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Caledonia Mining to fund 20-MW solar project via stock sale

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Caledonia Mining to fund 20-MW solar project via stock sale

Canada-based Caledonia Mining Corporation Plc on Friday said it plans to raise up to USD 13 million (EUR 11.1m) through a share sale to finance a nearly 20-MWp solar project at Blanket gold mine in Gwanda.

The company has signed a sales agreement with Cantor Fitzgerald & Co for the sales agent to sell up to USD 13 million in shares in Caledonia Mining on the New York Stock Exchange American. The company has also filed an application to the London Stock Exchange’s AIM market for a block admission of up to 800,000 new depositary interests, which represent the same number of shares in the company. The block admission should become effective today.

Caledonia Mining plans to build the solar power facility at the Blanket Mine in Gwanda in three 6.55-MW phases, with the total project expected to be worth up to USD 18 million. Excess power generated by the solar plant is planned to be fed into the grid under an agreement with the local utility.

In 2019, Caledonia Mining invited bids for an engineering, procurement and construction (EPC) contract for the project.

Renewables

Policy inconsistencies affecting the diamond sector – Mudenda

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Policy inconsistencies affecting the diamond sector – Mudenda

THE country`s policies in the lucrative diamond mining sector should remain consistent so as to attract investment and protect investors’ property rights, the Speaker of Parliament Jacob Mudenda has demanded.

He made the call during a Review of Legislation and Policies Governing the Mining Industry in Zimbabwe organised by the Portfolio Committee on Mines and Mining Development in Mutare last week.

Mudenda pointed out in 2015 there was a policy shift by the government towards the consolidation of all diamond operations in Marange managed by the State-owned Zimbabwe Consolidated Diamond Company (ZCDC).

However, he said there were some challenges with the consolidation of diamond operations which were observed by Parliament in 2016.

“For instance, in 2015 there was a policy shift by the government towards the consolidation of all diamond operations in Marange managed by State-owned entity, Zimbabwe Consolidated Diamond Company (ZCDC). The policy thrust had its own challenges as was highlighted in a report by the Committee on Mines and Energy in 2016,” said Mudenda.

He highlighted some of the key findings by Mines and Energy Parliamentary Portfolio Committee included the lack of capitalisation of the ZCDC to operate effectively as well as a violation of the property rights of investors during consolidation.

“In 2018, there was another policy shift and the Marange diamonds fields were opened to all investors. Again, it is critical that our diamond mining policies remain consistent to attract much-needed investment.”

Mudenda added the Gold Trade Act should also have clear cut and consistent policies that protect the rights, safety, and well being of small-scale gold miners.

“There is no doubt that small-scale miners are making a significant contribution to the country`s economy. For instance, in 2017, the sector accounted for 53% of the country`s 24.8 tonnes of gold deliveries. Furthermore, this sector is a source of livelihood for over a million people,” said Mudenda.

As such, the Speaker said there was a need to also address policy gaps in the Gold Trade Act, especially clauses that criminalise the possession of gold and in turn disempower the small-scale miners.

“I must venture to observe that this has been one of the causes of gold leakages in the mining industry,” he said.

Mudenda further called for the need to formalise all artisanal and small-scale miners’ operations so that they operate under safe conditions.

“In the last few years, we have lost many artisanal miners through unsafe mining practices and conditions as recorded in Battlefields in Kadoma, Nugget mines in Matobo, just to mention the two.

“The Safety and Health Fund, envisaged under the Mines and Mineral Amendment Bill, should a go a long way in ameliorating the scourge of disaster bedevilling the artisanal and small-scale miners in their mining ventures,” he said.

NewsZimbabwe

Fidelity gold buying prices 28 July 2020

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Fidelity gold buying prices 28 July 2020

Fidelity Printers and Refiners official gold buying prices Tuesday 28 July 2020.

SG 90% AND ABOVE $55.81/g
SG ABOVE 85% BUT BELOW 90% $54.88/g
SG ABOVE 80% BUT BELOW 85% $53.63/g
SG ABOVE 75% BUT BELOW 80% $53.00/g
SAMPLE BELOW 10g BUT ABOVE 5g $54.25/g
FIRE ASSAY CASH $56.12/g

Cash available. Fidelity Printers and Refiners prices will be changing daily in relation to world market prices.

Contact FPR

No. 1 George Drive, Msasa, Harare

Email: [email protected]

Telephone: +263 242-486670, +263 242-486694, +263 242-487131, +263 242-447810-5

MMCZ dismisses employee ZWL$2500 salary allegations

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MMCZ dismisses employee ZWL$2500 salary allegations

The Minerals Marketing Corporation of Zimbabwe (MMCZ) has dismissed allegations by some of its employees engaged as monitors that there are earning ZWL$2 500 per month.

MMCZ is a parastatal under the purview of the Ministry of Mines and Mining Development. The entity is an exclusive agent for the marketing and selling of all minerals produced in Zimbabwe except silver and gold.

Some of the MMCZ monitors who preferred not to be named told Mining Zimbabwe that their salary was ridiculously low as it is far below the Poverty Datum Line.

In April, Zimbabwe’s poverty datum line spiked by 15.7 percent to ZWL$7 425 from ZWL$6 420 in March.
“…….…………………,” said one of the monitors preferring not to be named.

Of late, employers across the board have come under pressure trying to adjust workers’ salaries whose disposable incomes continue to be eroded by the relentless rising inflation.

According to Zimstat, the country’s year-on-year inflation in June stood at 737.26 percent while the month-on-month rate of inflation jumped to 31.66 percent in June from 15.23 percent previously.

Contacted for comment, MMCZ general manager Mr. Tongai Muzenda dismissed the allegations saying factoring the cost of living adjustment allowances, the monitors were earning around ZWL$10 000.

He said depending on one’s grade some of the MMCZ monitors are being paid more than ZWL$10.000 per month.
“What they are saying is not correct and depending on one’s grade and factoring the cost of living adjustment allowance, you would realise that some of them are actually earning more than ZWL$10 000 per month.

“So, whoever is saying they are earning ZWL$2.500 has decided not to tell the truth for the reason best known to them,” he said.

Taking into account the obtaining operational challenges businesses are grappling with, Mr. Muzenda said it is his view that MMCZ monitors are earning quite a good salary though not the best in light of the prevailing economic outlook.

“In my thinking, they are actually earning quite a good salary, though it is not the best because the prevailing economic environment is tough.”

Mr. Muzenda said in the interest of promoting public health and safety in the context of the Covid-19 pandemic, he has refused to address a public meeting that MMCZ monitors have called him for.

“Just recently, l don’t know who had incited them, to call for a public gathering with me and l have refused.

“Actually, my words to them were, ‘whoever does not want to adhere to the Covid-19 protocol and guidelines, is free to leave MMCZ’.

“We all know that there is Covid-19 and to curb the spread of the deadly respiratory viral infection, we have to abide by the guidelines announced by Government,” he said.

Mr. Muzenda said as part of a broader scope of precautionary measures and guidelines to fighting the spread of Covid-19, MMCZ has had all their workers tested.

“We have decongested our work premises by making sure that’s some employees work from home. Workers working from the work station, have to get approval from the respective head of departments, either myself or the deputy general manager,” he said.

Meanwhile, as of yesterday, the total number of confirmed Covid-19 cases stood at 2 512, including 518 recoveries and 34 deaths.

Man arrested for smuggling explosives in hearse

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Man arrested for smuggling explosives in hearse

South African Police have arrested a man at the border between South Africa and Zimbabwe after he was caught smuggling explosives in a hearse.

The suspect was towing a trailer branded with the name of a funeral undertaker in Gauteng when he was caught at Beitbridge earlier on Monday.

Police searched both the vehicle and the trailer and found 306 blasting cartridges as well as four detonating cords with a value of R700,000.

The police’s Motlafela Mojapelo: “Members of the South Africa Police Service working at the Beitbridge border post have arrested a 30-year-old man for allegedly smuggling explosives into the country using a funeral parlour branded vehicle. The suspect will appear in the Musina Magistrates Court soon on a charge of smuggling and possession of explosives.”

EWN

Fidelity gold buying prices 27 July 2020

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Fidelity gold buying prices 27 July 2020

Fidelity Printers and Refiners official gold buying prices Monday 27 July 2020

SG 90% AND ABOVE $54.73/g
SG ABOVE 85% BUT BELOW 90% $53.81/g
SG ABOVE 80% BUT BELOW 85% $52.59/g
SG ABOVE 75% BUT BELOW 80% $51.98/g
SAMPLE BELOW 10g BUT ABOVE 5g $53.20/g
FIRE ASSAY CASH $55.03/g

Cash available. Fidelity Printers and Refiners prices will be changing daily in relation to world market prices.

Contact FPR

No. 1 George Drive, Msasa, Harare

Email: [email protected]

Telephone

+263 242-486670
+263 242-486694
+263 242-487131
+263 242-447810-5

What is EITI? I don’t know it – Chitando

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What is EITI? I don’t know it – Chitando

Minister of Mines and Mineral Development Winston Chitando shocked stakeholders attending a parliamentary meeting review of mines and mining development legislation and policies after professing ignorance on the Extractive Industries Transparency Initiative (EITI), which civic society is pushing to curb rampant leakages and boost investor confidence in the sector.

Previous articles on EITI

The meeting was organised by the Parliamentary Portfolio Committee on Mines and Mineral Development to review legislation and policies governing the mining industry and was attended by various stakeholders including civil society and mining communities.

Responding to a question from the Zimbabwe Environmental Law Association (ZELA) director Mutuso Dhliwayo on progress government made in the adoption of EITI, Chitando said he did not know about it.

“I will be very honest… I said what is EITI? I don’t know it,” he said.

Ironically, the top executive of EITI board visited Zimbabwe early this year to assess preparedness towards domesticating the initiative and interacted with government officials including Chitando.

Chitando was called to order by the Speaker of Parliament Advocate Jacob Mudenda accusing him of sending conflicting messages, as the 2020 national budget statement presented by the Ministry of Finance acknowledged the prudence of joining EITI.

“We don’t want government to be giving conflicting positions. Our Minister of Finance announced in the 2020 national budget statement… he said the country was ready to join… as a way of enhancing transparency and curbing corruption activities in the sector that may deter investment,” said Mudenda.

Chitando then quickly made a climb down indicating that he had in actual fact even met with the EITI board, but went on to characterise the transparency initiative as a difficult concept to adopt locally.

He said while he knew the EITI there was need for all stakeholders, including Chamber of Mines, Miners Federations, civic society players and government to have a comprehensive understanding of the process.

“EITI is a big beast, it’s a big animal let’s have a proper roll out on the implementation which needs a proper comprehensive overview and study by all stakeholders to say what does EITI say, how is it implemented.

“I had said I don’t know what EITI is but I know what it is, but we need an overview by all stakeholders. All stakeholder will need to have a structured way on the development and roll out of EITI,” he said.

ZELA deputy director Shamiso Mutisi said the remarks and attitude displayed by Minister Chitando does not bode well with the thrust of civic society seeking to promote a transparent and accountable extractive sector.

Mutisi said this resistance of transparency and accountability in the mining sector, which appears systemic, has a legacy in the Ministry as previous efforts to domesticate the EITI failed to bear fruit.

Mutisi said previous futile efforts to domesticate the initiative under the Zimbabwe Mining Revenue Transparency Initiative faced resistance from the same ministry during the Government of National Unity (GNU).

He however said recommendation by Speaker of Parliament, for the Mines and Finance ministry to jointly asses the initiative, was a key action point which gives confidence that the august house is keen to promote EITI.

On the futile ZMRTI, Mutisi contended that those efforts despite failing, can provide source documents, provide a building block towards a comprehensive study and multi stakeholder engagement.

“That statement does not bode well for what we are pushing. It’s an admission that there is need to understand better what the EITI is all about, what advantages it comes with and what are some of the pitfalls.

“It also indicates that there is some sort of resistance from the Ministry of Mines but we are at least happy that he said the next course of action is a comprehensive study of how Zimbabwe can better understand the EITI or even apply if they chose to go for it.

“That recommendation from the Speaker that the two ministries should meet and discuss and report back to parliament is a key action point, it shows that Parliament is keen to promote EITI or encouraging the country to adopt it,” said Mutisi.

The EITI is an international, multi stakeholder initiative that promotes transparency and accountability in the oil, gas and mining sectors through the disclosure of government and company data in resource-rich countries.

263 Chat

Zim woman sentenced 10 years for explosives smuggling

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Zim woman sentenced 10 years for explosives smuggling

A Zimbabwean woman Linda Katiyo has been sentenced to 10 years in jail for smuggling explosives used in illegal mining.

Katiyo, was handed the sentence in the Musina Regional Court, South Africa on Thursday, Hawks spokesperson Captain Matimba Maluleke said.

On 28 April 2019, Katiyo, 38, was en route from Zimbabwe to Gauteng, South Africa when she arrived at the Beitbridge checkpoint with a “suspicious-looking bag”, Maluleke said.

“The border police became suspicious and thoroughly searched the bag and found miscellaneous explosives used for illegal mining,” Maluleke said.

The explosives had an estimated value of R1.2 million.

“The Hawks is determined to deal with cross-border crimes, particularly at the ports of entry,” Maluleke added.

The Hawks are South Africa’s Directorate for Priority Crime Investigation (DPCI) which targets organised crime, economic crime, corruption, and other serious crime referred to it by the President or the South African Police Service (SAPS) set up by the Zuma administration in 2008.

The Citizens

Miners demand 60% wages in USD, threaten strike

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Miners demand 60% wages in USD, threaten strike

WAGE negotiations between the Chamber of Mines and the Associated Mine Workers’ Union of Zimbabwe (Amwuz) have hit a deadlock over a demand by mine workers to have 60% of their minimum wage paid in foreign currency amid threats of a strike, business digest has learnt.

The negotiations are being held amid a deepening economic crisis characterised by a crippling liquidity crunch, acute foreign currency and fuel shortages, low capacity utilisation, dwindling investment inflows and runaway inflation which has surpassed the 700% mark decimating pensions and incomes. This has been worsened by the advent of the coronavirus pandemic which has wreaked havoc on economies and has resulted in more than 600 000 fatalities globally. Zimbabwe has recorded 26 deaths.

The two parties met on Tuesday this week with the mineworkers demanding that all exporting companies pay 60% of the minimum wage in foreign currency with non-exporting mining companies paying the entire minimum wage in local currency. The minimum wage they had agreed is ZW$14 000.

Amwuz president Tinago Ruzive told businessdigest yesterday that the employers’ body has backtracked on its initial agreed position to pay at least 50% of the minimum wage in foreign currency.

“We met on Tuesday thinking that we were close to an agreement. We had agreed in a previous meeting on a minimum wage of ZW$14 000 and had also agreed that 50% of that will be paid in foreign currency by mines that export. However, the employers somersaulted on Tuesday, saying they cannot pay part of the wages in forex.

We were shocked,” Ruzive said. “It was a very tense meeting. Mineworkers are now threatening to down tools over this.”

However, Ruzive emphasised that the threat by its constituency to go on strike was just “a bread-and-butter issue” and had no connection to the planned protests against the government by anti-corruption campaigners on July 31.

Ruzive said the two parties will meet again on Tuesday next week where they will “try to find each other” and avert a strike which could have a devastating impact not only on the mining sector but also the economy.

The demand for foreign currency wages by the mineworkers is part of a nationwide push by workers for a living wage.

This demand has been prompted by the weakening of the Zimbabwean dollar, which is earned by the majority of workers. The local unit has rapidly depreciated at a time the prices of basic commodities have skyrocketed as retailers index the price of their products against the greenback. The government banned the multi-currency regime and made the local unit the sole legal tender in June last year through statutory instrument 142 of 2019.

However, it has backtracked on this, allowing the use of the greenback for domestic transactions.

BusinessDigest

Chiadzwa poverty levels shocking

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Chiadzwa poverty levels shocking

ZIMBABWE Consolidated Diamond Company (ZCDC) acting chief executive Roberto De Pretto last week said he was shocked by the level of poverty and underdevelopment in Chiadzwa despite being endowed with one of the largest diamond deposits in the world.

De Pretto made the remarks during a stakeholders meeting in Mutare which was hosted by the Parliamentary Portfolio Committee on Mines and Mining Development.

He said almost 15 years after diamonds were discovered in Chiadzwa, the area still had no running water and poor roads while children still walked long distances to school.

“It is disheartening to walk past Chiadzwa, the area is still underdeveloped since 2005 when diamonds were discovered in Marange,” he said.

“It is a shock to me that there is no development despite that Chiadzwa fields have one of the largest diamond deposits in the world, there is no running water, poor roads, while children are walking long distances to go to school,” the ZCDC boss said.

De Pretto called for crafting of a diamond policy with a clear mandate for miners to uplift surrounding communities.

“The diamond policy should be very clear on the rehabilitation of areas where diamond companies are operating, companies should be held accountable over land degradation,” he said.

Speaking to Newsday Weekender, Bocha Diamonds Development Trust board chairperson Lovemore Makwada said: “It’s very unfortunate that these workshops have been held over and over again, coming up with resolutions, but we are still poor in Marange, we are now worried which step we should take to help in the development of Chiadzwa community.”

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