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Santos to sack 200 employees as project approvals slow

Published: 15 May 24

Santos, Australia's No. 2 independent gas producer, on Wednesday said it will remove around 200 roles in Western Australia, Northern Territory, and Timor-Leste unit due to sluggish project approvals and delayed growth activities. Santos conducted a review of certain business units over the recent months in the wake of some late-life assets nearing closure and related decommissioning activities while new project approvals take longer than anticipated, it said.

Plunging currencies, El Niño to delay rate cuts in African economies

Published: 15 May 24

Mounting price pressures from the resurgence of the dollar, foreign-currency crunches and adverse weather conditions are set to lead to delayed and shallower interest-rate cuts for African central banks this year. Over the next three weeks, analysts predict Nigeria, Angola and Zambia, who are still fighting double-digit inflation, will raise interest rates and only start reducing them next year.

Brazil states ask court to double what Vale, BHP should pay for dam burst

Published: 15 May 24

Two Brazilian states have asked a court to more than double the amount that miners Vale and BHP, plus a jointly owned tie-up, must pay in damages for a 2015 deadly tailings dam failure, according to a legal document seen by Reuters on Tuesday. In January, a Brazilian federal judge ruled that Vale, BHP and their joint venture Samarco must pay 47.6-billion reais in damages for the dam burst, a preliminary decision which prompted Vale and BHP to raise provisions related to the case.

Rescue efforts under way at a building collapse site in George, in the Western Cape

Forensic pathologists identify 18 of the 33 deceased in George building collapse

Published: 15 May 24

Forensic Pathology Services have, as at 06:00 on May 15, identified 18 of the workers killed in the collapse of a partially built residential building in George. The death toll has reached 33, while 19 people are still unaccounted for eight days after the building's collapse.

John Deere showcases continued technology, innovation focus

Published: 15 May 24

Equipment manufacturer John Deere South Africa will continue to focus on pursuing innovation on its machines and technology as it looks to strengthen its footprint in Africa. Tasneem Bulbulia tells us more.

The Mothae mine is situated in the Maluti mountains of Lesotho

Lucapa puts Lesotho diamond mine up for sale

Published: 15 May 24

Australia-listed Lucapa Diamonds on Wednesday announced the planned divestment of its 70% interest in the Mothae mine, in Lesotho. This follows a review of the asset portfolio by the company’s newly structured board of directors.

Proposed site layout of the Aurora uranium project

Aurora charts development pathway for US uranium project

Published: 15 May 24

ASX-listed Aurora Energy Metals has delivered a scoping study that demonstrates a viable pathway to developing its namesake uranium project in the US state of Oregon. Using a spot price base case of $90/lb, the Aurora project demonstrates strong cash flows of A$502-million, a net present value of A$232-million and an internal rate of return of 25%.

Anglo moved into De Beers’ London offices when the lease on its own site expired.

De Beers IPO considered amid break-up plans, sources say

Published: 15 May 24

Anglo American is exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. The potential listing was the default option, the second person said, although the process is at an early stage. Both were speaking on condition of anonymity because the plans are private.

US tariffs on minerals leave out markets that China dominates

Published: 15 May 24

President Joe Biden just unveiled sweeping tariffs on a range of Chinese imports, including more than two dozen industrial raw materials. But the administration is being careful to avoid the critical minerals where Beijing’s grip on global supply is greatest. The commodities that made the duties list include ores of aluminum, manganese and chromium; rare elements, such as actinium and curium; and metals like tin and zinc. For the most part, the US doesn’t rely heavily on these products that now face a 25% import levy.

Anglo ditching De Beers is hard blow for troubled diamond market

Published: 15 May 24

The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets. Now, the sector’s most dominant name is being cast adrift. Anglo American on Tuesday said it will spin off or sell its De Beers business, ending an almost century-long relationship with the industry’s most famous name. The move, part of a wider restructuring to fend off a $43-billion approach from BHP Group, is a seismic shock for the diamond world.