• Al Jazeera investigation uncovers ‘money washing’ scheme using Zimbabwean gold involving senior diplomats, church leaders
  • Zimbabwe produced a record high ~356t (12.5Moz) gold in 2022
  • Fast-deprecating currency makes Zimbabwe perfect breeding ground for gold smuggling
  • Gold price Tuesday morning was $US1956.80/oz, or $2942/oz Aussie

Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.

 

A wide-ranging investigation by Al Jazeera has uncovered a ‘money washing’ scheme using Zimbabwean gold which implicates some of the nation’s most senior diplomats/church leaders.

Zimbabwean evangelical preacher, self-described prophet and presidential envoy Uebert Angel told uncover reporters he could smuggle dodgy cash into the country using diplomatic immunity and exchange it for Zimbabwe’s gold.

This gold could then be sold for legitimate money.

Angel and his business partner Rikki Doolan – a British pastor and music artist (seriously) – also employed the services of President Mnangagwa’s niece Henrietta Rushwaya, president of the Zimbabwe Miners Association.

“Rushwaya, who is also President Mnangagwa’s niece, told Angel and the reporters on a phone call that smuggling 100kg of gold each week would be no problem,” writes Al Jazeera’s Investigative Unit.

“The scheme would need an initial investment of $10mn of dirty cash into the government’s gold refinery, Fidelity.

“Of that, $5mn would be held in reserve by Fidelity for the duration of the scam, with the rest being used every week to buy gold.

“Once the gold is bought, another $5mn would be brought in to buy more gold until all the money had been laundered into the precious metal — which would then be sold internationally for legitimate, clean cash.”

Zimbabwe produced a record high ~356t (12.5Moz) gold in 2022. Its fast-deprecating currency makes it a perfect breeding ground for gold smuggling.

Last year, in an attempt to put the brakes on hyperinflation, President Mnangagwa introduced gold coins called ‘Mosi oa Tunya’ as legal tender.

However, their price — determined by the international market rate for an ounce of gold, plus 5% for the cost of production – puts them well outside the grasp of the Zimbabwean working class.

 

What is it with church pastors and dodgy gold?

Al Jazeera also reports that Kamlesh Pattni – a gold smuggler responsible for almost bankrupting Kenya in the 90s – has moved his operations to Zimbabwe.

The so-called Goldenberg scandal is estimated to have cost Kenya the equivalent of more than 10% of the country’s annual gross domestic product, and again, involved political corruption at the highest levels.

Pattni, “who later became a self-proclaimed pastor and sometimes goes by the name
“Brother Paul”, is now running a similar scheme in Zimbabwe from his base of operations in Dubai, Al Jazeera reports.

 

Gold hits a wall at $US2000/oz

The yellow metal briefly surpassed $2,000/oz again on Friday before ending the day lower and we appear to be seeing further profit-taking in the new week, OANDA’s Craig Erlam says.

The gold price on Tuesday morning was $US1956.80/oz, or $2942/oz Aussie.

“If turbulence in the banks subsides, we could see gold give back some of its recent gains and from a technical perspective, the two failed runs at $2,000 has left us with a possible double top forming, with the neckline around $1,935,” Erlam says.

 

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected]

CODE COMPANY 1 WEEK RETURN % YEAR TO DATE RETURN % PRICE MARKET CAP
BEZ Besragoldinc 163% 102% 0.105 $56,617,902
FAU First Au Ltd 67% 25% 0.005 $5,473,916
GRL Godolphin Resources 67% 2% 0.085 $7,516,460
AVW Avira Resources Ltd 50% 0% 0.003 $6,401,370
NES Nelson Resources. 50% -14% 0.006 $3,531,566
MEI Meteoric Resources 46% 164% 0.14 $198,599,028
LRL Labyrinth Resources 44% -24% 0.013 $11,513,848
BRB Breaker Res NL 40% 27% 0.405 $127,467,921
ARV Artemis Resources 36% -40% 0.015 $21,859,857
MKR Manuka Resources. 34% -12% 0.075 $37,710,115
SIH Sihayo Gold Limited 33% 0% 0.002 $12,204,256
RMX Red Mount Min Ltd 33% -20% 0.004 $9,087,404
DTM Dart Mining NL 27% -5% 0.052 $6,847,305
IPT Impact Minerals 25% 43% 0.01 $24,813,706
OAU Ora Gold Limited 25% -50% 0.0025 $9,842,313
MM8 Medallion Metals. 23% -13% 0.135 $29,952,977
GAL Galileo Mining Ltd 22% -22% 0.685 $125,491,829
SAU Southern Gold 21% -8% 0.023 $6,906,561
VKA Viking Mines Ltd 20% 20% 0.012 $12,303,101
LM8 Lunnonmetalslimited 19% 21% 1.085 $118,116,837
VMC Venus Metals Cor Ltd 19% 19% 0.16 $27,602,196
PRS Prospech Limited 18% -14% 0.023 $2,119,166
KCN Kingsgate Consolid. 18% 17% 2.01 $444,854,111
CPM Coopermetalslimited 17% 17% 0.275 $11,301,125
ADV Ardiden Ltd 17% 0% 0.007 $18,818,347
WWI West Wits Mining Ltd 17% -13% 0.014 $28,069,347
HRN Horizon Gold Ltd 17% 13% 0.35 $43,813,574
GSN Great Southern 17% -28% 0.021 $11,943,126
PNR Pantoro Limited 16% -40% 0.058 $120,692,976
XAM Xanadu Mines Ltd 16% 28% 0.037 $58,961,671
MXR Maximus Resources 15% -5% 0.038 $11,486,008
EVN Evolution Mining Ltd 15% 0% 2.97 $5,413,298,141
AZS Azure Minerals 15% 40% 0.315 $109,266,100
GED Golden Deeps 14% -11% 0.008 $9,241,814
CXU Cauldron Energy Ltd 14% 14% 0.008 $7,452,544
BTR Brightstar Resources 14% -6% 0.016 $13,266,061
SPD Southernpalladium 14% -28% 0.585 $22,185,338
SSR SSR Mining Inc. 13% -6% 21.56 $398,842,464
BGL Bellevue Gold Ltd 13% 10% 1.245 $1,377,548,458
GMD Genesis Minerals 12% -16% 1.05 $440,013,461
SBM St Barbara Limited 12% -17% 0.64 $526,669,361
SXG Southern Cross Gold 12% -12% 0.705 $60,183,397
KAI Kairos Minerals Ltd 12% -17% 0.019 $39,281,870
RSG Resolute Mining 12% 90% 0.38 $819,667,529
CAI Calidus Resources 12% -11% 0.24 $103,294,447
AGG AngloGold Ashanti 11% 11% 6.5 $566,469,308
GBR Greatbould Resources 11% 4% 0.094 $39,059,952
CST Castile Resources 11% 5% 0.1 $22,980,731
SRN Surefire Rescs NL 11% 67% 0.02 $36,371,360
SMS Starmineralslimited 11% 0% 0.072 $2,230,493
BC8 Black Cat Syndicate 10% 8% 0.385 $99,806,982
AGC AGC Ltd 10% -8% 0.055 $5,500,000
PRU Perseus Mining Ltd 10% 10% 2.33 $3,186,189,053
A8G Australasian Metals 10% -11% 0.17 $6,998,984
NCM Newcrest Mining 10% 29% 26.53 $23,477,730,754
SI6 SI6 Metals Limited 9% 0% 0.006 $7,476,973
TIE Tietto Minerals 9% -13% 0.61 $668,829,406
SKY SKY Metals Ltd 9% 2% 0.049 $18,462,390
PGO Pacgold 9% 3% 0.37 $20,335,872
NST Northern Star 9% 8% 11.83 $13,258,871,154
GOR Gold Road Res Ltd 8% -4% 1.63 $1,735,393,989
WGX Westgold Resources. 8% 36% 1.19 $558,874,821
S2R S2 Resources 8% -18% 0.14 $55,362,355
RXL Rox Resources 8% 63% 0.285 $65,062,735
ALK Alkane Resources Ltd 7% 36% 0.725 $446,100,481
RRL Regis Resources 7% -8% 1.885 $1,400,573,091
USL Unico Silver Limited 7% -15% 0.145 $33,663,218
BCN Beacon Minerals 7% 7% 0.03 $105,189,509
TTM Titan Minerals 7% -9% 0.061 $86,087,664
RND Rand Mining Ltd 7% 2% 1.39 $79,057,586
DEG De Grey Mining 7% 20% 1.545 $2,372,973,711
KWR Kingwest Resources 7% -11% 0.031 $8,733,531
LCL Los Cerros Limited 7% -44% 0.032 $25,219,584
CMM Capricorn Metals 6% 3% 4.72 $1,724,730,023
SVL Silver Mines Limited 6% -13% 0.175 $238,683,339
KNB Koonenberrygold 6% -10% 0.056 $4,015,092
SVY Stavely Minerals Ltd 6% -22% 0.19 $58,706,769
POL Polymetals Resources 6% -22% 0.19 $8,132,885
MGV Musgrave Minerals 5% -5% 0.2 $118,241,590
DCN Dacian Gold Ltd 5% -20% 0.08 $94,910,473
RMS Ramelius Resources 5% 27% 1.185 $1,008,602,215
GSR Greenstone Resources 5% -31% 0.022 $25,361,258
ADN Andromeda Metals Ltd 5% 2% 0.045 $133,730,363
MEK Meeka Metals Limited 5% -34% 0.045 $46,974,793
BGD Bartongoldholdings 5% 15% 0.23 $18,129,950
KSN Kingston Resources 4% 16% 0.094 $38,240,136
HRZ Horizon 4% -23% 0.047 $29,273,772
AUC Ausgold Limited 4% 6% 0.05 $103,503,202
TUL Tulla Resources 4% -25% 0.25 $86,887,081
TBR Tribune Res Ltd 4% -11% 3.6 $194,131,885
ICL Iceni Gold 4% 5% 0.084 $10,640,304
SFR Sandfire Resources 4% 8% 5.88 $2,677,386,698
RED Red 5 Limited 4% -32% 0.14 $449,643,491
SBR Sabre Resources 4% -26% 0.028 $8,161,613
WA8 Warriedarresourltd 4% -15% 0.145 $60,348,234
NSM Northstaw 3% -3% 0.15 $16,817,780
FEG Far East Gold 3% -38% 0.3 $48,975,427
BMR Ballymore Resources 3% 3% 0.155 $14,447,618
AME Alto Metals Limited 3% -1% 0.066 $41,671,453
CHN Chalice Mining Ltd 3% 0% 6.28 $2,364,088,378
SLR Silver Lake Resource 3% -6% 1.115 $1,050,611,096
MEU Marmota Limited 3% -21% 0.038 $40,234,422
MEG Megado Minerals Ltd 3% -13% 0.039 $5,293,056
MKG Mako Gold 3% 0% 0.04 $19,809,357
AUT Auteco Minerals 3% -20% 0.041 $94,826,288
HMX Hammer Metals Ltd 2% -24% 0.052 $43,534,589
WAF West African Res Ltd 2% -16% 0.985 $997,988,303
ADT Adriatic Metals 1% 17% 3.7 $843,858,668
MZZ Matador Mining Ltd 1% -28% 0.083 $25,847,944
HMG Hamelingoldlimited 1% -37% 0.091 $10,890,000
NPM Newpeak Metals 0% 0% 0.001 $9,145,132
ASO Aston Minerals Ltd 0% 31% 0.105 $111,353,093
MTC Metalstech Ltd 0% -31% 0.36 $62,952,004
FFX Firefinch Ltd 0% 0% 0.2 $236,569,315
DCX Discovex Res Ltd 0% 0% 0.003 $9,907,704
AQX Alice Queen Ltd 0% -25% 0.0015 $2,530,288
AMI Aurelia Metals Ltd 0% -16% 0.105 $129,930,908
TMX Terrain Minerals 0% -8% 0.0055 $5,957,596
BNZ Benzmining 0% -5% 0.39 $27,547,731
CWX Carawine Resources 0% -2% 0.098 $19,288,112
REZ Resourc & En Grp Ltd 0% -6% 0.015 $6,497,475
LEX Lefroy Exploration 0% -17% 0.215 $34,498,470
GMR Golden Rim Resources 0% 0% 0.031 $18,930,828
KAL Kalgoorliegoldmining 0% -40% 0.05 $4,258,903
AVM Advance Metals Ltd 0% -20% 0.008 $4,656,353
WRM White Rock Min Ltd 0% -5% 0.063 $17,373,121
ASR Asra Minerals Ltd 0% -45% 0.011 $17,605,424
MCT Metalicity Limited 0% -33% 0.002 $7,009,079
CTO Citigold Corp Ltd 0% -17% 0.005 $14,168,295
MHC Manhattan Corp Ltd 0% -9% 0.005 $9,650,638
TRY Troy Resources Ltd 0% 0% 0.0295 $62,920,961
CGN Crater Gold Min Ltd 0% 0% 0.014499 $17,965,037
GUL Gullewa Limited 0% -7% 0.056 $10,963,294
MTH Mithril Resources 0% -43% 0.002 $6,526,180
ADG Adelong Gold Limited 0% 57% 0.011 $6,405,868
KZR Kalamazoo Resources 0% -33% 0.14 $20,974,712
EM2 Eagle Mountain 0% 3% 0.175 $54,894,035
HCH Hot Chili Ltd 0% 1% 0.88 $105,111,781
NVA Nova Minerals Ltd 0% -33% 0.455 $94,900,399
AAJ Aruma Resources Ltd 0% 8% 0.057 $8,946,806
TBA Tombola Gold Ltd 0% 0% 0.026 $33,129,243
QML Qmines Limited 0% 0% 0.165 $15,335,535
TCG Turaco Gold Limited 0% 12% 0.065 $27,801,583
EMU EMU NL 0% -59% 0.002 $2,900,043
X64 Ten Sixty Four Ltd 0% -11% 0.57 $130,184,182
RVR Red River Resources 0% 0% 0.073 $37,847,908
RGL Riversgold 0% -43% 0.017 $15,127,483
CBY Canterbury Resources 0% -2% 0.04 $5,780,941
TMZ Thomson Res Ltd 0% -74% 0.005 $4,349,755
TAM Tanami Gold NL 0% -10% 0.035 $41,128,397
WMC Wiluna Mining Corp 0% 0% 0.205 $74,238,031
BAT Battery Minerals Ltd 0% -13% 0.0035 $10,273,348
HXG Hexagon Energy 0% -35% 0.011 $6,154,991
PDI Predictive Disc Ltd 0% -3% 0.175 $303,557,446
ZAG Zuleika Gold Ltd 0% -38% 0.013 $6,799,658
CEL Challenger Exp Ltd 0% -26% 0.13 $135,955,955
MBK Metal Bank Ltd 0% -15% 0.029 $8,018,080
DTR Dateline Resources 0% -51% 0.018 $12,112,158
PKO Peako Limited 0% -38% 0.009 $3,792,153
TRM Truscott Mining Corp 0% 15% 0.047 $7,856,382
DEX Duke Exploration 0% 0% 0.053 $5,587,240
MOM Moab Minerals Ltd 0% -11% 0.008 $5,455,708
AYM Australia United Min 0% 0% 0.003 $5,527,732
ANL Amani Gold Ltd 0% 0% 0.001 $24,693,441
MI6 Minerals260Limited 0% -9% 0.31 $70,400,000
BNR Bulletin Res Ltd -1% -3% 0.09 $26,129,608
CHZ Chesser Resources -1% 5% 0.089 $52,385,520
EMR Emerald Res NL -1% 26% 1.49 $893,670,479
AAR Astral Resources NL -1% 1% 0.073 $53,898,208
ERM Emmerson Resources -1% -4% 0.072 $38,129,685
SMI Santana Minerals Ltd -1% 10% 0.72 $109,351,535
BM8 Battery Age Minerals -1% -29% 0.355 $26,347,448
TG1 Techgen Metals Ltd -2% -26% 0.061 $3,650,912
IGO IGO Limited -2% -11% 11.98 $9,056,923,043
MAU Magnetic Resources -2% -19% 0.7 $156,068,419
CDR Codrus Minerals Ltd -2% -28% 0.093 $3,638,700
OZM Ozaurum Resources -2% -36% 0.042 $5,334,000
FG1 Flynngold -2% -19% 0.081 $8,229,883
STK Strickland Metals -3% -10% 0.036 $55,977,435
KAU Kaiser Reef -3% 0% 0.165 $23,380,118
STN Saturn Metals -3% -8% 0.165 $24,247,764
SVG Savannah Goldfields -3% -16% 0.16 $31,632,113
ANX Anax Metals Ltd -3% 13% 0.06 $25,382,479
AWJ Auric Mining -3% -30% 0.0445 $5,823,252
TSO Tesoro Gold Ltd -3% -19% 0.029 $30,551,865
KTA Krakatoa Resources -3% -34% 0.029 $9,996,588
CYL Catalyst Metals -4% -20% 0.945 $165,077,158
TLM Talisman Mining -4% -4% 0.135 $26,283,530
IDA Indiana Resources -4% -9% 0.05 $23,556,626
ARL Ardea Resources Ltd -4% -31% 0.49 $85,751,386
KCC Kincora Copper -4% -11% 0.065 $7,990,438
KIN KIN Min NL -4% -34% 0.043 $51,838,624
G50 Gold50Limited -5% -16% 0.21 $12,242,745
HAV Havilah Resources -5% -5% 0.315 $102,907,743
HAW Hawthorn Resources -5% -28% 0.083 $27,806,296
IVR Investigator Res Ltd -5% -2% 0.041 $61,798,139
BYH Bryah Resources Ltd -5% -23% 0.02 $5,343,816
GCY Gascoyne Res Ltd -5% -40% 0.1 $60,898,434
ICG Inca Minerals Ltd -5% -17% 0.019 $9,657,067
GBZ GBM Rsources Ltd -5% -35% 0.028 $15,194,671
TGM Theta Gold Mines Ltd -5% -18% 0.056 $34,664,508
AAU Antilles Gold Ltd -5% 23% 0.037 $18,030,494
PNM Pacific Nickel Mines -5% -11% 0.074 $28,120,314
MOH Moho Resources -5% -14% 0.018 $3,737,920
CDT Castle Minerals -5% -14% 0.018 $20,240,874
EMC Everest Metals Corp -5% -10% 0.071 $7,450,318
SPQ Superior Resources -5% -7% 0.052 $85,061,021
YRL Yandal Resources -5% -12% 0.086 $14,202,277
MVL Marvel Gold Limited -6% -35% 0.017 $11,986,604
A1G African Gold Ltd. -6% -19% 0.067 $11,851,785
PGD Peregrine Gold -6% 1% 0.39 $15,875,806
NXM Nexus Minerals Ltd -6% -23% 0.155 $53,699,796
G88 Golden Mile Res Ltd -6% -26% 0.015 $3,273,436
DRE Dreadnought Resources Ltd -6% -43% 0.06 $200,917,421
CLA Celsius Resource Ltd -6% -6% 0.015 $27,984,793
ALY Alchemy Resource Ltd -7% -39% 0.014 $16,493,068
OKR Okapi Resources -7% -10% 0.135 $22,295,585
CAZ Cazaly Resources -7% -24% 0.026 $10,039,188
FAL Falconmetalsltd -8% 29% 0.36 $62,835,000
KRM Kingsrose Mining Ltd -8% -11% 0.058 $43,646,538
MRR Minrex Resources Ltd -8% -28% 0.023 $23,867,085
NAG Nagambie Resources -8% -30% 0.046 $25,177,608
LYN Lycaonresources -8% -38% 0.17 $5,596,188
SNG Siren Gold -8% -51% 0.09 $12,754,587
VRC Volt Resources Ltd -9% -33% 0.01 $41,363,951
AM7 Arcadia Minerals -9% -5% 0.195 $10,273,536
PUR Pursuit Minerals -10% 19% 0.019 $23,745,017
NML Navarre Minerals Ltd -10% -32% 0.028 $43,583,495
ZNC Zenith Minerals Ltd -10% -30% 0.185 $66,824,148
MAT Matsa Resources -10% 0% 0.037 $15,244,171
PRX Prodigy Gold NL -10% -25% 0.009 $17,478,828
WCN White Cliff Min Ltd -10% -36% 0.009 $7,056,490
XTC Xantippe Res Ltd -10% -10% 0.0045 $42,320,399
BMO Bastion Minerals -10% -21% 0.027 $4,463,524
THR Thor Energy PLC -10% -25% 0.0045 $5,912,451
RDS Redstone Resources -10% 13% 0.009 $7,368,324
MLS Metals Australia -10% -21% 0.035 $22,460,339
NMR Native Mineral Res -11% -55% 0.05 $6,727,769
OBM Ora Banda Mining Ltd -11% 49% 0.125 $185,352,990
PNT Panthermetalsltd -11% -38% 0.125 $3,997,500
GMN Gold Mountain Ltd -11% -43% 0.004 $7,879,730
GML Gateway Mining -11% -33% 0.04 $11,718,676
ENR Encounter Resources -12% -36% 0.115 $42,663,094
AL8 Alderan Resource Ltd -13% 0% 0.007 $4,047,863
MDI Middle Island Res -13% -8% 0.035 $5,141,565
GNM Great Northern -13% -13% 0.0035 $5,981,678
ARN Aldoro Resources -13% 25% 0.2 $22,582,463
GWR GWR Group Ltd -14% 61% 0.095 $30,515,582
M2R Miramar -14% -46% 0.043 $3,359,235
SFM Santa Fe Minerals -15% -28% 0.058 $4,223,490
GSM Golden State Mining -15% -33% 0.029 $3,744,455
BBX BBX Minerals Ltd -16% 0% 0.105 $53,979,362
FML Focus Minerals Ltd -16% -39% 0.155 $47,282,176
PNX PNX Metals Limited -17% -41% 0.0025 $13,451,562
NAE New Age Exploration -17% -29% 0.005 $8,615,393
RML Resolution Minerals -17% -38% 0.005 $6,478,477
LCY Legacy Iron Ore -17% -21% 0.015 $108,916,045
AQI Alicanto Min Ltd -17% -19% 0.035 $15,617,477
TAR Taruga Minerals -18% -42% 0.014 $9,884,375
GTR Gti Energy Ltd -19% -26% 0.008 $16,132,352
RDT Red Dirt Metals Ltd -19% -39% 0.29 $135,696,784
PUA Peak Minerals Ltd -20% -33% 0.004 $4,165,506
RDN Raiden Resources Ltd -20% -20% 0.004 $8,272,912
NWM Norwest Minerals -21% -52% 0.026 $6,441,114
SLZ Sultan Resources Ltd -22% -51% 0.042 $3,747,798
M24 Mamba Exploration -23% -49% 0.074 $4,634,734
MRZ Mont Royal Resources -24% -29% 0.125 $10,614,814
CLZ Classic Min Ltd -25% -84% 0.0015 $3,675,564
ORN Orion Minerals Ltd -25% -25% 0.012 $58,467,129
CY5 Cygnus Metals Ltd -26% -51% 0.185 $40,452,327
GIB Gibb River Diamonds -32% -32% 0.041 $10,786,982
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