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Pele Green Energy looking beyond R2.5bn funding innovation as it hastens towards ‘South ...thmess

Mining Weekly 3 weeks ago
Following its recent success in securing new public and private power purchase agreements, Pele Green Energy (PGE) is already having to consider additional funding options beyond the pioneering R2.5-billion Sithala facility concluded in November with Nedbank, Norfund and the Industrial Development Corporation. The facility has, for the first time, provided the black-owned independent power producer (IPP) with a consolidated funding platform designed to enable a competitive expansion in its operating portfolio from about 1 GW to 5 GW by 2027, as well as the capital needed to develop a project pipeline. It has also enabled PGE to refinance its existing group funding with a platform facility at the holding company level.

Eastplats' Zandfontein undergound operations successfully restartedthmess

Mining Weekly 3 weeks ago
The initial phase of the Zandfontein underground operations at TSX-V- and JSE-listed Eastern Platinum's (Eastplats') flagship Crocodile River mine, in South Africa's Bushveld Complex, is now fully operational. "It is my pleasure to announce that the soft restart of the Zandfontein underground operations is complete and fully operational.

Move to formalise deal on injecting private skills into Eskom amid plan to add and recover 10. ...thmess

Mining Weekly 3 weeks ago
Government and business have set a goal of increasing South Africa’s electricity generation capacity by 10.6 GW by the end of 2025 as part of ongoing collaborative efforts to tackle growth-sapping power disruptions and reduce the intensity and almost daily frequency of loadshedding by year-end. In a briefing held following the latest meeting between President Cyril Ramaphosa’s Cabinet and those senior business leaders who have committed to supporting government in overcoming its loadshedding, logistics and crime crises, the Presidency’s Rudi Dicks said the capacity could arise from multiple sources, including by recovering capacity from Eskom’s unreliable coal fleet.

Automotive demand for platinum expected to hit seven-year high this yearthmess

Mining Weekly 3 weeks 1 day ago
This year could potentially turn out to be quite an interesting year for platinum as a commodity and also as an investment, with the 2023 platinum market deficit of 878  000 oz forecast to be followed by a 2024 deficit of 418 000 oz. In addition to automotive demand being poised to reach the seven-year-high figure of 3 297 000 oz, demand for platinum from stationary fuel cells and electrolysers is set to rise by more than 120%, amid green hydrogen projects getting under way in Europe, following oversubscribed auctions, and also in North America, where the Inflation Reduction Act is stimulating widespread development.

Tsodilo withdraws contempt motion as Botswana Minister compliesthmess

Mining Weekly 3 weeks 1 day ago
Canadian mineral resources exploration and development company Tsodilo Resources has withdrawn its contempt motion, which sought to hold Botswana Minerals and Energy Minister Lefoko Moagi to account for his failure to comply with an earlier High Court judgment, handed down on December 15, in relation to prospecting licences 020/2018 to 024/2018 held by Tsolido’s Botswana-based wholly owned subsidiary Gcwihaba Resources. Tsolido on March 5 said the matter had been resolved, with the five licences in question having been renewed for their first two-year renewal, which will start on April 1.

Gold steady after surging to record on rate-cut bets, haven bidsthmess

Mining Weekly 3 weeks 1 day ago
Gold steadied after surging to a record high in the previous session, boosted by expectations for US rate cuts, geopolitical tensions and the risk of a pullback for equity markets. Bullion rose to a peak of $2 141.79 an ounce on Tuesday, surpassing the previous high set in early December. The precious metal has climbed almost 5% over the last five sessions.

Sibanye-Stillwater highlights its full confidence in price-hit platinum group metalsthmess

Mining Weekly 3 weeks 1 day ago
While the operating environment remains challenging, with macro-economic and geo-political uncertainty persisting, the medium- to long-term view of Sibanye-Stillwater remains largely unchanged on the fundamental outlook for the metals it produces, with the exception of nickel. The Johannesburg- and New York-listed green metals and gold mining company said it was confident that the price weakness of platinum group metals (PGMs) during 2023 did not signal a structural change in PGM fundamentals, such as that of the nickel market, but was more temporary in nature, Sibanye-Stillwater CEO Neal Froneman said during the company’s results presentation covered by Mining Weekly.

Gold Fields completes divestment of interest in Ghana gold mine thmess

Mining Weekly 3 weeks 1 day ago
Gold miner Gold Fields has concluded the sale of its 45% effective interest in the Asanko mine, in Ghana, to Galiano Gold for $170-million plus a 1% net smelter royalty (NSR) on future production from the Nkran deposit. Gold Fields has received $65-million in cash and 28.5-million shares in Galiano as upfront proceeds for the divestment.

South Africa's Menar clinches mining MoU with government of Gabonthmess

Mining Weekly 3 weeks 2 days ago
South Africa’s consistently advancing mining investment company Menar has signed a memorandum of agreement with the government of Gabon. “We think that Gabon is one of the promising countries when it comes to investments in mining, especially manganese and iron-ore,” Menar MD Vuslat Bayoglu highlighted during a Zoom interview with Mining Weekly. (Also watch attached Creamer Media video.)

South African economy averts recession as mining sector reboundsthmess

Mining Weekly 3 weeks 2 days ago
South Africa’s economy escaped a technical recession in the fourth quarter as fewer rotational power cuts helped energy-intensive industries including mining and manufacturing rebound. Gross domestic product expanded 0.1% in the three months through December, compared with a contraction of 0.2% in the prior quarter, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. That undershot the 0.2% median estimate of 12 economists in a Bloomberg survey.

Eskom says it is on track for permanent repair of Kusile stack by Decemberthmess

Mining Weekly 3 weeks 2 days ago
Eskom insists it is on track to complete the repairs to the ducts in the west stack at the Kusile power station by December 2024, ahead of the March 31, 2025, deadline set by the Department of Forestry, Fisheries and the Environment (DFFE) when it last year authorised the use of temporary stacks that bypass the key pollution control system. The west stack was rendered inoperable when Kusile’s Unit 1 flue duct collapsed because of an uncontrolled build-up of slurry on October 23, 2022. The failure eliminated 2 100 MW of Kusile’s capacity from an already stretched system, as units 2 and 3’s flues, which share a stack or chimney with that of Unit 1, were also damaged by the collapse.

Madison encouraged by high-grade uranium assays at its Khan projectthmess

Mining Weekly 3 weeks 2 days ago
The latest assay results from uranium exploration and development company Madison Metals’ recent surface trench sampling programme at its Khan project, in Namibia, have returned an average grade of 2.78% uranium oxide (U3O8) over 4 m at Trench 6. The first ten assay results from the project were released on February 7, showing 8.47% U3O8 over 1 m in in the same trench.

Kefi raises £495 916 as part of capital raise for Tulu Kapithmess

Mining Weekly 3 weeks 2 days ago
Aim-listed Kefi Gold and Copper, which owns projects in Ethiopia and Saudi Arabia, announces that a retail offer through PrimaryBid has been successfully completed, raising gross proceeds of about £495 916, before expenses, through the issue of 82.7-million ordinary shares. This follows an announcement on March 4 of a fundraising package to facilitate full project launch at the Tulu Kapi gold project, in Ethiopia, with project launch expected to occur by mid-year.

Lucapa recovers two diamonds of over 100 ct each thmess

Mining Weekly 3 weeks 2 days ago
ASX-listed Lucapa Diamond Company and its partners Endiama and Rosas and Petalas, have recovered two diamonds of over 100 ct each from the terraces of Mining Block 46 at the Lulo mine, in Angola. Both diamonds were recovered in February, with a 162 ct diamond recovered first, and a 116 ct diamond recovered the following day.

Singapore’s PEY to source $320m for Magnis’ Tanzania graphite projectthmess

Mining Weekly 3 weeks 2 days ago
After four months of diligence, Singapore-based PEY Capital has entered into an exclusivity period with Magnis Energy Technologies to source $320-million in funding for the Nachu graphite project, in Tanzania. As part of the financing process, PEY has recently engaged its related Tanzanian entity, Tantel, to provide local financial and operational support services.

Long lead item orders placed, site preparation works well under way at Longonjothmess

Mining Weekly 3 weeks 2 days ago
Preparatory works are forging ahead smoothly at rare earths mining company Pensana’s Longonjo project in Angola, with main construction expected to start in May and cold commissioning to follow in August 2025. Longonjo is one of the world's largest undeveloped rare earth mines, being one of only three with a Joint Ore Reserve Committee-compliant reserve greater than 100 000 t of neodymium and praseodymium.

New solar farm being built in Limpopo, wind boost on way from W Cape – Northamthmess

Mining Weekly 3 weeks 3 days ago
Platinum group metals (PGMs) mining company Northam Platinum has begun construction of an 80 MW solar power farm at its Zondereinde operation in Limpopo – and the Johannesburg Stock Exchange-listed company will also begin constructing a large wind farm in the Western Cape at year-end. The mining right of the Zondereinde mine, situated roughly 30 km south of the town of Thabazimbi, covers 9 257 ha, providing ample land for solar.
Mining Weekly covers real-time news on mining projects across a range of minerals including gold, platinum, diamonds, copper and ferrous metals.
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