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Glencore is said to weigh selling stake in Kazakh miner Kazzinc

Published: 06 Jun 24

Glencore is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in China, people familiar with the situation said. A deal could value Glencore’s nearly 70% holding in Kazzinc at several billion dollars, the people said, asking not to be identified discussing a private matter.

Antofagasta signs $1.5bn investment deal for water transport system in Chile mine

Published: 06 Jun 24

London-listed Antofagasta on Wednesday signed a $1.5-billion investment deal to improve water supply at its Chile mining operations. The deal, signed with a firm owned by Madrid-based Almar Water Solutions and Chile-based power transmission company Transelec, is to set up a water transportation system that will provide non-desalinated seawater for its Centinela mining operation.

Professionalisation, mentorship in focus to drive sustainable infrastructure development

Published: 05 Jun 24

Mentorship of new entrants and the professionalisation of practitioners will help people in the construction industry to excel and build roads, water infrastructure and houses that last, and build the large-scale, sustainable infrastructure that will transform the shape of the economy. Industry association the National African Federation for the Building Industry (Nafbi) has a mentorship programme in place in which 120 mentors are mentoring small, medium-sized and microenterprises (SMMEs) on construction sites in partnership with the South African National Roads Agency Limited (Sanral), utility Rand Water and professionals' association the South African Council for the Project and Construction Management Professions (SACPCMP).

Vukile delivers robust results, growth opportunities

Published: 05 Jun 24

JSE-listed, consumer-focused retail real estate investment trust (Reit) Vukile Property Fund on June 5 said it had outperformed the upper end of its full-year market guidance, delivering a 10.5% increase in dividends per share (DPS) to 124.2c for the year to March 31and 6.7% growth in its funds from operations (FFO) to 154.2c a share. Coming off the back of an “exceptionally strong year”, Vukile, in a media release, confirmed that it was on track to deliver further growth for shareholders for the year to end on March 31, 2025, with expected FFO per share growth of between 2% and 4% and DPS growth of between 4% and 6%.

Mining input costs up by 7.2% y/y, Minerals Council says

Published: 05 Jun 24

The Minerals Council South Africa said on June 4 that its index of mining input costs increased by 7.2% year-on-year, matching the highest rate so far this year, which was recorded in January. This rise in input costs coincided with an acceleration in the rate of increase for the producer price index (PPI), which rose by 5.1% year-on-year in April, up from 4.6% in March.

Eskom confirms conviction of suspect found tampering with infrastructure at Matla

Published: 05 Jun 24

State-owned power utility Eskom reports that one of the two accused suspects in a case involving critical infrastructure tampering has been convicted at the Kriel Magistrate Court and sentenced to ten years’ imprisonment. The two suspects were arrested on February 24, 2022, on suspicion of stealing copper bars and installed copper at a substation in Mpumalanga. Eskom used drone surveillance to confirm the crime and suspects involved.

ICMM suggests tax reforms to drive greater investment to meet metals, minerals demand

Published: 05 Jun 24

Mining organisation ICMM says its members paid corporate income tax (CIT) and royalties of $54.2-billion last year, employed 561 800 people and paid $39-billion in wages. About $187-billion was paid to suppliers, while community and social investments totalled $1.4-billion.

Khoza calls for political leaders to prioritise ‘common good’ as he lambasts ‘betrayers’ of the Constitution

Published: 05 Jun 24

Renowned and outspoken business personality Reuel Khoza has urged South Africa’s political leadership currently negotiating the governance arrangements that should be implemented following an election in which no single party secured a majority, to be guided primarily by “the common good”. Speaking at the release of the Centre for Development and Enterprise’s ‘Agenda 2024’, outlining possible priorities for the new government once formed, Khoza described South Africans as bewildered and anxious, while bemoaning those who had led South Africa to “this painful juncture”.

Platinum group metal poised to help protect world from growing water pollution threat

Published: 05 Jun 24

Platinum group metal (PGM) is once again coming to the fore as a mineral resource that goes the extra mile in protecting a threatened global environment. The latest indispensable commodity that is poised to be shielded by PGM, which has been safeguarding the air of cities from vehicle exhaust fumes for many decades, is drinking water, which is under increasing pollution threat. (Also watch attached Creamer Media video.)

A haul truck operating at a mine site in South Africa

Seventh administration needs to fast-track structural reforms to halt economic decline, Minerals Council says

Published: 05 Jun 24

The "concerning" economic growth dynamics across the South African mining sector should reinforce the need for the seventh administration, whatever shape it may take, to sustain and preferably fast-track the structural reforms started by the sixth administration, the Minerals Council South Africa said on June 5. As was telegraphed by the high-frequency monthly production data in the first three months of this year, Statistics South Africa reported on June 4 that mining sector GDP measured in real terms contracted in the first quarter.