1. The Zimbabwe Environmental Law Association (ZELA) has urged Fidelity Printers and Refiners to align price for gold deliveries from Artisanal and Small Scale Gold Miners with the international market to promote transparency and responsiveness of its gold price.
This comes after Fidelity Printers and Refiners (FPR) announced a new gold trading framework on Tuesday, 26 May 2020. Mainly, the new measures relate to different gold payment arrangements for deliveries from Artisanal and Small-Scale Gold Mining (ASGM) and Large Scale Mining (LSM).
With effect from 26 May 2020, FPR is now paying a flat fee of US$45 per gram of gold from ASGM.
According to ZELA, if the changes on the international market remain buoyant, unless adjustments are made timely, the impact of the new trading requirements are less likely to achieve the intended results of mobilising more gold deliveries to the formal market. Source Great Dyke News 24.
2. Zimbabwe Consolidated Diamonds Company (ZCDC) employees have been plunged into poverty after the government-owned firm has gone for months with paying their wages.ZCDC is based in Mutare where the company is conducting mining operations in diamond rich Chiadzwa area.
Workers who spoke to NewZimbabwe.com on condition of anonymity said their situation has been worsened by poor working conditions in a company that has run into tough times.
“We last received salaries in February and since then, there has been a lot of empty promises yet we have been reporting for duty without failure and production has been fairly well,” said a worker who refused to be named for fear of victimisation. Source New Zimbabwe.com.
3. The Competition and Tariff Commission (CTC) ratified three transactions involving crocodile farmer, Padenga holdings, platinum miner, Mimosa and ailing South Africa construction concern Group Five, at its last board meeting held this month, NewsDay Business has established.
According to documents seen by this publication, CTC ratified a deal between Mimosa and prospecting concern, Southridge, in which the latter is disposing of mining claims for US$4,5 million.
“Southridge resolved to sell certain KV and SR Mining claims to Mimosa for a purchase consideration of US$4,5 million. The mining claims are within the Wedza sub-chamber of the great dyke adjacent to claims owned by Mimosa.Source Newsday.
4. South Africa is facing “a deep economic recession” due to overdue structural changes compounded by the COVID-19 pandemic, according to the president of the country’s mining lobby group.
Mxolisi Mgojo made the comments at the Minerals Council South Africa’s online annual general meeting yesterday, where he was re-elected president.
The lobby group, which represents 77 member companies including four associations which together generate 90% of South Africa’s mineral production by value, had called on the government in January to take urgent steps to address the country’s economic crisis, before the global pandemic emerged.
The consequences of COVID-19, and the successive ratings agency downgrades, had made previously recommended economic restructuring measures even more urgent, Mgojo said.