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Lithium prices to decline by over 42 percent

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The world’s biggest lithium producer, Australia has projected that lithium prices will decline by 42.7 percent in 2025 compared to 2023 due to rising supplies of battery metal, subdued Chinese demand and a lacklustre American electric vehicle (EV) market.

Rudairo Mapuranga

The world’s biggest lithium producer which mined about half of the world’s lithium in 2022 said the spot price of spodumene will fall to US$2,200 per tonne in 2025 from an average of US$3,840 per tonne in 2023.

According to a quarterly report by Australia’s Department of Industry, Science and Resources issued last month, lithium hydroxide, a refined version of the metal used in batteries, may decline to around $30,000 per tonne next year from an estimated average of $52,450 in 2023, the Department said.

Lithium carbonate, a precursor to the hydroxide, was 96,500 yuan per tonne on Thursday, down from about 170,000 yuan in September, according to Trading Economics.

“Prices are not expected to return to previous high levels such as during 2022 and early 2023 before 2025 due to the forecast surplus in supply,” the Department said. “Some higher-cost producers, such as lepidolite miners in China, have become unprofitable and cut production. However, most lithium producers will remain profitable at current prices and continue to produce.”

The lower spot lithium prices may make electric vehicles and batteries less expensive but they could also hamper investment to develop battery metal mining projects needed for the wider transition to cleaner energy. That could delay consumer acceptance, thwart attempts to limit climate change and increase costs in the long run.

Metallon ends all Artisanal Mining activies at Redwing

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Metallon Corporation has announced that it is ending all unsafe mining activities including all small-scale mining, and will be returning operations to formalised mining at its Redwing Mine in Penhalonga where 15 Artisanal miners were stuck underground following a 20-metre mine shaft collapse.

By Kelvin Sungiso

In a statement, the gold miner said it is relieved that no lives were lost and medical care and necessary support were rendered to the affected.

Metallon said it is committed to ensuring the safety and well-being of all workers at Redwing Mine and will take all necessary measures to prevent any future incidents.

Here is the Press statement in full:-

Update on Redwing Mine Operations

We are relieved to report that all 15 miners have evacuated to the surface and there has been no loss of life. Medical care and all necessary support have been rendered to the affected.

Metallon Corporation, the owner of Redwing Mine and Mazowe Mine wishes to state the following;

Redwing Mine has historically operated as a formalised, large-scale mine. When the mine was placed under corporate rescue in 2020, and under the management of an administrator, artisanal mining was introduced on a wide scale. This incident occurred in one of the artisanal mining near-surface pits. In 2022, the Supreme Court effectively removed the mine from corporate rescue. Since then, Metallon has been engaged in processes to restore formalised mining. As part of these processes, Metallon is ending unsafe mining practices, including all small-scale mining, and returning these operations to the formalised mining that Metallon has always conducted.

Metallon Corp. Management ENDS

BREAKING: All Redwing mine victims rescued alive

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All miners trapped underground have been rescued alive state Media has reported.

About the Redwing accident 

The accident happened between 0500-0600 hrs on Thursday 04 January 2024.

 

11 people were trapped underground at about 20m below the surface.

 

The cause of the collapse of the mine Shaft is suspected to be an earth tremor whose source is yet to be ascertained. 

Day 1 Redwing Mine collapse

It is reported that 11 miners have been trapped underground at Metallon gold-owned Redwing Mine in Penhalonga, Mutare.

Earth tremors are reported to be the main cause whilst other sources claim the common problem of destroying support pillars.

Rescue teams move in to rescue trapped miners

Day 2 – Redwing rescue mission

Rescue teams went underground around 0900 hrs attempting to rescue and had to retreat after noticing the ground still curving. 

The team tried again around 1200hrs and noticed that the ground had collapsed more. 

Of concern is the fact that the ground at this place is visibly cracking and subsiding and therefore unsafe. 

Day 2 Redwing rescue efforts futile

Rescue activities resumed in the morning and it appears they have been suspended again.

Day 3 Redwing Rescue (First miners rescued)

First victims were rescued

Mines and Mining Development Minister announced that all miners likely to be rescued alive.

All miners were rescued in the late afternoon 

First miners rescued, all trapped miners expected to be rescued alive – Minister

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Rescue operations at Metallon Gold-owned Redwing Mine in Penhalonga are bearing fruits with the rescue team optimistic that all 15 trapped miners will be rescued alive, the Minister of Mines and Mining Development Hon Zhemu Soda has said.

According to Minister Soda a few trapped miners have been evacuated with the hope that by the end of the day, all miners will have been rescued alive.

“We want to thank that people who were trapped at Redwing Mine in Penhalonga have started coming out showing that rescue efforts are bearing fruits. We have asked some who were rescued and they said they were 15 in total and all will be rescued alive,” Minister Soda said.

More to follow…

Civil Protection joins Redwing rescue operations

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Government has activated Civil Protection structures to initiate search and rescue operations at Redwing Mine following a mine collapse that trapped eleven miners underground.

In a Press release, acting Minister of Local Government and Public Works, July Moyo said government assures the nation and anxious families of the miners, in particular that search and rescue operations will continue into the coming days.

He said the Ministry of Mines and Mining Development is leading a team of experts, including from Metallon Gold and Freda Rebecca Gold Mine to retreave the miners from underground.

Here is the press release in full:-

Statement ON REDWING MINE ACCIDENT, HARARE- MUTARE HIGHWAY, by the ACTING MINISTER OF LOCAL GOVERNMENT AND PUBLIC WORKS, Honourable J.G MOYO (MP) ON 5 JANUARY 2024

I received the sad news of a mine accident that occurred between 0500-0600 hours on Thursday, 4th January 2024 which resulted in eleven (11) people being trapped, about 20 metres, underground at Redwing Mine (owned by Metallon Gold) in Penhalonga.

In responding to this unfortunate accident, Government has immediately activated Civil Protection structures to deal with the critical matter of search and rescue at the mine. The Ministry of Mines and Mining Development is leading a team of experts, including from Metallon Gold and Freda Rebecca Gold Mine of Bindura.

Government would like to assure the nation and anxious families of the miners, in particular that search and rescue operations will continue into the coming days. In the meantime, Government will render support to these families during this difficult time. For the avoidance of doubt and contrary to some unsubstantiated reports circulating on social media platforms, the trapped miners are employees of Metallon Gold.

As the rescue efforts are underway, the Honourable Minister of Mines and Mining Development has since directed Metallon Gold to suspend operations at the mine. Notwithstanding the foregoing, we call upon all miners to heed His Excellency, the President, Cde Dr. E.D. Mnangagwa’s call for responsible mining in order to lessen the occurrence of such accidents and loss of precious life.

Hon J.G. Moyo

Acting Minister of Local Government and Public Works

BREAKING: Minister orders suspension of operations at Redwing

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The Minister of Mines and Mining Development Hon Zhemu Soda has reportedly ordered the suspension of mining operations at Metalon owned Redwing Mine in Penhalonga following an mine collapse that is feared to have claimed 11 lives.

According to sources, the Minister of Mines and Mining Development wants to see operations suspended until a full report is released about the operations at the mine and how normal operations can be restored.

On Thursday, Minister Soda said Metallon has been tributing mining areas at Redwing to different companies and individuals.

He, however, said that Metallon has indicated that it has sufficient capacity to carry out the rescue mission.

More to follow…

Zimbabwe gold buying prices/ gram 05 December 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 05 December 2023.

SG 90% AND ABOVE US$61.96/g
SG ABOVE 85% BUT BELOW 90% US$61.31g
SG ABOVE 80% BUT BELOW 85% US$60.65/g
SG ABOVE 75% BUT BELOW 80% US$59.99/g
SAMPLE BELOW 10g BUT ABOVE 5g US$59.01/g

Fire Assay CASH $62.29/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.

Metallon responds to Mine Accident at Redwing Mine

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Metallon Corporation, a prominent gold mining company in Zimbabwe, has expressed deep regret and concern following an accident that occurred on its claims at Redwing Mine in Mutare.

In an official statement released yesterday, the company said as soon as the accident was reported, the mine’s dedicated rescue team promptly mobilized and initiated rescue operations. The company established that 11 artisanal Miners were trapped underground.

“Metallon Corporation regrets to advise of an accident involving artisanal miners working in small-scale mining pits in claims around Redwing Mine. The incident occurred in the early hours of Thursday, 4 January 2024. The mine’s rescue team was mobilised and immediately commenced rescue operations. Early assessments are that 11 miners are trapped,” the company said in a press release.

However, due to unstable ground conditions, several rescue attempts were unsuccessful. Metallon said it is diligently evaluating the state of the ground to ensure the safety of the rescue operation before proceeding.

“The team has made several rescue attempts. However, the ground remains unstable, rendering rescue operations unsafe. Our teams are diligently assessing ground conditions to make sure that rescue operations proceed safely as soon as possible. Initial assessments indicate earth tremors as a possible cause of the incident,” the statement read in part.

While investigations are still ongoing, preliminary assessments suggested that earth tremors may have played a role in the incident. Redwing Mine has a history of operating as a large-scale mine, employing main shafts, but after it was placed under corporate rescue in 2020, artisanal mining was introduced on a broader scale. It is within one of these artisanal mining pits that this accident occurred.

“Redwing Mine has historically operated as a large-scale mine, utilising main shafts. When the mine was placed under corporate rescue in 2020, artisanal mining was introduced on a wide scale. This incident occurred in one of the artisanal mining pits,” the company continued.

Metallon Corporation assured that it is actively collaborating with the authorities to address the situation and provide assistance were needed. The gold miner pledged to share further updates and information as they become available.

Redwing Accident: Miners destroyed support pillars – Minister

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The government has asserted that the accident that is suspected of trapping 11 people at Metallon Gold’s Redwing Mine in Penhalonga on Thursday was caused by a possible mining of support pillars commonly known as pillar robbing.

WATCH Minister speak about the Metallon Gold Mine Accident: https://fb.watch/pmIaHWHYxX/

Rudairo Mapuranga

Address journalists at a Press Conference held at 18:00hrs, the Minister of Mines and Mining Development Hon Zhemu Soda, said Metallon has been tributing mining areas at Redwing to different companies and individuals and people trapped were workers of the tribute.

He, however said that Metallon has indicated that it has sufficient capacity to carry out the rescue mission.

The Minister said rescue teams have for now suspended operations after noticing that the ground was still curving in.

“The ground is still curving in. It appears like the miners had mined out support pillars.

“I have established that Metallon Gold Redwing has been tributing mining areas at Redwing even to individuals. The Shaft that collapsed was under some individuals and people trapped were workers of the tribute. Management of tributed areas falls under principal owner, Metallon Gold in this case.

“Therefore, the Rescue team from Metallon has been leading in the rescue effort supported by Ministry of Mines and other stakeholders including ZRP and Civil Protection,” Minister Soda said.

About the accident

  • The accident happened between 0500-0600 am on Thursday 04 January 2024.
  • 11 people are suspected to be trapped underground about 20m below surface.
  • Cause of the collapse of the mine Shaft is suspected to be an earth tremor whose source is yet to be ascertained.
  • Rescue teams went underground around 0900 hrs attempting to rescue and had to retreat after noticing the ground still curving.
  • The team tried again around 1200hrs and noticed that the ground had collapsed more.
  • Of concern is the fact that the ground at this place is visibly cracking and subsiding and therefore unsafe.
  • Rescue activities will resume tomorrow morning.

Zimbabwe gold buying prices/ gram 04 December 2023

Fidelity Gold Refinery (FGR) official gold buying prices/ gram. See the Zimbabwe gold buying prices/ gram today 04 December 2023.

SG 90% AND ABOVE US$62.04/g
SG ABOVE 85% BUT BELOW 90% US$61.38g
SG ABOVE 80% BUT BELOW 85% US$60.73/g
SG ABOVE 75% BUT BELOW 80% US$60.07/g
SAMPLE BELOW 10g BUT ABOVE 5g US$59.08/g

Fire Assay CASH $62.37/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.