The National Energy Regulator of South Africa (Nersa) has invited comment on Eskom’s application to preserve and reserve grid connection capacity for independent power producers (IPPs) participating in public procurement processes implemented in line with Section 34 of the Electricity Regulation Act (ERA). In its application, Eskom indicates that it is seeking permission to discriminate in favour of public procurement IPP projects, at the expense of private IPP projects.
ESG just a new way of reporting on what mining companies have already been doing for years, …
When considering the challenges involved in junior mining companies living up to increasingly stringent environmental, social and governance (ESG) requirements and reporting standards, mining and environmental law firm Malan Scholes director Hulmes Scholes has noted that ESG is just a new term for reporting what mining companies already do. As such, junior miners need not be intimidated by it, he told delegates attending the Junior Indaba, in Johannesburg, on May 21.
Tharisa warns of lower full-year earnings on the back of lower PGM prices
Platinum group metals (PGM) and chrome concentrate producer Tharisa has warned that its earnings per share (EPS) and headline earnings per share (HEPS) are likely to be up to 29% lower year-on-year for the financial year ended March 31, as a result of a 40% decrease in PGM price and increased cost pressures. EPS are expected to be between 22.4% to 28.2% lower year-on-year at between $0.125 and $0.135, while HEPS are expected to be between 23.3% and 29% lower year-on-year at between $0.125 and $0.135.
Menar advancing on the manganese front
Private investment company Menar, which is advancing steadily on the manganese front, has anthracite, coal, nickel, and gold in its diversified multi-country portfolio. The company’s diversification into manganese began in 2021 with the East Manganese project in the Northern Cape, where a second manganese project is now at an advanced stage of assessment, and a manganese acquisition is under consideration.
Premier raises £1.25m for use at its Zulu lithium, tantalum project
London-listed Premier African Minerals is raising about £1.25-million through the issue of about 781.25-million shares at 0.16p each. It will use the funds raised for the ongoing mining operations at its Zulu lithium and tantalum project, in Zimbabwe, as well as for working capital purposes.
Consol Energy resumes shipments from marine terminal in Baltimore
Coal producer Consol Energy said on Tuesday shipments to international markets have resumed from its marine terminal in Baltimore.
Coal exports from the busy US port of Baltimore were disrupted in March following the collapse of a bridge that was struck by a massive cargo ship. Consol’s terminal was also shut following the incident.
Use resources to diversify African economies, unlock sustainable growth
A majority of African economies, or 83%, are highly commodity-dependent and are vulnerable to external shocks, experiencing good growth when commodity prices are high, but seeing growth reversal and setbacks when prices are low. Chad, for example, experienced an average of 9% growth in GDP between 2001 and 2014, but since 2015, the GDP of the country has contracted and poverty increased. GDP per capita is decreasing and developmental gains have been reversed because of the inability to sustain economic growth.
Anglo shareholder LGIM supports break-up plan as BHP circles
Anglo American shareholder Legal & General Investment Management (LGIM) supports the break-up plan announced by the company last week, it said on Monday, as the deadline approaches for BHP Group to log a formal takeover offer.
The radical plan to divest Anglo’s less profitable coal, nickel, diamond and platinum businesses followed its rejection of two all-share takeover approaches from BHP, the world’s biggest listed mining group, which had proposed a $43-billion deal on the condition that Anglo first spins off its South African operations.
Reserve Bank warns carbon taxes may cut exports by 10%
South African economic growth could be severely stunted if carbon taxes are widely imposed on its exports, according to a new report by the country’s central bank. The South African Reserve Bank (SARB) said the hit could reach 10% of exports and more than 9% of gross domestic product in 2050 under a worst-case scenario in which carbon taxes are slapped on all exports by all trading partners. But it also found the impact could be much lighter, in a summary of several studies into the implications of the European Union’a new Carbon Border Adjustment Mechanism on South African exports.
Zimbabwe to start gold-tracing system in bid to curb smuggling
Zimbabwe’s sole authorized buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling. Fidelity Gold Refinery’s initiative will start on Sept. 30, General Manager Peter Magaramombe told miners Monday in the capital, Harare.