Mining Weekly

TSX-V- and Aim-listed Thor Explorations has uncovered promising mineralisation near the Segilola gold mine, in Nigeria, as part of an ongoing diamond drilling programme. The programme is targeting the down-plunge potential beneath the current openpit extents.

The independent board of directors of ASX-listed exploration company Mako Gold has unanimously recommended that shareholders accept fellow-listed Aurum Resources' off-market takeover offer without delay. While the initial announcement of the offer was made in October, Aurum has now declared the offer consideration to be best and final, and will not increase the offer consideration.

Mining Weekly Editor Martin Creamer discusses Anglo American delivering new platinum-catalysed hydrogen fuel cell electric vehicle mobility options across Europe; a call for the mining industry to commit to an intensified pursuit of decarbonisation goals amid the slow rate of decarbonisation; and thoughts on Barrick Gold’s restrictions in Mali.  

South Africa’s recently established Transnet Rail Infrastructure Manager (TRIM) is gearing up for the allocation of the first route slots to private train operating companies (TOCs) in line with the long-awaited Network Statement, published in December. The Network Statement, which includes a tariff structure that is considered to be decidedly more attractive to potential TOCs than the allowable-revenue pricing model outlined in the preliminary draft, provides the initial framework and pricing for the integration of third-party operators. The Network Statement will be updated yearly on April 1.

Rebels in eastern Democratic Republic of Congo fraudulently exported at least 150 metric tons of coltan to Rwanda last year, leading to the largest contamination of the Great Lakes Region's mineral supply chain on record, UN experts said in a report. The flows started after the M23 movement, a Tutsi-led organisation purportedly backed by Rwanda, seized the Rubaya area, which produces minerals used in smartphones and computers, following intense fighting in April.

TSX-listed Ivanhoe Mines has announced its 2025 production target for the Kamoa-Kakula copper complex in the Democratic Republic of the Congo (DRC), aiming for between 520 000 t and 580 000 t in the year. This follows a record-breaking performance in 2024 with the complex producing 437 061 t of copper in concentrate for the full year, marking a 12% year-on-year increase. The fourth-quarter of 2024 alone delivered a record 133 819 t, a 15% quarter-on-quarter increase, while December saw a monthly production record of 47 058 t.

The rate of decarbonisation is too slow to meet science-based targets and the mining industry needs to commit to an intensified pursuit of decarbonisation goals, consulting services firm dss+ points out ahead of the February 3 to 6 Investing in African Mining Indaba, where it is a knowledge partner. Mining accounts for 4% to 7% of direct global greenhouse gas emissions. When Scope 3 downstream emissions are included, this rises to 28%, or 19 440 megatons of carbon dioxide equivalent, and little is changing.

Physically backed gold exchange-traded funds (ETFs) registered a modest net inflow of $3.4-billion in 2024, their first inflow in four years, even though their holdings fell by 6.8-metric tons, the World Gold Council (WGC) said on Wednesday. Gold ETFs store bullion for investors and account for a significant amount of investment demand for the precious metal, which hit a record high of $2 790.15/oz on October 31 and saw the strongest annual price growth since 2010 in 2024.

Shell will write down around $400-million overan oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer. Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development."

Two of the top traders in Glencore’s aluminum department are leaving for Vitol Group and Mercuria Energy Group — the latest sign of how a return into metals by energy firms is fueling a talent war in the sector. Sam Imfeld, a longstanding trader in Glencore’s aluminum and alumina team, will be joining Vitol in Singapore, according to people familiar with the matter. Meanwhile alumina trader Steven Rojas will join Mercuria later this year. They both worked under Robin Scheiner, Glencore’s head of alumina and aluminum trading.

Mali signed an agreement with Canada’s Allied Gold for a 35% stake in a new mine in connection to its Sadiola project. Known as Korali-Sud, the new project will be managed under Mali’s new mining code, Mines Minister Amadou Keita told public broadcaster ORTM. Mali will benefit from dividends through “the application of all the texts in force, in particular the 2023 code,” said Finance Minister Alousseni Sanou.

JSE-listed platinum mine developer Wesizwe announced on Wednesday that its funding application for the Bakubung project required approval from the China National Development and Reform Committee (NDRC). The company said it was working with its consortium majority shareholders Jinchuan Hong Kong and Jinchuan Group to finalise the updated funding application report for the Bakubung project and that it expected completing this process by the end of June 2025.

South Africa’s State Diamond Trader will be presenting an inaugural diamond show in Cape Town from February 2 to 5. Each day of the 2025 South Africa Diamond Show will focus on themes that include sustainability and ethical sourcing and attention will be called to the value of natural diamonds mined and beneficiated by South Africans as well as diamonds mined globally.

Aim-listed Mkango Resources has entered into a nonbinding letter of intent (LOI) with Crown PropTech Acquisitions (CPTK), aimed at combining their businesses and listing a new entity on Nasdaq. The transaction involves Mkango’s wholly owned subsidiaries Lancaster Exploration and Mkango Polska and follows a strategic review for the Songwe Hill rare earth project in Malawi and the Pulawy rare earth separation plant in Poland.

London-listed Gemfields said on Wednesday that it would lobby the Zambian government to suspend the newly reinstated 15% export duty on precious gemstones, which would directly impact the emeralds mined by its 75%-owned Kagem Mining. The export duty, effective January 1, is in addition to an existing 6% mineral royalty tax, bringing Kagem total effective tax on revenues to 21%. This is before factoring in the 30% corporation tax. In comparison,  Brazil and Colombia, the world’s other top emerald exporters alongside Zambia, have significantly lower taxes.

ASX-listed West African Resources has reported a 7% quarter-on-quarter increase in gold production to 51 178 oz in the three-months ended December 31, bringing full-year production to 206 622 oz. This compares to 226 823 oz produced in the prior year.

A persistent lithium glut and the prospect that some mines could be restarted if prices rise means the battery metal is unlikely to mount a significant recovery this year. Lithium prices have plunged since late 2022 on oversupply and slower-than-expected growth in electric vehicle demand. The rout has resulted in some mining capacity being suspended, but most analysts still see a surplus this year, although they forecast it will be smaller than in 2024.

Demand for battery raw materials will outpace base-case supply for certain materials, requiring additional investment and leading to fear of shortages and price volatility, among other challenges, strategy and management consulting company McKinsey projects. The fast-growing demand for batteries, for example from the automotive and energy sectors, has caused unprecedented levels of investment by raw materials producers and battery manufacturers.

Canada's Lithium Americas said on Tuesday it has raised the reserve estimate for the Thacker Pass lithium project and also appointed industry veteran Luke Colton as the new CFO, effective January 29. The company's US-listed shares were up 2.4% at $3.49 in premarket trade.

JSE-listed Salungano Group has reported progress in the business rescue process of its indirect subsidiary Keaton Mining, following its February 2024 filing for business rescue. The company has confirmed this week that agreements with suppliers and a management agreement in terms of a compromise proposal had been finalised.