S&P Global Ratings does not expect any significant policy shift as a result of South Africa’s government of national unity (GNU) formed following the May 29 elections when the African National Council (ANC) failed to secure an overall majority for the first time since 1994. The ANC’s GNU proposal was opened to all parties and a Statement of Intent outlining principles and basic minimum programme of priorities has been signed by the Democratic Alliance, the Inkatha Freedom Party, and the Patriotic Alliance, with others parties also expected to join.
Gecamines threatens to intervene in sale of cobalt firm
The Democratic Republic of Congo’s state miner said it will need to approve any acquisition of cobalt producer Chemaf Resources if the new owner wants to take over a key mining permit.
Chemaf put itself up for sale in September and, although it said in March the process was in its “final stage,” a winning bid is yet to be announced. The Trafigura Group-backed firm is trying to build one of the biggest copper-cobalt mines and processing plants in Congo on a permit rented from state-owned Gecamines.
Global Atomic’s Niger project nearing financing from US development bank
TSX-listed Global Atomic is on the verge of securing financing for the development of the Dasa uranium project in Niger. Among the approaches is a proposed $295-million debt financing led by a US development bank that is progressing towards approval. In addition to debt financing, Global Atomic has received multiple offers for pre-payments on uranium delivery contracts, strategic equity investment, minority joint venture investments at project level and equity financing from various institutions and private equity firms.
Fraud cops investigating ex-Glencore staff plan to press charges
British prosecutors investigating former Glencore employees over bribery allegations said they plan to bring long-awaited criminal charges.
More than 18 months after first revealing that as many as 11 ex-staffers were under investigation, the Serious Fraud Office told a London judge on Monday that it had sought government approval to charge individuals. It’s the first time the agency has committed to press individual criminal convictions following Glencore’s own guilty plea in 2022.
Orano at risk of losing Niger uranium mine sought by Russia
Orano could lose the right to mine uranium at one of the largest deposits in the world by June 19 after Niger rejected the French nuclear company’s plan for developing the asset.
The move comes as Russia’s seeks to take over mining assets in the West African country controlled by the French company, Bloomberg reported on June 3. Niger’s Paris-allied president was overthrown in a coup last July, the latest in a string of military takeovers in the region that has seen strongmen spurn ex-colonial power France and forge closer ties with Moscow.
Copper360, public markets, TotalEnergies, Air Products deal make headlines
Mining Weekly editor Martin Creamer discusses Copper 360 being on the road to produce quite a bit of cash by financial year end; why the Reserve Bank concern about the decline of public markets is a welcome development; and the 15-year TotalEnergies and Air Products deal.
Probably more diamond industry uncertainty now than at any other point – Gemdax
While the diamond sector probably has more uncertainty now than at any other point, participants also probably have a bigger opportunity than ever to shape what the future will look like. “One thing’s for sure, the way the industry has operated over the last decade is not going to be the way it operates in the next decade.
Lindian implements leadership changes to progress Malawi project
ASX-listed Lindian Resources has announced a cohort of board and leadership changes, effective immediately. Jack Fazio has resigned as nonexecutive director to assume a full-time role as project director.
Opinion: Beware, but do not fear!
In this article, Webber Wentzel senior associate Francois Sieberhagen writes about the implications of the Supreme Court of Appeal’s (SCA’s) judgment in the case of Minister of Mineral Resources and Energy & Three Others vs Sustaining the Wild Coast NPC and Eight Others.
Neo Performance Materials launches strategic review
Canadian rare earths company Neo Performance Materials said on Friday it would be undertaking a comprehensive strategic review, which could include a sale, divestiture, merger or other business combinations.
Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics.