BHP Group has deployed a team of senior executives to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American. The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39-billion proposal – currently back on the drawing board after it was rapidly rejected by its target – and its benefits, according to people familiar with the matter.
Opinion: The MPRDA and its impact on future mining investments in South Africa
In this article, Webber Wentzel partner Bruce Dickinson writes that the implications of the Mineral and Petroleum Resources Development Act (MPRDA) on investment dynamics in South Africa have come under scrutiny.
Rick Menell joins Perseus board as nonexec director
Mining veteran Rick Menell has joined the board of Africa-focused gold producer Perseus Mining as a nonexecutive, independent director.
“I am extremely pleased to welcome Rick Menell to the board of our company. Rick is a very high calibre individual whose diverse work and life experiences will bring new perspectives that will be invaluable in helping Perseus reach its full potential.
“His deep understanding of the people and the mining industry on the African continent is perfectly suited to joining the leadership team of a growing, Africa-focused company like Perseus, that has ambitions to become a leader of the gold mining industry on the continent,” says Perseus chairperson and CEO Jeff Quartermaine.
Ironveld appoints Kristoffer Andersson CEO
London-listed Ironveld, which owns a high-purity iron, vanadium and titanium project on the northern limb of the Bushveld Complex, in Limpopo, South Africa, has appointed Kristoffer Andersson CEO. He succeeds Martin Eales, who stepped down as CEO in February.
Anglo to meet top shareholders on BHP bid as takeover rules restrain AGM
Anglo American’s chair will meet its top 30 shareholders to hear views on BHP’s $39-billion bid for the miner, he told an annual general meeting on Tuesday, where he was restricted from discussing the spurned offer by takeover regulations.
Anglo rejected the offer on Friday, saying it was opportunistic, significantly undervaluing the company and its future prospects.
Anglo’s copper assets worth $35bn, report shows
Anglo American’s copper assets are valued at about $35-billion and, if BHP aims to clinch these prized operations, the miner must substantially enhance its offer for its competitor.
This is according to a report by CreditSight analysts Wen Li and Michael O’Brien, who estimate Anglo’s enterprise value at $63-billion.
Barrick CEO ‘can’t see any reason’ for in-person AGMs
Barrick Gold’s CEO says the gold miner will continue to host virtual-only annual general meetings despite calls for public companies to return to an in-person format.
After Barrick hosted its latest virtual-only AGM on Tuesday, CEO Mark Bristow said he “can’t see any reason” to return to in-person sessions. Back when the company was holding in-person annual meetings, they were routinely attended by activists and non-governmental organizations, such as MiningWatch Canada, that have accused Barrick of human rights abuses in Africa.
Predictive raises A$50m for Guinea gold project
ASX-listed Predictive Discovery has announced a A$50-million raising to advance the Bankan gold project, in Guinea.
The company will issue about 263.2-million new fully paid ordinary shares at A$0.19 each.
NBI launches pragmatic Just Energy Transition Skilling for Employment Programme
With skills having been identified as a key cross-cutting requirement for the Just Energy Transition Implementation Plan (JET-IP), the National Business Initiative (NBI), together with the Presidency’s JET project management unit (JET PMU) and Boston Consulting Group, have launched the JET Skilling for Employment Programme (JET SEP). South Africa has an opportunity to unlock 20% more of its current gross domestic product through green initiatives, which will need between 150 000 and 200 000 direct jobs by 2025, and between 350 000 and 400 000 jobs by 2050, related to solar photovoltaic, wind and battery storage technology installations, NBI CEO and JET SEP steering committee member Shameela Soobramoney pointed out during an April 29 briefing.
Clean energy critical minerals can transform sub-Saharan Africa – IMF
Sub-Saharan Africa holds an estimated 30% of the world’s volume of proven critical mineral reserves and managing their use properly as part of the global transition to clean energy has the potential to transform the region, the International Monetary Fund (IMF) states in its ‘Regional Economic Outlook’ report. The global transition to clean energy is set to further heighten demand for critical minerals. Between 2022 and 2050, demand for nickel will double, cobalt triple and lithium rise ten-fold, according to the International Energy Agency.