A successful takeover of Anglo American under the arrangements BHP Group has offered could lead to outflows of $4.3-billion from South Africa, according to a JPMorgan Chase & Co. analysis. Such an outflow, if a deal goes ahead, could weaken the rand, which has gained 4.4% against the dollar, the most of 16 major currencies tracked by Bloomberg, over the last five weeks.
Toubani strengthens its board as it advances Kobada DFS
ASX-listed Toubani Resources has announced several changes to its board of directors and study management team to drive the delivery of the definitive feasibility study (DFS) for the Kobada gold project, in southern Mali. Matt Wilcox will join the board of directors as a nonexecutive director effective immediately, while current nonexecutive director Scott Perry has been appointed nonexecutive chairperson.
Uncertainty over coal jobs ahead of South Africa elections
Growing up surrounded by the towering smokestacks of coal-fired power stations, 22-year-old Siya Mokoena’s life is inextricably linked to the coal industry that dominates his hometown of Emalahleni in South Africa’s eastern province of Mpumalanga. Like many in Emalahleni, generations of Mokoena’s family have worked in the coal sector. His father, a miner, was laid off in March when his mine was shut down.
Pensana lauds Angola’s performance in this year’s Fraser Institute rankings
London-listed Pensana commends the government of Angola for instilling attractive policies and growing interest in the country’s exploration potential.
This comes as the country recorded an improvement in its ranking to forty-seventh out of 86 countries in the yearly Investment Attractiveness Index for 2023, compared with its ranking of fifty-ninth out of 62 countries in 2022.
Perseus gets back to drilling in Sudan as conflict eases
ASX- and TSX-listed Perseus Mining has restarted drilling work at its Meyas Sands gold project, in Sudan. This initial drill programme, which restarted on May 20, is aimed at testing high-priority exploration targets in the vicinity of the Galat Sufur South (GSS) deposit to follow up other drilling results that have been received to date.
Firefinch, Morila served with arbitration notice over payment dispute
ASX-listed Firefinch has received a notice of arbitration from mining services contractor Enterprise Générale Traoré et Frères (EGTF), in Mali.
EGTF also named Société des Mines de Morila (Morila) as a respondent in the arbitration notice.
Vorster becomes Lindian CEO
Resources industry executive Alwyn Vorster has been appointed CEO of ASX-listed, Africa-focused rare earths company Lindian Resources.
Vorster, who was previously CEO of Hastings Technology Metals and MD of BCI Minerals, is succeeding Alistair Stephens.
BlackRock encouraged Anglo to extend talks with BHP, source says
Anglo American was encouraged by key shareholders including BlackRock to continue engaging in talks with BHP Group over its proposed 38.6-billion pound ($49.18-billion) mining merger, a person familiar with the matter told Reuters on Saturday.
BHP, the world’s biggest listed mining group, now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK’s takeover rules after it was granted a one-week extension on Wednesday.
Large Anglo shareholders are backing miner’s stance on BHP talks
Several of Anglo American’s big shareholders have said they support the company’s efforts to persuade BHP Group to change the structure of its takeover proposal or compensate for the risks it presents, before accepting any offer.
BHP has one week to convince its target of the value of its $49-billion acquisition plan, after Anglo announced on Wednesday it had rebuffed a third bid and agreed to extend a regulatory deadline. With the clock reset, discussions will center around BHP’s insistence that Anglo spin off majority stakes in South African platinum and iron ore units before the takeover can proceed.
Clock runs down on BHP’s $43bn bid for Anglo American
BHP Group has just hours to launch a blockbuster bid to buy smaller mining rival Anglo American — or put its audacious takeover plan on the shelf.
The proposal by the world’s biggest miner to spin off two units and then buy the remainder of Anglo would create a global copper behemoth, heralding the industry’s return to mega—deals after more than a decade. Anglo has already rejected two non-binding offers from BHP — the last worth $43-billion — and unveiled its own plans for a radical restructuring.