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Fidelity Printers engages Zimra on taxes

Mining
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Fidelity Printers engages Zimra on taxes

The country’s sole buyer and exporter of gold, Fidelity Printers and Refiners (FPR) says it will “soon” engage the Zimbabwe Revenue Authority (Zimra)  over taxes charged on miners in a bid to attract small scale miners to sell on the formal market.

Zimbabwe’s mining sector has high tax burden which discourages small scale miners to formalise hence more gold will be lost through parallel market.

FPR acting general manager Peter Magaramombe told Business Times the sole buyer will remove all hurdles in its way to chase the 100-tonne target by 2023.

“We will engage Zimra to lessen the tax burden on small scale miners so as to lure them to sell to the formal channel by giving them friendly tax regime. As long as we continue with punitive taxes gold will continue to be sold on parallel market hence we should make a plan on reduced taxes,” Magaramombe said.

An average of three tonnes is believed to have been sold on the parallel market monthly.

Magaramombe said there are plans to increase presence by establishing more gold buying centres in all active regions.

“We are facilitating a loan facility to capacitate existing and new gold mining ventures so as to increase production,” he said.

Gold is Zimbabwe’s third largest foreign currency earner after platinum and diaspora remittances.

It is one of the most liquid minerals thereby fuelling smuggling as small scale miners opt for higher prices.

In the past, Fidelity Printers and Refiners was paying below the international prices and the money would come after more than a month, thereby creating a fertile ground for smuggling.

That has been rectified and miners are paid at prevailing international prices

Gold deliveries rose 45% to 25.36 tonnes during the 11 months of the year from 17.44 tonnes delivered to Fidelity Printers and Refiners during the same period last year due to improved mining conditions and incentives.

From the cumulative 25.36 tonnes delivered to Fidelity Printers and Refiners, small scale miners accounted for 15.21 tonnes with primary producers delivering 10.14 tonnes.

 

 

Business Times

Zulu lithium exploration drill rig arrives on site

TEPE
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Zulu lithium exploration drill rig arrives on site

London Stock Exchange-listed mining and exploration junior, Premier African Minerals is upbeat to turn the Zulu lithium project into one of the biggest lithium producers in the country evidenced by speedy capital injection towards exploration.

Rudairo Mapuranga

The company announced on its Twitter account that an exploration drill rig had arrived on site, for exploration drill work on the EPO, (Exclusive Prospecting Order).

The exploration drill work campaign comes on the back of follow up the technical groundwork, validating potential exploration targets generated by the Remote sensing hyperspectral endeavour over the EPO ground.

Zulu lithium project is generally regarded as potentially the largest undeveloped lithium-bearing pegmatite in Zimbabwe. Zulu comprises 14 mineral claims covering a surface area of 3.5 km2 which are prospective for lithium and tantalum mineralisation.

Since the first phase of drilling, the company commenced a new drilling programme focused on expanding and upgrading the resources in the Main Zone as well as delineating a resource for the New Zone which was discovered in August 2017 and lies to the south-east of the Main Zone. The New Zone has the potential to exceed the projected target already established in the Main Zone. The exploration target for the Zulu Lithium Project is between 120-160 million tonnes.

Zulu was first pegged in 1955 and intensely explored until the early 1960s. Minor petalite production was reported for 1961 and 1962. The pegmatite bodies intruded along serpentine and sedimentary rocks over a strike length of several kilometres. The width varies between 10 and 25 meters. The bigger pegmatites to the north of the Machakwe River are rich in spodumene and lepidolite, the smaller pegmatites south of the Machakwe River are rich in petalite. The pegmatite bodies strike N20° and dip with 70° to 90° to the west. Parts of the pegmatite are quite rich in tantalite-Mn.

In 1958, O.J. Arnett of Rhodesian Selection Trust (RST) carried out a detailed investigation of the Zulu Project area in order to establish the extent of the lithium mineralization within the pegmatites.

To date, lithium-bearing pegmatites (mainly spodumene and lepidolite) have been identified not only at vertical depths of over 200 meters but also along a strike length of some 3,500 meters as well as on the eastern part of the Zulu concession.  Following the Maiden Mineral Resource Estimate on the Main Zone and the discovery of the New Zone, Premier believes that the potential exploration target for Zulu is around 120-160 million tonnes.

Caledonia to turn multi-asset gold producer as Blanket mine shines

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Caledonia to turn multi-asset gold producer as Blanket mine shines

Victoria Falls Stock Exchange-listed gold-focused miner Caledonia Mining Corporation which recently increased its dividend by 104 per cent since October 2019 with a single asset is strategizing to make the company a multi-asset gold producer, its CEO Steve Curtis has said.

Rudairo Mapuranga

According to Curtis, the company which late last year acquired the Maligreen project in Gweru from Pan African for US$4 million continues to evaluate investment opportunities in Zimbabwe and elsewhere to increase its mining portfolio.

Curtis said Caledonia is targeting between 73 000 and 80 000 ounces of gold this year underpinned by the commissioning of the Central Shaft sinking project at its single producing asset Blanket Mine in Gwanda.

“Over the last 10 years, Caledonia has built a strong reputation for delivering on its word and rewarding shareholders through growth and dividends.

“In January 2020, we announced our first dividend increase and over the last two years, we have more than doubled the dividend while always balancing the importance of returning money to shareholders and investing in the Company’s growth.

“Now that the Central Shaft is complete the Company can focus on other areas of its growth strategy, predominately de-risking the business from being a single asset producer. Last year we announced the acquisition of Maligreen, one of the more significant exploration opportunities in Zimbabwe. We see huge geological potential in Zimbabwe, and we continue to evaluate other investment opportunities in the country.

“I am very excited with the opportunity that we have to evolve our business, with Blanket Mine as the foundation for our growth. This marks a strategic pivot in the future direction of Caledonia as it pursues its strategy to become a multi-asset gold producer.” Curtis said.

Caledonia is regarded by the Minister of Mines and Mining Development Hon Winston Chitando as crucial in the achievement of the US$12 Billion mining annual revenue by 2023 due to its resilience in expanding its gold empire in the country.

Muzarabani Oil Wellheads and casing secured for 2-well campaign

TEPE
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Muzarabani Oil Wellheads and casing secured for 2-well campaign

Australia Stock Exchange-listed oil and gas exploration company, Invictus Energy has secured the necessary casing, wellheads and ancillary long lead items for a 2-well drilling program commencing in May 2022, the company Managing Director Scott Macmillan has said.

Rudairo Mapuranga

The casing is a series of steel pipes that are run into a drilled oil well to stabilize the well, keep contaminants and water out of the oil stream, and prevent oil from leaching into the groundwater. The casing is installed in layers, in sections of decreasing diameter that are joined together to form casing strings.

Invictus Managing Director said his company has completed an extensive tendering exercise for integrated well services contract including cementing, directional drilling, logging while drilling, drilling fluids and wireline services for the upcoming drilling campaign. The formal award of the contract is expected shortly.

“We are very pleased with the way the drilling program is coming together with Invictus securing the wellheads and casing long lead items for a high impact 2-well drilling program. We are now finalising the well services contract award and working to execute the binding rig agreement with Exalo for the #202 drilling rig.

“Invictus remains on track for the upcoming drilling campaign to commence in May 2022. We are planning for a successful drilling campaign, which if transpires will be a transformational event for both Invictus and Zimbabwe.” He said.

Muzarabani-1 well is targeting prospective resources of 8.2 Tcf + 247 million barrels of conventional gas condensate. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data. The Company is advancing the current exploration program with the acquisition of infill seismic data for a planned 1H 2022 basin opening drilling campaign.

Fidelity official gold buying prices Thursday 06 Janury 2021

TEPE
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Fidelity official gold buying prices Thursday 06 Janury 2021

SG 90% AND ABOVE $55.77/g
SG ABOVE 85% BUT BELOW 90% US$54.89/g
SG ABOVE 80% BUT BELOW 85% US$54.31/g
SG ABOVE 75% BUT BELOW 80% US$53.72/g
SAMPLE BELOW 10g BUT ABOVE 5g US$52.84/g
FIRE ASSAY CASH US$55.77/g

EXCHANGE RATE 108.6660

  • NB: Fire Assay cash price is for gold above 100gs and no sample is deducted.
  • For Fire Assay 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 Printers and Refiners prices will be changing daily in relation to world market prices.

Zimbabwe calls for investment into mineral exploration

TEPE
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Zimbabwe calls for investment into mineral exploration

The government of Zimbabwe through the Minister of Mines and Mining Development in its quest to achieve an upper-middle-income economy by 2030 has called on the investors to place capital into mining exploration as the country banks on mining for economic revival.

Rudairo Mapuranga

Through the National Development Strategy-1 which seeks for the country to achieve an upper-middle-income economy, the mining industry is expected to contribute annual revenue of US$12 Billion by 2023 with exploration sighted as key to achieving the historical mark.

Speaking at the Zimbabwe Mining Promotional Conference at the Dubai Expo last year Minister Winston Chitando said it is of significance for investors to bank their money into mineral exploration for handsome returns.

“Those who have the appetite for exploration, Zimbabwe is the place, and there is a huge opportunity for a capital uplift. Zimbabwe is a mature mine economy, we have got a functional system for the export of the product, the importation of capital goods and we have a functional system for the importation of raw materials. All these make Zimbabwe a successful mining destination and make Zimbabwe growing by over 300 per cent,” Minister Chitando said.

The background of mineral contribution to the US$12 billion is that US$4 billion will come from gold, platinum, US$3 billion; US$1 billion, diamonds; US$1 billion, coal; US$1 billion from chrome; ferrochrome and carbon steel, half a billion in lithium and US$1,5 billion from other minerals, summing it to US$12 billion.

The artisanal and small-scale miners (ASM) are also expected to play an important role towards the mining milestone with sector player’s committing to contribute US$4 billion by the targeted period.

Globally, to replace minerals that the country is mining, around 10 per cent of all capital expenditure in mining goes towards exploration, however, in Zimbabwe, it is near to 0 per cent with the Finance Ministry allocating a ridiculous budget for exploration. The call by Minister Chitando for private companies to invest in exploration shows signs that the man is truly determined to see mining growth.

The Geological Society of Zimbabwe (GZS) Deputy Chairperson Kennedy Mtetwa has been on record sighting that exploration was key to establishing new world-class mines calling for the government to timeously issue Exclusive Prospecting Orders (EPOs).

Zimplats donates to 10 charity organisations

TEPE
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Zimplats donates to 10 charity organisations

Zimbabwe biggest miner, Zimplats last month as part of their Corporate Social Responsibility (CSR) donated mealie meal and sugar beans to 10 charity organisations that care for orphans, the elderly and people with disability.

Rudairo Mapuranga

The company which is known for abiding by its values of giving back to the community has been at the forefront of serving the community in which it mines.

“Zimplats has demonstrated its core value of care by donating mealie meal and sugar beans to 10 charity organisations that care for orphans, the elderly and people with disability, as part of efforts to assist the homes in providing wholesome meals,” the company said.

Zimplats late last year partnered with the Mhondoro Ngezi Rural District Council (MNRDC) to construct a COVID-19 isolation centre, with Zimplats donating the furniture and equipment valued at US$43 000.

Since the beginning of the COVID-19 pandemic, Zimplats has demonstrated its core values of respect, care and delivery by donating ventilators, oxygen concentrators, oxygen tanks, disinfectants, sanitisers and knapsack sprayers and surgical masks to 8 hospitals as part of efforts to empower medical institutions.

The company has been instrumental in the fight against Covid-19 in Zimbabwe to help President HE Emmerson Mnangagwa for the country to achieve herd immunity by year-end.

Management of Zimplats has activated a vaccination programme for all employees (including contractors) and their dependents, placing the Group on a firm footing to fight the pandemic in the workplace in the future.

The platinum giant’s operations continue to be under strict adherence to Covid-19 management protocols which were developed in Financial Year 2020 and reviewed throughout the year to respond to changing circumstances.

Invictus to raise USD3,98m for gas project

TEPE
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Invictus to raise USD3,98m for gas project

AUSTRALIAN based oil and gas company Invictus Energy is working on raising US$3,98 million from shareholders to pay for Exalo’s drill rig to be delivered for the Cabora Bassa project in Zimbabwe.

The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as “world-class multi-trillion ft3” plays.

Early this month, Exalo Drilling signed a Memorandum of Understanding with Invictus Energy Ltd to drill the Muzarabani-1 exploration well with an option for an additional exploration well at the Cabora Bassa project in Zimbabwe.

Last Wednesday, Invictus announced a placement of A$3,5 million and a share purchase plan of up to A$2 million to raise a total aggregate amount of up to $5,5 million.

Under the placement, Invictus will issue 35 million new fully paid ordinary shares at an issue price of A$0.10/share.
The proceeds from the placement will be used to fund a range of initiatives to further develop the Cabora Bassa project.

Invictus will also use the proceeds to pay for the rig mobilisation fee, purchase of long-lead items for the planned 2-well drilling programme and finalisation of the data processing of CB21 seismic survey.

In concert with the placement, Invictus will offer all eligible shareholders a share purchase plan to raise up to A$2 million, resulting in a maximum of 20 million shares being issued under the plan.

All eligible shareholders will have the opportunity to apply for up to A$30 000 worth of new shares.

The project received environmental approval from Zimbabwean authorities in August last year. — New Ziana

Murowa posts 43 percent decline in output

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Murowa posts 43 percent decline in output

MINING group, Rio Zimbabwe (RioZim) Limited says the high-grade pit at Murowa Diamond Mine has reached its life span resulting in the operation posting a 43 percent decline in output.

Murowa Diamond project, which is situated in Zvishavane is RioZim’s US$450 million mine development programme that the Government has granted national project status.

In a statement accompanying financial results for the third quarter ended 30 September 2021, RioZim said:

“The group’s associate RZM Murowa (Private) Limited recorded a 43 percent decrease in production compared to third quarter of 2020.

“The low diamond production was as a result of processing low-grade ores from the K1 pit after the high-grade K2 pit reached pit life.”

Sometime this year, the mining group indicated that works had begun on the US$450 million project that would see the mine switching from open pit to underground mining.

The project is also one the many investments Government envisages would feed into the strategic plan of growing the mining sector to a US$12 billion industry by 2023.

“The associate’s Crown Jewel Project, which will increase the processing capacity of the plant is progressing albeit at a slower pace than desired due to lack of adequate foreign currency,” said RioZim.

Last year, the company produced 568 222 carats, and the mining group intends to increase output to over one million carats by 2025.

Government has been pulling all the stops to support new investment in both greenfield and brownfield projects.
Alrosa, the world’s biggest diamond producer, is presently on the ground prospecting for gems in the country.

Following the signing of a joint venture between the Zimbabwe Consolidated Diamond Company (ZCDC) and Alrosa to develop diamond mines in Malipati, Matabeleland South, exploration was now in full swing.
Preliminary works have been completed.

In Manicaland, Chinese firm Anjin, which has a workforce of about 500 people, has so far invested US$38 million to resuscitate operations.
The miner was targeting production of 900 000 carats this year.

 

 

The Chronicle

Chinese ‘offers’ 10kg of gold to kill probe into child marriage

TEPE
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Chinese ‘offers’ 10kg of gold to kill probe into child marriage

ONE of the directors at Rongxin /Mambo Mine in Sanyati has allegedly offered 10 kilogrammes of gold to suppress the investigation into a forced child marriage case involving a Chinese engineer at the mine, it has been established.

The 15-year-old girl (name withheld) dropped out of school after she was forcefully married off to the Chinese engineer by her parents on November 26.

The engineer allegedly paid US$2 000 as lobola or customary bride price.

The incident occurred in ward 5 under Chief Neuso, Sanyati district, in Mashonaland West province.

The girl was in Form 3 at Tomdrayer Secondary school at the time she was married off.

Sources yesterday revealed to NewsDay that one of the directors at the mine (name supplied) has offered to pay at least 10kg of gold worth US$570 000 as compensation in a bid to suppress the case.

“The director of the mine is one of the owner’s daughters. She gives directives from China,” alleged the source.

“She has said they want the case suppressed by any means possible. The main reason is that the forced marriage suspect is a key engineer at the mine and operates the underground mining department. They do not want to lose him by any chance and are doing everything to ensure he is not jailed for marrying the minor,” the source said.

Efforts to get a comment from the director were fruitless.

Last month, police national spokesperson Assistant Commissioner Paul Nyathi confirmed that a Chinese mine engineer who works at Ringxin/Mambo Mine had been arrested and was being investigated for marrying a minor.

The engineer in question last week appeared before a Kadoma court, where he was remanded out of custody and the case has been condemned locally and regionally.

 

 

Newsday

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