Mining Weekly
3 months ago
Organised business says the appointment of a permanent executive team at Transnet – led by CEO Michelle Phillips, who has been acting in the role since September and who has been with the utility for 20 years – will enhance stability in the relationships between Transnet and the business sector and accelerate the implementation of the Transnet Recovery Plan. Phillips’ appointment was announced by Public Enterprises Minister Pravin Gordhan on February 28 alongside that of Nosipho Maphumulo, who has been appointed CFO.
Mining Weekly
3 months ago
The significant decline in platinum group metal (PGM) prices during 2023 has resulted in notably lower group profitability, despite disciplined cost control across several operations, PGMs mining and marketing company Implats reported on Thursday. The group generated earnings before interest, taxes, depreciation and amortisation (Ebitda) of R8.4-billion, headline earnings of R3.3-billion or 365c a share, and recorded a free cash outflow of R4.8-billion, after funding capital expenditure of R6.8-billion.
Mining Weekly
3 months ago
Green electrons are being generated as planned at Harmony Gold’s 30 MW first phase of renewable energy generation, which is now fully integrated into the mining company’s Tshepong South and North operations. This was made clear by Harmony FD Boipelo Lekubo, who spoke to Mining Weekly in a Zoom interview on Wednesday, following the Johannesburg- and New York-listed posting a superb set of half-year financials and declaring a record interim dividend. (Also watch attached Creamer Media video.)
Mining Weekly
3 months ago
Diversified mining company South32 on Thursday announced the $1.65-billion sale of its Illawarra assets, in Australia, marking the group’s exit from coal and aligning with a strategy that emphasised ventures in copper and zinc.
The ASX-, LSE- and JSE-listed miner sold Illawarra to Golden Energy and Resources (GEAR) and M Resources for cash.
Mining Weekly
3 months ago
The board of mining company Harmony Gold has approved the commencement of a R7.9-billion life-of-mine (LoM) extension project at the rich Mponeng gold mine in the West Wits region of South Africa's Gauteng province. Mine life will be extended from seven years to 20 years, ensuring that Mponeng remains a top-performing asset until at least 2044.
Mining Weekly
3 months ago
Illegal mining is one of the biggest constraints threatening the sustainability of the South African mining industry and, while this challenge is considerable, it is not insurmountable. There are several measures that stakeholders can and are pursuing to mitigate the impact of illegal mining. This was the key message outlined by speakers in Creamer Media’s ‘Mining Sustainability and Security in the South African Mining Industry’ webinar, held on February 28.
Mining Weekly
3 months ago
JSE-listed AECI, which is undergoing far-reaching restructuring to re-focus on its core mining and chemicals businesses and reduce debt, reports strong initial interest in the six noncore companies that it plans to dispose of over the coming 18 months for combined proceeds of about R2.5-billion. CEO Holger Riemensperger insists that there will be “no fire sale” and reports that a comprehensive disinvestment roadmap has been finalised for Much Asphalt, Animal Health, Schirm, Sans Fibers, Beverages and Public Water.
Mining Weekly
3 months ago
Canadian miner Eastport Ventures has appointed Robin Birchall CEO effective immediately. He brings to the board more than 20 years of experience in the investment banking sector within the mining sector. He has also helped develop junior mining companies to material stages, including feasibility study and final investment decisions.
Mining Weekly
3 months ago
An African Underground Mining Services (AUMS) employee died on Tuesday at the Mana mine in Burkina Faso.
AUMS, a subsidiary of ASX-listed Perenti, is the underground mining contractor for Endeavour Mining at the Mana operation.
Mining Weekly
3 months ago
JSE-listed Salungano Group has advised that its indirect subsidiary Keaton Mining has filed for business rescue. Keaton Energy Holdings, which is a wholly-owned subsidiary of Salungano and the parent company of Keaton Mining, had been engaging with creditors to reach a compromise in terms of the Companies Act, which yielded positive results, barring one creditor which chose to proceed with a provisional liquidation application against Keaton Mining.
Mining Weekly
3 months ago
Toronto-listed Euro Sun Mining, headed by South African CEO Grant Sboros, is advancing a development-stage gold and copper project in Romania, a country which is reportedly shedding its rigidly bureaucratic past with considerable aplomb. Unlocking the full potential of the Rovina Valley project, located in west-central Romania, is what Euro Sun is setting out to do, Sboros made clear in a Zoom interview with Mining Weekly. (Also watch attached Creamer Media video.)
Mining Weekly
3 months ago
Finalising funding solutions for the expedited expansion of South Africa’s electricity transmission grid has been identified as a key priority for the Just Energy Transition (JET) project management unit (PMU), which is located within the Presidency. The unit is overseeing the implementation of the country’s JET Investment Plan (JET-IP), which was approved in 2022 with the goal of stimulating R1.5-trillion (about $80-bilion) in clean electricity, new energy vehicles and green-hydrogen investments, while also supporting workers and communities whose lives and livelihoods will be made vulnerable by the transition.
Mining Weekly
3 months ago
London-listed URA has raised £475 000 through the issue of 23.75-million shares at a price of 2p apiece to use as working capital for its 74%-owned Gravelotte emerald mine, in South Africa. "We are delighted to announce this successful institutional placing. This significant increase in their investment by well-known UK institutions is a testimony to the quality of our assets, our team and the progress we have made and will continue to make as we not only start production but focus on post production activities like sales, marketing and expansion.
Mining Weekly
3 months ago
ASX-listed Ionic Rare Earths has identified 69 holes with clay-hosted rare earth intersections above the current resource cut-off across three licences at the Makuutu rare earths project, in Uganda.
The 69 confirmed holes formed part of a 76-hole rotary air blast drilling programme as Phase 5 on the 00147 and 00257 exploration licences, as well as the 00007 retention licence.
Mining Weekly
3 months ago
Wet commissioning activities are now under way at the Sabodala-Massawa Expansion project, also called the BIOX Expansion project, in Senegal, says London- and Toronto-listed Endeavour Mining. The project is 91% complete, with the first gold pour scheduled for early May, as expected.
Mining Weekly
3 months ago
Hive Hydrogen South Africa has signed an agreement with Genesis Eco-Energy to implement 372 MW of wind power in the Western Cape, in support of the development of its R105-billion green ammonia project at Coega in the Eastern Cape. The Coega green ammonia hub is a flagship investment project in South Africa, led by Hive Energy and co-developer BuiltAfrica.
Mining Weekly
3 months ago
Canadian miner Ivanhoe Mines has reported a record normalised profit of $388-million, as well as record adjusted earnings of $604-million for 2023. The Kamoa-Kakula operation, in the Democratic Republic of Congo, achieved record earnings before interest, taxes, depreciation and amortisation (Ebitda) of $1.68-billion for the year, while milling a record 8.5-million tonnes at an average grade of 5.23% copper.
Mining Weekly
3 months ago
Energy and chemicals group Sasol has moved to address investor concerns that its yearly production at Secunda will need to fall to only 6.7-million tons for it to meet its goal of reducing the carbon-heavy Mpumalanga complex’s greenhouse gas emissions by 30% by 2030. Delivering his final results presentation, outgoing CEO Fleetwood Grobler insisted that the 6.7-million tons output profile announced in August represented the “low road” production scenario that emerged following a review of its emission roadmap once the use of liquefied natural gas (LNG) was eliminated as a plausible feedstock for Secunda.
Mining Weekly
3 months ago
The copper operations in Zambia of South Africa’s Jubilee Metals showed strong growth in the six months to December 31, with further sharp increases expected going forward. The Johannesburg- and London-listed Jubilee, led by CEO Leon Coetzer and chaired by former Mpumalanga Premier Mathews Phosa, recovers copper in Zambia and chrome and platinum group metals (PGMs) in South Africa, from historical waste rock, run-of-mine materials and tailings.
Mining Weekly
3 months ago
Electricity Minister Kgosientsho Ramokgopa says all the work being done by government on the financial structure to facilitate private investment into the country’s transmission infrastructure is being consolidated under his Ministry, including the work being done on the issue by the National Treasury and the International Finance Corporation (IFC). This confirmation follows an announcement in the National Treasury’s Budget Review that a request for proposals will be released by the end of July for a pilot project involving “off-balance-sheet financing to accelerate private-sector investment in transmission, without negatively affecting Eskom’s balance sheet and the fiscus”.
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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