- Hwange Colliery in gradual recovery
Embattled coal miner, Hwange Colliery Company Limited (HCCL) announced a profit after tax of ZWL$ 577 million in the first six months of 2020, reflecting a strong rebound from a loss position of ZWL$ 2.3 billion in its 2019 Half year performance.
Gross profit during the period leapfrogged to ZWL$ 560 million from ZWL$ 354 million last year on the back of an 84 percent increase in production to 596,876 tonnes for the period under review.
“This was largely due to an increase in production by the contractor. Our target going forward is to ensure that production is skewed to own mining as it is not only cheaper but more reliable particularly given cash flow challenges that have dogged the Company in the recent past,” said the company administrator, Bekithemba Moyo. Source: 263 chat
- Caledonia announces 18% increase in quarterly dividend
Dual-listed gold miner Caledonia Mining has declared an increased quarterly dividend of $0.10 on each of the company’s common shares.
This marks an 18% increase from the previous quarterly dividend of $0.085 paid in July and is a 45% cumulative increase from $0.069 since October 2019.
Stable production, a high gold price and good cost control have resulted in increased cash generation during the year, which has given Caledonia’s board members confidence that the business can sustain a higher level of dividend distributions before the benefits of the completion of the Central shaft at the company’s Blanket mine, in Zimbabwe, are realised.
Caledonia also displayed “significant business resilience” throughout the Covid-19 pandemic, the company said in a statement on October 1. Source: miningweekly.com
- Zim charms Indian investors
Zimbabwe’s investment-luring drive has attracted the attention of Indian capital and business leaders with fund managers expected to start visiting in search of opportunities, the Indian Ambassador to Zimbabwe has said.
Ambassador Mr Rangsung Masakui said investors from his country are mainly interested in the mining, renewable energy and manufacturing sectors.
President Mnangagwa has already said the mining sector together with agriculture will form the backbone on which Zimbabwe will build Vision 2030.
In the energy sector Zimbabwe has huge potential and Government through the recently adopted energy policy underlines the importance of this sector.Source: The Herald
- World lithium deficit a boon for Zimbabwe
ZIMBABWE is among major lithium producers that may draw significant benefits from firm global prices and high demand for the precious mineral due to expected supply deficit projected to start in two years.
Zimbabwe is the world’s fifth largest producer of lithium, albeit with only a single producing mine. It holds extensive deposits of the on-demand mineral widely used in the automotive and glass industries.
Currently, Zimbabwe has a single active lithium mine, Bikita Minerals, with a number of greenfield and brownfield projects at various stages of development, entrenching its position among the major producers in the world.
The Government classified the commodity as one of the strategic minerals towards achieving its vision of transforming mining into a US$12 billion industry by 2023, after realising the growing demand for lithium.. Source: Bulawayo 24.com
- Amplats focused on going back to basics, stretching existing assets optimally
Doing the ordinary tasks extraordinarily well is the current short-term tactic of platinum group metals (PGMs) mining company Anglo American Platinum (Amplats) under new CEO Natascha Viljoen, who is intent on stretching the company’s existing assets to their full capacity.
“We don’t deserve the right to grow unless we know that the assets we have are absolutely optimised,” Viljoen said during a Coronation Fund Managers’ Thinking Investments webinar, covered by Mining Weekly.
In the last four months, going back to basics has produced rich returns, despite Covid, Viljoen emphasised under questioning from Coronation’s Pallavi Ambekar on the issue of where she would be taking the company in the next five to ten years.
The best starting response to the question, Viljoen said, would be to give credit to her predecessor Chris Griffith and his team for having already strategically simplified what was a very complex business, during very challenging times of low commodity prices.