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Zimbabwe gold buying prices 16 May 2023

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Zimbabwe gold buying prices 16 May 2023

Fidelity Gold Refinery (FGR) official gold buying prices Tuesday 16 May 2023. See the Zimbabwe gold buying prices for today.

SG 90% AND ABOVE US$61.69/g
SG ABOVE 85% BUT BELOW 90% US$60.72/g
SG ABOVE 80% BUT BELOW 85% US$60.07/g
SG ABOVE 75% BUT BELOW 80% US$59.42/g
SAMPLE BELOW 10g BUT ABOVE 5g US$58.44/g
FIRE ASSAY CASH US$61.69/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.

BREAKING: Bikita Minerals suspends operations

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BREAKING: Bikita Minerals suspends operations

Bikita Minerals has suspended operations for seven days to address administrative concerns raised by authorities at the plant the company has said in a press release.

“This notice serves to inform our stakeholders and partners that we have put our operations on hold for 7 days to address administrative concerns raised by authorities at our plant.

As a law-abiding corporate, we remain committed to fully comply with all requirements of the law and expect to resume operations once all the outstanding issues have been addressed,” the statement reads.

The said company is working with relevant authorities to ensure the matter is resolved within the stipulated time.

“In the meantime, the company’s leadership is working closely with all relevant authorities to ensure that the matter is resolved within the stipulated time frame,” said the lithium miner.

All Employees have been advised to remain at their residences except for those in care and maintenance.

“During this 7-day period All employees to stay at their homes and residences except for those in care and maintenance. Those on essential services will be required to perform their prescribed duties. Bikita Minerals employs 860 workers, whose contribution we hold so dearly and during this period the company will continue to meet its obligations to them,” concluded the statement.

The Bikita mine is the largest lithium mine in Zimbabwe. The mine is privately owned and holds the world’s largest-known deposit of lithium at approximately 11 million tonnes according to Wikipedia. The mine is located in Masvingo Province. The Bikita Minerals has reserves amounting to 10.8 million tonnes of lithium ore grading 1.4% lithium thus resulting in 0.15 million tonnes of lithium.

In June 2022 Chinese Giant Sinomine Resource Group company bought Bikita Minerals for $200 million.

Caledonia results for the quarter ended March 31, 2023

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Caledonia results for the quarter ended March 31, 2023

Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) has announced its latest quarterly report, which includes the newly acquired Bilboes mine.

The report indicates that production at the Blanket mine was below target due to equipment failures and logistical issues but these issues have since been resolved, and production has picked up, exceeding expectations.

The company has confirmed its production guidance of 75,000 to 80,000 ounces of gold per annum for the year to December 31, 2023.

The cost per ounce rose due to the high cost of operations at Bilboes, where production only began in the last week of the quarter, as well as higher on-mine costs at Blanket. However, Caledonia has reduced its grid power costs following the implementation of alternative supply arrangements in April. The company’s 12.2MWac solar plant, commissioned in February, has also contributed to a reduction in diesel consumption at Blanket.

In January, Caledonia announced its purchase of Bilboes, with plans to construct a large, open-pit operation to extract sulphide resources. A revised feasibility study is currently underway to maximize the uplift in value for Caledonia shareholders.

The start-up of the additional, small oxide mining and processing activity at Bilboes was affected by underperforming contractor drill rigs and variations between the realized and anticipated grades. Caledonia is evaluating other target areas for oxide mining, both at Bilboes and next door at Motapa, with a focus on areas where there is a high confidence level in the target mining areas. Caledonia has withdrawn guidance for the oxide mining activity and will report production and costs retrospectively.

Operating Highlights

·    16,141 ounces of gold produced in the Quarter (Q1 2022: 18,515 ounces) of which 16,036 ounces were produced at Blanket and 105 ounces were produced at the Bilboes oxide mine.  Gold produced in the Quarter was lower due to lower mine production at Blanket than anticipated and the slower-than-expected restart of the Bilboes oxide mine.

·    Production at Blanket was lower than expected due to minor mechanical breakdowns and logistical issues which have now been resolved.  The rate of production improved in April with 5,202 ounces of gold being produced in the month (which has 23 scheduled production days due to public holidays and production cut-off), which equates to an annualised production rate of approximately 80,000 ounces per annum.

·    The Company is reviewing the commercial viability of the low margin oxides mining activities, which includes assessing the scope to mine and process oxide material from the recently acquired Motapa property, which is immediately adjacent to Bilboes.   Approximately 217 ounces of gold were produced from the Bilboes oxide mine in April; a further approximately 338 ounces of gold was contained in material that was deposited onto the leach pad in April and is expected to report to production in May.   

·    The 12.2MWac solar plant was fully commissioned on February 2, 2023, and is generating slightly more power than anticipated.

Mark Learmonth, Chief Executive Officer, commented:

“The first quarter of 2023 presented several operational challenges at Blanket which resulted in lower production and higher costs.  We are confident these issues have been identified and addressed, and we reiterate our production guidance for Blanket of between 75,000 and 80,000 ounces of gold.

“We were pleased to complete the acquisition of Bilboes at the start of the Quarter.  Although the start-up of the Bilboes oxide mining activity was disappointing, this does not detract from the attraction of the main sulphide project.

“The sulphide resource is based on direct drilling results and has been subjected to independent third-party reviews.  Caledonia has commenced work on a revised feasibility study for the sulphide project which will consider updated commercial assumptions and will focus on the most judicious way to commercialise this project with the objective of maximising value for Caledonia shareholders.      

“Following Caledonia’s oversubscribed fundraise in March and April, which raised approximately $16.5m, our balance sheet and operational flexibility have been improved and we are delighted to have new shareholders on our register who believe in our vision, and we hope will support us in the next stage of our growth.”

Funding of Ongoing Zulu Plant Optimisation

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Funding of Ongoing Zulu Plant Optimisation

The Board of Premier African Minerals Limited is pleased to announce a placing today to raise £1,759,500 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project Pilot Plant Optimisation.

The Company is also pleased to report that the plant is now producing concentrate from both the spodumene and mica floatation circuits.

George Roach, CEO commented: “Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.

Mining operations continue to encourage with both grade and ore body definitions meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene-dominant pegmatites not included in the resource currently being mined.

Similarly, our joint venture partner at our Mutare Project (as announced on 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future.”

Placing

Premier has today issued by way of a placing (“Placing”), conditional on admission, 190,216,216 new ordinary shares of nil par value (“Placing Shares”) at a Placing price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc (“CMC Markets”), acted as the Company’s sole placing agent in respect of the Placing.

Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2023.

The Placing has been arranged within the Company’s existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.

Total Voting Rights

Following the issue of the Placing Shares, the Company’s issued share capital consists of 22,770,103,177 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

 

RioZim Limited Announces New Leadership Appointments

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RioZim Limited Announces New Leadership Appointments

Diversified mining company, RioZim Limited, has announced new leadership appointments and resignations on their Board of Directors.

Effective April 28, 2023, Rajgopal Swami was appointed as the new Chief Executive Officer, succeeding Mr Manit M. Shah who will be resigning from the position. Swami has been a longtime employee of the RioZim Group and held the position of Chief Financial Officer for a number of years. With over 30 years of experience in senior management across various industries, including mining, energy, aviation, infrastructure, and financial services across four continents, Swami is well-equipped to take on his new role as CEO.

Also effective April 28, 2023, Atish Mangal was be appointed as the new Chief Finance Officer, succeeding Swami. Mangal has 20 years of experience in Corporate Finance and Treasury, Financial Reporting, Strategy, Refinancing, Loan Restructuring, Financial Modelling, and Tax Planning across the mining, trading, manufacturing, and financial services sectors.

In addition to these executive appointments, RioZim Limited has also appointed two new Non-Executive Directors, effective April 28, 2023. Grant R. Flanagan, with over 20 years of experience in the frontier and emerging market of Africa, will be joining the board. Mr Ajay P. Shanghavi, with over 38 years of experience in leading and expanding various medium and large-scale companies in industries such as engineering, manufacturing, packaging, IT, EdTech, financial services, media, and entertainment, will also be joining the board.

However, the board also announced the resignation of Manit M. Shah as Chief Executive Officer and Gopal K. Jain as a Non-Executive Director effective from April 27, 2023. The Board expressed their gratitude for their valuable contribution to the Group.

ZANU PF warns against invasion and grabbing of mines

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ZANU PF warns against invasion and grabbing of mines

Zimbabwe’s ruling party has warned its members against the illegal invasion and grabbing of mines.

Tinoda Machakaire, the Zanu-PF youth league leader and Deputy Minister of Youth, Sport, Art, and Recreation, stressed that such actions are against the party’s ethos.

“I know as youths we want to be involved in mining, we want to have mines. We don’t condone lawlessness, we don’t want to hear that you have illegally grabbed or invaded mines,” Machakaire said.

Machakaire said President Mnangagwa encouraged youth facing challenges in registering mines to seek assistance as the party will not support lawlessness.

“The President has said when you are having challenges in properly registering mines you must seek assistance. Zanu-PF is not going to condone lawlessness. The party is not in support of youths who will illegally grab mines. The party is not in support of the youths who are going to use machetes to grab or invade mines. We want law and order to prevail. The President has warned such malcontents,” he said.

He spoke out against the violence in the mining claims, caused by gangs wielding machetes, which has been terrorising small-scale miners and communities across the country. Machakaire added that if there were difficulties registering mines, solutions should be sought legally and not through violent means.

 

Unki Mine planning manager Collins Mwatahwa passes away

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Unki Mine planning manager Collins Mwatahwa passes away

Anglo American Platinum has announced the untimely death of Unki Mine Planning Manager Collins Mwatahwa.

Mwatahwa passed away on, Thursday the 11th of May 2023 in Gweru, he was 53.

According to the Platinum miner, Mwatahwa joined the company as a Graduate Trainee on January 26th, 1993, and he worked his way up the ranks, serving as an Exploration Manager and Chief Geologist before becoming the Mine Planning Manager on March 1, 2021, a role he held until his untimely passing.

He was also the secretary for the Geological Society of Zimbabwe.

Many in the mining community have expressed condolences and shock at the sudden loss.

Unki Mine General Manager Mr. Walter Nemasasi expressed his heartfelt condolences.

“I was deeply saddened to hear about the passing of a friend and colleague. It’s always difficult to come to terms with the loss of a loved one, especially someone with whom we spend a large part of our lives. Losing someone we work with is never easy and it can be difficult to find the right words to say. Collins will be greatly missed and his memory will live on through the positive impact he made on those around him,” Nemasasi said.

Caledonia Mining Executive Director, Victor Gapare, said that Mwatahwa’s death had robbed many of a reliable and upstanding individual.

“The testimonies on this forum are amazing and are a true reflection of who Collins was to many of us. Collins was truly an officer and a gentleman. He was a guy who was always ready to be helpful whenever he was called upon to do so. When my colleagues and I left Anglo in 2003, Collins worked with us to ensure all the mineral rights which we bought and were in Anglo’s name were properly transferred to us. He gave us all the support we needed. There was absolutely no drama unlike in other areas where we experienced a few problems. Go well, Collins. Fare thee well my friend,” Gapare said on a mining forum.

“A big loss to the Family and the Geological Fraternity. I  remember even in 1992 when I was in the 2nd year of Geology, when he was an Honours Student, coming to demonstrate to us during Optical Mineralogy practicals, how he simplified things with all the tricks in identifying minerals under the microscope, and even the challenges with Optical Indicatrix with the late Professor JF Wilson. Collins was a good teacher, mentor, and brother to many who interacted with him. Early 2000’s he was my Boss when we resuscitated Hunters Road, a very knowledgeable and with zeal to clarify things, a man, full of humor. Rest in Eternal Peace my Brother,” said another.

“Collins was a good-nurtured, wise Geologist who, on field trips, shared his wide experience with many including some of us who invaded his “cooler box” and whiskey! What I’m trying to convey is simply that we have lost a keen Geologist, a glue to many successful field trips! Gosh mate, we will miss you!” another on the forum expressed.

Mwatahwa is survived by his Wife, His Son Leeroy (24), and his daughter Lindsay (13).

Funeral arrangements

Mourners are gathered at House Number 178 Manresa, Greendale (near Macadamia Road) in Harare.

Anglo expressed its heartfelt condolences and support to the Mwatahwa family from the Unki Management team and all the employees during this difficult time.

Government sets aside us$5 Million for small-scale miners

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Government sets aside us$5 Million for small-scale miners

The small-scale mining sector is a crucial part of the Zimbabwean economy, as it provides work for millions of people across the country. However, these miners face many challenges, including limited access to finance, lack of infrastructure, and insecurity of tenure. In addition, the sector has been affected by heavy rains that hit the country in January and February of this year, resulting in decreased production.

In response to these challenges, the government has set aside 5 million dollars to help small-scale miners.

Mines and Mining Development Minister Hon Winston Chitando said the funds will be used to capacitate the miners by providing training, infrastructure, and equipment.

“Looking at the current production in 2023, gold producers have delivered a total of 8.57 tonnes of gold to Fidelity Gold Refinery (FGR) for the period January to April 2023, a 15.77% decrease from last year’s production of 10.17 tonnes during the same period. The decreased gold production from small-scale miners, the major contributors of gold delivered to Fidelity Gold Refinery, in January and February was mainly due to heavy rains and they spent the period dewatering shafts. As a way to mitigate this challenge, the Government of Zimbabwe has set aside USD5
Million towards capacitation of small-scale miners. The decrease in production was also due to power cuts and the
The government has set aside USD5 Million towards the establishment of gold service centres,” Minister Chitando said.

The support will go a long way in addressing the challenges that small-scale miners face, including access to markets, finance, and equipment. It will also promote sustainable mining practices, as small-scale miners will be trained on best practices to reduce the environmental impact of their activities.

Small-scale mining is an important sector in Zimbabwe, and with the right support, it has the potential to contribute significantly to the country’s economic development.

Why you should exhibit at the CoMZ Annual Mining Conference and Exhibition

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Why you should exhibit at the CoMZ Annual Mining Conference and Exhibition

The Chamber of Mines of Zimbabwe’s Annual Mining Conference and Exhibition draws attendees from all over the world, including mining Executives, industry experts, delegates, and decision-makers, since it is the primary forum for mining sector stakeholders.

The Conference is the Prime Event for the Zimbabwe mining industry, and it provides a platform for key stakeholders in the sector including Government, senior executives in the mining industry and investors to deliberate on pertinent matters in the mining industry.

Here are reasons to mark the event on your calendar if you’re still on the fence about going.

Gain exposure

Exhibiting at the Chamber of Mines Annual General Meeting and Exhibition presents a great opportunity for your company to gain exposure and effectively promote its products and services. It provides a platform for companies to showcase their offerings to a targeted audience of mining industry professionals including Mining executives, mining companies, mining equipment manufacturers, and suppliers. This can lead to increased brand awareness and visibility, new partnerships and collaborations, and ultimately lead to potential revenue growth. It is an effective way for companies to network with industry players and gain valuable insights into industry trends and advancements. In summary, being part of the Chamber of Mines Annual General Meeting and Exhibition is a great strategy for companies that want to establish a strong foothold in the mining industry and grow their business.

Network

The event provides a platform for delegates to meet and connect with Mining executives, peers, regulators, suppliers, and industry players. You get a chance to forge new partnerships, explore new business opportunities, and collaborate with other industry professionals.

Build your brand

The Chamber of Mines Annual General Meeting and Exhibition is an excellent platform to showcase your brand and build your reputation among industry professionals.

Advertise your products and services

The Annual Conference and Exhibition provides an opportunity for companies to showcase their products and services to a targeted audience. Advertising your products and services in Mining Zimbabwe magazine can give your business a significant boost. This is because the magazine will be distributed to all in attendance and read by Captains of the mining industry and professionals in mining who are interested in keeping up-to-date with the latest trends, technologies and products. By advertising with Mining Zimbabwe, you can ensure that your brand is seen by the right audience, helping you to build credibility and increase sales. Whether you offer equipment, materials, or services related to mining, advertising in this issue is an effective marketing strategy that can help you grow your business and succeed in this challenging industry.

Meet potential buyers

Exhibiting at the event is an excellent opportunity to meet potential buyers and generate new leads. The Chamber of Mines of Zimbabwe’s Annual Mining Conference and Exhibition offers a chance to showcase your offerings to a captive audience and meet potential buyers face to face. Attending the event allows you to connect with industry professionals, learn about new trends and technologies, and build relationships with customers who are interested in what you have to offer.  You can gain valuable insights into the mining industry, establish your brand, and increase your chances of making sales. Overall, attending this is an essential part of any successful business strategy for companies in the mining industry.

Keep up to date with industry trends

The Chamber of Mines Annual General Meeting and Exhibition brings together all the major players in the mining industry. Attending the event enables you to keep up to date with the latest industry trends and developments.

Learn from industry experts

The event provides an excellent opportunity to attend seminars and workshops, where you can learn from industry experts and stay on top of the latest developments in the mining industry. The event features a Lithium battery value chain symposium which is a must-attend for those interested in the clean energy mineral.

Enhance your credibility

Exhibiting at a mining conference is an excellent way to enhance your credibility in the industry. By showcasing your company’s products and services, sharing your expertise, and networking with industry leaders and peers, you can establish yourself as a credible and knowledgeable authority in the mining sector. This can help to build trust with potential customers, investors, and partners, who are more likely to collaborate with someone they know and trust. Overall, exhibiting at this annual event is a key way to build your reputation and establish yourself as a top player in the industry.

Generate new business leads

The Chamber of Mines Annual General Meeting and Exhibition is an excellent platform for generating new business leads and expanding your customer base.

Increase your revenue

Exhibiting at the event provides an opportunity to generate new business and increase your revenue, which is the ultimate goal for any business.

Mnangagwa Launches Responsible Mining Initiative

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Mnangagwa Launches Responsible Mining Initiative

President Emmerson Mnangagwa yesterday launched the Responsible Mining Initiative in an effort to combat illegal mining activities in Zimbabwe.

Mnangagwa stated that the government of Zimbabwe will not tolerate any form of non-compliance within the mining sector, and a mines audit will soon be conducted to ensure that all companies are following proper legislation.

The mining industry in Zimbabwe has been plagued with illegal operations that have cost the country millions of dollars and have been detrimental to the environment.

In his address, the President stressed that this initiative would play a vital role in creating a sustainable US$12 billion mining industry. He also mentioned that this program was crucial to the government’s quest for good stewardship of Zimbabwe’s natural and mineral resources. Furthermore, the President declared that the malpractices that were occurring within the mining industry, such as mineral leakages, environmental degradation, and haphazard operations, could not be condoned.

“This initiative represents an essential milestone in our journey towards a sustainable US$12 billion mining industry,” the President said.

“Furthermore, the programme is an indispensable undertaking in my Government’s quest to exercise good stewardship over the many natural and mineral resources that our beautiful country, Zimbabwe, has been blessed with by Almighty God.

“The situation, where the sector is characterised by malpractices such as environmental degradation, mineral leakages and haphazard operations conducted outside the legal provisions of our country, can never be condoned.”

To address these issues, audit teams will be deployed soon to investigate the activities of mining entities in Zimbabwe. These audits will aim to highlight any challenges and offer recommendations for the improvement of the mining sector.

“Audit teams will conduct thorough investigations on activities within the various mining entities, with the objective of highlighting and proffering challenges recommendations towards the overall improvement of our mining sector,” Mnangagwa said adding that the audits will be done soon.

While this may be a challenging task with many obstacles to overcome, the Responsible Mining Initiative represents a significant step in the right direction for Zimbabwe’s mining industry. This positive step will not only benefit the country in terms of revenue generation but also in environmental protection.

According to Minister of Mines and Mining Development Hon Winston Chitando, the audit team comprises of different government departments.

“The objective of the Initiative is to ensure that all mining operations are conducted in accordance with the country’s laws. The audit team will comprise members from the following Ministries, Departments and Agencies: Mines and Mining Development, Lands, Agriculture, Fisheries, Water and Rural Development, Local Government and Public Works, Energy and Power Development, Environment, Climate, Tourism and Hospitality Industry, Departments of Immigration and Labour, the Zimbabwe Revenue Authority, the Environmental Management Agency, and the Zimbabwe Republic Police,” Chitando said in a statement.

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