining claims and created employment where I am employing supervisors, engineers, safety officers, and young technical skilled people from universities thereby creating employment.  I assumed the duties of a Managing Director of my mining business, implementing internal policies and regulations which include, health and safety, gender equality, etc. I am using my mine as a free training site for women in mining.

You are one of the few females who is leading in a male-dominated environment, what are some of the challenges you face and how do you overcome them?

Women miners are always short-changed, they take ages to realize profits due to a lack of access to financial resources, mining knowledge, technical skills and equipment. It took quite a lot for me to gain confidence due to the lack of career guidance. The success of women in this male-dominated sector is usually perceived to some sexual favours, nepotism or witchcraft which was never the case in my way of achieving. So many times as a woman you are silenced when you want to speak out and it’s never been the case with me I keep lobbying. I am pushing for a regulatory framework that is accommodative of small-scale miners who are largely women. It took me time to realise substantial amounts from mining until I got money to do exploration.

Who is your female role model and why?

My role model is Honourable Applonia Munzverengi (Dr) who is currently the Minister of State for Provincial Affairs and Devolution in Mashonaland East and a Senator for the Hwedza-Marondera constituency. That woman inspired me and she has women at heart.  She achieved to break the stereotypes in a strongly male-dominated sector when she was the ZMF President. She lobbied for the downsizing of a number of EPOs and downsizing of ZIMASCO and ZIMALLOYS claims and got small-scale miners to benefit. She helped a lot of women to fit in the male-dominated industry and she has championed me and helped me see my own potential.

We are in the women’s month, what changes (if any) would you like to see in the work environment to promote women’s participation at all levels?

The interests of women can only be heard if they are involved throughout the value chain including holding leadership positions and the involvement should include increased access to financial resources, increased access to mining claims and capacity building for women.

Words of advice to women who wish to follow in your footsteps career-wise?

I think loving your job is the most important thing in your success. When you love your job, you are not afraid of failures, and through consistency and hard work, you can achieve anything you want. Mining is a vast and challenging field in which to achieve professional excellence but also fights sectoral and rigid cultural stereotypes along the way.  There is a need to change the mindset of people that will compel more women to come forward and participate in this sector. I would say to other girls: you need to be self-confident and strong. Your gender should not come in the way of your career. Just be focused and work hard.

Besides the Mining business, what does Blessing enjoy doing?

I am a mother; I enjoy spending time with my family. I love going to church. Most of all I am a God-fearing woman. I am also engaged in some farming activities.

Arcadia Lithium celebrates 1 year anniversary with 1st shipment of Concentrate

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Prospect Lithium Zimbabwe’s Arcadia mine in Goromonzi today marked its first anniversary since acquisition by Chinese new energy materials giant, Zhejiang Huayou Cobalt.

The day, celebrated by management and staff, also marked the first export shipment of lithium concentrates, namely spodumene and petalite.

Speaking at the occasion, chairman Mr George Fang said:

“We salute the workers and management for the diligent work that has resulted in the wonderful results we see today, and the brave new world that the company is embarking on as a producer of new energy materials for the global market at an opportune time the world is undergoing transformation in the energy sector and related technologies.

“Our investment in Zimbabwe thrusts the country on the global map of renewable energy and technology value chains.”

The company has made an impact in the Goromonzi District of Mashonaland East province and beyond.

Mr Fang said: “Over the past year, we have striven to contribute to the local economy and society, even before we started operations.

“At inception, we called on local communities to take up employment opportunities. This prioritisation resulted in hundreds of people being employed from local villages and wards in Goromonzi District of Mashonaland East Province, while more and more people with varying skills came from all over the country. “Our project employed about 1000 people during the construction stage, and is set to employ hundreds more when production goes full scale.”

As part of the company’s community-driven initiatives, PLZ has invested in education, health, water, security and road infrastructure in the district, following recommendations by a local committee. This year, the company will embark on further corporate social responsibility initiatives.

General Manager, Mr Henry Zhu praised the progress achieved in the past year.

“The year 2022 was a notable year for us for many reasons but of importance was that we started construction of the processing plant with the blessings of our mother company Huayou,” Mr Zhu said

“I am happy to say the construction stage is almost over and we now commissioning the plant after which we can fully produce the product.”

Mr Trevor Barnard, the deputy general manager chronicled how the lithium resource was first discovered in 2017 and the process that led to the acquisition by Huayou last year. He expressed satisfaction at the speed with which the project has been completed leading to the successful commencement.

The plant, which has a capacity of 450mt per annum, and one of the world’s biggest, will be officially commissioned soon.