More than 70% of critical minerals needed for the transition to net zero emissions will be at risk from climate disruption by 2050, professional services firm PwC says. The firm’s latest report, titled ‘Climate Risks to Nine Key Commodities Report’, shows that the production of copper, cobalt and lithium minerals crucial for the clean energy transition could face significant or higher drought risk by 2050 under a high-emissions scenario. Currently, these critical minerals are only at a 10% risk.
Gem recovers another greater-than-100-ct diamond
London-listed Gem Diamonds has recovered a 118.74 ct Type II white diamond recovered at its 70%-owned Letšeng mine, in Lesotho. This is the fifth diamond weighing more than 100 ct to be recovered at the mine this year.
Sandfire announces maiden resource for new Botswana discovery
Australia-headquartered Sandfire Resources has unveiled potential for new copper and silver discovery in Botswana, with the announcement of a maiden resource estimate for the A1 deposit, about 20 km from the Motheo copper mine, in Botswana. The company’s third-quarter results unveiled a maiden inferred resource estimate of 5.6-million tonnes at 1.3% copper and 10 g/t silver for the A1 deposit.
Implats platinum group metals output up amid robust demand but lacklustre pricing
Platinum group metals (PGMs) mining and marketing company Implats on Tuesday reported higher production in a period characterised by robust demand but lacklustre PGM prices. “Despite continued macroeconomic and geopolitical uncertainty, demand from our contractual customers remains robust, with elevated additional volumes requested via spot sales during the third quarter.
Glencore’s Rustenburg ferrochrome smelter remains idled
Pending an improved price and cost environment, Glencore said in its first-quarter 2024 production report on Tuesday that its Rustenburg ferrochrome smelter in South Africa’s North West province would remain idled. The London- and Johannesburg-listed diversified mining and marketing company reported 26% lower attributable first quarter ferrochrome production of 297 000 t amid the European benchmark ferrochrome price for the second quarter of this year settled at $1.52/lb, 5.6% up on the first three months of 2024.
As BHP weighs firm bid for Anglo, investors fret over cherry-picking assets
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, concerned that they stand to lose heavily by holding shares in South African subsidiaries. The world’s No. 1 miner is weighing up its next move after its initial $39-billion takeover proposal for smaller rival Anglo was rejected last week. The proposed premium was 31% on Anglo’s implied value.
Top Glencore shareholders favour keeping coal over spinoff
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.
Gold Fields CFO takes early retirement
Gold Fields long-serving CFO Paul Schmidt, who is also an executive director of the Johannesburg Stock Exchange-listed gold mining company, is to proceed on early retirement, the company stated in a stock exchange announcement on Tuesday. Although his stepdown is effective from April 30, Schmidt will, remain in Gold Fields’ employ until June 30.
Tietto asks investors to accept Zhaojin’s offer or sell shares
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.
South Africa views BHP bid for Anglo as ‘normal market activity’
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.