Mining Weekly

Canada-headquartered Lucara Diamond Corp has published the results of an updated feasibility study on the Karowe Underground Expansion Project (UGP), detailing an estimated preproduction capital cost for the UGP of $683-million. The Karowe UGP is also projected to generate $1.1-billion in cash flow, extend the overall Karowe mine life by 15 years and result in 6.8-million carats being recovered over the mine life.

Shanghai-listed solar photovoltaic company Trina SOLAr, renewable energy project developer SOLA and civil engineering and construction company WBHO Construction will build the 135 MW Merak 1 SOLAr project to power a South African mining operation owned by African Rainbow Minerals (ARM). SOLA and WBHO formed a joint venture to execute the Merak 1 project and Trina Solar will supply 205 161 panels of its advanced Vertex modules for the project.

Diversified mining company Exxaro, with interests in the coal, energy and ferrous markets, has declared final and special dividends. The share dividend of R10.10 a share is roughly R3.4-billion and on top of that, the special dividend of R5.72 a share totals some R2-billion.

Graphite miner Syrah Resources has announced a A$98-million equity raising to preserve optionality its Balama mine in Mozambique, and support the ramp up of downstream activities in the US. Syrah will raise the funding through a fully underwritten institutional placement and 1 for 10.2 prorata accelerated nonrenounceable entitlement offer.

Glencore should keep its coal business even after it completes a deal to buy Teck Resources Ltd.’s coal-mining unit, according to shareholder Tribeca Investment Partners. Coal mine ownership has long been a controversial subject in the industry. Most of Glencore’s peers have exited the dirtiest fuel amid investor pressure, while the company long argued it would be the best custodian of its assets.

Since the new leadership at State rail enterprise Transnet has began engaging with South Africa's mining industry, the level of transparency has been “much, much improved”, according to African Rainbow Minerals (ARM) Ferrous CE André Joubert. Joubert, who was speaking during a question session covered by Mining Weekly, described the industry as being “very active” in engaging with Transnet on rail transportation of iron-ore and manganese ores.

ASX-listed Jupiter's newly released scoping study evaluating the opportunity to supply high-purity manganese sulphate monohydrate (HPMSM) to the electric vehicle (EV) battery market has yielded promising results, confirming that laboratory-scale production might be successful, with the potential for optimisation and scaling up.  For the HPMSM project, Jupiter is considering a plant in North America with a proposed capacity of between 80 000 t/y and 120 000 t/y, balancing operational as well as demand and supply risk and production efficiency.

Titanium minerals and zircon producer Kenmare Resources has completed the execution and initial drawdown process in relation to a recently announced $200-million revolving credit facility (RCF). The RCF was provided by financial institutions Absa, Nedbank, FirstRand Bank and Standard Bank.

Diamond company De Beers sold $430-million of rough diamonds in the second sales cycle of this year. Sales were higher than the $374-million of rough diamonds sold in the first quarter of this year, but lower than the $497-million in rough diamonds sold in the second sales cycle of 2023.

Africa’s biggest freight rail market is on the cusp of being transformed by private operators, the head of the operator of the continent’s largest rolling-stock fleet said. The South African government is about to publish a so-called rail network statement that will propose rules for private rail participation in the hitherto state-run and operated sector, said James Holley, chief executive officer of Johannesburg-based Traxtion Africa on Tuesday. Those rules will be set after public consultation.

Global methane emissions from fossil fuels held near a record high last year, the International Energy Agency (IEA) said in its annual 'Methane Tracker' report, renewing concerns that governments and industry aren’t doing enough to stem releases of the devastating greenhouse gas. While the analysis highlighted progress in some places, on the whole it suggests global oil, gas and coal producers and governments are falling short of promises to cut methane emissions, directly jeopardizing global efforts to limit climate change. The fossil fuel industry must cut methane emissions 75% by 2030, the IEA said, in order to be on pace for net zero emissions in 2050, which aligns with the goals of the Paris Agreement.

Integrated resource group Tharisa has launched its Redox One business, which develops long-term energy storage solutions that incorporate the raw materials produced by Tharisa. The company says its solutions use proprietary proven technology developed over decades, including by the National Aeronautics and Space Agency in the US, to deliver a mine-to-megawatt solution at a fraction of the cost of competing technologies.

Aim-listed Andrada Mining has started implementing an ore sorting circuit at the Uis mine, in Namibia, to increase tin concentrate production from 1 500 t/y to 2 600 t/y. This is expected to result in an increase in revenue of up to 75% and a reduction in the all-in sustaining costs of the mining operation.

Dr Patrice Motsepe, the founder and chairperson of diversified mining company African Rainbow Minerals (ARM), has expressed confidence in the direction being taken by South Africa’s State transport enterprise Transnet. The executive head of the Johannesburg Stock Exchange-listed ARM is also confident in the direction he believes that State electricity utility Eskom will take.

Mining company Critical Metals, which is developing the Molulu copper/cobalt mine, in the Democratic Republic of the Congo (DRC), has appointed Gordon Thompson as nonexecutive director and chairperson of the board’s technical committee as of April 1. Thompson is COO at copper mining company Copper 360 and a nonexecutive director at Contango Holdings.

Exploration and development company Moab Minerals on Tuesday announced the “transformational” acquisition of a portfolio of advanced uranium assets in Tanzania. The company entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources, 80% owner of licences comprising the Manyoni and Octavo uranium projects.

London-listed Tirupati Graphite has completed a 5 000 m diamond core programme and a 26 000 m auger drilling programme on its two flake graphite projects in Madagascar. Consultancy SRK Consulting is in the process of drafting an updated competent persons report (CPR) on the Vatomina and Sahamamy projects.

South African gold producer Aurous, which owns and operates the Blyvoor gold mine and the Gauta tailings retreatment project on Gauteng's West Rand, has announced plans to go public through a business combination with US-based Rigel Resource Acquisition Corp.  The transaction, which puts Aurous at a pre-money equity value of some R6.76-billion ($362-million), is expected to enable Blyvoor to expand its underground infrastructure, enhance surface infrastructure, and optimise operations through economies of scale.

Full ownership and execution of factors that are within management’s control are being elevated to the highest possible level by African Rainbow Minerals (ARM) CEO Phillip Tobias. ARM has sharpened its pencil in as far as things that are within its control are concerned and success is being achieved tackling costs, increasing volumes, and managing grades.

Aim-listed Mkango Resources and partner TSX-V-listed CoTec have appointed two US-based engineering solutions companies to engineer and design a rare earth elements magnet recycling plant and production facility in the US, as part of a bankable feasibility study (BFS) for the HyProMag US project. HyProMag, of which HyProMag US forms part, aims to develop a sustainable and long-term supply of neodymium/iron/boron permanent magnets in the US, which should enable the creation of low-carbon and traceable rare earth supply chains, while building rare earth magnet recycling capacity in the UK and Germany.