Zimbabwe’s ferrochrome miners, the nation’s biggest electricity consumers, have agreed to build their own power plants over the next two years as the government seeks to balance energy demand. Under the agreement, ferrochrome producers will in the meantime pay electricity tariffs that are little more than half the rate charged to other mining companies, according to state power utility Zesa Holdings.
Reserve Bank concern about decline of public markets welcome development – Miller
The concern that South Africa’s Reserve Bank expressed last week on the state of this country’s public markets is seen as a welcome development by AmaranthCX director and public market promoter Paul Miller. Everything the Johannesburg Stock Exchange (JSE) has done has not been enough to change the downward trajectory.
Congo to buy out UAE partner in gold venture as shipments slump
The Democratic Republic of Congo (DRC) is finalising a deal to take full control of a gold-export joint venture from its Emirati partner, after shipments slumped. Congo started Primera Gold DRC in January 2023 with Abu Dhabi-registered Primera Group in a bid to crack down on the gold smuggling that fuels conflicts in the country’s eastern provinces. The partnership sold 5 tons of hand-mined gold, worth about $300 million, in its first year of operation, but sales have since plunged despite more ambitious goals for 2024.
Zambia to set up mineral investment and trading unit
Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources, the Cabinet said on Wednesday after giving its approval. The government of Zambia, Africa’s second largest copper producer which currently owns several mining assets through ZCCM Investment Holdings, will establish a special purpose vehicle (SPV) for investment and trading purposes, it said.
Aura raises Tiris uranium resource by 55%
ASX-listed Aura Energy has increased the mineral resources of its Tiris uranium project, in Mauritania, by 55% to 91.3-million pounds of triuranium octoxide (U3O8), up from the previously reported 58.9-million pounds of U3O8. The mineral resources includes the Tiris East and Oum Ferkik project areas.
Bannerman hikes Namibia uranium project capital cost estimate
Uranium project developer Bannerman Resources has announced a moderate increase in the preproduction capital forecast for the Etango-8 project, in Namibia. This update follows the completion of the front-end engineering design (FEED) and control budget estimate (CBE) processes. The completion of FEED and the CBE has refined the outcomes of the 2022 definitive feasibility study (DFS), enhancing accuracy and recency to key cost estimates. As a result, the CBE preproduction capital forecast has risen by $36-million, or 11.3%, from the DFS estimate to $353.5-million. The increase is driven by design changes and impacts of inflation.
Pilot phase at Sovereign’s Malawi project on track
ASX- and Aim-listed Sovereign Metals says pilot site construction for the ongoing pilot mining and land rehabilitation programme (pilot phase) at the Kasiya rutile/graphite project, in Malawi, is on schedule, with groundworks under way. “This pilot phase is a step-change for Kasiya and demonstrates our ability to execute in Malawi. The early works are progressing as planned – on schedule and within budget.
Four central banks sign London Principles to formalise artisanal small-scale gold mining sector
The World Gold Council (WGC) has announced that four central banks have committed to signing ‘The London Principles’, which is a set of operating principles to help structure and formalise central bank artisanal and small-scale gold mining (ASGM) domestic purchase programmes (DPP). The inaugural signatories are Colombia’s Banco de la República, Banco Central del Ecuador, the Bank of Mongolia and Bangko Sentral ng Pilipinas. The commitment of these institutions represents progress towards more responsible gold sourcing practices worldwide, the WGC said on June 12.
Forget copper and gold as steelmaking manganese outperforms
Manganese, an essential steel-making ingredient, has outstripped copper, gold and many other commodities this year after a cyclone halted exports from the world’s second-largest mine in March.
Prices of 44% grade manganese ore have almost doubled since the start of the year, beating gains of 15% in copper, 12% in gold and almost 30% in tin.
URA appoints Bonas Group as sales partner, qualifies as DelGatto client
London-listed URA Holdings has appointed Bonas Group as its sales partner and to market and sell rough emeralds recovered from the company’s Gravelotte emerald mine (GEM) in South Africa. This strategic partnership will leverage Bonas Group’s extensive expertise in the diamond and gemstone industry to ensure the highest standards of security, transparency and compliance throughout the sales process, URA avers.