JSE-listed Anglo American Platinum (Amplats) has appointed Sayurie Naidoo as CFO and executive director, with effect from May 1. Naidoo, who has been serving as the acting CFO since Craig Miller assumed the role of CEO in October 2023, brings more than 15 years of experience with Anglo American to her new position.
Anglo snubs BHP’s ‘highly unattractive’ proposal
Diversified miner Anglo American has firmly rebuffed a $38.8-billion proposal from mining heavyweight BHP, with chairperson Stuart Chambers dismissing the nonbinding offer as “highly unattractive”.
In a statement released on Friday, Chambers labelled the BHP proposal as opportunistic and lacking in appreciation for Anglo’s prospects.
Anglo’s stumbles have made it prey for mining’s biggest predator
When former boss Mark Cutifani left Anglo American in mid-April 2022, things had rarely looked better for the century-old miner. Metals prices soared as the world emerged from lockdowns, the company had recently posted its best-ever annual profit and the popular industry veteran was handing over to a trusted lieutenant. Anglo stock hit a record the same day.
Two years later, the company’s reputation is in tatters after a series of missteps sent its value plunging by half. And now industry heavyweight BHP Group is moving in.
Bannerman eyes expansion options for Namibia uranium project
As uranium developer Bannerman Resources progresses with its plans for an initial eight-million-tonne-a-year Etango project, in Namibia, it is casting its gaze towards a broader horizon. The company has started to delve into potential expansion options, aiming for a larger-scale operation in the future.
The ASX-listed junior recently completed a scoping study that looks at the long-term optionality afforded by the large-scale Etango resource. Executive chairperson Brandon Munro highlighted the study’s findings, emphasising a “clear pathway” towards achieving a production capacity of 6.7-million-pound-a-year.
Zhaojin Mining ups stake in takeover target Tietto Minerals
China’s Zhaojin Mining Industry has increased its voting power in Tietto Minerals, an exchange filing from the Australian gold miner showed on Friday.
Zhaojin Capital, a unit of Zhaojin Mining, has raised its voting power in Tietto to 23.22% from 16.24%, the filing showed.
Mantashe signals opposition to BHP-Anglo deal
South African Mines Minister Gwede Mantashe signaled his opposition to BHP Group Ltd.’s proposed takeover of Anglo American. The offer by the world’s largest miner envisages an all-share deal in which Anglo American would first spin off controlling stakes in South African platinum and iron-ore companies to its shareholders before being acquired by BHP. The proposal values Anglo American at £31.1-billion ($38.8-billion)
Hummingbird’s first-quarter performance impacted by contractual dispute at Kouroussa
Despite what its CEO Dan Betts deemed a challenging quarter, Aim-listed Hummingbird Resources delivered an 18% quarter-on-quarter increase in gold production at just under 17 000 oz from the Yanfolila mine, in Mali, in the quarter ended March 31. This while the Kouroussa project, in Guinea, produced 5 868 oz of gold. The newly commissioned mine experienced disrupted operations in January owing to a fire at a fuel depot, with fuel deliveries having resumed later in the month.
Pilot Crushtec introduces Swedish brand of large-scale crushers to the Southern African market
Local mobile and semi-mobile crushing and screening equipment provider Pilot Crushtec has expanded its product lineup to the Southern African mining market with the addition of Swedish brand Jonsson’s crushers and screens. The range complements the company’s existing offering of Metso equipment, particularly filling the gap of large-scale premium crushing and screening requirements with tracked units in the region.
Gem to report 15% q/q rise in carat sales for the first quarter
London-listed Gem Diamonds notes in a trading update for the first quarter of this year that it sold 32 571 ct of diamonds recovered from its 70%-owned Letšeng mine, in Lesotho. This represents a 15% increase on the 28 402 ct sold in the fourth quarter of 2023.
Anglo shareholder LGIM says BHP approach ‘unattractive’
Legal & General Investment Management, one of the 20 largest shareholders in Anglo American said an approach by BHP Group is “highly opportunistic” and “unattractive”.
“As with many other UK-listed companies, we believe the valuation of Anglo American to be depressed and regard the proposed exchange ratio as an unattractive proposition for long-term investors,” Nick Stansbury, head of climate solutions at Legal & General Investment Management (LGIM), told Reuters in an email on Thursday.