BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed takeover and is expected to be a part of any revised offer, investors briefed on the miner’s thinking said. The “Big Australian” was rebuffed by its smaller rival on April 26 after submitting a $39-billion takeover proposal, in a plan seen as complex because it required Anglo to offload its shares in Kumba Iron Ore and Anglo American Platinum (Amplats) to Anglo American’s shareholders before any deal took place.
Arrow’s Simandou North drilling off to a promising start
Australian junior Arrow Minerals as hit the ground running at its Simandou North deposit, in Guinea, uncovering high-grade mineralisation in the area during the initial stages of drilling.
The first five holes, totalling 328 m of drilling, have yielded strong results, with assays including grades as high as 63% from surface samples.
A leadership battle is brewing at deep sea mining’s regulatory body
The secretary-general of the International Seabed Authority is set to run for a third term leading the United Nations-affiliated organization that regulates deep sea mining, as control of mineral resources used to make electric car batteries becomes a focus of US-China rivalry.
The ISA’s 168 member nations and the European Union will elect the next secretary-general at what is expected to be a pivotal meeting in July. Secretary-General Michael Lodge, a UK lawyer, will be opposed by Brazilian marine scientist Leticia Carvalho in an election that will shape the future of deep sea mining. It comes as the ISA faces pressure to finish writing regulations that could allow mining to begin within the next two years.
Copper 360’s underground copper mine set to open three months ahead of schedule
Last month copper mining company Copper 360 surprised on the upside by producing its first copper concentrate from surface material well ahead of schedule. Now, this month, it is doing the same on the underground mining front in that it will be opening its Rietberg underground copper mine three months ahead of schedule.
Eastplats reports record revenue for 2023 financial year
JSE- and TSX-V-listed Eastern Platinum (Eastplats) has reported net income attributable to shareholders of $13.8-million for the 2023 financial year, compared with a loss of $900 000 for the 2022 financial year, mainly as a result of higher revenue. Revenue increased to a record $106.9-million, compared with revenue of $53.9-million in the prior financial year.
Growth in platinum jewellery demand continues in most key markets
In its latest Platinum Jewellery Business Review (PJBR) for the fourth quarter of 2023, marketing organisation Platinum Guild International (PGI) has reported that India’s jewellery market maintained its robust growth during the final quarter of last year, while Japan enjoyed modest gains, and the US was flat following a multiyear period of phenomenal post-pandemic performance. The Chinese market, however, continues to be overshadowed by persistent challenges.
Walkabout warns of short-term impact on Tanzania exports following cyclone
ASX-listed Walkabout Resources says its Lindi Jumbo graphite mine, in Tanzania, was only mildly impacted on by heavy rains and a brief power interruption as a result of cyclone Hidaya, which passed over the country over the weekend. However, the coastal road from the project to the capital Dar es Salaam has suffered damage and, while there are alternative routes to transport graphite to port, this will involve significantly longer trucking distances.
Theta raises $10m
ASX-listed Theta Gold Mines, which owns gold assets in South Africa, has received a firm commitment from Hong Kong Ruihua Investment Management to invest $10-million in the company through a share subscription agreement. The funds will be used to complete funding packages for the TGME gold plant’s construction; advancing engineering, procurement and construction (EPC) contracts; development works for the plant, a tailings storage facility and water management at the TGME project; and to strengthen Theta’s balance sheet.
Ramokgopa insists loadshedding not being ‘stage managed’ ahead of May 29 poll
Electricity Minister Kgosientsho Ramokgopa denies that the prevailing reprieve from loadshedding has been “stage managed” to improve the prospects of the governing African National Congress ahead of the May 29 poll, attributing it instead to “orchestrated” engineering efforts undertaken by Eskom over the past 18 months. Speaking during a briefing that coincided with the fortieth consecutive day of no loadshedding and amid growing societal cynicism about the timing of such supply stability, the Minister also strenuously denied that the improved performance was because Eskom was relying more heavily on the diesel-fuelled open cycle gas turbines that it owned as well as those operated by independent power producers (IPPs).
Orion Minerals in final stages of Okiep acquisition
ASX- and JSE-listed Orion Minerals has reached the final stages of its acquisition of a controlling interest in the Okiep copper project, located about 570 km north of Cape Town in the Northern Cape. Strategic funding partner the Industrial Development Corporation of South Africa (IDC) has now obtained internal approvals and counter-signed the addenda to the agreements which will see Orion acquire the controlling interest in Okiep.