Jump to content
Sign in to follow this  
vssmnn

Sad Zimbabwe Mining

Recommended Posts

Zimbabwe’s First Diamond Sale

http://www.radiovop.com/index.php?option=c...&Itemid=756

 

Harare, December 06, 2010 – MBANDA Diamonds Mining, a company authorized by government to mine diamonds in Chiadza, has announced that over 300 000 carats of diamonds will go on sale Thursday at the newly converted diamond processing facility at the Harare International Airport.

 

The chairman of Mbada Diamonds Robert Mhlanga said Thursday’s sale will be followed by another one next week and they will be declaring dividend to government as soon as the transactions are completed.

 

“International diamond buyers from as far as the Americas, Europe and Asia have already started arriving for tomorrow’s sales, which are expected to run for the next three days,” said Mhlanga adding that they will be accepting buyers who take the gems in large volumes.

He said the Zimbabwean government, through Marange Resources, is expected to earn 75 percent of the total sales revenue through a 50 percent weekly dividend, a 10 percent royalty fee, 15 percent taxation and a five percent resource depletion fee.

 

“In order to ensure maximum security and compliancy with the Kimberly Process, the first consignment of the diamonds on sale were airlifted from Chiadzwa diamond fields under guard from the police, Mbada Mining

security officers and the Government Mineral Unit,” said Mhlanga.

 

Officials from the Zimbabwe Revenue Authority (Zimra) will also be at the points of sale to ensure that there are no leakages.

 

Mhlanga said since the commencement of the diamond mining operations towards the end of last year, Mbada Diamonds has put in massive infrastructure including water, housing, a private airstrip and fenced over 1000 hectares of the mining concessions.

 

The chairman also revealed that they have embarked on a massive housing project and crop input scheme worth millions US dollars for relocated families from Chiadzwa and Marange areas.

Villagers from Chiadzwa are fighting relocation arguing that they can only move after being compensated.

Share this post


Link to post
Share on other sites

Foreign Investors Allowed to Keep 100 Pct Shareholding in Zimbabwe

http://english.cri.cn/6966/2010/01/07/2041s540572.htm

 

"We welcome foreign investment in this country. Chinese investors should know that if they don't come in quickly, someone else will take these investments."

Share this post


Link to post
Share on other sites
Hi Conrad,

 

Any ideas how to access Zimbabwe shares? Used to live there myself and know what potential there is....

 

 

I am still searching.. not easy

 

own some shares of Mwana

Share this post


Link to post
Share on other sites
Hi Conrad,

 

Any ideas how to access Zimbabwe shares? Used to live there myself and know what potential there is....

 

Wanderer also spent ages looking, nearest I found was shares that have been put up on thread via overseas exchanges or JSE on the doorstep with few related interests - can find a lot of info out from Sharenet on JSE http://www.sharenet.co.za/

Share this post


Link to post
Share on other sites

ADFVN MWA Board:

 

sparty1 - 7 Jan'10 - 12:18 - 6982 of 6987

 

From Robby1 on LSE

"Spoke to Donald McAlister this morning. Freda ,expects to be producing 30k per annum end of March and 50k pa in the third quatrer . Hopes to sign off loan agreement next week with first drawdown end of the month. BNC; talking to 3/4 groups,mentioned private equity group and other miners,at an advanced stage with 2 of these groups. Announcement expected end of first quarter on financing for BNC. DRC was described as a very exciting licence,approx. 2 yrs of any production,further drilling to take place hoping to demonstrate 1m resource and hopefully bigger. May consider a big partner on this project . Obviously I didn't capture everything that was said because I was taking notes and listening at the same time but he seemed very affable and willing to share information ,obviously not the very sensitive stuff. Hope this is of some use. DYOR"

Take your own conclusions. Seems very approachable chap...McCalister.

Share this post


Link to post
Share on other sites

Israeli diamond "crew" fears because zim?

 

Rapaport TradeWire ®

 

JANUARY 8, 2010

 

Weekly RapUp

 

TRADE ALERT: WARNING - BLOOD DIAMONDS FROM MARANGE ENTERING MARKET with reports that Zimbabwean government's Mbada Diamonds will auction 300,000 cts this week. DO NOT BUY THESE DIAMONDS. Rapaport and RapNet will expel and name companies and individuals that buy Marange diamonds.?

 

 

Chiadzwa Diamond Auction Halted

Diamonds from Chiadzwa, Zimbabwe were set to go to auction for the first of many such sales through Mbada Diamonds at the Harare International Airport. But the auction of 300,000 carats of diamonds was halted on the first day when the Zimbabwe Mining Development Corporation (ZMDC) and Kimberly Process (KP) learned of the plans. Unidentified sources told Zimonline that a representative from the mines minister's office rushed to the sale and informed Mbada Diamonds it could not proceed without government approval and a KP representative present. Mbada Diamonds told AFP news earlier in the week that a second sale of 300,000 carats was also in the works for the coming week.

Share this post


Link to post
Share on other sites
ADFVN MWA Board:

 

Press gossip from unconfirmed sources :rolleyes:

 

Harare — AIM-listed Mwana Africa Holdings is close to clinching a financial deal that will enable the Zimbabwe Stock Exchange-listed Bindura Nickel Corporation (BNC), the only integrated nickel mine, smelter and refinery operation in Africa, to re-open.

 

Independent technical consultants had satisfactorily reviewed the various possibilities for the resumption of operations at BNC. This had been used in discussions with financiers, The Financial Gazette can reveal.

 

Market sources said the group and potential financiers were encouraged with recent developments in the country as well as firming commodity prices, which had dropped to a point where it had become virtually impossible for the mine to operate viably.

 

Nickel prices charged to their highest levels last year as Chinese steelmakers ramped up activity in response to their government's stimulus package.

 

Three-month prices -- the market benchmark -- for nickel on the London Metal Exchange hit US$20 495 a tonne in August 2009, up 75 percent on the year.

 

Nickel prices are currently averaging US$18 112 per tonne.

 

BNC owns and operates the Shangani and Trojan nickel mines, which have hoisting and treatment capacity of 1,0mt and 1,1mt a year respectively.

 

Construction of an upgraded concentrator at Trojan, designed to improve nickel recovery and reduce the talk content of the concentrate, was completed in February 2008. Other projects included the re-deepening of the Trojan shaft, and construction of a conveyor decline at Shangani.

 

The Bindura Smelter and Refinery complex produces high quality nickel cathodes, copper sulphide and cobalt hydroxide. Along with material from the Trojan and Shangani mines, the plant has toll treated nickel concentrates and nickel matte from third parties to utilise spare capacity. Current smelter capacity is 17 000tpa and for the refinery 14 500tpa. Construction of an oxygen injection plant was completed in 2008.

 

The Shangani and Trojan mines and the Bindura complex were placed under care and maintenance in November 2008 as a result of continued production difficulties and a sharp decline in the price of nickel. As part of the care and maintenance programme, further expenditure on capital projects has been put on hold.

 

Sources indicated that with new funding, BNC could resume operations before the end of the first quarter of the current year.

Mwana Africa, which recently secured funding for its gold mining operations, Freda Rebecca Mine, from a South African bank before the close of 2009, acquired a 53 percent interest in BNC from Anglo American Corporation of Zimbabwe in 2003.

 

http://allafrica.com/stories/201001150964.html

Share this post


Link to post
Share on other sites

Nickel project needs US$170 million

 

MWANA Africa says up to US$170 million will be needed to fund development of the Hunters Road Nickel Project, which is located just outside the Midlands town of Redcliff, along the Harare-Bulawayo highway.

 

The company decided to embark on the project in order to augment ore supplies to its Bindura Nickel Smelter and Refinery complex (BNC).

 

BNC presently mines nickel at the Trojan and Shangani Mines, but reserves there are said to be declining.

 

However Mwana Africa, BNC’s parent company says progress in developing the Hunters Road resource has been undermined by the lack of funding.

 

“Progress at Hunters Road nickel project is also slow due to the lack of financing. Pre-stripping at the project site stopped when the mines were placed on care and maintenance,” group Chief Executive Officer, Kalaa Mpinga said recently.

 

Feasibility studies carried out in 2007 found that the project has 243 000 tonnes of metal “in measured and indicated” resources.

 

“The total cost of bringing Hunters Road to 10 000 tonnes per year (tpy) of nickel as part of a three-phase project is estimated at around US$170 million.

 

“Mwana Africa hopes to produce 2 500 tpy of nickel concentrates in the initial phase at a cost of US$67 million,” Mpinga said.

 

Development of the project will come as a huge boost for the small town of Redcliff which has been left on the brink owing to its dependency on Ziscosteel.

 

The giant steelworks continues to face viability problems which in-turn affect Redcliff’s revenue flows as residents working for the company fail to pay for service charges.

 

http://www.newzimbabwe.com/business-1738-N...n/business.aspx

Share this post


Link to post
Share on other sites

U.S.$16 Million Equipment Boost for Struggling Hwange Colliery Company

 

Bulawayo — Hwange Colliery Company, the country's sole coal producer will next month receive the first consignment of equipment worth more than US$16 million, which is expected to boost production. Sources at the colliery said the remainder of the equipment was expected in the country at the end of February.........

 

"We are working flat out to ensure that we meet the demand for coal.

 

With what the company is doing at the moment, we believe we are on the right track and we will endeavour to ensure there is adequate coal for industry as a whole in Zimbabwe," Dube said.

 

http://allafrica.com/stories/201002010955.html

Share this post


Link to post
Share on other sites

Zimbabwe in bid to woo investors

Feb 7, 2010 12:00 AM | By Jim Jones

Zimbabwe's minister of mines Obert Mpofu kept a straight face at the Mining Indaba in Cape Town this week when he said foreign investors in his country's mining industry are "guaranteed security of tenure". It was not clear who was providing the guarantees. ........

 

http://www.timeslive.co.za/business/article294482.ece

Share this post


Link to post
Share on other sites

 

Most appropriate!!!! Just pleased to have taken profits and cut back positions, uncertainty clouds gathering.

 

"Zimbabwe’s new local ownership law, requiring locals to own 51 percent of major foreign firms, could hurt the nation’s economic recovery, the main labour body said Monday.

 

The law took effect Monday, giving companies valued at more than 500,000 US dollars 45 days to inform the government of the racial make-up of their shareholders.

 

The companies will be given five years to comply with the 51 percent rule".

 

 

http://nehandaradio.com/2010/03/01/ownersh...-hurt-recovery/

Share this post


Link to post
Share on other sites

SA firm explores coal mining opportunities in Zim

http://www.herald.co.zw/inside.aspx?sectid=16370&cat=8

 

INDUSTRIAL Development Corporation South Africa is reportedly exploring for coal mining opportunities in Zimbabwe as offshore firms jostle for space ahead of the announcement of fresh mining legislation expected to boost investor confidence.

 

Zimbabwe has received overwhelming inquiries from China, South Africa and India — the country’s coal is said to be of high quality.

 

IDC head of the strategic business unit for mining Mr Abel Malinga was quoted in the South African media as saying the institution was currently exploring for coal mining opportunities in the country.

 

Mr Malinga said Zimbabwe was among other investment destinations South Africa’s state-owned lender was studying.

 

IDC is also reported to be looking for investment opportunities in Botswana coal projects to fuel power plants and stave off the risk of blackouts in the region.

"We need more feedstock for our power plants," said Mr Malinga.

 

The Indian government has been craving for Zimbabwean coal since 2006, saying at the time that it sought to acquire mining interests in the country. Indian wants to import a total of 35 million tonnes of coal to cover domestic shortages.

 

A number of South African investors have also shown interest in coal mining, with African Rainbow Minerals having recently said it was considering a huge investment in coal projects in the country.

 

There are two major basins where the coal could be extracted.

 

These are the Zambezi Basin, in the north, which runs over into neighbouring Zambia and Mozambique; and the Sabi-Limpopo Basin in the south, which runs over into the Limpopo province of South Africa.

 

South Africa’s government-run utility, Eskom Holdings Ltd, is facing a coal shortage because of growth in domestic output.

 

A lack of generating capacity and low coal stockpiles forced Eskom to cut power to gold and platinum mines for days in 2008, while homes were hit by rolling blackouts.

 

IDC has already invited bids to study the Botlhapatlou resource in Botswana’s southern Kweneng district, where work decades ago indicated reserves.

 

Mr Malinga said assuming the site is viable, the IDC will offer investors the right to own and operate the site covering about 27,000 hectares.

 

"The field may contain export-grade fuel that can be shipped on the proposed Trans-Kalahari railway line to Namibia," Mr Malinga said.

Share this post


Link to post
Share on other sites

UK firm will never mine Zim diamonds:

 

HARARE – Mines Minister Obert Mpofu has declared that London-based mining firm African Consolidated Resources (ACR), “controlled by one white man”, will never mine diamonds at Marange diamond field in eastern Zimbabwe as long as he is in charge of the ministry.

 

http://www.zimonline.co.za/Article.aspx?ArticleId=5837

Share this post


Link to post
Share on other sites
New Dawn's Turk Mine Gold Production Increases 20% Month Over Month

 

TORONTO, Nov. 11, 2009 (Canada NewsWire via COMTEX News Network) --

 

 

<<

Seven Consecutive Months of Gold Production Increases

 

Highlights:

 

- Gold production for October 2009 was 1,235 ounces or 38.42 kg's, as

compared to September 2009 gold production of 1,029 ounces or 32

kg's, an increase of 20%

- Gold sales for October 2009 were US$1,334,635 at an average gold

price of US$1,039 per ounce

- At October 2009 month-end, an additional 558 ounces or 17.35 kg's of

gold were awaiting export for sale in South Africa, which will be

included in November 2009 sales

- 100% of gold sales were received in US Dollars

- October 2009 marks the 7th consecutive month of increased gold

production

- October 2009 was the highest level of gold production during calendar

2009 and the largest month over month percentage increase since

production resumed in March 2009

 

Compare

 

Highlights:

 

- Gold production for February 2010 was 1,234 ounces or 38.4 kg's, as

compared to 1,160 ounces or 36.1 kg's in January 2010, a 6.3%

increase

- At February 2010 month-end, an additional 602 ounces or 18.7 kg's of

gold was awaiting export for sale in South Africa, which will be

included in March 2010 sales

- Gold sales for February 2010 were US$1,230,400 at an average gold

price of US$1,094 per ounce, as compared to US$903,200 in January

2010 at an average gold price of US$1,117 per ounce

- 100% of gold sales were received in US Dollars

 

"With our recently expanded mining and development program, we are now

producing gold at the rate of approximately 1.5 kg's per day as gold

production continues to ramp up at the Turk/Angelus mine complex," commented

Ian R. Saunders, President and CEO. "We are continuing with our aggressive

capital reinvestment campaign, which includes the purchase of new processing

equipment that is being funded from the positive operating cash flow that we

are generating from our current and expanding gold mining operations in

Zimbabwe. We are focused on meeting our next production target of 22,000 to

23,000 ounces of gold on an annualized basis within the next 12 to 18 months."

 

http://www.newdawnmining.com/s/NewsRelease...roduction-to-...

 

Well off highs with Zim issues, but solid progress at mines despite the politics.

Share this post


Link to post
Share on other sites

Hotseat 26.03.10

 

Hot Seat where she speaks to Andrew Cranswick, CEO of African Consolidated Resources, the company with the legal title to mine the controversial Chiadzwa diamond claim. ACR was forced off the claim at gunpoint in 2006 and has been in the middle of a protracted ownership wrangle with the government ever since. In this first part of the interview Cranswick talks about the history of, and the controversy behind, the Chiadzwa diamonds

 

http://www.2bctnd.net/swra_wp/?m=20100326

Share this post


Link to post
Share on other sites

Caledonia's Zim mine could reach 40 000 oz/y by year-end

 

Despite ongoing challenges regarding power supply stability, new indigenisation legislation and working capital pressures, indications are that Caledonia Mining's Blanket gold operation in Zimbabwe will reach its targeted annualised output level of 40 000 oz/y before year-end, CEO Stefan Hayden said Wednesday.

 

http://www.4castresearch.com/mining-sector...-year-end-.html

Share this post


Link to post
Share on other sites

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

 

11 May 2010

 

African Consolidated Resources plc ('ACR' or 'the Company')

 

Arrest of Company Officer

 

 

 

African Consolidated Resources Plc, the AIM listed resource development company

focussed in Zimbabwe, wishes to announce that Ian Harris, the Company's

Financial Controller, has been arrested on the charge that he fraudulently

acquired diamond claims in the name of companies that did not exist. The

Company is pleased to report that Mr. Harris has today been released on bail by

consent.

 

Share this post


Link to post
Share on other sites

KP Meeting Ends in Impasse for Zimbabwe

 

zim.gif

 

The Kimberley Process meeting closed in Tel Aviv with members failing to reach a consensus regarding the implementation of a working plan meant to test Zimbabwe's compliance. The result was "unprecedented" according to chairman Boaz Hirsch, "but all parties are committed to further engagement." Given that, Hirsch along with World Diamond Council president Eli Izhakoff will jointly convene in St. Petersburg on July 14 for a mini-summit of major Kimberley stakeholders. Deliberations will continue in order to find a consensus based resolution, Hirsch said.

 

The issue was that those members monitoring compliance progress in Zimbabwe failed to agree on whether the country could begin exporting rough with the U.S., E.U., Australia and Canada concluding that Marange rough was not yet fully compliant. However Brazil, the U.A.E., China, Russia and India were ready to approve rough exports. Meanwhile, Zimbabwe's mines minister has been telling various press agencies that his country is ready to ship rough diamonds and will be exporting them with or without certificates to awaiting buyers

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  

×