Precious metals consultancy Metals Focus’ new ‘Platinum Group Metals (PGM) Focus 2024’ report, which offers a comprehensive analysis of the PGM industry, indicates that the rest of the year will be defined by persistent supply constraints, coupled with robust demand, leading to another year of deficits across platinum, palladium and rhodium. “However, high inventories will [also] weigh on prices,” Metals Focus PGM director Wilma Swarts says.
Anglo American eyes offloading steelmaking coal, nickel, diamonds
Anglo American laid out a strategy update on Tuesday that includes exploring options for its steelmaking coal, nickel and platinum businesses, in an effort to fend off a takeover bid from the world’s largest miner BHP Group.
The announcement comes a day after the London-listed miner rejected a raised offer from BHP, saying it continued to significantly undervalue the company and was “highly unattractive” for its shareholders.
Investors expect BHP to lift Anglo American offer again
BHP is likely to sweeten its $43-billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid.
Anglo said the improved all-share offer, up 10% from BHP’s initial proposal, continued to significantly undervalue the company.
Analysts highlight concerns over valuation, regulatory hurdles in BHP-Anglo proposal
The rejection – for the second time – of BHP’s attempt to propose a deal with Anglo American underscores the concerns that continue to persist regarding value and regulatory hurdles in the proposed transaction.
Responding to the latest developments in the BHP-Anglo takeover, CreditSight analysts Wen Li and Michael O’Brien assert that the revised bid price proposal still falls short of reflecting Anglo’s value.
DRC allows Zijin mine to resume operations, mines ministry letter says
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation majority-owned by China’s Zijin Mining Group, according to a letter seen by Reuters on Monday. Congo’s mines ministry last month halted the activities of the COMMUS project, in which Zijin owns a 72% stake, to investigate mineral products returned from South Africa due to overly high radiation levels.
Lithium miner debuts as Ghana’s first listing in two years
Australian-based Atlantic Lithium, which is developing Ghana’s first lithium mine, has taken a step toward raising capital from equity investors in the country.
The company has listed all its shares in issue on the Australian Securities Exchange and London Stock Exchange’s AIM board, on the Ghana Stock Exchange, said Abena Amoah, the Accra-based bourse’s MD.
The shares opened at 4.40 cedis ($0.31) apiece at Monday’s launch in Accra.
Anglo rejects BHP’s revised £34bn proposal
Diversified major Anglo American has rejected a revised proposal put forward by BHP, which valued the UK-headquartered miner at about £34-billion.
The structure of the revised proposal, unveiled on Monday, remained unchanged from the previously rejected proposal of last month. It comprises an all-share offer for Anglo, with a requirement to complete two separate demergers of the South African units, Anglo American Platinum (Amplats) and Kumba Iron Ore.
The all-share offer and required demergers will be inter-conditional.
Green energy presenting South Africa with massive reindustrialisation chance – Nedbank
Green electrons and green molecules are presenting South Africa with a massive opportunity to reindustrialise, Nedbank CIB head of infrastructure, energy and telecommunications Mike Peo told the Green Hydrogen Roundtable on Monday. “We have an opportunity for South Africa to completely reindustrialise, to start building up our industrial base that we have lost over the last ten to 15 years,” was Peo’s inviting message at the event addressed by the Chemical Industries Education & Training Authority (CHIETA) CEO Yershen Pillay, as well as by Higher Education and Training Department deputy director-general Zukile Mvalo. (Also watch attached Creamer Media video.)
Lexington renews Jelani prospecting right to 2026
Aim-listed Lexington Gold has announced that the prospecting right owned by Jelani Resources has now been formally renewed until May 29, 2026. This follows on the back of announcements made on May 15 and September 7 last year regarding Lexington’s acquisition of White Rivers Exploration (WRE).
VR8 mulls most favourable terms after signing third offtake MoU
Australia-headquartered Vanadium Resources (VR8) has signed a memorandum of understanding with China-based Hunan Zhongxin New Materials Technology for the offtake of 4 000 t/y of vanadium oxide, over a period of five years.
The nonbinding MoU states that Hunan can extend the offtake agreement by a further five years.