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Funds to retrench, magnifying copper's losses

Published: 24 Jun 24

Sluggish demand in top consumer China and soaring inventories mean funds are likely to retreat further from the copper market, analysts say, adding more pressure to prices which have dropped around 12% since hitting record highs last month. However, funds will return as shortages of the metal created by significant demand growth from the electric vehicle sector and new applications such as data centres start to appear.

Transnet to take disciplinary action against some TNPA employees

Published: 24 Jun 24

State-owned Transnet announced at the weekend that law firm Bowmans had concluded its investigation into allegations of impropriety at Transnet National Ports Authority (TNPA). Transnet also appointed Bowmans to assist with implementing the recommendations of a forensic report by Fundudzi Investigators, which considered the award of a tender for the multipurpose terminal at the Port of Ngqura, in the Eastern Cape.

Power Nickel secures C$20m investment from leading investors

Published: 24 Jun 24

Exploration junior Power Nickel has closed an over-subscribed flow-through offering, raising C$20-million at C$1.25 a unit. Each unit includes one flow-through common share and one-half of one share purchase warrant. The financing round received strong backing from industry heavyweights Robert Friedland, Rob McEwen, CVMR and Terra Capital. These investors have shown confidence in Power Nickel’s potential, particularly its Nisk project, in Quebec, said CEO Terry Lynch.

Johannesburg-listed Jubilee gains two more Zambia copper mining operations

Published: 24 Jun 24

Johannesburg- and London-listed Jubilee Metals has acquired two opencast Zambia copper mining operations. “The strategic acquisition of the two opencast operations is an example of our ability to leverage our process capability to secure significant near-surface copper resources already in operation,” Jubilee CEO Leon Coetzer said of the continually advancing diversified metals producer, chaired by former Mpumalanga Premier Mathews Phosa.

Paladin to buy Fission Uranium for C$1.14bn

Published: 24 Jun 24

Uranium mining company Paladin Energy on Monday announced the acquisition of Fission Uranium for C1.14-billion, creating a global uranium leader with assets in Canada, Namibia and Australia. Paladin CEO Ian Purdy said both sets of shareholders would benefit from the increased scale of the enlarged company, with a combined mineral resource representing one of the biggest among pure-play uranium companies globally.

Gibb River chairperson Jim Richards and Namibia exploration manager Nico Scholtz visit the Erongo region.

Gibb River enters Namibia uranium sector

Published: 24 Jun 24

Australian company Gibb River Diamonds has acquired two uranium projects in Namibia, comprising six exclusive prospecting licences covering 1 828 km2. The company, which is also developing the Ellendale diamond project and Edjudina gold project in Australia, acquired projects in the Erongo and Kunene districts of Namibia.

Tomingley has ‘big future ahead’, says Alkane MD

Published: 24 Jun 24

The Tomingley gold operation, near Dubbo in New South Wales, is set to increase production to more than 100 000 oz/y by 2027, says ASX-listed Alkane Resources. The company on Monday announced a five-year plan for Tomingley, which will produce 455 000 oz to 505 000 oz of gold over that period.

Catalyst optimistic about profitability of former Barrick mine

Published: 24 Jun 24

Following successful stabilisation efforts at the Plutonic gold mine, in Western Australia, miner Catalyst Metals is now setting its sights on expanding through organic growth opportunities in the belt. The ASX-listed company strategically acquired two neighbouring firms last year to consolidate its presence in the Plutonic gold belt. Over the past year, Catalyst has implemented a new management team, streamlined operations and reinvested cashflows into advancing development initiatives.

Barminco clinches A$450m contract extension at Sunrise Dam

Published: 24 Jun 24

AngloGold Ashanti has awarded Perenti subsidiary Barminco a A$450-million, three-year mining contract extension at the Sunrise Dam underground mine in Western Australia. The contract extension takes effect on October 1, ASX-listed Perenti said on Monday.

Australia's east faces immediate gas shortage amid cold snap, outage

Published: 21 Jun 24

Australia's east is facing a gas shortage after a cold snap drove up demand for heating and power while supply dipped due to an extended outage at the region's main gas plant, the energy market operator said. To help boost supply, the market operator has asked gas producers in Queensland state, which include Shell, Origin Energy and Santos, to send gas to the southern states.