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BREAKING: Pfungwa Kunaka appointed Mines Perm Sec

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BREAKING: Pfungwa Kunaka appointed Mines Perm Sec

Mines and Mining Development Principal Director Pfungwa Kunaka has been appointed as the new Permanent Secretary of Mines and Mining Development.

Kunaka replaces Onesimo Mazai who has been at the helm after serving for four years. Moyo served as the general manager of Minerals Marketing Corporation of Zimbabwe (MMCZ) before his appointment to Perm Sec.

Who is Pfungwa Kunaka

Pfungwa Kunaka holds a BSc Degree in Economics. He rose within Government services from being an Economist in the Ministry of Finance and Economic Development to the post of Chief Economist Revenue Expenditure, Director, National Budgeting, Chief Director, Resource Mobilisation, Chief Director, Fiscal Policy and Advisory Services and Chief Director, Expenditure Management which Chief Director posts he held since 2007. This experience exposed Mr Kunaka to the planning, evaluation and financing of a wide range of investment projects and programmes by all government ministries, including in the mining sector. In addition, Mr Kunaka engaged with several development partners at bilateral and multilateral levels, and with international financial institutions to hammer out projects, programmes and investment deals on behalf of the country. Under the Second Republic, Mr Kunaka was seconded to the One Stop Shop Investment under the Office of the President and Cabinet to establish the formative infrastructure to operationalise the Zimbabwe Investment and Development Authority (ZIDA). He sits on the Boards of various investment and financial institutions in Zimbabwe.

Kunaka thus brings a vast knowledge of, and experience in public administration and management across all sectors of government, and a deep understanding of the sectors of the economy in relation to their contribution to inclusive and sustainable national development. He is a strategic thinker with a sharp eye for financial analysis and management, evaluation of investments, and negotiation of agreements to the best advantage of the country. The deployment of Mr Kunaka to the mining sector will therefore bring the requisite stability and sustain inclusive growth in the industry in its quest to meet its strategic targets under the ongoing national development programmes in consonance with the realisation of Vision 2030.

Pfungwa Kunaka’s appointment is effective 22nd August 2022

Fidelity official gold buying prices Friday 12 August 2022

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Fidelity official gold buying prices Friday 12 August 2022

Fidelity Gold Refiners (FGR) official gold buying prices Friday 12 August 2022.

SG 90% AND ABOVE US$54.87/g
SG ABOVE 85% BUT BELOW 90% US$54.01/g
SG ABOVE 80% BUT BELOW 85% US$53.43/g
SG ABOVE 75% BUT BELOW 80% US$52.85/g
SAMPLE BELOW 10g BUT ABOVE 5g US$51.98/g
FIRE ASSAY CASH US$54.87/g

Exchange rate TBA

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 Refiners’ prices will be changing daily in relation to world market prices.

Gold mobilisation efforts see over 20% increase in deliveries

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Gold mobilisation efforts see over 20% increase in deliveries

The country’s gold industry has seen a 20.5 per cent increase in gold deliveries to the country’s sole gold buyer and exporter Fidelity Gold Refinery (FGR) from the government’s gold mobilisation exercise.

Rudairo Mapuranga

Gold mobilisation remains a key strategy for the mining industry to achieve a US$4 BILLION gold target by 2023 with the Minister of Mines and Mining Development Hon Winston Chitando optimistic that the gold sector can reach a target of 60 tonnes production in 2022.

According to the Mines and Mining Development acting Permanent Secretary, Engineer Tahwa the gold mobilization strategy will ensure compliance in the gold mining industry as the sector is tainted by uncultured smuggling.

He said the first gold mobilization exercise for 2022 saw gold deliveries to FGR increasing by over 20 per cent.

“It is through efforts like this gold mobilisation that we can ensure compliance in the gold mining sector, ensure growth and reach national targets. Following the first 2022 gold mobilization exercise which was done, there was a 20.5 per cent gold increase to FGR for the month of May 2022. Stakeholders however still believe and we believe that this delivery falls short of gold produced in Zimbabwe due to side marketing,” Engineer Tahwa said.

According to FGR official results, gold deliveries in May increased by 79.5403 per cent to 2994.7512  Kgs from 1668.0102 kgs and 20.6874 per cent increase from 2481.4112 kgs in April 2022.

Speaking at the event, the Minister of Mines and Mining Development said the Gold Mobilization National Taskforce was a key strategy to ensure gold was delivered to Fidelity.

He also encouraged the taskforce team to come up with strategies to ensure that the mining industry achieves the Ministry’s 2022 gold target of 60 tonnes of gold deliveries.

He said although the industry did well last year by achieving a milestone of 32 tonnes of gold deliveries, a lot needed to be done to ensure that the country achieves its target.

“We are coming from a situation where we have a 2030 vision of Zimbabwe being a middle-income economy. We have at the same time, the mining industry targeting to achieve US$12 billion and we are definite that we will achieve it by the end of next year. Specifically, today we are talking about gold and specifically gold mobilization. In his words and remarks, the Permanent Secretary said gold mobilization is a key strategy to ensure that gold is delivered to Fidelity Gold Refiners (FGR).

“Taking a step back, last year we did well, 32 tonnes was good but it does not represent the full potential which the industry can deliver. What is important to us as key stakeholders is to come up with strategies on how we can improve from 32 tonnes to 60 tonnes.

“What is important after this gold mobilization exercise, is for teams to come up with strategies on how we can come up with strategies to achieve 60 tonnes this year,” Minister Chitando said.

Rushwaya cleared on US$5000 bribery allegations

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Rushwaya cleared on US$5000 bribery allegations

Zimbabwe Miners Federation (ZMF) President Ms Henrietta Rushwaya has been cleared of any wrongdoing in a case she stood accused of offering a US$5,000 bribe to an airport official in a bid illegally pass through a checkpoint with 6kgs of gold.

Harare Magistrate Learnmore Mapiye ruled that the State’s case was too weak for any reasonable court to convict.

Speaking after the ruling Rushwaya’s lawyer Mr Peter Pathisani said it was a happy day for his client as the matter had been sensationalised from the day Rushwaya was arrested.

“Our client has been acquitted. The court made a finding that the state had failed to prove its case beyond reasonable doubt that is the essence of the acquittal for the accused person. You would note that just looking at the evidence in total that the state accused before the court, it was not striking evidence convincing enough that they had a case against our client. Which is why we saw it that even she then goes on the stand to give her defence, her side of the story, it was just going to give a final blow to the state case which already was very weak. Yes of course we had to go on our defence to explain why, 1. It was not in dispute that we were at the airport on the day. 2. It was also not in dispute that gold was discovered in her bag. But the charge that we were facing was one of bribery and the state had to prove that indeed our client offered the alleged bribe amount. But the state failed to prove that evidence with the witnesses that it called before the courts. There it is a good judgement, its a good day for justice especially for our client as you know the matter has been sensationalised from the day that she had been arrested so as a result its a happy day for our client,” Pathisani said.

During trial, Rushwaya testified that when she realised that she had carried the wrong bag, she asked the police to accompany her to her house to collect the correct bag which the police allegedly later collected upon her arrest.

“As we speak both of the similar bags are at the police station,” Rushwaya added.

Rushwaya also told the court that witnesses might be lying against her as a result of external forces who might want to tarnish her reputation and inorder to ruin her chances of remaining ZMF President in future elections.

BREAKING: Henrietta Rushwaya acquitted

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BREAKING: Henrietta Rushwaya acquitted

Henrietta Rushwaya has been acquitted of allegations of offering a US$5000 bribe to a Civil Aviation Authority of Zimbabwe (CAAZ) official in a bid to smuggle gold to Dubai.

According to Rushwaya’s lawyer, the state failed to prove its case beyond reasonable doubt leading to Rushwaya‘s acquittal.

Get follow up on the story HERE

FULL SPEECH: Gold sector outlook address and strategic interventions

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FULL SPEECH: Gold sector outlook address and strategic interventions

Full speech by the Minister of Mines and Mining Development (MMMD) Hon Winston Chitando at the send-off of the Gold Mobilisation National Taskforce.

 

  1. It is indeed my distinct pleasure and honour to be at this memorable event as we witness the sending off of our competent men and women into three of our country’s provinces to carry out the 2022 Second Gold Mobilization Exercise.
  2. As you may be aware ladies and gentlemen, the mining sector is expected to play a pivotal role in the attainment of the country’s vision of being an Upper Middle Income Economy by 2030 as enshrined in the National Development Strategy1 (NDS1) (2021-2025). The main minerals that are going to lead growth of the mining sector include gold.
  3. As part of the gold development strategy being pursued by the Ministry, quarterly gold mobilisation programs will push the thrust towards mobilising gold deliveries to Fidelity Gold Refinery.
  4. Vision 2030 of becoming an Upper Middle-Income economy is anchored on the USD 12 Billion mining industry by 2023 Ministry’s set milestone as espoused in His Excellency, the President of the Republic of Zimbabwe, Cde. Dr. E. D. Mnangagwa’s USD 12 billion mining industry roadmap launched in October 2019.
  5. The gold sector in Zimbabwe has proved to be strategic to the mining industry and the national economy at large. Gold has remained one of the major foreign currency earners in Zimbabwe and is expected to contribute USD4 Billion to the USD12 Billion milestone. In this regard, our envisioned output for the gold sector is a sustainable annual gold production of 60 tonnes of gold by 2023.
  6. His Excellency, the President of the Republic of Zimbabwe, has implored us to work hard towards achieving the vision of an Upper Middle-Income Economy by the year 2030. We can achieve that through ensuring a sustainable gold mining industry given the value we can gain from this mineral.
  7. I am pleased to say that in 2021 Gold delivered to Fidelity Gold Refinery was 29.6 tonnes. This was a marked increase from the 19 tonnes produced in 2020. Looking at the current production in 2022, gold producers have delivered a total of 18.94 tonnes of gold to Fidelity Gold Refinery (FGR) for the period January to July 2022, an increase from last year’s production of 12.78 tonnes during the same period. A marked increase in gold deliveries to FGR was noted from small scale miners for the same period comparing 2021 and 2022, with deliveries of 6.75 tonnes and 12.5 tonnes respectively. That represents a significant increase of 85%.
  8. This is a very positive outlook from the gold sector and gives us confidence that if we maintain the same delivery rates to FGR, then our targets are well in sight.
  9. Despite the increase in gold delivery, it is widely believed by stakeholders that these deliveries fall short of possible gold produced in Zimbabwe during this period due to rampant side marketing, which calls for enhanced compliance enforcement in the sector. The country is rich in gold deposits and we strongly believe our production can reach 60 tonnes by 2023. However, key to realising this target is the plugging of side markets which are a pariah to our efforts in the mining sector and to the development that we hope to see achieved.
  10. To enhance the growth of the gold sector, the following initiatives are being carried out ;
  • Formalization of ASM Sector
  • The Establishment of Gold Services Centers
  • Resuscitation of Closed Mines
  • Opening New Ground for Pegging
  • Capacitation of Small-Scale Miners through various initiatives (FGR, ZSM, Development Fund, MILF)
  • Development and Implementation of the Gold Development Policy
  • Development of the SI on Portable Hammer Mills
  1. It is a privilege indeed to stand here and address you all, ladies and gentlemen, and to share with you the hopes and vision that we have for the mining sector and the country as a whole. I would like to conclude by emphasising the role that you are playing in conducting this Gold Mobilisation Exercise.
  2. We salute you and we hold the confidence that the exercise will be a fruitful one and you will be back home safely after executing the monitoring and surveillance exercise out there. Please bring back the insights and let us continue to work together to see that we move our country towards an Upper Middle-class Economy by the year 2030.

Gold Mobilisation National Taskforce dispatched

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Gold Mobilisation National Taskforce dispatched

Today the Gold Mobilisation National Taskforce was despatched to all provinces in the country in a bid to ramp-up up deliveries to the country’s sole gold buyer and exporter Fidelity Gold Refiners (FGR).

Gold mobilisation remains a key strategy for the mining industry to achieve a US$4 BILLION gold target. It is a collaborative effort that involves the country’s security apparatus and the Ministry of Mines with a primary mandate to ensure that gold is delivered to FGR.

See the event broadcast live on the Mining Zimbabwe Facebook page

Gold Mobilisation workshop LIVE.

VIEW VIDEO HERE

Gold Mobilisation workshop LIVE 2.

VIEW VIDEO HERE

 

Galileo to acquire 29% of BC Ventures

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Galileo to acquire 29% of BC Ventures

Following an addendum to an original agreement, zinc, copper and rare earths explorer Galileo Resources is set to acquire a 29% shareholding in BC Ventures in exchange for 50 million shares (consideration shares) in Galileo Resources.

BC Ventures is the owner of a highly-prospective lithium project in southwest Zimbabwe – the Kamativi lithium project, and two gold licences – the Bulawayo gold project, close to Bulawayo, through its wholly-owned Zimbabwean subsidiary Sinamatella Investments.

Galileo chairperson and CEO Colin Bird says Galileo’s board believes it is important that the interests of the members of a joint venture are aligned to the same mission.

“The issue of the consideration shares to acquire 29% of BC Ventures has very much achieved this objective and we look forward to working with the BC Ventures shareholders to unlock the Zimbabwean projects’ value.”

The 29% shareholding in BC Ventures is expected to complete once the closing formalities have been completed in relation to the share acquisition, which is expected to occur at some point this month.

Following the share acquisition and satisfaction of the conditions of the principal agreement, Galileo will hold an 80% interest in BC Ventures.

Mining Weekly

Official gold buying prices 11 August 2022

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Official gold buying prices 11 August 2022

Fidelity Gold Refiners (FGR) official gold buying prices Thursday 11 August 2022.

SG 90% AND ABOVE US$54.82/g
SG ABOVE 85% BUT BELOW 90% US$53.96/g
SG ABOVE 80% BUT BELOW 85% US$53.38/g
SG ABOVE 75% BUT BELOW 80% US$52.80/g
SAMPLE BELOW 10g BUT ABOVE 5g US$51.94/g
FIRE ASSAY CASH US$54.82/g

Exchange rate TBA

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 Refiners’ prices will be changing daily in relation to world market prices.

Gold bounces above US$1 800

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Gold bounces above US$1 800

Gold prices charged higher and broke above the key $1,800 level on Wednesday after relatively tame US inflation readings prompted bets that the Federal Reserve may not opt for aggressive rate hikes.

Spot gold rose 0.6% to $1 804.20 per ounce by 1249 GMT (8:49 ET). US gold futures jumped 0.6% to $1 822.30.

US consumer prices did not rise in July, due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years.

“With (the) CPI number not coming as hot as expected, that portends that the Fed could potentially not raise rates quite (so) aggressively, which is positive for most asset classes, including gold,” said David Meger, director of metals trading at High Ridge Futures.

Non-yielding gold tends do well in a low-interest rate environment, with bullion getting a further fillip from a sharp retreat in the dollar, bolstering its appeal among overseas buyers.

“The next big factor for the gold market will be Fed officials’ comments and hints on path of rate hikes,” Meger added.

Mining Weekly

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