Mining Weekly

Global miner Glencore confirms in its latest Climate Action Transition Plan (CATP) for 2024 to 2026, published on March 20, that it is on track to achieve its emission reduction targets of 15% by end-2026 and 50% by 2035 across Scope 1, 2 and 3 industrial carbon dioxide emissions. The company also maintains its 2050 ambition of reaching net-zero carbon emissions.

Mining and development company Marula Mining’s wholly owned South African subsidiary South African Lithium and Tantalum Mining has signed a long-term offtake agreement with UK-based based metals, minerals and energy commodities trading group Fujax UK for spodumene ore and concentrate from the Blesberg lithium and tantalum mine, in the Northern Cape. The agreement is based on the sale and purchase of 100% of Blesberg's production of spodumene ore and concentrate to Fujax through to December 31, 2026, with a minimum of 50 000 t at a grade of 6% lithium.

JSE-listed Kumba Iron Ore has appointed Matthew Walker as nonexecutive director, effective April 1. He will represent parent company Anglo American on the Kumba board.

Gold miner AngloGold Ashanti recorded a basic loss of $235-million or $0.56 a share, for the year ended December 31, 2023, compared with basic earnings of $233-million, or $0.55 a share, for the prior year. The company attributed the loss to lower gold sold, higher costs related to the corporate restructuring, higher environmental provisions for legacy tailings storage facilities (TSFs), higher care and maintenance and retrenchment costs associated with the Córrego do Sítio operation, in Brazil, higher operating and exploration costs, higher foreign exchange losses and higher tax expenses.

Energetic Northern Cape copper mining company Copper 360 this week produced the first concentrate from the plant it has just acquired from Nama Copper, which becomes its second concentrator plant and virtually doubles the Johannesburg Stock Exchange AltX company’s production capacity. Moreover, the Nama Copper plant has exceeded structural integrity and performance expectations, Copper 360 stated in a stock exchange news service announcement.

After facing significant headwinds in the six months ended December 31, 2023, Botswana-based coal miner Minergy has reported an attributable loss of P72.4-million and a loss a share of 15.42 thebe. This compares with a loss of P44.9-million and 9.55 thebe a share in the six months ended December 31, 2022.

The private-sector’s Richards Bay Coal Terminal (RBCT) and the State’s Transnet Freight Rail (TFR) have shown that the private sector and State-owned entities can work together very well, Menar MD Vuslat Bayoglu has highlighted in a Zoom interview with Mining Weekly. (Also watch attached Creamer Media video.) Menar is a private investment company with a portfolio of diversified minerals that includes anthracite, coal and manganese in South Africa, gold in Kyrgyz Republic and nickel in Türkiye,

US Deputy Treasury Secretary Wally Adeyemo used a five-day trip to South Africa to advertise his country’s ambitions of securing supplies of the metals needed for the global energy transition – materials that abound in Africa. Adeyemo, in a speech to US businesses active in the country, stressed that South Africa needs to put in place the right incentives to boost the mining industry. He also visited a mine owned by Sibanye-Stillwater, the South African precious and battery-metals miner that’s invested in a palladium operation in the US state of Montana.

Impala Platinum Holdings’ Zimbabwean unit is offering staff voluntary redundancy packages to cut costs because of anemic metal prices. Weak platinum group metal prices are projected to last for the next 12 to 18 months, Zimplats Holdings CEO Alex Mhembere said in a staff circular dated March 18 that was confirmed by the company. The producer is beginning “a voluntary retrenchment exercise for all employees wishing to be considered,” which may “mitigate the need for a compulsory retrenchment,” the circular said.

The London Bullion Market Association (LBMA), which sets standards for the world’s most established gold market, needs to do more to exclude gold linked to human rights abuses or criminality from its supply chain, rights groups said on Monday. Refineries vetted by the LBMA still source gold from “questionable suppliers and mines” and are not tackling “serious human rights violations and environmental degradation," a collection of eight organisations that analyse mining, led by Swissaid, said in a letter to the LBMA, seen by Reuters.

The Glencore-Merafe Chrome Venture is exploring renewable energy projects to mitigate power shortages and power costs, Merafe Resources CEO Zanele Matlala said on Monday, when the Johannesburg Stock Exchange-listed company elevated its dividend declarations for 2023 to a total of R1 050-million, well up on the R625-million of 2022. In addition, Merafe FD Ditabe Chocho reported a 114% year-on-year upward leap in chrome ore revenue to R2 222-million as well as a 1% year-on-year ferrochrome revenue increase to R6 885-million. (Also watch attached Creamer Media video.)

Thermal coal exporter Thungela Resources says it delivered a resilient performance for the year ended December 31, 2023, which underpinned strong cash generation and a robust net cash position. This supported total returns to shareholders of R3.3-billion for 2023, equivalent to 49% of adjusted operating free cash flow.

Mining contractor Murray & Roberts Cementation on March 14 hosted a media tour of the mock-up mine and training facilities at its Bentley Park Training Academy, in Carletonville. The site is recognised as a world-class skills development facility for supervisors, operators and engineers involved in mechanised underground mining.

ASX- and Aim-listed Aura Energy has received firm commitments from investors to raise about A$16.2-million through the issue of 90.2-million ordinary shares. The company will also offer shareholders the opportunity to participate in a share purchase plan of up to A$2-million through the issue of about 11.1-million shares, subject to shareholder approval at a general meeting on April 26.

JSE-, ASX- and Aim-listed coal miner MC Mining says a report prepared by an independent expert from BDO Corporate Finance that the takeover offer it received from Goldway Capital Investment in December is neither fair nor reasonable to shareholders. “We consider the offer to be not fair because the value of the offer consideration is less than our assessed low, preferred and high value of an MC Mining share.

Ferrochrome and chrome company Merafe achieved a record profit of R1 753-million despite what it describes as a challenging economic environment in the 12 months to December 31. The board of directors of the Johannesburg Stock Exchange-listed Merafe declared a final cash dividend of R550-million, bringing the total dividends for the 2023 financial year to R1 050-million, well up on the R625-million of 2022.

Exploration and development company  Critical Mineral Resources has conditionally raised about £250 000 through the placing of 12.2-million new ordinary shares in the company and 8.02-million ordinary shares held in the company’s name. Novum Securities is acting as the sole broker in connection with the placing.

A major new fuel cell thrust in North America is enlivening the outlook for platinum and helping the world advance further along the road to net zero. Emphasising that the advancement of the hydrogen economy can significantly move the needle against climate change, North American green mobility company Ballard is setting out to invest $160-million – net of government grants – to build a new manufacturing facility that will have the production capacity equivalent of three gigawatts of fuel cells a year.

Coal miner MC Mining’s strong revenue growth through the six months ended December 31, 2023 were “very pleasing” considering the challenging coal market, MD and CEO Godfrey Gomwe avers. During the period, the company experienced revenue growth from the prior corresponding period, primarily owing to strong sales volumes at the Uitkomst colliery and the restart of operations at Vale.

Michael Carvill will step down as MD of mineral sands miner Kenmare Resources later this year. Subject to reappointment at the company’s annual general meeting on May 10, it is expected that he will remain on the board and in his executive role until the company’s interim results are published in August. Following this, and to support an orderly transition process, he will continue to be available to the company in a consultancy capacity until at least the end of this year.