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Zimbabwe got loan from Afreximbank using platinum collateral

By: Bloomberg     21st May 2019 Zimbabwe secured a $500-million loan from the African Export-Import Bank to try and stabilize its currency market by offering platinum production as collateral, a person familiar with the details of the agreement said. The Reserve Bank of Zimbabwe on Saturday announced on Twitter that the money... 

Traka accelerates expansion into wider African markets

By: Creamer Media Reporter      20th May 2019 Leveraging on almost two decades of experience in South Africa, and a presence in a further six African countries, networked key and equipment management solutions company Traka Africa announces an acceleration in their growth strategy. It plans to open new operations or expand more widely in... 

$62m Zimbabwe smelter heeds local beneficiation call 

By: Martin Creamer     16th May 2019 The $62-million smelter at Unki Mine’s existing complex is a strategic investment, which meets local beneficiation commitments, Anglo American Platinum said on Thursday, when it opened the completed installation at a ceremony in Shurugwi, Zimbabwe. The smelter investment is indicative of the... 

Metallon demands $132m from Zimbabwe central bank – documents

By: Reuters     16th May 2019 Africa-focused gold miner Metallon Corporation is demanding nearly $132-million it says it is owed by Zimbabwe's central bank, legal documents showed on Thursday, as the country's mining sector grapples with a severe dollar crunch. The central bank denied it was in arrears with the company. 

Tharisa sticks to dividend guns as mine reconfiguration lowers output, profit 

By: Martin Creamer     15th May 2019 Platinum group metals and chrome mining company Tharisa Minerals has not allowed lower half-year production, profit and cash flow to get in the way of declaring an interim dividend. The Johannesburg- and London-listed company declared a $0.005-a-share payout on earnings a share of $0.4c, in... 

Zimbabwe platinum mines to ride out power cuts, gold output less secure 

By: Reuters     15th May 2019 Power imports are cushioning platinum mining companies against Zimbabwe's worst blackouts in three years, but gold mines could face production cuts as they continue to rely on an unstable national grid, industry officials said. State utility ZETDC this week started indefinite rolling power cuts... 

Military stake stymies $4bn Zimbabwe platinum project  

By: Bloomberg     15th May 2019 A plan to build Zimbabwe’s biggest platinum mine at a cost of about $4-billion is floundering because a military stake in the project has deterred potential backers, according to people familiar with the funding discussions. The African Export-Import Bank has the mandate to raise money for the... 

Caledonia’s lower first-quarter production offset by FX gains, disposal

By: Marleny Arnoldi     14th May 2019 Gold miner Caledonia Mining, which owns 49% of the Blanket mine, in Zimbabwe, produced 11 948 oz of gold in the quarter ended March 31, an 8% year-on-year decrease as a result of lower grades but in line with expectations. Its consolidated operating profit before tax for the quarter, however,... 

Putting new discoveries on the map

By: Creamer Media Reporter      14th May 2019 A new map, published in 2018, highlights recent major platinum discoveries in South Africa  – the Waterberg Project of PTM in the Villa Nora gap and the Ivanhoe “Flatreef” of the Ivanplats mine near Mokopane. Both these discoveries represent massive breakthroughs in raising South Africa’s... 

Caledonia seeks clarity on gold support price in Zimbabwe

By: Marleny Arnoldi     13th May 2019 Caledonia Mining has requested clarity from Fidelity Printers & Refiners, in Zimbabwe, regarding a proposed new gold support price. Caledonia currently sells its gold production, through its Blanket Mine subsidiary, to Fidelity and is contractually entitled to receive a price that is derived... 

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