(NEWZIMBABWE, 'THE SOURCE') Miners fight 25 percent pay cut
16/12/2013 00:00:00
by The Source
WORKERS at the New Dawn Mining-owned Golden Quarry mine have taken their employer to arbitration court for unilaterally cutting their salaries by 25 percent citing viability challenges and slump in gold prices.
In court papers seen by The Source on Monday, Golden Quarry slashed the salaries from July this year, citing an agreement made between management and workers representatives.
The employees, through their legal representatives, Kamusasa and Musendo Legal Practitioners, say the company used threats and intimidation to force their representatives to sign the agreement and want the decision set aside.
“If the respondent intends to pay less, it should follow the proper procedures and seek exemption from the National Employment Council (NEC) for mining,” the employees said in their submission.
Peter Dzimba of Dzimba, Jaravaza and Associates presided over the case last week Friday but is yet to make a ruling.
Rejoice Moyo, Falcon Gold’s group human resources manager represented the mine at the hearing. New Dawn owns Golden Quarry, Dalny and Venice mines through its Falcon Gold subsidiary.
The Canadian-listed junior miner shut down Dalny Mine in August and threatened to close all mining operations in the country citing viability constraints caused by delays in getting its indigenisation plan approved.
The government has since approved an indigenisation plan which will see the company selling 42 percent of its shares to indigenous groups instead of the mandatory 51 percent.
Labels: GOLDEN QUARRY MINE (ZW), MINING, NEW DAWN MINING CORP
Read more...
Canadian firm starts gold exploration project
Thursday, 19 April 2012 00:00
Tawanda Musarurwa Business Reporter
CANADIAN gold producer New Dawn Mining Corporation has initiated an 8 000-metre exploration project at its Camperdown Mine Gold project in Zimbabwe. The Camperdown Mine is part of the firm’s Gweru gold camp located in the Shurugwi District.
According to the company, the exploration project is aimed to “test the down-dip extent of the known mineralised zones within the claims area”.
New Dawn said the new targets are adjacent to existing gold mineralisation, and the extent of mineralisation is open both horizontally and vertically.
The Camperdown Mine has been operated in the past as both an open-pit and a small underground operation and is considered to have good future potential as a low grade-high tonnage open-pit proposition.
Historical production (up to 1992) was reported to be 220 000 ounces of gold from 3,3 million tonnes of ore at a recovered grade of 2,0 grammes per tonne of gold.
Mineralisation occurs in a number of discrete zones within a domal-shaped banded iron formation, cross-cut by numerous quartz veins which themselves can also be mineralised.
New Dawn reports that the banded iron formation dome, which is being explored, has relatively shallow dips of less than 30 degrees in all principal directions.
However, the lateral extent of this mineralisation is not yet known.
In a statement, the company said the project might take up to six months to complete.
“Contingent on drilling parameters, the programme is expected to take up to six months, with analysis of the results expected to be completed by the end of December 2012.
“Based on the results of this drilling programme, the company may consider additional exploratory work to further define and develop this opportunity,” said New Dawn.
New Dawn is a Zimbabwe-focused junior gold company, currently focused on expanding its gold mining operations in the country.
It also owns 100 percent of the Turk and Angelus Mine, and the Old Nic Mine, as well as approximately 85 percent of the Dalny Mine, the Golden Quarry Mine and Venice Mine (currently not in operation).
The initiation of the Camperdown project comes at a time when the Ministry of Mines and Mining Development has ordered 469 local and foreign miners (including New Dawn) to resubmit applications for exploration rights that detail their shareholding, proposed work, proof of funding and technical capacity.
New Dawn also has a portfolio of prospective exploration acreage in Zimbabwe.
The company has indicated it would use its indigenisation compliance plan to raise funds to implement its current business plans, indicating a significant bias towards equity disposal.
The firm’s indigenisation compliance plans are likely to include employee and community share ownership schemes, disposal of equity to identified indigenous Zimbabweans, as well as listing on the Zimbabwe Stock Exchange.
Labels: GOLD, GOLD MINES, NEW DAWN MINING CORP
Read more...
Zimbabwe probing New Dawn, CAG deal – Minister
By: Reuters
25th June 2010
TEXT SIZE HARARE – Zimbabwe is probing New Dawn Mining Corp's acquisition of Central African Gold (CAG), which a top ally of President Robert Mugabe says is against the country's empowerment law, state media reported on Friday.
Earlier this month, New Dawn, which is listed on the Toronto Stock Exchange, announced it had acquired 89 percent of the AIM-listed CAG in a bid to expand its Zimbabwean gold operations.
But the Minister of State for Presidential Affairs, Didymus Mutasa, is quoted by the state-controlled Herald newspaper as saying the transaction "did not comply with empowerment regulations and threatened Zimbabwe's security and economic interests."
In 2007, Mugabe's ZANU-PF party pushed through an Indigenisation and Economic Empowerment law, which seeks to transfer majority control of all foreign-owned firms -- including mines and banks -- to local blacks.
Mugabe was forced to set up a power-sharing government with bitter rival, Morgan Tsvangirai, now prime minister last year after disputed polls in 2008.
Tsvangirai and his Movement for Democratic Change (MDC) are opposed to the law, which they say undermines efforts to rebuild Zimbabwe's battered economy.
"Government cannot, therefore, continue to countenance these kind of transactions. This one evades any local involvement, particularly as the Western sanctions persist," Mutasa is quoted as saying.
"There is absolutely no monetary value accruing to Zimbabwe from it. It does not bring even one additional cent into its cash-strapped economy."
New Dawn said its acquisition of CAG's assets would increase its annual production capacity to 60 000 oz within the next two years. New Dawn, which resumed operations last year after the government liberalised gold trade, is currently producing just over 1 200 oz/m from its two mines.
CAG's Zimbabwean operations include the Zimbabwe Stock Exchange-listed Falcon Gold, whose five mines are under care with some conducting limited mining operations.
Players in the mining industry have urged the government to consider each economic sector's specific capital requirements when applying the empowerment law.
On Wednesday, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere said the government had revised its rules on foreign firm takeovers to apply varying local shareholding requirements to different sectors of the economy.
Edited by: Reuters
Labels: INDIGENIZATION AND EMPOWERMENT ACT (ZIMBABWE), NEW DAWN MINING CORP
Read more...
