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Mike Henry: Shareholders must decide which plan creates the greatest value, soonest.

BHP CEO says Anglo investors must decide on execution track record

Published: 15 May 24

BHP Group CEO Mike Henry said investors must decide whether his team or the rival one at Anglo American is best positioned to deliver value from their respective restructuring plans. Henry’s counterpart at Anglo, Duncan Wanblad, announced on Tuesday that the storied mining company will exit diamond, platinum and coal mining, as it fends off a £34-billion bid from BHP. The BHP CEO said his company would remain “disciplined” in its pursuit of Anglo.

Mining production, sales drop in March

Published: 14 May 24

Mining production decreased by 5.8% year-on-year in March, Statistics South (Stats SA) reports. The largest negative contributors were coal (-9.1% and contributing -2.3 percentage points); manganese ore (-12.2% and contributing -1 percentage point); iron-ore (-6.8% and contributing -0.9 of a percentage point); and platinum group metals (PGMs) (-3.6% and contributing -0.9 of a percentage point).

Mineral Resources Minister Gwede Mantashe

Mantashe warms to Anglo plan after opposing BHP bid

Published: 14 May 24

South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines Minister Gwede Mantashe said by phone.

All-round value unlock targeted in proposed demerging of Anglo Platinum and De Beers

Published: 14 May 24

Diversified mining major Anglo American is targeting value elevation in its planned demerging of South Africa-based Anglo American Platinum (Amplats) and the envisaged divestment or demerger of Southern Africa-dominant De Beers. In rejecting BHP’s second takeover offer, Anglo intends reshaping its portfolio to consist of copper in Peru and Chile, top-quality iron-ore in South Africa and Brazil, and the opportunity presented by the crop nutrients project in the UK.

Korea Zinc sees US opportunities as it targets big copper growth

Published: 14 May 24

The world’s largest zinc smelter is planning to significantly expand its copper output, taking advantage of growth opportunities in the US as it seeks to become a leading player in the global transition to renewable energy. Korea Zinc, which also processes nickel, is looking to increase its copper production to 150 000 t/y by 2028 from around 30 000 t in 2023, chairman Yun Choi said in an interview in New York.

Two dead, one missing after tremor damages Polish coal mine

Published: 14 May 24

Two miners were killed in southern Poland and one remained trapped underground after an overnight tremor caused a partial collapse in a section of the Myslowice-Wesola mine, the mine's owner said on Tuesday. The tremor occurred 870 m underground.

Well testing ahead of gas flow to the generator

Kinetiko thrilled with successful onshore gas-to-power demonstration in South Africa

Published: 14 May 24

ASX-listed Kinetiko Energy has successfully demonstrated that it can produce gas-to-power (GtP) from an onshore natural gas resource at its Amersfoort project, in Mpumalanga, South Africa. The company is focused on developing an energy transition solution for South Africa focused on commercialising advanced shallow conventional gas projects in the country's Mpumalanga, Free State and KwaZulu-Natal provinces.

SolGold advances financing for Cascabel, secures $10m loan

Published: 14 May 24

LSE- and TSX-listed SolGold said on Tuesday that it was making significant strides in securing financing for its Cascabel project, in Ecuador, with capital providers expressing a keen interest in committing to a longer-term financing package. The company is in detailed discussions with capital providers for financing that will cover a significant portion of the estimated initial capital cost of the copper and gold project.

PGMs to face continued supply constraints, low prices – report

Published: 14 May 24

Precious metals consultancy Metals Focus’ new ‘Platinum Group Metals (PGM) Focus 2024’ report, which offers a comprehensive analysis of the PGM industry, indicates that the rest of the year will be defined by persistent supply constraints, coupled with robust demand, leading to another year of deficits across platinum, palladium and rhodium. “However, high inventories will [also] weigh on prices,” Metals Focus PGM director Wilma Swarts says.

Future Metals secures EIS grant for Eileen Bore drilling

Published: 14 May 24

Exploration company Future Metals has been awarded A$180 000 under the Western Australian government’s exploration incentive scheme (EIS) to conduct drilling at the Eileen Bore prospect. Situated about 20 km from Future’s Panton project, in the East Kimberley region, Eileen Bore is an advanced exploration target. Historical drilling data has revealed a broad zone of copper, nickel and platinum group metals mineralisation.