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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,... 

Newmont will sell the Telfer mine, in Australia
Newmont will sell the Telfer mine, in Australia

Pilbara Minerals pauses dividend, cuts capex as it targets $200m in savings

By: Mariaan Webb     22nd February 2024 Australia’s biggest pure-play lithium producer, Pilbara Minerals, has opted to withhold its interim dividend as the company moves to preserve its balance sheet strength in an environment of lower spodumene prices. In addition to the pausing the dividend payment, Pilbara has also lowered its 2023... 

Pilbara Minerals pauses dividend, cuts capex as it targets $200m in savings

Woodside to sell $1.4bn stake in key gas project to Jera

By: Bloomberg     Updated 1 hour 18 minutes ago Woodside Energy Group to a $1.4-billion deal to sell a 15.1% stake in its flagship Scarborough liquefied natural gas project to Jera Co., Japan’s biggest power producer, as consumers aim to secure long-term supply. The accord includes a $740-million purchase price and reimbursement for... 

Woodside to sell $1.4bn stake in key gas project to Jera

Record dividend for Northern Star as growth strategy delivers cash earnings boost

By: Mariaan Webb     22nd February 2024 Australian gold miner Northern Star on Thursday declared a record interim dividend of 15c a share, complementing its A$300-million share buyback programme that remains open. Driven by higher gold prices, the ASX-listed company delivered a 41% increase in underlying earnings before interest, tax,... 

Record dividend for Northern Star as growth strategy delivers cash earnings boost

Lithium producer IGO beats on profit, shares up

By: Reuters     22nd February 2024 Australia's IGO reported interim underlying profit ahead of analysts' expectation on Thursday, even as the battery metal producer reeled from falling prices of key commodities, and said it did not have plans to further trim production. Shares of IGO gained nearly 3% to A$7.27 by 23:38 GMT, while... 

Ivan Vella started as IGO CEO in December
Ivan Vella started as IGO CEO in December

Fortescue beats on first-half profit, posts strong dividend

By: Reuters     22nd February 2024 Australia's Fortescue on Thursday posted a 41% jump in its half-year profit and declared a better-than-expected dividend, supported by strong iron-ore shipments and higher prices for its lower grades of the steel-making raw material. Imports to China, the world's largest iron-ore consumer, hit a... 

Fortescue beats on first-half profit, posts strong dividend

Australian iron-ore port starts clearing ships ahead of cyclone

By: Bloomberg     22nd February 2024 A major port on Australia’s west coast used by Rio Tinto Group to export iron-ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port anchorages are expected to be cleared at Dampier at 6 p.m. local time, according to a statement late... 

Australian iron-ore port starts clearing ships ahead of cyclone

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

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.

Vale fourth-quarter profit falls 35% on higher provisions over dam accident

By: Reuters     Updated 1 hour 24 minutes ago Brazilian miner Vale reported on Thursday a 35% drop in fourth quarter net profit, missing analyst expectations by almost half, following higher provisions related to its Samarco joint venture and more taxable income. Vale, one of the world's largest iron-ore producers, reported a $2.42-billion... 

Vale fourth-quarter profit falls 35% on higher provisions over dam accident

MP Materials swings to quarterly loss on falling rare earths prices

By: Reuters     Updated 1 hour 28 minutes ago Rare earths miner MP Materials on Thursday reported a fourth-quarter loss due to slipping prices for the strategic minerals and rising production costs, although the loss was not as much as analysts had expected. The company, which held unsuccessful merger talks earlier this year with rival... 

Teck expects to close coal unit sale to Glencore by Q3, CEO says

By: Reuters     Updated 2 hours 6 minutes ago Canadian miner Teck Resources plans to close the sale of its steel-making coal unit to Glencore no later than the third quarter of 2024, CEO Jonathan Price told Reuters in an interview on Thursday. Teck, one of the leading producers of steel-making coal, last year announced the sale of the... 

Teck expects to close coal unit sale to Glencore by Q3, CEO says

Magazine round up | 23 February 2024 

Updated 3 hours ago A video round up of this week’s magazine, highlighting our cover story, features and Business Leader. 

Magazine round up | 23 February 2024

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

Eskom insists downward EAF slide has been ‘arrested’ amid Stage 4 loadshedding

By: Terence Creamer     22nd February 2024 Eskom insists the performance of its unreliable generation fleet is on an improving trajectory, releasing a graphic-heavy statement on February 22 disputing a recent report stating that its performance continued “going backwards”. The statement, which was published only hours after loadshedding... 

Eskom insists downward EAF slide has been ‘arrested’ amid Stage 4 loadshedding

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

Equinox targets one-third production jump this year

By: Creamer Media Reporter      22nd February 2024 Canada-based gold miner Equinox Gold has finished 2023 strongly, not only achieving its gold guidance, but also setting out plans for a big step up in output this year. Equinox, which has seven operating gold mines in the US, Mexico and Brazil, has set its guidance for 2024 at between 660 000 oz... 

Teck Resources Q4 profit beats targets on strong coal sales, copper output

By: Reuters     22nd February 2024 Canadian miner Teck Resources beat fourth-quarter profit estimates on Thursday, helped by an increase in steelmaking coal sales and record copper production. The company also benefited from higher copper prices due to supply shortages, which Teck said have accelerated into next quarter. Teck... 

Teck Resources Q4 profit beats targets on strong coal sales, copper output

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

Integration of Vale’s Serpentina resource has potential to expand Anglo’s Minas-Rio output

By: Darren Parker     22nd February 2024 Diversified miner Anglo American has agreed to acquire, from Brazilian iron-ore miner Vale, the high-quality Serra da Serpentina iron-ore resource and integrate it into its contiguous Minas-Rio mine. Anglo will continue to control, manage and operate the Minas-Rio operation, including any future... 

Minas-Rio
Minas-Rio

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

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... 

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

Vale says its Sossego copper mine operating licence has been suspended

By: Reuters     22nd February 2024 Brazilian miner Vale said on Wednesday it had received a letter from the State of Para's environmental secretary informing it that its operating license for its Sossego mine has been suspended. The company said in a filing it was evaluating the necessary measures to re-establish the full... 

Vale says its Sossego copper mine operating licence has been suspended

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... 

First Quantum says it is seeking $20bn over Panama mine closure order

By: Reuters     21st February 2024 Copper miner First Quantum Minerals said on Wednesday it was seeking $20-billion through international arbitration after Panama ordered the closure of the company's mine in the central American nation. "We have provided a minimum value sought in those proceedings of $20-billion, reflecting an... 

First Quantum says it is seeking $20bn over Panama mine closure order

Hot Chili executes option to acquire Chile project

By: Creamer Media Reporter      21st February 2024 ASX- and TSX-V-listed Hot Chili has executed an option agreement with ASX-listed Bastion Minerals for the right to acquire the Cometa project in Chile. The project is near Hot Chili’s Costa Fuego copper/gold project in the coastal range of the Atacama region. 

Mt Gibson makes big profit jump on strong Koolan Island performance

By: Creamer Media Reporter      21st February 2024 Iron-ore miner Mount Gibson on Wednesday reported an aftertax net profit of A$138.7-million in the half-year to December 31, compared with A$7.4-million in the corresponding period. The significantly increased earnings reflected strong operational improvement and record half-yearly high-grade... 

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

Appian appoints UK politician as strategic adviser; forms partnership with SAFE

By: Tasneem Bulbulia     21st February 2024 Investment adviser Appian Capital has appointed Dominic Raab as senior strategic adviser on global affairs. In this newly created role, he will support Appian on geopolitical strategy and risk, building on his international experience gained in UK government. 

An image of UK politician Dominic Raab
Dominic Raab

Piedmont sells remaining Sayona stake

By: Mariaan Webb     21st February 2024 US-based lithium miner Piedmont Lithium on Wednesday announced that it would sell the rest of the shares it held in Australian miner Sayona Mining for A$59.9-million, or $39.4-million. The Nasdaq- and ASX-listed company agreed to sell 1.15-billion shares of Sayona for A$0.052 a share through a... 

Piedmont sells remaining Sayona stake

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

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.   

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

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