Latest News Updates

ZIMBABWE recorded a 30 percent jump in gold deliveries in May to about two tonnes compared to 1.5 tonnes in April, data from Fidelity Printers and Refiners show.

Latest statistics from Fidelity Printers, the sole gold buyer since 2015, show that in May primary producers and small-scale miners had a combined delivery of 1 920.3 kilogrammes, the highest monthly output so far this year.

Of that figure, deliveries by primary producers were at 1 045.3 kg while small-scale miners delivered 875.9 kg.

In January, primary producers and small-scale miners had a combined total of 1 636.5 kg, while in February deliveries declined to 1 454.9 kg.

In March gold deliveries to Fidelity rose to 1 545.4 kg before receding to 1 489.3 kg in April.

The miners, in the first quarter of the year produced a combined total of 4 636.8 kg while statistics from the country’s sole gold buyer show that 3 409.7 kg have so far been delivered in the second quarter.

  • - chronicle
  • The 127 former Anjin Investments (Pvt) Ltd employees, owed more than $407 442 in terminal benefits following the seizure of all diamond mines in Chiadzwa by the government last year, will have to wait longer for the payment of their gratuities after their application was last week removed from the roll at the High Court pending the mine’s Constitutional Court (ConCourt) challenge against the State.

    The employees had filed an urgent application seeking to compel Anjin Investments to fulfil the terms of the mutual termination agreement, arguing the mine was no longer going to resume operations in Chiadzwa since its High Court application seeking to be allowed to continue diamond mining had been dismissed.

  • - newsday
  • Government will now fully consolidate the diamond mining sector after resolving all legal issues with Chinese companies which were mining in the Chiadzwa area and agreeing to a compensation figure with Russian company Development Trust of Zimbabwe-Econendra of Russia (DTZ-OZGEO).

    Mines and Mining Development Minister Walter Chidhakwa told journalists on the sidelines of the Kimberly Process Intercessional meetings which started in Perth, Western Australia on Monday that all legal issues around the consolidation of the diamond mining sector particularly with the Chinese companies have been settled.

    The diamond mining firms which operated at Chiadzwa for many years did not benefit the country and at one time, President Mugabe bemoaned the prejudice of $15 billion in revenue the country suffered.

    Consequently, Government merged diamond mining companies previously operating in Chiadzwa and Marange into ZCDC as the State moved in to ensure accountability. This triggered some court actions as some miners resisted eviction arguing the move was unlawful.

  • - chronicle
  • Government has suspended duty on imported fertiliser and ammonia gas to ensure adequate supplies of the commodities for the next cropping season. The announcement was made by Finance and Economic Development Minister Patrick Chinamasa in an Extraordinary Government Gazette published on Friday.

    In terms of the notice, Statutory Instrument 55 of 2017, Minister Chinamasa said suspension of duty on fertiliser would apply to 5 300 tonnes of urea and 4 700 tonnes of ammonium nitrate until December 31 2017.

    In the same gazette, he said 82 000 tonnes of ammonia gas imported by Sable Chemical Industries would be free of duty until December 2018.

    “It is hereby notified that the Minister of Finance and Economic Development has in terms of Section 235 of the Customs and Excise Act (Chapter 23:02), made the following regulations: These regulations may be cited as the Customs and Excise (Suspension) (Amendment) Regulations, 2017 (No. 168).

    “The Customs and Excise (Suspension) Regulations, 2003, published in Statutory Instrument 257 of 2003, are amended by the insertion of the following section after Section 9(Y).

    “With effect from February 14 2017 and until December 31 2018, duty on ammonia gas of tariff code 2814.1000 imported by Sable Chemical Industries Limited is wholly suspended,” read the gazette.

  • - herald
  • ZIMBABWE has lost US$144 billion in potential revenue from the mining sector since 2009, largely due to a plethora of problems, among them a power supply crisis, punitive tax regime and investor fatigue caused by unfriendly laws, the Financial Gazette can report.

    Volatile commodity prices are also said to have played a part in the sector’s failure to recognise its full potential, according to figures from the Chamber of Mines of Zimbabwe (CoMZ).

    The CoMZ data revealed that the country’s 800 mines had capacity to earn US$18 billion per annum, but are currently only turning out about US$2 billion annually since 2009 when the country dollarised its economy to escape a hyperinflationary crisis. This represents about a tenth of the sector’s full potential and translates to a loss of potential revenue amounting to US$16 billion annually, or US$144 billion since 2009.

    The mining sector, considered by government to be one of four sectors supporting economic recovery, are currently facing problems in the payment of foreign suppliers of critical materials that have reportedly hampered production. This is despite the fact that mining is currently the single largest foreign currency earner in the country.

  • - financialgazette
  • THE Government will not compensate foreign firms for mining claims repossessed towards empowering indigenous Zimbabweans, a Cabinet Minister has said.

    Mines and Mining Development Minister, Walter Chidhakwa, told delegates in Bulawayo during the launch of the $50 million fund to support industry and mines yesterday that mineral rights were vested in the State, which has the right to distribute wealth to its citizens.

    The minister said there were lots of misconceptions that Government was seizing mining claims from foreign companies and that affected firms should be compensated. The concerns come on the back of consolidation of the diamond mining sector and the surrender of chrome mining claims by Zimasco and Zim-Alloys.

    “There is a misconception that concessions which belong to companies are being taken from them. The Mines and Minerals Act in its first clause starts by saying the mineral resources of Zimbabwe vest in the State. The second clause says what investors get is a limited right to exploit the minerals, which may or may not be withdrawn and so the circumstances around, which mineral rights can be withdrawn are more to do with national good,” said Minister Chidhakwa.

  • - chronicle
  • A MINER died while two others were hospitalised with some injuries after a tunnel collapsed on them at Turk Mine in Bubi District, 56km north of Bulawayo.

    Innocent Moyo of Mahlabathini Village, under Chief Mtshane in Inyathi died on the spot while Sidingukwazi Ncube (43) and Teramai Muchipisi (24), were hospitalised at Inyathi District Hospital.

    Matabeleland North police spokesperson Inspector Siphiwe Makonese said the accident at one of the country’s biggest gold mines occurred on Monday afternoon.

    “I can confirm the death of a miner at the mine in Bubi District. Three men were working in a tunnel which is about 510 metres deep which collapsed killing Innocent Moyo. One of them was drilling when the roof collapsed, completely covering the now deceased and he died on the spot.  The other two sustained minor injuries and their conditions are stable,” she said.

  • - chronicle
  • POLICE have been called to restore order at the recently re-opened Sabi Gold Mine in Zvishavane as artisanal gold miners (amakorokoza), who had thrived on the 24-month-long closure of the mine, have refused to leave.

    Reports of armed clashes between mine security personnel and the artisanal miners are said to be continuing, with indications that casualties from both parties have been recorded.

    Zimbabwe Mining Development Corporation (ZMDC)-owned gold producer, Sabi Gold Mine, resumed operations last month after two years and expects to produce about 25kg of gold this month.

    However, the mine may fail to meet the target due to the Amakorokoza menace. Mines and Mining Development deputy minister Cde Fred Moyo confirmed the development.

    Sources at the mine said the artisanal miners were allegedly throwing explosives at security details from the mine with the latter retaliating with gunfire in mining shafts.

    “The police are now doing constant checks at this mine which got about $13million injection from the government and a private partner,” said the source.

  • - chronicle
  • More than US$15 million could have been siphoned from gold miner Freda Rebecca (formerly Mwana Africa) through a series of underhand dealings by its new owners, insiders have alleged. Freda Rebecca is a unit of Asa Resources. At the centre of the allegations is Mr Yat Hoi Ning, who was board chair at Freda Rebecca until last week when he was booted out following The Sunday Mail’s exposé of alleged shipments of gold ore from the mine to China.

    Mr Yat is also shareholder in his personal capacity as well as through China International Mining Group Corporation.
    CIMGC bought 16,2 percent of Mwana Africa in April 2012, and Mr Yat holds 7,6 percent of the mining concern.
    The Sunday Mail Business reported on April 16 that the businessman centralised control of Freda Rebecca through expatriate employees Mr Chui Kwan (group finance director), Mr Edmund Zhang (commercial manager) and Mr Roy Shum (finance manager).
    It is alleged that Mr Yat, through his proxies, dictated “all payment processes, staff appointments and policy reviews and any other activities at the mine”.

    This, sources say, enabled him to both siphon money and smuggle gold. Asa Resources on Wednesday said it had fired Mr Yat and Mr Chui over the scandal, particularly for US$4,3 million that is missing from Freda Rebecca accounts.
    But sources say the prejudice is higher than US$4,3 million.

  • - sundaymail
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