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Gold buying prices per gram in Zimbabwe 16 December 2024

These are the official gold buying prices per gram in Zimbabwe today 16 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$80.78/g
SG ABOVE 85% BUT BELOW 90% US$79.93g
SG ABOVE 80% BUT BELOW 85% US$79.07/g
SG ABOVE 75% BUT BELOW 80% US$78.22/g
SAMPLE BELOW 10g BUT ABOVE 5g US$76.94/g

Fire Assay CASH $81.21/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.

Mining Sector Audit Reveals Compliance Gaps in Small-Scale Operations

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The Responsible Mining Audit (RMA) has unveiled significant compliance issues within the country’s small-scale mining operations, with violations ranging from unsafe working conditions to environmental mismanagement, raising concerns about the need for stricter enforcement and better support for miners, Mining Zimbabwe can report.

By Rudairo Mapuranga

Presenting during a strategic dialogue on mineral governance in Kadoma yesterday, Mr Charles Bvukuta, an official from the Ministry of Mines and Mining Development, shared that while large-scale mines are largely compliant, the small-scale mining sector faces persistent challenges in regulatory adherence.

The event, organized by the Zimbabwe Environmental Law Association (ZELA) and ActionAid Zimbabwe, drew key stakeholders, including the Parliamentary Portfolio Committee on Mines and Mining Development, the Ministry of Energy, the Environmental Management Agency, and several CSOs to discuss sustainable mining practices and regulatory compliance.

Presenting findings from the RMA, which took place between July and September 2024, Bvukuta stressed the need for improved oversight and stricter adherence to Zimbabwe’s mining laws.

“The audit covered 728 mining sites across all eight provinces, a marked increase from the 422 sites inspected in 2023. Despite progress, we have found that small-scale mining operations continue to face serious compliance challenges,” he said.

The audit, initiated by President Mnangagwa in May 2023, was designed to ensure mining activities across the country are in line with environmental, tax, labor, and safety regulations. While large-scale mining companies have largely established structures that promote adherence, the findings revealed that small-scale operations are frequently falling short in several areas.

Key issues included failure to comply with explosives regulations, operating without mine managers, and inadequate provision of personal protective equipment (PPE) to workers. Many mines also neglected to protect hazardous areas such as abandoned shafts and cyanidation tanks, posing significant safety risks.

“Safety is non-negotiable,” Bvukuta emphasized, adding that 161 mines were suspended for various violations, while fines totalling US$480,585 were issued to operators found in breach of safety standards.

According to Bvukuta, some mines were fined for not having explosives permits, while others had their operations halted for failing to appoint qualified mine managers.

He said the Environmental Management Agency (EMA) played a crucial role in the audit, identifying violations such as operating without Environmental Impact Assessment (EIA) certificates and improperly storing hazardous substances. Mines were fined US$205,955 for environmental violations, highlighting the urgent need for improved environmental governance.

Tax compliance was another area of concern, with many small-scale mines failing to register with the Zimbabwe Revenue Authority (ZIMRA) or remit taxes. Bvukuta disclosed that 93 cases had been referred to ZIMRA’s regional offices for further audit and follow-up.

He said the audit also revealed widespread violations of Zimbabwe’s labour laws, with many small-scale mines failing to meet basic standards for worker rights. These included failure to provide payslips, denying workers their statutory leave days, and underpaying employees.

“The disregard for fair labour standards is a significant issue that must be addressed to safeguard the welfare of workers in the mining sector,” Bvukuta noted.

Energy violations were also highlighted, with numerous mines operating illegal power connections or using generators without the required licenses.

He said the Ministry of Energy and Power Development is working with the Zimbabwe Energy Supply Authority (ZESA) and the Zimbabwe Energy Regulatory Authority (ZERA) to address these issues.

Despite these challenges, Bvukuta concluded on a positive note, acknowledging the efforts of large-scale mining companies to maintain compliance.

“Large-scale mines have well-established safety, health, and environmental structures, but we need to see similar efforts in the small-scale sector to ensure responsible mining across the board,” he said.

The Responsible Mining Audit was conducted by a multi-sectoral team comprising members from 12 government ministries and agencies, including the Environmental Management Agency, the Zimbabwe Revenue Authority, and the Department of Labour. The audit represents the government’s ongoing efforts to ensure mining contributes to sustainable development while protecting both workers and the environment.

Marula Mining Pulls the Plug on Zimbabwe Exploration Projects

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Marula Mining PLC (AQSE: MARU), an investment and development company specializing in African mining ventures, has officially announced its decision to cease exploration and project acquisition activities in Zimbabwe.

The move comes after a comprehensive effort through its 80% owned subsidiary, Muchai Mining (Pvt) Limited, to secure lithium and copper mining opportunities in the region.

In the latter half of 2023, Marula Mining had initiated a strategic program aimed at identifying high-potential mining projects in Zimbabwe. Despite the presence of advanced project opportunities in the country’s mining sector, the company concluded that none met its stringent internal benchmarks for grade, cost efficiency, and development timelines. This outcome has prompted Marula to redirect its resources toward other promising ventures across the African continent.

Focus Areas: Tanzania and South Africa

Marula Mining is now concentrating on high-grade mining projects in Tanzania and South Africa. The Kinusi Copper Mine in Tanzania has emerged as a flagship operation, with initial copper sales expected to commence by December 31, 2024. An independent assessment suggests that the site could host a 10-15 million tonne deposit rich in high-grade copper, gold, and other base metals. This potential was first highlighted in August 2023, and ongoing development at the site underlines its strategic importance to the company.

In addition, Marula Mining is evaluating copper mining and processing opportunities in Kenya. Technical due diligence is underway to assess the viability and long-term potential of these projects.

Advancing Lithium Mining in South Africa

South Africa’s Blesberg Lithium and Tantalum Mine will serve as Marula’s principal hub for lithium mining and processing. The company is in advanced discussions to establish a joint venture focused on commissioning a lithium acid leaching plant. This facility is expected to enhance the mine’s output and align with the growing global demand for battery metals. Furthermore, Marula is conducting technical reviews of two additional lithium brine projects located in South Africa and Botswana, aiming to expand its footprint in the burgeoning lithium market.

Strategic Portfolio and Market Presence

Marula Mining boasts a diverse portfolio of mining operations and development projects spanning South Africa, Kenya, Tanzania, and Zambia. With a clear emphasis on battery metals—such as lithium, copper, and tantalum—the company’s strategy aligns with the accelerating global shift toward renewable energy and electric vehicle technologies.

The company’s shares are actively traded on the Aquis Stock Exchange in London and the A2X Markets in South Africa. Plans are underway to expand trading activities to additional exchanges in Kenya and South Africa, reflecting Marula’s commitment to growing its market presence across the continent.

Gold buying prices per gram in Zimbabwe 13 December 2024

These are the official gold buying prices per gram in Zimbabwe today 13 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$81.55/g
SG ABOVE 85% BUT BELOW 90% US$80.69g
SG ABOVE 80% BUT BELOW 85% US$79.83/g
SG ABOVE 75% BUT BELOW 80% US$78.96/g
SAMPLE BELOW 10g BUT ABOVE 5g US$77.67/g

Fire Assay CASH $81.98/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.

Gold buying prices per gram in Zimbabwe 12 December 2024

These are the official gold buying prices per gram in Zimbabwe today 12 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$82.19/g
SG ABOVE 85% BUT BELOW 90% US$81.32g
SG ABOVE 80% BUT BELOW 85% US$80.45/g
SG ABOVE 75% BUT BELOW 80% US$78.58/g
SAMPLE BELOW 10g BUT ABOVE 5g US$78.28/g

Fire Assay CASH $82.63/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.

Zimbabwe mulls 26% shareholding in new mining projects

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Zimbabwe’s Secretary for Mines, Pfungwa Kunaka, has highlighted the government’s ambition to secure a 26% shareholding in major mining projects in Zimbabwe. Speaking to Bloomberg, Kunaka emphasized the need for careful negotiations with existing investors to achieve this goal.

“We need to move to a level where we reach 26% shareholding in most of the big projects,” Kunaka stated. He acknowledged that such changes require dialogue, particularly where agreements were established under different frameworks.

“A lot of these things would take negotiations with the investors that are on the ground,” he explained. “Obviously, when you have decisions which were made some years back and decisions were made on the basis of a certain framework, you cannot just willy-nilly go and change that. It takes negotiations.”

Kunaka did not disclose the minimum value of mining assets in which the government would want a shareholding, saying that details will be released later. He said the policy may be introduced next year.

Zimbabwe abolished its 51% ‘Indigenous Zimbabwean’ ownership of all foreign companies (with an asset value of above US$500,000) which included mines.

RZM Murowa Ordered to Pay US$452,218 to Catering Company in Contract Dispute

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RioZim‘s diamond unit RZM Murowa has been ordered to pay US$452,218.62 to local catering firm Introwise Catering (Pvt) Ltd following a contractual dispute over unpaid invoices for services rendered since 2015.

Justice Joseph Chilimbe handed down the ruling at the Harare High Court after Introwise sought legal redress, arguing that the mining giant failed to honour its payment obligations as stipulated in their agreement.

In a contract signed on March 1, 2015, Introwise was engaged to provide catering services to RZM Murowa at its mine and Harare sites. The contract was structured on 12-month terms, with the final extension governed by Addendum Number 6.

Under the agreement:

  • Introwise was entitled to a management fee of US$10,000 per month.
  • The company could submit rates for personnel and food items procured, with an 8% markup.
  • All invoices explicitly stated they were in USD, aligning with the contract’s payment terms.

Despite fulfilling its contractual obligations, including providing food, beverages, and other services, Introwise claimed RZM Murowa failed to settle the final bill after terminating the contract on August 8, 2023.

Introwise argued that RZM Murowa was legally obligated to pay in USD, consistent with the historical terms of their agreement. The company emphasized that Murowa had consistently honored previous invoices in USD and was therefore bound to continue doing so.

On the other hand, RZM Murowa contended that changes in Zimbabwe’s monetary regulations since 2019, particularly regarding foreign and local currency obligations, necessitated payment in local currency. Advocate Taona Nyamakura, representing RZM Murowa, argued that the legal framework allowed debts to be settled in Zimbabwean dollars unless explicitly exempted.

After reviewing submissions, Justice Chilimbe ruled in favor of Introwise, ordering RZM Murowa to pay US$452,218.62. The judgment also allowed the mining company to settle the amount in local currency at the official exchange rate on the payment date.

“The resultant questions over legal rights and commercial priorities require a sober-minded if not patient approach to address. I find neither mischief nor frivolity in either side’s case,” Justice Chilimbe noted.

Each party was ordered to bear its own legal costs, reflecting the partial success of both sides’ arguments.

The case highlights the complexities arising from Zimbabwe’s evolving monetary policies and their impact on longstanding contracts. For businesses, the judgment underscores the importance of clarity in contract terms and adaptability to regulatory changes.

RZM Murowa is yet to comment on the ruling or indicate whether it plans to appeal.

Learmonth Increases His Caledonia Ownership to 0.97%

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Multi-listed, gold-focused miner Caledonia Mining Corporation Plc’s CEO and Director, Mark Learmonth, has increased his ownership stake in the company to 0.97%, Mining Zimbabwe reports.

By Rudairo Mapuranga

Learmonth recently purchased 2,047 depositary interests, representing the same number of common shares, at GBP8.30 per share. This brings his total shareholding in Caledonia to 187,031 shares.

The purchase signifies Learmonth’s confidence in the company’s long-term growth and stability. As a key decision-maker, his increased stake sends a strong signal of alignment between the company’s leadership and its shareholders, fostering positive sentiment among investors.

Key Implications of the Purchase

  1. A Vote of Confidence in Caledonia’s Future
    Executives like Learmonth purchasing company shares are often seen as a reflection of their belief in the business’s future prospects. Learmonth’s action indicates his optimism regarding Caledonia’s strategic direction and ongoing projects, which bodes well for the company’s financial performance and growth potential.
  2. Enhanced Leadership Alignment with Shareholders
    By increasing his personal stake, Learmonth is further aligning his financial interests with those of Caledonia’s shareholders. This demonstrates sound corporate governance and suggests that decisions made at the top will prioritize enhancing shareholder value.
  3. Positive Market Sentiment
    Insider buying by senior executives often has a positive impact on market sentiment. Investors may interpret this as a signal of strength, stability, and forthcoming positive developments for the company. Learmonth’s purchase is likely to boost confidence among existing shareholders and attract potential investors.

Kamlesh Pattni Sanctioned by U.S. for Gold Smuggling Network Exposed in Gold Mafia

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Gold trader Kamlesh Pattni has been placed under U.S. sanctions for his role in a global gold smuggling and money laundering network, with his most recent activities in Zimbabwe exposed in the Gold Mafia documentary, Mining Zimbabwe can report.

By Rudairo Mapuranga

On Monday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Pattni and 27 other individuals for their roles in illicit activities, as part of ongoing efforts to combat corruption and money laundering.

Pattni, notorious for his involvement in Kenya’s Goldenberg scandal in the 1990s which cost that country an estimated Sh27 billion three decades ago, is accused of exploiting Zimbabwe’s natural resources for personal gain, enriching corrupt officials while depriving the nation’s citizens of their rightful benefits. His operations allegedly involved bribing government officials and establishing a network of companies and trusted associates to obscure asset ownership.

Key Individuals and Companies

Others sanctioned alongside Pattni include his brother-in-law, Mukesh Manushklal Vaya, who oversees several companies within Pattni’s network, and Rahul Sood, a director linked to businesses controlled by Pattni. The sanctions were part of a coordinated effort by the U.S. and the UK, with the UK also imposing restrictions on Pattni and his associates.

Links to the Gold Mafia

The move follows Pattni’s appearance in the Gold Mafia documentary earlier this year, which exposed his illegal gold trading activities across Southern Africa. The documentary highlighted the extent of his operations and connections within the region.

The sanctions aim to dismantle Pattni’s network and block him and his associates from accessing their illicit wealth, striking a significant blow to one of the most prominent gold smuggling and money laundering syndicates in Southern Africa.

Gold buying prices per gram in Zimbabwe 10 December 2024

These are the official gold buying prices per gram in Zimbabwe today 10 December 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$81.17/g
SG ABOVE 85% BUT BELOW 90% US$80.31g
SG ABOVE 80% BUT BELOW 85% US$79.46/g
SG ABOVE 75% BUT BELOW 80% US$78.60/g
SAMPLE BELOW 10g BUT ABOVE 5g US$77.31/g

Fire Assay CASH $81.60/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.

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