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Published: 06 May 24

ASX-listed Theta Gold Mines, which owns gold assets in South Africa, has received a firm commitment from Hong Kong Ruihua Investment Management to invest $10-million in the company through a share subscription agreement. The funds will be used to complete funding packages for the TGME gold plant’s construction; advancing engineering, procurement and construction (EPC) contracts; development works for the plant, a tailings storage facility and water management at the TGME project; and to strengthen Theta’s balance sheet.

Growth in platinum jewellery demand continues in most key markets

Published: 06 May 24

In its latest Platinum Jewellery Business Review (PJBR) for the fourth quarter of 2023, marketing organisation Platinum Guild International (PGI) has reported that India’s jewellery market maintained its robust growth during the final quarter of last year, while Japan enjoyed modest gains, and the US was flat following a multiyear period of phenomenal post-pandemic performance. The Chinese market, however, continues to be overshadowed by persistent challenges.

Minister insists the recent period of no loadshedding is down to the improved performance of coal stations such as Matla (pictured)

Ramokgopa insists loadshedding not being ‘stage managed’ ahead of May 29 poll

Published: 06 May 24

Electricity Minister Kgosientsho Ramokgopa denies that the prevailing reprieve from loadshedding has been “stage managed” to improve the prospects of the governing African National Congress ahead of the May 29 poll, attributing it instead to “orchestrated” engineering efforts undertaken by Eskom over the past 18 months. Speaking during a briefing that coincided with the fortieth consecutive day of no loadshedding and amid growing societal cynicism about the timing of such supply stability, the Minister also strenuously denied that the improved performance was because Eskom was relying more heavily on the diesel-fuelled open cycle gas turbines that it owned as well as those operated by independent power producers (IPPs).

Big Oil finds more to love in deepwater exploration fields

Published: 06 May 24

As Big Oil returns this week to the industry's annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight. Offshore exploration had dimmed after the US shale boom ushered in new and cheaper-to-tap supplies of oil, and as past offshore cost overruns pushed deepwater projects onto the industry's backburner.

Gold edges higher as investors mull mixed US economic signals

Published: 06 May 24

Gold edged higher after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the Federal Reserve fights inflation. The precious metal fell as much as 0.4% on Monday before reversing, following its back-to-back weekly loss on Friday. Investors have been mulling a softer-than expected US jobs print that added to evidence that the economy is gradually slowing, easing fears that markets are headed for a painful rut marked by high inflation and sluggish growth.

Renergen successfully producing liquid helium at Virginia project

Published: 06 May 24

ASX- and JSE-listed gas producer Renergen is now able to liquify helium in batches from its wells at the Virginia gas project, in South Africa’s Free State province. Since April 2, the original-equipment manufacturer (OEM) that supplied the equipment had brought the helium cold box to the appropriate temperature to liquify helium. A part of this process involved the purification of the helium to a level of 99.999% purity, which Renergen said had been validated by an independent third-party laboratory.

Orion Minerals in final stages of Okiep acquisition

Published: 06 May 24

ASX- and JSE-listed Orion Minerals has reached the final stages of its acquisition of a controlling interest in the Okiep copper project, located about 570 km north of Cape Town in the Northern Cape. Strategic funding partner the Industrial Development Corporation of South Africa (IDC) has now obtained internal approvals and counter-signed the addenda to the agreements which will see Orion acquire the controlling interest in Okiep.

Brazil wants Vale’s next CEO to have closer ties with government

Published: 06 May 24

Brazil expects the next CEO for Vale, the world’s second-largest iron ore producer, to have closer relations with officials and regulators even after public scrutiny over government influence on the company’s succession plan roiled a leadership search earlier this year. The government wants the next CEO to have ties with states, municipalities and regulators, Alexandre Silveira, the country’s Mines and Energy Minister, said in an interview at Bloomberg’s office in Rome. “This will be a step forward and we’ll demand it very vigorously,” Silveira said.

Strong copper price reviving Peru's mining mojo, Minister says

Published: 06 May 24

Peru's dented mining mojo, hit by years of political turmoil in the Andean country, is being buoyed by strong copper prices and a bullish outlook they will rise further, helping lure back investor interest, the country's Mining Minister said on Friday. "The price of copper is a great attraction," Romulo Mucho, told Reuters in an interview at his office, a reference to prices that hit two-year peaks of $10 208 a metric ton this week, close to the record high of $10 845 in March 2022.

Congo's $7bn infrastructure deal with China will depend on copper prices

Published: 06 May 24

About $7-billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised minerals deal will largely depend on copper prices remaining high, details of the agreement published on Friday show. The government of President Felix Tshisekedi pushed for a review of the 2008 infrastructure for minerals deal with Sinohydro Corp and China Railway Group to bring more benefits for Congo, the world's biggest cobalt producer.