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Australia cracks down on foreign investment in critical minerals

Published: 02 May 24

Australia will tighten scrutiny of foreign investment into mining and refining of critical minerals as part of an overhaul of its national regime, while speeding up approvals in low-risk areas to boost economic growth. Treasurer Jim Chalmers announced the changes in a speech to the Lowy Institute think tank in Sydney on Wednesday, saying Australia welcomes international investment “but only if it’s in our national interest.”

Barrick CEO 'can't see any reason' for in-person AGMs

Published: 02 May 24

Barrick Gold's CEO says the gold miner will continue to host virtual-only annual general meetings despite calls for public companies to return to an in-person format. After Barrick hosted its latest virtual-only AGM on Tuesday, CEO Mark Bristow said he “can’t see any reason” to return to in-person sessions. Back when the company was holding in-person annual meetings, they were routinely attended by activists and non-governmental organizations, such as MiningWatch Canada, that have accused Barrick of human rights abuses in Africa.

Anglo to meet top shareholders on BHP bid as takeover rules restrain AGM

Published: 02 May 24

Anglo American's chair will meet its top 30 shareholders to hear views on BHP's $39-billion bid for the miner, he told an annual general meeting on Tuesday, where he was restricted from discussing the spurned offer by takeover regulations. Anglo rejected the offer on Friday, saying it was opportunistic, significantly undervaluing the company and its future prospects.

Clean energy critical minerals can transform sub-Saharan Africa – IMF

Published: 30 Apr 24

Sub-Saharan Africa holds an estimated 30% of the world’s volume of proven critical mineral reserves and managing their use properly as part of the global transition to clean energy has the potential to transform the region, the International Monetary Fund (IMF) states in its ‘Regional Economic Outlook’ report. The global transition to clean energy is set to further heighten demand for critical minerals. Between 2022 and 2050, demand for nickel will double, cobalt triple and lithium rise ten-fold, according to the International Energy Agency.

Booming Harmony ups full-year output and grades; lowers cost and capital guidance

Published: 30 Apr 24

Execution and preparatory work on key gold projects are on track in South Africa, and early works on the copper project in Australia are to commence, Harmony Gold reported on Tuesday. In South Africa, the Moab Khotsong gold mine extension and the Mine Waste Solutions development are on track, along with preparatory work being under way at Mponeng; in Australia, early works are ready to commence at the Eva copper project.

Anglo American takeover price needs to surpass £30 a share, survey shows

Published: 30 Apr 24

A takeover of Anglo American would need to be pitched at more than £30 ($37.6) a share, a higher price than BHP Group offered last week, according to analysts and traders surveyed by Bloomberg. Anglo American shares are trading above the value of BHP’s rebuffed $39-billion takeover proposal, a sign traders are also expecting a higher bid. The premium has increased since Bloomberg News reported over the weekend that BHP is considering making an improved proposal.

Central banks, record first-quarter over-the-counter purchases support gold demand

Published: 30 Apr 24

Continued exchange-traded fund (ETF) outflows drove gold demand, excluding over-the-counter (OTC) purchases, down by 5% year-on-year in the first quarter of this year to 1 102 t. However, including sizeable OTC purchases by investors, total gold demand increased by 3% year-on-year to 1 238 t, which the World Gold Council (WGC) says is the strongest first quarter for gold demand since 2016.

Mosaic sells stake in Saudi JV for $1.5bn

Published: 30 Apr 24

US-based fertiliser company Mosaic on Tuesday announced the sale of its stake in a phosphate production venture to Saudi Arabia’s Ma’aden. Mosaic will receive 111.01-million shares of the Saudi Arabian mining company, valued at about $1.5-billion, for its 25% stake in the Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).

Resolute reports 'promising' start to 2024, despite lower first-quarter output

Published: 30 Apr 24

ASX- and LSE-listed Resolute Mining poured 76 351 oz of gold in the first quarter of this year, compared with the 80 037 oz poured in the fourth quarter of 2023. Despite the lower production, CEO and MD Terry Holohan says it has been a "promising" start to the year for the gold producer, with all operations performing in line with expectations.

NBI launches pragmatic Just Energy Transition Skilling for Employment Programme

Published: 30 Apr 24

With skills having been identified as a key cross-cutting requirement for the Just Energy Transition Implementation Plan (JET-IP), the National Business Initiative (NBI), together with the Presidency’s JET project management unit (JET PMU) and Boston Consulting Group, have launched the JET Skilling for Employment Programme (JET SEP). South Africa has an opportunity to unlock 20% more of its current gross domestic product through green initiatives, which will need between 150 000 and 200 000 direct jobs by 2025, and between 350 000 and 400 000 jobs by 2050, related to solar photovoltaic, wind and battery storage technology installations, NBI CEO and JET SEP steering committee member Shameela Soobramoney pointed out during an April 29 briefing.