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A wind turbine and a fossil fuel-powered plant

Investment in clean energy to reach $2tr this year, outpacing investment in fossil fuels

Published: 06 Jun 24

Investment in clean energy technologies will climb to $2-trillion this year, almost double the amount spent on fossil fuels, according to the International Energy Agency (IEA). Two-thirds of the record $3-trillion invested in energy sources in 2024 will be devoted to sectors such as renewables, electric vehicles, nuclear power, grids, storage and efficiency, even as higher financing costs hinder projects, the Paris-based agency said. The remaining $1-trillion will go to coal, gas and oil — a level that’s still too high to conform with global climate goals.

Sibanye to engage with Kroondal employees following end of illegal sit-in

Published: 06 Jun 24

Multinational mining and metals processing group Sibanye-Stillwater says it will engage with employees and representative unions at its Kroondal mine now that an illegal underground sit-in by employees at the Kwezi shaft at the mine has come to an end. Sibanye reports that all employees had exited the Kwezi shaft and returned to surface by mid-afternoon on Wednesday.

Peru authorises Barrick to explore mining at southern border

Published: 06 Jun 24

Peru's government has authorised miner Barrick Gold to carry out mining explorations in the country's southern border area, the prime minister announced on Wednesday. Peru's constitution requires foreign private investment within 50 km of the country's border to be approved by the Cabinet of Ministers.

London gold body reviews purity concerns about Indonesian state miner

Published: 06 Jun 24

The London Bullion Market Association (LBMA) said it is reviewing allegations involving Indonesian state miner Aneka Tambang (Antam) over the purity of its gold products. Indonesia's Attorney General Office has named six former general managers at Antam's Precious Metal Processing and Refining Business Unit as suspects for alleged misuse of Antam's stamping service.

Glencore is said to weigh selling stake in Kazakh miner Kazzinc

Published: 06 Jun 24

Glencore is considering selling its stake in Kazakh mining company Kazzinc amid interest from potential buyers in China, people familiar with the situation said. A deal could value Glencore’s nearly 70% holding in Kazzinc at several billion dollars, the people said, asking not to be identified discussing a private matter.

Antofagasta signs $1.5bn investment deal for water transport system in Chile mine

Published: 06 Jun 24

London-listed Antofagasta on Wednesday signed a $1.5-billion investment deal to improve water supply at its Chile mining operations. The deal, signed with a firm owned by Madrid-based Almar Water Solutions and Chile-based power transmission company Transelec, is to set up a water transportation system that will provide non-desalinated seawater for its Centinela mining operation.

Mining input costs up by 7.2% y/y, Minerals Council says

Published: 05 Jun 24

The Minerals Council South Africa said on June 4 that its index of mining input costs increased by 7.2% year-on-year, matching the highest rate so far this year, which was recorded in January. This rise in input costs coincided with an acceleration in the rate of increase for the producer price index (PPI), which rose by 5.1% year-on-year in April, up from 4.6% in March.

ICMM suggests tax reforms to drive greater investment to meet metals, minerals demand

Published: 05 Jun 24

Mining organisation ICMM says its members paid corporate income tax (CIT) and royalties of $54.2-billion last year, employed 561 800 people and paid $39-billion in wages. About $187-billion was paid to suppliers, while community and social investments totalled $1.4-billion.

Platinum group metal poised to help protect world from growing water pollution threat

Published: 05 Jun 24

Platinum group metal (PGM) is once again coming to the fore as a mineral resource that goes the extra mile in protecting a threatened global environment. The latest indispensable commodity that is poised to be shielded by PGM, which has been safeguarding the air of cities from vehicle exhaust fumes for many decades, is drinking water, which is under increasing pollution threat. (Also watch attached Creamer Media video.)

A haul truck operating at a mine site in South Africa

Seventh administration needs to fast-track structural reforms to halt economic decline, Minerals Council says

Published: 05 Jun 24

The "concerning" economic growth dynamics across the South African mining sector should reinforce the need for the seventh administration, whatever shape it may take, to sustain and preferably fast-track the structural reforms started by the sixth administration, the Minerals Council South Africa said on June 5. As was telegraphed by the high-frequency monthly production data in the first three months of this year, Statistics South Africa reported on June 4 that mining sector GDP measured in real terms contracted in the first quarter.