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Harmony confident of meeting full-year targets, reporting 'exceptional' free cash flow

Published: 20 Jun 24

JSE-listed Harmony Gold Mining Company has informed shareholders that it will meet its production, grade and cost guidance for the financial year to end on June 30, and that it continued to generate "exceptional" operating free cash flow on the back of the recovered grades, a higher rand gold price received and sustained operational excellence. In a pre-close statement published on June 20, CEO Peter Steenkamp notes that group production is expected to exceed the 1.55-million ounces guided, while all-in sustaining costs will come in comfortably below R920 000/kg, as guided.

American Pacific starts drilling at Palmer project

Published: 20 Jun 24

US-focused exploration and development company American Pacific Mining has initiated a diamond drill programme at the high-grade Palmer copper/zinc VMS project in Alaska, with joint venture (JV) partner Dowa Metals and Mining Alaska. “We are excited to begin this year’s drill program at Palmer,” commented CEO Warwick Smith.

Grindrod selected as preferred bidder for Port of Richards Bay container facility

Published: 20 Jun 24

South Africa’s Transnet National Ports Authority (TNPA) has appointed Grindrod South Africa as the preferred bidder to develop and operate a container handling facility at the Port of Richards Bay, in KwaZulu-Natal. The appointment is in line with TNPA’s strategy to increase the yearly container handling capacity at the port, which is known as South Africa’s main coal export terminal, from 50 000 twenty-foot equivalent units (TEUs) to 200 000 TEUs.

Fortress reports positive operational performance amid logistics demand, disposals and capital recycling

Published: 20 Jun 24

Real estate company Fortress Real Estate Investments says healthy logistics demand, disposals of noncore assets and effective capital recycling continue to drive its positive operational performance. In a pre-close operational update for the period from January 1 to May 31, Fortress notes that South African logistics portfolio vacancies, based on rental, increased from 1.1% as at December 31, 2023, to 2% as at May 31.

K92 closes and upsizes Trafigura loan

Published: 20 Jun 24

Gold miner K92 Mining has announced two new credit facilities with Trafigura to replace a previous loan, upsizing its facility from $100-million to $120-million. Under an accordion feature, the company, which operates the Kainatu gold mine, in Papua New Guinea, can increase the aggregate amount to $150-million.

Sienna acquires new gold project in Saskatchewan

Published: 20 Jun 24

TSX-V-listed Sienna Resources has announced the acquisition of the Stonesthrow gold project, in Saskatchewan. The new project directly borders the Ramp Metals discovery, where multiple zones of gold mineralisation were recently announced, including 73.55 g/t gold and 19.5 g/t silver.

Transnet appoints Letsoalo as new group COO

Published: 20 Jun 24

State-owned freight logistics group Transnet has announced the appointment of Lekau ‘Solly’ Letsoalo as group COO, with effect from July 1. Letsoalo returns to the group where he worked previously as COO of Transnet Port Terminals.

Transnet to appeal order to pay billions in damages following long-running Natref dispute

Published: 20 Jun 24

The High Court has found in favour of Sasol Oil and TotalEnergies in relation to a long-running dispute with Transnet over pipeline tariffs from Durban to the Natref refinery and has awarded damages and interest to the two oil companies amounting to more than R8-billion. Transnet expressed disappointment at the judgment, which it said it intended appealing.

Agnico unveils Detour Lake's pathway to 1Moz/y

Published: 20 Jun 24

Canadian mining company Agnico Eagle Mines has unveiled an ambitious plan to boost production at its Detour Lake mine, in Ontario, to an average of one-million ounces a year over a 14-year period, starting in 2030. This increase is outlined in the New York- and Toronto-listed company’s newly released 2024 life-of-mine plan (LOMP), which includes both updated mineral reserve and resource estimates and a preliminary economic assessment (PEA) for concurrent openpit and proposed underground operations.

New wagons being built for use on the Lobito railway corridor

South African manufacturer to provide 275 new container wagons to Lobito railway project

Published: 19 Jun 24

Joint venture (JV) company Lobito Atlantic Railway (LAR), which is the concession holder for the operation, management and maintenance of the Lobito Corridor spanning Zambia, Angola and the Democratic Republic of Congo (DRC), has placed an order for 275 new container wagons from South African company Galison Manufacturing for an undisclosed sum. The container wagons will be delivered in three tranches, with the first wagons due to arrive in Lobito from the fourth quarter. They will be able to carry 10 ft, 20 ft and 40 ft long containers, providing flexibility in terms of the kinds of loads to be transported.