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Zim man and a South African busted with gold worth R15 million

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Joacham Chivayo

South Africa’s Gauteng Hawks’ Serious Organised Crime Investigation team arrested two suspects identified as 33-year-old Joacham Chivayo and 20-year-old Ayanda Brian Gungwa, a South African citizen.

According to a Media Statement released by the South African Police Service, the two were arrested on-site and charged with illegal possession of gold under the Precious Metals Act, Act 37 of 2005.

The operation, meticulously planned and executed on Tuesday, 26 November 2024, at approximately 13:15, led to the apprehension of the suspects at Helderwyk Estate in Brakpan, South Africa. The individuals were caught attempting to sell six bars of unwrought gold, valued at around R15 million.

The case has been registered at Brakpan Police Station, and the suspects made their first court appearance on Wednesday, 27 November 2024. Currently, the two remain in custody as investigations continue to trace the origin of the gold and identify other possible suspects involved in the illegal trade.

Brigadier Paulina Sekgobela, Acting Provincial Head of the Hawks in Gauteng, praised the team for their exceptional efforts.

“The Gauteng Hawks remain steadfast in our commitment to uphold the law and protect our nation’s valuable resources. The diligence and coordination demonstrated by all team members in this operation are highly commendable,” said Brigadier Sekgobela.

Investigations are expected to shed more light on the network behind this illegal operation.

 

Murasta Donates and Commissions New Infrastructure at Dubungwani Primary School

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Johannes Sithole (Mrasta)
Johannes Sithole (Mrasta)

In an effort to promote education in marginalized communities, small-scale mining company Murasta Mining has invested over US$25,000 in a state-of-the-art administration block and a water facility at Dubungwani Primary School in Shanyathi District, Ward 8, Mining Zimbabwe reports.

By Rudairo Mapuranga

The donation, which includes furniture and a 3KVA solar power system, aims to uplift educational standards in this rural area and enhance the learning environment for both students and teachers. This initiative is expected to further improve the school’s pass rate, which rose from 0% to 29% in 2023, following over a decade without a recorded pass rate from 2012 to 2022.

Speaking at the commissioning ceremony, Murasta Mining’s Chief Financial Director, Mr. Chenjerai Makonese, emphasized the company’s commitment to bridging the gap between rural and urban schools.

“The main reason we invested here is to uplift our local communities, especially the rural ones, so that learners in rural schools have the same opportunities as those in urban areas,” said Makonese.

He expressed confidence that the school would achieve further progress, with an expected pass rate increase to between 60% and 75%.

In addition to the administration block, Murasta Mining has installed a borehole at the teachers’ hostels to provide clean and reliable water for staff. The company also plans to enhance living conditions by installing solar energy at the hostels in the near future.

Murasta Mining’s Managing Director, Mr Johane Sithole, highlighted the importance of supporting educators in remote areas.

“We saw it fit to construct the administration block and install a borehole at the teachers’ hostels. In the future, we also hope to power the hostels with solar energy to make the teachers more comfortable in this very remote area, where six teachers manage nine classes, from ECD A and B to Grade 7,” said Sithole. He added, “If you make a teacher happy, they will excel in their role.”

This investment is part of Murasta Mining’s broader corporate social responsibility strategy, aimed at reimagining mining to improve the lives of surrounding communities. By focusing on education, Murasta hopes to positively impact the region by reducing crime rates, lowering instances of child marriages, and increasing productivity through an educated and empowered population.

The infrastructure project at Dubungwani Primary School marks a significant milestone in Murasta Mining’s commitment to sustainable development, proving that even small-scale mining companies can play a transformative role in marginalized communities.

One year reflection Interview – AMMZ President Eng Abel Makura

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Abel Makura

It is been exactly one year since Engineer Abel Makura took over the reins of the technical arm of the Mining Industry of Zimbabwe.  We had a sit down as the President reflected on a year of milestones, challenges, and forward-thinking initiatives under his leadership.

He shared insights into the Association of Mine Managers of Zimbabwe (AMMZ)‘s efforts to revise mining regulations, foster regional collaborations, and uphold high standards through sustainable mining practices. Additionally, Eng. Makura addressed the importance of creating pathways for professional recognition of mining Engineers, ensuring continuous skills development, and embracing innovative technologies. This interview offers a comprehensive look at his vision for the future of mining in Zimbabwe and his message of gratitude to the industry for its support.

Q: Since taking over as AMMZ President, what have been your most significant achievements?

A: We’ve continued to grow our membership, welcoming new members, especially from the lithium sector. In the third quarter, we conducted a technical visit to Prospect Lithium, a milestone for us this year. We’ve also fostered collaborations with mining associations outside Zimbabwe, and this year’s conference will feature experts from across the region who will share insights with our members.

Additionally, we’ve made progress on revising mining regulations by working closely with the CGME’s office, and we’re optimistic about finalizing this process soon. We’ve reviewed our constitution with the Chamber of Mines’ legal team to align it with industry developments, ensuring that the association functions well and meets industry needs.

Throughout the year, we’ve prioritized knowledge sharing by visiting various operations each quarter. We’ve also received requests from support services in the Zimbabwe mining industry to tour their facilities, and we intend to visit more in the future to enhance industry learning.

Q: What challenges has the Association faced, and how have you overcome them to maintain progress in Zimbabwe’s mining sector?

A: A significant challenge has been establishing a pathway for mining engineers and technologists to gain professional registration in Zimbabwe. Mining engineers face hurdles in meeting the requirements to register with the Zimbabwe Institution of Engineers (ZIE), unlike other established engineering fields. Many end up registering with external bodies like ECSA and EA. We are working with the Chamber of Mines to gain registration as a constituent body under the Engineering Council of Zimbabwe, though we still need government support to make this a reality.

Q: How has the Association’s work influenced mining operations and set standards across Zimbabwe over the past year?

A: Through our annual audits and competitions, we encourage sustainable mining practices. This year, our audits identified areas where mines could improve operations. Mines that achieved milestones like IRMA certification and autonomous mining have set high standards, inspiring others to reach similar goals in ways relevant to their operations.

Q: Can you share a particular moment or milestone that felt especially significant for the Association this year?

A: One significant milestone was having a member mine go over 12 years without a loss of life, as well as being the first in Zimbabwe to achieve certification for responsible mining. Another highlight was being invited to lead discussions on innovation at the inaugural Digitalization in Mining Africa conference.

Q: How has AMMZ engaged with other regional or international mining associations, and what benefits have come from those collaborations?

A: We’ve started collaborations with AMMSA, aiming for cross-pollination of ideas to advance mining practices in both countries. Zimbabwe and South Africa share similarities in mining operations, but we also have key differences, creating a valuable platform for learning and mutual growth.

Q: What role has the Association played in addressing workforce issues, such as skills development and safety standards?

A: Within AMMZ, we have a working group called Technology, Academia, and Innovation. This group engages with academic and research institutions for career development and curriculum alignment to equip future mine managers. We also work with tech developers to ensure new technologies meet mining needs, contributing to safe and sustainable resource extraction for the benefit of Zimbabwe.

Q: In our last interview, you mentioned the Technology, Innovation & Academia working group exploring new technologies and assessing their impact on future mine managers. Where does this initiative currently stand?

A: There’s been significant progress, with several developments in Zimbabwe’s mining sector, including autonomous mining, blockchain usage, telemetry, productivity monitoring, ventilation on demand, and proximity detection systems. Many of these innovations are spearheaded by members of our working group, reflecting our advancement in this area.

Q: How has member feedback influenced the Association’s strategic direction, and are there ways for members to engage even more in the future?

A: Feedback is crucial for growth, and we value contributions from all stakeholders. We encourage members to share their insights through our social media and communication channels. Members are our ambassadors, and we welcome feedback from them as well.

Q: Lastly, what message would you like to share with the mining community as AMMZ celebrates its first anniversary under your presidency?

A: We are grateful for the support from the mining community, including miners, suppliers, and media houses. Their engagement at our events and on media platforms energizes us to improve every day. We are committed to promoting mining advancement in Zimbabwe and appreciate the trust they have placed in us to lead this journey. We pledge to serve them to the best of our abilities.

This article first appeared in EDITION 76 of Mining Zimbabwe Magazine

Gold buying prices per gram in Zimbabwe 28 November 2024

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gold buying Zimbabwe

These are the official gold buying prices per gram in Zimbabwe today 28 November 2024, from the official gold buyer and exporter Fidelity Gold Refinery (FGR).

SG 90% and ABOVE US$80.23/g
SG ABOVE 85% BUT BELOW 90% US$79.38g
SG ABOVE 80% BUT BELOW 85% US$78.53/g
SG ABOVE 75% BUT BELOW 80% US$77.68/g
SAMPLE BELOW 10g BUT ABOVE 5g US$76.41/g

Fire Assay CASH $80.65/g

NB: Fire Assay cash price is for gold above 100gs, no sample is deducted.
For the Fire Assay Transfer price, a sample of not more than 10g is deducted
A 2% royalty is charged on all deposits (Small-scale miners)
A 5% royalty is set for Primary Producers

Cash available. Fidelity Gold Refinery prices will be changing daily to match world market prices.

The AfCFTA: A Gateway to Growth for Zimbabwe’s Mining Sector

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African Continental Free Trade Area (AfCFTA)

The African Continental Free Trade Area (AfCFTA) offers a substantial opportunity to boost Zimbabwe’s mining sector. However, its success depends on effective policy enforcement, harmonized regulations, and the collective commitment of all stakeholders, according to a leading global business law firm.

By Ryan Chigoche

Research from the United Nations Economic Commission for Africa (UNECA) shows that the AfCFTA currently serves a market of 1.2 billion people, projected to grow to 2.5 billion by 2050, with a combined GDP of USD 2.5 trillion. UNECA estimates that intra-African trade could increase by 15% to 25% by 2040 due to the agreement.

For Zimbabwe, this presents a unique opportunity to enhance intra-African trade, drive economic growth, and promote sustainable development through its mining sector. With its vast geological resources, Zimbabwe enjoys a competitive edge in mining, positioning the country to benefit significantly from the AfCFTA. The agreement also aligns with Zimbabwe’s ambitious goal of generating USD 12 billion annually from its mining industry by 2030.

Zimbabwe’s Potential Under the AfCFTA

Tinashe Famba, a business attorney at DLA Piper Africa, highlighted the opportunities the AfCFTA brings to Zimbabwe’s mining sector.

“Zimbabwe has the second-largest platinum and chrome deposits and the fifth-largest lithium deposits in the world, making it an attractive investment destination. The dismantling of trade barriers through the AfCFTA will likely lead to increased investment in the mining sector. AfCFTA’s efforts to harmonize regulations offer a major opportunity for mining hubs like Zimbabwe by streamlining licensing and permitting processes, thus enhancing the ease of doing business,” said Famba.

He further emphasized, “The AfCFTA, with its unified set of rules, standards, and protocols designed to facilitate trade and investment, marks a significant step toward regional integration in Africa. For the mining industry, it encourages collaborative agreements among stakeholders to facilitate the trade of mineral resources. The agreement’s focus on intra-African trade and integrated supply chains is a considerable advantage for Zimbabwe.”

Moving Beyond Raw Material Extraction

To improve its competitiveness under the AfCFTA, Zimbabwe should adopt a cohesive national strategy for continental and regional integration. This includes refining trade facilitation processes, strengthening policies, and improving legal and regulatory frameworks.

One of the AfCFTA’s key goals is to promote industrialization across Africa, aligning with Zimbabwe’s long-term economic strategy. By opening markets and attracting manufacturing investment, the agreement could help Zimbabwe transition from exporting raw minerals, such as platinum, lithium, and chrome, to developing smelting and refining industries that produce higher-value products.

This process, known as beneficiation, would significantly increase the revenue generated from Zimbabwe’s mineral wealth while creating jobs in value-added industries. It would also help diversify Zimbabwe’s economy, which has historically relied heavily on agriculture and mineral exports.

AfCFTA’s focus on regional economic integration could facilitate the establishment of industrial clusters where raw materials are processed into finished goods. These clusters would not only benefit Zimbabwe but also its neighbours, creating a more integrated and competitive regional economy.

Streamlining Trade

The AfCFTA fosters deeper economic ties by simplifying customs procedures, reducing tariffs, and removing trade barriers. This will enable Zimbabwean mining companies to access regional markets more easily, boosting demand for Zimbabwe’s mining products and encouraging operational efficiency and innovation.

Historical trade agreements such as the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA), demonstrate the benefits of free trade. These agreements streamlined regulations and reduced tariffs on mineral exports, fostering trade and investment in the mining sectors of the U.S., Canada, and Mexico.

Zimbabwe’s Strategic Position

The AfCFTA is a powerful tool for economic transformation, and Zimbabwe is strategically positioned to capitalize on this new era of trade and regional integration. The country’s abundant mineral resources, combined with AfCFTA’s ability to unlock new markets, streamline regulations, and reduce trade barriers, create an unparalleled growth opportunity for the mining sector.

However, to fully realize the benefits of the AfCFTA, Zimbabwe must address challenges such as policy alignment, infrastructure development, and regulatory harmonization. By adopting a forward-thinking approach and collaborating with regional stakeholders, Zimbabwe can establish itself as a leading mining hub in Africa, attracting investment, driving industrialization, and contributing to sustainable economic growth locally and continent-wide.

Conclusion

The AfCFTA is more than a trade agreement; it is a pathway to economic transformation, industrialization, and regional cooperation. By embracing the opportunities it presents, Zimbabwe can position its mining sector for long-term success in African and global markets.

RioZim Retains Renco Management Despite Worker Petition for Removal

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RIOZIM
RIOZIM logo at Newlands offices Harare

RioZim has decided to retain the current management team at its Renco Mine despite a petition signed by 716 workers demanding their immediate dismissal.

By Ryan Chigoche

The petition, submitted on November 5, 2024, raised serious concerns about persistent salary delays, alleged financial mismanagement, and theft within the mine’s operations.

For over five years, workers at Renco Mine have voiced frustrations over management’s failure to pay salaries on time. Despite meeting production targets, employees have faced repeated delays in wage payments, leading to financial strain and declining morale.

In response, workers have staged several job actions, but their calls for timely and full compensation have gone largely unheeded.

Allegations of Mismanagement and Theft

Beyond the salary delays, the petition accuses management of severe financial misconduct. Workers allege that gold carbon has been removed from the mine for external processing without proper authorization and that funds meant for replacing boiler insulators were misappropriated. These allegations have further eroded the workforce’s confidence in the leadership.

The Zimbabwe Diamond and Allied Minerals Workers Union (ZIDAMWU) supported the workers’ grievances in a letter to RioZim’s CEO. The union urged the company to investigate the allegations, suspend implicated personnel, and address the workers’ concerns to restore trust and improve working conditions.

RioZim’s Response

Despite the petition and a strike that disrupted operations from October 9 to November 2, 2024, RioZim’s management has stood firm. In an internal memo obtained by Mining Zimbabwe, Group HR Manager Jasmine Njanike stated that the RioZim Board of Directors fully supports Renco Mine’s current management team.

“As you are aware, there were business disruptions at Renco Mine and ancillary activities due to the prolonged strike. We would like to reiterate that the Board of Directors and the Executive of the RioZim Group are in full support of the entire management team at Renco and the efforts they are making to resuscitate operations in a challenging environment,” Njanike stated. “For the avoidance of doubt, there is no intention to change Renco Mine’s management team. Therefore, the whole management team as it stands continues to have executive authority to direct and make decisions pertaining to Renco operations.”

In a separate memo, Njanike addressed the issue of wages for the strike period. She stated that the company would not pay workers for the days they were on strike, citing a recent labour court ruling that deemed the strike illegal. However, RioZim offered 50% of the salaries for the strike period as a goodwill gesture.

“The collective job action was declared illegal as per the recent labour court order. In that regard, the company is not obligated to pay salaries for the days employees were on strike, as per Section 12A(6)(a) of the Labour Act Chapter 25.01,” Njanike explained. “As a measure of goodwill, the company is willing to pay 50% of salaries for the illegal strike period as an extra gratuity consideration.”

Worker Dissatisfaction Persists

The decision to withhold full wages for the strike period has further angered workers, who are already grappling with delayed payments. The workers’ union has warned that if the issue remains unresolved, it will escalate the matter to Parliament, calling for government intervention.

A labour court has since ordered Renco Mineworkers to return to work, ruling their industrial action unlawful. However, tensions remain high, as over 1,200 workers had gone on strike on October 9 to demand payment of salaries outstanding since July.

The Road Ahead

As tensions persist, the future of Renco Mine’s management and operations remains uncertain. The resolution of these disputes will have significant implications for RioZim’s operations and its relationship with its workforce.

Diamond Prices Fall to Multi-Year Lows Amid Industry Disruptions: McKinsey & Co

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diamonds

After experiencing a surge during the pandemic, diamond prices have now plummeted to multi-year lows, signalling a significant shift in the market. A recent report from McKinsey & Co. attributes this downturn to several factors, including the rise of lab-grown diamonds (LGDs), increased consumer demand for ethical sourcing, and ongoing geopolitical tensions.

By Ryan Chigoche

During the COVID-19 pandemic, the diamond market saw unexpected price increases as postponed engagements and weddings drove a surge in demand. Constrained supply chains and consumer interest in luxury purchases, even during confinement, further inflated prices. However, as global supply chains stabilize and traditional purchasing cycles resume, diamond prices are now on a downward trajectory.

The Rise of Lab-Grown Diamonds

A key driver of this decline is the rapid rise of LGDs, which offer consumers a more affordable and ethically sourced alternative to natural diamonds. LGDs, indistinguishable from their mined counterparts, can cost up to 80% less, making them increasingly attractive to price-conscious and sustainability-minded consumers.

According to McKinsey & Co., LGDs have disrupted traditional diamond markets by undercutting prices and challenging long-established business models. For many consumers, LGDs also carry fewer ethical concerns, as they do not involve mining, which is often associated with environmental harm and human rights issues.

Ethical and Sustainable Sourcing

The growing demand for transparency and sustainability in the diamond industry is reshaping consumer preferences. Many buyers now prioritize ethical sourcing, seeking verifiable evidence of how and where diamonds are mined. Companies that adopt technologies like blockchain for traceability and secure third-party certifications are gaining a competitive edge.

Geopolitical Tensions and Market Pressures

Geopolitical tensions, particularly sanctions against Russia—a major supplier of rough diamonds—have further disrupted the global diamond supply chain. These sanctions have not only reduced the availability of Russian diamonds but also contributed to price volatility, intensifying pressure on natural diamond producers.

Zimbabwe, the world’s seventh-largest diamond producer, is also facing challenges. While the country’s diamond output increased by 15% in 2023, GlobalData projects a compound annual decline of 1.25% in production between 2023 and 2027. Exports from Zimbabwe rose by 13% in 2023, but they are expected to decline at a CAGR of 3.58% over the same period, adding uncertainty to global supply dynamics.

A Market at a Crossroads

The diamond market remains particularly vulnerable to shifts in consumer demand, given its business-to-consumer (B2C) nature. Inflationary pressures and changing buyer preferences have further strained the industry.

McKinsey & Co. notes that rough diamond prices, which peaked in early 2022, have since fallen sharply. This has impacted downstream players such as retailers and cutting centres, who now face high inventory costs and narrowing margins.

Adapting to a Changing Landscape

To stay competitive, natural diamond producers must innovate, prioritize sustainability, and embrace transparency. High-cost exclusivity is no longer sufficient in a market where affordability and ethical sourcing dominate consumer priorities. Adopting technologies like blockchain for traceability and committing to sustainable practices will be crucial for regaining consumer trust.

Meanwhile, LGD producers are scaling up production and leveraging their ethical and environmental advantages. With production costs continuing to fall, LGDs are positioned for sustained growth, particularly as consumers increasingly prioritize responsible luxury.

The Future of the Diamond Industry

According to McKinsey & Co., the diamond industry is at a pivotal moment. Companies that adapt to these changing dynamics by aligning their products with evolving consumer values and market trends will be best positioned for long-term success.

The industry’s future lies in providing sustainable luxury that resonates with today’s conscious consumers. While it remains uncertain whether the traditional diamond market will rebound or if LGDs will dominate, one thing is clear: innovation, transparency, and sustainability will define the next chapter of the diamond industry.

ZAWIMA Mobilizing Funds to Empower Women in Mining

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Kundai Chikonzo

The Zimbabwe Association of Women in Mining (ZAWIMA) is mobilizing resources to adequately fund its women-focused training programs, Chairperson Kundai Chikonzo told Mining Zimbabwe.

By Hazel Gara

ZAWIMA has been instrumental in increasing the participation of women in the mining sector. Its growth has contributed to job creation, particularly in rural areas, empowering women and granting them financial independence. Many women who were once reliant on their husbands for support now enjoy self-sufficiency.

Speaking to this publication, ZAWIMA Chairperson Kundai Chikonzo highlighted the organization’s commitment to empowering women and the impact it has made so far.

“We have support groups for women where they are taught about geology and health. We also offer training in business enterprise, literacy, taxation, and mining as a business. To achieve this, we need about US$60,000 to cover expenses across all mining provinces in Zimbabwe,” Chikonzo said.

She emphasized that ZAWIMA’s vision is “to enhance women’s participation and involvement in the mining sector” and stressed the need for additional funding to achieve this goal.

Training and Support Initiatives

ZAWIMA provides critical support for women in mining through training programs that build knowledge and skills in areas like geology, business management, and taxation.

Other organizations, such as the Mthandazo Women Miners’ Association, complement these efforts by offering legal training, expert guidance on responsible sourcing, and assistance with registering mining companies.

ZAWIMA, launched in October 2022, is a women-led association that brings together women miners from Zimbabwe’s eight mining provinces, including Bulawayo and Harare. It seeks to increase the representation of women in the mining industry and foster workplace diversity.

Challenges Facing Women in Mining

Despite progress, women in the mining sector continue to face significant challenges, particularly in accessing capital and obtaining the necessary licenses to operate.

Limited access to collateral and financial networks often leaves many female entrepreneurs in mining without the resources they need to grow and sustain their businesses.

Experts are calling for inclusive financing models, policy reforms, and capacity-building initiatives to address these challenges. Gender-responsive lending, targeted grants, and mentorship programs are seen as essential tools to help women in mining access the financial resources and networks necessary for success.

By mobilizing resources and advocating for systemic change, ZAWIMA and similar organizations are paving the way for greater inclusion and empowerment of women in Zimbabwe’s mining industry.

Platinum Deficit Narrows in 2024, but Market Outlook Remains Tight: WPIC

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world platinum investment council (WPIC)

The World Platinum Investment Council (WPIC) has revised its platinum market forecast for 2024, projecting a deficit of 682,000 ounces (koz), a decrease of 347 koz from earlier estimates.

By Ryan Chigoche

This updated deficit, representing about 9% of the anticipated annual platinum demand, reflects stronger-than-expected supply growth and a downward adjustment in demand forecasts.

Supply and Demand Overview

According to the WPIC’s Q3 2024 report, total platinum supply is expected to grow by 2% year-on-year, reaching 7,269 koz in 2024. This revision, up by 180 koz, is attributed to increased mine production in South Africa and Russia.

South African producers have benefited from the release of work-in-progress inventory, while Russian miners have exceeded expectations by completing maintenance faster than anticipated.

On the demand side, total platinum demand in 2024 is forecast to remain unchanged at 7,951 koz, consistent with 2023 levels. However, the demand outlook was revised down by 166 koz due to reduced ETF outflows (-85 koz) and weaker-than-expected automotive sales (-64 koz).

The decline in automotive demand is attributed to softer vehicle sales in Europe rather than a shift to electric vehicles. Due to fewer chemical plant commissions in China, industrial demand is also expected to drop by 1%.

In contrast, the jewellery sector is projected to see a 5% rise in platinum demand, driven by growth in most regions except China, where consumer spending remains sluggish.

2025 Outlook

Looking ahead, the WPIC predicts another market deficit in 2025, estimated at 539 koz, or 7% of total demand. Platinum supply is forecast to grow by just 1%, with mine production declining by 2% due to restructuring in South Africa and North America.

The closure of the Stillwater West mine in North America is expected to contribute to the reduction in mined supply. However, recycling is set to play a more prominent role, with recycled platinum supply projected to increase by 14% year-on-year, driven by higher scrap availability from end-of-life vehicles.

Demand in 2025 is forecast to decline slightly by 1%, with industrial demand anticipated to drop by 9% due to fewer new glass capacity start-ups. Conversely, automotive demand is expected to grow by 2%, supported by increased hybrid vehicle production and the ongoing substitution of palladium with platinum.

The jewellery market is forecast to experience continued growth, particularly in the US and India, alongside a modest recovery in China. Investment demand, however, is expected to slow due to weaker ETF purchases and reduced bar and coin buying.

Market Challenges and Implications

Despite the revised deficit for 2024, the platinum market remains under significant pressure from supply constraints and resilient demand across key sectors.

Over the three-year period from 2023 to 2025, the cumulative market deficit is expected to reach nearly 2 million ounces, further depleting above-ground stocks.

The WPIC’s report highlights the complexities facing the platinum market, including challenges in mine production, evolving demand patterns, and the critical role of recycling in offsetting supply shortages.

As global supply continues to lag behind demand, the platinum market is expected to remain in deficit through 2025. This persistent tightness is likely to support robust market fundamentals and influence platinum prices in the years ahead.

Pambili Secures Deal to Acquire Gold Claims in Gwanda

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Pambili Natural resources

Pambili Natural Resources Corporation has entered into a significant 12-month agreement with Long Strike Investments (Private) Limited to acquire 21 gold claims in Gwanda, Matabeleland South Province. The deal aligns with Pambili’s strategy to expand its footprint in Zimbabwe’s gold mining sector.

By Ryan Chigoche

In a statement, the Toronto Stock Exchange-listed mining group, which also owns Golden Valley Mine in Bulawayo, expressed enthusiasm about the venture. “Under the terms of the Option Agreement, Pambili has the right to acquire 21 gold claims, covering 173 hectares and including the previously producing London Wall and Jessie mines,” the company stated.

As part of the agreement, Long Strike Investments has applied for contiguous extensions to the claims, spanning an additional 547.8 hectares. “Once granted, these extensions will be included in the option,” Pambili added.

During the 12-month option period, Pambili will conduct due diligence and exploration on the claims. If the company opts to proceed with the acquisition, the total cost will be US$1 million, payable through a combination of cash and Pambili shares. The final transaction will be subject to approval by the Toronto Venture Exchange, with any issued shares subject to a four-month-and-one-day hold.

Additionally, Pambili has secured a “Right to Mine” agreement, enabling the company to begin production at the London Wall Mine. Initial operations will focus on processing tailings and sands before progressing to underground mining. Pambili aims to bring at least one of the acquired mines into production during the option period.

CEO’s Vision

Pambili’s CEO, Jon Harris, emphasized the strategic importance of the agreement. “This opportunity is a major step forward for Pambili. We are thrilled to establish a second mining hub, which has the potential to significantly contribute to our goal of becoming a leading gold producer in Zimbabwe,” Harris said.

He also highlighted the potential for near-term revenue from the London Wall mines. “The option to acquire the London Wall group of mines provides a significant source of near-term cash flow while allowing us the time to fully evaluate these claims before making a final acquisition decision.”

While historical production data for the mines has not been independently verified, Harris expressed optimism. “The historical data aligns with previous production records, and we’re excited to confirm the project’s potential firsthand,” he said.

Immediate Plans

Pambili’s immediate focus will be rehabilitating the leach tanks at London Wall to reprocess gold tailings and generate revenue. “Simultaneously, we will assess underground operations to determine the costs and scope of bringing the East Shaft back into production,” Harris explained. “Since the shaft was last operated less than two years ago, we believe it remains in good condition.”

A key element of the project involves installing a 20-tonne-per-day crushing and milling plant near the East Shaft, which Long Strike has already purchased. “Preparations for the plant’s installation are underway,” Harris confirmed.

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