Legal & General Investment Management (LGIM) said it will divest from Glencore Plc, the world’s biggest coal shipper, on concerns about its production of the most polluting fuel. While most of its rivals have either ditched — or plan to exit — thermal coal, Glencore has instead said it plans to run its mines to closure by 2050. The commodities giant says the world still needs the dirtiest fossil fuel and that it’s the best owner of the mines.
Anglo spearheading exciting new clean hydrogen mobility initiative across Europe
Platinum-based hydrogen fuel cell electric vehicles (FCEVs) received a major boost on Wednesday with the announcement of an initiative to deploy new fleets of zero-emission FCEV taxis in Europe. With nearly 500 000 pilot project passenger journeys across six million kilometres taking place as part of a pilot project that began in 2023, a strong thumbs up is now being given to FCEVs, which are particularly well suited to vehicle fleets such as taxis and buses.
Business model of Western mining industry needs new power, London Indaba highlights
New power is needed by the Western mining industry, which is still functioning on a trailing old power business model. This was highlighted at Tuesday’s London Indaba, where a spotlight was shone on the urgent need of Western world mining companies to pay attention to the benefits that could emerge by working with far greater cognisance of the far-reaching strides that have been taken by the Eastern world.
De Beers sells $315m of rough diamonds in fifth cycle
Diamond miner De Beers sold $315-million worth of rough diamonds in the fifth sales cycle of this year, compared with the $383-million worth of diamonds sold in the fourth cycle of this year. Sales were also lower than the $456-million recorded in the fifth sales cycle of 2023.
London Indaba speakers highlight opportunities to bolster Africa’s critical minerals involvement
During the first day of the London Indaba, on June 25, held under the theme “Investing in Resources and Mining in Africa”, panel discussions unpacked what the continent’s mining jurisdictions could do to make the industry more attractive, the challenges of reduced available finance and how international stakeholders are partnering with African operators in pursuit of critical minerals and metals supply. Moshe Capital founder and CEO Mametja Moshe highlighted that Africa presented a compelling case for investment, owing to its growing youth population, high-grade resources that could be exploited using new technology to engender lower costs and available land to support elements such as renewable-energy projects.
Zijin sets its sights on Africa as energy transition drives growth in metals, minerals demand
With the global energy transition driving increased demand for key metals such as copper and cobalt, Zijin Mining Group expects copper demand to grow to 7.2-million tonnes a year in 2030. During a keynote address on the first day of this year’s London Indaba, Zijin deputy president Shaoyang Shen pointed out that Africa is the second largest copper producing continent, with the Democratic Republic of Congo (DRC) and Zambia being among two of the top ten copper producing countries in the world.
Business model of Western mining industry needs new power, London Indaba highlights
New power is needed by the Western mining industry, which is still functioning on a trailing old power business model. This was highlighted at Tuesday’s London Indaba, where a spotlight was shone on the urgent need of Western world mining companies to pay attention to the benefits that could emerge by working with far great cognisance to the far-reaching strides that have been taken by the Eastern world.
‘Second wave’ of Operation Vulindlela set to prioritise ‘green and digital’ growth
The ‘second wave’ of government’s Operation Vulindlela initiative is poised to be widened to include additional structural reforms to those that have been pursued to date in electricity, freight logistics, telecoms, water and skills with the goal of stimulating higher levels of economic growth over the coming five years. Established jointly by the Presidency and the National Treasury in October 2020 to accelerate priority structural reforms to overcome problems identified as “binding constraints” to economic performance, Operation Vulindlela is expected to continue as a flagship programme under the government of national unity.
Global miners to invest for growth, transformation amid financial pressure – PwC
The financial performance of the world’s Top 40 mining companies is under pressure owing to lower commodity prices and rising costs, which has resulted in revenues falling by more than 7% despite increases in the production of key commodities, management consultancy PwC stated in its ‘Global Mine’ report for 2024. The latest iteration of the report indicates a continuation of these trends moving forward, marking the first time since 2016 that industry revenues will fall for a second consecutive year.
Exxaro warns of price, production dip in first half
Diversified miner and renewable energy company Exxaro Resources expects to report lower coal and iron-ore prices, as well as lower production, for the first six months of this year. With respect to the company’s key commodities, the average benchmark API4 Richards Bay Coal Terminal (RBCT) export price for the first six months of the year is expected to average $101/t, compared with $112/t in the second half of 2023, free-on-board (FOB), a decline from the previous six months.