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Karo Progress: Concrete Pour & Pilot Mining Launched

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Karo Progress: Concrete Pour & Pilot Mining Launched

Victoria Falls Stock Exchange-listed (VFEX) platinum mining company Karo Mining Holdings’ Karo Platinum project in Mhondoro remains on track with major milestones of the first concrete pour and pilot mining already commenced.

Rudairo Mapuranga

This was revealed by Tharisa plc Chief Executive Officer Mr Phoevos Pouroulis in Tharisa production results for the third quarter of Financial Year 2023.

Tharisa, the platinum group metals (PGMs) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, owns 85 per cent of Karo Mining Holdings which owns the Karo Platinum project.

According to Pouroulis first concrete pour at Karo was completed in June with the pilot mining having commenced.

“At Karo, we remain on track with project construction, completing our first concrete pour in June, with pilot mining having commenced. The equity contribution by Tharisa of US$ 135 million is being drawn down to match capital requirements with cash flow as we finalise the senior debt portion for this globally strategic mine,” he said.

According to Tharisa production results for Q3FY20231 and cash balance as at the quarter end, the Karo Platinum project is yet to record a lost time injury with 540 people on site, 99 of which are Karo employees and the balance being contractor employees.

The report said that the concrete foundation pouring was progressing well, with earthworks nearing completion for the pilot mining phase. Contractors and staff are onsite to commence operational tests. It also said that power line construction was expected to commence during this quarter.

“No LTI recorded on the project to date

  • 540 people on site, of which 99 are Karo employees with the balance contractor employees.
  • Concrete foundation pouring progressing well with earthworks nearing completion.
  • Pilot mining commenced with the contractor and staff onsite to commence operational tests.
  • Long-lead items manufacturing progressing as planned with the first major deliveries scheduled for Q4 calendar 2023.
  • Power line construction to commence this quarter” reads the report in part.

ZMF invites miners to interface with Indian Investors

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ZMF invites miners to interface with Indian Investors

The Zimbabwe Miners Federation (ZMF) is inviting miners to an interface meeting with Indian Investors in Harare from the 20th – 21st of July 2023, the organisation‘s Chief Executive Officer Mr Wellington Takavarasha has said.

Rudairo Mapuranga

According to Takavarasha, all Miners should prepare relevant mining documents and records for presentation to the team of investors.

“ZMF membership is cordially invited to an interface meeting with Indian Investors in Harare from the 20 – 21st of July 2023. Please urge members to prepare all relevant mining documentation and records for presentation to the Investors’ team.

Miners attending this interface meeting should confirm with our secretariat on the following number: 0773625224,” Takavarasha said.

The Indian Economic Trade Organisation (IETO) is making significant strides in expanding economic cooperation and development between India and Zimbabwe. Led by President Dr Asif Iqbal, the team of investors from IETO is eager to explore mining and commodity trading opportunities in Zimbabwe. This delegation is accompanied by esteemed members, including Hon Dr Chetna Ilpate, Mr Mohit Shrivastava, and others who bring a wealth of expertise and experience to the table.

Two individuals within this investment team have garnered substantial interest from the mining industry. Mr Mohammed Ali Kurumbathoor, Managing Partner-ASB Trading and Manufacturing, has a keen interest in solar power and is seeking to engage in the trading of key minerals. Recognizing the significance of these valuable resources in various industries, Mr Kurumbathoor aims to play a vital role in facilitating the trade and distribution of essential minerals. His dedication to both renewable energy practices and mineral trade showcases his commitment to progress and sustainability.

Mr Padmakumar Padmanabha Pillai, Managing Director of Whales International Service, brings an extensive background in business consulting and a strong interest in mining opportunities in Zimbabwe. Mr Pillai’s expertise lies in the supply of mining machinery, and he is eager to explore potential ventures in this sector within Zimbabwe’s market. Moreover, he is also motivated to delve into the realm of commodity trading with Zimbabwe. With a keen eye for business opportunities, Mr Pillai aims to establish fruitful partnerships that can contribute to the growth and prosperity of both nations. His dedication to identifying and seizing favourable prospects highlights his commitment to fostering economic cooperation and development between his company and Zimbabwe.

The presence of IETO’s investment team signals the ever-growing interest in Zimbabwe’s mining and commodity sectors. This delegation’s expertise, coupled with their dedication to progress and sustainability, bodes well for the future of economic cooperation between India and Zimbabwe. As the team explores various opportunities, it is anticipated that mutually beneficial partnerships will be forged, promoting growth and prosperity for both nations.

The Indian Economic Trade Organisation’s mission is not only focused on promoting economic ties between India and Zimbabwe but also on nurturing responsible business practices that prioritize renewable energy and sustainable development. With the expertise and dedication of Dr Asif Iqbal, Hon Dr Chetna Ilpate, Mr Mohit Shrivastava, Mr Mohammed Ali Kurumbathoor, and Mr Padmakumar Padmanabha Pillai, this delegation from IETO is poised to make a meaningful impact in the mining and commodity sectors of Zimbabwe. Their efforts will undoubtedly contribute to the growth and progress of both nations, fostering economic cooperation and sustainable development along the way.

Gold deliveries increase by over 23 per cent

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Gold deliveries increase by over 23 per cent

Gold deliveries by large-scale producers to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) increased by approximately 23.34 per cent in June 2023 compared to the same period last year, statistics from the country’s sole buyer show.

Rudairo Mapuranga

Total deliveries by the large-scale gold producers during the period January to June 2023 increased by approximately 0.4 per cent from 5498.4087 kgs delivered in 2022 to 5519.9795 kgs.

However, deliveries by Artisanal and Small-Scale Miners (ASM) decreased by 17.31 per cent to 8661.0463 kgs from 10474.1159 kgs.

Also, total deliveries by both the large scale and the ASM declined by approximately 11.22 per cent to 14181.0258 kgs from 15972.5246 kgs.

In June alone, large-scale producers delivered 1032.5263 kgs from 837.1151 kgs. While the ASM deliveries decreased by 13.5131 percent with 1702.0787 kgs delivered in June from 1968.0192 kgs delivered in June last year. June total deliveries also decreased 2.5 per cent to 2734.6047 kgs from 2805.1343 kgs delivered in 2022.

There is an urgent need for financial institutions in Zimbabwe to look for opportunities and ways to capacitate Artisanal and Small-Scale Gold Miners (ASGM) to ramp up production in the wake of heavy rains which saw deliveries by the miners decline by 18.2 per cent during the first 5 months of 2023 compared to the same period last year.

Artisanal and Small-Scale Miners last year accounted for over 67 per cent of gold deliveries to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR). FGR General Manager Mr Peter Magaramombe attributed the improved contribution of small-scale producers to timeous payments to the miners by his organization.

Last year gold deliveries reached FGR’s target of 35 tonnes, the increase in deliveries is attributed to ASM whose deliveries increased by 30.3 per cent to 24.1 tonnes from 18.5 tonnes delivered in 2021. Deliveries by large-scale producers were approximately 11.2 tonnes in 2022 as well as in 2021.

Gold deliveries to FGR in the first quarter of this year (2023) plunged 20 per cent to 6.194 in the first quarter of the year from 7.694 tonnes in the same period last year.

“Gold output has declined for the first quarter ended March 31 2023 to 6.194 tonnes from 7.694 tonnes during the comparable period last year due to heavy rains during the first two months of the year,” FGR general manager Mr Peter Magaramombe said.

Bilboes Oxides Project Surges in Gold Production, Returns to Care and Maintenance for Larger Sulphide Project

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Bilboes Oxides Project Surges in Gold Production, Returns to Care and Maintenance for Larger Sulphide Project

The Bilboes Oxides project has experienced a significant increase in gold production in the second quarter of 2023, according to a recent announcement.

A total of 1,076 ounces of gold were produced, compared to just 105 ounces in the first quarter. The Bilboes Oxides was intended as a small-scale, low-margin, short-term project which was primarily justified by the benefits of pre-stripping in anticipation of the development of the larger sulphide project.

The Bilboes Oxides project was primarily justified by the benefits of pre-stripping, in anticipation of the development of a larger sulphide project. However, the project has not made an overall cash contribution, prompting the decision to return it to care and maintenance starting from October 1, 2023. Despite this, mining and metallurgical processing will continue until the end of September, with the leaching of deposited material ongoing.

Mark Learmonth, the Chief Executive Officer, commented on the announcement, noting that production at the Blanket site had initially been below expectations. However, with successful management interventions, production significantly improved towards the end of June and early July. In fact, the first week of July saw a record level of production, nearly 400 ounces above the planned amount. Learmonth expressed confidence in meeting the production guidance for 2023, which ranges between 75,000 and 80,000 ounces of gold.

Regarding the Bilboes Oxides project, Learmonth stated that its outlook is uncertain unless it is conducted in conjunction with the waste stripping for the sulphide project. As a result, the decision has been made to return the project to care and maintenance until work on the larger sulphide project begins. At that time, the remaining oxide material will be mined and processed alongside the sulphide ore. It’s important to note that this decision does not reflect on the quality of the larger sulphide project itself, which was the main reason for acquiring the Bilboes site.

The Bilboes Oxides project has seen a significant increase in gold production during the second quarter of 2023. However, due to the lack of overall cash contribution, the project will be returned to care and maintenance. The company remains confident in meeting its production guidance for the year and plans to resume mining and processing of oxide material once work on the larger sulphide project commences.

Zimbabwe gold buying prices 18 July 2023

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Zimbabwe gold buying prices 18 July 2023

Fidelity Gold Refinery (FGR) official gold buying prices Tuesday 18 July 2023. See the Zimbabwe gold buying prices today.

SG 90% AND ABOVE US$59.23/g
SG ABOVE 85% BUT BELOW 90% US$58.60/g
SG ABOVE 80% BUT BELOW 85% US$57.97/g
SG ABOVE 75% BUT BELOW 80% US$57.35/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.41/g
FIRE ASSAY CASH US$59.54/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 about world market prices.

Anglo Platinum’s Half-Year Earnings Plunge Amid Market Challenges

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Anglo Platinum’s Half-Year Earnings Plunge Amid Market Challenges

Anglo American Platinum (Amplats) has announced that its earnings for the first half of this year are expected to be significantly lower than in the same period last year. The company forecasts a decrease in headline earnings and headline earnings per share (HEPS) of between 65% and 75%. This means that headline earnings are likely to be between R6.7 billion ($519 million) and R9.4 billion ($728 million), compared to R26.7 billion ($2.1 billion) in the first half of 2016, the company told Johannesburg Stock Exchange News Service (SENS) on Monday.

HEPS are expected to decrease to between 2,544c and 3,569c per share, compared to 10,140c in the first six months of last year. Basic earnings per share are likely to decrease by a similar percentage to headline earnings, with an estimate of between R6.6 billion and R9.3 billion, compared to R26.7 billion in the corresponding period of last year. Earnings per share are expected to be between 2,506c and 3,531c per share, compared to 10,125c in the first half of last year.

The decrease in earnings is primarily due to a decline in revenue caused by lower prices for platinum group metals (PGMs). This was mainly driven by declines in the dollar prices of rhodium and palladium, which were down 47% and 29% respectively. The weakening of the rand/dollar exchange rate partially offset the impact of the lower dollar price, resulting in a 15% decrease in the overall rand basket price compared to the same period last year.

Lower sales volumes from own production also contributed to the decrease in earnings. Sales volumes, excluding trading, were 12% lower due to reduced refined production and the impact of maintenance and asset integrity work. Additionally, load-curtailment by Eskom, South Africa’s state-owned power utility, resulted in a deferred production of 66,400 ounces of PGMs.

Higher mining and processing costs, driven by inflationary pressure and exchange rate volatility, further affected earnings. While costs incurred in purchasing concentrate decreased due to lower prices and volumes.

Amplats will release its financial results for the six months ended June 30 on Monday, July 24.

Amplats mines 40% of the world’s platinum group metals at the Mogalakwena, Amandelbult, Mototolo and Unki mines in Shurugwi.

Caledonia Mining Corporation Plc: Q2 2023 Production Update

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Caledonia Mining Corporation Plc: Q2 2023 Production Update

Caledonia Mining Corporation Plc announces quarterly gold production from the Blanket Mine and from the Bilboes Oxide Project (“Bilboes Oxides”) in Zimbabwe for the quarter ended June 30, 2023 (the “Quarter”) and the half year ended June 30, 2023. All production numbers are expressed on a 100 per cent basis and are based on final assays from the refiner.

 Q2 2022
(Comparable
quarter)		Q1 2023
(Prior
Quarter)		Q2 2023
(Recently
Completed
Quarter)		H1 2022H1 2023Change
(H1 2022
to H1
2023)
Blanket20,09116,03617,43638,60633,472-13.3%
Bilboes
Oxides		–1051,076–1,181n/a
Total20,09116,14118,51238,60634,653-10.2%

Blanket

Production at Blanket in the Quarter was 17,436 ounces, representing an 8.7 per cent increase on the 16,036 ounces produced in the first quarter of 2023. Gold produced at Blanket in the first six months of 2023 was 33,472 ounces, compared to 38,606 ounces produced in the first half year of 2022.

Production at Blanket in the Quarter, although improved from the previous quarter, was still below expectations. This was due to several factors which impacted the implementation of the mine plan in certain mining areas. These factors included a high level of missed blasts and errors in blasting accuracy which contributed to inadequate face advances. Management has focused intensively on these problem areas and production in late June and in July has shown a marked improvement.

Production for the first six months of 2023 was lower than the first six months of 2022 due to the issues arising in the Quarter (as noted above) in addition to difficulties encountered in the prior quarter which, as previously advised, included several mechanical breakdowns.

In light of the improved performance in late June and early July, management re-iterates Blanket’s production guidance from December 31, 2023 of between 75,000 and 80,000 ounces1.

Bilboes

1,076 ounces of gold were produced from the Bilboes Oxides in the Quarter, showing an increase from the 105 ounces produced in the first quarter of 2023. There was no production at the Bilboes Oxides in 2022.

The Bilboes Oxides was intended as a small-scale, low-margin, short-term project which was primarily justified by the benefits of pre-stripping in anticipation of the development of the larger sulphide project.

The Company has previously withdrawn guidance for the Bilboes Oxides and, in the absence of a reasonable prospect of it making an overall cash contribution, the project will be returned to care and maintenance with effect from October 1, 2023.

Mining and metallurgical processing will continue at Bilboes Oxides until the end of September; thereafter leaching of material that has already been deposited on the leach pad will continue. Oxide mining and processing will resume when the stripping of the waste for the sulphide project commences.

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

“After an encouraging start to the second quarter at Blanket, production was below expectations in May and the first half of June.

“Management interventions to identify and address the problems appear to have been successful and production improved substantially in late June and early July. Production in the first week of July was at a record level and was almost 400 ounces better than planned. Whilst we have much work to do to make up for the production shortfall from the first six months, we are confident that we will do so and we therefore re-iterate our production guidance for 2023 of between 75,000 and 80,000 ounces of gold.

“The outlook for the Bilboes Oxides is insufficiently certain unless it is done in conjunction with the waste stripping for the sulphide project. Accordingly, we have decided to return this project to care and maintenance until the work commences on the larger sulphide project when the remaining oxide material will be mined and processed alongside the sulphide ore. This outcome has no bearing on the quality of the much larger sulphide project which was the sole reason for acquiring Bilboes.”

This news release has been approved by Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the Company’s qualified person as defined by Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Zimbabwe gold buying prices 17 July 2023

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Zimbabwe gold buying prices 17 July 2023

Fidelity Gold Refinery (FGR) official gold buying prices Monday 17 July 2023. See the Zimbabwe gold buying prices today.

SG 90% AND ABOVE US$59.35/g
SG ABOVE 85% BUT BELOW 90% US$58.72/g
SG ABOVE 80% BUT BELOW 85% US$58.10/g
SG ABOVE 75% BUT BELOW 80% US$57.47/g
SAMPLE BELOW 10g BUT ABOVE 5g US$56.53/g
FIRE ASSAY CASH US$59.67/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 about world market prices.

Invictus expands CSR program

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Invictus expands CSR program

Oil and gas exploration company Invictus Energy Limited has expanded its Corporate Social Responsibility (CSR) program in the Muzarabani and Mbire Districts in line with the progression of its phase 2 exploration campaign.

Rudairo Mapuranga

According to Invictus’ Managing Director, the Company successfully completed several projects focused on the provision of water to clinics, schools and community centres, which is an enabler to future CSR initiatives the Company wishes to implement to improve lives and livelihoods in remote communities.

He said the Company is expanding its CSR program to include rehabilitating existing roads and assisting with community initiatives to address human-wildlife conflict. The Company has recently completed the rehabilitation and upgrade of the road from Muzarabani to Hoya, which has provided improved access to clinics and schools for the surrounding community.

“The CB23Seismic Survey has generated over100 direct jobs during the campaign for the local communities, as well as the procurement of goods and services from local suppliers.

“The local community engagement is in keeping with the Company’s shared prosperity approach, ensuring all stakeholders, including the local community, benefit from finding, developing and producing natural resources.

“The Company also continued our student and lecturer attachment program from the local universities to develop and transfer skills in the oil and gas industry,” McMillan said.

Invictus Awards Seismic data processing contract to Earth Signal

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Invictus Awards Seismic data processing contract to Earth Signal

Australia Stock Exchange-listed Oil and gas exploration company Invictus Energy Limited has commenced Seismic data acquisition and is expected to be complete mid-August with its data processing contract awarded to Earth Signal Processing Ltd, the company’s managing director Scott MacMillan said.

Rudairo Mapuranga

According to MacMillan the contract to process the data acquired in the CB23 program has been awarded to Earth Signal Processing Ltd (“Earth Signal”).

Earth Signal processed the CB21 survey for Invictus and this prior experience will enable an efficient processing workflow and provide a seamless, high-quality dataset across the basin.

He said work is progressing according to plan on the CB23 2D seismic acquisition program being carried out by Polaris Natural Resource Development Ltd (“Polaris”) on Invictus’ behalf. He said a total of 425km of lines have been successfully and safely cleared and the layout of receiver nodes is well underway.

The first recorded data has been acquired and the survey is expected to be complete in mid-August. The program is a key part of the Company’s Phase 2 exploration campaign in the Cabora Bassa Basin, with the new seismic lines tying into existing legacy data, including Invictus’ 2021 survey.

“The Company is pleased to have already made significant progress with the seismic data acquisition campaign in EPO 1848 and EPO 1849.

“Seismic acquisition has commenced across several exciting leads on trend from Mukuyu and we anticipate maturing a number of these to drill-ready prospects, which will add to our already world-class exploration portfolio and substantial prospective resource base.

“We are extremely pleased with the performance of Polaris and the local field crew who completed 425km of seismic line preparation ahead of the data acquisition, which will ensure the campaign is completed seamlessly,” he said.

The data will provide a denser seismic grid over leads identified in the east of the basin and along the basin’s southern margin. This, along with data and insights from Mukuyu-1 and the upcoming Mukuyu-2 well, will be used to mature these leads as future drilling candidates, which is important to clean energy technologies.

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