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Blanket Mine in Q3 7% production jump

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Caledonia Mining says production at Blanket Mine rose over 7% in its latest quarter, despite power outages and rising costs.

newZWire

In the three months to September, gold output dipped 2,4% year-on-year to 13 646 ounces, held back by lower mining rates. However, gold production was up 7,3% quarter-on-quarter.

Tonnes milled improved on the two quarters and the average milled grade for the quarter was 3,19g/t, an increase on the previous quarter’s grade of 3,11g/t. Low grades
In terms of costs, all-in sustaining costs — a key metric used by mines to determine all costs and efficiency — were 16% higher.

However, the average realised gold price was 23% higher, offsetting the year-on-year drop in production to help Caledonia double profits to US$10,4 million.

“The third quarter of 2019 can be characterised by two distinct phases. The first six weeks of the quarter were seriously affected by power outages and by the continued effects of the unstable economic conditions in Zimbabwe on our employees; both of these factors had an adverse effect on production and financial performance,” says chief executive Steve Curtis.

“The last six weeks of the quarter showed a substantial improvement as the electricity supply improved; and measures taken in previous quarters to improve mining controls began to bear fruit.

Notwithstanding further interruptions to the electricity supply in October, the excellent performance in the second half of the quarter has continued into October and early November,” Curtis added.

The company has increased its focus on minimising mining dilution, after lower grades forced it to cut production guidance for 2019 to between 50 000 and 53 000 ounces, down from previous forecasts of 53 000 to 56 000 ounces.

Caledonia is still confident of meeting those targets, before lifting output to 80 000 ounces in 2020.

According to Curtis, while there is still work to be done on the grade front, Blanket has begun delivering improved grades, combined with higher tonnage and efficiencies.

“I am pleased to report that production in October has continued this positive trend with production of 5 596 ounces in October at a grade of 3,55g/t. I look forward to updating the market on the full year and we reiterate our full year production guidance of 50 000 to 53 000 ounces for 2019,” said Curtis.

The company has recently floated a tender for a solar plant to feed Blanket Mine, a way of solving the power crisis. According to Caledonia, the recent power tariff hike could stabilise supply.

“Although the electricity supply situation has improved, this problem has not been permanently resolved. As we have previously announced, the situation has improved following the introduction of a revised electricity tariff during the quarter which allows the funding of imported electricity which is used exclusively to supply participating mining companies.”

Zim to enforce ‘use it or lose it’ policy for mining assets

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Zimbabwe will vigorously enforce a policy to force companies to develop their mining assets and not keep the land for speculative purposes, Mines minister Winston Chitando said on Wednesday.

— Reuters

Chitando said some investors had not developed gold and platinum assets that they had held dating back to the 1960s and the Mines ministry had asked some companies to justify why they should keep their claims to those assets.

“This is to prohibit the holding of mining title for speculative purposes. We will deal with that more vigorously,” Chitando told a meeting of the mining industry in Harare.

He said the government had been lax in enforcing the “use it or lose it” policy, but that would change as authorities pin their hopes on the sector to drive the recovery of an economy grappling with power cuts and acute shortages of United States dollars and fuel.

Miners have raised concerns over power cuts that have affected production and want to be allowed to keep all their foreign currency earnings because they are disadvantaged by having a proportion paid to them in Zimbabwe dollars.

But that request was shot down by Reserve Bank governor John Mangudya, who told the meeting the miners could not keep all their earnings in forex because the government needed some of the money to fund crucial imports like fuel, power and medicines.

Mining companies are only allowed to keep up to 55% of their foreign exchange sales and the central bank pays them in local currency for the balance at the official interbank rate.

Zimbabwe is home to the second largest known platinum reserves and large lithium, gold and diamond deposits, but many investors fret over whether they can take money out.

Chitando said platinum output was expected to rise to 1 023 000 ounces by 2023 from 917 000 ounces last year as the producers Anglo Platinum, Impala Platinum Holdings and Sibanye-Stillwater ramp up output.

Zimbabwe’s platinum production now justified the setting up of base metals and precious metals refineries, Chitando said.

Miners currently process their raw platinum in South Africa.

2 years after coup: Zim in an abyss

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“Following the address we made on November 13, 2017, which we believe our main broadcaster, the Zimbabwe Broadcasting Corporation and The Herald were directed not to publicise, the situation in our country has moved to another level.

BY BLESSED MHLANGA

“Firstly, we wish to assure the nation that His Excellency the President of the Republic of Zimbabwe, and Commander-in-Chief of Zimbabwe Defence Forces, Comrade RG Mugabe, and his family are safe and sound and their security is guaranteed.

“We are only targeting criminals around him who are committing crimes that are causing social and economic suffering in the country in order to bring them to justice,” announced then Major-General Sibusiso Moyo, who was also Chief of Staff Logistics, as the army officially broadcast the coup on national television and blocked access to government offices, exactly two years ago.

The coup, Zimbabweans were to learn, was aimed at bringing economic stability, deal with corruption and restore democracy and people power, re-engagement with the West and shape a free society.

Main opposition MDC says Zimbabweans were sold the biggest dummy by a clique of power-hungry looters who removed Mugabe, not because they wanted to save the people, but after seeing that their economic interests were threatened.

“Twenty-six months, 137 pages (referring to Constitutional Court ruling of 2018 elections) later, ED (President Emmerson Mnangagwa) remains both illegitimate and clueless, the people are suffering and the social core has collapsed. We have a government which is using the central bank as a terrorist organisation to loot from the people, while the Ministry of Finance is nothing but a con-artist. The RBZ [Reserve Bank of Zimbabwe] is looting — forget corruption — they have legalised looting,” Nelson Chamisa’s spokesperson Nkululeko Sibanda told NewsDay.

At the dawn of the “new dispensation” in November 2017, there were high expectations, with the general public looking forward to seeing government focusing more on people-centred politics, a less travelling President, more investment in social services and a leaner, more competent government.

Sibanda said that never came, because the people who were fronting that attempt were the same system that was looting the government clean.

“You can’t ask a dog to do a cat’s job. The removal of Mugabe did not change anything for them. They just continued in a much more ruthless and aggressive manner. Democratic space has been further restricted; soldiers now shoot and kill unarmed protesters on the streets. Demonstrations and rallies don’t happen, they are blocked,” he said.

NCA leader Lovemore Madhuku echoed similar sentiments, saying now the government is incompetent, and more brutal than what happened under Mugabe.

“There is no new dispensation. I think currently, if you have anything, there is a dispensation that has been going backwards. They (current leaders in government) have gone beyond what we had in the 1980s. Clearly, they are actually trying to learn the bad portion of their old days. That’s what they are doing; the bad portion of the days where the mysterious disappearance of people, the heavy deployment of the police and the army at the smallest excuse; the old days of this where you find people in government who have no clue on how to deal with the situation, how to turn around the economy. That’s what we have at the moment, so we have no new dispensation at all,” Madhuku charged.

For the first time in the history of Zimbabwe, doctors have gone beyond 70 days on a strike demanding a living wage.

The junior doctors earned US$1 800, in November of 2017, the price of bread was 90 cents, a litre of fuel was selling at $1,15 at most, while the poverty datum line (PDL) was just above $300 and inflation slowly rising.

Zimbabwe Hospital Doctors Association, which has seen 286 of its members fired in the past three weeks, says government proposes to take their salaries up to $2 400 a month at a time bread is selling at $15, a litre of diesel now around $17,60 and PDL hovering around $3 000.

They have dug in saying they will not be forced to dialogue or back to work if the salaries are not enough to feed their families, educate their children and fund their own health care.

Zimbabwe Congress of Trade Unions leader Peter Mutasa, whose life has been under threat, says the country is now in the dark ages.

“These people are clueless they are taking us nowhere, it’s time we come together and make our voice heard we can’t continue in silence,” he said.

Mutasa has been charged with treason, beaten and arrested for mobilising workers to demonstrate against the new regime.

Mnangagwa continues to appeal for more time, saying his government is setting the right conditions for economic recovery.

He has even ended the multi-currency regime and returned Zimbabwe to the Zimbabwe dollar, which has been losing value against other currencies.

The International Monetary Fund says Zimbabwe’s annual inflation rate is the second-highest in the world, after Venezuela, at 300%.

On the re-engagement front, Mnangagwa has won the regional leaders on his side, but Europe and the United States have refused to embrace him, calling for meaningful reforms and respect of human rights.

A report putting Mnangagwa’s regime under scrutiny complied by the United Nations special rapporteur, Clément Nyaletsossi Voule, on the right to peaceful assembly and association sums it all.

“Albeit the common belief that a transformation will come, I believe that the long-awaited hopes are fading. The population is now questioning the government’s capacity to bring about such changes. They feel they have not experienced concrete and tangible results,” Voule said.

“On the contrary, I have perceived from my different meetings around the country, that there is a serious deterioration of the political, economic and social environment since August 2018 resulting in fear, frustration and anxiety among a large number of Zimbabweans.”

Moyo, who is now Foreign Affairs minister and is currently battling ill health, then appearing as a hero for many, told the nation things were going to go back to normal.

“As soon as we have accomplished our mission, we expect that the situation will return to normalcy. To the civil servants, as you are aware, there is a plan by the same individuals to influence the current purging that is taking place in the political sphere in the civil service.

We are against that act of injustice and we intend to protect everyone of you against that,” he said.

But two years later, Mnangagwa’s legendary governance failure has painted Mugabe as a saint.
Mugabe’s battered legacy has been reinvented by his long-time ally, who has dismally failed to capitalise on the goodwill and euphoria that punctuated his rise to power.

New movie to premiere

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PRODUCERS of a new local movie, Chipo Chirorwa, to premier early next year, have roped in school pupils in the production to empower them with film-making skills as fulfilment of the objectives of the new education curriculum.

BY CHELSEA MUSAFARE

One of the producers, Melody Mutyavaviri, told NewsDay Life & Style that the pupils, who will be blended in with professional actors, were drawn from Winwood College, Watershed College and Prince Edward School.

“They will be blended with professionals so that they learn about acting, script writing, directing, cinematography, editing, lighting, sound recording and production design,” she said.
“Plans are underway to get the students to camp at Karumazondo Outdoor Centre to shoot the movie this December.”

She said the movie touched on issues of heritage and culture, including traditional marriage and funeral rites.

“The movie is meant to teach young people about heritage and cultural issues around the rites of passage to do with customary marriage and what happens during funeral processes,” she said.
The movie’s co-producer and writer Charles Mutyavaviri said the movie was also in line with the new curriculum and has unveiled a Film Foundation Programme meant to teach high school students fundamental skills in film production.

The 20-member cast movie features Zolile Makeleni, who plays Tsotsi in another local movie, Wenera.

“The movie is going to be better in terms of the production values. It will be shot in 4K resolution. The movie will also be different in that it will incorporate young people from high school as part of the cast as well as part of the production team,” Mutyavaviri said.

The production is bankrolled by Karumazondo Outdoor Centre, which will cater for accommodation for the crew and cast.

This is the Mutyavaviris’ second project after their 2010 debut, Sores of Emmanuel.

What they said about 2020 budget

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FORMER Finance minister and now MDC vice president Tendai Biti:

“A budget of $63 billion is an illusion and unachievable, but also reflects extent of hyperinflation. The Pre-Budget Strategy Paper projected a $28,5 billion budget with expenditure of $25 billion. How does this inflate to $63 billion and $58 billion respectively in days?”

MDC-T vice-president Obert Gutu:

“The budget responded to calls by the MDC-T through lobbying by our MP Priscilla Misihairabwi-Mushonga for free education starting with rural children. It is a milestone achievement. It spoke to pertinent issues. Our MP also lobbied for scrapping of sanitary wear and that is factored in the budget.”

Sifelani Jabangwe, Confederation of Zimbabwe Industries president:

“At least certain things like the adjustment of tax will put some purchasing power in the hands of consumers. There has been a severe erosion of that. We really wanted macro-economic stability and that is what we were looking out for. We wait to see how the youth employment facility will be instituted but people must not look at budget as the only tool, what we need is production. We all need to go out there and grow something.”

Mat South police ban knobkerries

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POLICE in Gwanda, Bulilima and Mangwe districts of Matabeleland South have imposed a three-month ban on the carrying of knobkerries and catapults, among other “weapons”, citing increased crime in the province.

BY NQOBANI NDLOVU

According to the police, the prohibition order was issued in terms of section 14 (4) of the Public Order and Security Act Chapter (11:17). Failure to comply with the ban attracts a fine, a six-month jail sentence or both.

In rural Matabeleland, the carrying of knobkerries is, however, a common long practiced tradition and they can be used as walking sticks.

In Gwanda, the ban came into effect on Wednesday this week till February 11, 2020.
It was issued by the Officer Commanding Gwanda district Superintendent Rudo Chitombi.

Officer Commanding Bulilima and Mangwe district Superintendent Stephen Mutema said the ban runs till January 15 next year. It came into effect on November 10.

In a statement, Mutema said: “The regulating authority of the area believes on reasonable grounds that carrying in public whether openly or by concealment in a public place or public thoroughfare or public display of any of the following weapons or items capable of use as a weapon (A) catapults, machetes, axes, knobkerries, swords, knives or daggas, (B) any traditional weapons likely to occasion public disorder or a breach of peace.”

Matabeleland South police spokesperson Chief Inspector Philisani Ndebele said the ban on the carrying of the weapons was in response to increased assault, robbery, murder and other crimes in the province.

“We are concerned about robbery, assault, murder and other crime cases, whereby people use (these items as) weapons at the slightest provocation. The other contributing factor (to these crimes) is of people keeping large sums of money at home and become easy targets for criminals. That is the challenge we are facing,” Ndebele told Southern Eye yesterday.

On Monday, reports said a Filabusi businessman Douglas Chitengo lost US$20 660, R72 300 and $1 100, among other valuables, to four men armed with pistols who stormed his home in a pre-dawn raid.

Zim bans new electric water heaters to save energy

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Zimbabwe is banning the installation of new electric water heaters in a bid to save power, energy regulations published on Wednesday showed, at a time when the country is enduring rolling blackouts lasting up to 18 hours a day.

— Reuters

Power cuts have been exacerbated by low dam water levels at Zimbabwe’s biggest hydro plant following a severe drought and constant breakdowns of coal-fired generators, hitting mines, industry and households.

The government has previously said electric water heaters consume up to 400 megawatts (MW) of power a day in Zimbabwe, where daily production on Wednesday totalled 563MW, against demand of 1 200MW.

New regulations published in an official gazette said that as of Wednesday the country’s electricity supplier will no longer be allowed to connect power to premises without solar water heaters.

“No owner of the premises after the effective day of these regulations shall connect electrical geysers but may, at his or her own expense, install and use solar water heating systems,” the regulations said.

Besides electricity cuts, Zimbabweans have to contend with shortages of fuel needed to power generators.

That has forced households to start investing in solar energy, but initial installation costs are still too high for many people already grappling with the worst economic crisis in a decade.
In 2015, government officials said there were 300 000 electric heaters installed in Zimbabwe and that 40% of households’ electricity bills went towards water heating.

Power of compounding in share trading

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One of the greatest mathematician and physicists of all time Albert Einstein said, “Compound interest is the greatest wonder in the world. He who understands it earns it…he who doesn’t pays it” His assertion is based on the fact that compound interest is a fundamental component of wealth creation and by understanding just this one principle, one can make a significant difference to their financial independence over the long term.

Compounding occurs when your earnings on an investment are added to the amount you originally invested. The length of time you invest is a key factor in meeting your financial goals. The earlier you start, the easier it will be to achieve them. Many investors lose out because they wait too long to get started or invest too little. If you don’t start early, it can be difficult to catch up. It pays to start investing as soon as you can, and to take advantage of the power of compounding.

When you’re younger, saving for something that’s years away — such as retirement – may not seem important; that is exactly when you should start investing. The more time money is invested, the more time it has to grow. And one of the ways to give money a chance to grow over the long term is by investing in some form of shares.

If one begins investing at a young age history has proven that that they end up with far more than those who invest later in life. Having time on your side means having a longer time period of being able to save money to invest and a longer time period of being able to find investments that can increase in value.

Moreso, compounding returns are extremely powerful over the long run, and the earlier one gets started the greater their chance is to take advantage of this. Put more simply this is the power of the time value of money. Regular investments in an investment portfolio or a retirement account can lead to huge compounding benefits.

Investing while one is younger improves on spending habits though this benefit is generally overlooked by many, but investing early on definitely helps develop positive spending habits. Those who invest early on are much less likely to have issues with overstepping their boundaries in spending over the long run.

Investing teaches important lessons and the earlier you are able to learn those lessons the more you can benefit. If you are a young investor you are putting yourself ahead in the world of personal finance as a whole. By growing your investments over time you will be able to afford things that others can’t. Your personal finances are bound to get tight at times throughout your life, and investing at a young age can help in those tight times.

It is important to note that saving money to invest at a young age isn’t easy, but you simply can’t afford to wait to invest when it is convenient. Don’t shy away from investing because you don’t have enough, simply start with making small investments and give them time to mature.

Investing in shares while one is young is one of the best decisions one can ever make. For those that are tech savvy C-TRADE comes in handy as it eases the way investors do business on the capital market.

Investors do not need to physically visit their respective stockbrokers. C-TRADE gives investors the flexibility to access the platform in different ways namely, online, mobile application and the unstructured supplementary service data (USSD) whichever is convenient.

This platform has the ability to reach out to the remotest parts of the country, thereby encouraging participation by all citizens. The platform also allows Zimbabweans in the diaspora to participate on the

local stock market as it has payment gateways that enable their participation.  Through these tools, retail investors can trade securities, make or receive payments, obtain statements and follow market news anytime anywhere.

Live Updates: 2020 National Budget

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13:24 No MDC MPs yet amid reports they are planning to abscond the budget presentation in protest over ED ‘illegitimacy’

13:21 Zanu PF supporters singing outside Parliament ahead of the budget presentation

13:20 Heavy Military and police presence outside Parliament at the Africa Unity Square side

13:17 The August house is still empty ahead of budget presentation this afternoon.

Finance minister Mthuli Ncube faces a daunting task on how to balance his revenue generation and expenditure as he presents the 2020 budget today; at a time the economy is on a tailspin characterised by high inflation, skyrocketing prices of goods and cash shortages.

Two-thirds of the country’s population is food insecure and the country is also reeling from power shortages.

With runaway inflation hitting the economy, Ncube faces the headache of balancing his books and stabilising the economy.

MediPay partners with fintech company SympliFi to increase access to health care services in Zimbabwe

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Zimbabwe, November 2019 – MediPay, a Zimbabwe-based health care finance provider, has partnered with
UK-based Fintech company, SympliFi, to enable Zimbabweans to finance their health care related expenses
using their family abroad as guarantors.

MediPay provides affordable and flexible medical payment plans to patients unable to afford the upfront cost
of a medical procedure or equipment, or where medical aid does not cover the entire cost. MediPay finances
medical procedures and equipment, such as wheelchairs. Authorisation and processing can be completed
within 24 hours and payment made to the medical provider immediately.

The economic conditions in Zimbabwe have made it increasingly more difficult for people to afford access to
medical services, as more than 90% of the population is uninsured and those insured a burdened with huge
shortfalls. Recognizing these challenges, MediPay partnered with SympliFi to enable Zimbabweans in the
United Kingdom to serve as guarantors to help their family back home finance health care costs. SympliFi’s
digital service enables the diaspora to complete the guarantor process in a matter of minutes on their phone;
and most importantly, it is a fee-free service for the guarantor.
“We believe access to healthcare is a basic human right. In that spirit, our services enable access to appropriate healthcare services while removing the discrimination of upfront payments,” stated Jackson Kanhenga,Non-Executive Chair of MediPay.

“SympliFi is passionately focused on empowering the diaspora to improve the well-being of their family back
home. Access to health care can be life changing. That is why we are extremely proud to partner with MediPay
to ensure access to quality health care is available to as many Zimbabweans as possible,” said Maurice Iwunze,
co-founder of SympliFi.

To apply online for health care financing visit MediPay’s website at medipay.co.zw/loan/diaspora-plan/. To
find out more about their products contact MediPay at Tel: +263-242-339914/7, and email at credit@medipay.
co.zw. To learn more about SympliFi visit symplifi.co.uk.

About MediPay
MediPay is a duly registered Medical Finance organisation, registered with the Reserve Bank of Zimbabwe,
and incorporated in 2011. MediPay provides a medical credit facility for medical related expenses through a
network of Partners. MediPay provides medical payment plans to patients and medical professionals unable
to afford the upfront cost of a medical procedure or equipment, or where medical aid does not cover the entire cost of the procedure. The company has head office in Harare and is an associate to Utano Africa Limited.

About SympliFi
SympliFi is a financial technology company that empowers diaspora around the world to build prosperity in
their home country. SympliFi’s technology platform eliminates traditional borders in order to provide diaspora
impactful financial solutions for self or family back home. The company is based in London, with operations in
Zimbabwe, Nigeria and Tanzania.
Media Inquiries: For more information about SympliFi and to arrange to speak with
a spokesperson, please email contact@symplifi.co.uk