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Soaring demand for copper will help drive mergers, BHP CEO says

Published: 18 Nov 24

Soaring demand for copper will require $250billion of investment over the next decade, helping to drive further mergers in the industry, BHP Group CEO Mike Henry said. “New deposits in certain key or critical minerals are becoming harder to find, more expensive to develop and requiring more by way of capability to manage risk and technical capability,” Henry said in a Bloomberg Television interview. “That suggests an aggregation to scale over time and companies who are of scale, who have strong balance sheets like BHP and who have deep technical capability. Those will be the companies that will win in the decades ahead.”

Goldman says ‘go for gold’ as central banks buy, Fed cuts in ‘25

Published: 18 Nov 24

Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc., which listed the metal among top commodity trades for 2025 and said prices could extend gains during Donald Trump’s presidency. “Go for gold,” analysts including Daan Struyven said in a note, reiterating a target of $3 000/oz by December 2025. The structural driver of the forecast is higher demand from central banks, while a cyclical lift would come from flows to exchange-traded funds as the Federal Reserve cuts, they said.

Gold loses some luster after Trump’s decisive win

Published: 18 Nov 24

Donald Trump’s victory immediately buoyed markets from stocks to Bitcoin. Gold is going to take a lot longer to turn things around. In the two days immediately following the Republican candidate’s win, the precious metal’s performance was the worst in at least 13 US Presidential election windows, according to Deutsche Bank. Gold prices have dropped almost 7% since Election Day, even as several other asset classes enjoy a post-campaign boost.

BHP warns Australian mining not ready for low-cost competitors

Published: 18 Nov 24

BHP Group’s Australia chief said the nation can’t rely on its traditional mining export markets and is unprepared for a new era of lower-cost competitors. The boom in demand from China’s industrialisation is now “past the period of aggressive growth,” BHP’s Australia President Geraldine Slattery said Monday in a speech in Brisbane.

Resolute Mining agrees to pay $160m to Mali as CEO, employees remain detained

Published: 18 Nov 24

Australia's Resolute Mining said on Monday that it would pay $160-million to Mali's government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month. Resolute has made an initial payment of $80 million as part of the settlement from existing cash reserves and will make future payments of about $80-million in the coming months from existing liquidity sources, it said in a statement. Resolute shares were down as much as 14.3% in early trading on Monday to A$0.345, the lowest since March 1.

South Africa’s rare earths project in Limpopo seen as one of world’s most resilient

Published: 15 Nov 24

The rare earths recovery project underway in South Africa’s Limpopo province is regarded as one of the world’s most resilient rare earths projects at a time when these elements are in growing demand for use in permanent magnets to help the world go green. Involved is the first commercial recovery of rare earth elements (REEs) from phosphogypsum, which makes project developer Rainbow Rare Earths something of a pioneer.

Opinion: De Beers resumes exploration in Angola and Botswana’s new leaders see red

Published: 15 Nov 24

In this article, policy adviser and former De Beers Botswana CEO Sheila Khama writes about De Beers' exploration in Angola and asks whether Botswana should be concerned. On October 23, De Beers Group reported promising progress from the company’s exploration programme in Angola. In response, Spencer Mogapi, Botswana’s veteran journalist posted a question on his X account, and asked ‘Is Angola eating our lunch?’

Bezant commissions technical report for Namibia project

Published: 15 Nov 24

Aim-listed Bezant Resources has commissioned independent consultancy firm Sound Mining International to generate a technical report focusing on the near-term development of the Hope deposit, in Namibia, where mining and processing are expected to start soon. The report does not include a detailed assessment of other deposits and targets comprising the wider mineral resource estimate within the Hope and Gorob copper and gold project area.

Lobito Atlantic Railways takes delivery of 275 new container wagons

Published: 15 Nov 24

The first batch of 275 new container wagons bought from Galison Manufacturing in South Africa has arrived in Lobito, Angola, to reinforce the transport capacity of the Lobito Atlantic Railway (LAR). The strategic investment into new wagons is part of the LAR's expansion and modernisation plan over the next three years.

Police gathered at an illegal mining operation in Stillfontein

Families gather at South African mine shaft where hundreds are feared underground

Published: 15 Nov 24

Desperate family members of illegal miners believed to number in the hundreds waited outside a disused mine shaft in South Africa on Friday in the hope of their loved ones emerging from the hole in the ground. The miners are in a standoff with police, who have blocked their supplies of food and water and are trying to force them out to arrest them for illegally entering the abandoned mine in search of leftover gold - a common problem in South Africa.