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Egypt woos Volkswagen with body shop, assembly-line deal

Published: 02 Jul 24

In a new strategic cooperation agreement, Volkswagen Group Africa (VWA) and the government of Egypt will conduct a feasibility study on the construction of a body shop and assembly buildings, which will be located within the East Port Said Automotive Zone (EPAZ) in Cairo. This agreement builds on the mutual understanding achieved between the parties in November to develop a similar study on a shared automotive painting facility within the EPAZ.

Hot Chili appoints interim CFO

Published: 02 Jul 24

Copper exploration and development company Hot Chili has appointed Deborah Le Moignan as interim CFO with effect from July 1. Le Moignan has recently been appointed financial controller and succeeds Penelope Beattie, who stepped down to pursue other career opportunities.

WGC says gold to remain rangebound for the remainder of this year following strong first half

Published: 02 Jul 24

According a mid-year outlook report released by the World Gold Council (WGC) on July 2, gold has performed well so far this year, with a 12% rise in returns year-to-date and outpacing most major asset classes. Gold has so far benefitted from continued central bank buying, Asian investment flows, resilient consumer demand, and a steady drumbeat of geopolitical uncertainty. However, the key question in investors’ minds going forward is whether gold’s momentum can continue or if it’s running out of steam, the WGC muses.

Updated Kiaka feasibility study indicates a project with strong cash flow

Published: 02 Jul 24

A newly released feasibility update for ASX-listed West African Resources’ (WAF’s) Kiaka gold project, in Burkina Faso, shows that strong cash flows are expected from the project. The update incorporates improvements to WAF’s initial Kiaka feasibility study that was released on August 3, 2022.

ArcelorMittal South Africa CEO Kobus Verster

AMSA to continue operating longs business, but instability at flats unit hits earnings

Published: 02 Jul 24

Despite a negative trading update, steel producer ArcelorMittal South Africa (AMSA) has announced that it will continue to operate its longs business, the closure of which was deferred earlier this year while various initiatives aimed at saving the unit were pursued with government, labour and other stakeholders. Any closure would be devastating for workers employed in the longs business, as well as the town of Newcastle, in KwaZulu-Natal, where AMSA’s longs production is centred. It also would have major implications for South Africa’s manufacturing value chain and overall industrialisation.

Lafigué GM Paul Day with first gold bar from Lafigué

Endeavour achieves first gold pour at Lafigué

Published: 02 Jul 24

LSE-, TSX- and OTCQX-listed Endeavour Mining made its first gold pour from the Lafigué mine, in Côte d’Ivoire, on June 28, marking the delivery of the project’s construction on budget and a quarter ahead of schedule. “Alongside the first gold pour at the Sabodala-Massawa BIOX expansion that we achieved in April, [this] marks the successful completion of the recent phase of investment and growth that we started in the second quarter of 2022.

123 ct Type II white diamond recovered from Letšeng mine

Gem Diamonds recovers 123 ct diamond from Letšeng

Published: 02 Jul 24

London-listed Gem Diamonds has recovered a 123.20 ct Type II white diamond from the Letšeng mine, in Lesotho. This marks the eighth diamond greater than 100 ct in size that the company has recovered in the year.

Mineral and Petroleum Resources Minister Gwede Mantashe

Minerals Council reiterates mining industry priorities as it welcomed Mantashe’s reappointment

Published: 02 Jul 24

Industry body the Minerals Council South Africa has welcomed the reappointment of Gwede Mantashe as Mineral and Petroleum Resources Minister, with this Ministry having been separated from that of Electricity and Energy, which continues to be headed by Kgosientsho Ramokgopa. The council’s newly elected president Nombasa Tsengwa says Mantashe’s reappointment brings continuity in the engagements and relationships that the council has fostered with him since his initial appointment as then Mineral Resources and Energy Minister in 2018.

Kganyago welcomes Godongwana's reappointment as Finance Minister

Published: 02 Jul 24

South African central bank Governor Lesetja Kganyago welcomed the reappointment of Finance Minister Enoch Godongwana in the new coalition cabinet unveiled by the president this week. “We still have the same minister of finance that we have been talking to, who has always been providing guidance and leadership on macroeconomic policy and that gives us comfort,” Kganyago said in an interview on Tuesday with Bloomberg TV at the European Central Bank Forum in Portugal.

Southern Copper flags progress at key Peru mine

Published: 02 Jul 24

Miner Southern Copper will likely finish building its Tia Maria copper project in southern Peru in up to two years and then begin production in 2027 if not sooner, CEO Oscar Gonzalez told local radio broadcaster RPP. Reuters reported on Sunday, citing an internal document, that the long-postponed $1.4-billion project located in the Arequipa region's Islay province was set to restart development on Monday, after years on hold amid community opposition over fears about the mine's environmental impact.