Jump to content
Sign in to follow this  
vssmnn

Sad Zimbabwe Mining

Recommended Posts

Zimbabwe Mining Report Q3 2008

http://www.live-pr.com/en/zimbabwe-mining-...r1048237109.htm

 

Mwana Africa shuts its Zimbabwe nickel mines :angry:

Wed Nov 26

http://www.reuters.com/article/rbssIndustr...Q15427420081126

 

Been watching these most of this year and waiting, and waiting and waiting. Seems to me they are prime to trade any Mugabe demise bounce, even ended a long downtrend recently.

 

Still watching and waiting, but sadly for those suffering, the wait continues. Will be my play on any changes though.

Share this post


Link to post
Share on other sites
Been watching these most of this year and waiting, and waiting and waiting. Seems to me they are prime to trade any Mugabe demise bounce, even ended a long downtrend recently.

 

Still watching and waiting, but sadly for those suffering, the wait continues. Will be my play on any changes though.

I have sold my MWA shares for 0,75 on the LSE ... buahhhh ....subsea now :rolleyes:

Share this post


Link to post
Share on other sites

HARARE, Feb 2 (Reuters) - Zimbabwe's central bank announced on Monday it would allow gold producers to sell their own bullion, after output slumped in 2008 by more than 50 percent in 2008. Reserve Bank of Zimbabwe Governor Gideon Gono said in his monetary policy statement that gold production fell to a record low of 3,072 kg last year from 6,798 kg in 2007, mainly due to rising production costs, frequent power cuts and equipment shortage. Gono said in order to reverse the unprecedented decline in gold production, the central bank would allow miners to retain 92.5 percent of their gold earnings, up from the previous 40 percent. The remainder would be sold to the central bank at a market-determined exchange rate. "Gold producers shall make arrangements to market and ship gold to wherever they so wish," Gono said.

 

http://www.cnbc.com/id/28976258

 

Maybe time to watch a little closer with the move to power share once again going forward. Could provide a spurt even for the likes of MWA ;)

Share this post


Link to post
Share on other sites
HARARE, Feb 2 (Reuters) - Zimbabwe's central bank announced on Monday it would allow gold producers to sell their own bullion, after output slumped in 2008 by more than 50 percent in 2008. Reserve Bank of Zimbabwe Governor Gideon Gono said in his monetary policy statement that gold production fell to a record low of 3,072 kg last year from 6,798 kg in 2007, mainly due to rising production costs, frequent power cuts and equipment shortage. Gono said in order to reverse the unprecedented decline in gold production, the central bank would allow miners to retain 92.5 percent of their gold earnings, up from the previous 40 percent. The remainder would be sold to the central bank at a market-determined exchange rate. "Gold producers shall make arrangements to market and ship gold to wherever they so wish," Gono said.

 

http://www.cnbc.com/id/28976258

 

Maybe time to watch a little closer with the move to power share once again going forward. Could provide a spurt even for the likes of MWA ;)

 

I was invested in MWA from 0.35 - around 0.75...what a luck

Belive in MWA, but at the moment they have very difficult circumstances in Zim and in the DRC.

 

 

 

Share this post


Link to post
Share on other sites
Belive in MWA, but at the moment they have very difficult circumstances in Zim and in the DRC.

 

Agree with you and still watching from sidelines, but i wonder any REAL moves to change the political climate and ultimately benefit Zim miners, might make a difference.

 

Do you know any other plays than the big boys such as RIO Conrad?

 

Share this post


Link to post
Share on other sites
Do you know any other plays than the big boys such as RIO Conrad?

 

 

No, not at the moment.

This will need some work/research for a table like the congoclub-overview on my homepage http://www.dyor.de/congoclub-main.html

In consequence of a possible economical and political rebound ... at first I expect a mining-reviewing-phase like in the DRC.... horrible for shareholder

 

................................

 

Industry Reforms Proposed for the Zimbabwe Diamond Mining Industry

02.02.09, 11:07 / Mining

Mining Weekly reports that Zimbabwe’s central bank is proposing the introduction of sweeping reforms to the country’s mining sector. If implemented, the changes will leave the Zimbabwe Mining Development Corporation the sole explorer and discoverer of minerals. The reforms call for a strict monitoring of the production, refining and valuing of precious metals and a ban on the export of unprocessed minerals such as gold, diamonds and platinum group metals.

 

The Governor of the Reserve Bank of Zimbabwe Gideon Gono submitted the proposals as a part of recommendations for a total reform of the ailing Zimbabwe economy. The plan pins hopes of economic revival on the full exploitation of all known mineral reserves in the country.

 

The reforms call for the establishment of a government agency that will supervise the production, refining and valuing of gold, diamonds, platinum group metals and emeralds.

 

Gono proposes a ‘Randisation’ of the economy through the adoption of the South Africa rand as well as establishing a special team to operationalize diamond mining at the Chiazdwa fields ‘well in time for the adoption of the rand.’

 

Mining Weekly quotes one economist as saying: “It is not practical to say diamond exports will revive, if backed by only a few minerals whose production at present is either depressed or totally stagnated. The RBZ cannot hope with sincerity that diamond revenues, which were a mere US$32 million for the whole of last year, will rise to US$1.2 billion per month.”

 

He added that the policy requiring mining companies to "use or lose" deposits, even at sites where operations have been suspended because they are no longer viable and forcing the ZMDC into a leading role in the mining industry indicates a total absence of the way the diamond mining industry operates.

http://www.israelidiamond.co.il/english/Ne...&objid=4613

Share this post


Link to post
Share on other sites
Agree with you and still watching from sidelines, but i wonder any REAL moves to change the political climate and ultimately benefit Zim miners, might make a difference.

 

Do you know any other plays than the big boys such as RIO Conrad?

 

header.jpg

http://www.newdawnmining.com/s/NewsRelease...ced-in-Zimbabwe

 

 

..................

 

 

Significant Monetary Policy Changes Announced in Zimbabwe

2/5/2009 10:06 AM - Canada NewsWire

 

TORONTO, Feb. 5, 2009 (Canada NewsWire via COMTEX News Network) --

 

New Dawn Mining Corp. (TSX:ND) ("New Dawn" or the "Company") commented on the recent Monetary Policy Statement ("MPS") released by the Governor of the Reserve Bank of Zimbabwe ("RBZ") and the encouraging impact that the new policy statement potentially has to New Dawn's mining operations in Zimbabwe.

 

In general, the proposed changes detailed in the new MPS are far reaching and are expected to have a significant and positive impact on New Dawn's ability to potentially resume its Zimbabwe gold mining operations in the near term.

 

Among other changes, the new MPS contemplates specific improvements for gold producers that are designed to counter the factors that contributed to the Zimbabwe gold sector decline over the last 18 months. These factors also forced the Company to suspend gold production at its Turk Mine and place it on temporary "care and maintenance" effective October 3, 2008.

 

One of the most significant changes in the new MPS is that gold producers will, after receipt of a Gold Export Permit, be in control of their gold sales; gold companies will be able to produce and sell gold and be reasonably assured that they will be paid for their bullion within normal trade terms, as such gold production may be marketed outside of the control of the RBZ.

 

Additionally, under the new MPS, gold producers will now retain 92.5% of their sales in foreign exchange (up from 85%). These funds may be held indefinitely, as compared to the previous requirement to convert any remaining foreign exchange to local Zimbabwe currency within thirty days of receipt.

 

The ability to freely market gold production, will also allow gold producers access to certain financial instruments such as gold loans that would then be collaterised by their own physical gold inventory, thus making access to operating capital and new project financing significantly easier.

 

Under the new MPS, all current outstanding receivables owed to gold producers, such as New Dawn, will be converted into a "Special Tradable Gold-Back Foreign Exchange Bond", which will have a term of 12 months and will pay interest at 8% per annum upon maturity. The interest owed is to be accrued from the time that the money has been outstanding. The RBZ has stated that it will honor the full principal plus interest on maturity. When implemented, New Dawn expects to receive the new bond in the approximate amount of $2,389,970, representing the balance of monies currently owed by the RBZ to New Dawn.

 

Furthermore, the RBZ has laid out certain measures to significantly de-regulate Zimbabwe's exchange control policies. These measures include the ability of gold producers to pay for goods and services offshore, as well as all genuine external debts, dividends, etc without prior Exchange Control approval. This step is expected to make the flow of operational capital more efficient, and allow for the unfettered transfer of operational proceeds.

 

As a result of the items discussed above, management has commenced a review of the proposals contained in the new MPS in order to assess the likely impact on the operating environment in Zimbabwe, with a mind to determining the feasibility of resuming mining operations at the Turk/Angelus Mines and processing facility in the near term.

 

About New Dawn ...

 

The Company is engaged in the production of gold and related activities, including exploration, development, mining and processing in the Southern African Development Community ("SADC"). The Company's principal assets are: the producing, but currently on care and maintenance, Turk Mine in Zimbabwe; the advanced exploration project Angelus Mine in Zimbabwe; and the advanced exploration project Blue Dot Property in South Africa. The Company has 2 production facilities; one in Zimbabwe that is currently capable of processing up to 400 tonnes per day or 12,000 tonnes per month, and a facility in South Africa that is rated at 180 tonnes per day or 5,500 tonnes per month. New Dawn also maintains a highly experienced work force of over 900 people in Zimbabwe and South Africa. The Company has additional assets that form a portfolio of exploration properties, and include the Consolidated Bubi Gold Fields, consolidated Midlands Gold Fields and consolidated Shurugwi Gold Fields properties, all of which are located in Zimbabwe.

 

New Dawn has a significant resource base (including inferred) that is in excess of 1.328 million ounces of gold at a grade between 4 and 5 g/ton at a 2.45 g/t cut-off grade based on US$875/oz gold, all NI 43-101 compliant. With the goal of becoming a meaningful gold producer in the region, New Dawn is well-established in southern Africa, owning both mines and processing facilities, as well as substantial developmental acreage in Zimbabwe.

 

The contents of this news release, were supervised and reviewed by Ian R. Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.

 

The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

 

Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to reserve and resource estimates, gold prices, exploration, development and operating risks, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" in the Company's Annual Information Form dated December 22, 2008. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this news release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, unless required by applicable law or regulation.

 

SOURCE: New Dawn Mining Corp.

 

Mr. Ian R Saunders, President & CEO, New Dawn Mining Corp., Email - isaunders@newdawnmining.com; INVESTOR RLEATIONS CONTACT: Richard Buzbuzian, Investor Relations, New Dawn Mining Corp., 116 Simcoe Street, Suite 301, Toronto, Ontario, Canada, M5H 4E2, Tel - (416) 585-7890, Email - rbuzbuzian@newdawnmining.com

Copyright © 2009 CNW Group. All rights reserved.

Share this post


Link to post
Share on other sites

New Dawn's Turk Mine Moves from Care and Maintenance to Mine Development

 

TORONTO, Feb. 26 /CNW/ - New Dawn Mining Corp. (TSX: ND) announced that its 100% owned Turk Mine in Zimbabwe is moving from care and maintenance to active mine development. The decision by management is a result of the recent positive changes to the Monetary Policy in Zimbabwe made by the Reserve Bank of Zimbabwe, whereby gold producers can both market and sell their gold directly and that they are able to retain 92.5% of their gold sales in foreign exchange (see previous Company press release dated February 5, 2009).

 

New Dawn has recently completed a detailed review of its operations in Zimbabwe in terms of manpower, skills, safety, mechanical status and consumable availability. Management has determined that the proposed working areas have now been reviewed, and that they are safe, supported and operational. Drill, blast and hoisting machinery have all been checked and are operational. The Company has sufficient crews totaling approximately 550 experienced workers available to commence mine development to hoist and mill mineralized development ore. New Dawn targets hiring an additional 10 to 15 jack hammer crews from the local district over the next 6 to 12 weeks in order to accelerate further development work.

Share this post


Link to post
Share on other sites

 

How Zimbabwe slew the dragon of hyperinflation

Globe and Mail - ‎6 hours ago‎

Toronto-based Caledonia Mining Corp., which suspended production at its Blanket gold mine in Zimbabwe last October, is considering a reopening of the mine ...

http://business.theglobeandmail.com/servle...y/Business/home

 

http://www.caledoniamining.com/

 

CALEDONIA MINING CORPORATION

GOLD - Zimbabwe

 

Blanket Mine

Background

Located in the southwestern end of Zimbabwe, Blanket Mine is a wholly Caledonia owned and operated property having been acquired from Kinross Gold Corporation in June 2006. The mine is 560 kms from Harare, the capital city and 150 kms from Bulawayo, the country’s second largest city. Gwanda town, the provincial capital of Matabeleland South, the province in which Blanket Mine is located, is 16 kms from the mine.

Share this post


Link to post
Share on other sites

Mwana to reopen Zimbabwe mine

http://www.growthbusiness.co.uk/news/small...abwe-mine.thtml

 

Mining and exploration company Mwana Africa intends to reopen Zimbabwe’s Freda Rebecca gold mine.

 

Freda Rebecca, once owned by Cluff Resources, produced 98,000 oz of gold in 2002, but output then declined as a result of pricing and operating difficulties amid the economic chaos of the Mugabe regime. AIM-quoted Mwana, chaired by old Africa hand Oliver Baring and steered by chief executive officer Kalaa Mpinga, bought the mine in 2005, but had to put it on a care and maintenance basis the following year.

 

The company has meanwhile spent £5 million on Freda Rebecca, on items such as drilling equipment, crushers, mill circuit and leach tanks and electric systems. Now, with a new coalition administration in Harare, the Reserve Bank of Zimbabwe has revised the country’s rules for gold exporting, allowing companies to obtain prices related to the world market gold price and to operate foreign currency accounts.

 

This, coupled with gold’s recent strength, has enhanced the mine’s economic potential, argues Mwana. The company, which is committed to selling a 15 per cent stake in the mine to local interests, says it will need to spend another £4.3 million on Freda Rebecca and is looking into the availability of external debt financing.

 

Zimbabwe needs the foreign currency and employment that a working gold mine can bring. Mwana, also interested in nickel and copper projects in the Congo, reckons ‘now is a good time to be increasing its emphasis on gold’, says Mpinga.

 

Floated at 50p 14 years ago, Mwana shares collapsed from 83.5p in 2007 to 2.5p last October. They have bounced to 4p, valuing the company at £16.3 million, and offer decidedly speculative recovery possibilities.

Share this post


Link to post
Share on other sites

 

New Dawn's Turk Mine Exports First Two Gold Bars to South Africa

TORONTO, April 6 /CNW/ - New Dawn Mining Corp. (TSX: ND) announced that it has delivered its first two bars of fine gold, totaling 20 kg's (645 ounces) from its 100% wholly-owned Turk Mine in Zimbabwe to Rand Refiners in South Africa, under the process set up by the Chamber of Mines of Zimbabwe within the Gold Trade Act of Zimbabwe. Payment for such shipment will be in U.S. dollars. The transaction marks a turning point for New Dawn's gold mining and production operations in Zimbabwe and follows the recent, positive changes presented in the Monetary Policy Statement issued by the Reserve Bank of Zimbabwe in January 2009 that permit gold producers to both market and sell their gold directly and receive and keep 100% in foreign currency (U.S. dollars) as payment.

 

New Dawn anticipates that it will be shipping an additional 20 to 25 kg's (645 to 805 ounces) of fine gold to Rand Refiners in South Africa for payment in U.S. Dollars during April 2009.

 

Following on the Reserve Bank's announcement of these changes in monetary policy, New Dawn implemented the necessary steps to have its gold marketed under the new policy guidelines and the Gold Trade Act of Zimbabwe. This process includes the shipment of recent gold production to the Rand Refiners in South Africa under the auspices of the Chamber of Mines of Zimbabwe. The Chamber of Mines of Zimbabwe is a non-governmental business lobby group. The 20 kg's (645 ounces) of fine gold that was delivered to Rand Refiners was produced from New Dawn's Turk Mine in Zimbabwe, which recently transitioned into active mine development.

 

"The shipment of our first two gold bars from Zimbabwe to South Africa, for subsequent payment in U.S. dollars, represents a significant step forward in the resumption and cash generating ability of our Zimbabwe operations," said New Dawn President and CEO Ian R. Saunders. "This moves the Turk Mine one big step closer towards resuming full-scale gold mining operations. We look forward to further reporting our operational progress as we move back to full operations and begin to generate free cash flows, in foreign currency (U.S. dollars), from our export sales of gold mined at our Zimbabwe operations."

 

New Dawn anticipates resuming full-scale mining operations at the Turk Mine in Zimbabwe during the second calendar quarter of 2009, and expects to report to shareholders in this regard in the near future.

Share this post


Link to post
Share on other sites

Didn't realise this one.

 

HARARE – Zimbabwe has been expelled from the London Bullion Market Association (LBMA) after failing to meet the organisation’s membership requirement, the Zimbabwean on Sunday learnt last week.

 

LBMA accreditation certifies the quality of gold sold by members who must produce a minimum of 10 tonnes per annum to maintain membership.

 

Sources said Zimbabwe lost its membership of the LBMA last year after successive years of declining gold output.

 

Found it in a slightly one eyed publication, but it did come from a link to The Zim :)

 

http://www.gonogonow.com/?p=549

 

 

Share this post


Link to post
Share on other sites
Do you ever get so depressed with Zim that you just want to divert attention to elsewhere?

 

I think I would. Maybe thats a bullish sign!

 

Terribly depressing on a humanitarian front. As an investment opportunity, i've been thinking the people of Zim (and Africa) are even more depressed too.

 

Suppose i partly prompted Conrad into starting a thread as he mentioned it on his DRC thread last year. My belief being, it's so depressed things will turn eventually and when they do, opportunities will be there to quite honestly exploit. Hopefully, investors and the good citizens of Zim will be rewarded together with change. Thats the bullish signs i'm watching for.

 

Patience is easier for an investor though.

 

EDIT: Really fancy MWA sometime(don't know when) in the future.

Share this post


Link to post
Share on other sites
Terribly depressing on a humanitarian front. As an investment opportunity, i've been thinking the people of Zim (and Africa) are even more depressed too.

 

Thanks Riggers

 

Yeah patience is the key. The people of Zim need patience and a lot more also

Share this post


Link to post
Share on other sites

Blanket Gold Mine in Zimbabwe to Reopen

Caledonia Mining is expected to bring the Blanket gold mine in Zimbabwe back into service in the near future

http://uk.reuters.com/article/marketsNewsU...G42639020090403

 

 

Zimbabwe: ZMDC Needs Foreign Partners

http://allafrica.com/stories/200903301762.html

Currently, the ZMDC is realising 50 000 to 60 000 carats a week at Chiadzwa, a far cry of what it can produce when operations are at full capacity.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×