A growing world economy is contributing to an increase in demand for copper and cobalt, speakers participating in Afriforesight’s ‘Cobalt and Copper: African Opportunities’ webinar, held on July 10, noted during a discussion on demand and supply implications, as well as the price forecasts, for the minerals. Afriforesight chief sustainability engineer Kirthi Ramdhanee explained that copper demand was increasing owing to the metal’s use in electrification, battery technology, renewable energy and water infrastructure applications.
China forbids new coal-based steelmaking for first time in years
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released Thursday.
All 7.1-million tons a year of steelmaking capacity permitted by provincial governments in the first half used electric arc furnaces, a cleaner process that runs on recycled scrap and electricity, said the Center for Research on Energy and Clean Air in its report on Thursday.
Africa’s rare earths could make up 9% of global supply by 2029
African mines could account for nearly a tenth of the world’s rare earths in five years, climbing from zero today, creating new players in a market dominated by China. Eight mines in countries such as Tanzania, Angola, Malawi and South Africa are expected to start production by 2029 and contribute 9% of global supply, according to Benchmark Mineral Intelligence. Most of this new supply could still be secured by Western and non-Chinese processing firms, the London-based industry consultant said in a new analysis.
Uganda central bank starts buying locally-produced gold to support forex reserves
Uganda’s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country’s growing gold exports, whose shipments brought in $2.3-billion last year from $201-million in the previous year.
Global reserve managers upbeat on growth but worry about politics
An escalation in geopolitical conflicts is the biggest risk to the global economy, according to central bank reserve managers, who are generally positive about the world’s economic outlook, according to an annual survey released on Thursday. The UBS Asset Management survey of 40 leading central banks that manage more than $15 trillion, about half of the world’s foreign exchange (FX) reserves, found two thirds expected the global economy to return to moderate growth and inflation in the next five years.
Alphamin posts 28% q/q increase in tin production
TSX-V- and JSE-listed Alphamin Resources has produced 4 027 t of tin for the quarter ended June 30 – a 28% increase from the March quarter. Alphamin, which owns and operates the Mpama North and South mines, in the Democratic Republic of Congo, attributed the increase in output to the Mpama South expansion.
Cabinda working to satisfy IDC funding conditions
Australia-listed Minbos Resources is making significant strides in securing funding for its Cabinda phosphate project, in Angola. Central to these efforts is a $14-million loan facility from South Africa’s Industrial Development Corporation (IDC).
The facility, which received credit committee approval in April this year, is pivotal in placing Minbos in a fully funded position to start construction of the Cabinda mine and fertiliser project.
South Africa’s mineral endowment, public market advantages must be put to work, Utshalo insists
With South Africa’s mineral endowment and its public capital markets being two of its greatest advantages, both need to be put to work in a manner that is common in other global mining jurisdictions, Utshalo founder Paul Miller emphasised at Wednesday’s collaborative opening of the way for smaller investors to increase their shareholdings in the Northern Cape’s attractive copper endowment. In this case, the collaborative initiative brings Australia Stock Exchange- (ASX-) style shareholder participation to smaller South African shareholders through the Johannesburg Stock Exchange (JSE), with implementation brought about by Utshalo working in tandem with the Johannesburg- and Sydney-listed Orion Minerals, headed by CEO Errol Smart. (Also watch attached Creamer Media video.)
Tharisa’s third-quarter production in line with expectations
Johannesburg- and London-listed Tharisa’s operational performance for the third quarter of its 2024 financial year was aligned to expectations, CEO Phoevos Pouroulis says, with improved mining and plant recoveries resulting in overall platinum group metals (PGM) and chrome concentrate production increases for the three months ended June 30. Tharisa’s principal operating asset is the Tharisa mine in the Bushveld Complex, in South Africa. The company is also developing the Karo platinum project on the Great Dyke, in Zimbabwe.
Marula subsidiary acquires interest in high-grade historic cobalt mine in South Africa
Africa-focused mining and development company Marula Mining, through its wholly owned South African subsidiary Muchai Mining South Africa, has signed a binding term sheet with South African mining company Mansena Cobalt to acquire a 51% shareholding in Mansena Kruisrivier Cobalt (MKC). MKC is the registered holder of prospecting right LP30/5/1/1/2/13532PR, which extends over 2 340.90 ha of the Kruisrivier 74 JC Farm in the Elias Motsoaledi district of Limpopo, South Africa, and which includes the historical Kruisrivier cobalt mine.