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Anglo investors tell company to move faster to survive BHP bid

Published: 13 May 24

Anglo American’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group’s takeover bid. Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.

Miners seek exemption from Canadian tax hike to save equity deals

Published: 13 May 24

Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains taxes, warning the hike will make it harder for junior miners to raise money to find new mineral deposits. Finance Minister Chrystia Freeland’s new budget includes a measure to raise the capital gains tax inclusion rate to two-thirds from one-half. It applies to all gains made by corporations and trusts, and to individual taxpayers on gains over C$250 000 in a year.

AngloGold starts year with 2% higher output despite flooding in Australia

Published: 10 May 24

Gold miner AngloGold Ashanti has started the year off well, with a 2% increase in production to 581 000 oz for the quarter ended March 31, despite the impact of heavy rain and flooding on output in Western Australia. CEO Alberto Calderon says the company is seeing greater consistency from most of its operations, including better performance from its Brazilian mines, while the Obuasi mine, in Ghana, continues to ramp up.

St Barbara’s decade-long vision for Simberi

Published: 10 May 24

Australian gold miner St Barbara has crafted a roadmap for the advancement of the Simberi mine, in Papua New Guinea, outlining production scenarios aimed at elevating output to about 230 000 oz/y through to 2034. The concept study scrutinised six different cases, comprising two flowsheet options with three different processing rates.

Manganese Metal Company chairperson Bernard Swanepoel

Fantastic advance by Proudly South African manganese battery metal first-mover

Published: 10 May 24

Proudly South African Manganese Metal Co (MMC) of Mbombela, Mpumalanga, is making a fantastic first-mover advance to enter the manganese battery metal market, which is progressing super-fast. To be established is a faster stream to market, which is not only ahead of the global game, but also provides time for this remarkable value-adding company to become a manganese-ore-to-sulphate producer from its current position of being the producer of the world’s purest 99.9% pure manganese metal from manganese fines.

Hard disk drive demand rebound holds opportunities for platinum – council

Published: 10 May 24

The market for hard disk drives (HDDs) is showing signs of a rebound after almost two years of decline, as the rapid growth in machine learning and AI are driving the need for expanded data storage, industry organisation the World Platinum Investment Council (WPIC) points out, also highlighting the relevance of this for the platinum industry. According to Forbes, total HDD unit shipments in the last quarter of 2023 were up just under 1%, marking a turnaround in HDD demand, which had been in quarterly decline since the first quarter of 2022, the council says.

South Deep, Rietberg, mineral exploration make headlines

Published: 10 May 24

Mining Weekly Editor Martin Creamer discusses developments around Gold Fields’s potential wind energy project at the South Deep Gold Mine; Copper360's Rietberg underground copper mine opening three months ahead of schedule; and South Africa’s economy can benefit quickly from getting mineral exploration going at pace.

Froneman confident PGM prices will rebound once temporary decline abates

Published: 10 May 24

Multinational mining and metals processing group Sibanye-Stillwater CEO Neal Froneman remains confident that the platinum group metals (PGM) price outlook is fundamentally positive and that the price gouging of late was merely a temporary phenomenon. “Our view that the fundamental outlook for PGMs is positive is unchanged, with little evidence of a systemic change in the market fundamentals to justify the price collapse observed during 2023.

DRDGOLD posts lower third-quarter output, but higher earnings

Published: 10 May 24

JSE-listed gold recovery company DRDGOLD has generated higher adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended March 31, compared with the same quarter of last year, despite having produced slightly fewer ounces. Adjusted Ebitda in the reporting quarter of R494-million, or $26.2-million, compares with adjusted Ebitda of R441-million, or $23.5-million, in the prior comparable quarter.

The Westwood mine, in Canada, achieved its highest quarter of production since mining restarted in 2021.

Iamgold guidance on track as Essakane and Westwood shine

Published: 10 May 24

Canadian gold miner Iamgold has announced a promising start to the year, reporting robust results across its operations and projects in the first quarter, positioning the company well to meet its guidance targets. CEO Renaud Adams attributed the first-quarter success to the combination of stable operations and favourable grade reconciliation at the Essakane mine, in Burkina Faso, coupled with Westwood, in Canada, achieving its highest quarter of production since mining restarted in 2021.