Australia-listed Lucapa Diamonds on Wednesday announced the planned divestment of its 70% interest in the Mothae mine, in Lesotho.
This follows a review of the asset portfolio by the company’s newly structured board of directors.
Anglo-BHP battle is between two CEOs fighting over same vision
As Anglo American sets out a survival plan that echoes the vision of its suitor BHP Group, the rival mining bosses are now locked in a battle to convince shareholders they are the man for the job.
Anglo CEO Duncan Wanblad and his BHP counterpart Mike Henry took center stage on Tuesday, as the personalities behind two of the world’s biggest miners came to the fore. Wanblad presented his own radical turnaround plan to investors, before Henry made his first public remarks on BHP’s bid at a conference in Miami.
Anglo ditching De Beers is hard blow for troubled diamond market
The diamond industry has already been feeling the heat. Prices have slumped, Russian sanctions are threatening trade and the emergence of lab-grown gems is eating into some key traditional markets.
Now, the sector’s most dominant name is being cast adrift.
Anglo American on Tuesday said it will spin off or sell its De Beers business, ending an almost century-long relationship with the industry’s most famous name. The move, part of a wider restructuring to fend off a $43-billion approach from BHP Group, is a seismic shock for the diamond world.
De Beers IPO considered amid break-up plans, sources say
Anglo American is exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue.
The potential listing was the default option, the second person said, although the process is at an early stage. Both were speaking on condition of anonymity because the plans are private.
Itochu, $5.9bn South Africa ammonia plant near supply pact
A group led by Japanese trading house Itochu Corp. is nearing an agreement to buy green ammonia from Hive Hydrogen South Africa, a $5.9 billion project that could make the country a global leader in producing the fuel. Hive Hydrogen may start output of green ammonia — which could be utilized as a fuel for heavy industry and power plants and is also used in fertilizer and cleaning products — from the new facility in South Africa’s southern port of Coega in 2029.
All-round value unlock targeted in proposed demerging of Anglo Platinum and De Beers
Diversified mining major Anglo American is targeting value elevation in its planned demerging of South Africa-based Anglo American Platinum (Amplats) and the envisaged divestment or demerger of Southern Africa-dominant De Beers. In rejecting BHP’s second takeover offer, Anglo intends reshaping its portfolio to consist of copper in Peru and Chile, top-quality iron-ore in South Africa and Brazil, and the opportunity presented by the crop nutrients project in the UK.
Mining production, sales drop in March
Mining production decreased by 5.8% year-on-year in March, Statistics South (Stats SA) reports. The largest negative contributors were coal (-9.1% and contributing -2.3 percentage points); manganese ore (-12.2% and contributing -1 percentage point); iron-ore (-6.8% and contributing -0.9 of a percentage point); and platinum group metals (PGMs) (-3.6% and contributing -0.9 of a percentage point).
Mantashe warms to Anglo plan after opposing BHP bid
South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group. “It is their strategy and they must do anything that will optimize value,” Mines Minister Gwede Mantashe said by phone.
Copper climbs to highest in two years as bulls see deficit
Copper touched its highest level since 2022 after a powerful rally fueled by forecasts of a growing global supply deficit.
The commodity’s gain since the start of January is approaching 20% with prices defying typical indicators of soft demand, especially in China. That’s partly because investors see tight mine supply creating a shortfall of the metal as soon as this year.
Tin prices may see further support from supply risks, rate cuts, analysts say
Tin prices, which have rallied in recent months to near two-year highs, could be bolstered further by supply disruptions, ongoing geopolitical conflicts, fund inflows in the event of interest rate cuts and stabilising demand, analysts say.
Benchmark three-month tin on the London Metal Exchange CMSN3 hit $36 050 a metric ton in April, propelled by production problems in Myanmar, Indonesia and the Democratic Republic of Congo, which accounted for 43% of global tin mine production in 2023 according to United States Geological Survey data.