Mining Weekly

Mining and energy company Seriti Resources’ subsidiary Seriti Green has signed a long-term project financing agreement with Rand Merchant Bank (RMB) as co-mandated lead arranger to enable the delivery of a 155 MW wind farm, in Mpumalanga. The project has a total cost of R4-billion and represents the first phase of a portfolio that will amount to about 1 GW of renewable energy. The wind farm will be the first renewable energy project to be developed in Mpumalanga, which is traditionally prominent for coal mining and coal-fired power generation.

Gold miner Shanta Gold has confirmed that the requisite majority of voting scheme shareholders have voted in favour of a takeover by Tanzania-based Saturn Resources, or Bidco, which is a newly formed wholly-owned subsidiary of global conglomerate ETC Holdings. Shareholder approval, as well as approval from the Competition Authority of Kenya, were two of the outstanding conditions to the scheme.

Port logistics company the Newlyn Group on April 4 unveiled the Newlyn PX Bayhead rail terminal, strategically located next to the Port of Durban, aimed at opening intra-Africa and local trade and investment opportunities. “This is a major milestone for South Africa and showcases what can be achieved when the private sector and government work together for the future of our country and her people,” Newlyn CEO Raj Balmakhun said.

Rio Tinto faced demands from shareholders at its annual meeting on Thursday to come clean on environmental issues, including water and biodiversity, as the company said it was committed to achieving an "impeccable ESG" performance. Mining, responsible for 4% to 7% of greenhouse-gas global emissions in 2020, is under the spotlight as a provider of critical raw materials needed for the energy transition, including electric vehicles and renewable energy infrastructure.

Gold miner Harmony Gold has concluded a landmark five-year wage agreement in respect of increases to wages and other conditions of service with its five labour unions, being the coalition, which comprises the National Union of Mineworkers, the UASA and Solidarity; the Association of Mineworkers and Construction Union; and the National Union of Metalworkers of South Africa. The agreement is effective from July 1, 2024, to June 30, 2029.

A far-reaching new drive is under way to ease iridium scarcity still further and, especially in the short term, demand for platinum group metals (PGMs) from electrochemical processes is on the way. That is the news from clean chemistry company Mattiq, which aims to decarbonise chemicals production.

Potash development company Kore Potash has announced the appointment of JM André Baya as CEO, effective from April 15. The position is a non-board role. The company owns a 97% stake in the Kola and DX potash projects in the Sintoukola Basin in Congo-Brazzaville.

The Democratic Republic of Congo (DRC) has suspended nine subcontracting companies working at mines run by Eurasian Resources Group (ERG), as the cobalt and copper producer faces fresh complications in the country. The government first announced the ban on March 14, alleging that the firms aren’t controlled by Congolese nationals as required by law. The regulator said Tuesday the sanctions are still in place, after meeting with Kazakhstan-backed ERG last week.

African development banks are seen as the most likely funders of Caledonia Mining Corporation's planned $250-million gold mine in Zimbabwe, the mining company's CEO Mark Learmonth said on Wednesday. Caledonia, which already owns the Blanket gold mine in Zimbabwe, is updating a feasibility study ahead of the planned construction of a new mine at Bilboes to produce at least 170 000 oz/y, making it potentially the country's biggest gold mine.

Gold set another record high above $2 300 an ounce on the likelihood the Federal Reserve will cut interest rates this year, and sustained demand from central banks. Bullion touched a peak of $2 304.96 an ounce before trading little changed as investors took comfort in Fed Chair Jerome Powell’s assurance on Wednesday that it will likely be appropriate to begin lowering borrowing costs “at some point this year.”

During the first quarter, Ivanhoe Mines’ Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) successfully produced 86 203 t of copper in concentrate, the company has announced. In a first-quarter production update issued on April 3, the company maintained its 2024 full-year production guidance for Kamoa-Kakula between 440 000 t and 490 000 t of copper in concentrate.

JSE- and ASX-listed Southern Palladium says drilling is advancing the prefeasibility study (PFS) for its Bengwenyama platinum group metals (PGMs) project, on the Eastern Limb of the Bushveld Complex, in South Africa. An extensive scoping study for Bengwenyama by Johannesburg-based mining consultancy Minxcon earlier this year confirmed the continuation of the PFS work.

The Tshiamiso Trust, which was established to disburse compensation funds to mineworkers who contracted silicosis and tuberculosis (TB) while employed by certain companies in South Africa’s gold mining sector, has disbursed R1.5-billion to claimants since it began processing claims in 2021. The trust has paid out 16 417 claims, the majority of which are for persons based in Lesotho, followed by the Eastern Cape.

Diversified mining company African Rainbow Minerals (ARM) has entered into a subscription agreement for a private placement financing with Surge Copper, a Canadian company that is advancing an emerging critical metals district in British Columbia. ARM will subscribe for 39 608 708 common Surge shares for C$3.8-million through its wholly-owned subsidiary ARM Copper.

Gold held near a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals. Bullion rose to a fresh peak above $2 288 an ounce before trading little changed, while silver topped $26 an ounce. San Francisco Fed President Mary Daly and Cleveland counterpart Loretta Mester — both of whom vote on policy decisions this year — said three reductions were likely over 2024, although there’s no urgency. Lower rates benefit the non-yielding metals.

Glencore may consider switching its primary listing from London to New York, analysts at Deutsche Bank predicted, in what would be one of the most high-profile exits from the UK exchange to date. Liam Fitzpatrick and colleagues said the UK copper mining and trading firm’s primary listing could come into focus due to a lack of shareholder support for a plan to split off its coal business and list it separately in New York.

Platinum group metals (PGM) prices, where they are now, do not reflect the medium to long-term supply demand fundamentals. Instead, they are driven by short-term distortions, which imply that a correction from current levels could be seen.  

Mineral exploration and development company Koryx Copper has closed a nonbrokered private placement for $1.51-million. The proceeds of the private placement will be used for further exploration on the company’s projects in Namibia and Zambia and for general working capital.

Bill Trew has stepped down as chairperson of Aim-listed Goldstone Resources, effective April 1. Further, the company, which owns gold exploration assets in Ghana, continues to advance its capital raising plans to provide additional funds to support its operational development, for working capital and to settle various balances owing to the company's outstanding creditors in order to facilitate publication of the 2022 accounts and interim results on a going concern basis.

London-listed Unicorn Mineral Resources, a mineral exploration and development company based in Ireland and exploring for zinc, lead, copper and silver, announces that the board has unanimously supported a proposal by executive director Jason Brewer to expand the company's focus to include advanced and near-term zinc, lead, copper and silver projects in East and Southern Africa. At the time of Brewer's appointment in December 2023, it was noted that he brought considerable experience and contacts across the mining industry in general and in Africa in particular, thus providing the company with access to new opportunities to expand and enhance its portfolio of mineral rights and licences.