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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?


To: Richnorth who wrote (91418)11/26/2002 10:41:17 AM
From: E. Charters  Respond to of 116872
 
I can tell you why gold is afraid to rise in market price. It's just plain yellow.



To: Richnorth who wrote (91418)11/27/2002 7:02:10 AM
From: long-gone  Respond to of 116872
 
continued production reductions?

Zimbabwe's Coming Holocaust: 6 Million Targeted for Extinction by Starvation
Pravda
Wednesday, Nov. 27, 2002
The administrative secretary of the ruling ZANU-PF party in Zimbabwe, Didymus Mutasa, has declared that the country would be better off with 6 million of its citizens dead. Now the government is distributing food only to Shona speakers, condemning the populations who voted for the MDC to death by starvation.
Robert Mugabe’s ZANU-PF regime is a murderous, evil clique comparable only to the world’s worst tyrants, such as Pol Pot, Bokassa, Idi Amin and the CIA’s former protege Suharto.

Mutasa declared to the press during the weekend: “We would be better off with only 6 million people, with our own [Shona] people who support the liberation struggle. We don’t want all these extra people.”

By “extra people” Zimbabwe’s leading civil servant means the people who live in non-Shona-speaking areas, who in their majority supported the opposition party, Movement for Democratic Change.

Food aid is being distributed only to Shona speakers, those in charge of distribution being watched closely by ZANU-PF party officials.

Because of crop failures this year, those living in areas which are wholly dependent on food aid and who do not receive it, are dying.

Robert Mugabe’s murderous regime is carrying out a policy of ethnic "cleansing" while the rest of the world concentrates on Saddam Hussein’s Iraq.

Where are the humanitarian inspectors? Where are the threats against Mugabe? There aren’t any.
newsmax.com
Sloppy segway (rh)

Zimbabwe - Mining: Gold Mining


Overview
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Overview

Zimbabwe position a major gold producer continues to slide as its once mainstay gold mining industry continues to decline as a result of political and social unrest. Zimbabwe produced 18t of gold in 2001, down from 2000's 22t. Out of at least 500 hundred registered gold workings in Zimbabwe, several large scale mines exist in the central midlands region of Zimbabwe. It is estimated that artisinal miners contribute as much as 10% of Zimbabwe’s gold output, whilst as much as 2t are smuggled out of the country. Most of Zimbabwe’s larger gold mines have been based on previous smaller workings, therefore very few mines have been developed from grassroots level.

Zimbabwe's gold producers have been placed under a lot pressure, following a dramatic rise in operating costs over the last few years. These rises have been primarily due to Zimbabwe's restrictive foreign exchange laws as well as the artificial exchange rate between the Zimbabwe dollar and the US dollar. Instead of devaluing the Zimbabwe dollar further, the government has opted rather to pay producers an inflated US$434 per ounce produced. This price is currently at a premium to the current gold price that has been trading in the $280 - $300 range over the last year. It is estimated that this would cost the Zimbabwe Government an additional U$250 million per year, foreign exchange that is very short supply in Zimbabwe.

Ashanti Goldfields operates the Freda Rebecca mine, the smallest mine in the Ashanti Group’s stable, but also Zimbabwe’s richest. The mine produced just over 102 000 oz gold in 2001, marginally lower than the previous year - however costs continue to rise. Cash costs have increased dramatically over the last few years based on Zimbabwe's current foreign exchange laws and weak currency. Exploration at Freda Rebecca continues to extend the life of mine to beyond 2005. Ashanti have also made good progress in evaluating a potential gold - copper deposit located east of the town of Bindura. Here the RAN project has been evaluated at containing 2.8 Mt grading 2.6 g/t gold and 0.42% copper. The deposit is amenable to open pit mining and a feasibility study is underway.

Falcon Gold is one of Zimbabwe's oldest gold producers, with three surface and underground operations, viz ,Dalny, Golden Quarry and the Venice Mine. A decision to suspend operations was averted following the Zimbabwe government's decision to pay Zimbabwean producers at a premium to the current gold price. The continuing deterioration of the economy has forced Falcon Gold to close the Venice mine.

Anglo American opened the open cast Bubi mine, located 140km north of Bulawayo, in mid 1998. Annual production from Bubi is 16 000 oz as well as 19 000 oz the Isabella opencast operation. Bubi is a low grade deposit, averaging only 1g/ton from the oxide ore and less than 3g/ton from the more costly refractory sulphide ore.

Consolidated Trillion Resources is in the process of disinvesting its operational assets in Zimbabwe through the sale of its two gold mines in Zimbabwe, the Jena and Indarama Mine. The Jena mine is located in central Zimbabwe, approximately 270km from Harare. The mine has total resources estimated at 1.7 Mt grading at 4.7 g/t or 7.8 t of gold and produced just over 15 000 oz gold in 1999. Trillion has sold its 50% share of the mine to its partner, the Zimbabwe Mineral Development Corporation (ZMDC) for $1.1 million. The Ndarama mine is to be sold in its entirety. However, Trillion have the right to re acquire Ndarama based on improved economic stability in Zimbabwe as well as a better gold price. Indarama is located on the Midlands Greenstone Belt and including a 16 km2mining lease. Indarama has produced more than 700,000 ounces from five types of mineralisation. A drilling programme has pointed to a reserve/resource base of 13.5 Mt grading at 3.3 g/t or 1.4 Moz gold.

Delta Gold has completed commissioning of the new Eureka mine, which has been a developed on top of previous workings. The mine is situated 150 km north of Harare in Zimbabwe. The mine has defined reserves of 438 000 oz gold and a total estimated resource of 1 Moz. The mine intends producing 60 000oz/year and at full production, Eureka will be the second largest gold producer in Zimbabwe. The mine is expected to have a life of mine of at least five years, based on current reserves and resources.

First Quantum Minerals operate the 95% owned Connemara heap leach open pit mine in central Zimbabwe. Connemara produced 21 500 oz gold in 1999 at a cash cost of $215 per oz, and has 7-8 years of reserves estimated at containing 3.2 Mt grading at 1.95 g/t or 199,407 oz gold.

Battlefield Minerals has developed its Pickstone – Peerless mine near Chigutu in Zimbabwe. The current resource has outlined 100 000 oz (opencast) at over 3g/t gold and almost 350 000 oz (underground) at 7.5g/t gold. A further 50 000 oz resource is located in tailings.

Kinross Gold operate the Blanket mine located in south western Zimbabwe, approximately 100km from Bulawayo. The mine is an underground mine with a tailings retreatment facility. Blanket produced approximately 34 500oz in 2000 at (rising) cash costs of $236/oz. The mine intends producing 47 000 oz gold in 2001 at cash costs of $200/oz. The mine has proven and probable reserves estimated at 2.8 Mt grading at 2.36 g/t gold.

Rio Tinto Zimbabwe (RTZ) is Zimbabwe's second largest gold producer, operating the Eiffel flats dump retreatment mine and the Patchway and Renco gold mines. Rio Tinto has a 56% interest in RTZ. RTZ accounts for 10% of Zimbabwe’s production, with 71 000 oz produced in 2000.

Conquest Resources plans to acquire 90% of the Babs and Beehive gold mines, previously owned by British based African Gold PLC (Afgold) that sold the assets to eliminate long term debt in the UK and Zimbabwe. Apart from the Babs and Beehive acquisitions, Conquest also operates several other gold mines: Glencairn, Blue Rock and Shamrock mines. The Beehive complex consists of the Babs, Beehive, the small Antelope and the Eva open pit as well as a central milling and processing plant.

However, African Gold still operates the Inez Mine, situated west of Kadoma in central Zimbabwe. The Inez mine has reserves estimated at containing 645 000 t grading at 10.12 g/t, resulting in a total of 210 500 oz gold. Development of the Beehive complex was placed on standby due to reduced funding on the basis of Zimbabwe’s worsening political and economical situation. The Inez mine operations have been downscaled in the light of the economic downturn and the mine's production has been reduced to a mere 30 oz gold per week.

Independent Gold (Indepgold) is the Zimbabwe gold production arm of UK based Lonmin plc that operates 8 gold mines in Zimbabwe, viz. Arcturus, How, Anzac, Mazowe, Muriel, Redwing, Shamva and Tiger Reef mines which collectively produced 189 000 ounces in 2000, producing more than 20% of Zimbabwe’s gold output. Indep are also evaluating the Tafuna Hill region with Canadian Mandorin Goldfields.

Cluff Mining Plc (previous operators of the Freda Rebecca mine) are evaluating the Maligreen prospect located 300km southwest of Harare. Maligreen was acquired from Reunion Mining Plc (now part of Anglo American) in 1999. A resource of 2.6 Mt grading 4.5 g/t for 370 000 oz has been delineated. Cluff has entered into a joint venture with Pan African Mining in order to develop the mine.

Local Midlands producer Reedbuck Gold is to close down and sell all of its assets in order to service its debt. Reedbuck operated the Gaika Mine, an open-cast mine near Kwekwe, the Camperdown Mine in Shurugwi and the underground mine near Mashava known as Lennox Mine.

About 25% of Zimbabwe's gold are derived from panning operations. The Small Scale Miners Association has more than 5,000 members and employs up to 100,000 people on an irregular basis.

Participating Organisations

Ashanti Goldfields Co Ltd

Through its local subsidiary, Ashanti operates the Freda Rebecca gold mine in Zimbabwe.

BM Diamondcorp Inc.

Conquest Resources Limited

Conquest Resources operate several small to medium scale gold mines in the Midlands and Mount Darwin areas.

Falcon Gold Zimbabwe Ltd

Founded in 1991. Gold mining and dump retreatment. The Company owns Dalny Mine in Chakari, Venice Mine in Kadoma and Golden Quarry Mine in Shurugwi.

First Quantum Minerals Ltd

Kinross Gold Corporation

Lonmin Plc

Through subsidiary Indepgold, Lonmin is a major gold producer in Zimbabwe.

Rio Tinto Plc

Rio Tinto has a 56% interest in Rio Tinto Zimbabwe (RTZ) that operates the Renco and Patchway gold mines in Zimbabwe.

mbendi.co.za