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Africa News
Miners trapped underground after pylons weakened by cable theft collapse, cutting power supply
By: News24Wire 22nd February 2023 Sibanye-Stillwater miners were trapped underground in Randfontein due to a power supply interruption caused by powerlines that collapsed after being weakened by the vandalism of cable thieves. According to Eskom, the pylon structures were weakened by the theft of "tower members" and unstable... →
Sanral, Transnet, Denel among SOEs to receive fiscal support in 2023/24 
By: Marleny Arnoldi 22nd February 2023 As State-owned entities (SOEs) continue to rely on government bailouts and dominate the guarantee portfolio of the fiscus, Finance Minister Enoch Godongwana has announced conditional in-year allocations to various SOEs in the National Budget speech delivered on February 22. These include... →
Conditions linked to R254bn Eskom debt relief may lead to concessioning of coal plants 
By: Terence Creamer 22nd February 2023 Conditions linked to R254bn Eskom debt relief may lead to concessioning of coal plants The R254-billion Eskom debt-relief package unveiled by Finance Minister Enoch Godongwana in his 2023 Budget includes a sweeping set of conditions that will restrict the State-owned utility’s capital expenditure... →
Shanta upgrades West Kenya’s Ramula resource estimate
By: Donna Slater 22nd February 2023 East Africa-focused gold producer, developer and explorer Shanta Gold has updated the mineral resource estimate (MRE) for the Ramula deposit at its West Kenya project, adding 39% more ounces. This updated resource estimate follows the successful completion of the company’s 2022 drilling programme... →
Haib exploration licence remains in limbo as court verdict postponed again
By: Donna Slater 22nd February 2023 TSX-V-listed Deep-South Resources reports that the High Court of Namibia has postponed providing a verdict in the case to review the Namibian Mines and Energy Minister’s refusal to not renew the exploration and prospecting licence (EPL) for Deep-South’s Haib copper project. Deep-South wants to... →
Do everything to fight inflation, says AngloGold, which is growing fastest in US 
By: Martin Creamer 22nd February 2023 Everything must be done to fight inflation, says AngloGold Ashanti CEO Alberto Calderon, a former International Monetary Fund luminary, who has reported vigilant cost control in a year dominated by what the Johannesburg- and New York-listed company described as the highest inflation rates in more... →
Resources Watch
22nd February 2023 This week: Growing need for critical raw materials highlighted by US, EU policies; Pan African reconfigures mines to address production slip; focusses on solar PV; And, Gold Ore’s MACH Reactor strives for maximum extraction, safety →
Commodity prices take a bite out of Rio profit
By: Esmarie Iannucci 22nd February 2023 Diversified major Rio Tinto has seen its profit after tax fall by 41%, while underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) decrease by 30% for the full year ended December, as commodity prices fell. Profit after tax reached $12.4-billion in the full year... →
Eskom quietly deepens power cuts to unprecedented level
By: Bloomberg 22nd February 2023 South Africa’s struggling State-owned utility Eskom Holdings appears to have reached an unprecedented level of power cuts, indicated late Tuesday by the company spokesman. The company cut 7 045 MW from the grid, a practice locally referred to as loadshedding, in order to keep the grid from a... →
AngloGold mineral reserve additions exceed depletion for sixth year running
By: Martin Creamer 22nd February 2023 Production improvement and holding cost increases at half the inflation rate were achieved by gold mining company AngloGold Ashanti in 2022, when its mineral reserve additions again exceeded depletion for the sixth consecutive year. The mineral reserve increased by 3.5-million ounces... →
Perseus posts record profits
By: Esmarie Iannucci 22nd February 2023 Dual listed gold miner Perseus Mining has reported a record A$203-million profit after tax for the half-year ended December, as gold production increased Revenue for the half year was reported at A$665-million a 22% increase on the previous corresponding period, while earnings before interest,... →
Aveng on track to settle its legacy debt by June
By: Darren Parker 21st February 2023 JSE-listed Aveng remains on track to settle the remaining R353-million of its South African legacy debt this year, CEO Sean Flanagan said on February 21. At its height in 2018, this debt amounted to R3.3-billion. During the six months to December 31, 2022, R125-million was repaid, reducing the... →
Diamcor recovers 72ct diamond at Krone-Endora
By: Creamer Media Reporter 21st February 2023 TSX-V-listed Diamcor Mining has recovered a 72.53 ct gem-quality diamond at its Krone-Endora at Venetia mine, in South Africa's Limpopo province. The diamond is being offered for tender and sale in Dubai and is expected to offset the lower-than-expected total of carats sold by Diamcor in the... →
NextSource completes processing plant construction at Madagascar project
By: Tasneem Bulbulia 21st February 2023 Canada-based company NextSource Materials says construction of the processing plant and mining camp for its Molo graphite mine, in Madagascar, is now complete, with the entire mining fleet on site. “We are now entering the final stages of development of Phase 1 and are fast approaching first... →
Petra mulls full-year dividend despite $17.6m interim net loss
By: Marleny Arnoldi 21st February 2023 London-listed Petra Diamonds says the actions it has taken to strengthen the business and improve cashflow generation, together with capital discipline, places the company in good stead for the remainder of the current financial year and for the following years, despite the company posting an... →
Swanepoel appointed lead independent director at Implats
By: Tasneem Bulbulia 21st February 2023 JSE-listed Impala Platinum (Implats) has appointed Bernard Swanepoel, currently an independent nonexecutive director, as the lead independent director of the board, effective February 21. Implats is a producer of platinum group metals, structured around six mining operations and Impala Refining... →
Green steel to cut Scope 3, solar to cut Scope 2, hydrogen to cut Scope 1 – Kumba Iron Ore
By: Martin Creamer 21st February 2023 South Africa’s Kumba Iron Ore sees itself as a critical player in the decarbonisation journey. Regarding tricky Scope 3 emission reduction, the Anglo American company is partnering with top steelmakers Salzgitter, ThyssenKrupp and Nippon to cut its Scope 3; advancing fast towards generating its... →
Sylvania reports good interim results
By: Marleny Arnoldi 21st February 2023 Aim-listed Sylvania Platinum has generated higher earnings and profit for the six months ended December 31, prompting it to declare an interim dividend of 3p a share. Group earnings before interest, taxes, depreciation and amortisation (Ebitda) totalled $45.6-million, compared with... →
Sibanye warns of lower earnings
By: Creamer Media Reporter 21st February 2023 Precious and battery metals miner Sibanye-Stillwater has warned that it expects to report a 40% to 46% year-on-year decrease in earnings per share (EPS) and 46% to 51% decrease in headline earnings per share (HEPS) for the year ended December 31. EPS are expected to be between 618c and 683c, or... →
Sasol's coal problems continue to undermine output at Secunda
By: Terence Creamer 21st February 2023 Coal quality and mining productivity problems continue to negatively affect production at Sasol’s Secunda Operations, in Mpumalanga, where only between 6.6-million tons and 6.9-million tons will be produced this financial year. Such output is well below both the group’s initial production... →
CEO Fleetwood Grobler
IEA warns on continuing high methane gas emissions from the global energy sector
By: Rebecca Campbell 21st February 2023 The International Energy Agency (IEA) has warned that emissions of methane remained “stubbornly high”. It did so in its “Global Methane Tracker 2023” report, published on Tuesday. Methane is a major contributor to climate change, being responsible for some 30% of the global temperature increase... →
Gemfields has its eye on security measures following Cabo Delgado attacks
By: Donna Slater 21st February 2023 Gemstone miner Gemfields, which has operations in Mozambique and Zambia, has reiterated the emphasis it places on operational personnel's safety in Mozambique following a series of insurgent attacks in the country, with a current hotspot in the Cabo Delgado province. It has been alleged that the... →
Uganda to set up State mining firm, take equity in licences
By: Reuters 21st February 2023 The Ugandan government has started to set up a national mining company that will aim to take equity stakes of up to 15% of all medium and large-scale mining operations in the country, the minister for energy and minerals said on Tuesday. Ugandan geologists say the country has large deposits of a... →
BHP expects labour costs to remain high
By: Esmarie Iannucci 21st February 2023 Major BHP is expecting the tight labour market to be the biggest inflationary concern for 2023, VP market analysis and economics Dr Huw McKay said on Tuesday. “Six months ago, at the time of our full year results for the financial year 2022, we noted that while prices in general remained close... →
Kumba Iron Ore resilient in tough environment, declares cash dividend
By: Martin Creamer 21st February 2023 South African iron-ore producer Kumba has delivered a resilient financial performance in 2022, despite the year being characterised by a volatile macro environment, lower iron-ore prices, disruptive logistics, cost pressures and operational challenges, the JSE-listed company reported on Tuesday.... →
BHP's profits tumble
By: Esmarie Iannucci 21st February 2023 Diversified major BHP has reported a 16% fall in revenue for the half-year ended December, while profits after tax fell by 32% on the previous corresponding period. Revenue from continuing operations declined from $30.5-billionto $25.7-billion while profits after tax was reported at... →
Sibanye-Stillwater makes a play for New Century
By: Esmarie Iannucci 21st February 2023 Global metals miner Sibanye-Stillwater has launched a A$1.10 a share takeover offer for Australian zinc miner New Century Resources, in which it already holds a 19.9% interest. Sibanye-Stillwater on Tuesday expressed concern about the change in the strategic directions of New Century under its... →
Amid renewed fears of even higher stages of loadshedding, Eskom confirms review of current framework
By: Terence Creamer 20th February 2023 Eskom has confirmed that it is in the process of reviewing the current framework that governs loadshedding amid renewed concern that the State-owned utility may need to implement rotational cuts beyond the Stage 6 level that has already been declared several times this year, and possibly even... →
Shaft sinking team at Palabora copper mine reach 800 m
By: Darren Parker 20th February 2023 Mining contractor Murray & Roberts Cementation’s shaft sinking team, responsible for sinking a new ventilation shaft at the Palabora copper mine, in Phalaborwa, Limpopo, have celebrated reaching a depth of 800 m – two-thirds of the shaft’s final depth of 1 200 m. The ventilation shaft forms part... →
South Africa’s hydrogen corridor will create 14 000 jobs, says Anglo Platinum CEO
By: Martin Creamer 20th February 2023 South Africa’s hydrogen corridor, which has been declared a strategic project, will create 14 000 jobs and consume 63 000 oz of platinum, Anglo American Platinum CEO Natascha Viljoen told Mining Weekly on Monday. Viljoen’s interview by Mining Weekly followed the JSE-listed company’s presentation... →
Goldplat’s second-quarter profit falls on loadshedding impact
By: Darren Parker 20th February 2023 Aim-listed Goldplat has reported a 41% year-on-year drop in operating profit from its two gold recovery operations in South Africa and Ghana, to about £1.38-million for the quarter ended December 31 – the second quarter of its 2023 financial year. The company reported that its business in Ghana... →
India opposes Vedanta's $3bn zinc assets sale
By: Reuters 20th February 2023 The Indian government has opposed Hindustan Zinc's $2.98-billion acquisition of assets from the flagship firm of Vedanta Resources, dealing a blow to billionaire Anil Agarwal's plans to trim down the mining giant's $7.7-billion net debt. The government, which owns a nearly 30% stake in Hindustan... →
Financial services group to focus on Africa by establishing a presence in South Africa
By: Donna Slater 20th February 2023 With an abundance of untapped investment potential throughout Africa, financial services company Anolawave has established a presence in South Africa, co-founded by Lightcone Asset Management Limited, seasoned mining engineer Ralph Bagirathi and applied economist Dr Julian Naidoo. South... →
Tirupati starts producing flake graphite at Sahamamy after cyclone delays
By: Marleny Arnoldi 20th February 2023 London-listed Tirupati Graphite has started producing flake graphite at its Sahamamy project, in Madagascar, at a mining rate of 450 000 t/y and a final production rate of 18 000 t/y. The commissioning of the new facilities was delayed by three months owing to shipping delays and weather-related... →
G20 watchdog says commodity market concentration poses threat to wider economy
By: Reuters 20th February 2023 The pandemic and war in Ukraine highlighted weaknesses in commodity markets where a 'significant' concentration of firms, banks, exchanges and clearing houses threatens to transmit losses to the wider economy, the G20's financial watchdog said on Monday. The Financial Stability Board's (FSB) deep... →
Anglo Platinum makes R131bn socioeconomic contribution, records best-ever safety year
By: Martin Creamer 20th February 2023 The contribution of platinum group metals (PGMs) company Anglo American Platinum to society in 2022 totalled R131-billion, made up mainly of taxes and royalties at R19-billion, salaries and wages at R15-billion, local procurement of R25-billion, capital investment of R17-billion and dividends of... →
Jupiter revels in more dividends from Tshipi
By: Esmarie Iannucci 20th February 2023 ASX-listed Jupiter Mines on Monday announced that its 49.9%-held Tshipi é Ntle Manganese Mining has declared a R750-million final dividend to its shareholders for the second half of the current financial year, ending February 28. Jupiter will receive its share of this dividend, equating to... →
Continuous Stage 6 implemented, risk of higher stages as eight units break down
By: News24Wire 20th February 2023 Eskom has implemented continuous Stage 6 until further notice after eight generating units broke down on Sunday. "Given the high number of breakdowns, there is a possibility of further changes on the stages of load shedding at short notice," the power utility said. →
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