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Zim secures $6m investment for RHA Tungsten?

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Zim secures $6m investment for RHA Tungsten?

Premier African Minerals has announced that it has received notice from the Zimbabwe Ministry of Industry, Commerce and Enterprise Development that is has secured a proposed investment of $6-million for the RHA Tungsten project being developed by Premier.

Speaking to Report Focus News the spokesperson for the mining company said. “The funds will be used for the recommissioning of mining operations, subject to the completion of necessary agreements.”

Further, Zimdiv Holdings, which is a wholly-owned subsidiary of Premier and which manages the RHA mine, will be awarded another management agreement on similar terms to the current management agreement which was entered into in September 2013.
The company will provide further updates once the agreements have been signed.

The RHA Project is located in Hwange an area of historic production, approximately 270km northwest of Bulawayo. Premier has advanced the RHA project from an exploration project through to a producing tungsten mining operation.

The project comprises 50 Mineral Claim Blocks, covering 1,800 hectares, consisting of 10 owned by Premier and 40 which are under option. Small-scale surface and underground mining was conducted at the site between 1931 and 1979. Total production from the RHA mine was 1,247.65 tonnes of wolframite concentrate, containing 65% WO3.

The deposit is approximately 800m in strike length and 300m wide. Premier African recently announced a resource of 22.14 million tonnes at 2.45kg per tonne in both the underground and open pit operations. (Please see resource table below)

To date, Premier African Minerals has invested around US$18million in the acquisition and development of the mine as well as the plant and necessary infrastructure.

Rwanda aims to sell stake in cement firm

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Rwanda aims to sell stake in cement firm

Rwanda’s government aims to put its 49 percent stake in the country’s biggest cement maker, Cimerwa, up for sale this month, the prime minister said on Saturday.

The company, which is 51 percent owned by South Africa’s PPC Ltd, has an installed annual production capacity of 600,000 tonnes.

“We have asked our partners if they are interested and the timeline is one month,” Edouard Ngirente told a meeting of senior officials broadcast on national television. “By the end of this month we will auction (the stake).”

He said PPC had yet to specify if it was interested in the stake, which he gave no valuation for, adding that other buyers would be sought if necessary.

A construction boom in Rwanda has driven up demand for cement as the government builds roads, power plants and a new international airport. Private developers have also been building new houses and office blocks.

The head of Cimerwa told Reuters in July that demand for cement was growing at 7-8 percent annually as new building projects come up. Rwanda also imports cement from neighbours Uganda and Tanzania._Reuters

Gold inches lower as firm dollar offsets falling equities

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Gold inches lower as firm dollar offsets falling equities

Gold inched down today, after rising about 1 percent in the previous session, as a firm dollar offset support from fading appetite for riskier assets due to mounting global growth concerns.

FUNDAMENTALS

As of 0115 GMT, spot gold was down 0.1 percent at $1,296.73 per ounce, after briefly breaching the $1,300 ceiling in the previous session.

U.S. gold futures were also down 0.1 percent at $1,298.10 an ounce.

Asian shares were on a back foot on Monday after U.S. payrolls data raised doubts on the strength of the global economy.

The dollar rose 0.1 percent against major currencies in the early Asian trade and hovered close to its near two-month peak.

U.S. employment growth almost stalled in February, with the economy creating only 20,000 jobs, adding to signs of a sharp slowdown in economic activity in the first quarter.

China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, including eliminating tit-for-tat tariffs, a senior Chinese official said on Saturday.

Concerns that U.S. President Donald Trump will not accept a bad trade deal with China and Trump administration officials have not made any new plans to send a team to Beijing for face-to-face trade talks, White House trade adviser Clete Willems said on Friday.

Trump said on Friday he would be disappointed if Pyongyang were to resume weapons testing and reiterated his belief in his good relationship with North Korean leader Kim Jong Un despite the collapse last week of their second summit.

Federal Reserve Chairman Jerome Powell said on Sunday the U.S. central bank does “not feel any hurry” to change the level of interest rates again as it watches how a slowing global economy affects local conditions in the United States.

Brexit could be reversed if lawmakers reject the government’s exit deal, British foreign minister Jeremy Hunt said on Sunday after two major eurosceptic factions in parliament warned that Prime Minister Theresa May was facing a heavy defeat.

 Hedge funds and money managers slashed their net long position in COMEX gold in the week to March 5, to its in over a month, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Physical gold demand picked up pace in major Asian hubs this week, with bullion being sold at a premium for the first time in more than three months in India, while China saw improved appetite for jewellery._Reuters

UFIC leader disowns disputed mine

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UFIC leader disowns disputed mine

UNITED Family International Church (UFIC) leader Prophet Emmanuel Makandiwa is not the owner of Mutoko’s Havilah Gold Mine that is embroiled in a war with its former workers over stolen gold, mine registration documents reveal.

The accused workers, Godknows Mhungu, Julius Mudzonga, Bornface Mudzonga, Clever Masango, and Lloyd Sande claim they were assaulted and forced to confess under duress that they stole gold and now seek the audience of Makandiwa, whom they claim is the owner of the mine.

Makandiwa’s spokesperson, Prime Kufa denied that Makandiwa owns the mine and company registration documents lodged with the chief registrar of companies seen by NewsDay Weekender show that the mine is owned by Zondi Kunwenda, Elias Hwenga, David Mufukwa and Kennedy Nhapi, all from Harare. The mine was registered on April 17, 2014.

“Prophet Makandiwa regularly visits mines owned by his spiritual children, in order to give them guidance and business mentorship. He has always done that and he will continue to do so,” Kufa said.

There have been several reports linking Makandiwa to the mine with allegations that some of the security men, who are accused of kidnapping the accused five, were reportedly instructed by the UFIC leader.

The security guards who have been named in the court papers are Garikai Murambidzi, Warren Chinyani, Joseph Dzomba, Osward Mukwesha and Brian Mawarura.

Five Havilah Mine workers have already appeared in court and charged for kidnapping the five alleged thieves, who are shown in some video footage, admitting to having stolen the gold from the mine and selling it.

In the videos, four individuals admit, confess and plead for forgiveness for stealing gold from Havilah Gold Mine on separate occasions.

One of the alleged thieves provided important information that led to the apprehension of the others. The accused is seen in one of the videos bringing back some of the gold he allegedly stole and in remorse, exposed his accomplices who were working the night shift underground at the time._NewsDay

Gold war left one dead

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Gold war left one dead

Police have launched a manhunt for eight Zhombe gold panners who stabbed two fellow miners leaving one dead and another battling for his life following a fight over a gold claim.

Midlands provincial police spokesperson, Inspector Joel Goko said the suspects led by Denis Moyo and his brothers were on a revenge mission over mining at an undisclosed mine when they attacked the rival group leaving Leo Ncube dead and his colleague Prince Makonza seriously injured.

“The incident occurred at Bob’s Business Centre in Zhombe. The gang, led by Moyo, arrived at the business centre and found Ncube and his friend Makonza drinking beer in a bar,” he said.

“Upon entering the bar the suspects allegedly started assaulting the patrons indiscriminately with empty beer bottles hitting Prince on the head and stabbing him with knives several times all over the body.”

Goko added that Ncube ran out of the bar to his car, but the suspects caught up with him and stabbed him all over the body in front of his younger brother.

“The suspects disappeared into the darkness. The police are appealing to members of the public, who might have information that may lead to the arrest of Denis and his brothers Mncedisi, Descent, Mthabisi all of Village 17, Chief Gwesela, Zhombe and their four other accomplices to make a report to any nearest police station or make use of the suggestion boxes nearer to them,” he said.

Goko appealed to members of the public, particularly artisanal miners, to desist from using violence in solving disputes._NewsDay

South Mining invests $50 million on new battery oven

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South Mining invests $50 million on new battery oven

COKING coal producer, South Mining, has invested $50 million into the construction of a new battery oven at its Hwange plant.

The company targets to produce more than 400 000 tonnes of coke per annum by 2020. It processes “Run Out of Mine” coal into coking coal, which is smelted into coke. Coke, whose by-products include crude tar, benzol and coke oven gas, is a critical component in the ferrochrome and stainless steel smelting industry and has high export demand than ordinary thermal coal.

Deputy Minister of Industry and Commerce Raj Modi on Friday toured South Mining battery oven plant and the site for a new oven where construction is underway.

South Mining general manager Mr Chenji Li said the first phase of construction of the new oven battery will be completed in October and full capacity production realised in January next year.

“We have put $51,2 million in our new project, which we are doing in phases with production set to start next year. Once we start producing we expect to bring in about $36 million in foreign currency through export,” said Mr Li.

The company which intends to increase production to 420 000 tonnes per annum once it completes building the two new oven batteries, said it will in the process create bout 300 new jobs.

Mr Li said his company was planning to supply gas to Zimbabwe Power Company to replace the diesel the electricity company was importing from South Africa.

On Thursday, the Deputy Minister toured Hwange Colliery Company as well as Victoria Falls crocodile farm to assess production. 

Deputy Minister Modi said there was a need for Hwange Colliery Company to engage partners for retooling to replace it ageing equipment and machinery_The Chronicle

Karo Resources still operating within set timelines

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Karo Resources still operating within set timelines

Karo Resources, which has established a huge camp at its platinum mining claims in Mhondoro-Ngezi, is still operating within set timelines, which envisage that production will begin next year, a Cabinet Minister has said.

The company signed a US$4,2 billion deal with Government in March last year — four months after the political transition that gave rise to the President Emmerson Mnangagwa-led administration.

At full production, Karo Platinum — which plans to produce more than 1,4 million ounces annually — is  expected to dwarf the combined production of Zimplats, Mimosa and Unki, and employ at least 15 000 people directly.

A further 75 000 workers will benefit indirectly.

Mines and Mining Development Minister Winston Chitando told the Zimbabwe Broadcasting Corporation (ZBC) last week that there will soon be a field day at the mining site to apprise stakeholders of the progress recorded thus far.

“Essentially, Karo have been doing what I will term resource-definition work. They (last year) did extensive aeromagnetic surveys of the area,” he said.

“At the moment, they are now quite advanced in terms of resource definition. I visited site about two weeks ago and they have set up a huge camp (on site).

“But the bottom line is Karo is on course to produce from the first pit by the end of 2020, in terms of the original agreement whereby they are four pits which will be opened: one operational by end of 2020, the next by end of 2021, the next by end of 2022 (and the fourth by end of) 2023.

“So that programme is well on course and soon there will be a field day in which stakeholders will be invited to come and see (the progress),” he said.

The significant progress being made by the new entrant in the local mining sector puts paid rumours that Karo would not have the financial wherewithal to undertake the investment.

On November 12 last year, a  high-powered delegation from the mining company —which was led by chairperson Mr Loucas Pouroulis and the group’s financer, Africa Finance Corporation (AFC) – paid a courtesy call on President Mnangagwa and gave assurances that the project will proceed as initially scheduled.

AFC, who were represented by their president and chief executive officer Mr Samaila Zubairu, told a news conference after meeting the President that his organisation stands ready to support the project with an initial capital injection of $2 billion. In December last year, the miner conducted extensive aeromagnetic surveys at its claims._The Sunday Mail

ZMF applies for a fuel importation licence

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ZMF applies for a fuel importation licence

THE Zimbabwe Miners Federation (ZMF) has applied for a licence to allow the organisation to import fuel for its members in a bid to improve efficiency within the small-scale mining sector.

The Government announced a few weeks ago that it has liberalised the importation of fuel with Cabinet giving big companies with free funds the green light to import fuel for their own consumption. The move by Government is meant to augment supply gaps in the market, especially for the mining sector.

ZMF general council chairman Mr Makumba Nyenje said the miners’ body had already applied for the licence and they were waiting for a response from the Government.

“We have applied to the Government to be given a permit to import our own fuel. We have applied through Zera (Zimbabwe Energy Regulatory Authority) to the Ministry of Energy and Power Development to get a licence for us to import our fuel as a federation. We are still waiting for the response and as soon as we get the green light we will start importing for our members,” said Mr Nyenje. 

He said the licence will save them from queuing for fuel which takes up most of their time.

“We would like to have fuel in all garages in mining towns for our membership. Miners will be using their e-cards and we also want to introduce the coupon system so that miners can be able to redeem them at the garages we would have made arrangements with. Currently the problem we are having is that we are queuing like everyone else which is greatly affecting our work,” he said. 

Mr Nyenje also highlighted that most small- scale miners were embracing the e-card that was introduced by ZMF in partnership with Met Bank. ZMF in conjunction with Met Bank last year launched an electronic multi-purpose membership card for miners which is linked to the mobile phone that can enable a miner to access loans and mining equipment offered by the bank, confirm membership, buy goods, pay bills and transfers among other things._The Sunday News

New mining regime to attract investors

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New mining regime to attract investors

The imminent review of the law to allow foreign investors to wholly own investments in diamond will help boost foreign direct investment in the mining sector and across value chains, the Chamber of Mines of Zimbabwe (CoMZ) has said.

The Government has been progressively reviewing the Indigenisation and Economic Empowerment Act in order to create a business-friendly environment.

In the post November 2017 political transition, Government immediately scrapped the requirement for foreign investors to limit their investment threshold to 49 percent, but it was retained for the diamond and platinum mining sectors.

However, in an interview with US-headquartered Bloomberg TV last week, Finance and Economic Development Minister Professor Mthuli Ncube said the requirement foreigners would now be allowed to control 100 percent of their investments in the key mining sub-sector.

“We are removing that indigenisation rule, which is discouraging foreign direct investment. We say Zimbabwe is open for business; you can only be open if you allow ownership of 100 percent,” said Minister Ncube.

There are indications that the policy would be extended to the diamond mining sector as well.

CoMZ chief executive officer Isaac Kwesu said the latest move was a step in the right direction and would bring the much-needed foreign direct investment, create employment within the sector and across value chains.

“We have a huge mineral resource as a country, but on our own, without foreign direct investment, we may not realise much or unlock value from our mineral resource.

“The platinum value chain is capital intensive, and this move will attract investors across value chains. As it is now, we need FDI, which is the common practice everywhere,” said Mr Kwesu.

Positive spin-offs

The country’s platinum production, he added, would also increase on increased investment in the sector, while beneficiation and value addition would expand — boosting employment creation, taxes and royalties.

Other downstream industries are also expected to benefit through local procurement.

“The bigger population will benefit from this. This will have a huge impact in the socio- economic transformation of many Zimbabweans,” he said.

Mining is one of the strategic sectors driving the economy.

Government has been working on attracting capital into the sector, which is considered key in plans to establish an Upper Middle-Income economy by 2030.

Zimbabwe has vast mineral deposits ranging from gold, platinum, diamonds, nickel and chrome.

The country is home to the world’s second-largest known platinum deposits after South Africa, while its gold reserves are one of the largest in Africa.

United Kingdom-based economic research firm Fitch Solutions believes Zimbabwe will become a mining giant in the Sub-Saharan region.

“Zimbabwe is emerging as an important mining centre within Southern Africa as foreign investment drives growth in mineral and metals production,” said Fitch in their recent publication on the country ( Zimbabwe Country Risk Q1 2019).

“In terms of overall platinum output, Zimbabwe is challenging the world’s largest platinum producers, Russia and South Africa, while gold production is also set to ramp up over the medium term.

“Zimbabwe will experience a temporary boost in gold production in 2017-2019 as the impact of a gradual recovery in global gold prices and regulatory changes lead to an increase in activity by smaller mining firms. Zimbabwe’s platinum output will also grow at a steady pace, while that of its main competitors, South Africa and Russia, will stagnate over time, according to our mining team,” said Fitch.

The international think tank also sees the Zimbabwean economy recovering from more than two decades of sluggish growth driven by mining and tourism, among other key sectors of the domestic economy.

Fitch also says President Mnangagwa’s administration has shown commitment to reforms with the amendments to indigenisation laws a positive sign of its pledge to create a conducive business environment.

“The new Government in Zimbabwe has shown signs of progress towards implementing investor-friendly structural reforms, which will encourage FDI and buttress economic growth over the long term.

“Zimbabwe is endowed with a wealth of natural resources and vast human capital compared to regional peers,” it said._The Sunday Mail

Petra Diamonds shares jump after another discovery at Cullinan

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Petra Diamonds shares jump after another discovery at Cullinan

South Africa’s Petra Diamonds (LON:PDL) has found a 100.83 carat gem-quality diamond at its iconic Cullinan mine in South Africa.

The D-colour, Type II diamond follows the recent recovery of a 6.12 carat Type II blue stone, also at Cullinan.

The company has piled up debt after building a new plant and digging deeper at its flagship Cullinan diamond mine.

“The recoveries demonstrate the prevalence of these types of stones in the Cullinan orebody as well as the ability of the mine’s plant to recover the full spectrum of diamonds,” Petra said.

The company, which appointed last month former gold miner Richard Duffy as chief executive, said that both stones would be included in its upcoming March tender.

Shares climbed as much as 10.5% after the announcement, closing at 21.2p in London on Friday.

Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, where the world’s biggest-ever diamond was found in 1905._Mining.com

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