ASX-listed Theta Gold Mines has received firm commitments from investors to raise a further A$4-million (A$6.02-million) in equity funding to advance its TGME gold plant, in South Africa. The placement is in addition to the two-tranche, $10-million placement announced last month.
Panel explores relevance of listed market for mining capital
The world is infinitely more complex now, with the energy transition, longer lead times and geopolitical fracturing, than in previous years and this presents challenges and questions around mining equity investment, as this is no longer as simple an exercise as before. This was one of the areas explored by speakers during a panel discussion on the second day of the London Indaba on June 26.
Mining central to South Africa’s socioeconomic wellbeing, AGM hears
Given its far-reaching multiplier effect, mining is the epicentre of South Africa’s economy and social wellbeing and has been at the heart of its economic progress and development for much of this country’s history, Minerals Council South Africa’s 134th AGM attendees heard in Johannesburg on Wednesday. Simply put, a R1-million increase in mined output results in 2.5 economy-wide job opportunities.
Copper market facing renewed caution from investors
With the demand for copper having increased amid the global energy transition, Benchmark Mineral Intelligence project manager: energy transition commodities Piotr Ortonowski described this year as “the year of the unexpected” for copper. Speaking at a panel discussion at this year’s London Indaba under the theme ‘Copper: defying gravity- or was it all just hype?’, he explained that this year was expected to be a year of oversupply, with a few big mining projects still ramping up.
Trafigura clinches share of major zinc deal snubbed by Glencore
Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore backed away from a previous deal for the entire supply. Ivanhoe Mines’ Kipushi zinc mine started production in the past few days and is finalizing deals to sell its zinc to Trafigura, China’s Citic and Boliden, according to people familiar with the matter, who asked not to be identified as the matter isn’t public.
Global miners to invest for growth, transformation amid financial pressure – PwC
The financial performance of the world’s Top 40 mining companies is under pressure owing to lower commodity prices and rising costs, which has resulted in revenues falling by more than 7% despite increases in the production of key commodities, management consultancy PwC stated in its ‘Global Mine 2024’ report. The latest iteration of the report indicates a continuation of these trends moving forward, marking the first time since 2016 that industry revenues will fall for a second consecutive year.
LGIM to sell Glencore stake on concern over thermal coal plans
Legal & General Investment Management (LGIM) said it will divest from Glencore Plc, the world’s biggest coal shipper, on concerns about its production of the most polluting fuel. While most of its rivals have either ditched — or plan to exit — thermal coal, Glencore has instead said it plans to run its mines to closure by 2050. The commodities giant says the world still needs the dirtiest fossil fuel and that it’s the best owner of the mines.
Anglo spearheading exciting new clean hydrogen mobility initiative across Europe
Platinum-based hydrogen fuel cell electric vehicles (FCEVs) received a major boost on Wednesday with the announcement of an initiative to deploy new fleets of zero-emission FCEV taxis in Europe. With nearly 500 000 pilot project passenger journeys across six million kilometres taking place as part of a pilot project that began in 2023, a strong thumbs up is now being given to FCEVs, which are particularly well suited to vehicle fleets such as taxis and buses.
Business model of Western mining industry needs new power, London Indaba highlights
New power is needed by the Western mining industry, which is still functioning on a trailing old power business model. This was highlighted at Tuesday’s London Indaba, where a spotlight was shone on the urgent need of Western world mining companies to pay attention to the benefits that could emerge by working with far greater cognisance of the far-reaching strides that have been taken by the Eastern world.
De Beers sells $315m of rough diamonds in fifth cycle
Diamond miner De Beers sold $315-million worth of rough diamonds in the fifth sales cycle of this year, compared with the $383-million worth of diamonds sold in the fourth cycle of this year. Sales were also lower than the $456-million recorded in the fifth sales cycle of 2023.