Home Blog Page 330

Fidelity official gold buying prices Monday 29 August 2022

Fidelity Gold Refinery (FGR) official gold buying prices Monday 29 August 2022.

SG 90% AND ABOVE US$53.48/g
SG ABOVE 85% BUT BELOW 90% US$52.64/g
SG ABOVE 80% BUT BELOW 85% US$52.08/g
SG ABOVE 75% BUT BELOW 80% US$51.51/g
SAMPLE BELOW 10g BUT ABOVE 5g US$50.67/g
FIRE ASSAY CASH US$53.48/g

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

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

RioZim retrenched workers cry foul

0

The Solidarity Mine Workers Union of Zimbabwe (SOMWUZ) has dragged into the spotlight diversified mining group RioZim Limited over unpaid packages of 191 workers retrenched last month.

Speaking to a local daily, Newsday, SOMWUZ secretary-general Prince Mpala claimed that the company was ill-treating its local employees.

“The miners are being treated as slaves and we as a trade union are pushing to help them. Some few months ago we were happy to hear that President Emmerson Mnangagwa went to commission a BIOX plant at Cam and Motor Mine, but we are perplexed to see that they are failing to pay their workers,” Mpala said.

He added that 191 workers were retrenched and the company has failed to pay retrenchment packages two months on.

“The workers are in a tight situation because some of them had to settle debts, loans and rentals. We have tried to meet the management and show them what was taking place. They said that they had no authority to explain why the workers were not being paid,” Mpala said.

One of the retrenched, who requested anonymity, confirmed that they had not received their packages since July.

“We were contract workers and were retrenched in July on short notice but we were supposed to be given a two-week notice. So, our packages have not been paid since July. Our representatives were supposed to meet with the management, who refused to meet with them,” the employee said.

RioZim spokesperson Wilson Gwatiringa refused to comment on the matter.

“I have no comment,” he said.

Source: Newsday

Minister, ZMF, Chamber, MMCZ to promote mining investment in Australia

0

The Minister of Mines and Mining Development Hon Winston Chitando together with bodies representing miners and the mining value chain are attending the 21st edition of Africa Down Under (ADU) in Perth Australia to promote mining investment in Zimbabwe.

Rudairo Mapuranga

Zimbabwe Miners Federation (ZMF) the largest body which represents Artisanal and Small Scale Miners (ASM), the Chamber of Mines Zimbabwe (CoMZ) the body which represents medium to large-scale miners and the Minerals Marketing Corporation of Zimbabwe (MMCZ) will accompany the Minister to the internationally acclaimed event.

Hon Winston Chitando will give a speech at the conference on Thursday at 11:00 am.

ADU will be held from 31 August – 2 September at the Pan Pacific, Perth.  The conference will proceed in its traditional format in Perth with live presentations, face-to-face meetings and networking.

ADU is the leading forum for Australian-African business and government relations and was first launched to raise awareness of Australia’s interests in African mining and energy. The three-day meeting has evolved to become the largest African-focused mining event held outside the continent itself which is reflected by the number of high-profile participants who attend each year.

Since its inaugural conference in 2003, ADU has showcased many success stories about Australian companies and organisations working across Africa.

In addition to creating a melting pot for pro-Africa-Australia relations, ADU forms the principal pillar of “Africa Week”, Australia’s week-long celebration of the strong and growing business, social and cultural ties between Australia and the entire African continent. “Africa Week” comprises a full week of satellite events on research, education, infrastructure, sustainable development, capacity building, energy, movies and the arts.

Bonus Nickel discovery for Galileo

0

Galileo Resources has discovered several potential nickel targets from airborne geophysical surveys over two exploration licences it has in Zimbabwe.

The same survey also identified potential gold targets over the two licences, which together comprise the Bulawayo project.

The survey was undertaken by Airborne Geophysics company and also used historical soil geochemical data to identify the potential gold and nickel targets.

The contractor also confirms the presence of greenstone belts and banded iron formation beneath the cover of gold and nickel mineralisation, where no exploration has taken place.

Galileo plans on following up on three nickel targets, as well as other areas that may be hosts for nickel mineralisation.

CEO Colin Bird says the nickel presence discoveries are an unexpected “bonus” for the company’s gold mission.

“The Shangani mine located closest to our 12.6-km-long Kenyane nickel target contains an estimated 12-million tonnes of ore grading 0.56% nickel and is an integral part of the Bindura Nickel Corporation’s portfolio.

“We, therefore, look forward to evaluating the principal targets, as well as other nickel anomalies now in the exploration inventory,” he adds.

Mining Weekly

Alrosa quietly revives diamond exports

0

The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels, Bloomberg has reported.

Alrosa accounts for about a third of global rough-diamond supply, and the $80 billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn’t or wouldn’t finance payments. The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specializes in.

Now, after months of paralysis when it was hit with US sanctions, Alrosa is back selling more than $250 million of diamonds a month, with sales currently only about $50 to $100 million a month below pre-war levels, according to people familiar with the matter. The sales have restarted as some Indian banks become more comfortable with how to facilitate transactions in currencies other than US dollars, said the people, who asked not to be identified discussing private information.

Most of the Russian stones are heading to manufacturers in India — the biggest among a handful of industry hubs, where hundreds of mostly family-owned businesses cut and polish rough stones into the finished products, ready to be used in earrings and engagement rings. Alrosa has been selling diamonds to buyers in India and Europe, mostly in exchange for rupees, the people said.

There is no indication that any sales have breached sanctions or laws. But there is still a widespread unease about the implications of dealing in Russian goods, said the people. The deals are being done quietly — even by the closed-doors standards of the famously secretive diamond world — and Alrosa has stopped publishing any information on its sales or financial performance.

A spokesperson for Alrosa declined to comment.

The return of one of the world’s main sources of precious gems will be a relief to the manufacturers and traders who rely on its stones. However, rough-diamond prices were already showing signs of softening in response to a worsening economic outlook, and the increased supply is adding further weakness.

Source: Bloomberg

Epiroc to acquire AARD Mining Equipment

0

Mining and infrastructure equipment manufacturing giant Epiroc has signed an agreement to acquire South African mining equipment manufacturer AARD Mining Equipment.

AARD, based near Johannesburg, designs, manufactures, services and supports a range of mining equipment, specialising in low-profile underground machines for mines with low mining heights.

The high-quality products include drill rigs, bolters, loaders, scalers and more.

The company’s customers are mainly in the Southern African region.

AARD has about 200 employees.

“AARD has reputable and reliable products that complement our underground product portfolio well.

“This acquisition will further strengthen our growth ambitions in Africa and beyond. We are looking forward to welcoming the great team at AARD to Epiroc,” Epiroc president and CEO Helena Hedblomsays.

“We are excited about the prospect of continuing to grow the business within the Epiroc group,” comments AARD CEO Mike Adendorff.

Mining Weekly

Fidelity official gold buying prices Friday 26 August 2022

Fidelity Gold Refinery (FGR) official gold buying prices Friday 26 August 2022.

SG 90% AND ABOVE US$53.55/g
SG ABOVE 85% BUT BELOW 90% US$52.71/g
SG ABOVE 80% BUT BELOW 85% US$51.14/g
SG ABOVE 75% BUT BELOW 80% US$51.58/g
SAMPLE BELOW 10g BUT ABOVE 5g US$50.74/g
FIRE ASSAY CASH US$53.55/g

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

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

ZMF encourages the apostolic sect to venture into gemstone Mining

0

The Zimbabwe Miners Federation (ZMF) has encouraged the apostolic sect of the Vadzidzi vaJesu to venture into the gemstone and semi-precious stone mining sector.

Rudairo Mapuranga

ZMF through its secretary for Semi Precious and gemstones Mr Privelage Chinembiri Moyo encouraged Vadzidzi to venture into semi-precious mining.

“As the President always allude, ‘nyika inovakwa nevene vayo’ we want to encourage you to be at the forefront of building this nation through gemstone mining and value addition,” he said.

The apostolic sect are well-known artisans in the country therefore ZMF believes that they can be a force in the gemstone industry since they have been dealing and issuing stones at their shrines.

ZMF Mashonaland Central Chairperson Ms C Munyoro encouraged women to be part and parcel of the gemstone industry through various initiatives which can support fellow males.

“As women we want you to be involved supporting your fellow male miners through various initiatives like value addition and identifying areas open for pegging so that we can mine our gemstones,” she said.

The apostolic sect leader Mr Magodi appreciated ZMF and encouraged it to often come and teach them more often.

“You are the first and only organisation to meet with us and we would like to thank you,” Magodi said.

He also complained about epos and corruption in the government departments of mines as some members are losing mines to heavy-pocketed individuals. Also, he stated the need to have laws which empower locals than arrest them while they discover abundant semi-precious stones and gemstones.

ZMF also handed over on behalf of its President Ms Henrietta Rushwaya a stone sculptor of an eagle to the apostolic sect leader Mr Magodi showing that ZMF appreciates the leading role that will be taken by the apostolic sect in the gemstone industry.

Speaking at the Shrine yesterday President Mnangagwa applauded the apostolic sect for its zeal for national development saying that their role in building schools and clinics among other infrastructure shows that they value national development.

Minister calls for Mazowe Mine re-opening

0

To reduce issues of illegal mining, gold smuggling and unemployment in Mazowe, it is of uttermost importance that the reopening of Mazowe Gold Mine is treated as a national priority, the Mashonaland Central Minister of State in the President’s office Senator Monica Mavhunga told President Emmerson Mnangagwa.

Rudairo Mapuranga

The vast Mazowe gold fields have several mines, with the parent one being Mazowe Mine owned by Metallon Corporation Ltd.

Jumbo Mine, also in Mazoe, is currently under care and maintenance after Metallon Corporation was forced to close its mines in 2018 due to “unsustainable costs of running them without proper compensation for its proceeds from the government of Zimbabwe” the company claimed at the time.

The mine has 247 claims covering 2 939 hectares.

Speaking at the Johanne Masowe Vadzidzi Shrine in Goora yesterday Senator Mavhunga said the mining industry in Mashonaland Central has improved since President Mnangagwa became the head of state and government. He said that there have been developments like the reopening of Shamva Gold Mine and Eureka Gold Mine which are projected to become leading gold producers in the nation.

Senator Mavhunga said the re-opening of Mazowe Gold Mine was of importance because many illegal miners were dying while seeking a decent living.

“Your Excellency, Shamva Gold Mine was reopened, and Eureka Gold Mine was also reopened. In Bindura at Ashanti gold mine and Trojan, they are working. It is our wish Your Excellency that Mazowe gold mine is reopened because there are artisanal miners who are dying there while trying to look for a living,” she said.

According to the Senator Gold service centres, which the Government intends to establish across the country by mid-2022, will help plug suspected widespread smuggling of the precious mineral out of the country.

“Your Excellency, If gold centres are well funded, the problem of gold smuggling might be eradicated,” Mavhunga said.

Zimbabwe’s mining sector, especially the extraction of gold, has lately been characterised by illicit leakages of gold and it is believed the establishment of gold centres could help restrict obscure movement of the yellow metal. The gold sector carries a huge potential for the Zimbabwean economy with small-scale miners producing about 60 per cent of gold receipts which has necessitated consistent efforts to support their production.

Jailed ex-mines secretary’s freedom bid fails

0

The High Court has dismissed an appeal against the conviction and sentence by former mines secretary, Francis Gudyanga who was earlier this year jailed for corruption.

Justice Benjamin Chikowero, sitting at the Harare High Court, said the magistrate was right when she reached a verdict to jail the former government official.

The judge said there was nothing to add or subtract on points raised by the lower court in its verdict, adding that Gudyanga’s application lacked merit.

He was jailed four years by a Harare magistrate Barbra Chimboza who suspended part of his jail term on condition that he pays back over US$25 000 he pocketed in a Minerals Marketing Corporation of Zimbabwe (MMCZ) circus in which he acted as a lone board member over a period.

Gudyanga was jailed after a full trial during which he denied the allegations stating that he never stole the money as alleged by the National Prosecuting Authority (NPA).

His co-accused, former Mines Minister Walter Chidhakwa was acquitted at the close of State’s case.

Gudyanga argued it made no sense to be convicted over an offence allegedly committed when hee was merely taking orders from Chidhakwa, who got cleared for any wrongdoing by prosecutors.

In his appeal, Gudyanga also argued that he merely took what he worked for as a lone board member for three years.

He said the magistrate erred in convicting and sentencing him.

But in his ruling, Chikowero said he got what he deserved.

“We do not accept that the sentence of four years imprisonment, eighteen months of which were suspended on condition of restitution, is manifestly harsh and excessive as to induce a sense of shock.

“The appellant was afforded an opportunity to undergo only two and half years’ imprisonment if he restituted. The sentence compares favourably with that imposed in Undenge v State HH 222/18,” Chikowero said.

“Sentencing is a matter of discretion. We are satisfied that the learned magistrate judicially exercised her discretion by balancing the mitigating and aggravating circumstances. She gave sound reasons for excluding a non-custodial sentence.

“Any form of corruption is rightly viewed by the courts with abhorrence. It is a dangerous and insidious evil in any country, particularly in a developing one. It is difficult to detect and more so, to eradicate.

“If unchecked or inadequately punished, it will disadvantage society by depriving it of good, fair and orderly administration. Deterrence and public indignation are the factors which must predominate above all others in the assessment of the appropriate penalty.”

Prosecutors proved that Gudyanga pocketed allowances for 10 board members alone after the MMCZ board was dissolved.

Zimlive