Mining Weekly

Central banks bought far less gold at the start of the year than previously thought, and while demand has since rebounded, their purchases are expected to decline this year, according to the World Gold Council. Central banks only bought 57 t in the first quarter, 187 t less than previously thought, the industry group said in a report Thursday. That’s the weakest start to a year in well over a decade, according to WGC data, and the revision means the overall pace of purchasing this year is likely to fall below 2025.

Japan Organization for Metals and Energy Security and Toyota Tsusho said on Thursday that the former will invest up to C$47.7-million ($33.9-million) in a Toyota Tsusho unit developing a heavy rare earths project in Namibia. The partners said the project could become Japan's first rare earth mine development in Africa and help strengthen supplies of critical minerals.

Diversified miner Glencore reported a strong production performance for the first six months of this year, with its key assets largely performing in line with expectations and previously communicated guidance, CEO Gary Nagle says. For the second quarter, ended June 30, own sourced production volumes were higher in zinc, nickel, gold, steelmaking coal and energy coal, compared with production in the quarter ended March 31.

Anglo American is discussing a deal worth about $1-billion to sell its De Beers diamond business, just a fraction of what the one-time diamond monopoly was once worth. Anglo has been looking to sell De Beers since it fended off an almost $50-billion approach from BHP Group in early 2024, yet its disposal process has been stymied by a crisis in the diamond market. Anglo has so far taken three impairments on De Beers in just three years, lowering its carrying value for the unit to $2.3-billion in February.

Zijin Gold and Allied Gold have scrapped a planned C$5.5-billion ($3.90-billion) buyout of the Canadian miner, with the Chinese company instead taking a 9.2% stake for about $295-million. US-listed shares of Allied Gold were down nearly 15% in premarket trading.

Johannesburg Stock Exchange-listed platinum group metals (PGM) mining and marketing company Valterra Platinum is actively supporting long-term PGM demand growth through strategic industry partnerships. Following its collaboration with Johnson & Matthey and Sibanye-Stillwater earlier this year, two separate partnerships have been initiated, one with Umicore in Germany and Pujing Chemicals in China, to expand the use of PGMs in industrial applications. (Also watch attached Creamer Media video.)

London-listed Premier African Minerals has completed a subscription to raise about £550 000 before expenses through the issue of four-billion new ordinary shares at an issue price of 0.014p apiece. Premier MD Graham Hill says the funding raised provides important working capital to contribute towards ongoing operational requirements at Zulu, including the continuation of mining and stockpiling activities.

The International Trade Administration Commission of South Africa (Itac) has recommended an increase in the general rate of customs duty on certain rock drilling equipment parts, from free of duty to the World Trade Organisation bound rate of 20% ad valorem. This follows an application made by South African manufacturer and supplier of valve gear and consumable spares for rock drills Derry Engineering.

Johannesburg Stock Exchange-listed platinum group metals (PGM) mining and marketing company Valterra Platinum on Wednesday reported stunningly high financial results for the six months to June 30 – a half-year stricken by three work-related fatalities. Revenue was up 93% to R82-billion, headline earnings per share increased by 1 633% to R82.02 from R4.73, adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 404% to R33.4-billion, mining’s Ebitda margin expanded to 50% from 22%, net cash strengthened to R23.7-billion, refined production rose 25% to 1.7-million ounces, PGM sales volumes rose 18% to 1.7-million ounces, and all-in sustaining costs (AISC) reduced 21% to $996 per three element (3E) ounce, with 2026 production and cost guidance reaffirmed.

As TSX-listed copper miner First Quantum Minerals continues to stabilise and recover from major financial pressure driven by the forced shutdown of its flagship Cobre Panamá mine since 2023, the company reported net earnings attributable to shareholders of $136-million, or $0.16 apiece, in the three months ended June 30. The company's adjusted loss amounted to $106-million, or $0.13 apiece, in the quarter.

Zambian President Hakainde Hichilema plans to spearhead the creation of a Pan-African minerals and metals exchange to help the continent capture greater benefits from its natural resources. The idea will help countries like Africa’s second-biggest copper producer ensure that more output is available for local value addition, a growing demand by citizens, said Jito Kayumba, an adviser to Hichilema on finance and investment.

The decarbonisation journey of the steel industry is continuing to reinforce demand for the higher-grade ores and lump products of the kind produced by South Africa’s Kumba Iron Ore. These materials improve blast furnace productivity, lower emission intensity, and support the transition towards lower carbon steelmaking pathways, Kumba CEO Mpumi Zikalala reported during the interim results presentation of the Johannesburg Stock Exchange-listed company, covered by Mining Weekly. (Also watch attached Creamer Media video.)

The US is backing the Ampasindava rare earths project in Madagascar as part of its strategy to loosen the dominance of rivals in critical minerals supply chains, the State Department has said, underscoring Washington's push to develop alternative sources of minerals now largely controlled by China. The project highlights a shifting dynamic in Africa's critical minerals sector, where Chinese companies have long dominated investment in copper, cobalt and lithium. Some of the continent's leading rare earth developments are now emerging with US and broader Western support. 

Following the undertaking of its Lithium Ridge project sampling programme, in Namibia, Aim-listed Andrada Mining has reported that results have extended the surface mineralisation of the project by 50% to a total of 9 km. The company also highlights that these results identified high-grade lithium, tin and tantalum anomalies within multiple new pegmatites across the project’s licence area, building on the initial results, which confirmed the presence of mineralisation along the primary Lithium Ridge trendline.

Gold and copper miner Harmony Gold has concluded new syndicated multitranche, multicurrency loan facilities comprising $500-million, A$500-million and R7-billion. The company says this reduces its funding costs relative to the refinanced facilities, extends its maturity profile and strengthens liquidity, while revealing demonstrable support from the banking market.

The quality of iron-ore from the Northern Cape is continuing to differentiate South Africa in the global iron-ore market. During the first half of this year, the average realised export price of $90 per wet metric tonne (wmt) was 8% above benchmark and among the strongest in the seaborne iron-ore market.

Australia- and Johannesburg-listed MC Mining has appointed chairperson Jianheng (Albert) Deng as interim MD and CEO, with effect from July 29, following the resignation of Yi (Christine) He as MD and CEO. She will, however, continue to serve on the company's board as a nonexecutive director. The coal exploration, development and mining company, with assets in South Africa, says He's decision to resign as MD and CEO follows the successful conclusion of the controlling investment in the company by Kinetic Development Group (KDG), the current ongoing commissioning of the flagship Makhado hard coking coal project and the company's strategic transitioning from an exploration and development group into an operating coal producer.

Citi maintained on Monday its bullish copper price targets through the end of the year, citing tighter physical markets and supply pressure in China. The bank held its $14 500 per metric ton zero- to three-month target and its $15 000 per ton year-end target.

ASX-listed Lotus Resources has announced that it has successfully completed the institutional component of the fully underwritten one-for-one pro rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in the company. The company says it has secured about A$34.2-million in the institutional entitlement offer.

The June quarter marked a “step-change” in the operations of West Wits, CEO and MD Rudi Deysel says, with the 1 West Decline breakthrough achieved at Qala Shallows, in Gauteng. This unlocked access to historically pre-developed stoping areas on 2 Level and higher-grade production zones, requiring only minor modifications to accommodate modern trackless mining vehicles and accelerate production.