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From left Werner Duvenhage, James Cumming and Michael Wickins.

Richards Bay Minerals signs agreement for additional 140 MW of renewable energy

Published: 06 Jun 24

A second renewable-energy project has been announced for heavy mineral sands extraction and refining company Richards Bay Minerals (RBM), which mines in northern KwaZulu-Natal and produces materials used in a wide range of everyday products, from paints to smartphones. In 2022, the Rio Tinto group company signed a renewables agreement with Voltalia for the Bolobedu solar PV plant in Limpopo. which is currently in progress and which is anticipated to meet 17% of RBM’s power consumption by generating up to 300 GWh/y of renewable energy.

A mineworker wearing an NUM T-shirt and overalls

NUM concludes five-year wage agreement with South32's Hotazel Manganese Mines

Published: 06 Jun 24

The National Union of Mineworkers (NUM) Kimberley Region has concluded and signed a five-year wage agreement on behalf of its members at globally diversified mining and metals company South 32’s Hotazel Manganese Mines, in the Northern Cape. The union says the parties agreed to the harmonisation of B-Lower level employees, effective from June 1.

Federation of German Industries executive board member Wolfgang Niedermark

European countries urged to continue investing in mining

Published: 06 Jun 24

Europe is at risk of losing important sources of raw materials, because it is phasing out mining rather than investing in more mines, Federation of German Industries executive board member Wolfgang Niedermark told delegates at the MiningForum, in Berlin, Germany, on June 6. He stated that there was growing demand globally for raw materials such as lithium, nickel and cobalt, as well as structural supply deficits for most of the critical metals needed by the world for the green energy transition.

The transaction includes a 2.7% NSR royalty on the Kiaka gold project, owned by West African Resources.

B2Gold sells royalties to Versamet

Published: 06 Jun 24

Canada-based B2Gold on Thursday announced the sale of a portfolio of ten precious and base metals royalties to Sandbox Royalties, a private, returns-focused metals royalty company that has been renamed Versamet Royalties. The move, valued at about $90-million, is an opportunity for B2Gold to unlock the value of its royalties, which CEO Clive Johnson said had gone largely unrecognised by the market.

Marokane says R285m spent on diesel in May compared with R2.8bn in May 2023

Published: 06 Jun 24

Eskom CEO Dan Marokane has rebuffed persistent suggestions that the utility is keeping loadshedding at bay owing to an “excessive” reliance on the diesel-fuelled open cycle gas turbines, reporting that it spent R285-million on diesel during May compared with R2.8-billion in the same month last year and against a budget for the month of R1.7-billion. Addressing the South African National Energy Association AGM against a backdrop of deep suspicion about how Eskom has managed to avoid resorting to rotational power cuts for 71 days, including over a highly competitive election period, Marokane attributed the stabilisation to the Generation Recovery Plan, which had been under way since March 2023.

Firetail’s stock catches alight with Canada copper acquisition

Published: 06 Jun 24

The share price of Australia-listed Firetail Resources skyrocketed 150% on Thursday, as the company unveiled a copper acquisition in Newfoundland, Canada. Firetail announced it had executed an option agreement for the acquisition of up to 80% of the York Harbour project through a staged earn-in.

West Red Lake aims for Madsen restart in H2 2025

Published: 06 Jun 24

TSX-V-listed West Red Lake is gearing up for a big year in 2025. After bolstering its financings through recent fundraisings, the company is setting its sights on restarting the Madsen gold mine, in Ontario, in the second half of next year. The company is currently working on a prefeasibility study (PFS) that will outline its the Madsen restart plan, with an expected release in early 2025.

SolGold inks exploitation contract for Ecuador copper and gold mine

Published: 06 Jun 24

Dual-listed SolGold has signed an exploitation contract for its flagship Cascabel copper and gold project, in Ecuador. The signing follows successful contractual negotiations and approval of the term sheet by the Ecuador government in July last year.

Copper’s spike isn’t justified by fundamentals, Trafigura says

Published: 06 Jun 24

Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the top copper trader and usually one of the market’s most bullish voices. “Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might indicate or justify, especially for copper,” Trafigura chief economist Saad Rahim wrote in a commentary accompanying the trader’s first half results on Thursday.

Botswana President President Mokgweetsi Masisi

Botswana may raise De Beers stake as Anglo weighs spin-off

Published: 06 Jun 24

The Botswana government may raise its shareholding in global diamond miner De Beers, President Mokgweetsi Masisi told JCK News, after parent company Anglo American said it plans to spin off or sell the business. The government owns a 15% stake in De Beers and Botswana accounts for 70% of the company's annual rough diamond supply.