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Middle East News
Harmony Gold’s net profit soars 36%, 30 MW solar by mid-year
By: Martin Creamer 1st March 2023 The Harmony Gold strategy of allocating growth capital towards high-margin, long-life assets has started to deliver the desired results. Good recovered underground grades along with the strong rand-per-kilogram gold price have provided Harmony with tailwinds. →
DRA secured new contracts, rebased the business in 2022
By: Donna Slater 28th February 2023 Deals worth A$638-million were awarded to multidisciplinary engineering, project management and operations management group DRA Global in 2022, as the group sought to strengthen its relationships with longstanding clients and broadened its geographic footprint. "Financial year 2022 saw the... →
Nel's revenue rises as large-scale electrolyser contracts roll in
By: Darren Parker 28th February 2023 Norwegian hydrogen solutions company Nel ASA has reported revenue of NKr414-million for the fourth quarter of 2022, up from NKr248-million in the same quarter of 2021. The increase in revenue was driven by a NKr600-million contract for the delivery of electrolysers to Australian energy company... →
Nel helped to develop a hydrogen-powered mine haul truck for Anglo American Platinum.
Higher commodity prices failing to spur fixed mining investment 
By: Martin Creamer 28th February 2023 The regulatory uncertainties and inability of the industry to transparently, quickly and efficiently apply for mining and prospecting rights in a corruption-free manner has had severe investment consequences, Minerals Council South Africa states in its Facts & Figures Pocketbook 2022. This is... →
Gold set for biggest drop in 20 months on rate hike worries
By: Reuters 28th February 2023 Gold prices slipped to a two-month low on Tuesday and were on track for their biggest monthly decline since June 2021 pressured by a stronger dollar and prospects of more rate hikes from the US Federal Reserve. Spot gold was down 0.3% at $1 812.20 by 0918 GMT, having earlier hit its lowest since... →
Trackless mobile machine safety next big challenge, says Minerals Council
By: Martin Creamer 27th February 2023 Having last year achieved the lowest fall of ground fatalities ever, South African mining’s next big safety challenge is to achieve greater safety in the use of trackless mobile machines – rubber-tired vehicles that operate in underground mines without making use of rail tracks. In 2021, South... →
World warming at rate well above what Paris Agreement requires, Anglo CEO warns
By: Martin Creamer 24th February 2023 The world is on a trajectory to reach 2.7°C of warming above pre-industrial levels, which is quite a long way mathematically from the 1.5°C that is required by the Paris Agreement. This was pointed out by Anglo American CEO Duncan Wanblad, quoting independent sources such as Climate Action Tracker. →
Anglo American CEO Duncan Wanblad.
De Beers delivers excellent set of 2022 results 
By: Martin Creamer 23rd February 2023 Diamond company De Beers last year delivered a revenue of $6.6-billion and earnings before interest tax depreciation and amortisation (Ebitda) of $1.4-billion built on operational excellence across its producing assets. Rough diamond production increased by 7% to 34.6-million carats, reflecting... →
Gold Fields’ production exceeds guidance but its full-year profit falls
By: Donna Slater 23rd February 2023 JSE- and NYSE-listed gold miner Gold Fields produced 2.4-million ounces of gold for the year ended December 31 – a 3% year-on-year increase and exceeding guidance of between 2.31-million and 2.36-million ounces. In what interim CEO describes as an "eventful" year for the gold producer, its profit... →
Gold Fields interim CEO Martin Preece
Tin prices to take a dip this year as global economy slows
By: Marleny Arnoldi 23rd February 2023 Research agency Fitch Solutions Country Risk & Industry Research expects tin prices to remain under pressure over the first half of this year as the global economy continues to slow. The agency maintains its tin price forecast for 2023 at $20 000/t, as a strengthening dollar places a cap on... →
Anglo has 600 MW keyed up ready to go, green hydrogen also developing rapidly, says Wanblad
By: Martin Creamer 23rd February 2023 All policy in South Africa specifically relating to energy certainly does tend to be moving into a path of time and space where it really is incentivising the building out of renewable energy generation capacity in the country, said Anglo American CEO Duncan Wanblad on Thursday when the London-... →
Minerals Council welcomes 125% energy tax break in Budget speech
By: Martin Creamer 22nd February 2023 Minerals Council South Africa welcomed the government’s intervention on Eskom’s debt and the financial encouragement to stimulate businesses building renewable energy projects by offering generous tax incentives as outlined in the 2023 Budget Speech. The Minerals Council believes there should be... →
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... →
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... →
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... →
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.... →
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... →
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... →
Opportunity to commercialise greenness of South Africa’s nuclear power, says South32
By: Martin Creamer 17th February 2023 Nuclear power is part of the green taxonomy in Europe, where South Africa places most of its aluminium products and where most of the price pressures on non-green aluminium are going to arise in the coming years. But, for some reason, nuclear energy is not part of the green taxonomy in South Africa. →
Glencore faces fresh UK lawsuit in the wake of bribery scandal
By: Bloomberg 17th February 2023 Legal & General Group Plc have launched a fresh lawsuit against Glencore, months after the commodities giant pleaded guilty to allegations of market manipulation and bribery. A group of Legal & General funds filed claims against Glencore on Jan. 10 at a London court, adding to the raft of... →
New US legislation providing strong platform for South32’s manganese push in Arizona
By: Martin Creamer 17th February 2023 The new Inflation Reduction Act (IRA) in the US has improved the business case for producing manganese in that country. Well-established South African manganese mining group South32 has confirmed the opportunity for its manganese deposit in the US to supply battery-grade manganese into the... →
South32 records one of its highest profits to date
By: Martin Creamer 16th February 2023 Diversified mining company South32 recorded one of its highest profits to date with half-year earnings of $1.36-billion, underpinned by production growth of 12%. Increased exposure to the metals critical to a low-carbon future, and continued focus on cost efficiencies enabled the Sydney-,... →
Gold mines can play a key role in establishing infrastructure for transition to renewables
By: Schalk Burger 16th February 2023 Mining companies are developing and deploying strategies to reduce climate-related risks in the locations where mines are situated, and the ability for gold mines to self-generate power on a practical scale from solar plants is helping to create a viable source of skills and infrastructure that... →
Barrick eyes Nevada Gold Mines as Newmont ramps up deal pressure
By: Reuters 15th February 2023 Barrick Gold would be open to taking over Newmont's stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said on Wednesday, after Newmont's $16.9-billion bid for Newcrest ramped up pressure on gold miners to do deals. The Newcrest acquisition by Newmont, if successful, could result in... →
AngloGold achieves full-year strategic objectives, but earnings fall
By: Tasneem Bulbulia 15th February 2023 Gold miner AngloGold Ashanti says in a trading statement for the year ended December 31 that it delivered on its key strategic objectives during 2022, achieving improvements in production, cash flow and safety performance. AngloGold achieved guidance for production, capital expenditure and all-in... →
Growing need for critical raw materials highlighted by US, EU policies – Glencore
By: Martin Creamer 15th February 2023 Recent government policies, such as the US's Inflation Reduction Act and the European Union’s proposed Green Deal Industrial Plan, demonstrate the growing need for critical raw materials through to the end of the decade and beyond, necessitating fresh investment in both primary supply and... →
Global demand for lithium batteries to leap five-fold by 2030- Li-Bridge
By: Reuters 15th February 2023 Global demand for lithium batteries is expected to surge more than five-fold by 2030, public-private alliance Li-Bridge said on Wednesday, as more people opt for electric vehicles and energy storage systems. Demand for lithium batteries in the United States is expected to grow more than six... →
EV sales top $1tr in wake-up call for carmakers
By: Bloomberg 15th February 2023 Global spending on electric vehicles (EVs) is surging. According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388-billion in 2022, up 53% from the year before. With the 2022 tally included, the total value of electric... →
Green hydrogen moves by China, India boosting outlook for platinum group metals
By: Martin Creamer 14th February 2023 The firm embrace of the new green hydrogen and hydrogen fuel cell future by China and India is a huge twin boost for Southern Africa’s great platinum group metals (PGMs) endowment, Mining Weekly can today report. Hydrogen technologies have a special relevance for South Africa as most of the PGMs... →
Prime Minister Narendra Modi is intent on making India a global green hydrogen hub.
Noise from deep-sea mining may disrupt whale song, study finds
By: Reuters 14th February 2023 Noise produced by mining the seabed could interfere with whales' ability to communicate with one another, according to a study released on Tuesday, just as plans to start deep-sea mining for battery metals gather pace. The peer-reviewed study, funded by Umweltstiftung Greenpeace, a foundation arm... →
Sustainable mining companies can gain from sustainable finance trends – Webber Wentzel
By: Martin Creamer 13th February 2023 Mining companies that can demonstrate responsible and sustainable mining practices can set themselves up to take advantage of the current environmental social governance (ESG) and sustainable finance trends, says law firm Webber Wentzel. “In 2023, ESG will continue to gain regulatory traction... →
Webber Wentzel highlights funding opportunity for mining companies that are doing the right thing.
Anglo Platinum’s 2022 earnings will be well down
By: Martin Creamer 13th February 2023 The 2022 earnings results that Anglo American Platinum (Amplats) will release later this month will be well down. Basic earnings and earnings a share for the period are likely to decrease by between 33% and 52% compared with the prior 2021 period. →
Just energy transition could spur R1.5-trillion green investment – Cliffe Dekker Hofmeyr 
By: Martin Creamer 10th February 2023 Through the just energy transition investment plan, R1.5-trillion could be invested in South Africa over the next five years in new frontiers of renewable energy, green hydrogen and electric vehicles, says law firm Cliffe Dekker Hofmeyr (CDH). Moreover, with the national state of disaster being... →
‘Finding ounces better than buying them,' says Bristow as Barrick grows reserves and resources
By: Creamer Media Reporter 10th February 2023 NYSE- and TSX-listed Barrick Gold has delivered a significant increase in its resources and reserves in 2022, as the group continues to invest in organic growth through exploration and mineral resource management. “While we continue to evaluate all new opportunities against our strategic... →
MSA Group to establish Saudi Arabia office to meet soaring consultancy demand
By: Donna Slater 9th February 2023 With the opening up of the mining regulatory and investment sectors in Saudi Arabia, exploration and mining consultancy MSA Group, together with joint venture (JV) partner Saudi Arabian company the Al-Rushaid Group, is establishing a consulting company in the country – MSA Arabia. MSA Group MD Dr... →
Anglo CEO warns extreme weather threatens global mine supplies
By: Bloomberg 9th February 2023 Anglo American warned that global commodity supplies will remain vulnerable to severe disruptions, including from extreme weather that’s having a growing impact on operations around the world. The mining industry has been struggling to hit production targets, hurt by everything from floods and... →
Cobalt’s battery-powered boom has turned to bust
By: Bloomberg 9th February 2023 A blistering rally in the cobalt market is turning into a rout, putting pressure on miners and offering tentative cost relief for carmakers after a surge in battery metal prices last year. Cobalt rallied sharply early in 2022 as demand for electric vehicles surged. But while automotive usage is... →
Global renewable energy generation to hit 320 GW this year, Mining Indaba hears
By: Martin Creamer 9th February 2023 Renewable energy capacity will increase by 8% to 320 GW this year, Ivanhoe Mines founder and CEO Robert Friedland told the Investing in African Mining Indaba on Wednesday at an event themed on the comment of former US president John F Kennedy that the moon launch was being undertaken “not because... →
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