Mining Weekly
1 week 6 days ago
Coal miner MC Mining’s strong revenue growth through the six months ended December 31, 2023 were “very pleasing” considering the challenging coal market, MD and CEO Godfrey Gomwe avers. During the period, the company experienced revenue growth from the prior corresponding period, primarily owing to strong sales volumes at the Uitkomst colliery and the restart of operations at Vale.
Mining Weekly
2 weeks ago
Michael Carvill will step down as MD of mineral sands miner Kenmare Resources later this year. Subject to reappointment at the company’s annual general meeting on May 10, it is expected that he will remain on the board and in his executive role until the company’s interim results are published in August. Following this, and to support an orderly transition process, he will continue to be available to the company in a consultancy capacity until at least the end of this year.
Mining Weekly
2 weeks ago
Democratic Republic of Congo and Chinese investors on Thursday signed an agreement reached in January that revises some terms of their Sicomines copper and cobalt joint venture, Congo's Infrastructure Minister Alexis Gisaro Muvunyi said on Thursday. President Felix Tshisekedi had sought to re-negotiate the terms of the joint venture to bring more benefits for Congo, the world's biggest cobalt producer.
Mining Weekly
2 weeks ago
Tanzanian graphite developer Black Rock Mining has successfully secured the necessary debt facilities required to advance its Mahenge, with a new senior term loan from South Africa’s Industrial Development Corporation (IDC) completing the financing package crucial to get the mine into production.
The IDC has approved a senior term loan of $53.9-million for the project. Together the previously announced $59.6-million from the Development Bank of Southern Africa (DBSA), Black Rock now has all the key approvals for the targeted term loan for the project.
Mining Weekly
2 weeks ago
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia's influence over the market for other minerals, US Deputy Treasury Secretary Wally Adeyemo said on Thursday.
Coronavirus pandemic fallout and Moscow's war in Ukraine have sent Western governments scrambling to reduce their reliance on Chinese supply chains and disentangle their economies from Russia.
Mining Weekly
2 weeks ago
Amid economic uncertainties and rising inflation, total gold demand, including over-the-counter (OTC) demand, reached a new record of 4 899 t in 2023, thereby supporting the highest yearly average gold price of $1 940.54 /oz, according to the World Gold Council’s (WGC’s) ‘Gold Demand Trends Report’, published in January. The gold price, which hit an all-time high in almost every currency globally except the Swiss franc and was driven by increasing demand, particularly from central banks and OTC investors, has benefited gold mining companies globally, explains WGC chief market strategist John Reade.
Mining Weekly
2 weeks ago
Group wind power generation last year increased by 8% and the Lephalale solar power project is on its way to being operational in the first quarter of next year, Exxaro CE Dr Nombasa Tsengwa highlighted during the company’s presentation of double-dividend 2023 results. The increased wind performance resulted in 727 GWh of high-margin green electricity being generated into the market at a high earnings before interest, taxes, depreciation and amortisation (Ebitda) margin – and, were it not for a fault that occurred on the distribution network of State-owned power utility Eskom, there would have been 15 GWh more.
Mining Weekly
2 weeks ago
ASX-listed Theta Gold says it has received all approvals to start mining at Mining Right (MR) 83, which includes the Beta, CDM and Frankfort mines, in South Africa's Mpumalanga province.
Mining Weekly
2 weeks 1 day ago
Uranium exploration and development company Madison Metals will pursue more traditional means of raising capital to fund its future efforts, as the company's unique uranium tokenisation strategy has not yielded the expected returns. “It's been slow, I have to admit, and it definitely hasn't brought the capital that we were anticipating. Madison will have to make a decision on what the tokenisation means. We'll probably focus on more traditional ways of managing the company and raising capital going forward,” Madison CEO Duane Parnham tells Mining Weekly.
Mining Weekly
2 weeks 1 day ago
Canada-headquartered Lucara Diamond Corp has published the results of an updated feasibility study on the Karowe Underground Expansion Project (UGP), detailing an estimated preproduction capital cost for the UGP of $683-million. The Karowe UGP is also projected to generate $1.1-billion in cash flow, extend the overall Karowe mine life by 15 years and result in 6.8-million carats being recovered over the mine life.
Mining Weekly
2 weeks 1 day ago
Shanghai-listed solar photovoltaic company Trina SOLAr, renewable energy project developer SOLA and civil engineering and construction company WBHO Construction will build the 135 MW Merak 1 SOLAr project to power a South African mining operation owned by African Rainbow Minerals (ARM). SOLA and WBHO formed a joint venture to execute the Merak 1 project and Trina Solar will supply 205 161 panels of its advanced Vertex modules for the project.
Mining Weekly
2 weeks 1 day ago
Diversified mining company Exxaro, with interests in the coal, energy and ferrous markets, has declared final and special dividends. The share dividend of R10.10 a share is roughly R3.4-billion and on top of that, the special dividend of R5.72 a share totals some R2-billion.
Mining Weekly
2 weeks 1 day ago
Graphite miner Syrah Resources has announced a A$98-million equity raising to preserve optionality its Balama mine in Mozambique, and support the ramp up of downstream activities in the US.
Syrah will raise the funding through a fully underwritten institutional placement and 1 for 10.2 prorata accelerated nonrenounceable entitlement offer.
Mining Weekly
2 weeks 1 day ago
Glencore should keep its coal business even after it completes a deal to buy Teck Resources Ltd.’s coal-mining unit, according to shareholder Tribeca Investment Partners.
Coal mine ownership has long been a controversial subject in the industry. Most of Glencore’s peers have exited the dirtiest fuel amid investor pressure, while the company long argued it would be the best custodian of its assets.
Mining Weekly
2 weeks 1 day ago
Since the new leadership at State rail enterprise Transnet has began engaging with South Africa's mining industry, the level of transparency has been “much, much improved”, according to African Rainbow Minerals (ARM) Ferrous CE André Joubert. Joubert, who was speaking during a question session covered by Mining Weekly, described the industry as being “very active” in engaging with Transnet on rail transportation of iron-ore and manganese ores.
Mining Weekly
2 weeks 2 days ago
ASX-listed Jupiter's newly released scoping study evaluating the opportunity to supply high-purity manganese sulphate monohydrate (HPMSM) to the electric vehicle (EV) battery market has yielded promising results, confirming that laboratory-scale production might be successful, with the potential for optimisation and scaling up. For the HPMSM project, Jupiter is considering a plant in North America with a proposed capacity of between 80 000 t/y and 120 000 t/y, balancing operational as well as demand and supply risk and production efficiency.
Mining Weekly
2 weeks 2 days ago
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.
Mining Weekly
2 weeks 2 days ago
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.
Mining Weekly
2 weeks 2 days ago
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.
Mining Weekly
2 weeks 2 days ago
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.
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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