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PRINCE IN E600 000 SWAZI GOLD SALE IN DUBAI

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MBABANE – While Lomati Gold Mine’s operations remain uncertain and Senators recently raised concerns over its corporate governance, information has emerged that the entity sold 1kg pure gold in Dubai.
Although the exact price at which the gold was sold remains unknown, the precious stone was valued at around E600 000.


The sale of the gold involved Prince Gcina, the last born child of King Sobhuza II who is Swaziland’s Ambassador to Dubai.
He was in the company of another member of the royal family, Mihla Dlamini, who is Managing Director of Lomati Gold Mine (also known as Lufafa).
This latest information follows last week’s Times SUNDAY article that Nigerian billionaire Chief Benjamin Aghalieaku Arenze’s company, Aghalieaku Airways, shipped the gold to Dubai and charged Lomati E63 840 for services rendered.


The gold dore bar that was shipped to Dubai had a purity of 24 karat, which signified that it was pure gold or 100 per cent gold.
The gold was destined for Al Etihad Gold LCC, which is one of the largest and fastest growing gold and silver refineries in the Arab region.
The documents on the gold’s shipment to Dubai was the first evidence to be exposed to the public confirming that gold of the purest form was being produced by Lomati Mine and exported to the international market.
The involvement of Mihla and Prince Gcina in the gold’s sale has been confirmed by Commissioner of Mines Sam Ntshalintshali.


“The ministry assigned His Excellency the Ambassador of the Kingdom of Swaziland in Dubai to oversee the consignment including processing at the refinery, sale and transmission of the sale proceeds to the respective authorised recipients. His Excellency was in regular communication contact with the Honourable minister for Natural Resources and Energy and the commissioner of mines,” the commissioner said.
The gold left Swaziland through the King Mswati III International Airport and reached Dubai via the O.R. Tambo International Airport in Johannesburg, South Africa.


Mihla, as confirmed by Ntshalintshali, was a passenger in the aircraft when the gold was shipped from KMIII International Airport.
On the gold’s arrival in Dubai, as reported by this publication last week, it was to be handed over to a Mr. M. Dlamini, presumably Mihla, and this has also been confirmed by the commissioner.
“The cargo was received by the managing director and His Excellency the ambassador of the Kingdom of Swaziland in Dubai,” said Ntshalintshali.


He stated that after it had been processed, “the gold was sold to the open markets based on the London Bullion Market (LBM) prices”.
The London Bullion Market Association is the pre-eminent standard-setting body for the global wholesale market for precious metals, with some 150 members based in over 30 countries.
The LBM’s mission is to add value to the global precious metals industry by setting standards, developing market services and thereby ensuring the highest levels of integrity, transparency and quality.
Gold, silver, platinum and palladium price auctions take place in London on a daily basis.

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