Home Mining Top 5 Mining Headline Stories of the Week.

Top 5 Mining Headline Stories of the Week.

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1. The Zimbabwe Miners Federation say that they are making a follow up of an incident where a Chinese mine owner shot and injured two of his employees yesterday at Reden Mine in Gweru.

According to reports, Zhang Xuelin (41), who is the General Manager of Reden Mine in Gweru, allegedly shot and injured Wendy Chikwaira (31) and Kennedy Tachiona (39) with a 9mm pistol after they demanded their dues.

According to the ZMF Chief Executive Officer Wellington Takavarasha, a report on the analysis of the full findings of the incident will be unveiled in due course.

“Please be advised that Zimbabwe Miners Federation (ZMF) is making a follow up of an incident where a Chinese mining owner shot two of his employees yesterday at Reden Mine in Gweru.​Source: Great Dyke News 24.com.

2. THE Minister of Industry and Commerce Dr Sekai Nzenza has, with the concurrence of President Mnangagwa, appointed Dr Farai Karonga as chief executive officer for Zisco. Dr Karonga replaces Mr. Alois Gowo, who retired from the company early this year.

Once the backbone of Zimbabwe’s industry, Zisco has not been operating since 2008 when it suspended production due to a number of challenges.

Minister Nzenza has also appointed three additional board members and these are Engineer Martin Manhuwa, Mr.Demand Gwatinetsa and Mr. Edmore Tafirenyika.  Source: The Herald.

3. The Parliamentary Portfolio Committee on Mines and Mining Development has raised a red flag over alleged rampant corruption in the administration of mining title claims.

The Ministry of Mines and Mining Development has of late been dogged by allegations that officials are involved in corrupt activities over the issuance of mining rights and pegging for claims.

Some of the disputes are before the courts of law, while several others have lodged complaints with the ministry.

The allegations appear to be largely concentrated in the gold sector — which coincidentally is one of the country’s single largest foreign currency earners.

In an interview, the portfolio committee on Mines and Mining Development said it had of late been inundated with complaints over the handling of mining title.

The committee noted that if this is not addressed with speed, it could compromise the sector’s quest to grow annual exports to US$12 billion by 2023 up from US$2.7 billion in 2017. Source: The Herald.

4. CBZ Bank has dismissed as false reports that the financial institution has been awarded a gold-buying licence by the Government.

Some sections of the media had claimed that CBZ was now buying gold produced in the country and that it had reportedly set a target of one million tonne.

Fidelity Printers and Refiners is the country’s exclusive buyer of the yellow metal in Zimbabwe after being licensed in 2008 as part of measures to curb smuggling of the bullion.

“We refer to the online publications purporting that CBZ Bank Limited is a licenced gold buyer and exporter of gold. We advise that the bank does not hold a gold buying licence neither does it export gold,” said CBZ in a statement.

“The bank has on board a number of mining companies of which Freda Rebecca Gold Mine is one of them.”  Source: Chronicle.

5. The Covid-19 pandemic could derail the Zimbabwe Government’s plan to expand the value of its mining industry to $12bn by 2023, according to environmental group the Centre for Natural Resources Governance (CNRG).

Mineral exports were responsible for close to two-thirds of the country’s export earnings as recently as October 2018, and the country’s mining industry is expected to play a key role in any long-term growth in the Zimbabwean economy.

Diamonds in particular are among the country’s most valuable commodities, and the CNRG expects revenues of around $1bn from the sale of diamonds by 2023.

This is a far cry from the $12bn price tag expected by the government however, which is targeting an increase in annual diamond production to ten million carats by 2023.

“The Zimbabwean diamond industry is going to be affected heavily, as the international diamond industry is already in a recession due to Covid-19,” said the CNRG in comments to African Mining Market.

“The Zimbabwe Consolidated Diamond Company has about 300,000 carats of diamonds which were due to be auctioned at the beginning of April but were affected by the Covid-19 pandemic, which has forced many countries to close borders and embark on lockdowns to stop the spread of the deadly virus.” Source: Mining Technology.com

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