Articles tagged 'gold'

SA firm offers Zim govt bail out deal 1 November 2018 HARARE - A South Africa-registered firm has tabled before the Reserve Bank of Zimbabwe governor John Mangundya a bailout package to import fuel and basic commodities into Zimbabwe as the economy sinks into recession. African Medallion Group (AMG) said — in a letter to Mangudya — the move is ai...
Gold exports decline by 21 percent 19 October 2018 HARARE - Zimbabwe's gold mining firms exported $130 million worth of bullion in August, a decline of 21 percent on the prior month. Gold is the single largest export earner in the southern African country, whose economy is flat lining as a result of lack of investment, electricity shortages an...
AMG gold reserves top $412m 16 October 2018 HARARE - The African Medallion Group's (AMG) gold reserves last week breached the $412 million mark in the 10 months to October. “The African Medallion Group is pleased with the current global Gold markets performance. On October 5, 2018, gold was trading at an average of R17'848, which is a 1...
AMG expands into Africa 9 October 2018 HARARE – The African Medallion Group (AMG) has spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia, as it seeks to position itself as a truly global business. This also comes as company founder Frank Buyanga has challenged the Zimbabwean...
Yes, I bought a €4m Bugatti - Buyanga 7 October 2018 HARARE - Our news editor Gift Phiri sits down for a wide-ranging interview with 39-year-old businessman Frank Buyanga. Find below excerpts of the interview. Q: I understand you commenced your entrepreneurial career in the United Kingdom in 1998 at the tender age of 18. Could you share a little...
Govt sweats over gold leakages 24 August 2018 HARARE - Government has lamented the continued gold and other minerals' leakage which is has seen deteriorating revenues that have severely affected revenue inflows for the fiscus. Addressing small-scale miners in Kwekwe recently Mines ministry permanent secretary Munesu Munodawafa said govern...
Suzan partnership lifts Fidelity exports 9 August 2018 HARARE - Fidelity Printers and Refiners (FPR) has managed to ramp up its gold production at the back of support from agents, including Suzan General Trading (Suzan), documents show. This also comes as the country's yellow metal output – for the first seven months to July – has risen to nearly ...
Zim's gold output hits 10-year high 17 July 2018 HARARE - Gold output in Zimbabwe has generated close to a billion dollars in foreign currency receipts in the first six months of this year, the highest level in 10 years, thanks to higher production from small-scale miners, official data shows. Gold is Zimbabwe's single largest mineral export...
Buyanga's AMG buys Pagliari for R100 million 21 June 2018 HARARE - Businessman  Frank Buyanga's African Medallion Group (AMG) has just closed a Rand 100 million acquisition of Pagliari Group (Pagliari), a former subsidiary of Rand Refinery (RF) and supplier of high-quality gold products. The development also comes as the South African-based company h...
Zim gold producers upbeat 28 May 2018 HARARE - Zimbabwe gold producers say the yellow-metal subsector has potential to rake in millions of dollars in export receipts, but requires a lot of capital to recapitalise operations. The southern African country, which is currently battling serious cash shortages due to a high import bill ...
Miners sue Grace over utterances 6 April 2018 HARARE - Former first lady Grace Mugabe has been slapped with a $ 100 000 lawsuit by artisanal miners she is engaged with in the fight to control the gold-rich Smithfield Farm in Mazowe. Last week Grace told the media that laptops and other valuables had been stolen from her Mazowe business hu...
Canadian miner eyes Zim lithium 16 February 2018 HARARE - Canadian mineral exploration company Chimata Gold Corporation said it is seeking to raise at least US$2 million needed to seal a deal with a Mauritius-based firm, Zimbabwe Lithium Company, to mine lithium in Kamativi. Zimbabwe Lithium Company recently entered into an agreement with th...
Mineral earnings up 31pc 24 October 2017 HARARE - Mineral earnings grew by 31 percent in the nine months period to September ahead of the same period last year, official data published by the Minerals Marketing Corporation of Zimbabwe (MMCZ) show. Minerals earned $1,1 billion between January and September compared to $836 million in ...
Gold deliveries in massive surge 18 October 2017 HARARE - Gold deliveries to Fidelity Printers have hit 12,09 tonnes mark in the first seven months of the year, with deliveries by small-scale miners increasing 7,8 percent to 1 127,5 kg in July from 1 045,9kg recorded in June, Parliament Budget Office figures show. Gold production target for ...
Dalny Mine boosts RioZim operations 15 September 2017 HARARE - Listed miner RioZim says the growth of its revenues by 16 percent to $37,8 million in the six months to June 2017 was as a result of the acquisition of Dalny Mine. The group recently snapped up Dalny Mine from Falcon Gold for $8 million, with the resources firm paying $250 000 for the...
Vast Resources ramps up gold production 5 September 2017 HARARE - London-listed mining firm Vast Resources says gold production at its Zimbabwean unit went up by 36 percent to 4 037 ounces in the second quarter to June 2017. Vast Resources owns Pickstone-Peerless gold mine in Zimbabwe and the company has plans to ramp up production. “ . . . minin...
'Zim to miss gold target' 28 June 2017 HARARE - The World Bank has forecasted that Zimbabwe will miss its ambitious 28-tonne gold production for this year, putting a dent on the country’s economic revival prospects. This comes as Zimbabwe, which produced 23 tonnes of the yellow metal and earned over $914 million in export receipts ...
AMG coins gain value 5 June 2017 HARARE - The African Medallion Group (AMG)'s special coins to commemorate the African Union (AU)'s 54th anniversary have risen by 1 400 percent in value — barely two weeks after they were launched. This also comes as the Frank Buyanga-led outfit has launched at least two batches of these uniqu...
Zim gold earnings up 3,4pc 31 May 2017 HARARE - Zimbabwe's gold earnings were up 3,4 percent in the first quarter to $275 million, after realising a 4,8-tonne output, official figures show. Data from the Reserve Bank of Zimbabwe (RBZ) attributed the earnings improvement to firming international prices. “Gold prices, however, rec...
Minerals revenue rises 20 May 2017 HARARE - Zimbabwe's mining industry revenue is set to reach $3 billion this year, from $2 billion in 2016, as revenues from chrome mines whose exports had been previously banned consolidates sharp rises in other metals, Mines minister Walter Chidakwa has said. The minister revealed this as off...
AMG to launch more gold medalions 19 May 2017 HARARE - The African Medallion Group (AMG) is next week expected to launch another batch of its gold medallions to commemorate the African Union (AU)'s 54th anniversary, officials say. This also comes as debate over the use of these bullion coins as a future currency and the need for greater b...
Zim's desperate gold rush sucks in cops 13 April 2017 HARARE - Police officers have joined scores of illegal gold diggers hacking away at the verdant hills in remote Matabeleland South, glimpsing an opportunity to shore up their meagre salaries, but inflicting an intractable problem of environmental degradation. Speaking in the Senate last week, ...
Buyanga's gold medallions a 'future currency' 5 April 2017 HARARE - African Medallion Group (AMG)'S gold medallions can be “a future global currency”, a leading South African millionaire and currency trader says. This also comes amid indications that the bullion initiative launched by Zimbabwean entrepreneur and philanthropist Frank Buyanga, is one of...
'RioZim operations under threat' 4 April 2017 HARARE - Auditing firm Ernst & Young Chartered Accountants Zimbabwe (EY) has raised a red flag over RioZim’s operations despite the listed resources firm registering a $2,5 million profit last year. "The group’s current liabilities exceeded its current assets by $30,8 million,” EY said in a st...
Caledonia invests $54m in gold mine 23 March 2017 HARARE - Zimbabwe-focused resources firm, Caledonia Mining Corporation (Caledonia) said it plans to invest $54 million over a three-year-period on its Blanket Mine (Blanket) as part of strategies to produce 80 000 ounces of gold. The group’s chief executive, Steve Curtis, on Tuesday said the L...