Mining Weekly

Diversified miner South32’s Hillside Aluminium smelter in Richards Bay, KwaZulu-Natal, could continue operating for another 20 to 30 years if a competitive long-term electricity agreement is secured with State-owned power utility Eskom. This was stated by South32 executives at a gala event to celebrate the smelter's 30 years in operation. During a media briefing, South32 CEO Graham Kerr said the decision to build the Hillside Aluminium smelter in the early 1990s required courage and belief in South Africa’s future at a time of political and economic uncertainty, adding that the smelter has since become a key contributor to industrialisation, employment and regional economic development.

The record first-quarter (Q1) free cash flow of $1.2-billion delivered by AngloGold Ashanti is almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price. The company, headed by CEO Alberton Calderon, remains on track to meet its 2026 annual guidance. (Also watch attached Creamer Media video.)

Mining giant Rio Tinto’s subsidiary Richards Bay Minerals (RBM) hosted president Cyril Ramaphosa during his visit to the Richards Bay region on May 7, marking his first official visit to the company’s operations. As RBM celebrates its fiftieth anniversary, the company expresses that the visit provided a pivotal moment to reflect on its historical impact in the region, its role as a key contributor to the South African economy and the company's future trajectory.

As traditional ore grades continue to decline and global demand for critical minerals increases, historic tailings dams and mine waste deposits present strategic, high-value resource assets, with the potential to turn mining waste from an environmental liability into a multitrillion-dollar economic opportunity, and South Africa stands to benefit from this with its resources. This was noted by Northbound Processing MD Dr Duarte da Silva, presenting at the Investment Analysts Society of South Africa Masterclass: “Circular capitalism: unlocking the $3.4-trillion opportunity in mining waste”, at the University of the Witwatersrand, on May 6.

Diamond miner Lucara Diamond Corporation has reported a ‘transformational’ first quarter of the year, with the successful completion of its equity and bond financings for the Karowe underground project (UGP), in Botswana, having strengthened the company's balance sheet and positioned it for long-term value creation. The company has reported revenue of $21.8-million for the three months ended March 31, from a higher proportion of stockpile processing during the period owing to unseasonal weather having impacted openpit mining.

Industry organisation the Minerals Council South Africa on May 8 hosted the Missing Persons Locator Systems Day of Learning Workshop, aimed at enhancing safety, improving emergency response capabilities and saving lives. The workshop brought together representatives from organised labour, mining companies, regulators, technology providers and safety experts to share leading practices, innovative technologies and lessons learned in locating persons who go missing during mining incidents.

Green metals and gold mining company Sibanye-Stillwater on Friday May 8 took another step to strengthen its balance sheet, extend its debt maturity profile, and enhance its financial flexibility. The Johannesburg- and New York-listed company did so through the pricing of a new oversubscribed $500-million senior notes offering due in 2031, issued through the group’s wholly owned Sibanye-Stillwater UK Financing plc as a single tranche of $500-million, maturing in five and a half years at a 6.25% per annum coupon.

London-listed Petra Diamonds has embarked on an immediate cost and capital expenditure (capex) reduction assessment to preserve liquidity across the group and is considering suspending further capex at its Finsch mine in South Africa, owing to cost pressures. In an operational update to shareholders for the quarter ended March 31 – the third quarter of Petra’s 2026 financial year – the group notes that while sales for the period increased to $68-million, supported by the sale of a 41.82 ct Type IIb blue diamond, pricing remains under pressure especially across the smaller size fractions within the product mixes at both the mines.

ASX- and TSX-listed gold mining company Perseus Mining has appointed Wade Bickley as COO with effect from June 1. Bickley, who will be based out of Perseus’s Dubai office, has more than 25 years of industry experience, with extensive expertise in gold and base metals operations across Australia, West Africa and Southern Africa.

The US and South Africa have started preliminary discussions over potential resources deals including bilateral investments in mining, energy and infrastructure, the Financial Times reported on Friday. Around 25 officials from both countries met in Johannesburg on Wednesday to discuss minerals co-operation, the highest-level meeting to take place between the estranged countries this year, the FT reported citing several attendees.

South African gold mining company Gold Fields reported “significant increases” in a number of key commodities since the beginning of the US-Iran war. During the three months to March 31, all-in sustaining costs (AISC) hit a 13%-higher $1 829/oz and all-in costs (AIC) a 10%-higher $2 046/oz amid strong cash flow generation driven by increased sales volumes and higher gold prices.

Africa-focused lithium exploration and development company Atlantic Lithium has entered into a binding scheme implementation deed with Chinese company Zhejiang Huayou Cobalt, which intends to acquire all of the issued shares in Atlantic Lithium for $0.25 a share in cash. The proposed buyout values Atlantic Lithium at about $210-million and validates the company's flagship Ewoyaa lithium project, in Ghana, as well as the potential of its exploration tenure within Ghana and Côte d'Ivoire.

TSX- and NYSE-listed B2Gold produced 237 763 oz of gold across its operations in Namibia, Mali, Canada and the Philippines in the first quarter of the year, with all its mines surpassing expectations. The higher-than-expected production helped ensure lower consolidated cash operating costs of $1 005/oz and all-in sustaining costs of $1 964/oz, says incoming president and CEO Mike Cinnamond.

LSE-listed Blencowe Resources says graphite concentrate from its Orom-Cross project, in Uganda, has been used in a rocket component testing programme in the US, with the initial test firing successfully completed and early observations indicating encouraging performance in high-temperature applications. "These latest tests are an encouraging validation step to highlight the importance of high-quality graphite in specialist defence, aerospace and energy applications," says Blencowe executive chairperson Cameron Pearce.

Johannesburg- and London-listed metals and mining company Tharisa has signed a five-year contract with underground mining contractor Cementation Africa for the execution of the underground mining development and construction works at the Tharisa mine, near Rustenburg, in South Africa's North West province. This follows on from the successful March 31 first blast at the mine, which marked the start of development of the first portal.

Global commodities group Trafigura has entered into exclusive negotiations with the Egyptian Aluminium Company (Egyptalum) and the Metallurgical Industries Holding Company (MIH) to develop a new primary aluminium smelter, in Egypt, at a cost of between $750-million and $900-million. The parties plan to establish a new company that will build, own and operate a 300 000 t/y primary aluminium smelter and a 150 000 t/y anode plant at Egyptalum's Nag Hammadi complex. When in operation, the new facilities will nearly double the site's current production capacity.

Canadian miner Ivanhoe Mines posted a loss of $2-million and a total comprehensive loss of $35-million for the quarter ended March 31 – the first quarter of its 2026 financial year – compared with a profit of $122-million and total comprehensive income of $128-million reported for the first quarter of 2025. The company attributed the loss for the period to the company’s share of loss from the Kamoa Holding joint venture (JV), in the Democratic Republic of Congo (DRC), of $42-million, compared with a profit of $108-million in the prior comparable quarter.

As day one of the Johannesburg Arbitration Week 2026 opened at the Sandton Convention Centre, hosted by dispute resolution authority the Arbitration Foundation of Southern Africa (AFSA), veteran African heads of State argued that existing security systems, ranging from standby forces to early warning mechanisms are being outpaced by complex, persistent conflicts. The three-day forum brings together policymakers, legal experts and former heads of State to explore how dispute resolution systems can better support Africa’s development agenda.

The Jesuits in Britain, a Catholic religious order, may sell its stake in Rio Tinto following unsuccessful engagement with the mining giant over environmental concerns in Madagascar and Guinea, its head of ethical investments said on Wednesday. "We've engaged with Rio the last three, possibly four years coming to AGMs," said Stephen Power SJ, who oversees ethical investments for the order, at Rio Tinto's annual general meeting.

Operational consistency, focused cost control and materially higher first-quarter earnings have strengthened the financial position of Sibanye-Stillwater. In an operating update for the three months ended March 31, the Johannesburg- and New York-listed green metals and gold-mining company has achieved zero fatalities and across-the-board safety improvements, amid a 371% upsurge in earnings before interest tax depreciation and amortisation (Ebitda) to R19.4-billion.