Electricity Minister Kgosientsho Ramokgopa denies that the prevailing reprieve from loadshedding has been “stage managed” to improve the prospects of the governing African National Congress ahead of the May 29 poll, attributing it instead to “orchestrated” engineering efforts undertaken by Eskom over the past 18 months. Speaking during a briefing that coincided with the fortieth consecutive day of no loadshedding and amid growing societal cynicism about the timing of such supply stability, the Minister also strenuously denied that the improved performance was because Eskom was relying more heavily on the diesel-fuelled open cycle gas turbines that it owned as well as those operated by independent power producers (IPPs).
Orion Minerals in final stages of Okiep acquisition
ASX- and JSE-listed Orion Minerals has reached the final stages of its acquisition of a controlling interest in the Okiep copper project, located about 570 km north of Cape Town in the Northern Cape. Strategic funding partner the Industrial Development Corporation of South Africa (IDC) has now obtained internal approvals and counter-signed the addenda to the agreements which will see Orion acquire the controlling interest in Okiep.
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
Two of BHP Group’s biggest rivals are sitting on the sidelines for the moment as they watch to see how a takeover offer for Anglo American will play out.
Both Rio Tinto Group and Glencore are more focused on waiting for opportunities to snap up specific parts of Anglo’s business as BHP’s bid unfolds, rather than pursuing rival offers for the entire group.
Sierra Rutile directed to resume mining operations
The government of Sierra Leone has instructed ASX-listed Sierra Rutile to recommence mining activities in Area 1 by the end of the month.
Government views Sierra Rutile’s suspension of mining at Area 1 as a violation of the Mines and Minerals Development Act and has given the company until May 31 to address the situation.
Congo’s $7bn infrastructure deal with China will depend on copper prices
About $7-billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised minerals deal will largely depend on copper prices remaining high, details of the agreement published on Friday show. The government of President Felix Tshisekedi pushed for a review of the 2008 infrastructure for minerals deal with Sinohydro Corp and China Railway Group to bring more benefits for Congo, the world’s biggest cobalt producer.
Manook stresses importance of abated coal in energy future of many nations
Global coal organisation FutureCoal has suggested that world leaders follow a balanced, pragmatic and responsible approach to energy policy, following an announcement by the Group of Seven (G7) forum that unabated coal will be phased out by 2035. The announcement was made at a G7 Ministerial meeting on climate, energy and environment matters.
Platinum-based green hydrogen emerging as Winter Olympics decarbonisation pillar
Green hydrogen, which is generated with the benefit of the catalysis that platinum group metals (PGMs) provide, is being increasingly highlighted as a pillar of the global decarbonisation transition that is poised to save the world from ruinous climate change. News just out is that steps are being taken to locate a green hydrogen production facility in a location where the 2030 Winter Olympics are to be held in the French Alps.
What’s Anglo worth? For now it’s less than the sum of its parts
As BHP Group considers its next move, there’s one big question facing the mining world’s bankers, analysts and executives at rival producers: What’s Anglo American actually worth?
Anglo’s shares are trading about 8% above the price implied by BHP’s initial proposal, which was swiftly and firmly rejected, and Bloomberg reported on the weekend that the larger firm was considering an improved offer.
Value creation, exploration, Harmony Gold projects make headlines
Mining Weekly Editor Martin Creamer discusses Barrick’s recently revealed first quarter results where discovery and development were punted as the true drivers of value creation in mining; South Africa’s struggling economy, which could benefit relatively quickly from getting exploration going at pace; and Harmony Gold’s key South African gold projects and its Australian copper project.
West Wits to raise A$1.4m
To strengthen its balance sheet and fund its ongoing operations, ASX-listed West Wits Mining has secured firm commitments from unrelated existing and new sophisticated and professional investors to raise A$1.4-million, before costs, through a share placement. It intends to issue about 107.69-million fully paid ordinary shares at A$0.013 a piece.