R/€ = 16.65 Change: 0.08
R/$ = 15.77 Change: 0.07
Au 1846.66 $/oz Change: 2.95
Pt 958.50 $/oz Change: -10.49

Latest News

Electricity, water supply, safety concerns dent Harmony’s third-quarter performance

By: Creamer Media Reporter      12th May 2022 Electricity disruptions and water supply constraints contributed to a difficult production environment at the South African operations of Harmony Gold for the three months ended March 31. Production for the quarter – the third of its 2022 financial year – decreased by 11% quarter-on-quarter to... 

Caledonia posts highest first-quarter output on record

By: Marleny Arnoldi     12th May 2022 Dual-listed Caledonia Mining Corporation posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $14.6-million for the quarter ended March 31, compared with Ebitda of $9.7-million reported for the quarter ended March 31, 2021. Adjusted earnings per share (EPS) amounted... 

Jogmec reiterates support to finalise funding for Waterberg project

By: Marleny Arnoldi     12th May 2022 Canadian miner Platinum Group Metals (PTM) has signed a memorandum of understanding (MoU) with fellow shareholder in the Waterberg palladium project – Japan Oil, Gas and Metals National Corporation (Jogmec) – to accelerate financing opportunities for the project. During a meeting on the sidelines... 

Zambian energy crisis opening way to clean energy for the country and its mines

By: Rebecca Campbell     12th May 2022 The energy crisis in Zambia had created a situation in which the country could combine increasing its electricity generation capacity with a simultaneous transition to low-carbon renewable energy sources. This was pointed out to Mining Weekly Online by Zambian State-owned group ZCCM Investments... 

Uzbek copper producer plans local IPO this year

By: Reuters     12th May 2022  Uzbek copper, silver and gold producer Almalyk Mining and Metals Combine (AGMK) announced a tender on Thursday to hire an underwriter to conduct an IPO on the local stock exchange this year. According to the announcement on the Uzbek Republican Commodity and Raw Materials Exchange, the deadline... 

Any just transition needs to consider jobs, communities – coal panel 

By: Irma Venter     12th May 2022 Any just transition, particularly in Africa and South Africa, needs to be job centered, says World Coal Association CEO Michelle Manook. Speaking at the Just Transition & The Future of Coal in Africa panel at the Investing in African Mining Indaba 2022, held this week, she noted that coal-fired... 

Image of World Coal Association CEO Michelle Manook, Minerals Council South Africa Environment, Health and Legacies senior executive Nikisi Lesufi, Exxaro Resources CEO-designate Dr Nombasa Tsengwa and Council for Geoscience CEO Mosa Mabuza
From left to right is Lesufi, Mabuza, Manook and Tsengwa

Copper tumbles to 7-month low as slowdown fears rock markets

By: Reuters     12th May 2022 Copper prices tumbled on Thursday to their lowest in seven months and other industrial metals fell as traders worried that a slowing global economy would require less metal. With inflation surging and interest rates rising, growth fears also pushed down oil prices and stock markets hit a... 

Arc, Anglo reveal plans to form copper/cobalt mining JV in Zambia

By: Darren Parker     12th May 2022 Junior exploration company Arc Minerals has entered into an agreement with a subsidiary of diversified miner Anglo American, which formalises the parties’ intention to form a joint venture (JV) with respect to Arc’s copper/cobalt project in the North-Western province of Zambia. Under the... 

Eskom sets August 2024 target date for return of damaged Medupi 4 

By: Terence Creamer     12th May 2022 Electricity utility Eskom has set a target date of August 2024 for the return to service of Medupi Unit 4, the generator of which was “catastrophically” damaged during an explosion on August 8, 2021. Acting generation MD Rhulani Mathebula, who has stepped into the role following the resignation... 

Eskom acting generation MD Rhulani Mathebula
Photo by Creamer Media Chief Photographer Donna Slater
Eskom acting generation MD Rhulani Mathebula

Canada launches call for proposals for critical mineral development

By: Creamer Media Reporter      12th May 2022 Canadian Natural Resources Minister Jonathan Wilkinson on Wednesday announced a call for proposals for the Critical Minerals Research, Development and Demonstration Programme (CMRDD). This component of the programme would provide C$10.95-million in funding for pilot plants and projects to... 

Mining faces 'extraordinary' pressures, says Argonaut CEO as Magino costs surge

By: Mariaan Webb     12th May 2022 While Canadian gold miner Argonaut is still reviewing the final cost estimate for the Magino project, in Ontario, CEO Larry Radford warned on Wednesday that the project's costs could increase by a further C$120-million. This compares with the C$800-million estimate that Argonaut provided before... 

The Magino project (May 2022)
The Magino project (May 2022)

Gold to play increasingly important role as climate risk asset, Heymann says

By: Darren Parker     12th May 2022 Gold is going to play an increasingly important role as a climate risk and resilience asset, World Gold Council (WGC) CFO Terry Heymann told Mining Weekly on May 11. “Gold is well understood as a risk mitigating asset and climate change is simply another lens with which to view that,” he said. 

gold bars

More turbulence reported at DRA

By: Esmarie Iannucci     12th May 2022 ASX- and JSE-listed DRA Global on Thursday announced that its CFO Adam Buckler was no longer employed with the company. GM for corporate finance, Michael Sucher will now assume the role of acting CFO while the company undertakes a management search to fill the role on a permanent basis. 

Large-scale gold miners should help legitimate artisanal miners access formal markets

By: Darren Parker     12th May 2022 While a large proportion of artisanal or small-scale gold mining (ASGM) in Africa is illegitimate, companies operating in the large-scale gold mining (LSGM) sector in Africa should work to support responsible and legitimate ASGM operations wherever feasible and help them access the formal global... 

World Gold Council CFO Terry Heymann
World Gold Council CFO Terry Heymann

Congo mines Minister seeks to cancel artisanal cobalt monopoly

By: Reuters     12th May 2022 Democratic Republic of Congo Mines Minister Antoinette N'Samba Kalambayi is seeking to cancel a decree granting Entreprise Generale du Cobalt (EGC) a monopoly over artisanal cobalt produced in the country, she told Reuters on Wednesday. EGC was created to buy, process and market artisanal cobalt... 

Pan African completes R50m share buyback

By: Marleny Arnoldi     12th May 2022 Aim- and JSE-listed Pan African Resources has completed Phase 1 of its share buyback programme announced in April, having bought back 11.8-million ordinary shares for R50.3-million, or £2.55-million. About 7.5-million shares were bought back on the LSE, while the remainder was repurchased on the... 

Labour commits A$100m into battery development in election promise

By: Esmarie Iannucci     12th May 2022 Australian Labour leader Anthony Albanese on Thursday made a A$100-million equity commitment for a battery manufacturing precinct in Queensland, as part of his election promise for the May federal election. Albanese also vowed to create a Powering Australia Industry Growth Centre to provide... 

Hochschild to invest $200m in Brazilian gold mine construction

By: Reuters     12th May 2022 Hochschild Mining plans to invest about $200-million in the construction of a gold mine in Brazil, a project it will launch in the second quarter of the year, CEO Ignacio Bustamante told Reuters on Wednesday. The construction of the Mara Rosa mine, a project it acquired last year for... 

Wodgina produces first spodumene concentrate

By: Esmarie Iannucci     12th May 2022 ASX-listed Mineral Resources (MinRes) has marked first new spodumene concentrate production at its Wodgina lithium project, in the Pilbara. Wodgina is one of the world’s largest known hard rock lithium deposits and operates under the MARBL joint venture (JV), which is an unincorporated JV... 

Mining drives WA budget

By: Esmarie Iannucci     12th May 2022 A strong resources sector, which has continued to operate through much of the Covid-19 pandemic, along with higher commodity prices has assisted in Western Australia in reporting an expected operating surplus of A$5.7-billion for 2021-22. Premier Mark McGowan on Thursday pointed out that the... 

Miners turn to bacteria and other new ways to leach copper from waste rock

By: Reuters     12th May 2022 Rio Tinto, Freeport-McMoRan and other global miners, spurred by rising prices and demand, are deploying a raft of new leaching technologies that can extract low concentrations of copper from waste rock and help avoid lengthy mine permitting delays. Copper prices have nearly doubled in the past... 

Burkina search teams hope to reach eight workers trapped in flooded mine

By: Reuters     12th May 2022 Rescue teams pumping water from a flooded Burkina Faso zinc mine in which eight workers have been trapped for almost a month are drawing closer to a refuge chamber where they may have sought safety, the government said on Wednesday. The six Burkina Faso nationals, one Tanzanian, and one... 

Pentagon asks Congress to fund mining projects in Australia, UK

By: Reuters     12th May 2022 The US Department of Defense has asked Congress to let it fund facilities in the United Kingdom and Australia that process strategic minerals used to make electric vehicles and weapons, calling the proposal crucial to national defense. The request to alter the Cold War-era Defense Production Act... 

Pentagon asks Congress to fund mining projects in Australia, UK

Frontier Energy cut save costs at green hydrogen project

By: Esmarie Iannucci     12th May 2022 Multiple existing water sources is expected to cut down on the development cost of ASX-listed Frontier Energy’s proposed green hydrogen project, in Western Australia. The company on Thursday reported that preliminary results from its green hydrogen study had identified numerous existing water... 

Processing starts at King of the Hills

By: Esmarie Iannucci     12th May 2022 Gold miner Red 5 has processed first ore through the 4.7-million tonne a year King of the Hills plant, in Western Australia. The ASX-listed company told shareholders on Thursday that the processing will initially focus on low-grade development ore, sourced primarily from stage 1 of the KOTH open... 

Rio produces new critical mineral in Utah

By: Esmarie Iannucci     12th May 2022 Diversified miner Rio Tinto has started tellurium production at its Kennecott copper operation in Utah, becoming one of only two US producers of the critical mineral used in advanced thin film photovoltaic solar panels. The tellurium will be refined in North America by 5N Plus, a global producer... 

Eight submissions to progress in global innovation challenge

By: Esmarie Iannucci     12th May 2022 Mining majors BHP, Rio Tinto and Vale have selected eight technology innovators’ submissions to progress beyond the Charge On Innovation Challenge. The global challenge is aimed at accelerating the commercialisation of effective solutions for charging large electric haul trucks while... 

Image shows a mining dump truck and worker

Alliance Resources' takeover hits major milestone

By: Esmarie Iannucci     12th May 2022 Suitor Gandel Metals on Thursday announced that it has secured at least a 90% interest in takeover target Alliance Resources. Alliance Resources earlier this month urged shareholders to accept the 18c a share cash takeover offer from Gandel, in the absence of a superior offer. 

Buenaventura says San Gabriel gold/silver project to produce by 2024

By: Reuters     11th May 2022 Buenaventura, one of Peru's largest precious metals miners, will speed up construction of its San Gabriel gold and silver project, with a production start date no later than 2024, the company's president said. The miner recently announced the start of construction of the San Gabriel mine,... 

Barrick boosts stocks at mines to weather supply chain storm, CEO says

By: Reuters     11th May 2022 Barrick Gold has nearly doubled its inventory of some key supplies at mines to weather the disruptions caused by Russia's invasion of Ukraine, CEO Mark Bristow told Reuters on Wednesday. The world's second-biggest gold miner used to hold a month's worth of supplies at mines but tripled its... 

Barrick Gold CEO Mark Bristow
Barrick Gold CEO Mark Bristow

US coal output forecast to rise by 3% this year

By: Mariaan Webb     11th May 2022 US coal production is forecast to increase this year, buoyed by a strong export market and inventory replenishment in the power generation sector, says the US Energy Information Administration (EIA). In its ‘Short-Term Energy Outlook’, the EIA states that US coal production will increase by... 

US coal output forecast to rise by 3% this year

Talk must make way for action if ‘SA Inc’ is to navigate looming 22 GW coal exit  

By: Terence Creamer     11th May 2022 Eskom COO Jan Oberholzer has appealed for urgent and coordinated public-private action to close an immediate electricity shortfall of up to 6 000 MW and to prepare the way for the replacement of 22 000 MW of coal capacity that will be shut over the coming 14 years. Speaking during a system... 

Eskom COO Jan Oberholzer
Photo by Creamer Media's Donna Slater
Eskom COO Jan Oberholzer

Afrimat appoints Louw as chairperson designate

By: Creamer Media Reporter      11th May 2022 Construction materials and industrial minerals producer Afrimat has appointed Francois Louw as chairperson designate. Louw was appointed deputy chairperson in February and also serves as the company's lead independent director. He will succeed Matie von Wielligh, who will be retiring as... 

Eskom confirms winter load-shedding risk and warns on diesel costs 

By: Terence Creamer     11th May 2022 Electricity utility Eskom has again highlighted the risk of load-shedding during the current winter period, during which it will rely heavily on the country’s expensive diesel-fuelled open-cycle gas turbines (OCGTs) to either avoid rotational cuts or reduce the intensity of such cuts.... 

Eskom transmission MD Segomoco Scheppers
Photo by Creamer Media's Donna Slater
Eskom transmission MD Segomoco Scheppers

Minerals Council assures it has a strong focus on safety and health in the mining industry

By: Rebecca Campbell     11th May 2022 The Minerals Council South Africa gave a strong assurance, at a media briefing at the Mining Indaba 2022 conference in Cape Town on Wednesday, that it was acting to halt and reverse the regression in mine safety in South Africa that had taken place over the past three or so years. “Nearly half of... 

Kropz secures up to R177m in funding from ARC Fund

By: Marleny Arnoldi     11th May 2022 Aim-listed Kropz has entered into a new conditional convertible equity facility of up to R177-million, or $11-million, with its major shareholder African Rainbow Capital (ARC) Fund, pending shareholder approval at a general meeting on May 30. The funds will be used to progress the Elandsfontein... 

Minimum of 14 000 jobs a year from South Africa’s first hydrogen corridor 

By: Martin Creamer     11th May 2022 South Africa’s first hydrogen corridor now under development has the potential to generate a minimum of 14 000 jobs, $400-million in gross domestic product and $900-million in taxes a year by 2050. In an addition, there is potential to grow platinum group metal (PGM) demand by between 1% to 2%... 

Creamer Media picture.
Photo by Creamer Media
Minerals Council hydrogen briefing from left Allan Seccombe, Roger Baxter and Fahmida Smith.

India eases green rules for coal mines to tackle fuel crisis

By: Reuters     11th May 2022 India has eased environment approvals for coal mine expansions to boost output amid fuel shortages that have triggered hours-long blackouts. Some existing sites will be able to raise production by a further 10% without requiring new impact assessments and rules on consulting local residents have... 

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