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Tietto asks investors to accept Zhaojin's offer or sell shares

Published: 30 Apr 24

Australia's Tietto Minerals has urged its shareholders to accept Zhaojin Mining's offer that values the firm at A$733-million or sell shares on-market if the market price is not materially different to the offer price. Shares of the Perth-headquartered gold miner slid 2.2% to A$0.66 after the announcement on Tuesday, heading for their biggest drop in more than a week.

Anglo will hold its AGM in London on Tuesday

Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake

Published: 30 Apr 24

Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target. BHP, the world's biggest listed mining group, is privately talking to investors about a potential revised takeover bid as it weighs up next moves after an initial $39-billion gambit for its smaller competitor was rejected by Anglo last week. Elliott Investment Management meanwhile said in a stock exchange filing on Monday it had raised its position in London-listed Anglo to 2.6% from about 2.5% it disclosed on Friday.

G7 nations to agree on first half of 2030s for coal phase-out

Published: 30 Apr 24

Group of Seven nations have agreed to target the first half of 2030s to phase out coal, according to the UK’s energy and nuclear minister, a key milestone for some of the world’s most industrialised economies seeking to switch to more sustainable fuels. “To have the G-7 nations come around the table and send that signal to the world, that we, the advanced economies of the world, are committing to phasing out coal by the early 2030s is quite incredible,” Andrew Bowie told Class CNBC, calling the agreement “historic".

Top Glencore shareholders favour keeping coal over spinoff

Published: 30 Apr 24

Several of Glencore’s largest shareholders believe that the company should retain its coal assets, according to people familiar with the matter, throwing a proposed spinoff into doubt. Glencore, the world’s largest shipper of thermal coal with a market capitalization of about $73-billion, had said it intended to spin the business off within two years of closing a deal to buy the steelmaking coal assets of Teck Resources.

Japanese to partner on Kalgoorlie nickel project

Published: 29 Apr 24

Japanese multinational companies Sumitomo Metal Mining (SSM) and Mitsubishi have thrown their weight behind the Kalgoorlie nickel project – Goongarrie hub, in Western Australia. ASX-listed Ardea Resources on Monday announced a binding cooperation agreement between SSM and Mitsubishi to form a 50:50 joint venture to develop the project.

President Cyril Ramaphosa's spokesperson Vincent Magwenya

South Africa views BHP bid for Anglo as 'normal market activity'

Published: 29 Apr 24

South Africa views BHP Group's proposed bid for Anglo American as "normal market activity" and is following the process as it unfolds, President Cyril Ramaphosa's spokesperson said on Monday. BHP is considering making an improved offer for Anglo American after its $39 billion initial proposal was rejected by the London-listed miner, a source told Reuters last week.

River Doce in Minas Gerais in 2022. The Samarco dam collapse destroyed land along the river's banks.

Vale, BHP propose $25bn settlement for Mariana disaster reparations

Published: 29 Apr 24

Vale, BHP and their joint venture Samarco have presented Brazilian authorities with a settlement proposal related to reparations for the 2015 Mariana tailings dam burst, which killed 19 people and left hundreds homeless. The proposal, the Brazilian mining giant said in a securities filing on Monday, foresees a total payment of 127-billion reais ($24.88-billion), including 37-billion reais already disbursed.

Altona appoints David Catterall as Sesana project consultant

Published: 29 Apr 24

London-listed Altona Rare Earths has appointed David Catterall as a consultant, with a special focus on the company's Sesana copper/silver project, in Botswana, where he will work closely with CEO Cedric Simonet. "[Catterall] is considered an expert of the Kalahari Copper Belt, where the Sesana project is located, and we are delighted to have him on board. His superior knowledge of the Kalahari Copper Belt will be of immediate benefit to Altona as we are preparing this year's exploration programme,” Simonet said on April 29.

A truck moving ore at Vedanta's Konkola Copper Mines, in Zambia

Vedanta seeks deals with traders to help fund Zambia copper mine

Published: 29 Apr 24

Vedanta Resources has approached trading houses as it seeks to raise capital to revive the Konkola copper mining and smelting complex in Zambia. Billionaire Anil Agarwal’s Vedanta has discussed tolling and prepayment facilities with commodity traders, including Mercuria Energy Group, for output from Konkola Copper Mines, according to people familiar with the matter. It’s also examining the sale of a minority stake in KCM as it explores ways to pay off creditors and invest in the mines that entered provisional liquidation in 2019, the people said, asking not to be identified because the talks are private.

Rand Refinery donates R2m to seven Gauteng schools

Published: 29 Apr 24

As part of its commitment to education, precious metals refiner Rand Refinery has donated R2-million to seven primary and secondary schools in Gauteng. The company says this donation will be allocated towards refurbishments at, and procurement of modern educational tools by, the selected schools.