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Vedanta pauses bond sale plans after Adani market volatility

21st November 2024 Vedanta Resources, controlled by Indian billionaire Anil Agarwal, is reassessing timing for a potential sale of dollar bonds, after a US indictment of the founder of separate conglomerate Adani Group fueled market volatility, people familiar with the matter said. The mining company Vedanta held... →

China’s coal bounty to keep prices in check over peak season

21st November 2024 China’s abundance of coal is likely to forestall power outages and suppress prices, even as the country heads into what’s typically a peak season for consumption. Record supply, from domestic mines and imports, and flagging industrial demand have combined to create an “avalanche” of stockpiles,... →

Exxon signs deal to supply lithium to battery maker LG Chem

20th November 2024 Exxon Mobil has signed a preliminary agreement to provide battery metal lithium to an LG Chem Ltd. plant in the US, strengthening the oil major’s role in the domestic critical minerals supply chain. The multiyear deal will cover the supply of as much as 100 000 tons of lithium carbonate from... →

UBS joins Goldman in forecasting that gold’s rally isn’t over

20th November 2024 Gold will rally to $2 900/oz by the end of next year, according to UBS Group, echoing a call from Goldman Sachs Group for further gains as central banks expand their holdings. There’s likely to be a period of consolidation due to the stronger dollar and concerns over the potential for more US... →

South African business mood brightens to best level since March 2022

20th November 2024 South African business sentiment rose its highest level since the first quarter of 2022, as constant electricity supply and political stability supported better business conditions. A quarterly business confidence index compiled by FirstRand's Rand Merchant Bank and Stellenbosch University’s... →

Group of nations make COP29 pledge on no new unabated coal power

20th November 2024 A total of 25 countries and the EU are pledging to commit to no new unabated coal power in their next round of national climate plans, the latest global pledge aimed at curbing use of the fuel. Signatories to the agreement, outlined during the ongoing COP29 climate talks in Baku, include Canada,... →

Zimbabwe power tariff hike sparks 3 000 MW of energy investments

20th November 2024 Zimbabwe’s decision to adopt tariffs that reflect costs has sparked a wave of investments in the energy sector that will help ease its power crisis. Since the switch in December last year, energy investments have sharply increased with 3 000 MW of projects currently under development, according... →

Namibia aims to raise $450m to boost power generation

20th November 2024 Namibia’s state-owned electricity utility plans to raise $450-million by selling bonds in the country and raising development bank loans to help the southwest African nation boost power generation. Namibia Power Corp. said it has signed loan agreements totaling €166-million ($175-million) with... →

Treasury to suspend municipal funds over water debt

20th November 2024 South Africa’s Treasury plans to withhold funds from five municipalities next month over their unpaid water bills, part of an effort to compel local governments to pay for basic services. The Treasury will invoke a law allowing the authorities to block the payment of a so-called equitable share... →

Rio Tinto report shows bullying remains rife with women targeted

20th November 2024 A new report by Rio Tinto Group showed 39% of workers surveyed by the world’s second-biggest miner had experienced bullying within a 12-month period, up from 31% in 2021. Two years after Rio Tinto pledged to address toxic cultures that were deterring females and non-Whites from the mining... →

Mitsui said to be highest bidder for First Quantum's stake in Zambia mines

19th November 2024 Japanese trading house Mitsui & Co. has emerged as the highest bidder for a stake in First Quantum Minerals’ Zambian copper mines, according to people familiar with the matter. Mitsui submitted an offer that’s higher than a rival proposal from Saudi Arabia’s state-backed Manara Minerals... →

Australian pension group rejects Mineral Resources pay proposal

19th November 2024 A group representing Australia’s A$3.9-trillion ($2.5-trillion) pension industry has recommended its members vote against the remuneration plan of scandal-hit Mineral Resources at the company’s annual general meeting on Thursday. The Australian Council of Superannuation Investors wants to... →

Zambia, Zimbabwe face wake-up call after Kariba dam water levels plunge, Minister says

19th November 2024 A plunge in water levels at the world’s largest man-made reservoir, which has left Zambia and Zimbabwe without power for hours, shows why they need to diversify their energy sources, according to a top official. “The over-dependence on hydropower has exposed the vulnerability of the energy mix,”... →

Photo by Reuters
The Kariba dam

Africa Central Banks seen cutting while they can after Trump win

19th November 2024 Most African central banks weighing interest rates over the next three weeks are set to lower them, wary that the window to ease further may narrow after Donald Trump becomes US president. Of the 14 monetary authorities due to give rate decisions, eight including South Africa and Kenya are... →

Australia’s national investment fund makes first bet on mining

18th November 2024 Australia’s National Reconstruction Fund will invest A$40-million ($26-million) to boost mining equipment manufacturing in the state of Queensland, the billion-dollar vehicle’s first investment since being set up by the Labor government in 2023. The independent fund will invest in... →

Nickel miner Prony plans for restart of New Caledonia production

18th November 2024 Nickel miner Prony Resources New Caledonia has brought its staff back onsite as it prepares to restart output after a six-month suspension triggered by riots in the French territory. The company, which operates the Goro mine and a plant producing battery-grade nickel, returned workers to... →

Boliden is closing in on deal for Lundin's European mines

18th November 2024 Sweden’s Boliden is closing in on a deal to buy Lundin Mining’s two European mines, according to people familiar with the situation. The two companies are in advanced talks over the assets, said the people, who asked not to be identified discussing private information. →

The Zinkgruvan mine

Soaring demand for copper will help drive mergers, BHP CEO says

18th November 2024 Soaring demand for copper will require $250billion of investment over the next decade, helping to drive further mergers in the industry, BHP Group CEO Mike Henry said. “New deposits in certain key or critical minerals are becoming harder to find, more expensive to develop and requiring more by... →

Mike Henry

Goldman says ‘go for gold’ as central banks buy, Fed cuts in ‘25

18th November 2024 Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc., which listed the metal among top commodity trades for 2025 and said prices could extend gains during Donald Trump’s presidency. “Go for gold,” analysts including Daan... →

Hydrogen wildcatters are betting big on Kansas to strike it rich

18th November 2024 A new Gold Rush is taking shape on a quiet stretch of Kansas prairie. There, a clutch of startups backed by the likes of Bill Gates are searching below the surface for naturally occurring hydrogen, a fuel that can generate power without adding to climate change. Finding it in vast quantities... →

Trump chooses oil fracking boss Wright as energy secretary

18th November 2024 President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department. Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name for himself as a vocal... →

$Trump chooses oil fracking boss Wright as energy secretary$

Gold loses some luster after Trump’s decisive win

18th November 2024 Donald Trump’s victory immediately buoyed markets from stocks to Bitcoin. Gold is going to take a lot longer to turn things around. In the two days immediately following the Republican candidate’s win, the precious metal’s performance was the worst in at least 13 US Presidential election... →

BHP warns Australian mining not ready for low-cost competitors

18th November 2024 BHP Group’s Australia chief said the nation can’t rely on its traditional mining export markets and is unprepared for a new era of lower-cost competitors. The boom in demand from China’s industrialisation is now “past the period of aggressive growth,” BHP’s Australia President Geraldine Slattery... →

Geraldine Slattery

Coal mines supplying steel mills will face new methane scrutiny

15th November 2024 Mines supplying coal for steelmaking will face new pressure over methane emissions as a United Nations watchdog expands its work. The International Methane Emissions Observatory will extend a program that currently alerts oil and gas producers and governments to releases of the greenhouse gas... →

South Africa says China could assume climate lead if US exits

15th November 2024 China has an opportunity to lead the global fight against climate change with the US set to tamp down its commitments following the election of Donald Trump as president, South Africa’s environment minister said. The world’s biggest emitter has faced scathing criticism from the US and developed... →

Forestry, Fisheries and the Environment Minister Dion George

Zimbabwe lithium miners want royalties to be linked to prices

15th November 2024 Zimbabwe lithium miners want royalty payments to the government linked to metal prices as the current market downturn threatens the viability of investment projects. That will ensure “the government captures a higher share of revenue when lithium prices are high, while providing relief when... →

South Africa’s Barloworld in talks with Saudi Arabia’s Zahid Group

15th November 2024 Barloworld is in talks with a group of investors that includes a unit of Saudi Arabia’s Zahid Group about the acquisition of the African distributor of Caterpillar Inc. equipment. The Johannesburg-based company, valued at about R16-billion, said the discussions are with a consortium that includes... →

MinRes says it paid rent of A$32m to entities linked to Ellison

15th November 2024 Mineral Resources (MinRes) said it paid rent to entities associated with its MD Chris Ellison amounting to well over A$34-million between 2007 to 2024, according to a filing with the Australian Securities Exchange. Ellison has been under scrutiny after the company that he founded launched an... →

Lithium in nascent recovery, but longer-term outlook still bleak

14th November 2024 Lithium is enjoying a mini-revival on an uptick in Chinese electric vehicle demand and supply cuts, although analysts caution there’s still likely to be a surplus of the battery metal in 2025. Chinese lithium carbonate spot prices have rallied around 8% since late October and are now at a... →

Resolute shares suspended after Mali demands $160m

14th November 2024 Resolute Mining suspended trading after Mali demanded the Australian gold miner pay about $160-million to resolve a tax dispute that’s seen its chief executive officer detained. The company’s shares in Sydney were suspended pending an announcement, it said in an exchange filing Thursday. The... →

South Africa declares national disaster after floods, storms

13th November 2024 South Africa declared a national disaster after floods and storms caused widespread damage in the country, allowing the government to free up funds for relief and reconstruction. Disruptive rains, floods, strong winds and hail from October 22 to 29 affected the Eastern Cape, KwaZulu-Natal, Free... →

Mosaic's third-quarter profit falls short of expectations, CFO Freeland to retire

13th November 2024 Fertiliser producer Mosaic missed Wall Street estimates for third-quarter profit on Tuesday, hurt by production snags and lower potash prices, sending shares down 8.3% in afternoon trading. The company also named the former finance chief of Brazilian miner Vale Luciano Siani Pires as its new... →

Southern CEO says extending coal among options to meet AI demand

13th November 2024 The booming demand for electricity from data centers and new factories requires an “all of the above” energy strategy that opens up the possibility of Southern Co. extending the retirement date of one of its coal plants, said CEO Chris Womack. “As we look at responding to demand growth, looking... →

Climate skeptics urge Trump to boost coal, gut science in agencies

12th November 2024 Activists who dispute the severity of climate change enjoyed cachet in Donald Trump’s first administration and salivated over the prospect of his return to the White House. Now that he’s won, they’ve delivered a wish list to his transition team. At the top of their agenda: Terminating federal... →

President Donald Trump

South Africa markets eurobonds after coalition lifts confidence

12th November 2024 South Africa is marketing eurobonds in its first potential international debt sale under a government of national unity following May elections. The dollar offering is set to include a benchmark-sized 12-year fixed note with a yield in the 7.4% area, as well as a 30-year bond in the 8.25% area,... →

Trump picks former congressman Lee Zeldin to lead EPA

12th November 2024 President-elect Donald Trump has selected former New York congressman Lee Zeldin to lead the Environmental Protection Agency, placing the Long Island Republican in charge of his plans to boost energy production and curb regulations. “He will ensure fair and swift deregulatory decisions that will... →

Lee Zeldin

Resolute CEO detention in Mali comes amid West Africa mining squeeze

12th November 2024 Gold miner Resolute Mining finds itself at the center of a broad shakeup of regulatory regimes across West Africa following the detention of the company’s chief executive in Mali, as cash-strapped governments seek to generate more revenue from their natural resources. Mali’s military junta —... →

China’s copper production boom threatens to crowd out the rest of the world

12th November 2024 Chinese copper smelters are facing pressure to rein in an expansion that’s pounding the industry’s profitability. The viability of plants across the globe may be at stake. The top consumer of copper globally is on track to produce about half the world’s refined metal this year after a frenzy of... →

Ivanhoe’s Friedland says fears for China on US tariffs overblown

12th November 2024 China has reduced its exposure to the US economy since Donald Trump’s first administration, leaving it better placed to weather the punitive trade tariffs being pledged by the president-elect, according to Robert Friedland, the founder of Ivanhoe Mines. “China still has a lot of cards to play,”... →

Robert Friedland

Iron-ore slumps toward $100 as China’s latest fix disappoints

11th November 2024 Iron-ore fell toward $100 a ton as Beijing’s latest efforts to revive the economy left investors disappointed, while an expansion in Chinese port stockpiles highlighted ample supplies. Futures declined as much as 2% in Singapore after slumping on Friday, when the Chinese government unveiled a... →

China’s GEM and Vale plan $1.42bn Indonesian nickel plant

11th November 2024 GEM Co., a Chinese battery-metal producer, and Vale’s Indonesian unit signed an agreement to build a $1.42-billion nickel plant in the Southeast Asian nation, highlighting the country’s drive to boost processing. The two companies signed a framework agreement for a high-pressure acid leach... →

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