Mining Weekly
Project launched to define role of finance in South Africa and India’s ‘just transitions’
Tue, 19 Jan 2021 17:00:00 +0200
A new multi-partner initiative has been launched with the aim of defining the role that finance can and should play in supporting both South Africa and India’s aspirations to implement “just transitions” to more climate-resilient economies. The ‘Just Transition Finance Roadmaps in South Africa and India Project’ is being backed by the UK’s development finance institution, the CDC Group, in partnership with Trade & Industrial Policy Strategies (TIPS) and the National Business Initiative (NBI), of South Africa, as well as the Observer Research Foundation, LSE Grantham Research Institute on Climate Change and the Environment, the Harvard Kennedy School’s Initiative for Responsible Investment and the National Institute of Public Finance and Policy.
Tanzania and Kabanga Nickel strike deal to develop nickel project
Tue, 19 Jan 2021 16:46:00 +0200
Tanzania and UK-based mining firm Kabanga Nickel Limited signed a framework agreement on Tuesday to jointly develop the Kabanga nickel project formerly owned by Barrick Gold and Glencore. Foreign minister Palamagamba Kabudi said during a signing ceremony in Bukoba that the government would own a 16% undiluted free-carried interest in the nickel project through a new joint venture company, Tembo Nickel Corporation, 84% owned by Kabanga Nickel.
November mining production down 11.6% y/y
Tue, 19 Jan 2021 16:24:00 +0200
Statistics South Africa (Stats SA) reports that South Africa’s mining production decreased by 11.6% year-on-year in November, largely owing to iron-ore output having decreased by 35.3%, contributing 3.9 percentage points. Platinum group metals (PGMs) also dragged the industry’s performance down, with output down 16.1%, while manganese ore production was down 15.9% down.
Ewoyaa scoping study sets out low capital cost
Tue, 19 Jan 2021 16:04:00 +0200
Aim-listed explorer IronRidge Resources has completed a scoping study on the Ewoyaa lithium project in Ghana, which supports a business case for a two-million-tonne-a-year operation with an eight-year life-of-mine (LoM), LoM revenues exceeding $1.55-billion and significant potential to extend the LoM. According to the scoping study, the mine will be able to produce an average 295 000 t/y of 6% lithium oxide spodumene concentrate.
Baker McKenzie, Implats recognise hydrogen's potential
Tue, 19 Jan 2021 15:47:00 +0200
Law firm Baker McKenzie has advised JSE-listed Impala Platinum Holdings (Implats) on its investment into the AP Ventures Fund II, which focuses on companies developing sustainable hydrogen energy technologies. Implats had taken a significant “Limited Partner” stake and advisory board seat in the fund in December last year.
Platinum group metals playing role in Switzerland’s green hydrogen roll-out
Tue, 19 Jan 2021 15:41:00 +0200
Platinum group metals (PGMs), which South Africa hosts in greater abundance than any other country on earth, are playing important catalytic roles in Switzerland’s green hydrogen and green truck rollout, which is now under way. Mining Weekly can today report that proton exchange membrane (PEM) technology, which benefits from catalysis brought about by PGMs in both electrolysers and fuel cells, is the technology of choice and is helping to bring about an incipient green hydrogen ecosystem in Switzerland. PEM electrolysers are generating the green hydrogen that is so critical in the road-tax exemption that is rendering the use of fuel cell electric vehicles (FCEVs) an economic proposition.
Vedanta agrees to settlement with Zambian villagers over pollution claims
Tue, 19 Jan 2021 15:27:00 +0200
UK-based law firm Leigh Day has confirmed in a statement that global diversified miner Vedanta Resources has agreed to pay a settlement for all claims brought against it by Zambian claimants related to alleged pollution around the Konkola Copper Mines (KCM) operations. Without admission of liability, Vedanta and KCM have agreed to settle claims brought by about 2 000 Zambian villagers in 2015, for the benefit of local communities.
Platinum group metals take another step closer to use in battery electric vehicles
Tue, 19 Jan 2021 15:08:00 +0200
TSX- and NYSE-listed Platinum Group Metals (PTM) and its subsidiary Lion Battery Technologies reports that the US Patent and Trademark Office has issued a second patent to Florida International University (FIU) related to the use of platinum group metals (PGMs) in lithium batteries. Lion is a private company that was established in 2019 by Anglo American Platinum (Amplats) and PTM to accelerate the development of next-generation battery technology using platinum and palladium.
Mather steps down as SolGold CEO
Tue, 19 Jan 2021 13:01:00 +0200
Gold and copper miner SolGold on Tuesday announced that Nick Mather would step down as CEO, after 13 years at the helm of the Ecuador-focused company. His resignation comes a month after Mather was handed a strong rebuke at the company’s annual meeting, when nearly half (44.7%) of shareholders voted against his reappointment to the board. Shareholder Cornerstone Capital Resources previously called for a complete overhaul of the miner’s board.
Petra's 2021 guidance remains suspended, but diamond prices recovering
Tue, 19 Jan 2021 12:56:00 +0200
Ahead of the release of diamond miner Petra Diamonds’ interim results, the miner has reported a 16% year-on-year decrease in overall production to 1.74-million carats for the first half of its 2021 financial year, mainly as a result of the Williamson mine in Tanzania remaining on care and maintenance. Although Cullinan experienced increased production in the six months to December 31, this was offset by lower output at the Finsch mine as a result of waste ingress in a number of the upper levels of the Block 5 sub-level cave, which negatively impacted on the recovered grade, and corrective measures to address the waste ingress restricting the volume of run-of-mine tonnes being mined.
Centamin reports decrease in Q4 gold output
Tue, 19 Jan 2021 12:27:00 +0200
Gold miner Centamin delivered 67 996 oz of gold from its Sukari gold mine during the fourth quarter to December 31. While this was a 54% decrease compared with the corresponding fourth quarter in 2019, owing to mining lower grade material, the output was in line with the company’s quarterly guidance range of 60 000 oz to 70 000 oz.
Sibanye, Minerals Council mourn death of Shadwick Bessit
Tue, 19 Jan 2021 12:17:00 +0200
Precious metals miner Sibanye-Stillwater CEO Neal Froneman says it is with deep sadness that the company announces the “tragic passing” of its South African gold operations executive VP Shadwick Bessit, who succumbed to Covid-19-related complications on January 16. “The board and management have extended their sincere condolences to Bessit’s family, friends and all his colleagues. We mourn the loss of a dear colleague, a leader and highly valued member of the senior leadership team.”
ZCCM to buy Glencore’s stake in Mopani
Tue, 19 Jan 2021 11:24:00 +0200
Diversified miner Glencore’s subsidiary Carlisa Investments Corporation has signed an agreement with ZCCM Investments Holding to transfer its 90% interest in Mopani Copper Mines to ZCCM for $1 and the transaction debt. Zimbabwean State-owned mining investment company ZCCM already holds a 10% interest in Mopani. Glencore, as an 81.2% shareholder of Carlisa, expects regulatory and shareholder approvals to be finalised within the next three months. Mopani had been funded by borrowings from Carlisa and other members of the Glencore group.
Turquoise Hill takes issue with Rio Tinto’s undercut criteria
Tue, 19 Jan 2021 11:10:00 +0200
Canada-listed project developer Turquoise Hill said on Monday that it was engaging with major shareholder Rio Tinto over its criteria for caving operations at the Oyu Tolgoi underground project, in Mongolia, stating that it did not believe the nontechnical specifications were necessary. “The criteria supporting the undercut decision, including the nontechnical criteria publicly announced by Rio Tinto, have not been agreed to by the shareholders of Oyu Tolgoi. Turquoise Hill does not agree that all of these additional non-technical criteria are either appropriate or necessary,” the Montreal, Quebec-headquartered junior said in a statement.
After baptism of fire, empowered valves manufacturer on road to recovery
Tue, 19 Jan 2021 10:35:00 +0200
After fulfilling, in November 2019, all the conditions precedent to finally consummate the R165-million acquisition of valve manufacturer Dynamic Fluid Control (DFC) from Aveng the new black owners faced a true baptism of fire. CEO and co-shareholder Tumi Tsehlo, who previously headed the South African Mint for eight years, reports that the business immediately slumped to its worst four-month performance in history – and that was before Covid-19 had even made its deadly appearance in South Africa.
Castillo ponders Broken Hill spin-out
Tue, 19 Jan 2021 10:28:00 +0200
ASX-listed Castillo Copper is considering divestment strategies for its Broken Hill asset, including a possible spin-off and potential London or Australian listing. “The resurgence of interest in the Broken Hill region is timely, as it provides an excellent opportunity for Castillo Copper to optimise the Broken Hill Alliance project and create value for shareholders,” said MD Simon Paull.
Consolidated Zinc adjusts Plomosas offtake
Tue, 19 Jan 2021 10:10:00 +0200
Base metals miner Consolidated has updated its offtake agreement with Industrias Penoles SA de CV that would reduce transport costs for the Plomosas concentrate that is delivered and sold to Penoles. As part of the agreement, Consolidated Zinc has also granted Penoles an additional one-year option to extend the zinc concentrate purchase agreement, which covers all of the zinc concentrate produced at Plomosas, until the end of December 2023.
MRC adds to Norwegian footprint
Tue, 19 Jan 2021 10:09:00 +0200
ASX-listed Mineral Commodities has secured two additional graphite prospects near its existing Skaland graphite mining operations, in Norway. The company on Tuesday reported that it had entered into a landowner agreement to explore the Hesten and Vardfjellet graphite prospects, which are some 4km west of the Bukken exploration prospect, for which Mineral Commodities subsidiary Skaland was granted exploration rights in mid-2020.
Alkane increases 2021 target
Tue, 19 Jan 2021 10:08:00 +0200
Gold miner Alkane Resources has beaten its production expectations in the three months to December, with the miner increasing outs full year output target for the full 2021. The miner on Tuesday reported that its Tomingley operation, in New South Wales produced 15 919 oz of gold during the quarter, at all-in sustaining costs of A$1 201/oz, ahead of expectations.
Jervois makes plans at Brazilian refinery
Tue, 19 Jan 2021 10:07:00 +0200
Triple listed Jervois Mining has revealed plans to integrate a pressure oxidation leach circuit (POX) at its São Miguel Paulista nickel/cobalt refinery, in Brazil. The company in October last year announced plans to acquire the refinery from Companhia Brasileira de Aluminio (CBA) – a subsidiary of Votorantim – for $22.5-million, payable in tranches, and in December made the first tranche payment.