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Cash bottleneck leads to payment in gold

In Zimbabwe, the country's largest gold mine pays its suppliers in gold because it has too little cash. Well-positioned gold companies do not have to do this

Due to a liquidity shortage, Metallon Gold, the company with the largest gold mine in Zimbabwe, is considering remunerating its suppliers for mining equipment in gold. Metallon Gold needs at least $400 million to purchase new machines and upgrade existing equipment, says Chief Executive Officer Mzi Khumalo of Metallon Gold.

Now gold is not legal tender in Zimbabwe and if the legally permitted but not simple construction in connection with rental laws succeeds, then it would also be the first time that gold is paid. Mining is Zimbabwe's biggest source of foreign exchange. After South Africa, the African country has very large platinum reserves, as well as iron ore and chromium, in addition to gold.

Caledonia Mining - https://www.commodity-tv.net/c/search_adv/?v=298338 - is one of the gold companies that work successfully in Zimbabwe and have absolutely no liquidity problems. They can even sell their gold with a bonus payment to the central bank there. The company owns 49 percent of the Blanket gold mine and a letter of intent was recently issued to increase its stake to 64 percent. The mine's total resources have currently been increased to almost 1.8 million ounces. Resources have increased by 86 percent since 2011, although more than 300,000 ounces have been mined during this period.

A completely different project, the Lost Cities project of Aurania Resources in Ecuador - https://www.commodity-tv.net/c/search_adv/?v=298509, looks as exotic as the gold search in Zimbabwe. The company's flagship project is located in the Andes and covers approximately 208,000 hectares and 42 concessions. A stream sediment program identified seven epithermal targets for potential gold and silver mineralization and 13 porphyry copper targets.

Current company information and press releases from Caledonia Mining (https://www.resource-capital.ch/en/companies/caledonia-mining-corp.html) and Aurania Resources (https://www.resource-capital.ch/en/companies/aurania-resources-ltd.html).

In accordance with §34 WpHG, I would like to point out that partners, authors and employees can hold shares in the companies mentioned in each case and therefore there is a possible conflict of interest. Only the English version of these messages applies.

Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly point out the risks involved in securities trading. No liability can be assumed for damages resulting from the use of this blog. I would like to point out that shares and in particular warrant investments are generally associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. I expressly reserve the right to make a mistake, in particular with regard to figures and exchange rates, despite the utmost care. The information contained herein has been obtained from sources believed to be reliable but does not claim to be accurate or complete. Due to court rulings the contents of linked external sites are also to answer for (so among other things district court Hamburg, in the judgement of 12.05.1998 - 312 O 85/98), as long as no explicit dissociation from these takes place. Despite careful control of the contents, I do not assume any liability for the contents of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: www.resource-capital.ch/en/disclaimer.html

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PDAC 2019

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at info@resource-capital.ch. We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

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