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Interview: Elton Gwatidzo, How Mine Manager and AMMZ President

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Interview: Elton Gwatidzo, How Mine Manager and AMMZ President

Earlier this year Mining Zimbabwe visited one of Zimbabwe’s oldest operating mines, How Mine, for a technical visit with the Association of Mine Managers of Zimbabwe (AMMZ).

The visit saw Mine Managers touring the underground mine sharing technical information and taking notes on how the recently awarded “most improved gold mine” conducted its business. After an underground tour, I had a sit down with the man running the show Engineer Elton Gwatidzo. It was easy to see why he was voted President of the AMMZ as the man knew his business. Here is how the interview went.

KS Tell us a bit about yourself.

EG Elton Gwatidzo is a Mining Engineer who studied at the UZ. He has worked for BIMCO at ZISCO, PanAff-Ayrshire Mine and is the current How Mine’s Mine Manager. He is married with 3 boys. He is a holder of various mining and management qualifications.

KS How old is Elton Gwatidzo?

EG Elton is 41 years old.

KS What made you choose Mining as a profession?

EG My father is Ex-Wenera so I had an interest in mining from a very young age.

KS What’s your typical working day like?

EG Early morning daily reports, meetings, news press catch-up and various KPIs tracking.

KS You are running one of the oldest mines in the country, tell us about the history of How Mine?

EG Pegged in 1941 by J. Howe (hence How Mine). The mine Started with open pits and stamp mills for processing. It changed various ownership hands including 1971 when Lohnro took over then Metallon took over in 2002 until today.

KS How many metres below ground level is your deepest shaft and how do you get air circulation down there?

EG The deepest shaft is currently at 33L, 1200m and still sinking further down. Ventilation is supplied through the North shaft and Main Shaft which are intake while exhausting using districts in the old workings. A negative pressure system is employed.

Elton-Gwatidzo-with-Mine-Managers-underground-at-How-Mine
Elton Gwatidzo with AMMZ members underground at Bulawayo Mining Company’s How Mine.

KS We have seen the new (Level) you are currently working on (opening). Tell us about it.

EG The new mining level being opened is 32L. Shaft sinking is progressing to 36L so as to establish a loading level at 35L which will enable access to ore from 32L. Each mining back is 76m ie from 30L to 32L.

KS Seeing there is lots of Mining in Southern Africa are there any plans for the AMMZ to work with SADC Mine Managers for example and conduct technical visits for information sharing?

EG Post Covid-19, that should be the plan.

KS You have a strong Mining background and as a person who grew up in Mining, is there anything you are doing to help Artisanal and Small-scale Miners around you to conduct proper mining?

EG How Mine has trained Women-In-Mining to obtain Blasting Licenses and basic mining training

KS What policy improvements would you like to see?

EG The main issue is policy inconsistency

KS To ensure the sustainability of the mine, what exploration and capital development projects are you running?

EG The mine is undertaking an aggressive exploration plan for both surface and underground resources at a cost of $8.2m. The mine is also expanding operations at a cost of $3m and deepening the 16N7 shaft to extend life at a cost of $3.6m.

KS In the last five years to current, do you have any upgrades or increases in your mineral reserves?

EG Last five years of exploration have only been to maintain the known resources.

KS What is your production target this year and what measures are in place to achieve these targets?

EG The mine is planning to produce 30koz of gold and over $5.7m was spent in 2021 to ensure sustained production in terms of capital expenditure.

How-Mine_workers accormodation
How Mineworkers housing

KS We have seen a mini-town suburb at How Mine, currently how many workers reside in the workers’ residential area?

EG Currently 1016 workers reside at the mine

KS Zimbabwe set a 12-billion-dollar mining economy by 2023! Is this achievable?

EG Very possible although the timing is taking a toll. Covid-19 and International instabilities are always affecting the plans.

KS Congratulations on winning the most improved gold producer of the year. What did you do right to achieve improved production?

EG Investing in the business. Investing in new and modern equipment, underground exploration, and underground development. The results were mostly a function of the shaft deepening project commissioned in 2020 at a cost of $5.3m.

KS What challenges would you say you are facing as Zimbabwean miners?

EG Access to capital, quality of supplies and fair value of revenue.

KS Any words to those who are interested in venturing into Mining in Zimbabwe?

EG Zimbabwe is still highly untapped. The vast mineral abundance is still being accessed in shallow operations. There is still huge potential We have witnessed new ventures in Coal, Lithium, Gold, Diamond, Iron Ore and Platinum. More are still opening.

KS Besides Mines and Mining, what’s Elton into?

EG Elton is into Golf, farming and some family ventures.

ENDS//

Australian resource exports hit record $400billion

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Australian resource exports hit record $400billion

The global energy crisis has driven demand for Australian resources to all-time highs, with the country’s resource exports expected to hit a record of more than $400 billion, according to reports.

The ongoing Russia–Ukraine war and the resultant sanctions on Russia have led to global shortages in coal and natural gas, which has in turn seen commodity prices spike.

Australia’s record resource export earnings have come as countries look to non-Russian sources of fuel, a situation Federal Resources Minister Madeleine King said highlighted Australia as a “stable and reliable” global supplier.

“Australia’s resources and energy sector continues to underpin Australia’s economy and to support international energy security during the global turbulence caused largely by Russia’s invasion of Ukraine,” she said.

Trade figures from the Federal Government to be released on Monday, July 4 are expected to show a jump from $320 billion in export earnings in the 2020–21 financial year to $405 billion this year – a 26 per cent year-on-year increase.

Earnings from coal and liquefied natural gas have both more than doubled in the past 12 months. It is expected the trade figures will show that exports of thermal coal have jumped from $16 billion to $39 billion year on year as a result of historically high prices, while metallurgical coal has risen from $23 billion to $60 billion over the same period.

Iron ore remains Australia’s most valuable export, with the new trade figures estimating its export earnings reached $133 billion for the year. However, King said those earnings were expected to decline as mines in Brazil lift production volumes and global demand slows.

“The value of iron ore exports is expected to moderate further in 2023–24, as prices ease toward their historical average below US$100 a tonne,” she said.

The new trade figures come after the European Union (EU) last week said it was veering away from its reliance on Russia for raw critical minerals, instead of looking to Australia to become its next supplier.

Source: Australia Mining

EU shouldn’t classify Lithium as hazardous

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EU shouldn’t classify Lithium as hazardous

Electric vehicle battery material lithium should not be classified as a hazardous substance by the European Union because the scientific evidence on which the proposal is based is weak, seven industry groups said.

Lithium was added to the EU’s list of critical raw materials in 2020 because it is important for electric vehicles which are key to meeting targets for cutting carbon emissions.

The proposal by the European Chemicals Agency (ECHA), which cited studies based on lithium-containing medicines used over the long term as a treatment for mood disorders, wants to classify lithium salts as dangerous for human health.

“The analysis finds only a “quite weak association” between lithium exposure and developmental effects, said Violaine Verougstraete, chemicals management director at Eurometaux, which represents the metal industry.

“For fertility, the opinion is based on selected studies with serious limitations, contradicted by more robust guideline studies which showed no effect of lithium exposure.”

EU member states are currently giving their views on the proposal to a committee which meets on July 5-6 to discuss chemicals including lithium that have been recommended for classification as dangerous.

A final decision is expected at the end of 2022 or the beginning of 2023.

Classifying lithium as dangerous would have a major impact on Europe’s energy transition goals, the industry groups including Eurometaux and Recharge, the European industry association for rechargeable lithium batteries, said in a letter to the EU.

“Europe is at a critical period in its energy transition, needing to stimulate new investment into a full electric vehicle battery value chain,” the groups said.

“Europe is playing catch-up with China, which is already over a decade ahead, now controlling most global processing for lithium and other battery metals … Europe has a narrowing window of opportunity to attract the investments needed, and lithium is a central material to our success.”

Classifying lithium as hazardous will hamper investment in European refining and recycling capacity and give an advantage to companies in the electric vehicle battery supply chain outside the European Union, the letter said.

The proposal doesn’t ban lithium imports, but if legislated it will add to costs for processing companies from more stringent rules controlling processing, packaging and storage.

Mining Weekly

Gold coin reveal: RBZ releases details of the Mosi-Oa-Tunya Gold Coin

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Gold coin reveal: RBZ releases details of the Mosi-Oa-Tunya Gold Coin

RBZ has released the details of the Mosi-Oa-Tunya Gold Coin.

Said RBZ:

Pursuant to the resolution of the Monetary Policy Committee of 24 June 2022 to introduce gold coins into the market as a store of value, the Reserve Bank of Zimbabwe (“the Bank”) wishes to advise the public of the salient features and characteristics of the gold coin.

The gold coin shall be called the Mosi-Oa-Tunya Gold Coin with the following characteristics:

(i) Weight – one troy ounce.

(ii) Purity – 22 carats.

(iii) Identification – Each coin will have a serial number.

(iv) Ownership – Upon purchase, the buyer shall take physical possession of the coin and be issued with a Bearer Ownership Certificate. The buyer or holder of the coin may opt to place it in the custody of bankers of own choice in which case a safe custody certificate/receipt will also be issued.

(v) Liquidity and Tradability – The coin will have liquid asset status, that is, it will be capable of being easily converted to cash, and will be tradable locally and internationally. The coin may also be used for transactional purposes.

(vi) Prescribed Asset Status – The coin will have prescribed asset status and institutional investors can use it to meet regulatory requirements for prescribed asset investments.

(vii) Collateral – The coin can be used as security for loans and credit facilities.

(viii) Buy Back Arrangement – At the instance of the holder, the Bank will buy back the coin. The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production. The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks and selected international banking partners. Entities selling the coins shall be required to apply Know Your Customer (KYC) principles.

Blanket Mine solar project operational next month

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Blanket Mine solar project operational next month

Victoria Falls Stock Exchange-listed gold-focused miner, Caledonia Mining Corporation has announced that its Solar plant at its Blanket Mine in Gwanda will be operational in August as the company pushes to shield its operations from the erratic electric supply the country is facing.

Rudairo Mapuranga

According to the company, Blanket Mine’s 12 MW solar project is expected to be operational by August.

“12 MW solar project is in the final stages of construction, should be operational in August. The Company has commenced the evaluation of a further phase solar project to provide Blanket’s peak demand during daylight hours,” the company said.

According to Caledonia outgoing Chief Executive Officer Steve Curtis, the project is expected to provide approximately 27 per cent of Blanket mine’s average daily electrical demand and reduce Blanket’s dependence on the grid and diesel power.

“To improve energy-supply security and minimise the effect of our operation on the natural environment, Caledonia is constructing a 12 MWac solar plant at Blanket. This project is expected to provide approximately 27% of Blanket’s average daily electrical demand, and reduce Blanket’s dependence on-grid and diesel power,” Curtis said.

Last year through its Chief Financial Officer Mr John Mark Learmonth Caledonia said electricity problems are a major operating difficulty in Zimbabwe.

The mining firm which has been performing significantly at its Blanket mine in Gwanda has had stronger cash flow and is hopeful that it will play a leading role in the achievement of the projected annual gold production target by 2023 in which the yellow metal is expected to rake in US$4 Billion annually by the year 2023.

However, according to the company, a combination of power outages becomes a challenge towards the achievements of the target as operational costs increase.

“The only significant operating difficulty in Zimbabwe remains electricity and it’s a combination of power outages, if not just straightforward shutdowns, we are just asked to reduce our power consumption in which case then we have to use the standby diesel generator,” Learmonth said.

The Company’s diesel consumption increased by 41 per cent in the year due to the generator running time increasing as a result of a deterioration in the grid supply.

Recognising the economic, environmental, and logistical challenges of running large-scale diesel generators for extended periods, Caledonia is constructing a 12 MWac solar plant.

Caledonia has contracted with Voltalia, an international renewables specialist, to construct a 12 MWac solar plant which will exclusively supply Blanket. At a construction cost of approximately $12 million, with an additional $2 million for expenses which include designs, tender process, obtaining licenses, site clearance, etc. The plant is expected to provide all of Blanket’s minimum electricity demand during daylight hours and approximately 27% of Blanket’s total electricity requirement during an average 24-hour period. Blanket will continue to rely on the grid and generators to provide additional power during daylight hours and at night.

Battery power is currently too expensive to justify its use to augment the solar plant, but the Company will continue to monitor this situation as battery technology develops. The Company will also evaluate a further phase for the solar project to provide Blanket’s peak demand during daylight hours, but this will require an agreement between the Company and the Zimbabwe authorities regarding the treatment of power that will be generated by a second phase that is surplus to Blanket’s requirements.

Premier invests in sports at Pioneer School

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Premier invests in sports at Pioneer School

London Stock Exchange-listed mining and exploration junior, Premier African Minerals, has started on a high note on its Corporate Social Responsibility (CSR) initiative by investing in sports development at Pioneer Primary School in Insiza District, Matabeleland South.

Rudairo Mapuranga

Premier has expressed that it prioritizes issues of Environment, Social and Governance (ESG), as it values the community and environment in which it is extracting and exploring for minerals resources.

According to the company, it has already started clearing sporting grounds at Pioneer Primary School which is near its projected high-value spodumene project, Zulu lithium and Tantalum project.

“Social Responsibility is cardinal for any mining and exploration company. The Zulu Lithium and Tantalum project is starting to clear the sports grounds at Pioneer Primary School which is situated close to Zulu,” the company said.

Recently, President Mnangagwa called on the mining industry to prioritize ESG issues for communities to fully benefit from the minerals extracted in their areas.

The call comes after various communities have raised a red flag and demanded change on matters of sustainable mining.

The President said that many miners were not prioritizing mine rehabilitation which has become a cancer with him witnessing many uncovered pits around the country.

Communities are no longer ignorant on matters of sustainability and are demanding change while at the same time investors and financial institutions seek to put the onus back on businesses to make them more inclusive, socially responsible, and sustainable. Compliance, therefore, emerges as the critical factor to drive change and the call to action lies with governments to enforce regulations and benchmarks.

Mine Entra gathers momentum

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Mine Entra gathers momentum

Zimbabwe’s biggest Mining, Transport and Engineering Expo’s (Mine Entra) preparations have gathered momentum with 115 exhibitors having booked for the exhibition which will take place later this month.

Rudairo Mapuranga

The country’s largest international mining exhibition has already attracted exhibitors from China, South Africa and the United Kingdom.

Zimbabwe International Trade Fair (ZITF) the organizers of the Expo’s Chief Executive Officer Mr  Nicholas Ndebele said the organisation was working tirelessly to make the expo a world-class event. He said the Minister of Mines and Mining Development has already been approached to attend the stellar event.

 “The executive team has been engaged in a series of high-level stakeholder engagements in preparation for the Silver Jubilee edition of Mine Entra. We met the Mines and Mining Development Minister, Winston Chitando,” Ndebele said.

The exhibition will run from July 20 to 22 under the theme Explore. Extract. Expand: Towards Sustainable Mining Value Chains, highlighting the role of the exhibition as a conduit for creating platforms for dialogue and engagement for mining industry stakeholders.

The President of Zimbabwe HE Emmerson Mnangagwa is set to officiate at the Mine Entra conference as well as the official opening ceremony to be held on July 21.

Meanwhile, the country’s largest body representing the artisanal and small-scale mining (ASM) sector Zimbabwe Miners Federation (ZMF) has invited mining stakeholders from the country and abroad to exhibit in the specialized small to medium-scale mining Exhibition Hall at Mine Entra.

According to ZMF CEO Mr Wellington Takavarasha, the Federation is offering this unique opportunity with packages that cater to businesses intending to make breakthroughs into the small to medium mining sector.

“With major decision-makers from the public and private sectors attending the event from Zimbabwe and surrounding countries, you are guaranteed to reach a wide range of targeted audience from the mining sector.’

“The Zimbabwe Miners Federation (ZMF) will, from this year, be hosting small to medium scale miners exhibitors in Hall no 5 at ZITF. We are therefore cordially inviting you to attend, exhibit and participate in Hall 5 under the ZMF Flagship.

“This hall will afford you and your organisation a rare but significant opportunity to interact with serious players and stakeholders within the mining industry. We have also created private meeting rooms and conferences which will be held concurrently with the exhibition. This will result in a hive of activity for the small-medium scale miners, service providers and government arms attending.

“We are offering an early-bird 10% discount for bookings and payments made before the 10th of July 2022

 “In addition, an exhibitor will get FIRST annual subscription membership to the Zimbabwe Miners Federation which includes positioning and mentioning on the ZMF website and access to the ZMF Miners database and preferential consideration to all ZMF events, nationally.

 “Plus, the exhibitor will get the opportunity to be ONE of only 10 stakeholders invited to participate in the Zimbabwe Miners Federation Equipment Outreach Show that will take place over the course of the next 3 months.

“ZMF will be touring the 8 mining provinces of Zimbabwe and offering a variety of packages to the small to medium scale miners comprising of start-up to semi-advanced mining equipment to be distributed on lease hire purchase scheme.

“It is ZMF’s premium conference and exhibition that will assemble key representatives from the local and regional mining industry along with regional business leaders to network and delve into strategic conversations.

“It will provide the largest of its kind opportunity for participants to identify and capitalize on huge business opportunities available in Zimbabwe’s rich mining sector.

“Featuring a massive exhibition space and continent oriented conference, this event will position itself as Zimbabwe’s flagship mining business and informative event by hosting 3 days of critical deliberations, latest product demonstrations, critical knowledge sharing, quality business meetings with influential mining and related Ministries and industry bigwigs.

“Over 3 000 miners drawn from across all the 8 Mining Provinces of Zimbabwe will attend this event and this will enable exhibitors to position themselves within the context of the mining market against the backdrop of the event.

“This event provides an opportunity for exhibitors to collect invaluable market data and contacts to better position their brands and acquire feedback from the industry elite.

African Chrome Fields revives US$40m project

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African Chrome Fields revives US$40m project

AFRICAN Chrome Fields (ACF), one of Zimbabwe’s biggest chrome miners, has revived the construction of its multi-million dollar aluminothermic plant, which had been frustrated by Covid-19 pandemic-induced lockdowns.

Tinashe Makichi

The project, which officials say will change Zimbabwe’s chrome beneficiation landscape, riding on the deployment of advanced technologies, is expected to be fully operational before the end of the year.

A visit by local publication businessdigest to ACF’s operations in Midlands revealed that contractors were back.

Officials said the project was expected to further increase the company’s range of products and boost employment across its operations.

The technologically-advanced plant will initially produce 300 tonnes of ultra-low carbon high grade ferrochrome per month, before doubling production to 600t when it reaches full capacity.

The production process will increase the economic value of the high-grade chromite ore by removing large quantities of gangue minerals, resulting in a higher grade ferrochrome with minimum impurities.

ACF mine manager Mark Beukes said efforts were underway to resume initial production as early as possible.

“This project was supposed to be up and running but the issue of Covid-19 affected a number of projects across the mining sector,” Beukes said. “So we have revived this project and as you can see all the equipment is on site and our engineers are working flat out to make this dream a reality.

“We believe this project has the capacity to change the chrome beneficiation landscape considering that this project is environmentally friendly and is not power intensive. This is all chemical reaction but the end product is of premium quality. This is a first of its kind in Africa and southern Africa to be specific.

“The project required between US$40 million and US$100 million to be fully complete and this has been expended and we are optimistic of the prospects of operationalising it. This project is a game changer,” he added.

The process used by the aluminothermic plant requires no electricity and gives ACF the opportunity to increase the economic value of the chromite it mines by way of beneficiation which will see the miner becoming a ferrochrome exporter.

ACF, which is a mining unit under the Moti group, will double its production by 100% to 20 000t of chrome in the next two months from the current 10 000t as the diversified mining group targets a blitzkrieg in mineral production.

The mining company is targeting a massive revamp in mineral production at its Zimbabwean mining operations, which were affected by the two-year ravages of the Covid-19 pandemic.

Many governments around the world, including Zimbabwe, were forced into mandatory lockdowns that severely limited the movement of people in an effort to curb the spread of the disease.

Currently, the miner is operating four processing plants out of seven and there are heightened efforts to open plant Number 6, which is also the biggest in terms of capacity. That will see the company boosting its production to record levels.

In an attempt to meet the challenges of Covid-19, ACF was forced to rationalise its operations during 2020.

Towards the end of 2021, ACF was operating three of its seven sites but there has been a massive improvement following capital injection.

The diversified miner is also targeting other mining opportunities in lithium, platinum group metals and gold in Zimbabwe.

Gold coins: while some say its a milestone, financial expert foresees disaster

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Gold coins: while some say its a milestone, financial expert foresees disaster

On the 27th of June 2022, the finance ministry announced that Zimbabwe was introducing Gold coins saying it was a more stable and a much more trustworthy way to store value.

After posting the topical story our website received a whopping 315,041 impressions breaking previous records.

Reserve Bank governor said gold coins will be introduced into the market as an instrument that will enable investors to store value.

“The MPC resolved to introduce gold coins into the market as an instrument that will enable investors to store value. The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels,” Mangudya said.

He said that the MPC had expressed great concern over the recent rise in inflation, which increased to 30.7 per cent on a month-on-month basis for June 2022, thereby increasing the year-on-year inflation for June to 191.6 per cent.

“The committee noted that the increase in inflation was undermining consumer demand and confidence and that, if not controlled, it would reverse the significant economic gains achieved over the past two years,” he said.

In that regard, the MPC resolved to put in place measures to align the interest rates with the inflation developments and enhance the circulation of foreign exchange, on top of the introduction of gold coins.

What are gold coins

A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 90–92% gold (22 karat), while most of today’s gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper.

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Mines and Mining Development Minister

Mines and Mining Development Minister Winston Chitando said the Reserve Bank of Zimbabwe (RBZ)’s initiative to introduce gold coins was a milestone for Zimbabweans to invest and save their currency using the precious metal.

“What it means is it gives the ability to the Zimbabwean population to be able to invest in gold.

“If someone has some cash, one of the instructions that he or she can consider is gold coins. The gold coin is very interchangeable and very easy to market.

“You can buy and sell it so it is much easier. We are always traditional in terms of saving looked at in the financial sector which is the savings account, and current account in the entire stock market but right now you could go to coins.

“It gives the ability for Zimbabweans to be able to invest in gold. It is a very key achievement,” the Minister said.

@miningzimbabwe

Mines Minister says ma gold coins ndizvo

♬ original sound – MiningZimbabwe

Lyman Mlambo – Mining Expert

According to top mining expert, mineral economist and former Chairman of the Institute of Mining Research at the University of Zimbabwe Mr Lyman Mlambo, the introduction of gold coins will be a better alternative for holding assets in the country’s high inflationary period.

“This is quite an interesting phenomenon. The Bond Notes themselves, as a legal tender (money), also play the function of store of value, besides being a medium of exchange, unit of accounts and means for settling debts. However, the problem with Fiat money is that it is an elastic store of value (because of inflation) and hence cannot preserve the asset value in times of inflation or economic uncertainty. That’s where gold coins make a difference because they have intrinsic value (gold is a commodity in itself). That indeed makes it a far better store of value than Bond Notes, even better than hard currency (US$, etc) because in times of global crisis or uncertainty asset holders prefer gold to US$. Thus, the coins certainly will be a better alternative to holding assets in these inflationary times,” Mlambo said.

Financial Expert – Tinashe Murapata

Popular financial expert Tinashe Murapata who describes himself as an Entrepreneur with a deep interest in Economics and an even deeper interest in Zimbabwe foresees disaster with the gold coins’ move.

Speaking on his twitter account Murapata said Gold miners will be forced to accept ZWL or local nostro USD soon, as the Reserve Bank doesn’t have reserves to sell gold to Zimbabweans.

“Gold miners will be forced to accept ZWL or local nostro USD. Worse, they’ll not have USD to import chemicals. The ZWL rate will be worse as the usual suspects get more ZWL to buy gold”.

“RBZ doesn’t have reserves to sell gold to Zimbabweans. Every gold export has been very useful in importing products. The common man, even under Keynesian thought will not keep gold coins. It’s the speculator with access to ZWL , local nostro or subsidized USD who will hoard”.

“It’s as if GOZ has forgotten a time when gold production fell to 4tonne in a year. Pricing distortions eventually affect the supply side. This isn’t rocket science. I can’t imagine anyone from RBZ coming up with such a hare brained idea.

“It hasn’t been well thought out. Once the first coins are minted, unless there is a steady supply those coins must appreciate in value given limited supply. Hence why it’s a Ponzi scheme. To increase the supply of the coins means forcing gold producers to accept ZWL,” Murapata said.

Mining sector to receive 500million Euros worth of mining projects from JV

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Mining sector to receive 500million Euros worth of mining projects from JV

Zimbabwe Mining Sector will receive 500 million Euros worth of mining projects as S J Global Investments Hong Kong signs a joint venture agreement with Unlimited Explorations Private limited.

As a major milestone in the history of the mining industry in Zimbabwe, S J Global Investments Hong Kong signed a joint venture agreement with the local company Unlimited Explorations Pvt Ltd. This joint venture agreement comes as an initiative to jointly execute projects worth 500 million Euros.

S J Global Investments is a leading private investment company with significant assets under management and a diverse client base. With head offices in London and Dubai, it works with companies across the globe providing project financing where possible and restructuring and professional services.

Unlimited Explorations Pvt Ltd is part of the diversified group Unlimited Africa Holdings, that also has interests in energy, agriculture and manufacturing, which as a result will develop mining assets from green fields and brownfields into fully-fledged mines.

This strategic partnership will also benefit the Zimbabwe economy as it will focus on exploring and extracting gold along with other minerals like chrome, lithium, platinum and tantalite to name a few.

Neil Walsh, Group Managing Director, S J Global Investments said, “With this strategic venture, Unlimited Explorations Pvt Ltd will help unlock the vast natural resources of the country, contributing to its major economic growth. Africa Holdings is the bridge between the government and global investment partners”.

Walsh added, “With our head office in Dubai, wherein we focus on commodity trading, trade finance, project finance and company formation, we are proud of our Hong Kong office’s collaboration with the Zimbabwe mining sector as it will help us to expand our investment portfolio and we are committed to all our endeavours and the success of our business is aligned to the success of our clients. Our goal is to leave an unparalleled legacy on the world which will bring prosperity to future generations. “

Source: gulfnews

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