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The latest mining world news and project information from Africa. providing updates on the progress of future, new and existing projects. Developments in mining legislation, policies, investments and infrastructure will be highlighted
The heightened sense of urgency within Zimbabwe’s government to act as the country’s currency crashed – losing 90% of its value since the beginning of the year – was there for all to see in the past few weeks. The latest tell-tale sign was the assumption of office of the new central bank governor on March 28, a month earlier than the scheduled departure of his predecessor, to expedite the launch of a new unit. Unveiled on April 5 and set to enter into circulation by month-end, the Zimbabwe Gold (ZiG) is described by the Reserve Bank of Zimbabwe (RBZ) as a “structured currency” that is backed by $285-million worth of reserve assets comprising $100-million in greenbacks, 1.1 t of gold in the bank’s vaults and an additional 1.5 t held abroad, as well as other precious metals.
Rio Tinto Group and Saudi Arabia’s state-backed Manara Minerals Investment Co. are among suitors considering bids for a stake in First Quantum Minerals’ Zambian copper mines, according to people familiar with the matter.
Japanese trading houses Mitsui & Co. and Sumitomo Corp. have also been studying the assets, the people said, asking not to be identified as the talks are private. First Quantum is looking to sell a minority stake in its Sentinel and Kansanshi mines in Zambia and is seeking first-round bids in the coming weeks, they said.
Multinational mining and metals processing company Sibanye-Stillwater says the Siphumelele shaft at its Rustenburg operation is on schedule to resume production during May, as planned. A surface ore conveyor belt system at the shaft suffered damage in February when an ore collector bin attached to the shaft headgear sheared off and fell to the ground.