Mining Weekly

Titanium minerals and zircon producer Kenmare Resources has completed the execution and initial drawdown process in relation to a recently announced $200-million revolving credit facility (RCF). The RCF was provided by financial institutions Absa, Nedbank, FirstRand Bank and Standard Bank.

Diamond company De Beers sold $430-million of rough diamonds in the second sales cycle of this year. Sales were higher than the $374-million of rough diamonds sold in the first quarter of this year, but lower than the $497-million in rough diamonds sold in the second sales cycle of 2023.

Africa’s biggest freight rail market is on the cusp of being transformed by private operators, the head of the operator of the continent’s largest rolling-stock fleet said. The South African government is about to publish a so-called rail network statement that will propose rules for private rail participation in the hitherto state-run and operated sector, said James Holley, chief executive officer of Johannesburg-based Traxtion Africa on Tuesday. Those rules will be set after public consultation.

Global methane emissions from fossil fuels held near a record high last year, the International Energy Agency (IEA) said in its annual 'Methane Tracker' report, renewing concerns that governments and industry aren’t doing enough to stem releases of the devastating greenhouse gas. While the analysis highlighted progress in some places, on the whole it suggests global oil, gas and coal producers and governments are falling short of promises to cut methane emissions, directly jeopardizing global efforts to limit climate change. The fossil fuel industry must cut methane emissions 75% by 2030, the IEA said, in order to be on pace for net zero emissions in 2050, which aligns with the goals of the Paris Agreement.

Integrated resource group Tharisa has launched its Redox One business, which develops long-term energy storage solutions that incorporate the raw materials produced by Tharisa. The company says its solutions use proprietary proven technology developed over decades, including by the National Aeronautics and Space Agency in the US, to deliver a mine-to-megawatt solution at a fraction of the cost of competing technologies.

Aim-listed Andrada Mining has started implementing an ore sorting circuit at the Uis mine, in Namibia, to increase tin concentrate production from 1 500 t/y to 2 600 t/y. This is expected to result in an increase in revenue of up to 75% and a reduction in the all-in sustaining costs of the mining operation.

Dr Patrice Motsepe, the founder and chairperson of diversified mining company African Rainbow Minerals (ARM), has expressed confidence in the direction being taken by South Africa’s State transport enterprise Transnet. The executive head of the Johannesburg Stock Exchange-listed ARM is also confident in the direction he believes that State electricity utility Eskom will take.

Mining company Critical Metals, which is developing the Molulu copper/cobalt mine, in the Democratic Republic of the Congo (DRC), has appointed Gordon Thompson as nonexecutive director and chairperson of the board’s technical committee as of April 1. Thompson is COO at copper mining company Copper 360 and a nonexecutive director at Contango Holdings.

Exploration and development company Moab Minerals on Tuesday announced the “transformational” acquisition of a portfolio of advanced uranium assets in Tanzania. The company entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources, 80% owner of licences comprising the Manyoni and Octavo uranium projects.

London-listed Tirupati Graphite has completed a 5 000 m diamond core programme and a 26 000 m auger drilling programme on its two flake graphite projects in Madagascar. Consultancy SRK Consulting is in the process of drafting an updated competent persons report (CPR) on the Vatomina and Sahamamy projects.

South African gold producer Aurous, which owns and operates the Blyvoor gold mine and the Gauta tailings retreatment project on Gauteng's West Rand, has announced plans to go public through a business combination with US-based Rigel Resource Acquisition Corp.  The transaction, which puts Aurous at a pre-money equity value of some R6.76-billion ($362-million), is expected to enable Blyvoor to expand its underground infrastructure, enhance surface infrastructure, and optimise operations through economies of scale.

Full ownership and execution of factors that are within management’s control are being elevated to the highest possible level by African Rainbow Minerals (ARM) CEO Phillip Tobias. ARM has sharpened its pencil in as far as things that are within its control are concerned and success is being achieved tackling costs, increasing volumes, and managing grades.

Aim-listed Mkango Resources and partner TSX-V-listed CoTec have appointed two US-based engineering solutions companies to engineer and design a rare earth elements magnet recycling plant and production facility in the US, as part of a bankable feasibility study (BFS) for the HyProMag US project. HyProMag, of which HyProMag US forms part, aims to develop a sustainable and long-term supply of neodymium/iron/boron permanent magnets in the US, which should enable the creation of low-carbon and traceable rare earth supply chains, while building rare earth magnet recycling capacity in the UK and Germany.

JSE- and NYSE-listed Gold Fields’ board has approved a A$296-million, or $195-million, renewable energy project to be built at the St Ives mine, in Western Australia. The plant, comprising 42 MW of wind and 35 MW of solar capacity, will be the largest in the Gold Fields portfolio, to date, and will provide 73% of the electricity required by the operation.

ASX-listed uranium developer Deep Yellow plans to raise A$220-million through a two-tranche placement and an additional $30-million through a share purchase plan for eligible shareholders. The company says the placement is strongly supported by new and existing domestic and international institutional investors, with demand so far exceeding the funds the company has sought to raise.

Iron-ore slumped almost 5% — heading toward the $110 a ton mark — as disappointing demand in China left the market lumbered with bulging inventories. The steelmaking material has tumbled by almost a quarter from a peak in early January as China’s real estate and manufacturing activity remained under pressure. The annual National People’s Congress in Beijing, which concludes Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have ballooned to their highest in a year.

Process and optimisation technology company Metso has launched the first of its Concorde Cell high-intensity pneumatic flotation units in Africa through local manufacturing partner Betterect, which fabricated Metso’s design in South Africa for the first time. Metso’s Concorde Cell flotation technology is designed to improve the recovery of fine and ultra-fine particles when processing finely disseminated and complex ore grades, as well as declining ore grades.

African Rainbow Minerals (ARM) executive chairperson Dr Patrice Motsepe said during Friday’s presentation of dividend-yielding results that his diversified mining company is committed to confronting climate change. “Our policies are part of what we call a just and a fair transition,” said Motsepe of the Johannesburg Stock Exchange-listed company, which is engaged in iron-ore, manganese, platinum group metals and coal mining.

Coal miner MC Mining’s share price on the JSE rose by more than 6% on March 8, after announced that it had received a letter from fellow coal miner Vulcan Resources outlining a non-binding proposal to make an off-market cash takeover offer for all the shares in MC Mining at an indicative price of between A$0.17 and A$0.20 a share. The proposed offer values JSE-, Aim- and ASX-listed MC Mining at between A$69.34-million and A$81.58-million.

Global miner AngloGold Ashanti has appointed Jochen Tilk chairperson effective May 28, subject to his re-election at an annual general meeting on the same day. This follows after the incumbent Maria Ramos opted not to stand for re-election. She has served as AngloGold’s chairperson since December 2020.