A DEAL in which Indian firm, Whinstone Enterprises, was set to pour in funding into Lancashire Steel in a joint venture arrangement, has crumbled after the firm failed to follow laid down Government procedure.
The two parties signed an agreement in July last year, with the Indian investor expected to satisfy the much-needed financial obligation, while Lancashire Steel offered labour, skills and equipment.
But soon after Cabinet had approved the deal, the Indians stood accused of taking shortcuts and disregarding the laid down channel of doing things leading in Government suspending the deal.
Industry and Commerce Minister Mangaliso Ndlovu confirmed that indeed the pact had collapsed unless if the company decides to do things the proper way.
“The Government’s position is that the contract is not legal unless and until the company follows the proper way of doing things. They have to do things properly and until they do so there is no deal as of now,” said Minister Ndlovu.
Although he could not be drawn into discussing the finer details of what went wrong, the minister said the company risks losing the deal totally if they do not put their house in order.
He said Government awaits the company to follow the proper procedure before the deal reaches implementation stage.
“There is no agreement yet so if they are still keen on the deal, Government waits upon them to do things the correct way. Otherwise Government is open for any other suitor depending on the offer. But the doors are still open for the company to follow the procedure,” said Minister Ndlovu.
He, however, assured the nation and Kwekwe residents in particular, not to worry about the collapse of the pact saying Government was more committed to revive industries in the city more than ever before.
“I can assure you that companies, Lancashire in this case, will be back on its feet very soon. Government is more committed than ever before. Recently we facilitated the opening of ZimCoke, which will employ more than 1 000 workers.
“We are more committed than ever before. Kwekwe is an industrial hub and people there should not lose sleep because as Government we have Kwekwe at heart,” said the minister.
Lancashire Steel folded in 2010 after facing operational challenges owing to the demise of Ziscosteel, its major raw material supplier.
The company, which employed about 600 workers at full throttle, has capacity to produce about 4 000 tonnes of steel per month._The Chronicle
The office of Guinean President Alpha Conde is assuming oversight of the West African nation’s state-owned mining company in a move that will hand him more authority over the country’s holdings in some of the world’s biggest bauxite deposits.
The Presidency will take command of Societe Guinneenne du Patrimoine Minier, known by its French acronym Soguipami, from the mines ministry, according to a decree read Friday on state broadcaster Radio Television Guineene. Soguipami holds a 49 percent stake in Compagnie des Bauxites de Guinee and 10 percent of Societe Miniere de Boke, according a summary of the company’s holdings published on its website.
Soguipami also holds a 15 percent stake in AngloGold Ashanti Ltd.’s Siguiri operations.
Conde’s move to exert more control over Guinea’s mining holdings comes after the nation overtook Australia as the largest supplier of bauxite to China, accounting for almost half of the Asian nation’s imports of the aluminum-making ingredient in 2018. Conde is due to step down in 2020 after two five-year terms, but his refusal to address any questions about his succession has fueled speculation he may try to extend his mandate._Bloomberg News
These are the ten most influential individuals in the Zimbabwe Mining Industry in 2019.
(1) Ben Magara
Zimbabwe-born Lonmin Chief executive officer and director Ben Magara has been named among the top 10 most influential men in 2014 by Forbes Magazine. He has remained one of the best exports for Zimbabwe in the mining sector.
Appointed Lonmin boss in July last year at the world’s third-largest platinum mining company, Magara is tasked with improving industrial relations and guiding the platinum miner’s turnaround strategy after strikes last year triggered violence which killed 46 people including 34 strikers shot dead by police in a single day at its Marikana mine.
Magara, who speaks seven languages, has a degree in Mining Engineering from the University of Zimbabwe.
(2) Winston Chitando
Winston Chitando is the current Minister of Mines and Mining Development. He was appointed to his this Ministry by President Mnangagwa in November 2017. His appointment brought hope to the mining sector and to date he has managed to bring forward significant growth in the sector.
Chitando joined Hwange Colliery Company in 1985, and worked for Anglo-American Corporation in various capacities, including Chief Accountant, for 11 years.
In 1997, he became a commercial manager (Mining and Industrial Division) at Zimasco before rising to the position of executive director (finance) for both Zimasco and Mimosa Mining Company (1998-2007).
Winston served as Vice-President of the Chamber of Mines of Zimbabwe from 2008 to 2011 and its President from 2011 to 2013 and Executive Chairman of Mimosa Holdings since April 1, 2013.
He was chairman of Hwange Colliery Company Limited since May 19, 2016. His tenure at its end however was blighted by alleged corruption allegations levelled against him.
(3) Alex Mhembere
Alexander Mhembere, also known as Alex, ACIS, ACMA, MBA, has been the Chief Executive Officer of Zimplats Holdings Ltd. since October 1, 2007. Zimplats is the largest platinum miner in Zimbabwe.
Mhembere has experience in platinum mining in Zimbabwe. He served as the Managing Director of Mimosa Group of Companies Zimbabwe of Aquarius Platinum Ltd until September 30, 2007. Mr. Mhembere has been an Executive Director of Zimplats.
Since taking over at Zimplats Alex has been instrumental in driving the growth of the company into the biggest platinum producer in Zimbabwe.
In addition during his tenure, Zimplats has managed to grow in phases and new mines have since been born at Ngezi operations despite the current economic challenges currently affecting the country.
Alex has also been a champion of community empowerment where the Ngezi community now has earned an urban status while also communities around Zimplats operations have been greatly empowered.
(4) Batirai Manhando
Batirai Manhando who is the current Chamber of Mines Zimbabwe president has been Managing Director at Bindura Nickel since November 2013.
He serves as Interim Group Chief Technical Director of Asa Resource Group Plc (alternatively Mwana Africa PLC) since December 14, 2016, and served as its Chief Technical Officer and Managing Director of BNC from October 6, 2016, to December 14, 2016.
Batirai served as Managing Director of Trojan Nickel Mine at Asa Resource Group Plc until October 6, 2016.
On his achievements, Manhando has led teams in the planning and execution of major projects including six-in-line furnace rebuilds, process upgrades and business turnaround. He is a member of the Southern African Institute of Mining and Metallurgy.
Manhando has also superintended the growth of Bindura Nickel Corporation despite the price conundrum that has been affecting the nickel market.
(6) Elizabeth Nerwande
Elizabeth Nerwande
Elizabeth Nerwande is currently the Head of Corporate Affairs for Mimosa Mining Company. She is also the First Vice President of the Chamber of Mines of Zimbabwe. She was the Executive Director of Consumer Council of Zimbabwe (CCZ) from 1999-2003, CEO for Zimtrade from 2004-2006 and Commissioner General for an Expo in Aichi Japan.
She also a board member at the Zimbabwe Consolidated Diamond Mining Company (ZCDC).
Elizabeth has been a champion of community development by mining companies and this saw Mimosa transforming the face of Zvishavane through various community projects and empowerment programmes. As part of that vision, Mimosa has one of the best football clubs in Zimbabwe, FC Platinum.
(7) Paul Chimbodza
Paul Chimbodza, a board member in lithium miner Prospect Resources is a holder of a BSc Geology Honours degree from the University of Zimbabwe, is an Associate Member of the Southern African Institute of Mining and Metallurgy and is an Executive Director and shareholder of Stonestar Investments, the owners of Dinhidza Vermiculite mine.
Paul has held senior Exploration Geologist and management positions at Rio Tinto, Trillion Resources of Canada and Delta Gold of Australia.
Chimbodza becomes one of the locals to have been awarded concessions to mine oil in the Muzarabani area. His contribution to the mining sector has been huge also after having played a huge role in the growth of Metallon Gold as well being the champion behind Zimbabwe realizing its lithium mining potential.
(8) Steve Curtis
Steve Curtis who is currently driving undoubtedly Zimbabwe’s biggest gold producer, Blanket Mine is a Chartered Accountant with over 30 years’ experience and has held a number of senior financial positions in the manufacturing industry.
Before joining Caledonia in March 2006, he was Director Finance and Supply Chain for Avery Dennison SA and prior to this Financial Director and then Managing Director of Jackstadt GmbH South African operation. Mr. Curtis is a member of the South African Institute of Chartered Accountants and graduated from the University of Cape Town. He was appointed to the Caledonia board in July 2008. Steve was appointed Caledonia’s Chief Executive Officer in November 2014, prior to which he was Caledonia’s, Chief Financial Officer.
The soft-spoken Executive is a man of repute and a point of reference for Zimbabwe mining success stories. Curtis was the first hero of the indigenization policy after his company became the first to implement the policy.
Blanket Mine under his stewardship has been one of the biggest supporters of community development.
(9) Toindepi Muganyi
Toindepi Muganyi is the current CEO of ASA Resources group and managing director of Freda Rebecca. He is also a former Chamber of Mines President. The man has managed to grow his profile to become a voice of reason in the mining sector.
Muganyi during his tenure despite economic challenges managed to transform Freda Rebecca into one of the biggest gold producers in Zimbabwe in the group of the likes of Metallon on an individual mine basis.
(10) Bhekhinkosi Nkomo
Bhekinkosi was appointed as CEO of RioZim Limited on July 01, 2017. He is an alumni of the Harvard Business School after having successfully completed its Advanced Management Program in Boston, Massachusetts.
Bheki is also a registered Chartered Accountant both in Zimbabwe and South Africa and holds a Bachelor of Commerce Accounting Degree from the National University of Science and Technology, and a Bachelor of Accounting Science Degree from the University of South Africa.
Nkomo is a well-rounded senior executive who possesses a strong business and leadership record spanning over twenty years of experience. Prior to his elevation to the role of CEO, Bheki served with distinction as RioZim Limited’s Group Finance Director from 2015 to 2017, during which period he was instrumental in spearheading the implementation of the Group’s expansion strategy which resulted in the Group’s number of operating gold mines growing from one in 2012 to three by 2017 and gold production increasing by more than 350%.
Furthermore, Bheki played a key role in restructuring the Group’s debt which significantly improved the Company’s liquidity, capital structure, and operational efficiency. Bheki also has vast experience in the areas of finance, operations, and strategic planning.
He has also served on various Boards. Currently, he serves on the Boards of RioZim Limited and its various subsidiaries and associates.
Zimbabwe will in coming weeks name two new investors who will develop separate platinum mining projects west of the capital as the country ramps up mining output in an attempt to ease a severe dollar shortage, the mines minister said on Wednesday.
Zimbabwe has the second largest platinum deposits after South Africa and hopes to transform its economy by boosting investment in the mining sector.
Last month, the government said it would scrap the controversial indigenisation law under which foreign companies are restricted to owning only 49 percent of their Zimbabwean operations
Winston Chitando said the two investors would be confirmed in the next few weeks, joining a sector where Anglo American Platinum and Impala Platinum already operate.
Chitando, who was speaking at a function in Mhondoro Ngezi, 100 km west of Harare, where Cypriot Investor Karo Resources was giving an update on its $4.2 billion mining project, declined to give details.
Zimbabwe has been introducing investor-friendly policies as part of President Emmerson Mnangagwa’s ambitions to transform the country into a middle-income economy by 2030.
Last month, the government said it would scrap the controversial indigenisation law under which foreign companies are restricted to owning only 49 percent of their Zimbabwean operations.
The mines ministry is also in talks with the Chamber of Mines about reviewing and streamlining mining taxes to make them more competitive, the president of the industry body said last week.
Chatando said Zimbabwe expected mining export revenues to rise by nearly a third to $4.2 billion this year, stepping towards a target of $12 billion by 2023.
The two new mining ventures would be situated in the Mhondoro-Ngezi platinum belt where Karo intends to start production next year and where Implats has the country’s biggest mining operation, Chitando said.
Phoevos Pouroulis, CEO of Karo, said at the same function that exploration work was ahead of schedule and the company expected to confirm the underground platinum resources by the end of the year.
Pouroulis is also CEO of South African miner Tharisa, which last year bought a 26.8 percent stake in Karo and a majority holding in a Zimbabwean chrome operation.
Zimbabwe’s platinum is found on the Great Dyke belt, which stretches for more than 500 kilometers and contains an estimated 96 million ounces in platinum group metals, including platinum and palladium._Reuters
South Africa’s Petra Diamonds has found yet another big rock at its iconic Cullinan mine, the third coloured diamond over 100-carats since March that has been unearthed at the operation.
It is the third Type II D-colour gem-quality diamond weighing more than 100 carats recovered at Cullinan since MarchThe 209.9 carat, D colour, Type II gem-quality diamond is also the fourth such stone discovered by Petra so far this financial year.
It follows last month’s recovery of a 100.83 carat gem-quality diamond and a previous 6.12 carat Type II blue stone both found at Cullinan.
The company, which recently appointed former gold miner Richard Duffy as chief executive, said the stone would be included in its upcoming sales cycle, along with a 425-carat D-colour Type IIA diamond recovered on March 29.
Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, which yielded the world’s biggest-ever diamond in 1905.
Shares in the company jumped on the news and were trading up 4.5% in London at 17.92p by 3:08 p.m. local time._Mining.com
Bindura illegal small scale miners popularly known as “Mashurugwi” who allegedly assaulted and killed members of the Zimbabwe National Army (ZNA) in a scuffle over girlfriends were arraigned before Bindura magistrate Christopher Maturure on Wednesday.
Alexio Gumbato (36) and Job Chitsvimbo (age not given) were remanded in custody to May 2 and advised to apply for bail at the High Court.
The prosecution alleges that at around 2am on Tuesday, the suspects had a misunderstanding with three soldiers at a bar in Chiwaridzo high-density suburb, Bindura, over girlfriends.
The soldiers, Shaw Tizora (33), Tawanda Garega (35) and Pumulani Khuumani (30), were part of a team that was taking part in rehearsals for Independence Day celebrations in Bindura and were camped at Chipadze Secondary School.
Khuumani was headed for the bar in the company of female friends Lesley Chitabura (25) and Nyasha Ngozo (19), both from Chipadze suburb when a scuffle broke out.
He allegedly assaulted Chitabura, who screamed for help, attracting the attention of Gumbato and Chitsvimbo, who rushed to the scene armed with knives and attacked the soldiers.
Tizora and Garega died from the injuries while Khuumani was rushed to a nearby police station, where he filed a report before being taken to Bindura Provincial Hospital._NewsDay
Exploration work at Karo Platinum still underway, however, the mining company is still unsure of the viability of its much-touted USD4,2 Billion project.
Zimbabwe has the second largest platinum deposits in the world after South Africa and hopes to resurrect its economy by attracting mining investments.
The Karo project was launched last year by President Emmerson Mnangagwa, but mine geologist Stony Steenkamp yesterday said after drilling neatly 18km of samples, he could not as yet tell if the concession had enough resources for the envisaged huge platinum project.
“Were expect to finish exploration by end of year and then we can have a resource upon which we can hopefully do a mine design that would lead to an actual development of a mine,” he said.
“I can’t guarantee what is in the ground. That is the purpose of the exploration process, to scientifically determine exactly what mineralisation is in the ground, what it is that can be economically mined. Therefore, I can’t guarantee you because I can’t see what is in the ground.”
Karo Platinum, a unit of London Stock Exchange-listed Tharisa plc, says it has so far invested US$8 million for the first stage of the exploration work, employing up to 200 people and would provide jobs to 25 000 people once the mine is operational.
Steenkamp said the company was positive the mine would be a big project given the historical data, although they needed to complete the exploration for them to be sure.
“From what we know, from the neighbours from both sides of us, from initial information we have got, we are very positive we will become a big mine. In order to gain confidence worth investors providing money for this work, we need to quantify it and that is the process where we are,” she said.
Mnangagwa was yesterday upbeat after assessing the progress at the mine, saying Karo would contribute in excess of $5 billion to the national fiscus by 2020 and has the capacity to be bigger than the largest platinum miners Zimplats, Unki and Mimosa combined.
“When we reach the final development stage, its size will be bigger than what we already have in terms of platinum production in the country, Zimplats here in Ngezi, Unki Shurugwi and Mimosa Zvishavane, all those three put together are smaller than this project,” he said.
“In terms of employment, last time we estimated that this project at the final end, it will be employing around.
15 000, but now, the estimate is around 25 000 people directly employed by this project and at full production, they will be adding to the GDP [gross domestic product] about $5 billion a year. Such are the projects which are called mega projects and very successful.
“Our media were already talking negatively about this project, saying that we had a groundbreaking ceremony, but there is nothing that is happening and President Mnangagwa talks of major projects, there is nothing of that sort, so I think they should apologise.”_NewsDay
Caledonia’s Blanket Mine Chief Executive officer Steve Curtis blames unstable electricity supply and grade dilution for the mine’s failure to meet its production target for the first quarter of 2019.
According to the Mine’s statement, approximately 11,948 ounces of gold were produced during the Quarter, slightly below the firm’s target and also below the comparable first quarter in 2018 which produced 12,924 ounces.
“Production in the first quarter of 2019 was slightly below our target and below the comparable quarter
in 2018 (Q1 2018: 12,924)” said Steve Curtis
The statement also said that, Caledonia maintains its 2019 full year production guidance of 53,000 ounces to 56,000 ounces and remains on track with progress towards its target of 80,000 ounces by 2022.
According to the Mine statement, Curtis blames unstable electricity supply.
“Continued difficulties with unstable electricity supply and grade dilution which we experienced in 2018 had an adverse effect on production, but improved drilling and blasting practices have been put in place in pursuit of improved grade control and I am pleased to say that efforts to minimize dilution are proving successful” said Curtis.
The Mine’s Chief Executive Officer, said that efforts to address the electricity situation were underway.
“Our technical team has worked tirelessly to mitigate the effects of electricity supply interruptions and we continue to work closely with the Zimbabwean electricity supply authorities to address these challenges as well as investing internally to improve our resilience to this issue” said Steve Curtis.
“The sinking of the central shaft continues according to plan; we are now only months away from the
completion of the shaft sinking phase of the project and are set to commence shaft equipping from mid 2019. We look forward to commencing production from the central shaft from mid-2020 which is expected to deliver the Company’s growth plan to achieve 75,000 ounces in 2021 and 80,000 ounces by 2022.”
Caledonia’s primary asset is a 49 per cent interest in an operating gold mine in Zimbabwe, Blanket. In November 2018, Caledonia announced that it had signed a legally binding agreement to increase its shareholding in Blanket to 64%, subject to the receipt of, among other things, regulatory approvals. Caledonia’s shares are listed on the NYSE American (symbol: CMCL) and on the Toronto Stock Exchange (symbol: CAL) and depository interests representing the shares are traded on London’s AIM (symbol: CMCL).
As at December 31 2018, Caledonia had cash of approximately US$11.2 million. The Company plans for Blanket to increase gold production from 54,511 ounces in 2018 to approximately 75,000 ounces in 2021 and approximately 80,000 ounces by 2022, Blanket’s target production for 2019 is 53,000 to 56,000 ounces. Caledonia expects to publish its results for the quarter to March 31, 2019 on or around May 14, 2019.
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