Amid various conversations on the importance of technology in African mining, a panel discussion at this year’s London Indaba titled ‘Is asset management the key to unlocking growth for mining in Africa?’ focused on the importance of asset management in the sector. During the discussion, Wits Mining Institute and Faculty of Engineering and the Built Environment director Professor Glen Nwaila highlighted the role the university was playing in ensuring students were equipped with the necessary skills to meet industry demands.
Anyone can now invest in as little as R10 worth of gold
Gold-backed neobank Troygold, supported by payments platform Precium, has launched its subscription gold offering in South Africa, enabling investors to buy and own fractional amounts of real 1 oz gold Krugerrands, which are securely stored in Johannesburg vaults with London Bullion Market Association-approved custodian Brink’s ensuring security and authenticity. Buying gold in small increments will make gold investment more accessible and affordable to all, with the minimum investment being as little as R10. Investors can even set up daily, weekly or monthly contributions to put savings on autopilot.
New platinum alloy to transform jewellery making
The World Platinum Investment Council (WPIC) has highlighted the launch of a new platinum alloy named Inoveo Platinum, which it believes has the potential to transform platinum jewellery design and manufacturing. Established by Platinum Guild International (PGI) USA, Inoveo Platinum was codeveloped by mining major Anglo American and materials designer and developer Alloyed following years of research and development.
Review shows Gravelotte becoming profitable within two years
An independent desk-based review of the discounted cash flow (DCF) model for mining company URA Holdings’ Gravelotte emerald mine, in South Africa, shows the potential profitability of the project over a 17-year life-of-mine (LoM). The review, conducted by ACA Howe International, revealed a net present value (NPV) before tax at a 10% discount rate of $22.39-million, with an internal rate of return (IRR) of 76%, indicating that the project would turn profitable from the second year of operations.
Renewables component of DRC gold mine’s energy mix to hit 85% next year
The reputation of the large Kibali gold mine, run by Barrick Gold in the Democratic Republic of Congo (DRC), is being significantly enhanced by its far-reaching contribution to the development and upkeep of key infrastructure, the building of a vibrant local socio-economy, protection of the environment, restoration of game in national parks, and even the revitalisation of an attention-catching coffee cultivation opportunity. Three hydropower stations have put Kibali in the green energy drive lead, with more than 80% of the mine’s power provided by renewable energy sources, which will be further increased by an upcoming solar power plant. Generated is 40.16 MW of power at an average cost of 0.100 $/kWh.
Congo sells its own copper from joint ventures for first time
The Democratic Republic of Congo’s (DRC’s) State miner has started selling its share of copper from joint-venture projects for the first time as the country seeks greater control over a metal key to the energy transition. Gecamines holds minority stakes in large mines run by firms such as China’s CMOC Group and Glencore. Until now, the joint ventures themselves have sold all the production. But the State company is taking a more active role in marketing its portion — totaling hundreds of thousands of tons a year – according to people familiar with the matter.
Rio Tinto increases shareholding in emerging graphite miner Sovereign to 19.7%
Diversified mining group Rio Tinto will increase its shareholding in ASX- and Aim-listed Sovereign Metals to 19.76%.
Rio exercised just under 35-million share options to acquire the same number of new fully paid ordinary shares in Sovereign at A$0.535 apiece for proceeds of $18.5-million.
Illegal Implats strike comes to a peaceful close
An illegal work stoppage at the North Shaft of Impala Bafokeng’s Bafokeng Rasimone Platinum Mine (BRPM), in the North West province, has ended without incident, parent company Impala Platinum (Implats) has told Mining Weekly. In the main, the illegal strike action, which began on June 27, involved members of the contractor workforce demanding permanent positions, the company explained. However, Implats was concerned that the strike action would harm jobs more than help them
South Africa seeks to renegotiate coal pact tied to $2.6bn
South Africa is seeking to alter the terms of a landmark agreement under which it promised to cut its reliance on coal in exchange for access to financing. The government of President Cyril Ramaphosa is pushing to renegotiate a deal with Climate Investment Funds (CIF), a group tied to the World Bank, so that it won’t be required to close three coal-fired power plants in the coming years. The plants, owned and operated by Eskom Holdings, are among the country’s biggest polluters, according to government advisers.
Anglo considers options to sell coal assets after Australia fire
Anglo American is considering options to push ahead with a sale of its coal business after an explosion at its flagship Australian mine, including the possibility of selling individual assets or excluding the damaged operation from a potential deal.
The plan to exit coal formed part of a dramatic restructuring program announced earlier this year by Anglo, as the London-based miner was trying to fend off a takeover pursuit by larger rival BHP Group.