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World’s rapid rate of change resulting in profound business disruptions, says Anglo CEO  

By: Martin Creamer     9th December 2022 The world changing at a rapid rate has resulted in profound disruptions to the business of Anglo American, CEO Duncan Wanblad told analysts and investors on Friday. Speaking during an update presentation covered by Mining Weekly, Wanblad said the London- and Johannesburg-listed diversified mining... 

Anglo investor update covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Kumba lowers production guidance on the back of rail constraints

By: Tasneem Bulbulia     9th December 2022 Iron-ore miner Kumba Iron Ore has lowered its production guidance for this year to 37-million tonnes, from the 38-million to 40-million tonnes previously guided. CE Mpumi Zikalala says rail constraints throughout the year have led to a significant build-up of iron-ore stockpiles at the company’s... 

Kumba CEO Mpumi Zikalala
Kumba CEO Mpumi Zikalala

Amplats unpacks lower production expectations, Mogalakwena plans

By: Marleny Arnoldi     9th December 2022 Platinum group metals (PGMs) miner Anglo American Platinum (Amplats) has revised downward its production expectations for 2023, in line with new operating conditions. The company’s metal-in-concentrate (M&C) production guidance has been revised downward to between 3.6-million and 4-million... 

Amplats CEO Natashca Viljoen
Amplats CEO Natashca Viljoen

Organised business urges govt to fund Eskom diesel 

By: Terence Creamer     9th December 2022 Organised business has called on government to fund adequate and reliable diesel supply for the country’s national peaking generators, which it describes as critical to ensuring that Eskom can best manage a stable grid and mitigate a further escalation in loadshedding levels. In a joint business... 

The Ankerlig OCGT plant
The Ankerlig OCGT plant

Solar-supported South Deep consolidates future-mine strategy

By: Donna Slater     9th December 2022 South Deep, Gold Fields’ Westonaria-based flagship gold mine, is entering the final stage of a four-part strategic journey it embarked on in 2017 to stabilise the operation, improve sustainability and longevity, reduce operational costs, improve efficiencies and ensure it meets the criteria to be... 

Magazine Cover Image

Extortion ‘mafia’ hits South Africa’s $55bn mining sector

By: Bloomberg     9th December 2022 A threatening letter, a derailed train, blocked roads, burned vehicles, workers locked up. That’s what some of the world’s biggest mining companies say they’re battling in South Africa: Extortion. Covid plunged Africa’s most-industrialized country – home to the biggest deposits of metals ranging... 

A machine on site at a mining operation

Salungano performance impacted by late Vanggatfontein restart

By: Tasneem Bulbulia     9th December 2022 JSE-listed Salungano Group, formerly Wescoal, has reported lower-than-expected interim results for the six months ended September 30, owing to the Vanggatfontein restart starting later than anticipated and other operational challenges. The group’s revenue decreased from R2.67-billion to... 

Pan African issues first R800m of notes under R5bn programme

By: Marleny Arnoldi     9th December 2022 Pan African Resources (PAR) has become the first mining company to issue a sustainability-linked bond in the South African market. This follows PAR subsidiary PAR Funding’s receiving formal approval from the JSE on its R5-billion Domestic Medium Term Note Programme earlier this week, and a... 

ARC provides portfolio update

By: Tasneem Bulbulia     9th December 2022 African Rainbow Capital  (ARC) Investments says telecommunications company rain’s acquisition of additional spectrum is expected to positively impact the valuation of the ARC Fund’s investment in rain. The telecommunications company’s plans for using the spectrum must still be finalised, as does... 

Diamcor reports two lucrative tenders for the third quarter

By: Marleny Arnoldi     9th December 2022 TSX-V-listed Diamcor Mining has achieved a 121% quarter-on-quarter increase in total carats sold to more than 8 300 ct, for revenues exceeding $2-million, in the third quarter. This, says CEO Dean Taylor, demonstrates the company’s ability to generate significant revenues without the added... 

Ironveld on track with FCF acquisition, smelter startup progressing ahead of schedule

By: Tasneem Bulbulia     9th December 2022 Aim-listed Ironveld says the acquisition of Ferrochrome Furnaces (FCF) remains subject to the satisfaction of certain conditions, which are progressing well and relate to finalisation of particular documentation. The company says it is confident that the transaction will complete shortly and that... 

Gemfields achieves record yearly revenue from ruby, emerald auctions

By: Marleny Arnoldi     9th December 2022 UK-headquartered Gemfields has generated $66.8-million of revenue from 98 lots of rough rubies sold on auction between November 21 and December 8. The auction lots were made available for in-person and private viewings by customers in Bangkok, following which the auction took place through an... 

Mpumalanga renewables study highlights importance of TVETs for value chains

By: Schalk Burger     9th December 2022 A co-benefits study undertaken by industrial research body the Council for Scientific and Industrial Research (CSIR) has shown that technical and vocational education and training (TVET) colleges can play a central role in supporting the transition of Mpumalanga's economy to renewable energy from... 

Osino files MRE technical report for Namibia project

By: Tasneem Bulbulia     9th December 2022 Canadian miner Osino Resources has filed a technical report for the maiden mineral resource estimate (MRE) for its Ondundu gold project, in Namibia. As announced in October, the maiden MRE for Ondundu comprises 26-million tonnes at an average grade of 1.13 g/t gold for a total of 900 000 oz of... 

Golden Rim sets A$8.3m raising target

By: Esmarie Iannucci     9th December 2022 Gold explorer Golden Rim Resources is hoping to raise up to A$8.3-million through a share purchase plan and non-renounceable pro-rata entitlement offer to fund exploration work at its flagship Kada project, in Guinea. The ASX-listed junior has received firm commitments for the placement of... 

Lindian completes A$16m raise

By: Esmarie Iannucci     9th December 2022 Junior Lindian Resources has completed its A$16-million share placement, to partly fund the acquisition of the Kangakundu rare earth project, in Malawi. The company earlier this month announced the placement of some 73.45-million shares, priced at 21c each, and 36.73-million attaching options... 

Tunisian phosphate project proves up for PhosCo

By: Esmarie Iannucci     9th December 2022 A scoping study into the Chaketma phosphate project, in Tunisia, has estimated that the project could produce some 1.5-million tonnes a year of high quality concentrate over a mine life of 46-years. ASX-listed PhosCo on Friday told shareholders that the scoping study that the project had the... 

Coega Green Ammonia, green hydrogen, flat-steel investment make headlines   

9th December 2022 Mining Weekly Editor Martin Creamer discusses the Coega Green Ammonia project receiving government support to fast-track development; Higher Education, Science and Innovation Minister Blade Nzimande urging collaboration in green hydrogen; and South Africa’s first flat-steel investment in decades,... 

Coega Green Ammonia, green hydrogen, flat-steel investment make headlines

Iron-ore climbs to four-month high on optimism over China policy

By: Bloomberg     9th December 2022 Iron-ore rose to its highest in four months on news that Chinese authorities may further soften their stance on property policies at a key meeting next week. Futures advanced in Singapore, extending a rally from a 45-month low at the end of October to almost 50%. The steelmaking ingredient has... 

EU agrees Chile alliance to boost access to green raw materials

By: Reuters     9th December 2022 The European Union and Chile struck a partnership on Friday that will liberalise more trade between the two and give EU companies greater access to raw materials such as lithium and copper that are key to the EU's green transition. The partnership, which includes cooperation on climate change,... 

Canada's critical-mineral strategy aims to accelerate permitting

By: Reuters     9th December 2022 Canada will unveil a new strategy on Friday to ramp up production and processing of critical minerals vital to power electric vehicle (EV) batteries, according to a copy of the strategy paper seen by Reuters. The government will review the permitting process with a view to cut the time required... 

Canada's critical-mineral strategy aims to accelerate permitting

Cygnus raises cash for Canadian lithium hunt

By: Esmarie Iannucci     9th December 2022 Junior explorer Cygnus Gold will raise A$8-million to fund its lithium hunt in Canada. The ASX-listed company has received firm commitments for the placement of more than 18.18-million shares, at a price of 44c each, representing a discount of 10.2% to Cygnus’ last trading price. The shares will... 

Pakistan's top court endorses Barrick Gold's $10bn mining investment

By: Reuters     9th December 2022 Pakistan's supreme court on Friday endorsed a settlement with Barrick Gold to resume mining the Reko Diq copper and gold deposits in the country's southwest, a court order showed. The short order was read out by the chief justice of Pakistan who headed a five-person panel. A Reuters reporter was... 

Toro raises funds for Lake Maitland

By: Esmarie Iannucci     9th December 2022 Uranium developer Toro Energy will raise A$5-million through a share placement to fund further development work at the Lake Maitland project, in Western Australia. The company has received firm commitments for the placement of more than 461.5-million new shares, priced at 1.1c each from new and... 

Australian govt caps gas and coal prices

By: Esmarie Iannucci     9th December 2022 The federal government on Friday announced a temporary cap on both gas and coal prices as part of its Energy Price Relief Plan. Prime Minister Anthony Albanese said the urgent action being taken by the federal government, in partnership with state and territory governments, would shield... 

Image shows loader with coal heaps

Japan, Congo agree to cooperate on stable supply of rare metals

By: Reuters     9th December 2022 Ministers from Japan and the Democratic Republic of Congo agreed on Friday to co-operate on efforts to ensure stable procurement of the rare metals in whose supply the African nation occupies a dominant role. Japan's industry minister, Yasutoshi Nishimura, met the mines minister of the DRC,... 

Turquoise Hill's Friday vote on Rio Tinto takeover bid is hard to call

By: Reuters     9th December 2022 Shareholders in Canada's Turquoise Hill will on Friday vote on a Rio Tinto $3.3-billion takeover offer that aims to give the Anglo-Australian miner more control over a giant Mongolian copper mine. The deal is far from a slam dunk. Rio, which owns 51% of Turquoise Hill, has been keen to buy out... 

An image of a conveyor belt at the Oyu Tolgoi mine
The Oyu Tolgoi mine, in Mongolia

China’s JCHX buys half of Cordoba’s Alacran project for $100m

By: Mariaan Webb     9th December 2022 TSX-V-listed Cordoba Minerals has partnered with China’s JCHX Mining Management to jointly develop the Alacran project, which is set to be the biggest copper mine Colombia. JCHX, which is already a 19.9% shareholder in Cordoba, will buy a 50% ownership interest in CMH Colombia for $100-million.... 

China’s JCHX buys half of Cordoba’s Alacran project for $100m

US bid for battery metals has Africa blind spot

By: Reuters     9th December 2022 Mining companies and governments in Africa are calling for stronger trade ties with the United States after a new climate law set out incentives for US carmakers sourcing battery materials from trade partners. The $430-billion Inflation Reduction Act (IRA) has been criticised by the European... 

Artemis appoints Langford president, promotes Vd Westhuizen to CFO

By: Mariaan Webb     9th December 2022 Canadian gold miner Artemis Gold has appointed Jeremy Langford president, in addition to his role of COO, with effect from January 1, reflecting his increased scope and organisational responsibilities within the company.  Artemis says Langford's appointment reflects his outstanding leadership... 

Argonaut Gold appoints new CEO as Radford steps down

By: Mariaan Webb     9th December 2022 Canadian firm Argonaut Gold on Thursday announced the appointment of Richard Young as president and CEO, following the immediate resignation of Larry Radford, owing to personal health reasons. Radford was appointed president and CEO in March this year to replace Pete Dougherty, who resigned at... 

CME welcomes streamlined energy approvals in WA

By: Esmarie Iannucci     9th December 2022 The Chamber of Minerals and Energy of Western Australia (CME) has welcomed an announcement by the state government to introduce a Green Energy Assessment Unit to support cross-agency innovation and streamline the approvals of critical minerals, hydrogen and renewable energy projects. The... 

Qteq faces cartel charges

By: Esmarie Iannucci     9th December 2022 The Australian Competition and Consumer Commission (ACCC) has filed civil cartel proceedings in the Federal Court against mining equipment and technology services company Qteq and its executive chairperson Simon Ashton. The ACCC alleges that on seven instances between 2017 and 2019, Qteq... 

Beach drops out of Warrego race

By: Esmarie Iannucci     9th December 2022 ASX-listed Beach Energy has withdrawn from the race for ownership of takeover target Warrego Energy, saying on Friday that it will not match the revised offer from Gina Rinehart’s Hancock Energy. Hancock Energy earlier this week increased its offer price from 23c a share to 28c a share, after... 

Mincor to raise A$60m for nickel ambitions

By: Esmarie Iannucci     9th December 2022 Nickel miner Mincor Resources is targeting a A$60-million capital raise to accelerate underground development at its Northern Operations, and underground exploration and resource definition at its Cassini operations, both in Western Australia. The ASX- listed company will undertake a fully... 

CSIRO pushes for solar supply chain in Aus

By: Esmarie Iannucci     9th December 2022 A new plan by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has revealed that Australia could become a global superpower in solar photovoltaic (PV) energy generation and export, but would have to develop its own fully integrated domestic supply chain, including mining.... 

Lithium rally has more room to run, thanks to US climate bill

By: Bloomberg     9th December 2022 Lithium prices have already been on a monumental tear. But if there’s one thing that the industry’s top executives agree on it’s that there’s room to go even higher. That’s partly thanks to President Joe Biden’s signature climate and tax bill known as the Inflation Reduction Act (IRA). A key... 

Canada proposes overhauling foreign investment rules to tackle security risks

By: Reuters     9th December 2022 Canada on Wednesday proposed beefing up its foreign investment rules to give the government greater power to scrutinize and potentially block overseas deals that bring national security risks. The proposed amendments would be the biggest overhaul to the Investment Canada Act (ICA) since 2009 and... 

An image of Industry Minister Francois-Philippe Champagne
Industry Minister Francois-Philippe Champagne

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World’s rapid rate of change resulting in profound business disruptions, says Anglo CEO

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Magazine round up | 09 December 2022

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