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Zimdollar appreciates 0.75% to against US dollar

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Zimdollar appreciates 0.75% to against US dollar
The local currency continued to gain against the dollar as it was up 0.75% in the latest auction as bidders continue to get all the money they bid at their various rates.

The ZWL’s latest gain will see it trade at 82.6993 this week against the dollar from 83.3209 last week.

RBZ governor John Mangudya said he was pleased with the trajectory and that the objective was to push for price and financial stability.

“The next five or so auctions will be key as part of our objectives to hold money constant. But we are quite pleased with the modicum of stability achieved so far where prices are sticky downwards.”

This week the highest bid rate was 88, gaining on last week’s 87.50 and the lowest rate for the main auction coming in at 75 which was lower than the 76 of last week thereby widening the spread between bids to 20.55% from 15.13% last week.

A total of US$19.21 million, the highest amount allotted to date, was apportioned to both the Main Auction (US$18.33 million) and SMEs (US$0.88 million) at the recent auction after a combined 290 bids were accepted and 46 were rejected. The highest allotted bid was 88, with the lowest allotted being 73.

Source – finx

List of Zimbabwe National Parks

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List of Zimbabwe National Parks

The government yesterday announced mining at all National Parks is now banned.

The following are the Zimbabwe National Parks and no mining is permitted in these areas as of 8 September 2020.

  • Chizarira National Park
  • Gonarezhou National Park
  • Hwange National Park
  • Gonarezhou National Park
  • Hwange National Park
  • Kazuma Pan National Park
  • Mana Pools National Park
  • Matobo National Park
  • Matusadona National Park
  • Nyanga National Park
  • Victoria Falls National Park
  • Zambezi National Park

Zimbabweans were bitter about the granting of Special Grants to two Chinese companies in the Hwange area a move which experts say pressured the government into reversing the decision.

BREAKING: Zimbabwe bans mining in all national parks

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BREAKING: Zimbabwe bans mining in all national parks

The Zimbabwe government has banned all mining in the country’s national parks.

Speaking at a Post Cabinet briefing Minister Monica Mutsvangwa announced the development.

Mrs. Mutsvangwa said, “Steps are being undertaken to immediately cancel all mining titles held in national parks’.

This comes after local and international outcry over the decision to grant Special grants to two Chinese owned mining companies. 

This is a developing story

BREAKING: Three feared dead after mine collapse in Chegutu

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BREAKING: Three feared dead after mine collapse in Chegutu

Three are feared dead at a small scale mine in Chegutu located near Mupfure river along the Chegutu-Chinhoyi highway.

A shaft at the mine owned by Task Mining Syndicate formerly known as Danangwe District Youth in Mining Cooperative (DDYMC) reportedly collapsed with two people underground but no death has been confirmed yet.

A third person is also missing sparking fears that he too could be underground.

More to follow

Hwange Chinese Zebra slaughter image is FAKE news

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Hwange Chinese Zebra slaughter image is FAKE news

An image with Zebra carcasses with the inscription “Happening at the Hwange National Park as the Chinese Company clear to start Coal Mining” is making rounds on various mining Whatsapp platforms.

The image is not in any way related to the current Chinese Special Grant in the Hwange National Park Zimbabwe.

Zebra carcasses

The image appears to have been shared across the border after a South African owned Hestony truck overturned near Kimberley the capital city of Northern Cape Province.

A South African company Emam Bux Meats Wholesale and Retail also became a victim of fake news after online posts suggested the Zebra meat was destined for its fridges and it was selling to unsuspecting customers for consumption.

The image comes as two Chinese companies have been granted Special Grants to extract coal in the Hwange game reserve, a move that has ignited backlash locally and internationally.

Trevor Lane, who has worked for the Bhejane Trust in Hwange for more than a decade said, “This is one of the greatest game parks in the world and the mines would be in one of the most pristine areas of the park. The last black rhino population in Hwange Park lives there, so do 10,000 elephants and 3,000 buffalo. If it goes ahead it will be an end to the park. It would kill the tourist industry which is worth hundreds of millions of dollars.”

 

Emam Bux Meats denies rumour that zebra carcasses found in overturned truck were theirs

 

 

 

 

Makomo seeks funding for conveyor belt project

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Makomo seeks funding for conveyor belt project

COAL miner, Makomo Resources, has expressed readiness to supply the Hwange Units 7 and 8 expansion project, and plans to construct a conveyor belt to the power plant are at an advanced stage.

Makomo is among the four companies that will supply one million tonnes of coal to Hwange Thermal Power Station before commissioning of the two units.

The two additional units are being constructed at a cost of about US$1,2 billion by a Chinese contractor and would add 600MW into the national grid, a development that will ensure improved power supplies.

In an interview after the tour of the mine by Energy and Power Development Minister, Soda Zhemu on Thursday, Makomo Resources general manager, Mr. Kudakwashe Nyabonda said designs for the conveyor belt have been drawn and the company was now scouting for investors.

“We already have a contract to supply units 7 and 8 with coal and one of the requirements of the contract is the installation of a 12,5 km conveyor belt that will run from the mine to the plant,” he said.

Mr. Nyabonda said the designs of the conveyor belt were already in place and the route has already been surveyed.

“Now it’s only the issue of financing and once secured work will start,” he said.

The construction of the conveyor belt requires US$34 million and in the event of failure to meet the March 2021 commencement of operation of Unit 7, the company can use road transport to supply the coal.

“It’s included in the contract that if we fail to construct the conveyor belt on time, we can use road transport to supply the unit,” said Mr. Nyabonda.

He said to guarantee supplies for units 7 and 8, the mine was opening a new pit.

“As a mine we have got capacity to mine and sell 200 000t of coal a month.”

Mr. Nyabonda said the company was channelling the bulk of its coal to the local market and was mainly supplying thermal power stations.

He said only about seven percent of the production was being exported mainly to Zambia and recently DRC and the major consumers were the cement manufacturing industries.

The mine is at the moment producing an average of 100 000t per month.

Meanwhile, Minister Zhemu applauded the company for its level of preparedness and commitment towards improved coal supplies. He said the conveyor belt will guarantee efficiency in coal deliveries.

“Makomo Resources is one of the major suppliers of coal at Hwange Power Station. We interacted with the general manager and we are very happy that they are on course on the initial arrangement that they will be providing coal to the units that we expect to commission next year,” said Minister Zhemu_The Chronicle

Smart Building Solutions (SBS) that drive a vision

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Smart Building Solutions (SBS) that drive a vision

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The world is evolving. Evolve with it

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We are the Smart Solution you are looking for

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Since 2003, we have been working with the best partners in the business to deliver the sturdiest outcomes. Meeting a client’s expectations is good, but exceeding them is better and this is done through our solid reputation that comes from many years of satisfying client’s needs that gives us clout in the construction world.

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ZELA files an urgent chamber application against Hwange National Park SGs

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ZELA files an urgent chamber application against Hwange National Park SGs

The environmental watchdog, Zimbabwe Environmental Law Society (ZELA) has filed an urgent chamber application to stop two Chinese mining firms Zimbabwe Zhongxin Mining group and Tongmao Coal Mining’s mining activities in Hwange National Park.

Rudairo Mapuranga

The companies were awarded in terms of The Mines and Minerals Act, Special Grants (SGs) by the president of Zimbabwe for coal mining and exploration, Section 301 of the act states that the President has the powers to Approve or Reject an Application for Coal Mining in Zimbabwe

The Chamber Application which was filed by Human Rights Officer at Amnesty International Zimbabwe Fidelis Chima and ZELA against  Zimbabwe Zhongxin Mining Group, Tongmao Coal Mining, Zimbabwe Mining Development Corporation (ZMDC), Minister of Mines and Mining Development (Winston Chitando) and the Environmental Management Agency (EMA) has received support from environmentalist and individuals who claimed that the presence of the Chinese in the wildlife zone was suicidal for tourism development and growth.

According to environmentalists, the National Parks were a no-go area for mining as these would frustrate the potential of the tourism sector becoming a multibillion-dollar industry in Zimbabwe as mining within the National Park poses an acute risk of irreversible ecological degradation.

Urgent chamber support

Former Minister of Education in Zimbabwe David Coltart has supported the decision by ZELA and Chima to fight against the Hwange National Park Special Grants issued to the two Chinese miners as the mining activities in the area will only benefit a small group of elites for a short period of time whereas the tourism sector will be there for millions of years to come.

“I totally support this application against the government & the mining company which are jointly planning to devastate Hwange National Park. This mining will only benefit a small elite for a short amount of time, whereas protecting our national parks is for all our grandchildren” David Coltart said.

Renowned Journalist Brezh Malaba through his twitter handle said the decision to take the companies to court was important as villagers were the ones suffering when the government was turning a blind eye.

“I’m delighted to hear that Hwange villagers are finally taking legal action against those who are polluting Deka River, a tributary of the Zambezi. The govt is complicit for turning a blind eye to the mining cartels while villagers’ teeth rot and livestock perishes.” Malaba said.

The debates on the SGs

Small Scale and Artisanal miners through their body Zimbabwe Miners Federation (ZMF) have supported the decision by the government to grant the two Chinese firms permit to operate in the Hwange National Park as the park was rich in mineral resources that needed to be tapped.

According to some ZMF members, the companies’ coal mining is important for power generation which will power the entire economy especially the mining sector which has to achieve the US$12 billion target by 2023.

It is a fact that the country has been losing over US$300 million monthly importing power therefore it is of importance for the country to get its priorities right as it seeks to achieve the targets set by the President to turn this economy into an upper-middle economy by 2030.

Mining and tourism are of equal importance in making sure that the country achieves the president’s vision by 2030, the government need to set aside its desperation for power and plan for the long-term economic benefits.

However, it should be noted that Zimbabwe lost over US$1 BILLION last year due to power shortages, the government can therefore find a way to make sure that energy production is increased at the same time preserving National Parks from the dangers of animal exhaustion.

Questions have been asked whether the Chinese would allow any nation to dig diamonds on the foot of the great wall if there are discovered there.

Foreign support

Zimbabweans have expressed concern over foreign countries’ support in blasting the SGs granted to the two Chinese firms.

According to Former ZMF Deputy President, Engineer Chris Murove, Non-Governmental Organisations funded by European countries are at the forefront in trying to discredit the president’s decision because Europeans are the ones who directly benefit from the country’s tourism sector.

“An NGO which is supported by funding from EU countries is now fighting for the elephants and other animals in Hwange. Zimbabwe cannot derive any benefits from the sustainable or harvesting of ivory or even meat from these elephants due to CITES bans.

“When Zimbabwe attempts to export live animals to willing countries like China, another outcry emanates from these Europeans and their sycophants and why, because they want to be the ones benefiting all the time.

“Forget about tourism, what gets spent here in Zimbabwe is peanuts compared to what these lodges and those in the game trophy hunting get paid outside the country which never gets repatriated to Zimbabwe. So no wonder a sovereign decision to mine in Hwange has been taken and that should be respected and supported by those who are true miners.” Engineer Murove said.

Blessing Hungwe, Magaya Impasse Resolved

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Blessing Hungwe, Magaya Impasse Resolved

Member of the Zimbabwe Miners Federation (ZMF) Women in Mining Blessing Hungwe has stopped court proceedings against the Founder of Prophetic Healing and Deliverance Ministries, Walter Magaya.

Hungwe who was ready to take the man of the cloth to court over her Mazoe mine invasion by Magaya agreed to settle the matter outside the courts of law.

Magaya allegedly invaded the mine with the help of a former farmer of the land and a local legislator who both were given shares of the mine by Hungwe.

It is believed that Magaya knew that the mine belonged to Hungwe but wanted these two to push Hungwe out so that he would take full control of the mine, Hungwe is the major shareholder and the holder of the mining certificate of the mine.

Speaking to Mining Zimbabwe Hungwe said she was going to sit down and talk to Magaya.

“ I was about file an urgent application with the High Court of Zimbabwe against Magaya this morning. I however have agreed to settle the matter outside the court.” She said.

Ask whether she would consider working with Magaya, Hungwe said chances were very low that a partnership between the two would materialize.

Zimplats warns of possible tax dispute with govt

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Zimplats warns of possible tax dispute with govt

MINING concern Zimplats has warned that a possible dispute overpayment of taxes with the government could have an impact on future financial results.

This was revealed by the platinum miner in its financial results for the year ended June 30, 2020.

“Through a public notice 26 of 2019 published on 19 June 2019, the tax authorities, introduced a computation formula which would consequently require an apportionment of income tax payment between local and foreign currency. The group has been lawfully computing and effecting payment of income taxes in local currency in settlement of tax liabilities. Expert view on this matter is that settlement of these taxes in this manner by the group is in full discharge of its obligations. It is, however, recognised that the tax authorities may hold a different interpretation of the fiscal legislation as read with the public notices available to guide taxpayers,” Zimplats said.

“This difference in interpretation may result in uncertainty associated with the payment of taxes in foreign currency, with the resultant effect that it is possible that at a future date, on conclusion of the matter, the final outcome may vary significantly and may impact financial results in the year in which such a determination is made. In the absence of a legal basis upon which to base the potential determination, the group is unable to quantify at this stage, what the potential impact of the above could be.”

The platinum miner has had several battles with government over tax matters. Its accounts were garnished over the levying of customs taxes and penalties between 2009 and 2013 before the High Court ruled in its favour in 2015.

After suspending the use of foreign currency in local transactions in June last year, government redollarised in April this year as inflation raged and the Zimdollar plummeted against major currencies during the coronavirus pandemic.

The tax agency Zimra has started demanding that companies with foreign earnings should pay tax in foreign currency, creating a tax headache for foreign-owned miners.

Zimplats revenue increased by 38% to US$868,9 million from US$631 million in FY2019 mainly due to the increase in average prices of rhodium, palladium, gold and nickel, the miner said in its report.

“6E (six elements consist of platinum, palladium, rhodium, gold, ruthenium and iridium) ounces sold decreased by 3% from 573 009 ounces in FY2019 to 554 944 ounces in FY2020,” Zimplats said.

“This was mainly due to the force majeure notice issued by Impala Platinum Limited which resulted in the suspension of sales for more than a month in the final quarter of the year. The force majeure notice was in response to the COVID-19 pandemic-induced lockdown in South Africa.”

The cost of sales increased by 8% from US$443,8 million in FY2019 to US$480.4 million mainly due to the increase in share-based compensation and depreciation expense.

The increase in depreciation expense was due to the change in the estimation method of depreciation for surface and metallurgical assets from units of production to straight line as well as an increase in the asset base during the year.

Gross profit margin improved to 45% from 30% in FY2019 mainly due to the improvement in metal prices.

Operating cash cost per 6E ounce increased by 2% from US$602 in FY2019 to US$613 in FY2020 mainly due to inflation.

Profit before income tax for the year increased to US$374,2 million from US$205,3 million in FY2019.

Income tax expenses for the year increased to US$112,4 million from US$60,5 million in FY2019 mainly driven by the increase in taxable profit.

Resultantly, profit after tax for the year increased to US$261,8 million from US$144,9 million in FY2019.

The group spent US$104,2 million on capital projects (stay in business, replacement mines and expansion projects) compared to US$115 million spent in FY2019

Zimplats said it has taken a number of measures to minimise the impact of the COVID-19 pandemic on employees’ health and mining operations, including a review of procedures and practices to minimise the possible spread of the virus and capacitation of the internal medical facilities at the workplace.

These include facilities for screening, testing, quarantining, isolating and treatment as well as risk profiling to identify employees at high risk of severe disease.

 

Source – newsday

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