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Miner dies in Virginia coal mine accident

Published: 03 Jun 24

Metallurgical coal producer Coronado Global Resources halted production at the Buchanan underground complex in Virginia, US, on Friday evening, after a 27-year old miner lost his life when a loose rock fell about 2 m from the mine roof. The Virginia Energy Department, currently investigating the incident, reported that the victim was working as the evening shift roof bolter. Roof bolters play a crucial role in ensuring mine safety by securing the roof where coal has been extracted.

Russia said to seek takeover of France’s uranium assets in Niger

Published: 03 Jun 24

Russia is seeking to take over uranium assets in Niger held by a State-controlled French company, according to people informed about the matter, in a further challenge to Western interests in Africa. Rosatom, Russia’s State nuclear company, has had contacts with Niger’s military-led authorities about acquiring assets held by France’s Orano, according to a person in Moscow familiar with the matter, who asked not to be named because the discussions are private. A western diplomat based in the region said talks were likely centered around mining permits. Niger accounted for about 4% of global uranium mine production in 2022, according to the World Nuclear Association.

Fairvest weathers challenges to deliver strong interim performance

Published: 03 Jun 24

Real estate investment trust Fairvest has posted an interim distribution of 67.83c per A share and 21.24c per B share for the six months ended March 31. “Fairvest is operationally strong and agile in a tough environment. We are very pleased with the group’s performance in the past six months. We generated strong like-for-like net property income growth of 7%, relative to 4.4% at [the 2023 financial year-end].

Freeport Indonesia raises output target, awaits new export permit

Published: 03 Jun 24

Copper miner Freeport Indonesia has raised its output guidance for the year as it awaits an extension of its copper concentrate export permit that the government has promised, the company's deputy chief executive told parliament on Monday. Its copper concentrate output target this year was lifted to 3.78-million metric tons, assuming the export permit extension is approved, from an initial 2.84-million tons, the deputy CEO Jenpino Ngabdi said.

South Korea's Yoon hosts Africa summit to tap minerals, vast export market

Published: 03 Jun 24

Africa's rich mineral resources and its potential as a vast export market are at the top of South Korea's agenda as it hosts a summit with the leaders of 48 nations this week with plans for aid on industrial infrastructure and digital transformation. Africa is a "crucial partner" for South Korea to further its industrial advances and "cooperation with Africa is not a choice but a necessity", President Yoon Suk Yeol's deputy national security adviser Kim Tae-hyo said.

OPEC+ extends deep oil production cuts into 2025

Published: 03 Jun 24

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80/bl in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies.

Cyclones slash Australian gold production in March quarter

Published: 03 Jun 24

Australian gold mine production fell to 70 t in the March quarter, from 77 t in the December quarter, as a series of cyclones moved inland, with heavy rain wreaking havoc on the country's main gold producing regions in Western Australia, Queensland and the Northern Territory. “Gold production is dislocated almost every March quarter,” said Melbourne-based Surbiton Associates director Dr Sandra Close.

Iron-ore tumbles to lowest in six weeks on China demand concerns

Published: 03 Jun 24

Iron-ore dropped to the lowest level in more than six weeks on worries over the outlook for Chinese demand, which has been hammered by the protracted property crisis. China’s housing slump is now in its third year, weighing on the world’s second-largest economy and exacerbating a liquidity crunch among developers. Policymakers are trying to revive sentiment among homebuyers who are worried about falling prices and unfinished apartments.

LS Double Helix turbines at the V&A Waterfront in Cape Town

V&A Waterfront pilots ‘aesthetically pleasing’ small-scale wind turbines

Published: 03 Jun 24

Cape Town’s V&A Waterfront is pioneering the integration of small, low-noise vertical-axis wind turbines into its green electricity supply mix, following the installation of four 1-kW units within the mixed-use property’s Silo District and another 3-kW turbine near to the complex’s Breakwater parking. The LS Double Helix turbines have been sourced from LuvSide, of Germany, which has in parallel established LuvSide South Africa in partnership with Energy Systems Africa to pursue new market opportunities for its vertical- and horizontal-axis solutions.

South Africa’s post-election wrangling leaves investors in limbo

Published: 03 Jun 24

Investors braced for further upheaval in South Africa’s financial markets in the wake of last week’s elections that produced no outright winner, with the outcome of ongoing coalition talks remaining highly uncertain. The African National Congress (ANC) fell short of a parliamentary majority for the first time since it took power three decades ago, as its supporters voiced their anger about endemic poverty, unemployment and crime by boycotting the polls or backing its rivals. It won 40.2% of the votes cast on May 29, results released by late Sunday showed.