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Newmont rejects $18B hostile bid by Barrick

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Newmont rejects $18B hostile bid by Barrick

Newmont Mining (NYSE:NEM) rejected Monday rival Barrick Gold’s (TSX:ABX)(NYSE:GOLD) all-stock $18 billion hostile takeover offer, but left the door slightly open by countering with the terms of a deal to merge their operations in Nevada, U.S.

Chief executive Gary Goldberg said Newmont’s board had concluded that its planned $10 billion takeover of Canada’s Goldcorp (TSX:G) (NYSE:GG) was the best deal for shareholders.

The offer rejection could consolidate the Colorado-based miner as the world’s biggest gold producer.

“The combination with Goldcorp is significantly more accretive to Newmont’s shareholders on all relevant metrics compared to Barrick’s proposal, even when factoring in Barrick’s own synergy estimates,” he said. “Realizing value through Barrick’s proposal for Newmont’s shareholders hinges entirely on a new management team that lacks global operating experience and is only two months into its own transformational integration.”

Under its agreement with Goldcorp, Newmont is not allowed to engage with Barrick on its takeover bid after the board has determined that it’s not a “superior proposal,” the miner added.

“Newmont’s latest proposal is essentially based on the stale and convoluted process that foundered previously,” Barrick new boss Mark Bristow said in a statement. “As usual, it comes with unrealistic preconditions including swapping the chairmanship and the leadership of the JV. Experience has shown us that JVs only work well when the majority owner is also the operator.”

The offer rejection, anticipated by analysts, could consolidate the Colorado-based miner as the world’s biggest gold producer, with Barrick grabbing the second place and Australia’s Newcrest Mining (ASX:NCM) the third.

Getting nasty

Newmont’s contra-proposal sees its Toronto-based rival holding a 55% interest in a Nevada joint venture, while Newmont-Goldcorp would have a 45% stake.

Barrick and Newmont have held merger talks every decade or so for almost thirty years, with the last one blowing at the 11th hour in 2014.

A combination of the two would have created the world’s No.1 gold miner with annual production of more than 10 million ounces. However, the Canadian firm has not offered a premium, telling shareholders they will benefit from the value created by merging the two companies.

Hostilities between the two companies have grown since Barrick’s approach last month. On top of the chief executives trading insults, Newmont has now released private communications between Barrick ‘s Bristow and Goldcorp chairman Ian Telfer in which he praises the Vancouver-based miner’s “strong portfolio” of assets in “world class districts”. Bristow has previously said that Goldcorp had only one top tier gold asset in its portfolio, which is operated by Barrick._Mining.com

Gold edges above five-week low

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Gold edges above five-week low

Gold prices inched up today, after recovering from a more than five-week low in the previous session, supported by a pause in global equities’ rally, while a firmer dollar curbed gains.

Spot gold was up 0.2 percent at $1,290.04 per ounce, as of 0654 GMT, after slipping to $1,280.70 in the previous session, its lowest since Jan. 25.

U.S. gold futures were up about 0.4 percent at $1,289.60 per ounce.

Asian stocks held their ground on Wednesday as Chinese equities rallied on stimulus hopes, although a resurgence in regional tensions capped broader gains.

“Gold is firming after the sharp fall as competing influences of the interest bearing assets are reversing. Bond yields have started to weaken gently, and while the dollar is going up, equities are seeing headwinds,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

“Gold in longer term is very much supported, partially due to shift in sentiments and global slowdown. In the shorter term, gold continues to show signs of bearish weakness and there is some room to go further south before it resumes its positive trend.”

The dollar index held near a two-week high hit in the previous session.

Markets were a bit cautious over the Sino-U.S. trade dispute and are awaiting developments in talks between the two major economies after a tit-for-tat tariff war, analysts said.

U.S. Secretary of State Mike Pompeo said President Donald Trump will reject any trade deal that is not perfect but that they will still keep working on an agreement rekindling concerns in the market.

While a series of robust data from the United States has strengthened the dollar, the Federal Reserve’s patience on policy is nowhere close to running out.

Markets will now look ahead to the European Central Bank’s monetary policy meeting on Thursday and U.S. non-farm payrolls data on Friday.

On the technical front, gold is expected to hover above a support at $1,283 per ounce, as it seems to be stabilising around this level, according to Reuters analyst Wang Tao.

However, gold continues to see downwards pressure from outflows in exchange traded funds and a firmer dollar, MKS PAMP Group said in a note.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 2.7 percent so far this year.

Among the other precious metals, palladium slipped 0.5 percent to $1,507.77 per ounce.

Spot silver gained 0.1 percent to $15.14 per ounce, after slipping to its lowest since Dec. 27 in the previous session, while platinum dipped 0.4 percent to $833.10 per ounce. _Reuters

Zim ranked second on worst mining policy

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Zim ranked second on worst mining policy

ZIMBABWE has the second worst attractive mining policies in Africa, ranking better than the Democratic Republic of Congo (DRC), a new report has shown.

According to Canada-based Fraser Institute’s 2018 edition of the annual survey of mining companies released last week, the southern African nation was ranked 76 out of 83 jurisdictions ahead of DRC which was 82 out of 83.

“Zimbabwe’s score and rank increased this year, moving it up from 89th (of 91) last year to 76th (of 83). Despite this increase, the country is still Africa’s second least attractive jurisdiction based on policy factors,” reads the report.

The study’s Policy Perception Index (PPI), which captures the opinions of managers and executives, looked into uncertainty concerning the administration, interpretation, enforcement of existing regulations. It also looked at environmental regulations, regulatory duplication and inconsistencies and taxation.

The 10 least attractive jurisdictions for investment based on the PPI rankings starting with the worst are Venezuela, Democratic Republic of Congo (DRC), Neuquen, Chubut, Philippines, Guatemala, La Rioja, Zimbabwe, Bolivia, and China.

In Africa, Botswana is again the highest ranked jurisdiction in Africa, polling 12th out of 83, with Namibia becoming the second most attractive jurisdiction, ranking 36th out of 83 in 2018.

The survey further focused on uncertainty concerning disputed land claims and protected areas, infrastructure; socio-economic agreements, political stability, labour issues, geological database and security.

Authorities in Harare are working on an overhaul of the country’s mining legislative framework, as the southern African nation tries to open up the sector to foreign investment and spur production to improve mineral earnings.

Mining generates more than half of Zimbabwe’s export receipts. Last year, it earned US$2,8 billion, but industry executives say it has the potential to earn more with increased transparency and investment. The local ownership law, which restricted foreign shareholding in mining houses to 49%, has since been amended and now only applies to companies mining platinum and diamond.

A separate report by the Zimbabwe Environmental Law Association also noted that the current mining legislation contributed to the country’s failure to leverage on its mineral resources to effectively contribute to economic development._NewsDay

Chinese company ordered to stop operations

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Chinese company ordered to stop operations

THE Environmental Management Agency (EMA) has ordered an Umguza-based Chinese brickmaking company to stop operations pending processing of its Environmental Impact Assessment (EIA) certificate.

Homestead Clay, also known as Zimbabwe and China Biocheng Brick Company, has been mining clay along the Harare Road in the Umguza District without an EIA certificate, thereby violating the country’s laws.

EIA is a process of evaluating the likely environmental impacts of a proposed project or development, taking into account inter-related socio-economic, cultural and human-health impacts, both beneficial and adverse.

EMA Matabeleland North provincial manager Chipo Mpofu-Zuze revealed that the company’s EIA certification papers were yet to be approved.

“The correct name which they submitted for an EIA is Homestead Clay. It could be having another name, but the documents they submitted to us indicate that they are called Homestead Clay,” Mpofu-Zuze said.

“They did prospectus and were told to do the full EIA. They did it and submitted it for processing. We are now processing it. Our team went there today (yesterday) and they have ordered them to stop operations,” she said.

Mpofu-Zuze said EMA was having challenges with companies that start operations without an EIA certificate.

“The challenge that we have is that people think that if they do that book (EIA) even before its approved they can start operations. This is what they (Chinese company) did, but they have been told to stop until their EIA certificate has been approved, if it’s going to be approved,” she said.

Southern Eye last week visited the site and was told that all documents including the EIA certificate were there.

Company official Takavada Mbondiah yesterday insisted that they had the EIA certificate, dismissing EMA’s claims that it halted the operations.

Mbondiah claimed that they got their EIA certificate two weeks ago._NewsDay

Gold steadies

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Gold steadies

Gold steadies today, but hovering near a five-week low touched in the previous session, as rising U.S. Treasury yields boosted the dollar.

Spot gold crept up 0.2 percent to $1,288.87 per ounce as of 0336 GMT, after slipping to $1,282.50 in the previous session, its lowest since Jan. 25.

U.S. gold futures were also up 0.2 percent at $1,290.20 per ounce.

The dollar, against a group of six major currencies, was trading close to its two-week high of 96.816 posted in the previous session.

The U.S. currency has enjoyed some support from higher U.S. Treasury yields as data, including fourth-quarter gross domestic product, eased fears of a potentially rapid loss in economic momentum.

“People are more comfortable in moving out of safe-haven assets and gold is coming under pressure from that,” said Jeffrey Halley, Senior Market Analyst at OANDA.

“A lot of money was parked in gold at the start of the year, waiting for clarity on tariffs. Now that we are seeing little bit of optimism on the tariffs that is sort of undermining pillars for buying gold,” Halley said, adding that if yields continued to rise, that would further pressure gold.

U.S. Secretary of State Mike Pompeo said on Monday he thought the United States and China were “on the cusp” of a deal to end their trade war.

However, a slight slip in the Asian equity market triggered by a cut in China’s economic growth target supported gold prices on Tuesday.

China cut its growth target for this year to 6.0 to 6.5 percent, in line with expectations, from around 6.5 percent last year.

“Concerning that global economic growth slowed down, while central banks turned more dovish on monetary policy, we are not being pessimistic about gold market,” gold dealer Wing Fung said in a research note.

Gold may fall to $1,271 per ounce, as it has broken a support at $1,289, according to Reuters analyst Wang Tao.

Tracking bullion prices, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.76 percent on Monday from Friday. Holdings have fallen over 2 percent so far this year

Among the other precious metals, palladium slipped 0.1 percent to $1,531.89 per ounce.

Spot silver gained 0.5 percent to $15.15, while platinum was 0.7 percent higher at $840.27 per ounce._Reuters

New granite cutting and polishing plant in Mutoko

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New granite cutting and polishing plant in Mutoko

Zimbabwe is set to have another mega-plant that will be producing tiles and other related granite
products, the Daily News reports.

This comes after Surewin Investment (Pvt) Ltd which was granted the Special Economic Zone status
last year is setting up a manufacturing plant for granite cutting and polishing in Mutoko.

The plant is set to attract foreign direct investment to the tune of USD$20 million with an estimated
revenue of USD$5 million per annum through both local and export sales of value added granite rock
products.Mutoko in Mashonaland East Province is commonly known for the black granite which is now popularly used to furnish and tile modern homes worldwide.

Zimbabwe Special Economic Zone Authority (Zimseza) chief executive officer Edwin Kondo stated
that the newly-approved investment is also expected to bring new technologies to the granite mining
sector. “The project will see thousands of direct and indirect jobs created and a huge number of the
jobs will be for the locals.

Twenty locals are expected to be trained on mine construction projects during the first year of
implementation,” Kondo said.

Zimseza is a statutory body set up in terms of the Special Economic Zones Act (Chapter 14:34)
mandated to designate, attract and administer Special Economic Zones in Zimbabwe.
While Zimbabwe’s “import over export” problem remains, the project is said to contribute greatly
towards introducing new technologies and skill, value addition and import substitution.

“Furthermore, the country and its human resource will benefit largely from the transfer of new granite
cutting and polishing technologies which will make our granite products competitive on the
international market thus increasing value to our natural resource,” Kondo added.

While the Mutoko people have bemoaned exploitation of resources as the community wallows in
poverty, Kondo said Surewin Investment (Pvt) Ltd has also undertaken the social responsibility
projects to assist the local community.

“The organisation promises to undertake the following projects in its continued support and assistance
to the local community construction of access roads, seasonal road maintenance, completion of
learning blocks at Manemba Primary and Nyakabau Primary School and upgrading of local school
facilities,” he said.

To date the authority has declared five special economic zones namely Masuwe stateland in Victoria
falls measuring 1 200 hectares, Fernhill in Mutare measuring 87 hectares, stand 518 Beitbridge and
its surroundings measuring 105 hectares, Imvumila industrial area in Bulawayo and the Belmont,
Kelvin, Donnnington corridor also in Bulawayo._Daily News

Caledonia cries foul over export incentive

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Caledonia cries foul over export incentive

AIM-listed mining group, Caledonia Mining Corporation, says its earnings per share will decline by approximately US$5,4 million after the Reserve Bank of Zimbabwe (RBZ) withdrew the export credit incentive scheme for gold producers.

The export incentive was introduced by the apex bank in 2016 under the bond note facility to encourage businesses to increase exports.

However, in his recent 2019 Monetary Policy Statement, RBZ Governor Dr John Mangudya announced the removal of the export incentive programme.

He said going forward the monetary authority was permitting inter-bank trading of currency held in the local banking system known as RTGS dollars and currency held in foreign currency accounts (FCA), which is capable of being used for payments outside Zimbabwe.

Responding to the issue, Caledonia said the policy shift by the central bank would negatively affect the company’s earnings per share, which if calculated on international financial reporting standards (IFRS), would decrease by $0,40 to $0,46.

“Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) announces that following the announcement of a revised monetary policy by the Reserve Bank of Zimbabwe, the export credit incentive programme for Zimbabwean gold producers will be withdrawn, it is estimated this will reduce Caledonia’s earnings per share (calculated on an IFRS basis) for 2019 and thereafter by approximately US$5,4 million or 40 to 46 United States cents per share,” Caledonia said.

The RBZ had operated an export incentive programme in terms of which Zimbabwean gold producers received a premium to the international gold price.

The premium was initially at a level of 2,5 percent of gold revenues, which was subsequently increased to 10 percent and more.

“At this stage it is unclear whether this policy will address increasing inflationary pressure in Zimbabwe by creating a transparent and efficient market exchange rate between RTGS dollars and dollars held in FCAs,” Caledonia said.

“The effect on Caledonia’s earnings per share for 2019 is calculated assuming a gold price of $1 300 for the remainder of the year, that Blanket (mine) achieves the production guidance for 2019 as announced on January 14, 2019 of between 53 000 and 56 000 ounces of gold and that there are no changes in Blanket’s operating costs.”

The miner said the export incentive revenues were received into the company’s RTGS bank account and were not eligible for remittance outside Zimbabwe with a specific allocation of foreign exchange by the RBZ.

Blanket Mine is Caledonia’s local operation located in Gwanda.

Last year Blanket Mine produced 54 512 ounces of gold in line with the miner’s projected annual target, which ranged between 54 000 and 56 000 ounces._The Chronicle

Women miners seek protection and support

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Women miners seek protection and support

WOMEN in the mining sector have appealed for increased Government support and protection as they are facing numerous challenges in the ‘male-dominated’ industry.

Speaking at a recent mining for sustainable development workshop in Bulawayo, female participants claimed that the mining sector was hostile to them as they were being bullied by their male counterparts.

Bubi Small Scale Miners Association coordinator, Mrs Nobuhle Ncube, said women were vulnerable in the mining sector hence they wanted protection and special claims designed for them.

“We are happy to be given this opportunity to present our grievances as women in the mining industry because we are viewed as inferior. We get claims but do not have enough resources to work on those mines,” she said.

Mrs Ncube explained that lack of proper mining equipment was a major setback for women miners who find it hard to optimise production and earn concrete profits.

“We get claims but we do not have enough resources like generators, compressors, pagers and fuel for our work to be productive and there are few people who do blasting,” said Mrs Ncube.

She said their challenges have been compounded by reduced foreign currency retention at 55 percent, as recently announced by the Central Bank in the Monetary Policy Statement, from the previous 70 percent. The women said they were being subjected to numerous clashes with males over mining claims as well as victimisation, which see them giving up at times.

She said some women have suffered violence and sexual harassment at the mines as they are being taken advantage of because most mining activities occur in the bushes, which are far away from homes and the police centres.

“I am a miner at Nyathi and we discovered that some women are victims of sexual harassment because our mines are far away from homes,” said Mrs Ncube.

Bulawayo MP, Jasmine Toffa, who also attended the meeting, said as Parliament they were going to look into the issues raised as the August House has the tools to help and protect women in the mining sector.

“Parliament has three roles, which is rule making, representation and aspiration according to Section 117. We have tools to help protect the mining sector and it is our responsibility to address people’s grievances,” she said.

Women miners have in the past called for more support in improving their operations. Zimbabwe Women in Mining and Mines Development Trust chairperson, Ms Blessing Hungwe, said: “We have no structures, there is nothing. That’s where I want to try and be a voice but there is no way you can help others without proper structures. There is nothing nationally for women in mining.

“There is nothing in the Ministry of Mines and there is nothing in the Women Affairs department that is holding”.

The workshop was facilitated by the Zimbabwe Environmental Law Association (ZELA) and Transparency International Zimbabwe (TIZ).

The Chronicle

Economic development rests in the mining industry

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Economic development rests in the mining industry

The economy of Zimbabwe which was previously believed to be dominated and sustained by the Agriculture sector is slowly becoming ignited by the mining sector despite the sector’s short fall in tax paying and value addition mechanics.

Rudairo Dickson Mapuranga

The mining industry which is rumored to have produced a revenue of over 3 billion USD have the aptitude and capability to transform Zimbabwe into the most thrilling economy on earth. Almost all minerals under the sun are largely available in Zimbabwe.

Zimbabwe is on a path towards development and revitalization of the socio-economic as well as political spheres in order to create a strong, vibrant and powerful nation on earth. The mining industry has all it takes to get
Zimbabwe towards an amazing investment destination.

How mining can transform Zimbabwe?

The mining sector for a record have been able to transform nations into powerful economic house of the world, for example the United States dollar rose into becoming one of the strongest currency on earth due to the fact that it was backed by gold.

The mining sector in Zimbabwe will not be transformed by the government but will rather will be transformed by mining players through their tireless working with the ground and as well negotiating with the government for clear and fair mining laws.

The mining industry has all it takes when it comes to industrial growth, maintenance and
development. Most industries operate under the grace of the mining sector, it is the will of the mining sector to establish a strong economy and the creation of industries in Zimbabwe. Many industries closed in Zimbabwe after the exodus fall of mining giants like the African Associated mines of Gaths mine, Mashaba and Shabani.
It is high time mining players create a formidable coalition for the growth of the sector, the mining sector needs to create at least one mine or mineral polishing plant or better a large factory once every year rather than waiting for government intervention, we have tested that, it usually will not work as anticipated.

In order to transform Zimbabwe the mining industry also need to start creating or emerging with the Agriculture sector for mutual relations backup and funding. After all the two sectors will in many ways work hand in glove. The two sectors are largely responsible for thecreation of industries that processes of raw materials into finished products. The mining sector in Zimbabwe due to the fact that it can fund handsomely the
agricultural industry, it is another way miners need to look so as to transform Zimbabwe.

Challenges that can be faced and possible solutions.

One writer once said that, “Politics is bad for business”. Politics in Zimbabwe have been accused to have single handedly destroyed the economy of Zimbabwe which was essentially the bread basket of Africa to a begging bowel. It is high time miners place a further distance from politics and focus on building the industry. Politics in Zimbabwe have become a parasite that weakens the mining sector.

The industry need to be directly independent from politics in order to become relevant when it comes to
economics delectation in Zimbabwe. Rivalries are good for business growth and expansion but without mutual
understanding and engagement, that competition becomes hostility and unproductive. Mining players need to set competition upon themselves, however, they should be working together in making the mining industry an attractive and look after sector.

What the mining industry instantly need to do?

The growth of the mining sector is sorely in the indicators of mining players themselves rather than any outside force. The mining industry should focus rapidly on creating mineral polishing plants in Zimbabwe like what platinum miners have done. The industry need to move from individualism to modern communalism if the country or the industry need to be ranked among the most noticeable industry in the world.

The future of the mining industry lays in mining players working together creating an industry that is well united in growth and development.

INTERVIEW: Veteran Chrome Miner Martin Chitohwa

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INTERVIEW: Veteran Chrome Miner Martin Chitohwa

The Stotle: Inside Mining Zimbabwe interviewer Rudairo Dickson (RD) met Martin Chitohwa (MC) a veteran in Chrome mining in Zimbabwe who is also a member of Zimbabwe Miners Federation (ZMF) and Miners Marketing Corporation Zimbabwe (MMCZ) chrome committee. To discuss on his journey as a chrome miners and what need to be done to restore Chrome mining to its former exaltation.

RD: Hello Martin! Welcome to The Stotle: Inside Mining Zimbabwe. Can you please introduce yourself, who you are, where you are coming from and what you want to achieve in the Mining industry?

MC: Hi how are you Rudairo? My name is Martin Chitohwa, I am currently a member of ZMF and MMCZ Chrome Committee. I am also a chrome miner and have been in chrome mining since 2006 when I joined my brother from overseas to embark on fruitful journey of tribute mining for Zimasco, Mutorashanga division. We were one of the largest producers in the north dyke producing an average of 3,500 tons a month from upwards of 5 mechanised shafts and adit mining. I will never forget my first time in a Zimbabwean shaft, it was very different from what i had experienced overseas in ultra-deep shafts which were high tech. I fell in love with chrome mining from there and then.

My brother pushed me to learn more about chrome mining from day one and i am now a Mine Blasting License (MBL) holder hoping to achieve my Full Blasting License (FBL) in the not so distance future. I joined my brother as the Finance and Admin Director then went on to be the Operations Director after a couple of years. I then branched off to start my own tribute with ZimAlloys in Mutorashanga as well were i run both operations concurrently. My passion for chrome mining grew fonder and managed to learn a lot through the years.

I have witnessed all the ups and downs in the industry, recession, Zimasco and ZimAlloys hard times after the recession. The best year of chrome mining was before the world recession when Zimasco was fully
supportive of its Tributors. All they wanted from us was the product (chrome ore). Everything from technical work, equipment to mechanise our shafts, all the other supplies were easily accessible. Zimasco used to buy us vehicles to
further enhance our operations. All the necessities were made available on time which rendered them (Zimasco)
dependable as an organisation.

Everything changed after the recession and Zimasco was never the same again. I have been a Tributor for Zimasco all these years and have been witnessing challenges in terms of doing business adding up. I dont see the chrome sector getting back to where it was before.

Since 2016 I have sunk more than US$60,000 of my own money trying to resuscitate shafts and develop new ones on Zimasco’s claims but all to no benefit. You might say why? Well, Zimasco stopped supporting our operations after the recession and it has been our responsibility as tributors to equip your own operation, Zimasco only providing explosives, fuel and few other necessities. My passion for the chrome sector saw me contributing to the uplift of the chrome ban in 2015 when i worked closely with Engineer Peter Mutsinya and his team for cause. Before and after the ban was lifted, I, with the backing of foreign investors have tried to engage Zimalloys and Zimasco to mine concentrates but all was to no fruition, they would rather engage chinese than their local tributor who has been with them since 2006. Up to now I am still troubled by that.

I would be glad to see a great change in how smelters (Zimasco, ZimAlloys, Afrochine) would enroll a new strategy as to how they can work with contractors (Tributors) in a win, win scenario. As it is we are struggling to make ends meet and even operate as semi mechanized tributors. Price at which they buy our chrome is not viable. Now Zimasco pays US$13/ton and $50/ton.

I believe our ministry can do something to save us. If tributors for smelters get back to commendable production, more and more chrome ore will not leave Zimbabwe as raw since smelters will be fired up which in turn mean more forex for the country.

I was once employed by Meikles when they tried to venture into mining in 2013-2015 as their Operations Manager with the aim to support personal chrome claim holders along the dyke so that they would mine under our guidance and sale the product to us. As a team we had come up with a plan that would actually help a lot of locals to make a living out of their chrome claims. I can go on and on Rudairo, I am just an unhappy chrome miner who is seeing his passion and knowledge of the industry not being utilized. There is a lot of doors that can be opened in this sector and we can see it flourishing.

RD: Can you please tell us how you feel to be the first person interviewed on The Stotle: Inside Mining Zimbabwe.

MC: Ecstatic, you know the feeling when you have been holding on to something for long and you have been waiting for the right time to express it? I forsee this
platform helping us and future chrome miners getting their grievances heard. It has been long time coming. We tributors and personal claim holders really need help and I can be of much assistance to that effect in terms of strategy. Let see how it pans out from here on.

RD: Inside Mining Zimbabwe would want to call you one of the pioneers of chrome mining in Zimbabwe considering the situation back then, can you highlight the challenges you encounter as a beginner in the industry?

MC: Back then challenges were much less as i stated previously. The only
challenge was to get your foot in the door but whilst you enter, all was much easier. Thats one of the reasons why my interests were escalated in the industry. More and more challenges are coming out now and it seems our government never availed funds they said were allocated to support local chrome miners back in 2015 when the ban was uplifted. I know gold is a strategic mineral so is chrome. Why is it that there is little to no support for local chrome producers? Smelters will continue to reign and us, we continue to suffer.

RD: How did you overcame those challenges?

MC: Fun enough, back in the day Zimasco used to assist independent claim holders with technical help, equipment and explosives. So, challenges we need to overcome are today’s challenges and the question is how if access to
funding is a tall order.
RD: Can you safely say you overcame all the challenges faced by beginners in chrome mining in Zimbabwe?

MC: Like i said earlier, challenges we minimal back then, all you were required to have is the capability to mine.
Beginners of recent times are the ones who have quite a mountain to climb. We have tried to form associations to help the cause but all was in vain. From time to time we try to seek assistance from ZMF to liaise with the smelters but it never works.

RD: Are the challenges you faced back then still affecting Chrome miners?
MC: I think a lot of people who are trying to get into this sector they have no clue of what the industry was like back then so they have nothing to compare with. It will never work for most for them unless there is some awareness campaign of some sort. What we need is to address current challenges and we work a way forward. We seasoned miners we then help with our experiences to bring about a workable solution.

RD: How can these challenges be curbed for our future mining generation?

MC: Next generation has to embrace and prepare themselves for the challenges they will now and in the future. Without capitalization of the sector I do not see light at the end of the tunnel. This product needs to mined and beneficiated locally. That way, local smelters will be forced to buy ores and competitive prices.

RD: For today we can end it here, thank you Martin for this wonderful insight.

MC: Thank you for the platform Rudairo.

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