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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... 

The Two Rivers platinum mine
The Two Rivers platinum mine

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.
Photo by Creamer Media's Donna Slater
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... 

South African mining remained a trillion rand industry for the second year in 2022.
South African mining remained a trillion rand industry for the second year in 2022.

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... 

From left to right, Nikisi Lesufi, Japie Fullard, Roger Baxter and Allan Seccombe.
From left to right, Nikisi Lesufi, Japie Fullard, Roger Baxter and Allan Seccombe.

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.
Photo by Creamer Media
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... 

De Beers Group CFO Sarah Kuijlaars.
De Beers Group CFO Sarah Kuijlaars interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

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
Photo by Creamer Media's Donna Slater
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-... 

Anglo American CEO Duncan Wanblad.
Anglo American results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

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... 

AngloGold's Obuasi mine, in Ghana, which achieved special mention.
AngloGold Ashanti 2022 results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

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... 

Kumba Iron Ore CEO Mpumi Zikalala.
Kumba Iron Ore CEO Mpumi Zikalala.

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... 

IEA executive director Dr Fatih Birol
IEA executive director Dr Fatih Birol

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.... 

Dense media separation plant at Kumba Iron Ore's Kolomela operation.
Dense media separation plant at Kumba Iron Ore's Kolomela operation.

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... 

Anglo American Platinum CEO Natascha Viljoen (left) and FD Craig Miller at the results presentation.
Anglo American Platinum CEO Natascha Viljoen interviewed by Mining Weekly’s Martin Creamer. Video: Nicholas Boyd. Video Editing: Darlene Creamer

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... 

An image of an oil tanker

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. 

South32 COO Noel Pillay.
South32 COO Noel Pillay.

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 CEO Graham Kerr.
South32 CEO Graham Kerr.

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-,... 

South32 CEO Graham Kerr.
South32 results presentation covered by Mining Weekly’s Martin Creamer. Audio: Darlene Creamer.

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... 

WGC CFO Terry Heymann
WGC CFO Terry Heymann

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... 

Glencore CEO Gary Nagle.
Glencore results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

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... 

A graphic showing global spending on EV sales and infrastructure between 2016 and 2022.

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.
Photo by Hydrogen Council
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.
Photo by Creamer Media
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. 

Anglo American Platinum's Mogalakwena platinum group metals mine in Limpopo.
Anglo American Platinum's Mogalakwena platinum group metals mine in Limpopo.

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... 

New frontiers of renewable energy, green hydrogen and electric vehicles have potential to grow the economy significantly.
New frontiers of renewable energy, green hydrogen and electric vehicles have potential to grow the economy significantly.

‘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... 

Barrick CEO Mark Bristow
Barrick CEO Mark Bristow

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... 

MSA Group MD Dr Ian Haddon
MSA Group MD Dr Ian Haddon speaks to Creamer Media's Simone Liedtke at this year's Investing in African Mining Indaba. Video: Nicholas Boyd; Editing: Shadwyn Dickinson.

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... 

Cobalt’s battery-powered boom has turned to bust

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... 

Ivanhoe Mines founder and CEO Robert Friedland.
Ivanhoe Mines founder and CEO Robert Friedland.
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