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Asia News

World-beating mining stock turns big loser thanks to China slump

By: Bloomberg     4th March 2024 Iron-ore behemoth Fortescue’s months-long stock rally suffered a big pullback in February as investors turned sour on the company’s earnings growth and high exposure to slumping metal prices amid China’s rocky recovery. The world’s fourth-largest iron-ore miner is tipped for the greatest... 

Platinum remains in fundamental deficit – Northam  

By: Martin Creamer     1st March 2024 Platinum remains in fundamental deficit, Northam CEO Paul Dunne emphasised at the company’s presentation on Friday, which reported a strong performance from all group operations in the six months to December 31. “In mining terms, it’s a slow-burning fuse. Ultimately, we will see a price response... 

Northam CEO Paul Dunne.
Northam Platinum half-year presentation covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer

New US sanctions more likely to curb Indian imports of Russian coal, traders say

By: Reuters     1st March 2024 New US sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because they specifically cite top exporters SUEK and Mechel, three major traders of Russian coal. Russia, historically a minor exporter of the fuel to India, began boosting shipments... 

Nickel may flip to deficit on Indonesia hurdles, Macquarie warns

By: Bloomberg     1st March 2024 The global nickel market could swing to a surprise deficit this year if growth in Indonesian output is constrained by slow mining permit approvals, according to Macquarie Group Ltd. While the bank’s base case is for a surplus of less than 40 000 t, that may be in jeopardy if Jakarta’s approvals... 

Nickel may flip to deficit on Indonesia hurdles, Macquarie warns

Northam declares cash dividend, boosts self-generation

By: Martin Creamer     1st March 2024 Johannesburg Stock Exchange-listed mining company Northam Platinum on Friday declared a cash interim dividend after reporting strong performance from all group operations in the six months to the end of December. Northam’s sale last year of its investment in Royal Bafokeng Platinum strengthened... 

Paul Dunne
Photo by Creamer Media
Paul Dunne

Implats experiencing strong PGMs demand, working on pulling hydrogen uptake closer 

By: Martin Creamer     1st March 2024 Platinum group metals (PGM) mining, refining, and marketing company Implats, which reported solid production in a low-price environment on Thursday, is ironically still experiencing strong demand for all major PGMs with the exception of ruthenium. The group generated half-year earnings before... 

Implats group executive: refining and marketing Sifiso Sibiya.
Implats group executive: refining and marketing Sifiso Sibiya.

Implats expecting phased reduction in group output  

By: Martin Creamer     29th February 2024 A phased reduction in group output owing to a probable decline in production from Impala Canada and Mimosa in Zimbabwe is likely from platinum group metals (PGMs) mining and marketing company Implats, which on Thursday reported lower group profitability, despite disciplined cost control and solid... 

Implats CEO Nico Muller
Implats half-year results presentation covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Indonesia says its nickel supply will keep global prices low

By: Bloomberg     29th February 2024 Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices. Septian Hario Seto, the government official who has overseen Indonesia’s nickel processing boom, says prices are unlikely... 

Project finance clinched for 520 MW South African wind, solar projects – Anglo

By: Martin Creamer     29th February 2024 Johannesburg- and London-listed diversified mining and marketing company Anglo American announced on Thursday that jointly owned renewable energy venture with EDF Renewables, Envusa Energy, has completed the project financing for its first three wind and solar projects in South Africa. The terms... 

Anglo American's Africa and Australia Regional Director Themba Mkhwanazi.
Anglo American's Africa and Australia Regional Director Themba Mkhwanazi.

Indonesia, South Africa aim to regain lost share in Indian coal market

By: Reuters     29th February 2024 Top coal exporters Indonesia and South Africa are aiming to ramp up supplies of thermal coal to key buyer India, company executives said, as they look to regain market share in the world's second largest import market for the fuel. Indonesia and South Africa are top suppliers of thermal coal to... 

Coal stockpiles at the Richards Bay Coal Terminal in South Africa

Low prices hit profitability of strongly producing Implats

By: Martin Creamer     29th February 2024 The significant decline in platinum group metal (PGM) prices during 2023 has resulted in notably lower group profitability, despite disciplined cost control across several operations, PGMs mining and marketing company Implats reported on Thursday.   The group generated earnings before interest,... 

Implats CEO Nico Muller.
Implats CEO Nico Muller.

Green energy integrated into Harmony Gold operations, uranium surprises on upside  

By: Martin Creamer     29th February 2024 Green electrons are being generated as planned at Harmony Gold’s 30 MW first phase of renewable energy generation, which is now fully integrated into the mining company’s Tshepong South and North operations. This was made clear by Harmony FD Boipelo Lekubo, who spoke to Mining Weekly in a Zoom... 

Harmony Gold FD Boipelo Lekubo.
Harmony Gold FD Boipelo Lekubo interviewed by Mining Weekly’s Martin Creamer. Video: Darlene Creamer

Harmony Gold board approves R7.9bn project on back of superb half-year results  

By: Martin Creamer     28th February 2024 The board of mining company Harmony Gold has approved the commencement of a R7.9-billion life-of-mine (LoM) extension project at the rich Mponeng gold mine in the West Wits region of South Africa's Gauteng province. Mine life will be extended from seven years to 20 years, ensuring that Mponeng... 

Harmony Gold CEO Peter Steenkamp.
Harmony Gold presentation covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Anglo’s tenth emission-cutting ship contributing to cleaner, greener maritime industry 

By: Martin Creamer     28th February 2024 The contribution of diversified mining company Anglo American to a cleaner, greener maritime industry is highlighted by this week’s delivery of the last of ten emission-cutting ships. The maiden voyage of the Ubuntu Liberty vessel from China to South Africa will mark the successful on-time... 

Cleaner-fuelled Anglo ship built by Shanghai shipbuilder.
Cleaner-fuelled Anglo ship built by Shanghai shipbuilder.

South African leading critical mining project in Romania where red tape is being cut  

By: Martin Creamer     27th February 2024 Toronto-listed Euro Sun Mining, headed by South African CEO Grant Sboros, is advancing a development-stage gold and copper project in Romania, a country which is reportedly shedding its rigidly bureaucratic past with considerable aplomb. Unlocking the full potential of the Rovina Valley project,... 

Euro Sun Mining CEO Grant Sboros.
Euro Sun's Grant Sboros interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

China’s top coal miner cuts production target for 2024

By: Bloomberg     27th February 2024 China Shenhua Energy Co., the nation’s top coal producer, has set a lower output target for 2024, as Chinese miners ratchet back operations amid a glut of the fuel. The firm plans to cut annual production by 2.6% from the previous year to 316-million tons, it said in an exchange filing on... 

Indonesia working to approve more nickel, tin quotas

By: Reuters     27th February 2024 Indonesia's Ministry is trying to address delays in approving new mining volume quotas, an official at the Energy and Mineral Resources Ministry said on Monday. The ministry so far has issued approvals for quotas, known by the Indonesian acronym RKAB, for 145-million metric tons of nickel ore... 

Hive Hydrogen signs wind power deal for R105bn Eastern Cape green ammonia plant 

By: Martin Creamer     27th February 2024 Hive Hydrogen South Africa has signed an agreement with Genesis Eco-Energy to implement 372 MW of wind power in the Western Cape, in support of the development of its R105-billion green ammonia project at Coega in the Eastern Cape. The Coega green ammonia hub is a flagship investment project in... 

Hive Hydrogen South Africa chairperson Thulani Gcabashe.
Hive Hydrogen South Africa chairperson Thulani Gcabashe.

Nickel faces existential moment with half of mines unprofitable

By: Bloomberg     27th February 2024 Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia. With roughly half of all nickel operations unprofitable at recent prices, the bosses of the largest mining... 

Indonesia's coal-fired nickel output is pricing out greener metal that has so far failed to command a market premium.
Indonesia's coal-fired nickel output is pricing out greener metal that has so far failed to command a market premium.

Australian scientists make progress in dealing with hydrogen embrittlement of steel

By: Rebecca Campbell     26th February 2024 Australian researchers have made a step forward in addressing perhaps the biggest single obstacle to the large-scale roll-out of the hoped-for hydrogen economy: hydrogen embrittlement. This is the process whereby hydrogen causes high-strength materials, not least steel, to become brittle and... 

South Africa’s Jubilee Metals continuing to grow copper strongly in Zambia

By: Martin Creamer     26th February 2024 The copper operations in Zambia of South Africa’s Jubilee Metals showed strong growth in the six months to December 31, with further sharp increases expected going forward. The Johannesburg- and London-listed Jubilee, led by CEO Leon Coetzer and chaired by former Mpumalanga Premier Mathews Phosa,... 

India considers export tax on low-grade iron ore, sources say

By: Reuters     26th February 2024 India is considering an export tax on low-grade iron-ore after small steel producers urged the government to curb its overseas sales, two sources directly involved in the matter said. China typically accounts for more than 90% of overall shipments of iron ore from India, which is the world's... 

Yintai Gold to buy Canadian gold exploration firm Osino for C$368m

By: Reuters     26th February 2024 China-based Yintai Gold on Sunday said it will acquire Canadian gold exploration firm Osino Resources in an all cash deal for C$368-million. Osino will end its C$287-million deal with Canadian gold miner Dundee Precious Metals, which was announced in December, and Yintai also will pay a... 

MIND ID to acquire 14% stake in Vale Indonesia from foreign investors

By: Reuters     26th February 2024 Indonesia's mining industry holding company, MIND ID, agreed on Monday to acquire a 14% stake in Vale Indonesia from Vale Canada and Japan's Sumitomo Metal Mining, to become the top shareholder at one of the country's largest nickel miners. The divestment is a key condition for the extension of... 

Likely lifespan boost for critical rare earths project in South Africa’s Limpopo province 

By: Martin Creamer     26th February 2024 South Africa’s rare earths project in Limpopo has received a distinctly possible lifespan boost to more than 16 years following an updated bulk density calculation, which has enlarged the likely Phalaborwa resource tonnage to 35.1-million tonnes, an increase of 16%. “The improvement in the... 

The Phalaborwa Rare Earths Project involves the recovery of rare earths from gypsum and waste dumps.
Photo by Creamer Media
The Phalaborwa Rare Earths Project involves the recovery of rare earths from gypsum and waste dumps.

WTO seeks modest outcomes in Abu Dhabi at 'critical juncture' for global trade

By: Reuters     26th February 2024 Trade ministers from nearly every country in the world gathered in Abu Dhabi on Monday for a World Trade Organization meeting that aims to set new global commerce rules, but even its ambitious chief Ngozi Okonjo-Iweala sought to curb expectations. The almost 30-year-old global watchdog, whose... 

WTO director general Ngozi Okonjo-Iweala
Photo by Reuters
WTO director general Ngozi Okonjo-Iweala

Lynas jumps as H1 profit tops estimates despite soft China demand

By: Reuters     26th February 2024 Australia's Lynas on Monday posted a better-than-expected half-year profit, sending its shares higher, even as the rare-earths miner navigated a tough market with weak underlying commodity prices and slower demand in China. Lynas, the world's largest producer of rare-earths outside China,... 

Lynas CEO Amanda Lacaze
Lynas CEO Amanda Lacaze

Zijin Mining gains approval for Tibet copper mine expansion

By: Reuters     23rd February 2024 Chinese miner Zijin Mining has received local government approval for the second phase expansion of its Julong copper project in Tibet, the company said in a filing to the Shanghai Stock Exchange on Friday. The expansion will raise the mine's capacity by 200 000 metric tons per day to about 350... 

Activist investor Elliott to target mining assets worth at least $1 billion 

By: Reuters     23rd February 2024 Elliott Management is setting up a company to hunt for global mining assets in the range of at least $1-billion, as it seeks to take advantage of the depressed valuation of groups operating in the sector, people familiar with the matter said. Elliott's new venture, called Hyperion, would have a... 

Sandeep Biswas
Sandeep Biswas

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.... 

Eramet in talks with France to offload debt from SLN nickel unit

By: Reuters     22nd February 2024 Eramet is in "very advanced talks" with the French government to remove from its balance sheet several hundred million euros of debt related to its loss-making nickel subsidiary SLN in New Caledonia, the mining group said. The company's talks with the French authorities are part of wider... 

Coal output needs to rise as demand jumps, Indian official says

By: Bloomberg     22nd February 2024 India’s state-run miner Coal India will continue to increase production to meet growing demand and help boost inventories, according to a key government official overseeing the fuel. The producer on Monday had flagged it could miss an output target for the year through March, and trimmed... 

Coal output needs to rise as demand jumps, Indian official says

Mayur’s Orokolo Bay partner faces ‘sudden financial difficulties’

By: Creamer Media Reporter      21st February 2024 Australia-based Mayur Resources said on Wednesday that its partner in the Orokolo Bay vanadium, titanium and iron sands project, in Papua New Guinea, had pulled out, citing “sudden financial difficulties” related to the depressed state of the global nickel market. Mayur and Indonesia-based PT... 

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

China's top coal producing region tells miners to curb overproduction

By: Reuters     21st February 2024 China's top coal-producing region of Shanxi has ordered miners to curb overproduction, according to a notice this week from authorities in the northern province, sparking a rally in coking coal futures on Wednesday. Coal miners in Shanxi were asked to reduce output and carry out safety checks... 

India gets 40 bids for commercial coal mines 

By: Reuters     20th February 2024 ndia has received a total of 40 bids for some of the 32 commercial coal mines that were made available for auctioning in December, the government said in a statement on Monday, adding the bids would be opened on February 20. The world's second largest coal user, India began auctioning coal... 

India gets 40 bids for commercial coal mines

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.
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