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Sibanye ‘will have to’ shutter US mine unless palladium recovers

Published: 27 Jun 24

Sibanye Stillwater will be forced to halt operations at its Montana palladium mine if prices don’t recover soon, according to CEO Neal Froneman. “The future of Stillwater remains in the balance,” the CEO said on Tuesday, when asked at a London conference about the outlook for the mine. “I mean it’s as simple as that. If there’s no correction in the price soon, as strategic as it is, we will have to put it on care and maintenance.”

Panel explores relevance of listed market for mining capital

Published: 26 Jun 24

The world is infinitely more complex now, with the energy transition, longer lead times and geopolitical fracturing, than in previous years and this presents challenges and questions around mining equity investment, as this is no longer as simple an exercise as before. This was one of the areas explored by speakers during a panel discussion on the second day of the London Indaba on June 26.

Theta raises another $4m for South Africa gold project

Published: 26 Jun 24

ASX-listed Theta Gold Mines has received firm commitments from investors to raise a further A$4-million (A$6.02-million) in equity funding to advance its TGME gold plant, in South Africa. The placement is in addition to the two-tranche, $10-million placement announced last month.

Nolitha Fakude, Thuli Madonsela, Mzila Mthenjane and Paul Miller.

Mining central to South Africa’s socioeconomic wellbeing, AGM hears

Published: 26 Jun 24

Given its far-reaching multiplier effect, mining is the epicentre of South Africa’s economy and social wellbeing and has been at the heart of its economic progress and development for much of this country's history, Minerals Council South Africa's 134th AGM attendees heard in Johannesburg on Wednesday. Simply put, a R1-million increase in mined output results in 2.5 economy-wide job opportunities.

Copper market facing renewed caution from investors

Published: 26 Jun 24

With the demand for copper having increased amid the global energy transition, Benchmark Mineral Intelligence project manager: energy transition commodities Piotr Ortonowski described this year as “the year of the unexpected” for copper. Speaking at a panel discussion at this year’s London Indaba under the theme ‘Copper: defying gravity- or was it all just hype?’, he explained that this year was expected to be a year of oversupply, with a few big mining projects still ramping up.

Resources Watch

Published: 26 Jun 24

This week: Fast-greening Richards Bay Minerals now eyeing on-site renewables, storage, aggregation; and, South Africa now a compelling world investment story, upbeat Orion highlights

Trafigura clinches share of major zinc deal snubbed by Glencore

Published: 26 Jun 24

Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore backed away from a previous deal for the entire supply. Ivanhoe Mines’ Kipushi zinc mine started production in the past few days and is finalizing deals to sell its zinc to Trafigura, China’s Citic and Boliden, according to people familiar with the matter, who asked not to be identified as the matter isn’t public.

Boss plans accelerated development at Gould’s Dam

Published: 26 Jun 24

Uranium company Boss Energy has begun work on accelerating the development of Gould’s Dam, which is a satellite project to the nearby Honeymoon mine, in South Australia. This follows recent high-grade drill results that highlight the potential for Gould’s Dam to help lift Honeymoon’s production rate from 2.45-million pounds a year to the export permit limit of 3.3-million pounds a year.

Employees working underground at an Implats mine

Mining sector employment holds up well despite first-quarter decline

Published: 26 Jun 24

Following five uninterrupted quarters of job gains, employment in the mining sector declined during the first quarter of this year, the Minerals Council South Africa reports. Citing Statistics South Africa's latest quarterly employment statistics, the council points out that formal mining sector employment had decreased by 2 356 jobs in the first quarter, compared with the fourth quarter of 2023.

A haul truck at a coal mine in South Africa

LGIM to sell Glencore stake on concern over thermal coal plans

Published: 26 Jun 24

Legal & General Investment Management (LGIM) said it will divest from Glencore Plc, the world’s biggest coal shipper, on concerns about its production of the most polluting fuel. While most of its rivals have either ditched — or plan to exit — thermal coal, Glencore has instead said it plans to run its mines to closure by 2050. The commodities giant says the world still needs the dirtiest fossil fuel and that it’s the best owner of the mines.