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MOZAMBIQUE POTENTIAL
Mozambique continues to attract international interest and aims to bolster its position as a key mining hub in Southern Africa

Long-term unlocking of vast resources potential gaining ground

Published: 07 Jun 24

Mozambique’s mining industry has been a significant driver of economic growth over the past two decades. With vast mineral resources, including heavy sands, coal, magnetite, graphite, lithium, gold and gemstones, the country offers a promising landscape for mining investments, says mining industry representative organisation Mozambique Chamber of Mines (CMM) chairperson Geert Klok. He adds that despite challenges, Mozambique continues to attract international interest and aims to bolster its position as a key mining hub in Southern Africa.

Global gold ETFs saw first inflows in a year in May, says WGC

Published: 06 Jun 24

Global physically backed gold exchange traded funds (ETFs) attracted their first inflows in May after a year, powered by additions to holdings by Europe- and Asia-listed funds, the World Gold Council (WGC) said on Thursday. Safe-haven demand driven by geopolitical and economic uncertainty, as well as persistent central bank buying contributed to a rally in gold from March to May, taking spot prices XAU= to a record $2 449.89 per ounce on May 20.

Member of the European Parliament Hildegard Bentele

Greater investment needed to ensure the success of Europe's CRMA

Published: 06 Jun 24

Greater investment in both technology and skills is needed in Europe to ensure the successful implementation of the Critical Raw Materials Act (CRMA), Member of the European Parliament Hildegard Bentele has stressed. Speaking at the MiningForum, in Berlin, Germany, on June 6, she said it was an exciting and challenging time for miners, especially for those of strategic raw materials.

Ausgold fully funded through to FID

Published: 06 Jun 24

Exploration and development company Ausgold has garnered robust investor support for the Katanning Gold Project (KGP), in Western Australia, successfully raising A$38-million in a two-tranche placement. The fundraising was anchored by international institutional investors, including Jupiter Asset Management and Dundee Corporation.

Ironveld assessing options amid financing hiccup

Published: 06 Jun 24

London-listed Ironveld, which owns a high-purity iron, vanadium and titanium project on the northern limb of the Bushveld Complex, in Limpopo, South Africa, says it is assessing its options as it may not be able to secure the funding it was previously expecting to close by the first half of this year. The company has been in discussions with a South African financial institution regarding asset level financing of mining and smelting activities at the project.

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.