Mining Weekly

JSE- and NYSE-listed Harmony Gold has reported relatively flat year-on-year gold production but announced significant improvements in operational cash flow owing to enhanced recovery grades. In its quarterly update for the three months to September 30, Harmony recorded a minor decrease of 1% in total gold production to 422 172 oz, compared with 425 130 oz in the comparable quarter of the prior year.

Zimbabwe-focused gold miner Caledonia Mining Corporation has approved a dividend of $0.14 a share for the quarter ended September 30. The company achieved a net profit of $3.29-million for the quarter, down from a net profit of $5.7-million in the third quarter of 2023. Its net profit for the nine months to September 30 was, however, higher at $16.45-million, compared with $1.69-million for the nine months to September 30, 2023.

JSE-listed chemicals group Omnia has reported a 17% increase in operating profit to R802-million for the six months ended September 30, which CEO Seelan Gobalsamy says was driven by solid performances in the group’s mining and agriculture segments. These segments also supported an improvement in Omnia’s operating margins from 6.5% in the prior comparable six months to 7.3% in the reporting period.

A bankable feasibility study on Namibian copper explorer and developer Omico Mining’s 95%-owned Omitiomire copper project, in Namibia, has estimated a $224-million net present value. The study has revealed an 18% internal rate of return after tax, a 3.7-year payback period and a 15 year life-of-mine (LoM).

JSE- and TSX-listed Eastern Platinum (Eastplats) has reported a 49.5% decrease in revenue to $11-million for the third quarter of the year ended September 30, compared with the $21.8-million reported for the third quarter of 2023. Revenue for the year-to-date (YTD) decreased to $45.5-million from the $76.5-million reported for the same period in 2023, representing a $31-million or 40.5% decrease.  

JSE-listed Sibanye-Stillwater has confirmed that it has concluded wage negotiations at its South African gold operations, which began in July. A one-year agreement was reached with the representative unions, the Association of Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM), UASA and Solidarity, with respect to yearly wages and benefits for employees at the Beatrix, Driefontein and Kloof operations.

Shares of Australian gold miner Resolute Minin plunged 32% on Monday in their worst day in 16 years, after three of its employees including CEO Terence Holohan were detained by government officials in Mali. Holohan and two other company executives were in Bamako, the West African nation's capital, to hold talks with the local mining and tax authorities regarding their operations but were "unexpectedly detained" on Friday, the company said.