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russian phosphate Large igneous phosphate resource in Norway could redefine EU critical minerals supply chain
Published: 16 May 24
Norwegian mining and exploration company Norge Mineraler chairperson John Vergopoulos says the discovery of a large igneous phosphate deposit sets the company apart as a key supplier of raw critical materials for the European Union’s (EU’s) energy transition. Norge has identified a geological system of 3.4-billion tonnes of Joint Ore Reserves Committee-compliant resources in Norway, confirmed by consulting firm SRK. The company is also sitting on a significant vanadium resource, as well as titanium.
Prescient supports Reatile’s acquisition of stake in 240 MW solar project
Published: 16 May 24
Prescient Investment Management has approved R324-million in equity finance to support black-owned investment company Reatile acquire a 31.5% stake in a 240 MW Free State solar PV project. The Virginia Solar Park project was selected as part of the sixth bid window of South Africa’s Renewable Energy Independent Power Producer Procurement Programme.
Rio Tinto CEO Jakob Stausholm Rio Tinto ‘not afraid’ of M&A, says Stausholm
Published: 16 May 24
Amid heightened discussions surrounding mergers and acquisitions (M&A) in the mining sector, Rio Tinto CEO Jakob Stausholm has reaffirmed the company’s readiness to pursue such ventures. However, he underscored the necessity for a carefully considered approach. Addressing queries regarding the company’s stance on M&A at this week’s Bank of America global metals, mining and steel conference, in Miami, Stausholm asserted, “We are not afraid of M&A.” However, he highlighted that Rio Tinto’s growth strategy was not contingent solely upon M&A activities. Instead, he accentuated the robustness of the group’s organic growth options and its enhanced project execution capabilities.
Rescue and recovery efforts continue at the site of a building collapse in George Rescue workers searching two remaining sections at George building collapse
Published: 16 May 24
The George municipality says about 2 500 t of building rubble has been removed from the site of the collapsed building in the town, which has so far claimed the lives of 33 people. About 500 t of rubble remains on site, as rescuers near day ten of rescue and recovery efforts
Congo demands international embargo on Rwandan mineral exports
Published: 16 May 24
The Democratic Republic of Congo called for an international embargo of metal exports from neighboring Rwanda, whose government it accuses of using rebel groups to steal its natural resources. All mining products from Rwanda should be considered “blood minerals,” because their sale allegedly supports conflict in eastern Congo, Mines Minister Antoinette N’Samba Kalambayi said in a May 8 statement released on Tuesday. “All stakeholders, including end consumers of mining products,” should commit to a responsible supply chain, and “an embargo be decreed against Rwanda,” she said.
Court dismisses objection to Whitehaven’s Narrabri expansion Court dismisses objection to Whitehaven’s Narrabri expansion
Published: 16 May 24
A full bench of the federal Court has dismissed an objection raised by community organisation Environment Council of Central Queensland (ECCQ) against Whitehaven Coal’s Narrabri Stage 3 extension project. The dismissal of ECCQ’s application places the ball in the court of Environment and Water Minister Tanya Plibersek, who is tasked with making a final determination regarding the extension of operational life of Narrabri, in New South Wales, until 2044.
Labyrinth retains deposit as sale of Canadian gold project falls through
Published: 16 May 24
ASX-listed Labyrinth Resources has announced the termination of the sale and purchase agreement for its namesake gold project in Canada. The termination comes as a result of the buyer, Gold Projects WA, reportedly failing to fulfill its obligations. The termination would take effect on Friday and Labyrinth said it would retain the nonrefundable A$255 000 deposit.
Strong support for QPM’s A$19m placement
Published: 16 May 24
ASX-listed Queensland Pacific Metals (QPM) has successfully completed a A$0.38-a-share placement raising A$19.1-million to drive growth initiatives. The placement, QPM said on Thursday, was oversubscribed and strongly supported by new institutional and sophisticated investors.
The recruitment of new non site-based permanent employees and contractors has been stopped. Anglo unveils hiring freeze, document shows, after rejecting $43bn takeover bid
Published: 16 May 24
Anglo American has suspended hiring globally, it said on Thursday, as it gets plans under way to simplify itself and build value – and avert a $43-billion takeover bid by Australia's BHP. Anglo laid out plans on Tuesday to refocus its company on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off the world's biggest miner.
Saudi’s new mining vehicle picks industry veteran as first CEO
Published: 16 May 24
Saudi Arabia’s Manara Minerals Investment hired veteran dealmaker Pierre Chenard to be its first permanent CEO as the mining investment firm searches for more assets. Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in metals and mining. The vehicle has been tasked with snapping up stakes in mines overseas and funneling the raw materials back to Saudi Arabia for processing.
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