R/€ = 20.7411 Change: -0.0093
R/$ = 19.1572 Change: -0.0143
Au 2026.43 $/oz Change: 1.97
Pt 898.05 $/oz Change: 8.94

Africa News

Newmont puts six mines, two projects on the block

By: Mariaan Webb     22nd February 2024 Gold mining major Newmont will put up for sale six mines and two projects, optimising its portfolio to focus on ten tier-one assets that will produce 6.7-million gold ounces by 2028. The six mines that will be divested include Éléonore, Musselwhite and Porcupine, in Canada, CC&V, in the US,... 

Sylvania reports positive results despite lower PGM prices

By: Sabrina Jardim     22nd February 2024 Platinum group metals (PGMs) producer and developer Sylvania Platinum says its revenue and net profit for the 2023 financial year remained respectable, despite the impact of a significantly lower PGMs basket price. The Sylvania Dump Operations (SDO) produced 38 405 oz of platinum, palladium,... 

Anglo achieves its best ever safety record, but reiterates commitment to zero harm

By: Darren Parker     22nd February 2024 Mining major Anglo American has achieved its lowest ever total recordable injury frequency rate of 1.78 in 2023, down from 2.19 in 2022, along with the company’s lowest ever monthly rate of 0.91 in December, CEO Duncan Wanblad revealed during the company’s 2023 financial year results presentation... 

Anglo American CEO Duncan Wanblad
Anglo American CEO Duncan Wanblad

Anglo to focus on cost cutting following disappointing 2023 performance  

By: Darren Parker     22nd February 2024 Mining major Anglo American chairperson Stuart Chambers and CEO Duncan Wanblad have both expressed disappointment with the company’s financial results for 2023, which were released on February 22. Chambers opened the presentation of the company’s results by candidly describing the company’s... 

anglo american sign and logo

Posco to import African battery graphite to cut China reliance

By: Bloomberg     22nd February 2024 Posco Future M Co, which produces battery materials for companies including General Motors Co, is preparing to import graphite from Africa to reduce its dependence on supplies from China. “Graphite is the most troubling part when making batteries,” CEO Kim Jun-hyung told reporters on Thursday.... 

Gold Fields posts higher full-year earnings, maintains dividend at R7.45

By: Marleny Arnoldi     22nd February 2024 JSE- and NYSE-listed Gold Fields has declared a total dividend of R7.45 a share for the year ended December 31, with $703-million in attributable profit having been generated. The attributable profit amounts to $0.79 apiece, compared with profit of $711-million, or $0.80 apiece, in the prior year.  

Gold Fields' Damang mine, in Ghana
Gold Fields' Damang mine, in Ghana

Harmony's shares rise on higher earnings outlook

By: Creamer Media Reporter      22nd February 2024 JSE-listed Harmony Gold's share price rose by more than 5% on February 22 after the company reported that its earnings per share (EPS) for the six months ended December 31, 2023, were likely to increase by more than 100% year-on-year to between R9.37 and R9.76 in rand terms and between $0.50 and... 

Harmony's Moab Khotsong mine
Harmony's Moab Khotsong mine

Fiscal discipline in Budget, but 5% infrastructure expenditure increase ‘barely positive’ – Minerals Council

By: Schalk Burger     22nd February 2024 Finance Minister Enoch Godongwana maintained focus on fiscal discipline and balancing the need to address socioeconomic challenges facing the country, industry organisation Minerals Council South Africa said in response to the Minister’s Budget Speech on February 21. South Africa, however, needs... 

Minerals Council CEO Mzila Mthenjane
Minerals Council CEO Mzila Mthenjane

First Quantum announces capital restructuring to reduce debt

By: Reuters     22nd February 2024 First Quantum Minerals on Wednesday announced a series of capital restructuring measures that would strengthen its balance sheet and cut debt, a move that will help the Canadian miner deliver on its "operational objectives." The company has lost over half its market value after Panama's surprise... 

First Quantum CEO Tristan Pascall
First Quantum CEO Tristan Pascall

Rio Tinto board approves Simandou investment

By: Mariaan Webb     22nd February 2024 The board of Rio Tinto has given the nod to the Simandou iron-ore project, in Guinea, CEO Jakob Stausholm has revealed. The approval is contingent on meeting outstanding conditions, including securing approvals from joint venture partners and obtaining regulatory nods from China and Guinea.  

Simandou’s high-grade, low impurity formation is a rare opportunity for Rio Tinto to diversify its portfolio, particularly as demand increased for grade suitable for greener steel.

SepFluor appoints new CEO, expects higher throughput

By: Sabrina Jardim     21st February 2024 South African fluorspar producer SepFluor has appointed Hendrik Snyman to succeed Rob Wagner as CEO. Wagner stepped down as CEO on December 31, 2023, but will remain as an adviser to the company throughout this year, while also remaining a SepFluor director. 

An image depicting SepFluor former CEO Rob Wagner
Photo by Creamer Media
SepFluor former CEO Rob Wagner

Resources Watch  

21st February 2024 This week: South Africa looks to Japanese collaboration on green hydrogen development and, Power aggregators seen as key accelerators of South African mining’s energy transition 

Resources Watch
Resources Watch

Major hydrogen economy developments in SA  

21st February 2024 Mining Weekly Editor Martin Creamer discusses BMW's hydrogen-fuelled cars on South Africa’s roads; Heraeus and Sibanye-Stillwater’s PGMs partnership to boost the hydrogen economy; and South Africa's hopes to collaborate with Japan on green hydrogen development.   

Photo of Martin Creamer
Major hydrogen economy developments in SA

Mining tax revenue down by 50.4% y/y 

By: Darren Parker     21st February 2024 With various commodity prices taking a nosedive over the past year, windfall tax gains from high commodity prices over the preceding two years have come to an end, resulting in a sharp fall in mining tax revenue, National Treasury has said. In the 2024 Budget Review released on February 21, it... 

Coal being transported to port

Criminal Asset Recovery Fund, not fiscus, to fund SANDF’s war on illegal mining

By: Darren Parker     21st February 2024 The Portfolio Committee on Defence and Military Veterans has claimed that the deployment of the South African National Defence Force (SANDF) in support of the South African Police Service to counter illegal mining at an estimated cost of R492-million is currently unfunded as of November last... 

Illegal miners

R4bn may be removed from Eskom debt-relief for failure to meet EFC sale deadline

By: Terence Creamer     21st February 2024 The South African government is proposing to reduce its planned allocations to Eskom under a previously announced R254-billion debt-relief package by R2-billion a year for the 2023/24 and 2024/25 periods, owing to the utility’s failure to dispose of the Eskom Finance Company (EFC) by the agreed... 

R4bn may be removed from Eskom debt-relief for failure to meet EFC sale deadline

Perseus enters into co-investment cooperation agreement with Saudi company

By: Tasneem Bulbulia     21st February 2024 ASX- and TSX-listed Perseus Mining has entered into a cooperation agreement with Ajlan & Bros Mining & Metals Company (ABM), the mining division of Saudi Arabia-based investment conglomerate company, Ajlan Brothers. The binding agreement contemplates that Perseus and ABM will jointly investigate... 

An image of Perseus CEO and chairperson Jeff Quartermaine
Photo by Bloomberg
Perseus CEO and chairperson Jeff Quartermaine

Sibanye incurs $2.58bn in impairments on lower metals prices

By: Tasneem Bulbulia     21st February 2024 Multinational mining and metals processing group Sibanye-Stillwater has incurred impairments of $2.58-billion, or about R47.45-billion, for the 2023 financial year, on the back of the deterioration in metals prices and certain operational factors. In a trading update ahead of the March 5... 

Sibanye CEO Neal Froneman
Sibanye CEO Neal Froneman

South Africa’s IDC begins due diligence work for Qala Shallows project funding

By: Tasneem Bulbulia     21st February 2024 South African development finance institution the Industrial Development Corporation (IDC) has begun work to complete its due diligence investigation as part of its proposed R300-million (about $15.8-million) debt facility to fund development capital for ASX-listed West Wits Mining’s Qala... 

An image of West Wits chairperson Michael Quinert
West Wits chairperson Michael Quinert

Glencore pleased with its performance against the backdrop of lower commodity, energy prices 

By: Marleny Arnoldi     21st February 2024 Global mining company Glencore has recommended a $0.13 a share, or $1.6-billion, base cash distribution to shareholders for the 2023 financial year, comprising $1-billion from marketing cash flows and the balance from industrial attributable cash flows. This is despite a 50% year-on-year decrease... 

Glencore's head office
Glencore executives unpack the company's 2023 performance and production guidance

Lucara expects higher revenues for 2024; announces new large diamond recoveries

By: Chanel de Bruyn     21st February 2024 Canada-headquartered Lucara Diamond Corp, which owns and operates the Karowe mine, in Botswana, expects its revenues to rebound to between $220-million and $250-million this year, after a "challenging" market in 2023 resulted in revenues of only $177.4-million, compared with the $212.9-million in... 

The Karowe openpit mine
The Karowe openpit mine

Mozambique port critical to chrome exports gets upgraded railway link

By: Bloomberg     21st February 2024 The biggest port in Mozambique that’s become a key hub for global chrome exports will upgrade a railway link, bolstering a planned $2-billion capacity expansion. The African Development Bank is financing the purchase of $40-million of locomotives and wagons and another $30-million is under... 

A rail line in South Africa

Rio Tinto posts lower FY profit

By: Mariaan Webb     21st February 2024 Diversified mining major Rio Tinto CEO Jakob Stausholm on Wednesday reported “resilient” financial results for 2023, with free cash flow of $7.7-billion and underlying earnings of $11.8-billion. Balance sheet strength enabled Rio Tinto to invest with disciple, while also playing an ordinary... 

Rio Tinto CEO Jakob Stausholm
Rio Tinto CEO Jakob Stausholm

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

By: Mariaan Webb     21st February 2024 Canada-headquartered First Quantum Minerals, which is facing a major challenge with the closure of its flagship Panama mine, is making progress with its balance sheet initiatives. These include, among others, selling some of the copper miner's smaller assets and minority stakes in its larger... 

First Quantum signs $500m copper deal with shareholder, says asset and stake sales progressing

First Quantum Minerals re-shuffles management at Zambian operation

By: Reuters     21st February 2024 Canadian miner First Quantum Minerals is re-shuffling top-tier personnel at its Zambian operations in a bid to tackle production and safety shortfalls in the South African country, an internal memo seen by Reuters showed. The latest action comes as the company continues to deal with fallout from... 

Unions express dismay over mining sector retrenchments

By: Tasneem Bulbulia     20th February 2024 Trade unions the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) have expressed their dissatisfaction with the plans announced by various mining firms to restructure their businesses and potentially retrench hundreds or thousands of workers and... 

An image showing part of Sibanye-Stillwater's Marikana operation
Sibanye-Stillwater Platinum recently finished a retrenchment exercise at its Rustenburg and Marikana operations

Petra urges discipline among diamond producers to ensure balanced inventory levels

By: Sabrina Jardim     20th February 2024 Despite its exposure to various risks and uncertainties, such as rough diamond prices, political instability and liquidity challenges – which could have a material impact on its long-term development – diamond miner Petra Diamonds has said it remains resilient. The company reported on February 20... 

An image depicting Petra Diamonds CEO Richard Duffy
Photo by Creamer Media
Petra Diamonds CEO Richard Duffy

Kumba weathers headwinds but 490 jobs at risk as it reconfigures business

By: Tasneem Bulbulia     20th February 2024 Anglo American subsidiary Kumba Iron Ore delivered solid operational and financial results for the year ended December 31, 2023, despite macroeconomic challenges; however, about 490 jobs could be at risk owing to a proposed reconfiguration to mitigate the logistics challenge, CEO Mpumi Zikalala... 

An image of Kumba Iron Ore CEO Mpumi Zikalala
CEO Mpumi Zikalala

Gecamines plans overhaul of mining JVs in world's top cobalt supplier

By: Reuters     20th February 2024 The Democratic Republic of Congo's (DRC's) State miner is broadening a push to extract more from its copper and cobalt joint ventures, seeking to negotiate for higher stakes across the board to gain leverage in management of some of its biggest mines. Gecamines is also leveraging existing... 

A copper mine in the DRC operated by Gecamines

Tsodilo confirms subsidiary can proceed with PEA in Botswana following litigation

By: Marleny Arnoldi     20th February 2024 TSX-V-listed Tsodilo Resources has confirmed that its subsidiary Gcwihaba Resources can proceed with concluding a preliminary economic assessment (PEA) on a prospecting licence, in Botswana, following legal delays. The High Court of Botswana in December ordered the Minister of Minerals and Energy... 

No immediate plan to list Aveng in Australia, but future listing likely amid change in reporting currency to Aussie dollar 

By: Terence Creamer     20th February 2024 JSE-listed Aveng, which recently relocated is management epicentre to Australia and changed its reporting currency from South African rands to Australian dollars, has no immediate intention of listing in Australia but acknowledges that such a move is possible in future. Incoming CEO Scott... 

Incoming Aveng CEO Scott Cummins
Incoming Aveng CEO Scott Cummins

Osino ditches Dundee for superior proposal from foreign suitor

By: Mariaan Webb     20th February 2024 Canada-based Osino Resources is walking away from a takeover by gold miner Dundee Precious Metals (DPM) and has instead opted to accept an offer from a foreign-based mining company. The TSX-V-listed firm on Monday revealed the proposal, which its board said was a “superior” offer to that of DPM. 

The Twin Hill project area in Namibia
The Twin Hill project area in Namibia

South African uranium project owner to inward list on A2X

By: Chanel de Bruyn     20th February 2024 LSE-listed Neo Energy Metals, which is developing the Henkries uranium project, in the Northern Cape, will inward list its shares on A2X Markets – a South African stock exchange – to enlarge its shareholder base and provide South African investors with an opportunity to invest in a... 

Neo Energy Metals CEO Sean Heathcote
Neo Energy Metals CEO Sean Heathcote

Goldman, hedge funds step up activity in physical uranium as prices spike

By: Reuters     20th February 2024 Investment banks Goldman Sachs and Macquarie, as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are... 

Goldman, hedge funds step up activity in physical uranium as prices spike

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

By: Bloomberg     20th February 2024 Insiders liken it to a “panic button.” And for more than 80 years, the primary job of the National Defense Stockpile has been to keep the US military supplied with essential raw materials and protect against supply shocks. So when China surprised the markets by restricting exports of two niche... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

Rich new Copper 360 discovery points to big Chile-type copper mine potential  

By: Martin Creamer     20th February 2024 Okiep Copper Company, which mining company Newmont established in 1937, is today one of the 100%-owned subsidiaries of South Africa’s Copper 360, the only pure copper play listed on the Johannesburg Stock Exchange. Under Newmont, the Okiep Copper Company paid out about R30-million in dividends... 

Copper 360 CEO Jan Nelson.
Copper 360 CEO Jan Nelson interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Worst of inflationary wave over, says BHP CEO

By: Mariaan Webb     20th February 2024 Diversified mining group BHP CEO Mike Henry has expressed confidence in a more favourable economic outlook for 2024, declaring that the worst of the global inflationary wave is over. BHP, which on Tuesday reported flat first-half underlying profit of $6.6-billion, is witnessing a shift towards a... 

BHP CEO Mike Henry
BHP CEO Mike Henry

Forge Academy launches new 4IR training centre in partnership with Sibanye-Stillwater

By: Schalk Burger     19th February 2024 Technology training company Forge Academy has launched a new Fourth Industrial Revolution (4IR) training centre and two courses in partnership with mining company Sibanye-Stillwater. The first two 12-month certification courses will be in Amazon Web Services with Business Analysis, and Community... 

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