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UK firm raises USD1.8m for Zim coal project

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United Kingdom-based investment company Contango Holdings has raised USD 1,836,821 million, before expenses, through a conditional placing of 28-million new ordinary shares at £0.01 each to new and existing investors at 5p a share.

Following the completion of the conditional placing, the company anticipates being in a position to shortly issue a final prospectus setting out details of its purchase of the Lubu coal project, in Zimbabwe, from Consolidated Growth Holdings (CGH).

The Lubu project is expected to be a near-term metallurgical coal producer.

About $20-million was spent on the project by previous owners, including 12 000 m of drilling.

In 2019, CGH and Contango completed an extensive work program including additional drill holes and assays to better understand the range of coal products from a small proportion of Block B2 at or near-surface.

Upon closing of the acquisition, Contango will focus on developing a targeted area of the B2 Block, which is amenable to mining from surface down to a maximum depth of 47 m that contains seams of metallurgical coal product.

Contango will also look to finalise an agreement with contract miners and enter into an offtake agreement to sell metallurgical coal in the Southern Africa region. SOURCE: Creamer Media

Palladium rallies

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Palladium looked set to extend its record-breaking rally even as investors mulled whether the metal has rallied too high, too fast.

Prices flipped to gains after initially falling almost 3 percent on Monday, despite technicals continuing to signal that a pull-back may be due. The metal reached a fresh all-time high of $2 548.20 as tight supply conditions show little signs of easing.

The metal’s surge is rooted in positive fundamentals, with production trailing demand as stricter emissions standards boost consumption by car-makers, and as uncertain power systems in South Africa worsen supply constraints.

Another factor is that producers don’t have the capacity to boost output easily in response to price increases because palladium is largely mined as a by-product.

The cost to borrow palladium has jumped to the highest in over a year.

Palladium is in a “real sweet spot” of recovering industrial production globally, improving demand due to strong car sales, and constrained mine supply, said Wayne Gordon, executive director for commodities and foreign exchange at UBS Global Wealth Management.

Also, the level of substitution has been less evident than expectations given its price relative to platinum, he said. — Bloomberg.

Draft mineral policy of Zimbabwe (2013)

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This is the draft mineral policy of Zimbabwe of 2013. Please note the draft is yet to be approved. Access the full document below.

Draft Minerals Policy document download

Water Act of Zimbabwe

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Water Act of Zimbabwe document. This is the water act of Zimbabwe. Get the document below:

Water Act of Zimbabwe DOCUMENT DOWNLOAD

Environmental Regulations document

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Get the Zimbabwe Environmental Regulations document.

Environmental Regulations Document download

Explosives regulations in Zimbabwe

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Explosives regulations in Zimbabwe. These are the Explosives regulations in Zimbabwe. MINERALS AND MINING (EXPLOSIVES) REGULATIONS, 2012.

GET DOCUMENT HERE

General Mining Regulations in Zimbabwe full document

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General Mining Regulations in Zimbabwe full document.

See document HERE

Bertha tunnel boring machine

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Bertha was a 17.5 m diameter tunnel boring machine built specifically for the Washington State Department of Transportation’s (WSDOT) Alaskan Way Viaduct replacement tunnel project in Seattle. It was made by Hitachi Zosen Sakai Works in Osaka, Japan, and the machine’s assembly was completed in Seattle in June 2013. Tunnel boring began on July 30, 2013, with the machine originally scheduled to complete the tunnel in December 2015.

On December 6, 2013, work was halted approximately 330 m into the planned 2,830 m long route because of an unexpected impediment. Initially, it was thought that the machine had damaged several of its cutting blades after encountering a steel pipe that was used to measure groundwater in 2002 around the Alaskan Way Viaduct. However, subsequent investigations revealed that portions of the main bearing seal system were damaged, which caused the bearing to overheat during operation. Over the next two years, a recovery pit was dug from the surface in order to access and lift the machine’s cutter head for repair and partial replacement in 2015.

Bertha resumed tunnel boring on December 22, 2015, but was stopped in early January 2016 after a tethered barge in Elliott Bay damaged nearby piers and a sinkhole opened near the project site. Governor Jay Inslee halted all work on the tunnel on January 14, 2016, citing concern over public safety after the sinkhole incident. Digging briefly resumed on February 23, but was halted again for maintenance and inspections before resuming full operations on April 29. Tunnel boring was completed on April 4, 2017, with Bertha’s cutter head breaking into a disassembly vault at the tunnel’s north portal in South Lake Union.

In December 2015, WSDOT estimated that the tunnel would be completed and open to traffic in early 2018. The estimate was revised in July 2016 to open in early 2019; an estimated $223 million in cost overruns stem from the two-year delay of the machine.

See Bertha in action

Government urged to repeal the Gold Trade Act

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ZIMBABWE Civil society organisations and captains of industry, among others, have called on the government to swiftly repeal the Gold Trade Act and formalise artisanal and small-scale mining to boost gold production.

In a communiqué, various stakeholders drawn from mining-impacted communities, civil society organisations, Parliament of Zimbabwe, artisanal and small-scale miners, captains of industry and the media fraternity urged the government to deal with the machete gold wars.

Zimbabwe is currently experiencing a spate of violence in the gold sector, perpetrated by the machete gangs, resulting in disruption in gold production.

“The violence, if not contained, will paint the country’s investment climate in a gloomy picture, thus (prospective investors keen on responsible mineral supply chains will shun us).

Instead of viewing artisanal miners as genuine actors in the mining industry, they have been unfairly labelled perpetrators of machete violence,” reads part of the communiqué.

“We now, therefore, call on the government of Zimbabwe and relevant stakeholders to ensure that it moves swiftly to formalise artisanal and small-scale mining instead of criminalising this sector which has become a source of livelihood for many people trying to escape persistent poverty.”

The stakeholders called on government to put in place transparent and regulatory mechanisms that offer easy access to mining titles and legal production channels.

“Stringent and deterrent sentences must be endorsed, while the judiciary must ensure that bail is not granted to these human rights violators. The government of Zimbabwe must move a step further to gazette a statutory instrument whose objective would be to protect the citizens from machete-wielding gangs,” the communiqué further reads.

They also said government and stakeholders must begin a formal process to design and implement due diligence measures consistent with regional and international principles such as the Organisation for Economic Co-operation and Development (OECD) and embrace the guiding principles on business and human rights.

“The status of women in mining must be improved for the better. This is a prudent move in the promotion of responsible and safe artisanal and small-scale gold mining,” it also reads.

The communiqué was signed by the Ministry of Mines and Mining Development, Portfolio Committee on Mines and Mining Development, Christian Aid, Centre for Conflict Management and Transformation, Zimbabwe Women in Mines and Mining Development Trust, the European Union, Mthandazo Women in Mining, media fraternity, PACT, Parliament of Zimbabwe, representatives from mining-affected communities, artisanal and small-scale miners, Zimbabwe Coalition on Debt and Development, Zimbabwe Miners Federation, Zimbabwe Republic Police-Minerals Flora & Fauna Unit and the Zimbabwe Environmental Law Association.

Newsday

Machete fight almost breaks out at a mine with hundreds

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Machete fight almost breaks out at a mine with hundreds of illegal miners in Zimbabwe.

See video below: