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Billions in African gold smuggled to UAE yearly, SwissAid says

Published: 30 May 24

Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a ten-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7-billion and $35-billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said.

Gem Diamonds recovers sixth large diamond from Letšeng this year

Published: 30 May 24

London-listed Gem Diamonds has recovered a 212.49 ct Type II white diamond from its 70%-owned Letšeng mine, in Lesotho. This is the sixth diamond weighing more than 100 ct to be recovered at the mine this year.

New World secures option on Arizona copper deposit

Published: 30 May 24

Copper developer New World has secured an option to acquire a 630 000 t, high-grade historical copper and zinc resource, located in a district of Arizona where the firm is currently actively exploring. The ASX-listed company entered into a five-year option agreement to purchase a 100% interest in the Pinafore copper deposit, which is about 75 km from its 11.4-million-tonne resource Antler deposit.

McEwen raises C$30m for exploration in Timmins

Published: 30 May 24

Canadian company McEwen Mining has secured C$30-million ($22-million) in flow-through to support ongoing exploration and development at the Fox Complex in Timmins, Ontario. The funds will be allocated towards exploration drilling and developing an underground access ramp from surface to the Stock East and West resources.

Wyloo CEO Kristan Straub and Sudbury Mayor Paul Lefebvre

Wyloo to build Ontario battery metals processing plant

Published: 30 May 24

Nickel miner Wyloo, owned by Australian mining magnet Andrew Forrest, has unveiled plans for a downstream battery materials processing facility in Sudbury, Ontario. The new facility will fill a critical gap in Canada's electric vehicle (EV) battery supply chain by establishing the country’s first mine-to-precursor cathode active material (pCAM) integrated solution.

Investors relieved BHP walked from Anglo takeover deal

Published: 30 May 24

nvestors welcomed BHP Group's decision to walk away from a $49-billion plan to take over its rival Anglo American, which rejected three proposed offers from the top global miner over the past six weeks. While BHP's Australian-listed shares fell 1.6% on Thursday, they were in line with its peers.

Botswana flags synthetic gem threat ahead of $6bn diamond project launch

Published: 29 May 24

Botswana’s President Mokgweetsi Masisi on Wednesday called synthetic gems a threat to the country's economic lifeblood, as the government readies to launch a $6-billion project to extend the life of its flagship Jwaneng diamond mine. The natural diamond market has struggled in the past two years due to rising consumer demand for cheaper lab-grown diamonds, coupled with global macroeconomic volatility.

Glencore to consult investors on coal spinoff after Teck deal

Published: 29 May 24

Glencore will start consulting with shareholders on the future of its coal business as soon as its deal to buy Teck Resources’ mines closes later this year. Crucially, Glencore said that should the majority of shareholders support keeping its coal mines, the company will not proceed with a vote.

BHP walks away from $49bn pursuit of mining rival Anglo

Published: 29 May 24

Mining group BHP Group on Wednesday walked away from its $49-billion plan to take over rival Anglo American, which rejected a last-ditch request for more time, ending for now its six-week pursuit. BHP's aim was to secure Anglo's prized copper assets in Latin America and increase access to a metal central to the global shift towards clean energy and electric vehicles. But the structure of BHP's deal, which required Anglo to unbundle its South African platinum and iron ore businesses, was a major reason for its collapse.

Botswana wants quick separation of De Beers from Anglo, President says

Published: 29 May 24

Botswana is hoping for a quick separation of De Beers from the Anglo American group before the UK-listed diversified mining giant is exposed to a possible hostile takeover, President Mokgweetsi Masisi said on Wednesday. Botswana, the world's top diamond producer by value, is finalising a new ten-year gem sales deal agreed last June with De Beers. The two parties had agreed to finalise the deal by June 28 this year, but the proposed takeover of Anglo by the BHP Group BHP.AX has brought uncertainty to the sales agreement.