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Global bank sees gold price spike

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Global bank sees gold price spike

Moscow – Commodity strategists at US banking giant Goldman Sachs have projected that the risks for oil prices are skewed to the downside in the coming weeks, with a fair value of $63 per barrel, making gold a stronger hedge amid the escalation of tensions between the US and Iran.

Both oil and gold prices rose sharply on Friday and have continued to climb after Iran’s top military commander Qasem Soleimani was killed in a US airstrike in Baghdad, sparking fears of retaliation from Tehran.

The rise was triggered by the concerns that the recent escalations will lead to oil supply disruptions, with Brent prices reaching $70 per barrel at one point during the weekend – for the first time in four months.

Goldman Sachs analysts, however, suggested that the range of possible outcomes is too large for oil to sustain its current price of $69 per barrel.

“The range of potential scenarios is very large; spanning oil supply shocks or even oil demand destruction — which would be negative to oil prices. In contrast, history shows that under most outcomes gold will likely rally to well beyond current levels,” Global Head of Commodities  Research, Jeffrey Currie and his team, said in a note Monday.

Oil prices had peaked to their highest levels since the assault on two  Saudi Arabian production facilities last September. But absent a major supply disruption, Goldman Sachs projected that the risks are skewed to the downside in the coming weeks, with a fair value of $63 per barrel.

Gold has also rallied by $100 over the past month to hit $1,550 per troy ounce (toz), heading towards Goldman’s three-month target of  $1,600/toz. Spot gold was trading up by around 1.6% on Monday at $1,576,  having earlier hit a seven-year high of $1,579.72.

Currie highlighted that the precious metal could have further potential for growth, as spikes in geopolitical tensions – like wars or military escalations – have historically led to higher gold prices when they are severe enough to cause currency debasement.

“Accordingly, we found that gold performed well, even controlling for real rates and dollar weakness, during the beginning of both Gulf wars and during the events of September 11, 2001,” Currie’s note highlighted.

“Therefore, additional escalation in US-Iranian tensions could further boost gold prices. All in all, we stick with our three, six and 12-month  forecast of $1,600/toz but see upside risks if geopolitical tensions  worsen.” – Sputnik News-New Ziana

Oil, gas ratio up

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Oil, gas ratio up

The diverging fundamentals of US oil and natural gas can be seen dramatically in the markets, where the oil-to-gas price ratio has surged to its highest in six years.

The oil-to-gas ratio, or the level at which oil trades compared with natural gas, recently reached 30-to-1, and could increase further as analysts expect average gas prices will fall for a second consecutive year in 2020 to their lowest level in over 20 years.

That is because most US drillers are not looking for gas.

Companies like EOG Resources Inc (EOG.N), Pioneer Natural Resources Co (PXD.N), Diamondback Energy Inc (FANG.O) and Exxon Mobil Corp (XOM.N) are mostly seeking more valuable oil and natural gas liquids, which bring with it a lot of associated gas, making producers less sensitive to gas price declines. — Reuters.

Gold prices drop

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Gold prices drop

Gold dropped as much as 1 percent yesterday, drifting further away from a near 7-year peak hit in the previous session, as the prospect of an escalation in US-Iran conflict waned after the two sides softened their stance.

Spot gold fell 0,7percent to US$1 545,47 per ounce, having earlier slipped to US$1 539,78 an ounce. US gold futures dipped 0,9percent to US$1 546,50.

Following the signs that the United States and Iran are looking to defuse the crisis there is a degree of relief in markets, Ilya Spivak, a senior currency strategist at DailyFx, said.

“We did not see an immediate escalation, although it would not be accurate to say that it cannot happen, there is that risk.”

Gold, considered a safe investment in times of political and economic uncertainty, had risen as much as 2,4percent early on Wednesday and risen above the key $1,600 level for the first time in nearly seven years after Iran’s retaliatory attacks. — Reuters.

Largest hard rock TBM in the U.S. to dig tunnel designed to provide 100-year flood protection

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Largest hard rock TBM in the U.S. to dig tunnel designed to provide 100-year flood protection

Designed to provide 100-year flood protection for east and southeast Dallas, the 11.6 m diameter Robbins Main Beam tunnel boring machine will excavate the 8 km  Mill Creek Drainage Relief tunnel. The largest hard rock TBM ever to bore in the U.S, the machine will change size partway through the bore, to a more compact 9.9 m.

The unique Robbins TBM will be used to dig tunnel areas affected in recent years by severe storms. The tunnel will protect 2,200 commercial and residential properties, including Baylor Medical Center. The current drainage system in these areas was constructed 50 to 70 years ago, and only provides two to five years of flood protection.

The dual-diameter aspect of the Robbins TBM will be a first-of-its-kind conversion process. The contractor, Southland/Mole Joint Venture (SMJV), will make the conversion underground about 2.8 km into the bore. The two diameters are needed as the upstream section of the tunnel is designed with a circular cross-section and peak flow rate of 42 m3/sec, while the downstream 2.8 km portion has a higher peak flow of 565 m3/sec and was initially designed as a horseshoe cross-section. Using the TBM for the entire tunnel is less time consuming and costly.

The Robbins TBM, named “Big Tex” with permission of the State Fair of Texas, has been designed with a specialized cutter head including removable spacers and adjustable bucket lips to convert to a smaller diameter. The TBM will first complete its 11.6 m diameter section of the alignment, then back up about 21 m to a transition area for the conversion, which is expected to take six to eight weeks.

Based on previous work through similar geology, the project team expects TBM excavation to progress rapidly to an average of 25m (80 ft) per day, allowing the project to be completed on schedule in 2023.

Mliswa to name and shame machete gang leaders

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Mliswa to name and shame machete gang leaders

Norton Member of Parliament Hon Temba Peter Mliswa has threatened to expose all the leaders of the notorious machete gangs who have savaged the mining sector through killings, robberies, and theft.

Rudairo Mapuranga

Through his official Twitter handle, the Norton legislator said that he will be naming and shaming all those involved in machete debacles without fear or favour in the country’s national Parliament.

Mliswa also threatened to expose Zanu PF legislator for Chegutu West Dexter Nduna for leading killings of people and using unscrupulous ways to rig elections.

“For Nduna, each dog has its day. You can lead the killing of people and use crafty ways to get back in after Losing elections but one day God comes in with a natural force that is above all human initiatives. The mere fact that you have been arrested should tell you something.

You have crossed the line and I will work to expose all. All those involved, in Parliament, I will be naming and shaming, be they generals or what. Isu takafa kudhara and fear nothing” said Mliswa.

This came after the Norton Legislator praised the move by the police in arresting several machete gang members, the firebrand legislator also applauds the move by police to arrest Chegutu West Legislator Dexter Nduna who was recently arrested for mining gold without a prospecting license.

According to Mliswa the move by the police to arrest machetes gangs will restore sanity in the small scale and artisanal mining sector which has been tainted by the activities of these gangs which others have gone on to label a matter of state security.

Recently Nduna together with Zanu PF’s Mashonaland West Youth Chairperson Vengai Musengi and police acting officer commanding Chegutu District Sup Wonder Chisikwa allegedly extracted gold ore at the David Whitehead waste deposit site in Chegutu a day before machete attackers’ leader was shot dead by the police.

Arresting Nduna a good move: Mliswa

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Arresting Nduna a good move: Mliswa

Norton Legislator Temba Peter Mliswa on Thursday praised the move by the Police in arresting several machete gang members, the firebrand legislator also applauded the move by police to arrest Chegutu West Legislator Dexter Nduna who was recently arrested for mining gold without a prospecting license.

Rudairo Dickson Mapuranga

According to Mliswa the move by the police to arrest machetes gangs will restore sanity in the small scale and artisanal mining sector which has been tainted by the activities of these gangs which others have gone on to label a matter of state security.

“Once police start arresting Makorokoza and their political leaders calmness will come in. Arresting the likes of Nduna is a good move, shows seriousness. He was using his military background, where he was dismissed for fraud, for nefarious activities and tainting the name of the military” said Mliswa.

Recently Nduna together with Zanu PF’s Mashonaland West Youth Chairperson Vengai Musengi and Police acting officer commanding Chegutu District Sup Wonder Chisikwa allegedly extracted gold ore at the David Whitehead waste deposit site in Chegutu a day before machete attackers’ leader was shot dead by the police.

It is alleged that on November 13 last year, Nduna together with his alleged partners unlawfully and intentionally prospected for mineral ore near David Whitehead without a license, in contravention of the Mines and Minerals Act.

On November 12, Nduna, Chisikwa, Musengi, and Gwinji reportedly met at ZRP Chegutu District Headquarters and hatched a plan to extract gold ore from David Whitehead.

They agreed to look for an excavator to extract the mineral and Gwinji opted to approach Chegutu RDC.

Nduna allegedly decided to hire a JCB excavator from Yellow Metal Tours in Kadoma and paid US$495 through Marufu.

Chisikwa ordered police officers who were guarding the site not to interfere with the excavator before the accused extracted the ore which they loaded into trucks.

They were summoned to court on Monday, following Police investigations.

Beware of bogus diamond trade middlemen, MMCZ

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Beware of bogus diamond trade middlemen, MMCZ

Minerals Marketing Corporation of Zimbabwe (MMCZ) has warned diamond customers and the business community of bogus individuals and firms who misrepresent themselves as agents of the organisation. The MMCZ does not have any agents in the diamond subsector one bogus agency companies the MMCZ singled out is Kaluba Diamonds.

Rudairo Mapuranga

Through a statement released by the company, MMCZ has advised all stakeholders in the diamond subsector that it is the sole trader of diamonds and all other minerals in Zimbabwe except gold and silver and that it has not approved, certified or accredited diamond agents anywhere.

The Minerals Marketing Corporation of Zimbabwe has warned all stakeholders in the diamond subsector of unscrupulous criminal elements that misrepresent themselves as agents of the marketing firm.

These individuals and firms are also committing an act of treason by misrepresenting the country through claiming to be Zimbabwe diamond trade middlemen.

MMCZ has also distanced itself from Kaluba Diamonds a bogus diamond trade firm that is using its Logo fraudulently.

MMCZ has also advised all stakeholders that all those who wish to process diamonds sales should do so through MMCZ siting that the process is very transparent where people don’t need to be connected to anyone.

“Minerals Marketing Corporation of Zimbabwe (MMCZ) wishes to advise the diamond customers, the business community and all stakeholders, that it is the sole marketer of all minerals including diamonds produced in Zimbabwe except gold and silver.

“As such, MMCZ does not have an approved, certified nor accredited diamond agents.

“It has regrettably come to the attention of MMCZ that there are unscrupulous criminal elements masquerading as MMCZ agents that are misrepresenting the country by acting as Zimbabwean diamond trade middlemen.

“In particular, MMCZ wishes to distance itself from the dealings of Kaluba Diamonds, a company that is fraudulently using MMCZ’s logo in its documents.

“The process of diamond sales is a transparent one where business people do not need to be connected to any official or use any other agent.

“Therefore, MMCZ wishes to advise its valued customers and stakeholders that anybody willing to do diamond business with the Corporation should not go through anybody else regardless of their societal position.

“The registration of prospective customers should be done through MMCZ only and is free of any charge” reads the statement in part.

Shabane Mashaba matter resolved , ZDAMWU

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Shabane Mashaba matter resolved , ZDAMWU

The Zimbabwe Diamond and Allied Minerals Workers Union has resolved for now the Shabane Mashaba workers evictions from the Mining firms residents before settling the money owed to the workers.

Rudairo Mapuranga

According to ZDAMWU secretary-general Mr. Justice Chinhema, the Union is very happy with the development that has taken place in Shabane Mashaba mines.

The union called for a meeting with Shabani Mine employees who were evicted from mine houses or had been given a notice of eviction and advised them to come for a meeting at Kandodo Hall last Monday 6/01/2020. Present at the meeting was Mines Minister Winston Chitando and Justice Minister Ziyambi Ziyambi.

The Union’s secretary-general also thanked the president of Zimbabwe Emmerson Dambudzo Mnangagwa for intervening in the matter which the organisation has been fighting for, to make sure that there are no evictions before payment of outstanding salaries.

The Union’s secretary-general has also said that his Union is hopeful that the mines will be reopened so that it will be easy for it to settle its debts and also be able to employ more workers.

“Zimbabwe Diamond and Allied Minerals Workers Union is very happy with the development that has taken place in Shabane Mashaba mines.

“We thank the member of parliament Hon D Mahwite and the President Comrade ED Munangagwa for intervening in this matter.

“We have been fighting management on the evictions and we thank the intervention that has seen all the evictions being stopped.

“We are now focusing on the payment of outstanding salaries. We need to see the former workers getting what they worked for and we also expect to see the mine working again employing more people in Zvishavane” said Chinhema

Mr. Chinhema also said that his Union is working towards making sure that workers who lost houses but haven’t found other alternative houses are rewarded promptly.

“We are working on the modalities that they return to their houses especially those who have not found other alternative accommodation,” said Chinhema.

Prison break end prematurely for 49 member machete gang

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Prison break end prematurely for 49 member machete gang

Machete-wielding gang going by the name MaZiga or Branco were arrested by the police on Tuesday while attempting to forcefully release their colleagues (nine) who were in police custody at Zenda Police Base to be escorted to ZRP Nembudziya.

Rudairo Mapuranga

On Tuesday 10 members of the police were deployed to escort 9 member machete gang who were in custody at Zenda police base to ZRP Nembudzia armed with two rifles and two pistols loaded to capacity.

The police were tipped that two commuter omnibus fully occupied by armed machete gangs from Kadoma were on their way to rescue the arrested nine-member machete gang in custody at Zenda police base.

Whilst at the police base, the police were approached by the two commuter omnibuses occupied by the 40 machete member gang who were armed with three machetes, two axes, shovels, picks, and knobkerries.

The gang then approached viciously demanding the release of their colleagues threatening to kill the police if their colleagues were not released.

The police then fired warning shots to order to frighten the machete gang to surrender however the gang was not moved by the warning shots they continued charging towards the police while demanding the release of their colleagues.

Shots were then fired towards the gang, two leaders of the gang armed with machetes were shot and injured which led the rest of the gang to attempt to flee the scene which was, however, a futile exercise.

14 Illegal miners arrested, machetes, explosives confiscated at Jumbo mine

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14 Illegal miners arrested, machetes, explosives confiscated at Jumbo mine

14 illegal miners were arrested at Jumbo Mine in Mazowe today with 11 machetes and 423 explosives. Four rolls of copper wire and nine hammer mills were recovered.

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