R/€ = 20.7411 Change: -0.0093
R/$ = 19.1568 Change: -0.0147
Au 2025.95 $/oz Change: 1.49
Pt 897.37 $/oz Change: 8.26

Europe News

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 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

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... 

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

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

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

Aluminum spikes as White House plans fresh sanctions on Russia

By: Bloomberg     21st February 2024 Aluminum surged on speculation that a fresh wave of US sanctions against Russia may target the metal, potentially disrupting supplies. US President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would... 

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

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

Antofagasta says profit up 5% in 2023, cuts dividend

By: Reuters     20th February 2024 Chile's Antofagasta on Tuesday reported a 5% rise in 2023 profit as copper production and prices increased, offsetting higher costs. Although the mining group reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of $3.1-billion, up from $2.9-billion in 2022, it... 

Antofagasta CEO Ivan Arriagada
Antofagasta CEO Ivan Arriagada

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

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

Polymetal to sell Russian unit for $3.7bn

By: Bloomberg     19th February 2024 Gold miner Polymetal International will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7-billion, the Kazakhstan-registered firm said in a statement. The business will be sold to Russian firm Mangazeya Plus with completion marked for end-March, Polymetal said. The sale was... 

Polymetal CEO Vitaly Nesis
Polymetal CEO Vitaly Nesis

Altona diversifies into other critical materials

By: Marleny Arnoldi     19th February 2024 While London-listed Altona Rare Earths advances its Monte Muambe rare earths project, in Mozambique, the company has also decided to pursue a balanced portfolio of critical raw materials projects across different African countries. Having reviewed the company’s corporate strategy, Altona... 

Rare earth oxides

New Cascabel PFS cuts initial capex

By: Creamer Media Reporter      19th February 2024 London- and Toronto-listed SolGold has announced the results of a new prefeasibility study (PFS) for the Cascabel project, in Ecuador, which supports a phased block cave mine development that substantially reduced the initial capital expenditure (capex) required. The PFS puts an initial capex... 

SSR Mining says environmental permit for Turkey mine has been revoked

By: Reuters     19th February 2024 Canada-listed gold miner SSR Mining said late on Sunday that its environmental permit for a gold mine in eastern Turkey has been revoked. The operations at the company's Copler mine will remain suspended until further notice, the company said. 

SSR Mining says environmental permit for Turkey mine has been revoked

Rusal to add Abramovich to lawsuit against Potanin over nickel miner pact

By: Reuters     19th February 2024 Aluminium giant Rusal obtained permission by a London court on Friday to add Russian billionaire Roman Abramovich and his firm Crispian Investments as defendants in the case against Vladimir Potanin, CEO of Nornickel. The application marks the latest flare-up in relations between two of Russia's... 

SSR Mining says eight employees detained after Turkey mine landslide

By: Reuters     19th February 2024 Gold miner SSR Mining said on Friday that eight of its employees have been detained amid an investigation into a landslide at its mine in Turkey and that operations there remain suspended. SSR Mining on Wednesday suspended production at its Copler mine in eastern Turkey after the landslide,... 

SSR Mining says eight employees detained after Turkey mine landslide

Vedanta starts provision of funding to KCM in Zambia

By: Tasneem Bulbulia     16th February 2024 Global natural resources company Vedanta Resources has started providing funding to Konkola Copper Mines (KCM), in Zambia, and has disbursed its first $25-million for employee salaries, contract labour and other critical services needed to maintain the integrity of the asset. Vedanta has deployed... 

Long stop date for Xtract’s disposal of Mozambique project extended

By: Tasneem Bulbulia     16th February 2024 Aim-listed Xtract Resources says the long stop date in relation to the disposal of its entire interests in the Manica gold project, in Mozambique, has been extended from February 15 to February 23 to allow for the completion of certain administrative matters. A further announcement will be made... 

SPR commits to paying full $12.5m owed to Bushveld by end-Feb

By: Marleny Arnoldi     16th February 2024 Aim-listed vanadium producer Bushveld Minerals has recieved an additional R76-million, or $4-million, from Southern Point Resources (SPR) in respect of a subscription agreement; however, SPR remains in default. The companies earlier this year announced an agreement whereby SPR would transfer... 

Bushveld's Vametco operation
Bushveld's Vametco operation

First Quantum exercises option over two licences in Zambia

By: Tasneem Bulbulia     16th February 2024 Canada-based First Quantum Minerals (FQM) has exercised its option over the remaining two licences in the Central Africa Copperbelt from an object agreement with London-listed African Pioneer’s 80%-owned subsidiary African Pioneer Zambia. The option agreement was first announced on January 22. 

Updated MRE for Sylvania’s Volspruit project shows improved grades

By: Tasneem Bulbulia     16th February 2024 Aim-listed Sylvania Platinum has announced the completion of a mineral resource estimate (MRE) update for its Volspruit project, located on the Northern Limb of the Bushveld Complex in South Africa,  facilitated by South African geological company Earthlab Technical Division. CEO Jaco Prinsloo... 

An image of Sylvania Platinum CEO Jaco Prinsloo
Sylvania Platinum CEO Jaco Prinsloo

Crucial decarbonisation investigation into Hillside Aluminium is continuing intensely 

By: Martin Creamer     16th February 2024 Solutions to support decarbonisation, while ensuring operational competitiveness into the future, are continuing to be intensely investigated at South Africa's large Hillside Aluminium operation in KwaZulu-Natal, South32 CEO Graham Kerr assured Mining Weekly in an interview on Thursday, following... 

South32 CEO Graham Kerr.
South32 CEO Graham Kerr.

France offers loan to New Caledonia nickel firm Prony to avert collapse

By: Reuters     15th February 2024 France has agreed to provide a €140-million loan to Prony Resources to avert the collapse of the New Caledonian nickel producer as Paris pursues negotiations to salvage the Pacific territory's loss-making nickel industry. Prony Resources is one of three nickel processors in the French territory... 

France offers loan to New Caledonia nickel firm Prony to avert collapse

Premier to raise £2.48m for its Zulu project

By: Tasneem Bulbulia     15th February 2024 Aim-listed Premier African Minerals intends to raise £2.48-million before expenses through a subscription to advance its Zulu lithium and tantalum project. “This placement assures Zulu of plant startup, subject only to suppliers meeting their obligations and undertakings. This has and remains... 

Sean Wade to be appointed Katoro chairperson subject to due diligence

By: Tasneem Bulbulia     15th February 2024 Aim-listed Katoro Gold has announced the proposed appointment of Sean Wade as nonexecutive chairperson of the company, conditional only on the satisfactory completion of stock market due diligence, which is a standard procedure prior to the appointment of directors onto the board of an Aim-listed... 

Now palladium comes under the Heraeus-Sibanye spotlight to boost hydrogen economy 

By: Martin Creamer     15th February 2024 Germany’s Heraeus Precious Metals and South Africa’s Sibanye-Stillwater are partnering to explore new applications for platinum-group metals (PGMs) in the hydrogen economy, with a specific focus on how applications can profit from the unique traits of palladium, one of the six PGM elements.... 

Palladium bars.
Palladium bars.

Shuka settles legacy dispute with Upendo Group over Tanzania licence

By: Tasneem Bulbulia     15th February 2024 Aim-listed Shuka Minerals, previously known as Edenville Energy, has signed a definitive settlement agreement with Upendo Group, which holds a historic residual 10% interest in the Rukwa coal mining licence, in Tanzania. The dispute with Upendo, regarding the interpretation of the “residual”... 

An image showing stockpiles at the Rukwa coal mine
Stockpiles at the Rukwa mine

Barrick replaces 140% of gold reserve, no need for ‘dilutionary or delusionary’ M&A 

By: Martin Creamer     15th February 2024 New York- and Toronto-listed mining company Barrick has replaced more than 140% of its gold reserves in the last five years and more importantly at the same grade, Barrick CEO Dr Mark Bristow pointed out in reporting full-year 2023 gold production of 4.05-million ounces and copper output of... 

Barrick CEO Mark Bristow.
Barrick CEO Mark Bristow.

Landslide at SSR’s Turkish mine triggers cyanide spill concerns

By: Bloomberg     15th February 2024 A landslide at a gold mine in eastern Turkey triggered concerns of cyanide contamination in western Asia’s longest river. The incident at the Copler mine dislodged ten million cubic meters of earth across a 200-meter slope, with nine missing workers still trapped under the soil, Interior... 

The Copler mine in Turkey
The Copler mine in Turkey

Hydrogen cars come into sharp new focus as global climate politics takes turn for better 

By: Martin Creamer     14th February 2024 For the first time, luxury vehicle manufacturer BMW has a fleet of hydrogen-fuelled cars on South Africa’s roads, supported by a green hydrogen refuelling infrastructure set up at its Midrand campus in Johannesburg. The outcome of BMW, Anglo American Platinum (Amplats) and Sasol finding common... 

The BMW iX5 Hydrogen passenger car being refuelled with green hydrogen.
BMW, Anglo American Platinum, Sasol talk to Mining Weekly’s Martin Creamer on the new BMW iX5 Hydrogen taking to South Africa’s streets. Video: Darlene Creamer.

Rescue workers search for missing gold miners after Turkey landslide

By: Reuters     14th February 2024 Rescue workers battled to find nine workers trapped under earth after a landslide at a gold mine in eastern Turkey on Wednesday, the interior minister said, while state media said four people were detained as an investigation got underway. The landslide occurred on Tuesday afternoon in the Ilic... 

The Copler mine
The Copler mine

IEA to launch security programme for minerals critical to energy sector

By: Reuters     14th February 2024 The International Energy Agency (IEA) is launching a programme to secure the supply of minerals critical to energy security, as demand rises fast while manufacturing remains in the hands of a few key producers, its executive director said on Tuesday. Fatih Birol said the production of electric... 

IEA executive director Fatih Birol
Photo by Bloomberg
IEA executive director Fatih Birol

SSR Mining halts gold production in Turkey after landslide, shares tank

By: Reuters     14th February 2024 Gold miner SSR Mining on Tuesday suspended production at a mine in eastern Turkey after a landslide, which left at least nine miners missing and sparked a more than 50% plunge in its Toronto-listed shares. The company said in a regulatory filing that operations were suspended as a result of a... 

SSR Mining halts gold production in Turkey after landslide, shares tank

Power aggregators seen as key accelerators of South African mining’s energy transition  

By: Martin Creamer     13th February 2024 Many energy projects selling to one buyer, who in turn sells to many mines – this procurement model is seen as a key financial tool to accelerate the energy transition of South Africa’s mining industry. “We think the aggregator model can really accelerate the requirements of the mines to get... 

Nedbank CIB) Energy Finance Co-Head Amith Singh.
Nedbank CIB Energy Finance Co-Head Amith Singh interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Macquarie commodities head resigns

By: Bloomberg     13th February 2024 Macquarie Group’s profit fell due to reduced activity in its commodities and global markets business, while the veteran head of the division will step down later this month. Earnings for the nine months ended December 31 were “substantially down on the previous year,” due partly to the... 

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