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Global nickel prices have probably hit a floor, says Macquarie Global nickel prices have probably hit a floor, says Macquarie
Published: 13 Jun 24
Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits. "Our belief is that we've seen the bottom, we've seen the supply adjustments, we see the uncertainty in future supply, and that is giving us quite a lot of support where the prices are today," Macquarie analyst Jim Lennon told a conference organised by Shanghai Metals Market in Jakarta this week.
The Salares Norte mine in Chile Gold Fields lowers full-year output guidance as Chile mine hit by severe weather
Published: 13 Jun 24
JSE- and NYSE-listed Gold Fields has revised its group-wide full-year production guidance downward, from between 2.33-million and 2.43-million ounces, to between 2.20-million and 2.30-million ounces, owing to a production revision at its Salares Norte project, in Chile, where production is uncertain owing to winter events. The production guidance for Salares Norte has been revised down from the previously indicated gold-equivalent ounces range of 220 000 oz to 240 000 oz, to 90 000 oz to 180 000 oz.
Image of the MBSA plant in East London Mercedes-Benz SA considers cutting 700 jobs on back of struggling economy, ports
Published: 13 Jun 24
Mercedes-Benz South Africa (MBSA) says it will move from three shifts a day at its East London plant to two shifts, in a move that could potentially cut 700 jobs. MBSA assembles the C-Class for the local and export markets, with more than 90% of production exported. Production reached just over 88 000 units last year.
Bezant marks progress at Namibia project
Published: 13 Jun 24
Aim-listed Bezant Resources has completed the chain of contractor services that will make up the Hope and Gorob mining operation, chairperson Colid Bird outlines in an update on the copper/gold project in Namibia. Letters of preparedness have been received from the main contractors responsible for future mining, processing plant construction and concentrate haulage and letters of intent and offers for financing of an off-grid hybrid renewable power supply for the project.
Pape Fund expands its investment in Entersekt
Published: 13 Jun 24
Private equity fund Pape Fund 3 has expanded its investment in fraud prevention and payment security company Entersekt, buying out financial services firm Nedbank Private Equity’s equity stake. Pape Fund 3 had initially invested in Entersekt International in July 2022.
Tucumã on track for first copper in Q3, says Ero Copper Tucumã on track for first copper in Q3, says Ero Copper
Published: 13 Jun 24
Toronto and New York-listed Ero Copper has been awarded an operational licence for the Tucumã project, in Brazil, passing the final permitting milestone for commercial operation. With physical completion at about 99%, commissioning well advanced and more than 90% of the operational staff hired and trained, Ero continues to expect its first copper concentrate early in the third quarter of 2024.
Krugerrand Demand for Krugerrands up as consumers diversify
Published: 13 Jun 24
Financial institution First National Bank (FNB) says it has seen strong demand from clients buying Krugerrands on its trading platforms as consumers embrace alternative asset classes to diversify their investment portfolios. Over the past year, FNB assisted with facilitating the delivery of over 2 200 Krugerrands on its trading platforms.
An image showing the Metalloys manganese alloy smelter South32’s Samancor Manganese to sell Metalloys smelter to South African company
Published: 13 Jun 24
South32 subsidiary Samancor Manganese has entered into a binding agreement for the sale of the Metalloys manganese alloy smelter, in Gauteng, to Khwelamet, an entity jointly owned by Menar and Ntiso Investing Holdings. Completion of the transaction is subject to certain conditions, including competition approval and regulatory approvals, which are expected to occur in the second half of the 2025 financial year, at which time the buyer would assume the assets and liabilities comprising Metalloys.
Image of Water and Sanitation Minister Senzo Mchunu DWS launches four more catchment management agencies
Published: 13 Jun 24
The Department of Water and Sanitation (DWS) has officially launched four more Catchment Management Agencies (CMAs), adding to the two CMAs that have already been in existence for more than 10 years. These are the Limpopo-Olifants, Vaal-Orange, Pongola-Umzimkulu and the Mzimvubu-Tsitsikamma CMAs, which will be working alongside the already existing Breede-Olifants and Inkomati-Usuthu CMAs.
Zimbabwe’s ferrochrome miners agree to build power plants
Published: 13 Jun 24
Zimbabwe’s ferrochrome miners, the nation’s biggest electricity consumers, have agreed to build their own power plants over the next two years as the government seeks to balance energy demand. Under the agreement, ferrochrome producers will in the meantime pay electricity tariffs that are little more than half the rate charged to other mining companies, according to state power utility Zesa Holdings.
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