Miningmx
Independent news/analysis on the African mining sector.
US, European Funders in Mix for Tharisa’s Karo Project
Tharisa is seeking $300 million of financing for its $545 million Karo platinum‑group‑metals project in Zimbabwe, courting North American and European government‑backed lenders alongside offtake partners. The mine is designed to produce about 226,000 ounces of PGMs per year in its first phase. Tharisa has already committed $190 million in equity, raised $37 million via a bond (netting $26 million), and is negotiating a $200 million loan, while strategic investors such as Impala Platinum may take equity stakes. Finalizing funding depends on securing Zimbabwean fiscal incentives, including duty exemptions, a 15% corporate tax rate and dollar‑denominated sales.
Gold’s Haven Role Intact Despite Sharp Price Fall
Gold prices dropped about 12% after the Middle East conflict, but Standard Chartered’s global head of commodities research Suki Cooper says the metal’s safe‑haven status remains solid. The decline is attributed to short‑term liquidity pressure rather than a structural shift,...
Barrick Names Leadership Team for North America IPO
Barrick Mining has formed a seven‑person executive team to run its Nevada and Dominican Republic operations as it prepares a North American IPO later this year. Tim Cribb will serve as chief operating officer, Wessel Hamman as chief financial officer,...
Ghana Limits Damang Mine Bids to Local Firms
Ghana has limited the tender for the Damang gold mine to firms that are 100% owned by Ghanaian citizens, as Gold Fields prepares to hand over the asset on April 18 after a 12‑month extension. Prospective bidders must demonstrate open‑pit...
Master Drilling Defers Dividend as Iran Crisis Looms Large
Master Drilling reported record US‑dollar revenue of $292 million, a stable $371.4 million order book and a $997.8 million pipeline for the year ending December. Despite these strong fundamentals, the company has postponed its annual dividend, citing uncertainty over the escalating Iran conflict...
Canada Moves to Save Glencore’s Quebec Copper Smelter
The Canadian and Quebec governments are negotiating to keep Glencore's Horne copper smelter open after the miner threatened closure over new arsenic‑emission rules. Quebec proposed delaying the 15 ng/m³ limit until 2029, while Ottawa is reviewing a roughly C$150 million ($111 million USD)...
Congo Deepens China Mining Ties Amid US Rivalry
The Democratic Republic of Congo signed a new agreement with China to deepen cooperation in its mining sector, covering geological data sharing, investment protection, and promotion of local processing. The deal gives Chinese firms priority on the MIFOR iron‑ore project...
There’s More to Exxaro Price Surge than Energy Security
Exxaro Resources’ shares surged to a three‑year high after global coal prices spiked following Russia’s invasion of Ukraine. CEO Ben Magara attributes the rally to three drivers: the completion of a R10.6bn (~$558 million) manganese acquisition, a higher dividend of R10...
US Takes Stake in Graphite Miner Syrah Resources
The U.S. International Development Finance Corporation is converting a $31 million loan into roughly a 20 percent equity stake in Australian graphite miner Syrah Resources, making it the agency’s second‑largest shareholder. An additional $15 million will be disbursed to Syrah’s Balama mine in...
Farewell but Not Goodbye to ‘GlenTinto’, Analysts Say
The $240 billion proposed merger between Rio Tinto and Glencore fell apart in February, with both sides unable to agree on valuation splits. While Australian shareholders celebrated the breakup, rising thermal coal prices—up roughly 25% to about $130‑$150 per tonne—have revived...
AngloGold to Call $3.6bn US Project Study in June
AngloGold Ashanti’s Arthur gold project in Nevada has completed a prefeasibility study confirming an average output of 500,000 ounces per year at an all‑in sustaining cost of $954 per ounce. The study, covering a nine‑year mine life, estimates capital expenditures...
Chile Clears Codelco-Anglo Copper Mine Venture
Chile’s antitrust regulator has approved the joint mining plan between state copper producer Codelco and Anglo American for the Andina‑Los Bronces project. The venture merges Codelco’s Andina mine with Anglo’s Los Bronces mine and targets at least $5 billion in value...
Harmony Gold Seeks End to 18-Year PNG Deadlock
Harmony Gold is seeking mediation to break an 18‑year impasse over its Wafi‑Golpu gold‑copper project in Papua New Guinea. A 2023 MOU with Newmont set the stage for a special mining lease, but the lease remains stalled, pushing first production...
Geopolitics Sidelining Climate Goals, Says BHP’s Slattery
BHP’s Australian operations chief Geraldine Slattery warned that recent geopolitical upheavals are pushing energy security ahead of climate objectives, reshaping policy priorities in major economies. She cited Middle East conflicts and disruptions to the Strait of Hormuz as catalysts for...
Rio Tinto Eyes Arizona Copper Mine by Mid-2030s
Rio Tinto has won a lengthy legal battle, gaining control of the land needed for its Resolution Copper project in Arizona. The miner launched a $500 million drilling program to explore the remaining 30% of the deposit that was previously inaccessible....
Kenmare Suspends Dividend, Cuts Staff to Stabilise Finances
Kenmare Resources announced it will suspend its 2025 final dividend and cut about 15% of its Moma workforce as weak titanium feedstock prices and a delayed WCP A upgrade pressure its finances. The company posted a $23.7 million adjusted loss for...
Zijin’s Congo Lithium Mine to Rank Among World’s Biggest
Zijin Mining Group’s Manono lithium project in the Democratic Republic of Congo is slated for commissioning in June and will become one of the world’s largest hard‑rock lithium operations. At full capacity it will produce 130,000 tonnes of lithium carbonate...
Record Gold Prices Fail to Lift SA Output
South Africa’s gold production has stalled at roughly 90 tons a year, a sharp decline from its 1970 peak of 1,000 tons, despite a 60% surge in gold prices over the past year. Dwindling reserves, labor unrest and the extreme...
Nornickel Bets on AI to Find Palladium Uses
Nornickel, the world’s largest palladium producer, has launched a $100 million AI initiative to discover new uses for the metal as electric vehicles erode its traditional auto‑catalyst market. The Palladium Center, created in 2023, targets an additional 1.7 million ounces of annual...
Gemfields Girds Market for Loss, Debt Pressure
Gemfields, the leading ruby and emerald miner, warned it will post a loss for the 2025 financial year ending December, citing weak gemstone prices, a delayed expansion project, and operational disruptions such as illegal mining. The company expects a headline...
China Copper Stocks Fall on War-Driven Price Drop
China’s refined copper inventories shrank by 78,700 tons in the week to March 23, falling to 486,200 tons—the steepest weekly drop this year. The decline was driven by a roughly 12% price plunge on the London Metal Exchange this month, spurred...
BHP Appointment Revives Mining Diversity Concerns
BHP announced Brandon Craig as its new chief executive, surprising investors and sparking renewed debate over gender diversity in mining leadership. The decision passed over two senior female executives—Australia president Geraldine Slattery and CFO Vandita Pant—who were seen as strong...
Iran War Pushes up Miners’ Diesel Costs
The Iran‑Israel conflict has nearly closed the Strait of Hormuz, sending Singapore diesel swaps soaring to about $180 a barrel—almost double pre‑conflict levels. Fortescue Metals Group, the world’s fourth‑largest iron‑ore producer, said a 10‑cent diesel price shift translates to $70 million...
SA Rues Gold’s Plunge – and It Could Get a Heap Worse
Gold prices have fallen 17% since their January peak, pulling South Africa's all‑share JSE index down 14.8% as gold miners, once 20% of the top‑40, saw sharp sell‑offs. The decline is linked to leveraged positions unwinding after gold’s rally to...
Thungela Slides Into Full Year Loss After R8.8bn Asset Impairment
Thungela Resources reported a full‑year loss of R7.1 billion (≈$374 million) after taking an R8.8 billion (≈$463 million) asset impairment tied to a steep drop in thermal‑coal prices. South African export coal fell 20% to $89.53 per ton and Australian Ensham prices slipped 17%...
Pan African Pays Its Way Out of Aussie Gold Penalty
Pan African Resources bought Australian miner Tennant Consolidated Mining Group for $54.2 million and now projects 46,000‑48,000 ounces of gold from the Nobles project in FY 2026, with a long‑term target of 100,000 ounces. To remove costly JV penalties, the company is...
Platinum Is Back. So Why Are Its Miners Shunning Growth?
After a year of depressed prices, platinum‑group metal (PGM) prices have nearly doubled and producer shares rose over 70%. Despite the rally, CEOs of companies that control 80% of global PGM output said they will prioritize life‑of‑mine extensions, cost discipline...
Minerals Council Warns Against Govt “Sandbagging”
The Minerals Council of South Africa warned the government against "sandbagging" as it revises the Minerals & Petroleum Resources Development Act. Council President Paul Dunne said regulatory uncertainty threatens costly, decade‑long mining projects and could deter debt and equity financing....
KoBold Starts Development of Zambia Copper Project
KoBold Metals, backed by Jeff Bezos and Bill Gates, has begun development of the Mingomba copper project in Zambia, targeting first production in the early 2030s. The mine will require about $2.4 billion in capital and is designed to produce roughly...
Zijin Unit Eyes Tungsten and Uranium Investments
Zijin Mining Group’s Gold Mountains Asset Management, overseeing more than $6 billion, is expanding beyond gold and copper to target strategic metals such as tungsten, uranium and rare earths. The push follows a sharp price surge in tungsten, which has more...
Congo Export Curbs to Keep Cobalt Scarce Till 2030
The Democratic Republic of Congo, responsible for over 70% of global cobalt, imposed an export ban in February 2025 and later introduced strict quotas, slashing refined output by roughly 20%. The curbs created an 82,000‑ton deficit in 2025 and drove...
Sibanye-Stillwater Welcomes New US Tariff on Russian Palladium
Sibanye-Stillwater welcomed the U.S. Department of Commerce's proposal for a 109.10% countervailing duty on Russian unwrought palladium, adding to an earlier anti‑dumping duty of up to 132.83%. Together the measures impose roughly a 242% tariff on Russian palladium imports. The...
Ghana Studies Bids to Revive Seized Damang Mine
Ghana is evaluating three local bids to acquire the seized Damang gold mine as the current lease with South African miner Gold Fields expires on 18 April. The government rejected Gold Fields' renewal request, citing insufficient reserve data, and will not...
A Crisis Forever? How Diamond Miners Are Digging In
The liquidation of Ekapa Mining marks the end of roughly 150 years of diamond extraction in Kimberley and underscores a broader slump that has driven unpolished diamond prices to a 12‑month low. De Beers, pressured by the market decline, cut prices...
South32 Too Risky for Predators, Says Outgoing CEO
South32 CEO Graham Kerr, who will depart after 12 years, says the Perth‑based miner is too risky for larger acquisition predators. He highlights a strategic pivot toward base metals, targeting 90% of production in that sector within 18 months, with...
Perseus Sells Sudan Gold Prospect as Civil War Rages On
Perseus Mining has agreed to sell its Meyas Sand Gold Project in Sudan to China’s Matrix Group for $260 million, recouping its acquisition and operating costs. The sale, slated for completion by April 22, follows a strategic review triggered by Sudan’s four‑year...
Iron Ore Heads for Biggest Weekly Gain
Iron ore futures are set for their biggest weekly gain in over a year as China’s state‑backed buyer, the China Mineral Resources Group (CMRG), expands restrictions on BHP products. Singapore‑listed contracts rose more than 6 % this week, reaching nearly $109...
ERG Unit Urges Congo to Halt Illegal Mining
A unit of Eurasian Resources Group (ERG), operating through its 51%‑owned subsidiary Boss Mining, urged the Democratic Republic of Congo to stop illegal mining after a landslide on its copper concession killed and injured workers. The slide, which occurred on...
Lucara Diamond Secures Balance of Funds for $779m Karowe
Lucara Diamond Corp. closed a $350 million private‑placement bond, using the proceeds to refinance $220 million of legacy debt and to fund the remaining cost of its $779 million Karowe underground extension in Botswana. The project will deepen the mine to 767 metres, extending...
Anglo American Iron Ore Cargoes Diverted by Iran War
Anglo American rerouted three iron‑ore vessels after the Strait of Hormuz became impassable following U.S. and Israeli strikes on Iran. The ships—Cape Shangrila, Cape Jasmine and Mineral Zimbabwe—were diverted to Singapore, Vietnam and China respectively. Vale experienced similar disruptions, sending...
Orion Minerals Sets Sights on Wealthy Equity Partners
Orion Minerals secured a $250 million agreement with Glencore, including $40 million upfront, to supply copper from its Prieska Copper Zinc Mine and fund the Uppers and Deeps projects costing just over R6 billion. The company still requires roughly R2 billion in equity to...
Samancor Presses Ahead with Job Cuts Despite Eskom Deal
Samancor Chrome announced plans to retrench roughly 2,400 employees across its smelting plants and corporate offices. The move comes even after South Africa’s government and Eskom agreed to lower electricity tariffs for ferrochrome producers to 62 cents per kilowatt‑hour. The...
Banks Failing to Screen for Illegal Mining Risks
A Reuters‑cited study by WWF and Themis finds that roughly 40% of banks and investors do not screen for illegal mining risks, despite 84% operating in high‑risk sectors such as transport and trade. Illegal mining generates at least $48 billion in...
De Beers Sale Gets Cheaper, Though Not Easier
Anglo American slashed De Beers' balance‑sheet value to $2.3 bn, intensifying a sale that has lingered for two years. The diamond market is under pressure from lab‑grown stones, now accounting for up to 25% of jewellery sales and half of engagement rings....
Kenmare Facing VAT Hit After Mozambique Springs Tax Surprise
Kenmare Resources warned that Mozambique's tax authority has unilaterally introduced new regulations that could raise royalties to 3.5% by 2031 and strip the Moma heavy‑minerals mine of its industrial free‑zone status. The company estimates the changes could cost $25‑40 million annually,...
Pan African to Buy Out Aussie JV Partner in £163m Deal
Pan African Resources announced an all‑share deal worth £163 million to buy Emmerson Resources' 25% stake in the Tennant Creek joint venture, giving it full ownership of the Nobles gold mine. The transaction will issue 103 million Pan African shares, representing a...
ARM Confirms Bid to Build Ngqura Manganese Terminal
Rainbow Minerals (ARM) confirmed its participation in a joint‑venture bid with Transnet to build the Ngqura Manganese Ore Export Terminal in South Africa’s Eastern Cape. The proposed facility would handle 16 Mt of manganese annually, with scope to expand to 22 Mt....
Glencore Backs Kazakh Entrepreneur’s ERG Stake Bid
Glencore has offered an $800 million pre‑payment to finance Kazakh entrepreneur Shakhmurat Mutalip’s $1.4 billion bid for a 40% stake in Eurasian Resources Group (ERG). The funding would be secured against future ferrochrome deliveries, helping Mutalip outpace a rival offer from ERG...
Implats Doubles up on Interim Payout as Cash Surges
Implats announced a R3.7bn interim payout of R4.10 per share, double its stated dividend policy and backed by R12.1bn free cash flow for the six months to December. Despite the generous payout, Johannesburg‑listed shares fell 8% as analysts flagged the...
Gobalsamy Says Omnia May Build Plants in the US
Omnia Holdings is accelerating its shift toward mining explosives, with BME now contributing over half of net earnings. The CEO says the group may build a production plant in the United States to mitigate tariff exposure and serve the North...
