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Market research firm Mordor Intelligence expects the global lithium carbonate market to grow from 141-million lithium carbonate-equivalent (LCE) tons in 2026 to 3.93-million LCE tons by 2031, marking a 22.74% compound annual growth rate (CAGR), with new projects in Chile and Nevada gradually expanding supply outside of China.
China currently accounts for between 60% and 70% of global lithium refining, yet imports 80% of its spodumene from Australia.
Lithium processing remains concentrated in few regions, creating supply chain risks and dependence on imported raw materials. Mordor explains that new refining projects outside of China often face lengthy approval processes, stringent technical requirements and shortages of skilled workers, which all slow capacity expansion in the lithium industry.
Japan and South Korea, for example, continue to depend heavily on imported battery-grade lithium carbonate, leaving them exposed to changes in regional supply policies.
North America is expanding its lithium carbonate capacity as government incentives encourage local mining, refining and battery production, however, permitting and development timelines remain challenges to more rapid expansion.
Growth in the lithium carbonate industry is supported by the increasing use of lithium iron phosphate batteries which rely on lithium carbonate, along with rising demand for energy storage.
US utility-scale energy storage installments alone this year are poised to reach triple that of the 57.6 GWh figure in 2025.
Mordor comments further in respect of market trends that direct lithium extraction is moving toward broader commercial use, with new methods helping to improve recovery rates, reduce energy use and lower environmental impacts. Recycling is also becoming an integral part of the supply chain by recovering lithium from used battery materials.
With lithium carbonate prices remaining highly sensitive to changes in battery demand, mine production and supply availability, Mordor says these frequent price movements often affect producer margins and make investments and production planning more challenging.
Lithium carbonate is required to be industrial-grade, technical-grade or battery-grade, with the sources including brine, spodumene - or hard rock, clay and recycled material.
Established lithium carbonate suppliers include Albemarle Corporation, Ganfeng Lithium Group, Jiangxi Jiuling Lithium, Lithium Americas Corporation, Lithium Argentina, Pilbara Minerals, Rio Tinto, Shangdong Ruifu Lithium, Tianqi Lithium Corporation and SQM.
"As the lithium carbonate market expands, growing demand for lithium-ion batteries, electric vehicles, and energy storage systems is creating opportunities across the battery supply chain. Increasing adoption of lithium iron phosphate battery technology and investments in lithium extraction and refining are also supporting market growth," comments Mordor senior research manager Himanshu Vasisht.
By grade, battery-grade material accounted for 82% of the lithium carbonate market share in 2025 and is expected to grow at a CAGR of 23.95% through 2031.
By source, brine supplied 65% of the market share in 2025, however, hard-rock spodumene is forecast to grow the fastest at a CAGR of 23% through 2031.
By application, lithium-ion batteries held 89% of the market share in 2025, yet energy storage systems are expected to lead growth with a 24% CAGR through 2031. Energy storage systems will likely consume 42% of global lithium carbonate stocks by 2035, up from 8% in 2020.
By geography, Asia-Pacific commanded 79% of the lithium carbonate market share in 2025, however, North America is anticipated to be the fastest-growing region, growing at a CAGR of 28% through 2031.

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Gold Fields has more than doubled free cash flow in the last twelve months; Northern Star has suffered free cash flow decline in the same period despite gold price rise.
Gold Fields has a settled leadership team; Northern Star has a CEO, CFO and chief development officer transition underway during a period of project execution and delivery.
In Western Australia, where Gold Fields has a quarter-century experience, the assets of the two companies are close to one another, but the performance of one of Northern Star's assets is dependent on the extended ramp-up through financial year 2029 and the other is a long-term growth option that Gold Fields can accelerate.
Downstream processing is alsl key and the reserves of 92% of Northern Star's Western Australian assets are within 100 km of existing Gold Fields' processing infrastructure.
By combining the two complementary businesses, $4-billion to $5-billion worth of value is likely to be unlocked.
So, on September 13 submitted a proposal to the Northern Star board to acquire 100% of the ordinary shares in Northern Star by way of a scheme of arrangement that gives Northern Star a third of Gold Fields.
Then on September 26, the Australia Stock Exchange (ASX)-listed the Northern Star informed Gold Fields that it was not appropriate to engage in further discussions.
At the time of going to press, Gold Fields presentation document to be presented at the 2026 Mining Forum in Denver stated that: "There can be no certainty that any further engagements with Northern Star will materialise, or that a transaction will be successfully concluded."
But Gold Fields is not giving up, owing to the firm conviction that both companies will benefit significantly from the proposed transaction involving Northern Star shareholders owning 33% of the shares of Gold Fields and having a mix-and-match facility to enable them to elect to receive the default consideration, 100% cash or 100% shares.
Johannesburg Stock Exchange-listed Gold Fields would set out to establish a secondary listing on the ASX of the new Gold Fields shares issued to Northern Star shareholders.
This would give rise to output of 4.1-million ounces of gold a year, 80% of it from Australia and the rest from North America, Chile and South Africa. The combined entity would have 77-million ounces and 181-million resource ounces.
The contiguous Western Australian footprint allows access to higher-grade feed and reducing operating costs through lower haulage and processing costs. The combined group would also likely realise procurement, maintenance and tax synergies.
A growth pipeline of 800 000 oz a year is envisaged from value realisation at Hemi, in Western Australia, Salares Norte in Chile and and the advance of Windfall in Canada.
Forming a solid foundation under all this is Gold Fields' long-life South Deep gold mine in South Africa.
With Gold Fields' management currently in attendance at Mining Forum Americas, taking place until September 30, Mining Weekly put these questions to Gold Fields CFO Alex Dall and Gold Fields VP Investor Relations Shilan Modi.
Why do you describe your offer to Northern Star shareholders as compelling?
We believe that this proposed consideration appropriately affects both the quality of their portfolio and the value available through a combination of both businesses, and this proposal gives Northern Star shareholders an attractive premium, as well as 33% ownership of the combined group, which will provide ongoing participation and strategic and financial benefits. We see real substantial value creation opportunities from the combination, with preliminary estimates of $4-billion to $5-billion of operational corporate and portfolio optimisation synergies, and they'll be able to parti...

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Iron-ore major Fortescue's Christmas Creek Green Metal Project, which features mining technology specialist Metso's Direct Reduced Iron (DRI) Smelting Furnace technology, has produced its first hot metal in the Pilbara, Western Australia.
The project marks an important milestone for Fortescue and Metso in developing a pathway toward producing green metal from Pilbara iron-ore using new low-emission smelting technologies.
"This is a significant milestone for our Green Metal Project and another step towards producing commercial-scale green metal in Australia. For decades Australia has exported iron-ore to the world. The next opportunity is to create more value from that ore by producing green metal here at home," says Fortescue Metals CEO Dino Otranto.
Metso contributed the core smelting design and technology for the project with its electric DRI Smelting Furnace. The technology is being tested for its potential to enable the use of Pilbara iron-ore fines in lower-emission ironmaking routes. Installation of Metso's equipment commenced in September 2025.
"We congratulate Fortescue on this significant step forward. The production of first hot metal at the Christmas Creek Green Metal Project demonstrates the role of Metso's DRI Smelting Furnace technology in advancing lower-emission ironmaking. The project will provide important learnings as Fortescue works towards developing a pathway for green iron production at scale using Pilbara ore. We are proud to support Fortescue in this pioneering work," says Metso minerals president Piia Karhu.
Metso's DRI Smelting Furnace technology offers a route to producing high-quality iron units suitable for downstream steelmaking with lower emissions than conventional blast furnace routes.
The technology has been developed to unlock the utilisation of extensive iron-ore reserves for green ironmaking that have previously been considered unsuitable for the DRI steelmaking route owing to their higher gangue content.

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London-listed Rainbow Rare Earths has signed a memorandum of understanding (MoU) with Toronto-listed Neo Performance Materials for technical support and design input for Rainbow's final solvent extraction separation circuit.
Neo has started with testwork of Rainbow's high-grade rare earths solution at its facilities in Estonia.
Once completed, Neo will assist with running a confirmatory integrated pilot-scale separation plant in Johannesburg to support the Phalaborwa project's definitive feasibility study (DFS).
In return for the use of Neo's rare earth separation technology, Rainbow will grant offtake rights to Neo covering 40% of planned neodymium and praseodymium (NdPr) production, and 65% of heavy rare earths production - including samarium, europium and gadolinium - from the Phalaborwa rare earths project, in South Africa.
Rainbow says working with Neo will enable the release of a prefeasibility study (PFS) on Phalaborwa during the fourth quarter, ahead of a DFS by the first half of 2027.
The final separation circuit of Phalaborwa is expected to deliver separated NdPr oxide at 99% purity and a mixed heavy rare earth carbonate containing dysprosium and terbium, suitable for further separation at Neo's facilities.
Rainbow CEO George Bennett says finalising a technology partner for the solvent extraction separation process was the remaining step required to complete the definition of the company's process to extract rare earths from phosphogypsum waste.
"We are delighted that Neo has agreed to partner with us - their deep understanding and experience in rare earth separation and magnet materials is invaluable. That they have taken the decision to partner with Rainbow is in line with an aligned strategy to secure a vital, verifiable source of the permanent magnet elements required to satisfy demand for a reliable, secure supply of rare earths," he adds.
Rainbow's decision to release a PFS will enable key project development activities to be initiated in earnest to support the overall timeline to production. It also supports Rainbow in evaluating the opportunity to list in the US.
"This partnership with Rainbow advances Neo's strategy to build a secure and resilient rare earth magnet supply chain supported by diverse, secondary sources of rare earth feedstock. Rainbow's Phalaborwa project is a distinctive opportunity with the potential to reach the market in a relatively short timeframe. Owing to the phosphogypsum already being at surface, it requires no new mining and provides for a lower development risk profile than many greenfield projects," explains Neo president and CEO Rahim Suleman.
Suleman concludes that by combining Rainbow's expertise in recovering rare earths from phosphogypsum with Neo's decades of experience in rare earth separation, processing and magnet manufacturing allows both teams to jointly optimise the process from recovery through final separation, while providing customers with the secure, traceable supply chains that critical minerals markets increasingly demand.

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The Association of Mineworkers and Construction Union (AMCU) has reported a fourth mineworker having been killed at Sibanye-Stillwater's operations this year, which adds to the national mining fatality figure of 52 so far this year.
A mineworker was reportedly found with a severe head injury at the Beatrix gold mine, in the Free State, on September 21, where he worked for Sibanye directly as a winch operator.
AMCU says the cause of the incident remains unclear and it awaits the outcome of an investigation into all underlying and contributing factors.
The union reiterates its clarion call for better enforcement, particularly in respect of glaring malpractices when it comes to disparity between practices at mines themselves compared to those at subcontracting companies operating at mines. AMCU maintains that core mining work should be performed directly by employed mineworkers and that contractors should be used only for genuinely specialised work that requires expertise that is otherwise not reasonably available within the mine's permanent workforce.
"The continued outsourcing of core mining work can create gaps in accountability, supervision, training, experience and health and safety standards. The Mine Health and Safety Act must be amended to strengthen enforcement and hold mine bosses personally accountable when their failures expose mineworkers to preventable harm," says AMCU president Joseph Mathunjwa.

Mining Weekly Editor Martin Creamer says Valterra platinum is noting some big gains of Jameson cell deployment; he talks about Thakadu’s new nickel sulphate product for use in lithium-ion battery manufacturing; and he notes that the National Research Foundation and Mintek will be

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Reduction of 3 000-equivalent trucks on the road, a 70.5 MWh decrease in smelting electricity consumption, a 70 000 t cut in smelting CO2 emission, and a R203-million annual cost saving, which excludes revenue benefits from improved metal recovery.
"Big, big benefits," was the comment of Valterra Platinum executive head: processing operations Agit Singh when, during the company's value-chain media briefing covered by Mining Weekly, he provided at update on the gains of Jameson cell deployment.
Singh was outlining the Johannesburg Stock Exchange-listed company's integrated processing route from ore to refined platinum group metals (PGMs), with emphasis on the downstream aspects of the PGMs business.
Valterra has in-depth insight into the mining and processing of Platreef in particular and pointed out the potential of sulphur dioxide pollution if abatement investment is not made as well as the need for the industry to take account of the link of Platreef to base metal, which can be a big opportunity or a considerable challenge.
On the Jameson cells front, Valterra has achieved major footprint reduction by replacing something like 44 conventional flotation cells with four Jameson cells at the Mogalakwena PGM mine's north concentrator.
The north concentrator has been such a success that a study into also introducing Jameson cells at Mogalakwena's south concentrator is well advanced.
"The south concentrator will go through what we did at the north concentrator, and we'll definitely see the same reduction," was Singh's confident forecast.
'Mass' and 'pull' were two other words that popped up constantly in relation to ability of Jameson cells to reduce the amounts of concentrate mass transported to the smelters without loss of grade or recovery; in fact, at times with a slight uptick in recovery.
Reduced mass pull points to less unwanted material being fed through the smelters amid Platreef ore's clay complexity requiring innovative treatment. By nature of the mineralogy, the clay competes with the PGMs to float.
To avoid this competition, sophisticated technology has been put into play that involves liberation, grinding, air injection and bubble creation. Then reagents are added – frothers cause form, activators activate the PGMs, deactivators deactivate what is not wanted, and then depressant. You've got to get the PGM to attach to bubble.
Then, as the bubble starts to move from the bottom of the cell to the top, it starts to upgrade itself. But at the same time, the PGMs are competing with all the other material.
"The Jameson cells' bubble particle contact is very efficient. It attaches itself to the particle. It moves up very quickly, and it's got a very short distance to travel before it becomes concentrate that we then call final concentrate,.
"Now, we're able to throw a lot of depressant at it, so we're able to depress all that unwanted material that we don't want to float, and PGM recovery remains," Singh explained.
But the only way that could be achieved was by using the Jameson cells, because if a lot of depressant entered into a normal conventional cell, the PGMs would be depressed.
Instead, the PGM particle holds onto the bubble, and a lot more depressant can be applied to diminish all the unwanted material.
Recovery benefit is also peeping through as the Jameson cells do their work to uplift performance.
SEVEN CONCENTRATORS
Overall information provided during the media briefing began with rocks bearing a few grams of sought-after material per ton making their way through concentrators and then advancing into smelters, converters, base metal refining, magnetic concentration, and precious metal refining.
Required to do all this is a major suite of assets that process Platreef, upper group ...

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US metals refining startup Nth Cycle has signed a $1-billion offtake agreement with Glencore to supply the commodities giant with lithium and other critical minerals extracted from recycled batteries, a deal that comes ahead of a planned public listing later this year.
The 10-year deal is among the largest in the US battery recycling sector as companies and governments race to secure domestic sources of critical minerals needed for electric vehicle batteries and other clean energy technologies.
The agreement, which Reuters is first to report, was signed on Tuesday at Glencore's New York offices at a time when critical minerals are expected to be an area of focus at this week's United Nations General Assembly.
Massachusetts-based Nth Cycle's technology uses an electrochemical process to extract critical minerals from electronic waste, shredded batteries or mined rock.
As part of the deal, Glencore will sell Nth Cycle roughly 24 000 metric tons a year of shredded battery parts known as black mass for it to process, essentially supplying it the feedstock from which to extract the minerals.
Nth Cycle will then process that black mass and supply Glencore with lithium carbonate and a nickel-rich material known as mixed hydroxide product for 10 years. The exact volume will depend on the percentage of minerals in the black mass, which can vary depending on battery chemistry.
The deal value reflects metals pricing as of the second quarter of this year, the companies said.
Nth Cycle, which in August received a $100-million grant from the US Department of Energy, is planning to build a commercial facility somewhere in the US Southeast to process the minerals for Glencore as well as commodities trader Trafigura under the terms of a similar deal announced in March.
The location of the commercial facility is set to be announced later this year with operations beginning by 2029. That is a shift from earlier this year when Nth Cycle planned to build the facility in South Carolina and open by 2028.
The company now says it doubled the planned size of its facility due to the Energy Department grant and is now searching for a larger site.
"This is a true strategic partnership between the companies, and really just accelerates the overall critical minerals market here in the US," said Megan O'Connor, Nth Cycle's CEO.
Glencore, which is a large marketer of black mass and last year bought the assets of bankrupt battery recycler Li-Cycle, said it aims to "help close the loop in the supply of critical minerals for our US customers."
The Glencore agreement comes after Nth Cycle said in July it would go public through a merger with special purpose acquisition company Kensington Capital Acquisition, a deal that values the company at $585-million.
Nth Cycle had canceled a planned Series C funding round earlier this year, a move O'Connor said was tied to a desire for more funding from the public listing.
"We decided that going public was what we needed," said O'Connor. "I'd be surprised if you met a company that wasn't looking at multiple fundraising options at the same time."

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Harmony Gold Mining Company on Monday, 21 September, announced the launch of an offering of $500-million guaranteed senior unsecured convertible bonds due in 2031, and the following day reported the offering's pricing.
The intended use of the net proceeds from the bond offering would be for general corporate purposes, the Johannesburg Stock Exchange-listed gold and copper mining company stated in a stock exchange news service (SENS) announcement on Tuesday, 22 September.
"The offering reflects a proactive and disciplined approach to balance sheet management from a position of strength," Harmony CEO Beyers Nel stated on SENS.
"It enhances funding efficiency, diversifies our capital sources and optimises our funding profile. Our capital programme remains fully funded, and we remain confident in Harmony's ability to continue creating long-term value for shareholders," Nel added.
Mining Weekly can report that Nel will be presenting at Mining Forum Americas on 28 September, where the company's strategy and progress on its gold and copper portfolio will be discussed.
Payments in respect of the bonds will be guaranteed by Harmony Gold (Australia), African Rainbow Minerals Gold, Avgold, Chemwes, Golden Core Trade and Invest, Freegold, Randfontein Estates, Harmony Copper, Harmony Moab Khotsong Operations, MAC Copper, Cobar Management, Metals Acquisition (Australia) and Eva Copper Mine.
The bonds will be issued at 100% of their principal amount, which is $200 000 per bond, and unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed at their principal amount on or around September 29, 2031.
The bonds will pay a coupon of 1.500% a year, semi-annually in arrear, in equal instalments on 29 March and 29 September of each year and for the first time on March 29, 2027.
The initial conversion price is R418.60, representing a premium of 40% above the reference share price, being the placement price per share determined in the concurrent offering of existing shares.
The conversion price will be subject to customary market-standard adjustments, including certain dividend protection provisions.
The bonds will be convertible into 19.4-million ordinary shares of the issuer, which represents 3% of issuer's current issued ordinary share capital.
Citigroup and JP Morgan acted as joint global coordinators and joint bookrunners while Absa, FirstRand and Nedbank acted as co-lead managers.

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TSX-V-listed Artemis Gold has entered into an agreement to acquire all of the issued and outstanding shares of TSX- and NYSE-listed Vista Gold in a deal valued at $427-million through the exchange of shares.
Artemis currently holds 4.95% of Vista's outstanding shares.
Under the terms of the transaction, Vista shareholders will receive 0.0966 common shares of Artemis for each Vista share held. The exchange ratio implies a consideration of $2.83 per Vista share, representing a 29% premium to Vista's 20-day volume-weighted average share price on the TSX.
On completion of the deal, Artemis shareholders will own 95% of the enlarged company and Vista shareholders the balance.
Vista brings to the enlarged company the Mt Todd gold project, in Australia, which Artemis says will be constructed after the completion of its Blackwater Phase 1A and EP2 expansions.
Mt Todd hosts 9.1-million ounces of measured and indicated resources and 1.4-million ounces of inferred mineral resources, with key permits in place for the construction of a 50 000 t/d processing plant.
The Vista takeover establishes a growth pathway for Artemis to reach production of one-million ounces a year, while Vista shareholders benefit from an immediate attractive premium and retained exposure to the future development and value creation potential of Mt Todd through their equity interest in Artemis.
The Artemis and Vista boards have both recommended that shareholders vote in favour of the transaction, while an independent firm has also deemed the offer fair from a financial point of view.
The deal is expected to close in January next year.

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More than 300 emerging researchers, industry leaders, government, academia and other stakeholders are to gather this month and next to explore innovative solutions to challenges in the minerals sector, Mintek announced on Monday, September 21.
In partnership with the National Research Foundation (NRF), Mintek will be hosting its third Science Convention for Innovators in Engineering, Science and Technology (SCi) between September 29 and October 2 in Randburg, Gauteng.
Held under the theme "The Next Frontier: Emerging Scientists Driving Change" the 2026 event will highlight the strategic role of collaboration between research institutions and industry in strengthening South Africa's science, technology and innovation ecosystem.
The convention partnership takes place in the context of the memorandum of understanding (MoU) signed between Mintek and the NRF in 2025, which marked an important commitment by the two organisations to deepen collaboration in research, innovation, human capacity development and other areas of mutual interest. Importantly, the partnership is moving beyond the signing of an agreement towards tangible collaboration, programmes and opportunities such as this gathering.
Mintek SCi will be connecting emerging research with industry applications, promoting knowledge exchange and developing the next generation of researchers and innovators.
The Disruptive Research Roundtable, to be held at The Fairway Hotel in Randburg on September 29 will convene representatives from industry, government, academia, civil society and science councils. Under the theme "The Quadruple Helix in Science: Solving the Mineral Problems of the Future", the roundtable will examine how South Africa's innovation system can work differently and more collaboratively to address emerging mineral challenges.
The Mintek SCi Grad Hackathon will challenge emerging researchers and innovators to develop practical solutions to real-world challenges in the minerals sector. Finalist teams will present their solutions during the main Mintek SCi Symposium on October 2.
The flagship Mintek SCi Symposium will bring together emerging researchers from Mintek, academia, industry and research institutions to showcase research, exchange knowledge and explore opportunities for collaboration. Professor Loyiso Tyobeka, Vice-Chancellor of the North-West University, will deliver a keynote address at the Mintek event.
The 2026 programme will focus on four key themes: Critical Minerals, Energy, Emerging Technologies, and Sustainability and Circular Economy. Research topics include sustainable mineral extraction and beneficiation, rare earth elements, energy storage and hydrogen technologies, artificial intelligence and machine learning, digital twins, advanced process control, water management, decarbonisation, and converting waste streams into sources of value.
Mintek SCi is designed to bridge the gap between academic research and industrial application, giving researchers aged 35 and under opportunities to present their work, receive peer feedback, and build professional networks.
The 2026 edition demonstrates the importance of partnerships in advancing research and innovation that respond to real-world challenges. By bringing together researchers, innovators, industry and other stakeholders, Mintek SCi creates a platform for ideas to move from research into practical applications that can contribute to the future of the minerals industry.

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Australia- and Frankfurt-listed Vulcan Energy has started commercial-scale production of its proprietary lithium extraction adsorbent, VULSORB, which selectively captures lithium from brine.
The company will use VULSORB in its Lionheart lithium production plant, which is currently under construction in Germany and due for commissioning in the second half of 2028.
VULSORB has successfully completed thousands of operating cycles under real-world conditions, achieving up to 95% lithium extraction efficiency.
Notably, ULSORB encompasses the aluminate-based adsorbent formulation, which is the 'recipe' to manufacture, as well as the method for manufacture. VULSORB provides Vulcan with an enduring competitive advantage – control over a proven western technology with a western manufacturing supply chain.
This is particularly relevant given that the largest global provider of adsorption-type direct lithium extraction technology and products, China, placed export controls and strict licencing arrangements on overseas shipments early in 2025.
"Achieving commercial-scale production of VULSORB marks a significant technology, supply chain and execution de-risking achievement for the Lionheart project ahead of its first commercial lithium production. Adsorption-type direct lithium extraction technology is increasingly embraced by major companies as the industry's brine technology choice.
"At a time when access to critical mineral technologies is becoming increasingly strategic, this provides Vulcan with greater supply chain security, reduced geopolitical risk and enhanced project execution certainty," says Vulcan MD and CEO Cris Moreno.
Meanwhile, Lionheart comprises an integrated lithium and renewable energy project targeting production of 24 000 t/y of lithium hydroxide monohydrate, 275 GWh of renewable energy and 560 GWH of heat every year for local consumers over an estimated 30-year project life.
Vulcan will now focus on manufacturing VULSORB over the next 18 to 24 months in preparation for Lionheart's commissioning, however, beyond this project, VULSORB provides a scalable platform for future expansion across Vulcan's resource base. It also allows Vulcan to selectively licence the technology globally through its VULTEC technology arm, to gain exposure to lithium brine fields in other jurisdictions.

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Amid green hydrogen being declared integral to a new industrial framework at the Africa Green Hydrogen Summit in South Africa, the global Hydrogen Council is urging the world to lift its hydrogen production game at pace.
While the summit was being told that South Africa's Just Energy Transition Investment Plan programme management office at the Industrial Development Corporation had identified 24 hydrogen projects, the Hydrogen Council co-chairperson and Air Liquide CEO François Jackow was advising the world to "bring hydrogen to scale", while simultaneously pointing out that the energy issues triggered by the conflict in the Middle East had reminded all of us that energy security is a "vital priority".
While the climate topic, underscored by the latest northern hemisphere heat wave, was still a significant hydrogen promoter, it was appropriate that the decarbonisation threat now be joined by "the state of the world, sovereignty, energy security, supply resilience, industrial competitiveness, energy strategy, and electrification", which had become the additional strategic imperatives.
Clearly, hydrogen had a key role to play, Jackow explained during a Global Hydrogen Compass 2026 webinar covered by Mining Weekly.
But clearly, hydrogen is complementary to electrification because you cannot electrify everything in terms of industry or mobility, and that's where hydrogen has a key role to play.
The evolution of the energy mix over the course of 200 years points to hydrogen advancing faster than any other new energy ever has, Baker Hughes CEO Lorenzo Simonelli noted, while emphasising the importance of continued investment in the rewriting of the energy equation as a collective ecosystem to develop the necessary price point.
"So, keep focused on the long-term prize that's definitely there," Simonelli urged.
"From CF Industries' perspective, the most significant change has really been the maturation of a low-carbon hydrogen and ammonia market in North America," said CF Industries CEO Chris Bohn, while pointing out that this advance had been driven by stronger focus on resilience, competitiveness and transitioning into project delivery mode: "No longer talking about it, but moving forward with it."
North America reportedly holds about 80% of the global committed low-carbon hydrogen capacity, with the projects advancing there said to be the largest on average globally.
Bohn expressed the belief that this growth was built on the US Gulf Coast being low cost, low risk and offering long-term offtake partnerships, positioning it to be producing about three and a half million metric tons of low-carbon ammonia at the end of the decade.
Jackow described as "exciting" the collaborative building of the world's hydrogen ecosystem.
"We're seeing a true spirit of alignment and that's extremely powerful. I don't think there are very many new frontiers where you have such a good alignment of complementary partners getting together," Jackow reported.
Simonelli spoke of Baker Hughes working across the entire hydrogen value chain from production, compression, transport, storage, and end use within every major region of the world, which had afforded the company a realistic view of the pace of hydrogen's progress and its elevation from being a decarbonisation discussion to being a much broader energy security solution.
With hydrogen already embedded as a permanent energy reference point, significant action is being seen in Asia, where it is the fastest mover.
"When you look at it from a resource perspective, Asia doesn't have some of the resources that others do, so they're looking at hydrogen being an opportunity, and we're seeing considerable progress in China, but also elsewhere in the Middle East, as we look at hyd...

Mining Weekly Editor Martin Creamer discusses the developments surrounding South Africa’s $5.8-billion green hydrogen ammonia project; the Mogalakwena mine which has 300-year-plus resource life; and the Manganese Producers Consortium stressing that Phase 3’s test rail reform cann

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Human rights organisation Amnesty International Canada has warned that the Canadian government must not embrace a programme of "race-to-the-bottom" corporate tax cuts that threaten human rights and the environment.
The organisation made the statement in response to the Canadian government's proposed "mega deduction" for corporations, announced at Prime Minister Mark Carney's Canada Investment Summit earlier this week.
If adopted, the changes would massively increase tax deductions businesses could claim for new investments in "capital assets", such as buildings, vehicles, machinery, computer equipment and energy infrastructure.
The proposal includes add-on tax incentives for investments related to the production of liquefied natural gas (LNG).
Amnesty International Canada explains that LNG, derived from fracked methane gas, is a highly contested fossil fuel in Canada owing to its environmental and health impacts, greenwashing, violations of Indigenous Peoples' rights, and mounting financial costs to taxpayers.
According to a Department of Finance Canada press release, the "mega deduction" programme is expected to cost the government $36-billion in tax revenue over five years. Amnesty International says these cuts would extract a steep price from Canadians.
"At a time when Canadians are struggling with sky-high housing costs, surging grocery bills and the fallout from one of the worst wildfire seasons on record, subsidising fossil-fuel and AI companies to the tune of billions of dollars would be an unmitigated disaster," says Amnesty International Canada secretary general Ketty Nivyabandi.
"Providing massive, 'race-to-the-bottom' tax breaks to global investors keeps power and wealth flowing to the few while emptying the public purse. We urge the government to correct course and invest in change that puts people – especially those whose human rights are most at risk – and the environment first," Nivyabandi states.
For years, Amnesty International Canada has repeatedly urged Ottawa to stop subsidising fossil-fuel companies, whose activities accelerate climate change and expose local communities to toxic pollution and other harms. Meanwhile, the federal government under Carney has responded to US President Donald Trump's economic attacks on Canada by encouraging the construction of new fossil-fuel infrastructure.
Amnesty International Canada is of the view that committing billions in public finance to fossil-fuel projects will lock the country into long-term dependency on a source of energy many countries are intentionally eschewing. Rather than pad the profit margins of oil-and-gas companies, Canada must invest aggressively in renewable-energy sources and tax the excess profits of companies capitalising on the surging cost of oil, the organisation says.
Earlier this year, Amnesty International Canada joined a growing list of more than 70 civil society organisations urging the government to tax the excess profits of oil companies raking in extra billions because of wars in the Middle East and Russia-Ukraine.
Revenue derived from taxing the excess profits of Canadian oil giants – who are set to net an estimated $90-billion this year – should be used to help residents offset rising living costs and to supercharge Canada's transition to a green economy, Nivyabandi motivates.
"Canada's leaders have already captured the world's attention through their resolve in the face of Trump's economic attacks and threats against our sovereignty, but we must go further. We can capture the world's imagination by showing that a rapid transition to a greener, fairer economy based in human rights for all is not only possible, but well within our reach," Nivyabandi concludes.

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Base metals company Orion Minerals, which on Thursday September 17 described itself as being on the way to becoming South Africa's next significant copper producer, has taken firm steps to sharpen its own corporate governance as it transitions from copper project development to fully fledged mining and processing.
Two complementary base metal production hubs are being developed by Orion in South Africa's well-endowed and well-established Northern Cape mining jurisdiction.
The Johannesburg Stock Exchange-listed company, headed by CEO Tony Lennox, is reviving the Prieska Copper Zinc Mine, near Copperton, which from 1971 to 1991 produced 430 000 t of copper and a million tons of zinc from volcanogenic massive sulphide metal deposits when previously operated by Anglovaal.
Revived production from Prieska is now expected in the third quarter of next year amid
Orion's progressing Okiep Copper Project also having a premier historical copper record in a district that produced more than two-million tons of copper over 150 years.
Fresh exploration drilling is also under way in a South Africa well served by mining and engineering know-how.
Emerging, too, on Thursday was an impressive self-scrutiny by Orion of its corporate governance, a fact-packed annual report plus promising participation in BHP Xplor accelerator programme in New York. BHP Xplor is a nine-month accelerator programme that provides mineral exploration and technology companies with up to $500 000 in equity-free funding and mentorship.
"During the year, we continued to define how Orion will operate as we progress towards becoming South Africa's next significant copper producer," Orion stated in its media release to Mining Weekly, which emphasised the company's ambition to create an organisation centred on "experienced people, accountability, practical systems and adaptability".
Interestingly, February's binding agreement for a $250-million copper and zinc concentrates prepayment from a Glencore subsidiary is now South African Reserve Bank approved, with $40-million earmarked to fund the construction and start-up Prieska's Uppers, and $210-million for the funding of the same at Prieska's Deeps.
Also beneficial has been the partial conversion into equity of the loan facility of South Africa's State-owned Industrial Development Corporation as well as value engineering improving the sequencing of the development of the Uppers, where first phase production implementation will take place.
Meanwhile, at Okiep, drilling results have confirmed ongoing high-grade Flat Mine East copper mineralisation, with intercepts of 7.88 m at 9.24% copper and 3.33 m at 17.12% copper reported
Following completion of Prieska and Okiep definitive feasibility studies in March last year, Orion stated that its focus throughout the reporting period had been on project execution planning and funding.
Prieska's first phase, the company said, would target early production from the shallower, higher-grade Uppers with dewatering of historical underground workings progressing in parallel.
Prieska's second phase would target the more extensive Deeps resource as dewatering, shaft rehabilitation and infrastructure provision are completed.
Exploration will continue alongside development. Five extension targets have been identified at depth and are planned to be evaluated through underground drilling as access improves, providing further potential to expand the resource base and extend mine life.
With Prieska moving from planning to executable work packages, Torque Africa was appointed as drilling contractor and Enprotec to build, own, operate and transfer a 20 000 t/m Uppers concentrator.
At Okiep, Flat Mines' definitive feasibility study completion facilitated the completion of a...

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Nasdaq-listed Critical Metals Corporation has released a study on its proposed 50:50 joint venture rare earths refinery with State-owned Romanian entity Fabrica de Prelucrare a Concentratelor de Uraniu, finding it will require capital expenditure of $1.85-billion.
The proposed refinery is being designed to process up to 100 000 t/y of eudialyte concentrate feed and, based on current modelling, produce about 27 943 t/y of rare earth and critical metal products in the form of chloride salts and other ultra-pure products.
The expected byproducts include 25 670 t/y of high purity silicon dioxide, or silica, powder. Revenue from the silica byproduct production alone can reach $600-million a year.
Critical Metals says the silicate recovery system will contribute value in revenue and avoided acid costs, potentially transforming a conventional waste stream into a significant revenue contributor.
The refinery's total revenue is expected to be $2.2-billion a year before operating costs, taxes and capital recovery.
Critical Metals finds the refinery to have a net present value of $4.5-billion, an internal rate of return of 55% and a projected payback period of two years.
The company says the proposed refinery will use a multistage, mixed-acid leach process at elevated temperatures, followed by cascading recovery steps designed to produce high-purity rare earth salts, metals and critical metal salts for advanced industrial, aerospace, technology and defence applications.
A key feature of the proposed process is the recovery of materials that would traditionally report to tailings, including silica and potentially alumina, iron and copper. Current process modelling targets a tailings stream of about 1% of feed tonnage, supporting the company's objective of developing a lower-waste processing route.
The refinery can also produce between 50 t and 70 t of high-purity hafnium every year during the first five years, together with 20 t to 30 t of hafnium chloride.
Critical Metals is considering multiple shipping and rail routes for the movement of concentrate from the Tanbreez rare earths project, in Greenland, to the proposed refinery location in Romania. If developed as currently contemplated, the refinery has the potential to become a significant Western supplier of rare earths and critical metals.
"This represents a significant evolution in the Tanbreez value proposition and reinforces our commitment to a true mine-to-metals strategy. By combining Tanbreez's exceptional eudialyte resource with advanced processing in Romania, we have the potential to capture substantially more value from every ton of material while producing the high-purity rare earths and critical metals that Western markets increasingly require," says Critical Metals executive chairperson and CEO Tony Sage.
Importantly, he adds, the company's proposed process is designed to recover valuable by-products such as high-purity silica rather than treating them as waste, potentially improving both the economic and environmental profile of the operation.
"We believe this integrated approach has the potential to establish Critical Metals as an important non-Chinese supplier of critical materials to the European and US markets, with Tanbreez providing the resource foundation and the proposed Romanian refinery delivering the downstream value."

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There is no argument that the Mogalakwena platinum group metals (PGM) mine in South Africa's Limpopo province is "definitely" the PGM mining industry's most exciting endowment, Valterra Platinum executive head mining operations Willie Theron stated emphatically during the company's value-chain media briefing.
Valterra has communicated to the market that Mogalakwena, on a six-element (6E) basis, is targeting production of between 900 000 oz and a million ounces a year. "But I just want to highlight our inclusive resource number," said Theron, as he reported that, on a 4E basis, there are 285-million ounces at Mogalakwena, which against the targeted production offers multi-century mine-life potential of 300 years plus – "that's how massive that resource is," Theron pointed out.
Then, after going beyond Mogalakwena alone and extending out to the likes of Valterra's Amandelbult, Mototolo, Twickenham, and Unki, he pointed out that Valterra's huge resource is enough to keep this Johannesburg Stock Exchange-listed company busy "for millennia, never mind decades".
Mogalakwena mines the Platreef, which Theron explained is not just about mining this reef that others are now also pursuing. "It's about concentrating the Platreef and going through smelting and refining of the Platreef."
And there is going to be a lot more of that because the Mogalakwena openpit mine is on the way to being followed by Valterra's Sandsloot Underground Project.
The Sandsloot Underground Project is an underground PGM development situated beneath the former Sandsloot openpit at the Mogalakwena mine.
"If you look at Mogalakwena specifically, it has a one-to-one platinum-palladium ratio.
"It doesn't have any chrome, and it has very little rhodium. But it does come with a nice tick on copper and a nice tick on nickel, and it does give us a fair amount of gold.
"Almost 70% of our gold that we produce as a company comes just from Mogalakwena. If you recall, it's close to 100 000 oz. So, that is very important to note about the Platreef orebody.
"What's also interesting about the Platreef orebody is that it dips at a 45o angle and then flattens out.
"So, anyone that looks at the Platreef orebody needs to consider how they're going to treat base metals and then also how they're going to deal with Platreef's characteristics, because what's also quite interesting about the Platreef orebody is that it has a lot of clay material associated with it, and you don't use the same PGM-recovery methodologies."
AMANDELBULT GENERATING HIGHER REVENUE
While Mogalakwena is where major growth is being planned, it is the conventionally mined Amandelbult that is Valterra's bigger revenue generator, located as it is on the northern part of the western limb of the Bushveld Igneous Complex and also, like Mogalakwena, in Limpopo.
There is a difference between the northern part of the western limb in that it has 1.5-m-thick upper group two (UG2) reef and when you look at its UG2 specifically, the platinum-palladium ratio is two parts platinum to one part palladium, which turns Amandelbult into the highest valued basket in the Valterra portfolio.
At this moment, Valterra gets more revenue from Amandelbult than Mogalakwena owing to Mogalakwena having a one-to-one platinum-palladium ratio.
"So, on a revenue basis, Mogalakwena is actually at a lower end owing to Amandelbult being two parts platinum, one part palladium, along with very good rhodium and very good chrome, and also interestingly enough, nice ruthenium and nice iridium, so a very important orebody."
SOUTH AFRICA CAN PROVIDE WORLD'S PGM NEEDS
Clearly, given Valterra and its PGM peers, South Africa can give the world the PGM metals that it needs. There's enough metal in the ground for decades and decad...

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Industry body Mining Association of Canada (MAC) has welcomed an announcement by the federal government on a "Productivity Mega Deduction" as a permanent measure allowing businesses to fully write off the cost of most new capital assets in the year they are put to use.
For Canada's mining industry, the Productivity Mega Deduction would allow companies to immediately deduct the full cost of a broad range of eligible depreciable assets acquired on or after September 15, once those assets are available for use.
This could include a broad range of machinery, equipment and infrastructure used to build, operate, modernise or expand mines, as well as equipment used in mineral processing, smelting and refining.
Qualifying Canadian development expenses incurred from that date would also be immediately deductible, including costs associated with developing new mines and qualifying development work at existing operations.
Mining projects require enormous upfront investment, often years before they begin generating revenue, MAC states, adding that receiving these deductions sooner will improve project cash flow and net present value, lower the effective cost of investments in equipment and mine development, and could help some marginal projects or brownfield expansions meet companies' investment thresholds.
"Making immediate expensing permanent will also provide greater certainty for the long-term investment decisions needed to bring new mines into production, extend the life of existing operations and strengthen Canada's mineral-processing capacity," the organisation explains.
Importantly, the measure is broadly commodity-agnostic. This broad eligibility is especially valuable in mining, where projects frequently produce multiple minerals and investment decisions must account for changing markets over the long life of a mine.
"Today's announcement by Prime Minister Mark Carney is transformative. With these announced new measures, Canada will become one of, if not the most, competitive mining tax jurisdiction in the world," says MAC CEO and president Pierre Gratton.
"It will usher in a new age of new mining investment, spurring job creation, supporting local and Indigenous businesses and increasing Canada's supply of the minerals and metals the world needs and wants from a trusted country like ours. We expect these measures to have demonstrable effect in the near to medium term.
"For mining, timing matters: Canada is competing with other jurisdictions for the investment needed to build out mineral supply chains, from base metals like nickel and copper to the critical minerals that allies are counting on.
"By covering all of mining rather than a narrower list of commodities, the Productivity Mega Deduction stands to mark a turning point for investment across the sector and builds on Canada's growing strength in other commodities like gold and precious metals," Gratton concludes.

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Hive Hydrogen South Africa on Tuesday, September 15, awarded the front-end engineering design (FEED) contract for South Africa's pioneering $5.8-billion green hydrogen ammonia project to Spanish company Técnicas Reunidas.
"The Técnicas Reunidas proposal was outstanding in all respects. Our aim remains to produce the lowest cost green ammonia globally," said Hive Hydrogen chairperson Thulani Gcabashe, a former Eskom CEO and Standard Bank chair.
In its final stage of development, the Hive Hydrogen project is viewed as South Africa's lighthouse green hydrogen project as well as being the flagship green hydrogen project for the EU's Global Gateway programme in South Africa.
Under development is a renewable hydrogen and green ammonia production facility capable of producing a million tonnes a year of green ammonia for supply to international and domestic markets.
The projects own grid-connected large-scale wind and solar PV renewable energy plants totalling 2 930 MW, will power the green hydrogen and green ammonia production facility in Gqeberha.
Multi-faceted, the initiative is seen as being on the way to creating more than 20 000 employment opportunities.
The $9-billion FEED contract is due to commence in Nelson Mandela Bay next month.
Técnicas Reunidas track and services commercial director Gonzalo Pardo said his company was looking forward to delivering a successful FEED and contributing to Coega's role as a benchmark for Africa's sustainable industrial growth."
The contract has been awarded amid the Coega green ammonia project being viewed as having the potential to establish the Eastern Cape as a global export hub for green hydrogen and green ammonia, while supporting industrial development, skills creation, local supply chains, employment and South Africa's transition towards a lower-carbon economy.
The strategic Coega location provides access to the deep-water Port of Ngqura and South Africa's exceptional renewable-energy resources provide a platform for the production and export of competitively priced green ammonia to emerging international markets.
The renewable-energy generation and associated upstream electrical infrastructure required to supply the project form a separate workstream and are not included in this FEED award, which is related specifically to the project's molecule production portion of the green hydrogen and green ammonia production facility, as well as the associated process infrastructure.
A separate request for proposal will be sent to shortlisted special engineering, procurement and construction (EPC) entities.
Técnicas Reunidas was reportedly selected following "a comprehensive competitive procurement, technical and commercial evaluation process" and is said to bring extensive international experience in the delivery of large-scale energy, hydrogen, and ammonia process facilities.
A key feature of Hive Hydrogen South Africa's project execution strategy is for the successful ammonia production plant FEED contractor to roll over from FEED into the full EPC phase for the green ammonia production portion, subject to the successful completion of FEED, achievement of the required technical and commercial outcomes, project approvals, financing and final investment decision (FID).
The EPC scope associated with the ammonia production plant is estimated at $1.8-billion, Hive stated in its media release to Mining Weekly.
This FEED-to-EPC strategy is intended to maintain continuity between engineering and project execution, retain the knowledge developed during FEED reducing interface transition risk, improve schedule certainty and provide a clear pathway towards construction and commissioning.
This FEED programme will further develop the engineering definition to establish the...

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TSX-listed Neo Performance Materials has started commercial production at its European permanent magnet manufacturing facility, in Estonia, with first volumes of rare earth sintered magnets having been shipped to an electric vehicle traction motor customer.
These milestones mark Neo's transition from development and sampling through full automotive qualification and into commercial production for its initial magnet programmes.
Neo has been awarded multiple magnet programmes from three Tier 1 motor manufacturers, including traction motor applications, which is the most technically demanding category of permanent magnets.
The company expects two to three more magnet programmes to enter commercial production before the end of the year.
Automotive magnet programmes are typically awarded for the life of the vehicle platform they supply, which gives Neo multi-year volume visibility once a programme is awarded.
Phase 1A of the Estonian permanent magnet facility has a nameplate capacity of 2 000 t/y while Phase 1B is planned to expand nameplate capacity to about 5 000 t/y. The expansion is currently being designed, with detailed engineering, advanced equipment procurement, supply chain planning and facility layout currently underway.
Neo's longer-term magnet roadmap targets yearly production of 20 000 t through continued global expansion, which the company estimates could represent between 10% and 15% of the world's projected rare earth permanent magnet market outside of China.

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The third phase of the August 20-launched Government-Business Partnership for Growth and Jobs names freight logistics as a foundational enabler of growing the economy by 3%-plus and generating a million new jobs by 2030.
"This is a welcome signal and confirms our consistently communicated and strong belief that logistics reforms – and rail reform in particular – are central to South Africa's growth targets and are not a technical issue alone but rather a fundamental economic driver," South Africa's Manganese Producers Consortium has pointed out in a media release to Mining Weekly.
The partnership's own scorecard records the entry into the logistics network of 11 private train-operating companies, Durban being recognised as one of the world's most-improved ports (albeit from a low base), and R14.7-billion in Budget Facility for Infrastructure funding being approved for rail related maintenance backlogs.
While the Manganese Producers Consortium supports all tangible results and proof that reform commitments can move from policy to delivery it expressed concern that bulk commodity export corridors are not getting the priority that they "urgently" demand despite lending themselves to "globally proven" private sector participation projects with "significant upside to the South African economy".
What is appreciated by the Manganese Producers Consortium is that the Government-Business Partnership scorecard sets these hard new deadlines involving:
a manganese private sector participation transaction being issued by year-end;the National Rail Bill coming before Parliament by March 2027, andalso by March next year, the Transport Economic Regulator being fully operational.
These targets echo the direction that the Manganese Producers Consortium itself has been supporting for years – but what has been missing are speed, sequencing and executable timelines.
What is different now is that Phase 3 puts government's own credibility on the line to meet these targets.
"Phase 3 matters even more for institutional design as it is critical to ensure that there is a capable delivery 'machine' that encompasses and empowers independent institutions, introduces appropriate regulation and procurement processes with clear roles and responsibilities," the Manganese Producers Consortium emphasised.
Phase 3's architecture assigns focal area leads and CEO sponsors to each priority, and commits to quarterly, public reporting on progress and slippage, which is precisely the kind of visible accountability called for and which remains essential to make this architecture work in practice:
named leadership;transparent milestones;consequences when delivery falls short; anda capacitated, independent unit to drive private sector participation and rail transactions which are bankable and without institutional veto or conflict.
The Phase 3 scorecard lays down that a manganese transaction must be brought to market by December 2026 and the manganese ore industry has a direct stake in the timelines announced.
"This is a specific test, with a set deadline, of whether this Phase 3 can convert intent into action. The development of the long-awaited new manganese terminal at the Port of Ngqura and significant private sector participation on the Ore Export Corridor connecting Sishen in the Northern Cape with the Port of Saldanha cannot be delayed any further.
"Manganese producers stand ready, with capital, committed volumes and long-term rail allocation arrangements, to anchor bankable projects. The 12x12 corridor strategy – 12-million tonnes through Saldanha and 12-million tonnes through Gqeberha – offers a demand-led, investable pathway that fits squarely within the partnership's mining and logistics ambitions.
"The risk is familiar. South A...

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Leading Australian gold producer Northern Star has appointed mining veteran Mark Cutifani to its board following pressure from major shareholder Elliott Investment Management to make strategic changes.
Elliott has been quoted as saying that Northern Star is persistently underperforming relative to industry peers.
Peter Rozenauers joins Cutifani as an independent nonexecutive director effective October 1.
Suresh Vadnagra is due to take over as MD and CEO, succeeding Stuart Tonkin, while Jeff Quartermaine and Terry Bowen have also recently been appointed as new independent directors.
Northern Star had reviewed a list of six candidates proposed by Elliott in accordance with its normal processes.
Cutifani's career spans nearly five decades in mining, including as CE of Anglo American and CEO of AngloGold Ashanti. He is currently also chairperson of Vale Base Metals.
Rozenauers brings to his position 34 years' experience in natural resources investment management and trading, having been a managing partner of Orion Resource Partners. Rozenauers is also a nonexecutive director of Nasdaq-listed Uranium Royalty Corporation.
"With Rozenauers and Cutifani's appointment and the recent appointments of Quartermaine and Bowen, we will have a board with the mix of skills and experience needed to work with our new senior leadership to unlock the full potential of Northern Star's assets," says chairperson Michael Chaney.
"Gold mining has been a huge part of my life and it's great to be back in the sector. As Australia's leading listed gold producer, Northern Star has an enviable portfolio of assets and, at a personal level, it's something of a homecoming given I was the inaugural general manager for the establishment of the Kalgoorlie Superpit way back in 1989," Cutifani comments.
"It's an honour to join the board and I'm excited about what the company has ahead of it under the new leadership. I'm very pleased to be joining at a time when the full potential of KCGM is being delivered through commissioning of the new Fimiston Mill and to have the opportunity to contribute to the successful development of the new Hemi project," Rozenauers adds.
"As one of Northern Star's largest shareholders, we are encouraged by the new appointments to the board. We believe their highly relevant and complementary skills can help Northern Star realise the full potential of its world-class gold mining portfolio. Elliott remains committed to working constructively with Northern Star to help the company deliver the outcome its shareholders deserve," concludes Elliott partner John Pike.

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The definitive feasibility study for the promising Soweto gold tailings retreatment project, west of South Africa's Gold City of Johannesburg, has been completed, Pan African Resources reported on Friday, September 10, when the London-, Johannesburg- and Sydney-listed company headlined the study as "delivering a robust long-term growth pathway" for its thriving West Rand Mogale tailings retreatment complex.
The Soweto tailings project, designed to leverage existing Mogale elution, carbon regeneration, electrowinning and smelting infrastructure, significantly improves project economics and will come in at an estimated capital cost at R3.68-billion.
Acquired as part of the Mintails transaction, the Soweto Cluster tailings storage facilities host mineral reserves of 0.98-million gold ounces.
"We've been able to define a project that delivers attractive returns, meaningful production growth and accelerated environmental rehabilitation," Pan African CEO Cobus Loots stated in a release to Mining Weekly.
The project has the resources to increase the Mogale complex's gold production to 100 000 oz/y at peak production.
Importantly, it will address historical West Rand environmental liabilities at the same time.
Gold production over the 15-year project life is expected to total 561 000 oz at a production rate of 35 000 oz/y to 40 000 oz/y.
The forecast all-in sustaining cost of $1 750/oz to $1 800/oz excludes cost savings from renewable-energy supply.
Evaluated is 600 000 t of tailings retreatment a month alongside the operating Mogale tailings retreatment processing facility.
Using a gold price of $3 550/oz, the project returns post-tax net present value of R1.85-billion, internal rate of return of 29.55% and a post-commissioning payback period of three years.
From the final investment decision date, which is anticipated in December, construction will take 28 months.
Environmental authorisations are expected during financial year 2027.

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A joint report by the Organisation for Economic Cooperation and Development (OECD) and International Energy Agency (IEA) says high levels of supply chain concentration and rising trade restrictions are limiting investment and creating real vulnerabilities in critical mineral supplies.
While efforts to diversify sources are gathering pace, investment still falls short of what is needed to keep up with demand, the organisations state.
In parallel, the operational and governance risks that come with mining and processing activities need to be managed more effectively, lest they delay projects, erode trust and cause future disruptions.
OECD and IEA say reliable access to critical minerals has become central to economic security and competitiveness, but market concentration of processing, smelting and refining is acute.
They explain that national and multilateral initiatives to enhance economic security by developing more resilient and diversified critical mineral supply chains will require supply chain transparency to be fully implementable.
Having surveyed 90 companies covering all major critical minerals to compile the 'Enhancing resilience through traceability' report, OECD and IEA determined that responsible business conduct standards, transparency and traceability are important tools to address some of the world's current challenges.
"When applied in a targeted and pragmatic way, traceability can strengthen resilience, derisk investment and support responsible sourcing. By improving visibility across supply chains, traceability helps identify dependencies, verify responsible practices and target interventions where risks persist," the organisations state.
By looking at the lithium and nickel supply chains in Latin America and Southeast Asia, in particular, the report highlights the importance of a tailored approach to traceability. In Latin America's lithium sector, high refining concentration creates opportunities for targeted interventions while Southeast Asia's nickel sector, with its complex ownership structures, is more challenging.
OECD and IEA say reliable supply chain data is at the core of traceability systems and that price floors and similar trade-related measures need verified information on origin and production conditions to direct support toward trusted and responsible producers.
The organisations find, however, that current traceability systems worldwide are fragmented. In practice, a combination of supply chain mapping, mass balance and auditing are often part of wider due diligence efforts, which does support partial visibility but not end-to-end traceability.
OECD and IEA cite the example of Indonesia's Simbara system that can provide a foundation that targeted policy measures could strengthen.
They find that update of traceability by the private sector is uneven and most traceability systems are being developed within individual companies using proprietary tools with limited public disclosure. OECD and IEA find the strongest traceability uptake is among traders and the weakest is among miners.
BARRIERS TO TRACEABILITY
The joint report affirms there are substantial barriers to the uptake of traceability and that more than half of the survey respondents identify costs and lack of interoperability as barriers to setting up traceability systems.
The operation of such systems is further constrained by confidentiality concerns, supplier leverage and data quality concerns.
Half of survey respondents rank regulatory consistency as the top priority for scaling traceability, with a similar share citing shared data infrastructure.
Ownership opacity is also a significant blind spot. Complex and layered corporate structures obscure who ultimately controls key mineral assets, particular...

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Committed investment in clean hydrogen has hit the $130-billion-plus mark, driven by global energy security and resilience issues, with 90% of 570 clean hydrogen projects already under construction or in operation.
"Clean hydrogen's no longer a future bet," the Brussels-based Hydrogen Council reported in Global Hydrogen Compass 2026 on Thursday, September 10.
Construction of a capacity of 6.9-million hydrogen tonnes a year is under way right now.
Operational capacity has nearly doubled in the last 12 months, and based on the pipeline, it is predicted that operational capacity will double again in 2027, an upbeat Hydrogen Council CEO Ivana Jemelkova forecast during a global webinar in which Hyundai vice-chair and Hydrogen Council co-chair Jaehoon Chang, Sinopec vice-chair Zhao Dong and Port of Rotterdam Authority CEO Boudewijn Siemons also took part.
The latest report, co-authored with McKinsey & Company and informed by the perspectives of some 70 global CEOs, coincides with shifting geopolitical priorities, which are strengthening hydrogen's role as a "strategic resilience lever".
As governments seek to strengthen energy security, build more flexible economies and support long-term industrial growth, hydrogen is receiving renewed attention for its ability to help address multiple strategic priorities alongside deep decarbonisation, complementing growing electrification and use of renewable-energy sources.
Geographically, China remains the largest market, accounting for more than half of global committed renewable hydrogen capacity.
During the webinar covered by Mining Weekly, Dong's call was for the creation of a global system to facilitate large-scale cross-border green hydrogen trade.
"We need to promote key international standards such as full life-cycle carbon-footprint verification for green hydrogen," said Dong.
Describing hydrogen as the new-energy future, Dong urged all parties to embrace openness and cooperation. "We need to enhance communication and programmatic cooperation in innovation, mutual recognition of standards, and joint investment."
While he was talking, it was reported out of Oslo that Norwegian hydrogen enabler Nel ASA had entered into a framework agreement with Hydrasun to establish dedicated assembly and integration capabilities for the MC Series, Nel's modular and scalable proton exchange membrane (PEM) technology platform. Interesting for South Africa is that PEM is catalysed by platinum group metals (PGMs), which South Africa hosts in abundance.
"We're pleased to be working with Hydrasun to establish an experienced European integration partner for our standardized PEM electrolyser solutions, the MC Series.
"As demand for standardized, modular systems grows, this collaboration enhances our ability to serve key markets while creating greater flexibility and scalability across our production network," Nel PEM operations senior VP Tushar Ghuwalewala stated in a media release to Mining Weekly.
With this partnership, Nel gains an experienced integration partner in Europe, complementing its existing integration setup in the US and widening its delivery capabilities for the European market. Nel's PEM stack production will continue at Nel's Connecticut facility in the US.
Europe now follows as the second-largest market, leading in project count and relative investment growth (+35% since 2025), while the US accounts for about 75% of globally committed low-carbon hydrogen and ammonia capacity.
Siemons described the Port of Rotterdam as having "a nice concentration of the elements that you basically need to build up a new hydrogen market and to go through this energy transition. On top of all, we're close to the sea, and a lot of the hydrogen will either be produced here throug...

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Canadian circular rare earths company Cyclic Materials has officially opened the US's largest rare earth recycling facility in Mesa, Arizona, which can process 25 000 t/y of end-of-life components to create a new domestic source of rare earth materials.
The facility is poised to make its first commercial shipments to US customers later this month.
The Mesa facility marks the world's first commercial-scale deployment of Cyclic's proprietary MagCycle technology, which delivers automated mechanical separation of magnets from end-of-life products, and serves as the front-end of Cyclic's integrated rare earths recovery platform.
The facility is producing rare earth magnet material, which Cyclic calls Mag-Xtract, and critical minerals such as copper, aluminium and steel.
The Mesa facility is an important milestone in Cyclic's buildout of nationwide critical material recovery infrastructure. A new South Carolina rare earth recycling campus is in development, which will combine the company's magnet recovery and rare earth refining platforms on a single site.
Cyclic has built a strong commercial supply network across the US, securing significant volumes of magnet-bearing feedstock through long-term commercial partnerships.
More than 7 000 t of end-of-life material has already been delivered to the Mesa facility.
Cyclic CEO and founder Ahmad Ghahreman expects global demand for rare earths to triple by 2035, driven by AI, automotive, robotics, electronics, energy and defence applications.
Building infrastructure to recover rare earths from end-of-life products is one of the fastest routes to securing domestic supply, Ghahreman states, especially given how geographically concentrated the global rare earths supply chain is.
Notably, Cyclic's new facility was completed just 17 months after first being announced, which Ghahreman says demonstrates the company's repeatable deployment model to establish domestic rare earths supply capacity on an expeditious timeline.

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Environmental campaign groups lodged a complaint against the European Commission on Tuesday, accusing the EU executive of moving ahead with an overhaul of water protection and management laws without enough evidence.
The complaint is the latest by environmental groups over the European Union's efforts to simplify and scale back policies, a strategy known as the EU "omnibus", which responds to complaints from industries who say burdensome laws hurt their competitiveness with global rivals like the US and China.
The complaint concerns a Commission plan to revise the EU's main water legislation this year, in part in response to concerns by mining and metals companies that say the law's environmental safeguards are delaying permits for new critical raw materials mines and other industrial projects.
In a complaint filed with the European Ombudsman — the EU's independent watchdog — the World Wildlife Fund, the European Environmental Bureau and three other groups said the Commission had failed to sufficiently gather evidence and consult stakeholders before announcing the planned revision.
This failure amounted to maladministration, they said.
"Their cumulative effect amounts to a flagrant deviation from established due process, one that materially affects citizens' rights," the NGOs said. They argued that the EU water laws are not the reason new mines struggle to get permits, and do not need revising.
A Commission spokesperson said it had not yet been notified of the complaint, but that it would continue to engage with stakeholders as it prepares to revise the water laws.
"The Commission has been engaging in a transparent and inclusive dialogue with member states and stakeholders, and is currently assessing the input from stakeholders," the spokesperson said.
The Ombudsman will now decide whether to open an inquiry into the complaint. That process can take a few weeks, a spokesperson for the watchdog told Reuters.
The EU watchdog does not have enforcement powers, but rather makes recommendations that can affect future EU lawmaking, and increases scrutiny of the Commission.
Last year, the Ombudsman obliged the Commission to publicly explain why it had fast-tracked other proposals to curb sustainability laws, and not assessed whether the changes complied with Europe's climate change commitments.

Mine tyre life lengthening that protects environment highlighted at Electra Mining Africa
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The International Standards Organisation (ISO) has verified the important environmental protection benefits of opting for mine tyre life extension solutions rather than purchasing new tyres.
The carbon footprint methodology verified provides measurable data that mining companies can use when reporting Scope 3 emissions, which are by far the largest share of a mine's total carbon footprint.
Last year, 70 mining companies across six regions reported prevented 32 700 t of carbon dioxide (CO2) emission by avoiding the need to manufacture and transport replacement mining tyres earlier than necessary.
The ISO verification is the evolution of a programme that has helped mining operations quantify the environmental value of tyre life extension since 2019.
As mining companies place greater emphasis on understanding emissions across their supply chains, Kal Tire believes reliable measurement will become increasingly important in demonstrating the contribution tyre management strategies can make towards helping mining customers extend tyre life, reduce waste and improve the environmental performance of their tyre operations.
Kal Tire's Mining Tire Group, which is exhibiting at Electra Mining Africa 2026 at Johannesburg's show grounds, services and supplies more than 230 mine sites across five continents.
The group's Maple Program includes ultra repair, retreading and ultra tread for mining tyres and SCS Global Services' validation gives added assurance in the carbon savings calculated from extending tyre life.
"Customers in Zambia are currently making use of the Maple Program," Kal Tire VP Southern Africa John Martin told Mining Weekly at the Canadian company's comprehensive exhibition stand.
Zambia's users receive annual certification of CO2 tonnage saved through the use of particularly ultra-repair technology, using Kal Tire's on-site repair facilities.
"We have customers in Ghana as well," Kal Tire communications director Tracy Cobb added.
Overall, Kal Tire's Mining Tire Group provides mining tyre service and supply to more than 230 mine sites across five continents.
Instead of scrapping tyres immediately and purchasing new ones, a second life is being put into tyre casing, which lowers the total cost of tyre ownership.
"Because the cost of the repair is nowhere near the cost of purchasing a new tyre, by the time that repaired tyre does end its life, you have saved a lot of money," Cobb pointed out.
Part of Kal Tire's service is to ensure that the tyres the company looks after last as long as they possibly can.
"Service providers like ourselves are not always permitted to sell those very large tyres. It's normally a direct supply from a manufacturer to an end user, and so for us, it's not about creating revenue by selling tyres. It's creating the value for the customer by making sure that the customer's operation is more sustainable.
"We very much support this whole United Nations Charter around reuse and we want customers to use fewer tyres and that's part of the sustainability that that we provide to the operations," said Martin.

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The second-largest producer of silver globally and the EU's largest producer of mined copper KGHM Polska Miedź and global diversified miner BHP World Exploration have signed a memorandum of understanding (MoU) establishing a framework for exploration of areas of mutual interest.
The document marks the beginning of discussions between two significant players in the mining sector and reflects the broader industry trend of seeking new opportunities for cooperation, knowledge sharing and improved operational efficiency.
Drawing on their international experience and technical capabilities, KGHM and BHP will identify opportunities to share knowledge, compare operational practices and analyse potential directions for cooperation. At this stage, the parties will focus on refining shared priorities and identifying areas where further dialogue may deliver tangible benefits.
Through this framework, KGHM and BHP may evaluate opportunities to leverage their respective technical, operational and international experience, including in relation to exploration opportunities, development-stage projects, and other areas where cooperation could create mutual value.
The collaboration may also extend to initiatives and projects beyond locations where both companies currently operate, where the complementary capabilities and expertise can create mutual value.
The modern global mining sector is increasingly based on cooperation, the exchange of experience and the pursuit of operational synergies. For KGHM, dialogue with a leading global mining group is an opportunity to compare perspectives and identify areas where shared know-how can deliver tangible business benefits.
"The signed MoU provides a structured framework for further discussions and opens the way for an in-depth analysis of potential areas of cooperation," says KGHM president Remigiusz Paszkiewicz.
In turn, BHP CEO Brandon Craig says he is excited to strengthen BHP's partnership with KGHM through this global MoU, saying that the agreement builds on the strong partnership that the partners have had in place for some time to enhance their copper operations in Chile.
"The world will need more copper, driven by traditional economic growth, the energy transition, and digital investments. We are focused on unlocking high returning growth through innovative partnerships like this one. The MoU provides a structure for BHP and KGHM teams to come together and explore new avenues to find and unlock copper growth opportunities."
KGHM VP Anna Sobieraj-Kozakiewicz adds that the mining industry benefits from open dialogue and the exchange of experience among companies operating across different regions and jurisdictions.
"The MoU provides a platform for engagement between KGHM and BHP and reflects our shared interest in exchanging perspectives and exploring potential opportunities for future collaboration," she concludes.

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South Africa's Multotec, whose equipment is now used to optimise recoveries and reduce cost of ownership in mineral processing plants in 100 countries on six continents, highlighted its global success on the opening day of Electra Mining Africa 2026 when it formally handed over the CEO baton.
After 20 years of leadership under Thomas Holtz, Multotec announced the appointment of Johan Robbertse as its new Group CEO along with the elevation of Holtz to the chairpersonship of a company that has to a large extent bucked South Africa's deindustrialisation trend.
During his 20-year CEO tenure, Holtz led Multotec through a period of transformation, guided by a vision to build a globally competitive manufacturing business from Africa, powered by African talent.
Supported by manufacturing operations across Africa, South America, Asia and North America, alongside sister companies in Europe and Australia, Multotec evolved into a globally integrated business while retaining its South African roots, a foundation that positions the company for its next phase of growth.
As part of the planned leadership transition, Holtz will focus on strengthening the board's independence and governance while supporting the company's long-term strategic direction and continued international growth.
The leadership transition follows two decades of sustained international growth that transformed Multotec from a predominantly South African manufacturer into a globally integrated business that now exports around 60% of its equipment.
"South Africa and Africa is obviously a key market for us. We have every intention of staying here and growing here. At the same time, we've got to go where the market is, and we know, and obviously those in the mining industry know, the pain that we felt with diamonds.
"Then it varies. Gold is currently doing well and has been doing well for a while now. Then other minerals are struggling, so we have to find where the mining operations are and we've done pretty well in some very remote jurisdictions," Holtz pointed out.
"We've almost seen everything on a process plant, but we still learn every day, and that's the beauty of having manufacturing. It's 53 years of specialist process knowledge that we can apply," Robbertse reported during the formal handover covered by Mining Weekly.
"It's 1 900 people across the globe, speaking various languages, coming from various cultures, that come together to make the mineral process industry great, and may that continue for a long, long time," Robbertse added.
Holtz joined the company in 1996 as a project manager before progressing through a series of leadership roles across the business. In 2008, he succeeded his late father and Multotec co-founder, Ernst Joachim (EJ) Holtz, as Group CEO, becoming only the second CEO in the company's half century-plus history.
The appointment of Robbertse, who joined the company in 2010, reflects Multotec's commitment to leadership continuity to ensure that customer focus, product development and innovation remain embedded.
Regarding Multotec's latest joint venture business in China, Holtz commented: "We have a presence in China to support the mining industry in China, so that's our priority.
"We've worked with a mining consortium to go into a region that's a little bit less serviced from an international screen product portfolio, but over time we'll add the spirals, we'll add the cyclones. We might add some other products but in that particular region.
"What's amazing, is the Chinese are so welcoming of companies that are prepared to invest and bring technology and skill up local people.
"We've got a strong local market that we can service. We've got a strong local partner who's going to work with us, and we believe our Chine...

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Mining and metals research firm BMI find that Australia's industry risk profile is largely being shaped by climate exposure and labour scarcity, though these effects vary by sector.
Climate-related risks are most acute in mining and agriculture, particularly in Western Australia with nearly 90% of the state's land being prone to bushfires, exposing this mining sector to elevated physical climate risk.
BMI's proprietary asset-exposure data shows mining's climate risk score rising from 64.5 in 2026 to 65.4 by 2050, with the impact likely to be felt mainly through higher insurance and private capital expenditure rather than weaker output.
In turn, labour shortages present a more economy-wide challenge, with gaps pronounced in health, education and construction. BMI expects this pressure to intensify as tighter migration settings constrain access to overseas skilled workers - an important source of labour for several sectors.
In mining, labour costs remain high relative to competing mining jurisdictions and wage disputes are a recurring threat - a pressure which BMI expects automation to only partly offset over the coming decade.
Another material financing risk for Australia's mining industry is that of governance.
Government procurement is currently equal to 17.9% of GDP, while 34 active National Anti-Corruption Commission (NACC) investigations as of May raise tender-integrity risk for a sector dependent on public approvals and infrastructure access.
BMI also cites heightened national-security screening of foreign investment in critical minerals as a challenge, as it adds another layer of regulatory friction. The firm says Australia's mining remains the sector most exposed to the policy uncertainty created by rising political fragmentation.
In respect of the broader economy, BMI says Australia's policy responses have so far remained targeted rather than structural, limiting their ability to materially reduce sector risk. In agriculture, federal and State drought-support measures provide short-term relief, but do not address longer-term constraints around water infrastructure investment, leaving the sector exposed to recurring climate stress.
"Major infrastructure spending commitments are supporting transport and low-carbon energy development, but do little to ease the skilled labour shortages that continue to constrain execution," BMI notes.
BMI further finds that Australia's mining industry is forecast to decrease in value from $172-billion in 2026 to $164-billion by 2035 as coal and iron-ore output softens.
New South Wales halted applications for new greenfield coal mines in March, however, continued federal approval of mine life extensions and expansions – including a 24-year extension for Middlemount in February – will support fossil-fuel export earnings despite the government's net-zero target by 2050.
On the social front, BMI expects the Australian mining sector's shift toward automation to offset labour scarcity, which the firm says will likely reduce the country's role as a regional employer over time, even as critical-minerals expansion sustains investment.
Moreover, BMI expects fossil fuels to continue accounting for more than 86% of Australia's total energy consumption by 2035, even as non-hydro renewables rise to 66% of the power mix. This indicates that the power generation sector's emissions profile will improve only gradually and remain misaligned with the scale and pace of transition required.

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The founder and chairperson of diversified mining company African Rainbow Minerals (ARM) on Friday, September emphasised the importance of companies behaving in a manner that reflects integrity, honesty, governance and respect for legality and due process.
"It's important for us to create value for shareholders. It's equally, if not more important, that we do so in a legal manner, in an ethical manner, and that's what has always been the culture of ARM," Dr Patrice Motsepe pointed out during the Johannesburg Stock Exchange-listed company's presentation of 19% higher headline earnings of R3.2-billion. (Also watch attached Creamer Media video.)
Net cash improved 54% to R10.2 billion, and a final dividend of R7 per share was declared.
"We've always had a commitment to all stakeholders. We're a company that, being South African, has a duty to reflect meritocracy, the best of our people from all backgrounds and cultures – black people, white people, coloured people, and Indian people.
"Everybody must feel that this is their company, not in terms of what we say, but in terms of our track record and how our employees and management feel that we behave, and also a duty to the country to provide jobs and uplift," said Motsepe, ahead of ARM CEO Phillip Tobias stating that he is "very pleased" that the ARM board has approved a R15.2-billion capital outlay on what he described as the host of South Africa's second-largest platinum group metals (PGM) resource, the Bokoni PGM project, which has a 6.3-year payback.
Restart of the Nkomati nickel mine has also won board thumbs up. "The restart is a low-risk, immediately executable opportunity that leverages existing infrastructure and re-establishes South Africa's only primary nickel producer," Tobias reported.
Existing infrastructure is supporting execution involving capital of approximately R1.9-billion over two years.
Regarding safety, Tobias expressed pride at achieving a fatality free year and "we remain committed to achieving zero harm".
ARM finance director Tsundzukani Mhlanga pointed to the significant increase in cash generation to R4.2-billion: "Last year, same time, we generated cash of R45-million versus R4.2 billion – quite a marked increase."
ARM Platinum headline earnings increased by more than 200% as did those of Two Rivers platinum group metals (PGM) mine and Modikwa PGM mine.
Nkomati mine, which sold 28 111 t of chrome concentrate, reported headline earnings of R39-million.
"Our outlook on earnings remains positive... We continue to focus on factors that are within our control – the cost discipline, mining flexibility, and quality mining," Tobias explained.
ARM FERROUS
ARM Ferrous headline earnings decreased by 42% to R2 028-million on lower contributions from the iron-ore and manganese divisions.
The iron-ore division's headline earnings decreased by 41%, while the manganese division's by 68%. The cessation of production at Beeshoek mine resulted in local sales volumes falling to 0.5-million tonnes.
The reduction in sales volumes, retrenchment costs of R124-million, an increase in the rehabilitation provision of R191-million and care and maintenance costs of R92-million collectively had a significant negative impact on headline earnings.
Headline earnings at Khumani mine decreased significantly on mainly the average realised rand strengthening by 7%, partially offset by 180 000 t higher export sales volumes.
Manganese headline earnings declined on mainly the rand strengthening and lower manganese ore and alloy export prices.
Continued collaboration with State-owned Transnet through the Ore Users Forum and Manganese Producers Consortium advanced rail and port reforms on the Saldanha and Ngqura corridors, delivering a 1% improvement in export ...

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The headline earnings of diversified mining company African Rainbow Minerals (ARM) increased by 19% to R3 201-million in the financial year ended June 30 on mainly higher dollar platinum group metals (PGM) basket prices.
Revenue increased by 25% to R16 323-million and the dividend from Harmony Gold was a 113%-higher R512-million.
ARM Platinum headline earnings increased by 200%-plus, as did those of Two Rivers PGM mine and Modikwa PGM mine.
Nkomati mine, which sold 28 111 t of chrome concentrate, reported headline earnings of R39-million.
ARM's overall net cash improved by R3 562-million to R10 171-million and the board of the company headed by CEO Phillip Tobias declared a final dividend of R7 a share.
The group recorded zero fatalities, which is seen as a significant milestone, with the last fatality-free year recorded in FY2017. Lost-time injury frequency rate improved by 9% to 0.29 per 200 000 person hours and the total recordable injury frequency rate regressed by 11% to 0.56.
ARM FERROUS
ARM Ferrous headline earnings decreased by 42% to R2 028-million on lower contributions from the iron-ore and manganese divisions.
The iron-ore division's headline earnings decreased by 41% and the manganese division's by 68%. The cessation of production at Beeshoek mine resulted in local sales volumes falling to 0.5-million tonnes.
The reduction in sales volumes, retrenchment costs of R124-million, an increase in the rehabilitation provision of R191-million and care-and-maintenance costs of R92-million collectively had a significant negative impact on headline earnings.
Headline earnings at Khumani mine decreased significantly on mainly the average realised rand strengthening by 7%, partially offset by 180 000 t higher export sales volumes.
Manganese headline earnings declined on mainly the rand strengthening and lower manganese ore and alloy export prices.
Continued collaboration with State-owned Transnet through the Ore Users Forum and Manganese Producers Consortium advanced rail and port reforms on the Saldanha and Ngqura corridors, delivering a 1% improvement in export rail performance and enhancing the long-term competitiveness of South African producers, ARM reported in a media release to Mining Weekly.
ARM COAL
ARM Coal reported a headline loss of R428-million driven on mainly the lower realised coal price and rand strengthening.
The Goedgevonden coal mine recorded a headline loss of R73-million and PCB a headline loss of R355-million.
COPPER
ARM stated that its investment in Surge Copper supported the continued advancement of the Berg project, which the completed prefeasibility study (PFS) confirms as a large-scale copper/molybdenum development with a maiden mineral reserve supporting a 28-year mine life.
Following completion of the PFS, the project is now progressing into feasibility-level technical and environmental studies, alongside the environmental assessment and permitting process and continued engagement with First Nations.
The feasibility study report is planned for 2028, with the environmental assessment decision targeted for 2029 to 2030 and a final investment decision for 2031.

Some of the world's biggest money managers have rebuilt their gold holdings after prices dropped, betting that long-term drivers of the precious metal will endure even as the US Federal Reserve takes a more assertive stance on inflation.
Amundi SA, Europe's largest asset manager, bought bullion on the expectation it will return to $5 000/oz by year-end. Fund managers at Pictet Asset Management, Robeco Institutional Asset Management and Fidelity International also added to holdings cut earlier this year, during bullion's retreat from an all-time high.
"Gold is an asset that we consider to be cheap, a good hedge and reasonably liquid," said Lorenzo Portelli, head of cross-asset strategy at Amundi Investment Institute. But greater visibility over the Fed's interest-rate path would be needed, he said, before the firm would consider adding to last month's purchases.
That was a common theme in interviews with more than a dozen asset managers, whose firms manage a combined $27-trillion. Without exception, each of them – including BNP Paribas Asset Management and Manulife John Hancock Investments – had either added back gold in recent weeks or were maintaining bullish allocations.
But any breakout above gold's recent ceiling near $4 600/oz won't be smooth, many of the money managers said. Higher Treasury yields and increased bets for at least one Fed rate hike before year-end are undermining support for bullion, an asset that tends to be less favored when borrowing costs rise, because it doesn't pay interest.
Investors' resolve was tested by Fed chairperson Kevin Warsh's Aug. 28 speech at the central bank's Jackson Hole symposium, where he warned that US inflation isn't meaningfully slowing toward a 2% target – comments that triggered increased bets on monetary tightening.
So far, these potential speed bumps haven't shaken the renewed conviction of long-term investors. Gold's enduring appeal, some of the money managers said, lies in its value as a hedge within a broader investment portfolio.
"It's become a much more acceptable asset," said Arnout van Rijn, a portfolio manager for multi-asset and equity solutions at Robeco, a Dutch firm that oversees some $464 billion in assets. "It's become part and parcel of every regular or normal portfolio."
After a blistering rally backed by speculative capital took gold to an all-time high near $5 600/oz in January, the metal has spent much of this year in retreat. Elevated energy prices and inflationary shocks from the Iran war dragged it back to near $4 000/oz in June. That's when funds began to show interest.
"The downdraft to $4 000/oz, if you didn't own it already, was a very good buying time," said Michael Cuggino, president of the Permanent Portfolio Family of Funds. "The long-term macro story is still in place, and that's bullish for gold," he said, adding that "higher highs and higher lows" could be expected over time.
For Robeco's van Rijn, the catalyst for buying gold again was an acceleration in central-bank purchases during the second quarter. Official-sector demand recovered sharply between April and June, with net purchases of 289 tons the highest for any second quarter, according to the World Gold Council.
Sophie Huynh, a portfolio manager and strategist for dynamic-asset allocation at BNP Paribas, was drawn back by a fading correlation between bullion and risk assets like equities – a trend that suggests gold's traditional value as a hedge has returned after a period of speculative trading.
"The froth of gold has come off," said Huynh. Instead, the metal is being powered by "fundamental drivers such as central-bank purchases and multi-asset managers looking for portfolio hedge," she added.
That renewed appetite for gold is reflected in funds' net-long position tracked by the Commodity Futures Trading Commission, which rose in the week ended Aug. 25 to its highest level so far this year.
In one of the starkest warnings of recent weeks, Ray Dalio, the billionaire founder of Brid...

Mining Weekly Editor Martin Creamer unpacks Sibanye-Stillwater’s new projects; a six-million-ounce platinum demand opportunity from hydrogen truck fleets; and Northam Platinum wanting its Eland mine to be the first PGMs mine operating solely on renewable energy.

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A big part of Impala Platinum is focused on the future and on developing future strengths and competitive positioning, Implats CEO Nico Muller outlined on Thursday, September 3, when this Johannesburg Stock Exchange-listed platinum group metals (PGMs) company reported the generation of R22-billion worth of free cash flow in its financial year 2026 (FY26).
"It's very exciting for us to be in an industry supported by a constructive price environment. This is a point that we as a company have worked many years to get to.
"We have got a pipeline of opportunities, the balance sheet is very strong, we've got no debt, and we've got R37 billion-rand worth of hedging liquidity," added Muller during the FY26 results presentation covered by Mining Weekly. (Also watch attached Creamer Media video)
The R50-billion capital project programme that Implats announced in 2020 peaked around 2024 and for last two years, it has been winding down.
"So, we're now entering a new phase where we plan that, for the next five years, we'll spend about R60-billion," Implats COO Patrick Morutlwa announced.
This would, Morutlwa said, firstly enable sustainable production and secondly create strategic optionality by further increasing process capacity at the base metal refinery by 20%.
In the next five years, the company will be advancing life-of-mine (LoM) extensions, with some already approved, such as Rustenburg's Shaft 20 and Shaft 14.
"We'll also be increasing our ore reserve development," Morutlwa said. During FY26, group mineral reserves increased by 9% to 53.8-million six element (6E) ounces, reflecting the impact of approved LoM extension projects and ongoing resource conversion activities across the portfolio.
"We've got tailwinds," Morutlwa added.
Implats executive: corporate affairs Emma Townshend reported that one of the things that had changed positively over the last year and a half was the absolute focus on critical minerals - the security and surety of supply. "Then from a big demand, energy, and impetus perspective, obviously you've got AI.
"Many of you have had the benefit and the privilege of going to Shanghai Platinum Week and getting exposure to the huge diversity of industrial applications and the kind of energy and impetus behind the development of those markets. I think that's proved a really useful counter to the demand story, which has been very much about, kind of, you know, waning production over the last couple of years.
"Linked to that China story, but I think more broadly, just in terms of South African supply and the structure of the market, we are absolutely seeing growing relevance in terms of minor PGMs, and I think that is a trend that you've seen in PGM markets over time.
"But there's no doubt that the next ten to 15 years are going to be far more focused on the full basket, and particularly iridium and ruthenium, and we are a very significant producer of both. We're close to 30% of primary refined iridium production, and around 28% of refined ruthenium production," Townshend pointed out.
Implats CFO Meroonisha Kerber highlighted FY26 as an exceptional year in which Implats was able to capitalise fully on improved pricing, resulting in a 58% increase in revenue to R135.1-billion.
"We ended the period with liquidity headroom of R37-billion, which is our cash plus our undrawn facilities.
"The benefit of having a strong balance sheet is that we have the funding flexibility to really take advantage of the portfolio of assets that we have, and to fund projects that we believe are going to enhance the sustainability, the cost competitiveness, and drive long-term value.
"We have kept the balance sheet strong and resilient. We have provided shareholders with very attractive returns, and lastly, we...

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Lithium developer Vulcan Energy Resources on Thursday announced phase two of its lithium project in Germany's Upper Rhine Valley and commenced process to bring in additional strategic investors.
Funding efforts for the second phase, Project Ludwig, are being launched as construction gets underway on the project's first phase, Lionheart.
Vulcan will produce mainly EV battery-grade lithium chemicals using geothermal brine and also provide renewable heating.
The Perth-headquartered company owns 86% of the first phase of the project, Project Lionheart, while the remaining 14% is owned by the German government-backed Federal Raw Materials Fund.
Vulcan also owns 85% of Project Ludwig, while existing investors German industrial conglomerate Siemens, construction group Hochtief and investment firm DemEA hold the remaining 15%.
The company is now launching a process to bring in additional minority strategic investors
"We are looking for strategic investors to take a minority stake at the asset level. Phase one investors were very Eurocentric. For phase two we have interest from European investors but of the unsolicited interest, a lot is coming from Asia," executive chairperson Francis Wedin told Reuters.
Vulcan's search for a strategic investor comes as Asian battery and EV makers establish supply chains in Europe. World's largest EV battery maker CATL raised about $4.6-billion in a Hong Kong listing in 2025, saying most of the proceeds would fund a battery plant in Hungary as part of its overseas expansion strategy.
With the Vulcan's stock down 41.5% year-to-date and closing at A$2.610, near its 52-week low, the search for a strategic investor comes at a key juncture as the company looks to mitigate risk through partnerships

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Burnstone gold project in South Africa and Mount Lyell copper/gold/silver project in Tasmania, both considerably infrastructured with near-term revival outlooks, have been approved by Johannesburg Stock Exchange-listed Sibanye-Stillwater.
Burnstone, located near the town of Balfour in South Africa's Mpumalanga province, is a project of about 130 000 oz of gold a year at steady state, with a 25-year life in relatively shallow reef in the Witwatersrand basin's South Rand Goldfield.
Mt Lyell, near Tasmania's Queenstown, comes with established operating insight and an early 2029 production target.
Burnstone's vertical shaft, decline, and surface infrastructure is supported by a trackless mobile machinery (TMM) fleet so that mining can kick-off quickly when it begins next year.
"We're not buying a greenfield premium. This is reserve replacement and a shallower, lower risk ounce to offset depletion from our deep conventional mines," COO South Africa operations Richard Cox outlined during Sibanye-Stillwater's presentation of super-duper, dividend-yielding half-year results covered by Mining Weekly.
For 2026, Burnstone has a capital allocation of R98-million and Mt Lyell $7.5-million.
"We don't have to go out and join expensive M&A sales processes. We have a portfolio of assets that we can develop and that's our focus. Very exciting pipeline of projects coming through. The first six months have helped Sibanye progress its strategy a lot further than I imagined we would 12 months ago when we put that together," an upbeat Sibanye-Stillwater CEO Dr Richard Stewart highlighted.
Burnstone and Mount Lyell were described by Sibanye-Stillwater head of projects Ralph Lombard as demonstrating the strength, depth, and quality of the company's project pipeline, "as well as the disciplined approach we're taking to capital allocation".
When in steady state, Burnstone will have created about 2 500 jobs and Mount Lyell about 300 jobs.
Burnstone has a net present value (NPV) of R19.2-billion with an internal rate of return (IRR) of 36%, while Mt Lyell has a post-tax NPV of $550-million and an IRR of 20%.
So, what makes Burnstone attractive?
"Burnstone sits with a substantial amount of infrastructure already developed. Most important is our vertical shaft and our decline shaft are in place. Over and above that is we have our TMM fleet available," Lombard responded.
"We'll build up to 2029 and create a stockpile for our processing facility to start in the first quarter of 2029 and after that, we'll have continuous operations, steadily building up to steady state.
"At this stage, we are targeting 2.7-million ounces, which form part of our reserve. Successful execution of Burnstone will open up the additional 8.9-million ounces in future. When we talk about a 25-year life, that's the 2.7-million ounces," Lombard explained.
And what makes Mt Lyell attractive?
"Mt Lyell, like Burnstone, also has a substantial amount of infrastructure. It's a copper/gold mine in Tasmania. It's around the town of Queenstown, the top north-eastern portion.
"The orebodies we will target are Prince Lyell, Western Tharsis, Cape Horn, and Copper Chert. Those are the orebodies we are currently targeting as part of the Mount Lyell project.
"On the south-western side, is a fully permitted tailing storage facility. Like Burnstone, again, the infrastructure already in place reduces the capital bill which we need to pay for Mt Lyell," said Lombard.
This year's $7.5-million will be allocated to project setup, recruitment commencement, and mobilisation.
Total project capital to get to production is around $340-million. At today's spot prices, NPV is above one-billion dollars, and IRR in the region of 28%.
The picture of Mt Lyell showed disturbed ground ar...

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US-based gold and silver company Hycroft Mining Holding Corporation has strengthened its board with the appointment of former Newmont Mining Corporation CEO and CFO Richard O'Brien, former Newmont Mining Corporation general counsel and senior VP Blake Rhodes, former AngloGold Ashanti CTO Marcelo Godoy and former Freeport McMoRan Americas president Josh Olmsted to its board of directors, with effect from September 1.
"There are board appointments and then there are moments that reinforce the transformation of the company and underscore the potential significant opportunities ahead. Today is one of those moments. Hycroft is bringing together four extraordinary leaders in the global mining industry, each of whom has earned a level of industry credibility, experience and stature that has helped shape many mining companies.
"We believe this represents far more than an addition to our board. This is also an extraordinary vote of confidence in our vision, our asset, our people and the opportunities ahead," comments Hycroft chairperson and CEO Diane R Garrett.
She adds that Hycroft has, over the past several years, built a strong foundation through exploration success, the advancement of technical work to strengthen its operations and its balance sheet.
"The addition of Richard, Marcelo, Josh and Blake builds on that progress and further enhances the board's breadth of operating, technical and financial expertise. Each individual brings distinctive and highly relevant experience. Collectively, they have led major mining companies, operated large-scale mines, advanced complex technical projects and executed transformational transactions. Their perspectives, expertise and leadership will be invaluable as Hycroft continues to advance our asset and realise its significant potential," Garrett says.
Hycroft is developing the Hycroft mine, in Nevada.

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A prefeasibility study (PFS) for ASX-listed Tungsten Mining's Mt Mulgine project, in Western Australia, confirms the potential for the world's largest, lowest-cost tungsten development.
The company intends to move to a definitive feasibility study and final investment decision by the first quarter of 2028, with first production envisioned for the second quarter of 2029.
At a base case eight-million-tonne-a-year scenario, Mt Mulgine has a net present value (NPV) of A$6.8-billion (before tax) and internal rate of return (IRR) of 55%, should prices average $1 509/t. In a higher spot price scenario, the project's NPV increases to A$15.5-billion and the IRR widens to 113%.
The eight-million-tonnes processing scenario requires initial capital of A$870-million, while a Stage 2 expansion that ramps up to 16-million tonnes a year requires an additional A$420-million.
Under the expansion case, the project's NPV and IRR increase to A$8.1-billion and 57%, respectively, at base case prices and A$18.3-billion and 113%, respectively, at spot prices.
The PFS estimates a mine life of 21 years for Mt Mulgine, producing up to 12 000 t/y of tungsten trioxide at the world's lowest C1 cash cost of $53/t and all-in sustaining cost of $127/t.
From a market perspective, Tungsten Mining explains Chinese export restrictions, tighter quotas and dependence on imported concentrate have cut primary availability, shifting the market into a structural deficit that is expected to be sustained through 2028 and beyond. This while demand continues to grow from a current base of 154 000 t up to 215 000 t in 2035, which equates to a compounded annual growth rate of 3.4%, driven by increasing defence and manufacturing requirements.
Additionally, the ammonium paratungstate price has remained at $3 000/t following a sharp increase in 2025 and early 2026.

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If a 20% global truck fleet share can be secured at current or near current platinum loading, there is a six-million-ounce opportunity from a demand perspective, according to Valterra Platinum executive head: marketing Hilton Ingram, who added that truck fleets in their thousands are already being driven around China by producers, distributors and users of low-cost hydrogen.
A fundamental driver of truck fleet demand is the reduction by China of its reliance on energy imports from other countries, said Ingram, who sees China as the most appropriate country to establish a low-cost source of hydrogen at refuelling stations ahead of global replication, hopefully also in South Africa. (Also see attached Creamer Media video.)
In response to Mining Weekly's request for energy-security pursuit insight, Ingram hydrogen stays a strategic element in China's strategy as a result of reliance on energy imports being lessened.
"We're seeing areas of industrial demand uplift, particularly in China, particularly in response to energy security," Ingram reported during Valterra's online and in-person platinum group metals (PGMs)value chain media briefing in Rosebank.
In another response during the webinar, Ingram explained that while Valterra is working with Sasol and other industry players around the hydrogen economy in South Africa, establishing a low-cost source of hydrogen at refuelling stations is best solved in China and then replicated globally.
"The nice thing about it, on the hydrogen side of things, is that China is in its 15th Five Year Plan, and they're talking about significant resource upgrade investments in China.
"We've just in the last week or so had greater clarity around the city clusters that will be impacted by that, and we're waiting to see what each of those individual city clusters and regions are going to focus on, so that'll give us greater insight into the impacts and applications there.
"But the fundamental driver in the space around China is diversifying their energy base, and as result, reducing their reliance on energy imports from other countries," said Ingram, who is next year's incoming chairperson the 100-member International Hydrogen Fuel Cell Association (IHFCA), a global non-profit organisation established in July 2022 and headquartered in Beijing.
This has already given rise to the development of China's current closed-loop hydrogen fuel cell mobility system, which is taking place amid aspirations to advance from closed-loop into a new open-loop era that can be emulated globally.
"So, what you'll see is truck fleets in their thousands being used by folk that produce low-cost hydrogen, distribute the low-cost hydrogen, and use the low-cost hydrogen.
"You have a company like Rockcheck, which moves its iron-ore from port to its steel mill with fuel cell trucks, and it moves its finished product from steel mill to customer using fuel cell trucks," Ingram explained. Tianjin Rockcheck Steel Group Company is a Chinese steel manufacturing enterprise based in Tianjin that processes ferrous metals and utilises iron-ore for steel production.
In March, Northam Platinum CEO Paul Dunne expressed the belief that the world had moved from over-estimating hydrogen to under-estimating it and spoke of the need for more extensive China travel to further witness the emergence of the hydrogen economy.
The next step in the journey is looking to develop open-loop systems, which Ingram outlined as requiring low-cost hydrogen produced by one company, distributed by another company, and used by others.
"That challenge, we think, is best solved inside of China, and for the moment we think the best chance of that success is in the Yangtze River Delta region and so we're working with our partners in the...

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Johannesburg Stock Exchange-listed gold and copper mining company Harmony is very optimistic about adding additional surface gold production from its surface retreatment operation options in the Free State and on the West Wits.
In flagging these organic options during its latest presentation of excellent financial results, Harmony CEO Beyers Nel expressed the belief that, on a conceptual level, the Free State and West Wits surface options could add about 100 000 oz of annual long-term, low-cost, high-margin production to Harmony, whose surface retreatment assets contributed 7 t of gold at a solid 46% margin in the 12 months to June 30.
To add more surface ounces, new tailings storage facilitation has to be constructed, similar to what Harmony has at Karreerand, the location of Mine Waste Solutions' mega surface retreatment operation.
"It's a process of working through regulatory approvals, doing the capital estimates correctly, and making sure that these projects, which are hydro-mining operations, have adequate water supply, for example," Nel pointed out to Mining Weekly in a one-on-one interview. (Also watch attached Creamer Media video.)
Being worked on are options to ensure that it has enough water to mine without interruption the water-scarce Free State, where Harmony has 5.7-million ounces on surface. Once feasibility studies, now being concluded, have been determined, those outcomes will be disclosed to the market.
UNDERGROUND EXPERTISE
Harmony, which produces 1.4-million to 1.5-million ounces of gold a year, is particularly good at extending the life-of-mine of underground operations. It does so by injecting new life into undercapitalised assets, or short-life assets, or strategic-exit assets, though capital infrastructure redevelopment.
These organic mine life extensions in which Harmony excels are relatively low-cost resource-to-reserve conversion opportunities when compared with inorganic opportunities, "so we continue to extend mine life, and we'll probably continue to do so for many years to come", said Nel.
Mining Weekly: When it comes to copper, Harmony seems to be moving quite steadily in new terrain in Australia.
Nel: We're very excited about our copper prospects. What we do say is that gold is Harmony's foundation, our cornerstone, who we are, and that copper is a growth lever for us. We've got two copper operations at the moment. We're building a mine called the Eva copper mine, that will be in contrast to the mine we own. Eva is an openpit bulk mine, slightly lower grade but a big volume openpit mine, which is under construction. Then, we've also got the CSA copper mine, which is a deep underground copper mine but very high grade.
We do believe the two dovetail. CSA has a clear pathway to 40 000 copper tons per annum level and Eva will be 60 000 t of copper per annum. That is a pathway for Harmony to be at 100 000 t of copper per annum within about three years from today. Most importantly, that excludes the copper we'll be getting from the Wafi-Golpu Tier 1 copper/gold project, which on a standalone 100% basis, will produce 180 000 t of copper per annum, with more than 200 000 oz of gold, and that's a mine that we own 50:50 with our JV partner, Newmont.
Minerals Council South Africa has been saying South African mining is falling behind other mining jurisdictions on the modernisation front.
Let me first acknowledge the work that the Minerals Council is doing. The Minerals Council is doing phenomenal work for the mining industry in South Africa and Harmony is a key contributor to that work and an active participant. I do think some of the modernisation lags are a little bit structural. We do mine these deep underground orebodies. It is slightly easier to modernise surface pr...

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Canadian Parliamentary Secretary to the Minister of Energy and Natural Resources Claude Guay has affirmed that, in a time of uncertainty and changing trade and economic relationships worldwide, Canada continues to expand and strengthen its network globally, including in Chile.
In meeting with industry leaders from Chilean mining companies Codelco, Antofagasta, Corfo, Teck Resources and MineSense, as well as senior Chilean government officials, at the Conference of Mining Ministries of the Americas last week, Guay confirmed the two countries continue to advance responsible resource development, strengthen critical mineral supply chains and create new opportunities for trade and investment.
He said the growing ties between Canada and Chile are evidenced by a recent five-year agreement signed between Codelco and Canada's MacLean Engineering to accelerate innovative technologies for underground mining operations; Canada's support for critical minerals capacity building, including training, across Latin America and the Caribbean through the G7 Minerals Skills Network; and the Canada-Chile Eureka project, to which Canada is contributing $450 000 for research and development of network analytics and Internet of Things connectivity solutions.
The National Research Council of Canada's Industrial Research Assistance Programme is also collaborating with Global Affairs Canada's Trade Commissioner Service to lead the Canadian Cleantech in Mining Mission in Chile. This involves helping 12 innovative Canadian companies to enter the Chilean market, strengthen their commercial readiness and accelerate the deployment of scalable and cost-effective solutions to address key challenges in the Chilean mining sector such as water management, decarbonisation, energy efficiency and environmental performance.
Guay further highlighted in a statement issued on August 28 the progress being made under a Canada-Chile Memorandum of Understanding on Critical Minerals and Sustainable Development of Minerals and Metals, signed in 2024, which includes initiatives to support innovation, skills development and commercial partnerships.
For context, Canada is the largest foreign investor in Chile's mining sector, having C$43-billion worth of assets in the country held by 52 companies. In turn, Chile is the second-largest destination for Canadian mining assets abroad.
Guay said his meetings with government officials and industry leaders reinforced Canada's role as a reliable global partner and opened opportunities for further collaboration between Canada and Chile.
"By advancing cooperation with Chile and countries across the Americas, Canada is diversifying our international partners, identifying reliable markets for our minerals and businesses, strengthening critical minerals supply chains and supporting long-term economic prosperity and security for Canadians," he concluded.

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Northam Platinum is looking to establishing the Eland mine as South Africa's first platinum group metals (PGM) mine operating solely on renewable energy.
In addition, Eland is water positive, and the phasing out external water sources before the end of the decade would turn it into a green mine, an upbeat Northam Platinum CEO Paul Dunne emphasised on Friday August 28 when the Johannesburg Stock Exchange-listed PGMs and chrome mining company presented a stunning set of financial results and paid record dividends.
"We will continue to roll out our renewable energy programme," Dunne said during the presentation, at which he described the commissioning of the first 80 MW solar farm at the Zondereinde mine as a major milestone.
"Each year, this facility will produce 220 000 MW hours of secure, behind-the-meter electrical energy, reducing annual carbon emissions by 240 000 t, and reducing Zondereinde's energy costs by 15%."
In addition, progress had been made, he said, on five other projects under construction, including the Karreeebosch wind farm, the Thakadu solar farm, and the solar farm at the Eland PGM and chrome mine.
The Karreebosch wind farm is a 140 MW renewable energy project located in South Africa's Karoo region between Matjiesfontein and Sutherland and Thakadu photovoltaic plant is a 255 MW utility-scale solar project near Klerksdorp, in North West.
Northam will soon begin to install 360 MW hours of industrial batteries across the operations, Dunne reported during the company's results presentation covered by Mining Weekly.
Once all the project were fully operational in FY28, the company would be delivering more than 1 000 GW hours of energy, reduced carbon intensity by 70% and shave about R1-billion a year off its current electricity bill.
"The economic benefit of these initiatives ensures their true sustainability," Dunne commented.
He said that batteries would allow Northam to extend the solar benefit into the peak tariff periods and thereby maximise savings.
Northam plans to install 250 MW of battery storage at Zondereinde, which would improve energy security and enable peak tariff arbitrage.
"It's worth noting that peak tariff energy represents only 14% of energy use, but 44% of energy cost. Hence, the arbitrage opportunity," he explained.
The build programme at Karreebosch has now erected 22 of the 25 towers, and remains on track for commissioning next year.
"This particular facility will deliver around 460 000 MW hours into the Eskom grid, and we will elect, on a monthly basis, where to apportion this power between the operations.
"This will reduce carbon emissions by over half a million tons per annum, and group energy costs by a further 10%," Dunne reported
Displayed during the presentation were renewable energy facilities that included Thakadu, which is scheduled to be commissioned in mid-2027 – "again, energy delivered to the grid, where we elect to apportion the energy through a wheeling agreement with Eskom on a monthly basis as we choose across the operations.
Pointing out the Eland solar and battery site, he said: "We've just started clearing for construction here, and this will initially be 20 MW, growing to 40 MW, producing initially 55 MW hours of energy, and displacing 60 000 t of carbon per annum.
"At Eland, we have a truly unique opportunity to create the first PGM mine in South Africa, operating solely on renewable energy. In addition, Eland is water positive, and we will phase out external water sources before the end of the decade, truly becoming a green mine.
"We are looking for more renewable opportunity. At this stage, we're only 70% abated on carbon, and there is more we can do but for the moment, that's the project work we do have," Dunne added.
Northam's op...

Mining Weekly Editor Martin Creamer discusses the CSIR’s recent test of digital rock-sounding technology at Harmony Gold’s Mponeng mine; Minerals Council South Africa is positive about the launch of the third phase of South Africa’s Government-Business Partnership; and the next-g

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Canadian metals producer Glencore Canada has reached key shaft development milestones at the Onaping Depth project at the Craig mine, in Subdury, allowing it to access a new orebody for the first time.
This marked a key step toward production ramp-up at the Craig mine and eventual project completion in 2027. First ore from Onaping Depth is expected later this year.
Onaping Depth is part of Glencore's Sudbury Integrated Nickel Operations, with the orebody poised to deliver high-grade nickel and copper ore from almost 2 600 m below surface - the deepest that Glencore Canada has dug in Sudbury.
The mine also marks the first new mine to be developed in the Sudbury basin in more than a decade.
Onaping Depth will operate one of the most advanced battery-electric underground mining fleets in the world. The all-electric fleet ranges from the mining equipment that will drill and prepare the mining face and extract, to service and support vehicles moving people, supplies and equipment.
"Eliminating diesel emissions means less ventilation and cooling requirements, which are traditionally among the largest energy demands in underground mining. The use of battery electric vehicles and the benefits they bring is helping to support both Glencore's broader sustainability objectives and Canada's net zero ambitions," says Glencore Canada COO Peter Xavier.
He adds that together with the Craig mine concentrator and smelter, the Onaping Depth project supports the company's long-term presence in the region and strengthens the future of mining in the Sudbury basin.
By extending mining activities to greater depths, Glencore Canada is unlocking new opportunities and resources that will contribute to the continued success of its operations.
Xavier explains that operating at this depth has been made possible through the company's commitment to innovation, including investments in battery electric equipment, remote operations, and automation technologies.
"Reaching these important project milestones is also a testament to the dedication and collaboration of our employees and contractors, who collectively contributed more than nine-million work hours without a lost-time injury. This outstanding safety performance highlights our unwavering commitment to ensuring that every aspect of the project is completed safely."
Almost $2-billion has been invested on the Onaping Depth project since 2019. Once fully operational, the mine will support more than 400 permanent jobs and extend nickel production in the Sudbury Basin beyond 2040.
Canada Environment, Climate Change and Nature Minister Julie Dabrusin says Onaping Depth is poised to strengthen Ontario and Canada's position as leading suppliers of responsibly produced nickel and copper, which are key components in technologies that support electrification, advanced manufacturing and energy security.

Harmony's underground gold mines producing at 38% free cash margin
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In financial year 2026 (FY26), Mponeng and Moab Khotsong, the high-grade South African underground operations of Harmony Gold, produced 15 t at 9 g/t with a 38% free cash flow margin.
Mponeng, the world's deepest mine, was the primary driver of this performance as Moab Khotsong moves into an ore gap.
Moreover, performance from the South African underground optimised operations has also strengthened year-on-year. These assets produced 17 t of gold and margins expanded to 25%, lifting adjusted free cash flow by phenomenal 284% to around R9-billion.
In addition, Harmony's surface and retreatment assets contributed 7 t at a solid 46% margin.
Harmony's big gold retreatment operations provide "low-risk, high-margin ounces that generate meaningful cash flow by recycling old tailings storage facilities", Harmony CEO Beyers Nel reported at the results presentation of the Johannesburg Stock Exchange-listed company for the 12 months to June 30.
The company's focus going forward is on delivering and unlocking value embedded in what it owns. Expected beyond 2030 are, stronger margins, lower real unit costs, and growing free cash flow.
"Every decision we make is aimed at either improving safety, expanding margins, protecting cash flows, and creating long-term value through disciplined capital allocation.
"As our portfolio continues to evolve, we're pleased that the solid FY26 results reflect this quality and the opportunity inherent in our reserve base.
"It's this consistency that turned a higher gold price into cash certainty. We delivered rather exceptional earnings growth alongside record shareholder returns.
"Our headline earnings per share increased by 87% to R43.63 per share, and the company has declared a record final dividend of R7. 50 per share for a total of R8.2-billion for the financial year.
"Our lost time injury frequency rate of 5.05 per million hours worked is the lowest in Harmony's 76-year history," Nel added during the presentation covered by Mining Weekly.
INTERNATIONAL ASSETS
Hidden Valley produced almost 6 t of gold at an all-in sustaining cost of around R660 000/kg, or $1 200/oz with its adjusted silver-supported free cash flow margin increasing to 68%.
In the eight months since acquisition, the now fully integrated CSA produced 18 200 t of copper at $2.47/lb providing a 22% free cash flow margin.
Harmony FD Boipelo Lekubo highlighted FY26 as a record year on financial metrics such as revenue, which increased by 34% to a record nigh R100-billion. Net profit increased by 102% to R30-billion and headline earnings per share increased by 87%.
"That step up is evidence of the operating leverage in our portfolio," Lekubo pointed out.
Group operating cash flow rose by 48% to R33.6-billion and adjusted free cash flow by 54% to a record R17-billion. Cash and cash equivalents total R8.6-billion, alongside the CSA acquisition.
Strong free cash flow supported a record final dividend of R4.8-billion, lifting
the full year dividend to R8.6-billion, a yield of around 3.5% based on the closing share price on August 25.
"Alongside shareholder returns, it is vital we remain capable of funding our future. During the year, we implemented a funding platform to support the next phase of growth," Lekubo reported.
GOLDEN FOUNDATION
In Harmony, Gold remains the foundation while copper strengthens the portfolio, adding diversification, resilience, and future growth.
"But this strategy is not about volume. It's a strategy about value, value created through higher quality assets, better returns, and disciplined capital allocation," Nel explained.
"Growth always matters, but only if it strengthens the portfolio and creates long-term value.. Every ...

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Australian iron-ore and lithium miner Mineral Resources (MinRes) has reported its strongest financial result in its 20-year ASX-listed history, with record underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) having increased by 183% year-on-year to $2.6-billion.
The group's underlying net profit after tax increased by 831% year-on-year to $822-million, while it generated significant free cashflow of $849-million, in the year ended June 30.
MinRes declared a full-year dividend of $0.83 apiece, representing a 20% underlying net profit after tax payout ratio.
The group reduced its net debt by $1.1-billion to $4.3-billion in the year under review, which reduces its net debt-to-underlying Ebitda margin from 5.9 times in the prior year to 1.7 times in the reporting year.
Group attributable iron-ore production was 341-million tonnes in the reporting year, accounting for $689-million of underlying Ebitda, while lithium production was 34.4-million tonnes, accounting for $289-million of underlying Ebitda.
Overall, mining services underlying Ebitda reached $976-million owing to record volumes, with iron-ore remaining the largest contributor.
Record volumes across all divisions and improved commodity prices supported record revenue of $6.5-billion for the group, which marked a 44% year-on-year increase.
For chairperson Mal Bundey, the year was one of meaningful progress on balance sheet priorities and governance, which, coupled with years of strategic investment, resulted in record financial and operational results.
MD Chris Ellison points out that the Onslow Iron operation achieved nameplate capacity of 35-million tonnes a year in August 2025, just three years after a final investment decision on the project was reached. The company plans to operate Onslow beyond nameplate capacity, to restart the Bald Hill lithium operation and ramp it up to nameplate capacity, as well as increase volumes at the Mt Marion lithium mine through a new flotation plant and underground mining in the new financial year.
"The arrival of transhippers six and seven has increased Onslow's installed capacity towards 40-million tonnes a year and ensures sufficient redundancy as we rotate the fleet through maintenance.
"Further, following years of investment to improve plant recoveries and reduce costs, our three lithium assets are well placed to capitalise on improved prices as demand is driven by energy storage and the transition to electric vehicles," Ellison explains.
At the Wodgina lithium operation, after several years of increased stripping, MinRes expects clean ore to feed all three trains from the second quarter of the 2027 financial year and to increase sales volumes by between 14% and 23%.
"Our priorities for the 2027 financial year are to achieve guidance across all divisions, execute low-risk, high-return brownfield investments, continue to strengthen the balance sheet and ensure MinRes is positioned for a next phase of growth within its significantly improved governance frameworks and capital allocation model," Ellison states.
MinRes has set its 2027 financial year guidance at between 370-million and 390-million tonnes for the mining services division, which includes attributable iron-ore and lithium production.

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South Africa's Exxaro Resources is reviewing what the mine of the future could look like amid a modernisation drive, Exxaro CEO Ben Magara pointed out in response to Mining Weekly during a media question-and-answer session, with opportunities being created for innovation and technology, including AI.
"We're really driving the modernisation of mining and reviewing things around what the mine of the future could look like," Magara reported.
The way Exxaro is providing green electrons goes beyond modernisation into crucial climate change abatement.
The latest example is the commissioning by this Johannesburg Stock Exchange-listed company of its Lephalale solar project, the LSP, a 68 MW PV facility built to supply clean, behind-the-meter energy directly to Exxaro's Grootegeluk coal mine in Limpopo province.
Alternating current is generated by 129 024 solar panels across 185 ha with the R1.7-billion investment funded by Cennergi, Exxaro's agile renewable-energy subsidiary. Commercial operation started in April with the official LSP inauguration taking place in July.
Close to a third of Grootegeluk's electricity is now green energy, which brings with it a reduction in carbon emissions and a saving in electricity costs.
"The 68 MW we're putting into Grootegeluk from the Lephalale solar project is about 30% of our consumption on that mine, and on that 30%, we're now making carbon emission savings of about 22%, but the electricity savings are about R100-million on the 30% power contribution coming from the Lephalale solar project."
Cutting diesel consumption further with truck pantographs and overhead trolley lines is also under scrutiny. "We're looking at the trolley lines that we can use for the trucks in order to be more efficient and bring technology to drive not just productivity but also capital emissions reductions."
When a truck connects to the overhead trolley line, it shifts power from the onboard diesel generator directly to the electric wheel motors, dropping the engine to an idle and increasing speed on grades.
"Our plans are definitely to bring in battery energy storage systems, but also in the phase two additional panels. So, if we can drive that with the technology that we are applying on our trucks, the pantos or the trolley line that you can use, we believe we can actually even create more savings in diesel, which is more the Scope 1 emissions than just the Scope 2.
"All our mines are currently looking at life extension opportunities, so if we can make sure each mine has a minimum of 20 years' life, it fits the kind of power purchase agreements you can get with solar.
"So our intention, as part of decarbonisation, is that our mines could actually all go onto solar and wind energy, but obviously you still need baseload of coal when you don't have wind or solar.
"But bottom line is, we're still on target for our 40% reduction in emissions by 2030, 75% reduction by 2040, and carbon neutrality by 2050.
"Manganese now coming on board is also presenting itself for us to drive our decarbonisation. Again, it's intended to make sure that our diversified portfolio will end up providing earnings from future-facing minerals and renewable energy above 50% of our total earnings without reducing coal, and that's the strategy."
On the technology front, Exxaro is replacing some of its old trucks. "We are buying about seventeen 220 t trucks, and they've got much better fuel technologies, even better for the operator when he's on that machine. So really we're harnessing the opportunity for technology that can take us to the next level.
"And on the AI side, I think there are many opportunities, even in ore sorting. If you look at providing the machine learning you get from AI, you can do machine sorting ...

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Australia's Yindjibarndi Indigenous group said on Wednesday it had lodged an appeal with the federal court over the amount of compensation awarded against Fortescue for mining on their lands without an agreement since 2012.
The Yindjibarndi people brought a claim against the miner and the Western Australian state government for A$1-billion ($718-million) in cultural loss and in excess of A$800-million in economic loss, arguing it should be paid a share of the profits from the mine.
An Australian court in May ordered Fortescue, the world's fourth-biggest iron-ore miner, to pay A$150-million in compensation to the group for cultural losses caused by mining. It also awarded A$136 757 for economic losses, and A$217 152 in compound interest on the economic loss amount.
The decision marked one of the largest ever payouts in Australia's history brought under native title laws recognising Indigenous rights and interests in certain parcels of land.
On Wednesday, the Western Australia Attorney General Tony Buti said the state government had also filed an appeal of the decision.
"Native title compensation is a complex and emerging area, and it is important that we have clarity on the law to support future negotiations and native title settlements across the State," he said in a statement.
Australia is the world's largest iron-ore producer, most of which comes from Western Australia's Pilbara region which is the traditional home of dozens of Indigenous groups. Miners have been updating their agreements with these groups since Rio Tinto destroyed two culturally significant rock shelters at Juukan Gorge in 2020, triggering a reckoning about cultural heritage damage and compensation.
Yindjibarndi Ngurra Aboriginal Corporation (YNAC) CEO Michael Woodley said YNAC's appeal related to the amounts awarded by the court for both economic and cultural loss.
The group argues the court should have tied its compensation to typical royalty payments under Pilbara native title agreements. Instead, it assessed economic loss based on the value of the land, but disregarded any value for the iron-ore deposits.
It also argues that it is entitled to compensation for social division in its community caused by the mine.
In its full judgment, the Federal Court found that significant damage had been done to Yindjibarndi song lines and other areas of cultural heritage, including 240 sites designated by Fortescue as heritage places, of which 124 had been completely destroyed. Song lines are routes of cultural significance across the country.
The court noted that this damage was legal and approved through government processes, but without the approval of YNAC, which holds exclusive native title rights over the land.
Fortescue has continued to mine on Yindjibarndi native title land since 2012 without an Indigenous Land Use Agreement or any other agreement with YNAC, the group said.
Fortescue declined to comment but has previously said it sought to reach settlement with YNAC for 15 years and has paid the awarded sum.

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ASX- and TSX-listed FireFly Metals has cemented a strong financial position with a new A$180-million Australian institutional placement and Canadian bought deal financing which it intends to use for advancing the Green Bay copper/gold project, in Canada.
The company will issue about 101-million fully paid ordinary shares at a price of A$1.78, or C$1.76, apiece.
The equity raising, which entails a A$150-million ASX institutional placement and a Canadian 'bought deal' private placement of A$30-million, or C$29.6-million, will support early project works, procurement of long-lead items and a feasibility study on a 1.8-million-tonne-a-year processing scenario for Green Bay.
FireFly is also undertaking a prefeasibility study on a larger 4.6-million-tonne-a-year processing scenario and further resource growth.
A final investment decision on Green Bay is expected by mid-2027.
"The raising ensures that we can continue unlocking the value of Green Bay in an expedited manner. This strategy involves pursuing several avenues of growth and development in parallel, ranging from ongoing exploration through to feasibility studies and ordering long-lead items.
"We can implement this rapid value creation strategy knowing we have a very strong balance sheet which enables us to capitalise fully on the exceptional asset we have at Green Bay and the huge macro-opportunity emerging in the copper market," says FireFly MD Steve Parsons.
Moreover, FireFly intends to invite eligible shareholders to participate in a non-underwritten share purchase plan to raise an additional A$10-million at the same offer price as the institutional placement.
FireFly's preliminary economic assessment (PEA) on Green Bay establishes the project's potential as one of the best undeveloped copper projects in the world based on its high-grade resource, production profile, growth outlook and superior financial returns, Parsons explains.
In the PEA's base case production scenario of 1.8-million tonnes a year, or 4 800 t/d, the restart of production at Green Bay Ming mine for a capital cost of A$513-million has an after-tax net present value (NPV) of A$2.2-billion and an internal rate of return (IRR) of 42% over an initial 32-year mine life. The payback period is estimated to be 1.9 years.
In this scenario the project can produce 50 000 t of copper-equivalent over a 14-year period at steady state, generating after-tax yearly free cashflow of about A$290-million.
In the 4.6-million-tonne-a-year, or 12 500 t/d, scenario, the after-tax NPV grows to A$3-billion and the IRR reaches 40% over an initial 22-year mine life. This scenario anticipates production of 90 000 t/y of copper-equivalent metal over an 11-year period at steady state, which can generate A$550-million of after-tax free cashflow every year.
For expansion capital of A$476-million - which can mostly be funded from the 1.8-million-tonne-a-year base case cashflow - the expanded production scenario has a payback period of 3.7 years.
The Green Bay project is underpinned by a revised independent mineral resource estimate of 60.2-million tonnes grading 2.4% copper-equivalent in the measured and indicated resource categories, and a further 23.5-million tonnes grading 2.5% copper-equivalent in the inferred category.
Parsons confirms that continued expansion of the upper Ming mine level high-grade volcanogenic massive sulphide and core zone has the potential to significantly extend high-grade production beyond peak years and further enhance project economics earlier in the mine life.
FireFly currently has six drill rigs focused on underground high-grade expansions for further resource growth. On a district scale, the company is also drilling on several high-priority historical copper and gold tar...

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South Africa's Council for Scientific and Industrial Research (CSIR), through the Mandela Mining Precinct's advanced orebody knowledge programme, has completed an underground proof-of-concept field test of an innovative acoustic rock-sounding application at Harmony Gold's Mponeng mine.
Mponeng is the deepest mine in the world.
The field trial was concluded in collaboration with the mine's rock engineering team. It is described as marking an important step towards the digitalisation of underground workplace examination and fall-of-ground (FoG) risk management practices.
"The Mponeng field test provided valuable real-world insight into how the acoustic rock-sounding application performs in an underground mining environment," CSIR project lead Heinrich Greeff reported in a release to Mining Weekly, in which he added that it confirmed the technical feasibility of the concept while also identifying the practical refinements required before operational deployment.
"Innovation plays a critical role in our drive towards safer mining. The successful field test at Mponeng demonstrates the potential of digital technologies to strengthen workplace examinations and support informed ground control decisions. We're pleased to collaborate with the CSIR and other technology partners in exploring practical solutions that can contribute to improved underground safety," Harmony Gold added.
Barring and rock sounding remain critical activities used by mineworkers to identify and remove potentially loose or hazardous rock.
While experienced personnel are highly skilled in recognising sounding responses, interpretation can vary between individuals and may be influenced by environmental conditions such as underground noise and fatigue.
The acoustic rock-sounding application aims to support existing workplace examination practices by providing a consistent, data-driven assessment of acoustic responses generated when rock is struck during sounding activities.
Developed through a collaborative research initiative between the CSIR and Peralex Electronics, the application uses acoustic signal processing and machine-learning techniques to analyse rock-sounding responses and classify them according to characteristics associated with solid or potentially loose ground conditions.
The technology is intended to complement, rather than replace, the expertise and judgement of trained underground personnel.
The Mponeng field test successfully demonstrated the technical feasibility of the concept under real mining conditions. Core application functions, including underground audio recording, acoustic classification, confidence scoring, event logging, offline operation and data export, were successfully evaluated. The trial also provided valuable practical insights that will guide future development and optimisation of the technology.
By digitally capturing and storing acoustic strike data, the system establishes a foundation for trend analysis, hazard tracking and future integration with spatially referenced ground control and risk management systems. The long-term vision is to develop a platform capable of supporting proactive ground control decisions, workplace examinations and rock engineering reviews through enhanced hazard intelligence.
FoGs remain one of the most critical safety risks in deep-level mining. The acoustic rock-sounding application contributes to FoG risk management by supporting:
more consistent interpretation of acoustic rock responses; improved digital recording of barring and sounding activity; future auditing of where and how sounding has been conducted; development of datasets that can support improved model training and future hazard intelligence; andpotential future integration with spatial positioning sys...

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The UK's review of its zero-emission vehicle mandate could provide some support to automotive palladium demand If manufacturers are given greater flexibility over the pace of battery electric vehicle (BEV) adoption, Heraeus states in its latest precious metals review.
In a policy review that could see the UK follow the EU in easing requirements, the UK has embarked on consultation regarding the appropriateness of its current annual zero-emission targets remaining in place as BEV sales fall short.
Hybrid vehicles are likely to be among the main beneficiaries. Their 37.7% share of UK registrations in the first six months to June 30, with plug-in hybrids adding a further 13%, is already significant.
This mirrors the European market, where hybrid electric vehicles were also the most popular powertrain in the same period, with a 37.3% share of European Union registrations.
Greater regulatory flexibility could therefore prolong demand for palladium-containing autocatalysts as consumers transition through hybrid vehicles rather than directly from internal combustion engine vehicles to BEVs. However, this would slow the erosion of automotive palladium demand rather than reverse its longer-term decline as the market moves towards zero-emission vehicles, Heraeus points out in a release to Mining Weekly.
Autocatalysts, also known as catalytic converters, are vehicle exhaust devices that use platinum group metals (PGMs) to transform harmful engine gases into harmless atmospheric elements.
In the first half of this year, battery electric vehicles accounted for 25% of UK new car registrations, 8% below the headline 33% mandate target for 2026, although manufacturers have several compliance flexibilities available.
Remaining unchanged are the UK commitments to phasing out new conventional petrol and diesel cars by 2030 and require all new cars and vans to be emission free by 2035.
Under the current mandate, 33% of manufacturers' new car registrations must be zero-emission in 2026, rising to 80% by 2030, with petrol, diesel, hybrid and plug-in hybrid vehicles counting as non- zero-emission vehicles.
Palladium's recent price rally has stalled after failing to hold above resistance. The price climbed from around $1 150/ oz in late June to almost $1 400/oz in early August, but has since fallen back and is currently testing resistance around $1 335/oz. Palladium's 100-day moving average at about $1 350/oz.
PLATINUM BREAKS RESISTANCE
Platinum, Heraeus points out, broke resistance around the $1 800/oz price mark after extending its recovery from July lows. The price has risen from around $1 550/oz in early
July and briefly moved above $1 900/oz last week for the first time since June, but has so far struggled to hold above this level. The 200-day moving average, currently at around $1,920/oz, could add resistance to a further move higher. A sustained move through this area would strengthen the recovery.
RHODIUM, RUTHENIUM, IRIDIUM
The prices of rhodium, ruthenium and iridium PGMs have remained flat, with rhodium at $9200/oz, ruthenium at $1 745/oz and iridium at $8 300/oz.
Proton exchange membrane (PEM) electrolysers use iridium and platinum catalysts, while ruthenium could also benefit if emerging lower-iridium, ruthenium-based anode technologies achieve commercial adoption.
GOLD
Gold prices rallied to their highest level since early June last week after breaking above recent resistance. Gold prices topped $4 600/oz on August 21 as prices once again moved higher after a couple of weeks of consolidation.
This mirrors the early-August rally where gold prices rose around 7%, after having spent the whole of July in a tight range near their yearly lows around $4 000/oz.
The Bank of Korea has made its first gold investm...

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Natrium Redox Technologies, a green technology startup based in Britain, said on Monday it had made a firm proposal to the Tasmanian government to acquire and restart Australia's only manganese smelter, to supply global battery and electric vehicle markets.
EY Parthenon said last month the Liberty Bell Bay (LBB) Smelter would close after a proposed sale fell through. The smelter, formerly owned by British industrialist Sanjeev Gupta's GFG Alliance, entered voluntary administration in March and liquidation this month after suspending operations mid-last year.
"We have engaged with EY Parthenon and the Tasmanian government on this proposal for six months. We have also briefed the federal government," Natrium Redox Technologies said in a statement.
"Our restart proposal seeks shared input of funds with government to the level of A$15-million ($10.75-million) for a 16-week restart period and a continuation of the existing electricity contract."
In a statement, Tasmanian Business Minister Felix Ellis said potential pathways for the site had been put forward, but no transaction has been completed and no commitments were made.
"EY currently controls the site as liquidator, which includes decisions about its sale," he said. EY Parthenon had no immediate comment.
Natrium Redox Technologies said it planned initially to use conventional smelting techniques to restart the smelter before building a pilot plant that would use new technology to produce high-purity, low-emissions manganese powder.
The process uses liquid sodium in place of coking coal to strip oxygen from manganese ore. It operates at lower temperatures than traditional smelting and does not produce carbon emissions.
The new technology would add 20% to 40% to the site's production and lift the smelter up the value chain from being a conventional alloy smelter into one of the highest-value manganese operations in the world by producing battery-grade materials, the company said.
"Battery grade materials sell for a far higher price than conventional alloys, securing LBB's financial future and ensuring it remains a strategically important critical minerals asset for Australia."
Its proposal would provide more than 200 jobs previously linked with the smelter, as well as secure others during construction, Natrium Redox Technologies said.
It also has a proposal to reprocess a A$210-million environmental liability that has accumulated from decades of slag and waste, removing environmental liabilities from the government, it said.
The company emphasised that time was of the essence because the longer furnaces are idled, the harder and more expensive a restart would become.

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Minerals Council South Africa has responded exceedingly positively to the launch by President Cyril Ramaphosa of the third phase of South Africa's Government-Business Partnership for Growth and Jobs, which marks the next chapter of a joint effort between government and business to accelerate inclusive economic growth, unlock investment, strengthen confidence and create jobs.
The goal is to lift South Africa's economic growth to 3% by 2030 and create one-million jobs. (Also watch attached Creamer Media video.)
Unlocking R50-billion in capital currently tied up in planned projects facing delays has been flagged along with restoring investor confidence in mining, which has been singled out as the major driver of economic growth.
Phase three will be about deepening implementation, embedding reforms already undertaken to ensure that progress cannot be reversed.
"This phase must be defined by disciplined execution. Every workstream must have clear objectives, measurable targets, firm timelines and accountable leaders. Progress must be monitored regularly and reported transparently. Where implementation falls behind, we must intervene rapidly.
"Where policies or regulations are holding back investment without serving a legitimate public purpose, they must be reviewed. Where institutional capacity is weak, it must be strengthened.
"Where corruption or vested interests obstruct progress, they must be confronted. We must maintain the highest standards of governance and public integrity," Ramaphosa emphasised at the launch.
Commenting on the development, Minerals Council South Africa president Paul Dunne said in a video release to Mining Weekly: "Our President has just launched the Government-Business Partnership phase three, which will be focused on inclusive economic growth, jobs, and confidence. Mining will take its rightful place on the programme. As you all know, we're a very strong economic force, a primary industry with a strong economic multiplier and an excellent capacity to create real jobs."
Minerals Council South Africa president CEO Mzila Mthenjane, who is also the mining workstream's Focal Area Lead, added: "Really happy this afternoon to be at the phase-three launch of the partnership, where mining is one of the four growth drivers that has been identified and it is on the list of sectors that will be very key to driving South Africa's future economy.
"What is really exciting about this is the confidence that it's showing in the success that has been achieved so far with electricity as well as logistics reform and we're also seeing the progress that is being made on crime and corruption.
"It's really exciting for mining. We've always had a huge sense of belief and conviction in the ability of mining to deliver significant growth and benefit to society in terms of employment creation, in terms of livelihood support, looking at the multiplier effect.
"Of course, in this day and age of demand for the minerals, not only for technology but also for infrastructure within South Africa, in Southern Africa, this bodes very well for mining going forward over the next 20 to 30 years, and that is really the outlook that we have, that mining over those next 20 to 30 years will be delivering significant benefits for South Africans," Mthenjane pointed out.
Minerals Council South Africa senior executive Shamini Harrington described mining as one of South Africa's greatest opportunities for the future. "Its inclusion in phase three of the partnership recognises that unlocking growth, investment and jobs depends on unlocking the full potential of the sector.
"At a time of rising global demand for critical minerals, the moment is definitely now. Working in partnership with the DMPR and government, we have a ...

Mining Weekly Editor Martin Creamer unpacks the latest updates on the $5.8-billion green hydrogen-ammonia project in Nelson Mandela Bay, Exxaro scaling its renewable-energy business; and DRDGold’s very good year.

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Further to Massachusetts Institute of Technology spinout SiTration and global miner BHP's initiative to trial valorisation technology in the historic Globe-Miami mining district of Arizona, the companies have announced two pilot deployments at BHP's Copper Cities site.
Starting this month, SiTration and BHP will validate continuous and autonomous production of copper from legacy mining water over one month using an initial small-scale pilot plant. A larger deployment is planned for later this year to produce up to two tonnes of commercial-scale copper cathodes over a two-month period.
The historic Copper Cities site produced almost 400 000 t of copper between the 1950s and 1980s. Today, SiTration and BHP see an opportunity to recover value from legacy mining assets such as these, with the potential to create new pathways for domestic US copper supply.
Through bench-scale testing using real feedstock from the site, SiTration has already demonstrated London Metal Exchange Grade A copper production without using any chemicals or generating new waste products. Additionally, preliminary tests have yielded energy consumption below 4 kWh/kg to recover copper from the diluted legacy mine water.
SiTration CEO and co-founder Brendan Smith believes the American Southwest region houses billions of dollars' worth of copper in legacy mining water. "With global copper demand projected to grow by 70% by 2050, tapping into these resources is an excellent pathway to bolster domestic supply chains while producing copper at the bottom of the global cost curve."
BHP legacy assets GM Kevin Ramsay adds that the Copper Cities pilot provides an opportunity to evaluate an innovative approach to recover copper from mining-impacted water while generating valuable technical and operational insights. "We are excited to work with SiTration to test this technology under real operating conditions and better understand its potential to recover value from legacy mining water sources."

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Exxaro wants its growing energy and future-facing metals businesses to account for more than half of group earnings by 2030.
"This is the business we are building for tomorrow," Exxaro CEO Ben Magara said while displaying a slide showing a diversified natural resources champion not only providing earnings and reducing carbon intensity, but also providing the career opportunities of many young and upcoming people "to make sure that we remain a key driver to our country's economy". (Also watch attached Creamer Media video.)
"We're anchored by a long-life, high-quality and cash-generative coal business, a growing renewable-energy business, and future-facing metals that are built globally with significant manganese exposure.
"As we look ahead, we'll continue to anchor our whole business, and we'll continue to drive in line with our prudent and disciplined capital allocation, underpinned by our people and the conviction to achieve zero harm – and to do this ethically.
"These three business pillars of coal, renewable energy, and manganese and future-facing metals position Exxaro continuously as a consistent dividend payer, sustained for growth."
For the first time, manganese formed part of that picture during the Johannesburg Stock Exchange-listed company's presentation of 15%-higher half-year cash generation to R6.1-billion on 7% higher revenue inflow.
Coal exports are rising, the renewable-energy business is up 12%, and future-facing metals are no longer a mere heading as manganese adds to income.
The Lephalale solar project (LSP), which reached commercial operation in April, is generating green electrons for Exxaro's Grootegeluk coal mine, the output of Matla is up 38% year-on-year.
"This is an underground mine with continuous miners, extensive labour, and workforce underground, working safely and delivering a 38% improvement year-on-year - very pleasing," Magara reported.
Coal export sales increased by 15% to 3.9-million tons as Exxaro was able to switch between domestic sales and export markets to take advantage of considerably higher export prices.
"We continue to see encouraging improvements in rail performance at an industry level. Coal volumes railed to Richards Bay improved, placing this system on an annualised run rate of about 60-million tons.
"Let me move to our next business pillar – Cennergi," Exxaro's renewable-energy subsidiary, said Magara, noting it is contributing 30% of Grootegeluk's energy requirements and reduced the mine's carbon emissions by 22%. It has also cut electricity costs by R100-million a year.
Wind generation was lower owing to weaker Eastern Cape wind conditions, although plant availability was up and strong at 98%.
With the LSP contributing 66 GWh, total renewable energy generation has increased by 12%.
The benefits of having wind and solar dovetail are continuing to be seen in improved performance in earnings before earnings, taxes, depreciation and amortisation (Ebitda) numbers.
The on-schedule and on-budget Karreebosch wind farm project continues to progress, with commercial operation expected in the first half of 2027.
Exxaro CFO Riaan Koppeschaar said a further R864-million was invested in expansion capital, primarily relating to the completion of the remaining work at the LSP and the continued construction of the Karreebosch wind farm.
R160-million was invested at Lephalale during the first half to complete activities ahead of the commissioning in April, and during the same period, R704-million was spent on Karreebosch.
"Our energy projects are typically funded through a structure comprising 75% project finance and 25% equity funding, optimising returns while maintaining disciplined capital allocation," Koppeschaar said during the presentation covered by Mi...

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Fortescue's green grid investment in Australia's northwest is set to provide surplus energy that it can sell to data centres as commercial demand develops, although it has yet to ink any supply agreements, it said as it posted in line results on Thursday.
Fortescue is investing heavily in green energy, battery storage and research as it builds a large scale green energy grid in Western Australia's Pilbara region targeting 1.2GW to 1.5GW of total solar capacity by 2028.
It had flagged an investment of $680-million to develop new green energy infrastructure in Pilbara in April.
Fortescue Metals and Operations CEO, Dino Otranto, said the miner was looking to supply energy to third parties including data centres, but had not yet signed any offtake agreements.
"Fortescue continues to invest in technology that will drive down the cost of green energy and help to deliver our own green metal projects," Otranto said on an earnings call.
"We will develop it, test it, prove it, deploy it, and when the technology has a wider commercial market, we will also take it beyond Fortescue and sell it."
The company said this week it had produced green iron at its Christmas Creek facility, nearly a year behind schedule.
The grid supports Fortescue's decarbonisation targets, the most aggressive among Australia's major miners, and will also allow it to shave $2 per ton to $4 per ton of iron-ore costs, given Middle East instability that has raised prices for diesel.
CHINA STATE BUYER
Fortescue flagged that talks with China's State buyer China Mineral Resources Group (CMRG) could affect the price it gets for its iron-ore as the months-long negotiations drag on.
Broker Jefferies, which has an underperform rating on the stock, said that risk was underscored in its fourth-quarter price realisation for iron-ore, falling to 84% from 88% for the full year.
"We continue to engage with China Mineral Resources Group through respectful, patient and good faith negotiations," Head of Energy Agustin Pichot said on the call.
Pichot added Fortescue was concentrating on making an agreement with CMRG, rather than considering using a single selling desk with its Australian peers for iron-ore to China.
Fortescue declared a final dividend of 46 Australian cents per share, down from 60 cents a year earlier, and its lowest in eight years.
It posted a 2.8% rise in underlying net profit attributable to $3.47-billion for the year ended June 30, broadly in line with the Visible Alpha estimate of $3.52-billion.
Record annual shipments of 201.3-million metric tons and higher iron-ore prices helped Fortescue offset higher hematite C1 unit costs, largely driven by elevated diesel prices, and meet market estimates for annual earnings.
Fortescue said it was served with a class action in July alleging workplace misconduct, including sexual harassment and sex discrimination, with potential damages not yet specified.
The miner paid A$150.4-million ($106.95-million) on July 1 after the Federal Court made final orders in the legal proceedings for compensation to the Yindjibarndi people for cultural loss linked to mining on their land. Yindjibarndi Ngurra Aboriginal Corporation plans to appeal.

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It's been a very good year for DRDGOLD, was the opening remark of CEO Niël Pretorius about the company's 4 839 kg gold production exceeding annual guidance and 85%-higher free cash flowing in spite of major R3.5-billion capital expenditure and a final R1-billion-plus cash dividend payout that roughly equalled the total market cap of the company when Pretorius did his first presentation 19 years ago.
"The production was pretty pleasing," said Pretorius about coming within a hair's breadth of 5 t of gold production, which was roughly 5 000 oz higher than the top end of guidance thanks to "very smart management" of the throughput mix. (Also watch attached Creamer Media video.)
Achieved was an average yield of just under 0.2 g/t gram per ton, which was a 2% increase on plants were working very efficiently.
With the exception of a very short period in 2018 when the Johannesburg Stock Exchange-listed company needed to protect cash flows, DRDGOLD has never hedged and deliberately so.
That placed it in a position to take full advantage of the 40% increase in gold price, which translated into revenue for the year of a 42%-higher R11-billion-plus.
Cash operating costs for the year were under R1-million a kilogram, which was also better than guidance and a 7% increase year-on-year. Considering the number of double-digit increases that form part of the cost basket of gold production in South Africa, "this was testimony to some really good cost discipline", which translated into an 83%-higher, R6.4-billion operating profit.
That informed the 89% headline earnings increase of R4.2-billion and strong 85%-higher R2.2-billion free cash flow, which is a very important parameter for DRDGOLD, because, as a dividend-paying company, generating cash is an important internal measure of efficiency.
"We're talking final dividend of just more than a billion against free cash flow of R2.2-billion and capital expenditure of R3.5-billion and remember that a big part of our Vision 28 story is that at some point in future capital expenditure is going to become considerably smaller, and if the gold price holds up, will not have diminished significantly.
"In fact, it could be significantly higher because remember, we're targeting about a ton of additional gold production…and as a dividend-paying company, start factoring in substantial portion of that into what's available for your dividend, and that's the DRD promise.
"That's really what we're working towards at this stage, and we're hoping that it will find its way into how share price has been interpreted at some stage over the next few years, as we get closer and nearer to completion of Vision 28 subparts," Pretorius outlined in the financial year 2026 presentation of financial results attended by Mining Weekly.
Ergo's production in the last six months of the financial year was exceptional. The East Rand operation lifted gold output by 150 kg a month at a time when the gold price was averaging R2 460 000/kg and ended up ended by increasing revenue on R8.1-billion for FY26 compared with last year's R5.7-billion."We couldn't have done it if we didn't have the exceptional teams," DRDGOLD CFO Henriette Hooijern pointed out.
DRDGOLD COO Jaco Schoeman said: "I would just like to agree. Our operational staff, and our contractors and our consultants, everybody, right from the cleaning staff to the top to the board, everybody had to fire on all cylinders to achieve the results."

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Iron-ore major Fortescue has produced first hot metal at its Green Metal project at Christmas Creek, marking the first successful operation of its electric smelting process and a major step towards producing green metal in Australia.
The pilot project was built to test new technology and develop a pathway for ultimately producing green metal using Pilbara ore.
First hot metal means the project has successfully produced molten metal in its electric smelting furnace. As part of commissioning, this has initially been produced using a blended feedstock while the facility is progressively brought online.
Commissioning of the project will continue in stages, allowing the team to safely test, refine and optimise the process before progressing to larger-scale production.
Fortescue Metals CEO Dino Otranto says this is a significant milestone for its Green Metal project and another step towards producing commercial-scale green metal in Australia.
"For decades Australia has exported iron-ore to the world. The next opportunity is to create more value from that ore by producing green metal here at home.
"Australia has some of the world's best renewable-energy resources and one of the world's largest iron-ore industries. That's a competitive advantage we should be building on. If we don't, other renewable-rich countries will.
"The real opportunity goes beyond green metal. It's about building a new industrial economy around Australia's renewable-energy advantage," he states.
Otranto explains that nobody has solved green metal production using Pilbara ore at commercial scale yet, and that is the challenge that Fortescue is taking on.

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The $5.8-billion green hydrogen-ammonia project in South Africa's Nelson Mandela Bay has been a hard slog but there is light at the end of the tunnel.
Mining Weekly can report the venture, for which a green hydrogen generating electrolyser and ammonia loop solution has already been selected, is "going really well" and developer Hive Hydrogen is expected to make "some very big announcements" at next month's Africa Green Hydrogen Summit in Cape Town.
The Eastern Cape's special economic zone at the Coega port is the site of the project, where construction could potentially begin early next year and commissioning in December 2029.
Hive Hydrogen South Africa chairperson is former Eskom CEO Thulani Gcabashe, whose Built Africa focuses on developing renewable-energy projects in South Africa under the Renewable Energy Independent Power Producer Procurement Programme.
Backed by Hive Energy and Built Africa, Hive Hydrogen South Africa has since September 2019 been working on establishing a renewable energy-powered green hydrogen-derived ammonia plant capable of producing a million tonnes of product a year.
The conclusion of environmental impact assessment work on Hive Hydrogen's 3 300 MW of renewable energy assets gave rise to environmental authorisation of the 1 000 MW Carissa wind energy facility, near Beaufort West.
Carissa's permitting is the work of a partnership made up of Hive Hydrogen, project developer AMDA Developments, and Blue Crane Environmental, the independent environmental assessment practitioner responsible for leading the environmental impact assessment process.
Coega is one of Hive's three green hydrogen schemes, the other two being Albamed in Spain and Gente Grande in Chile.
Blended finance private equity fund SA-H2, which focuses on the green hydrogen value chain and the Southern African energy transition, has signed a development funding agreement with Hive.
SA-H2, which combines public and private capital, has secured commitments from the European Commission under the Global Gateway, Invest International, South Africa's Public Investment Corporation, on behalf of the Government Employees Pension Fund, Sanlam Life, and the Industrial Development Corporation. The fund is also being supported by the Development Bank of Southern Africa.
SASOL HYDROGEN SYSTEM COMMISSIONED
Also in South Africa, chemicals and synthetic fuels producer Sasol has commissioned a platinum-based proton exchange membrane (PEM) hydrogen electrolyser system at its research and technology campus, in Sasolburg, in the Free State. In addition to Sasol's contribution, the electrolyser was developed with contributions from the Department of Science, Technology and Innovation's Hydrogen South Africa programme in partnership with the South African National Energy Development Institute and North-West University.
Central to the deployment of the 2 kW PEM electrolyser system is the beneficiation of South Africa's platinum group metals, which were described by Science, Technology and Innovation Minister Professor Blade Nzimande as being key to fuelling industries of the future. The Minister added that the project would generate the knowledge required to support the commercialisation and wider deployment of green hydrogen technologies.
China's green technology company Envision Energy is partnering Sasol around the study of a potential green hydrogen system also at Sasolburg. Ammonia Energy Association reports that China is continuing to lead the way in building early green hydrogen supply chains.
In neighbouring Namibia, the African Development Bank has approved a $10million investment to help to kick-start Namibia's green hydrogen project, International Energy Summit reports on LinkedIn. The bank's funding is expected to he...

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BHP Group reported better-than-expected full-year earnings and declared its highest annual dividend in four years, boosted by record copper prices that cemented the metal's lead over iron-ore as the miner's biggest earnings driver.
CEO Brandon Craig, who took the top job at the world's biggest listed mining company last month, underlined BHP's project pipeline that could boost its copper production by as much as 40% by 2035, even as production falls in the short term.
"Copper, iron, steelmaking coal and potash are foundational to the way the world is developing. That is why we are moving as fast as we can and bringing these commodities to market," he told reporters.
BHP on Tuesday reported a 30% rise in full-year underlying attributable profit of $13.2-billion for the year ended June 30, above the Visible Alpha consensus of $12.66-billion.
It announced a final dividend of 99 cents per share, bringing the full-year distribution to $1.72 apiece, the highest in four years, the miner said.
BHP shares rallied as much as 4.2% to a two-month high of A$64.79.
"Loved the dividend, a big beat on that," said portfolio manager Andy Forster of Argo Investments in Sydney, which holds BHP shares.
"Solid overall, and copper doing all the work," he said of the results, adding that BHP was emphasising longer-term growth, even though final investment decisions had not yet been made and capital spending was expected to rise by more than $1-billion next year.
Copper prices have climbed to record highs above $14 000 a ton this year, triggered by the rapid pace of energy-hungry AI data centre buildouts and the global shift toward cleaner power, intensifying miners' race to secure high-grade copper assets.
Craig said BHP always watched for market opportunities, but it was roughly five times more expensive to buy copper assets than build.
The red metal, including byproducts such as gold and uranium, generated $18.19-billion in operating earnings in the year, surpassing iron ore's $14.53-billion as BHP's top earnings driver.
BHP expects copper demand to grow to more than 50-million tons a year by 2050 from 34-million tons this year.
IRON-ORE OPERATING EARNINGS RISE
BHP's iron-ore business in Western Australia is facing challenges from industrial action, but Craig said the miner did not expect any negative effect from the first major strikes at Port Hedland in decades as talks continue on Tuesday.
As for its biggest customer, China's state iron-ore buyer, BHP is focused on efficient markets, rather than forming a combined selling desk with other miners, Craig said.
BHP's flagship Western Australia Iron Ore operations generated $14.67-billion in operating earnings in the year, up 2% from last year and in line with the Visible Alpha consensus of $14.75-billion.
The miner said it had $3.5-billion remaining that it could unlock through active capital portfolio and asset management as part of a $10-billion opportunity it had identified.
Most recently, Global Infrastructure Partners (GIP) invested $2-billion for a minority stake in the business' inland power network.
The miner's net debt at the end of the 2026 financial year fell to $8.69-billion, below both the target range of $10-billion to $12-billion and the Visible Alpha consensus estimate of $9.1-billion.
METALLURGICAL COAL SALE SPECULATION DOUSED
Craig doused some reports that BHP could review its Queensland metallurgical coal operations for a possible sale over the next one to five years. He said the assets would be an important part of BHP's portfolio if markets developed as the miner expected.
Reuters reported on Monday that Canadian uranium miner NexGen Energy was sharing information and "talking regularly" with BHP about its Rook I uranium project in Saskatchewan....

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At a time when calls are being made for South Africa to modernise its mining sector, emerging researchers will on October 2 have a next-generation platform to explore the future of the minerals industry.
The event is being hosted by South Africa's State-owned mineral and metallurgical organisation, Mintek, whose science convention for innovators (SCI) event will assemble emerging researchers across themes such as critical minerals, energy and innovation, emerging technologies, sustainability and the circular economy.
Papers submitted to this year's SCI symposium reflect "the depth and diversity" of research taking place across the sector, Mintek stated in a media release to Mining Weekly on Monday, August 17.
The range of perspectives includes research into rare earth element occurrence and mineralogical characterisation, precious metal recovery from mine waste, mineral collector interactions in upper group two ore flotation, and the use of biobased depressants in platinum group metals (PGMs) processing. Emphasised will be the importance of developing new approaches to extracting and processing minerals, while creating greater value from primary and secondary resources.
The energy theme will cover renewable-energy applications in mining and processing, fuel cell technologies, energy storage, hydrogen technologies and energy efficiency in processes such as milling and pyrometallurgy.
How emerging technologies can contribute to more efficient and sustainable mineral processing operations will be discussed and the emerging technologies theme will include AI, machine learning, process modelling, simulation, advanced process control, digital twins, smart operations, extraction technologies and materials development.
Among the studies that demonstrate the increasingly important role of digital technologies in addressing complex challenges across mining and mineral processing are deep offline reinforcement learning for lead flotation circuit optimisation, as well as the development of an intelligent self-healing long-range mesh communication network for real-time underground mine safety and emergency response.
The sustainability and circular economy theme will examine areas such as water treatment and management, sustainable water use, mine rehabilitation and closure, asbestos rehabilitation, carbon emissions reduction and decarbonisation.
The potential for innovative approaches to turn waste streams into sources of value will be shown by research into the evaluation of antimony in mine tailings and the extraction of calcium and magnesium from concrete waste for mineral carbonation.
The SCI, which will take place in Mintek's auditorium at 200 Malibongwe Drive, Randburg, is designed to promote knowledge exchange between emerging researchers and industry professionals, support the development of young researchers and encourage collaboration across institutions and disciplines.
It takes place at a time South Africa's global mineral and metallurgical competitors are, in particular, committing capital to digitisation and automation as well as critical minerals and beneficiation.
MODERNISATION SHOWCASE
What came across strongly at last month's South African mining modernisation showcase event is that lessons are there to be learned from other global mining jurisdictions, particularly when it comes to 'enabling environment' and 'advanced technology'.
South Africa's competitors were reported to be investing heavily in digitisation and automation, as well as in critical minerals and beneficiation.
Research Institute for Innovation and Sustainability (RIIS) consultant Ashleigh Muller reported that South Africa's competitors are attracting considerable investment because of the high speed at which they are mode...

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Canadian gold and copper producer OceanaGold plans to acquire Australia's Ausgold in a deal valued at A$776-million ($552.74-million), the companies said on Monday.
The deal represents a premium of 27.7% to Ausgold's previous close on Friday and gives OceanaGold ownership of the Katanning project in Western Australia.
Trading in Ausgold's shares was halted earlier in the day ahead of the announcement.
Ausgold shareholders will own about 6% to 8% of OceanaGold upon completion of the deal.
"This marks our first acquisition in Australia, and we are excited to build on the great work done by the Ausgold team to further optimize the development of the Katanning Gold Project for the benefit of both OceanaGold and Ausgold shareholders," OceanaGold CEO Gerard Bond said.

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Anglo American has struck a yearlong supply deal with China's State-backed iron-ore buyer, joining BHP Group among miners that have finalised an agreement with the group.
South African producer Kumba Iron-ore, part of Anglo American, reached a deal with China Mineral Resources Group Co to supply iron-ore to its mills from April 1 this year until March 31, 2027, according to a person familiar with the matter. The agreement doesn't include-ore from Anglo's Minas-Rio project in Brazil, which is not sold to China on a long-term contract basis, said the person, who didn't want to be named discussing confidential information.
The world's biggest iron-ore miners, including BHP and now Fortescue, have faced a harder time reaching a deal with the Chinese buyer group due to their large portfolios of ore. CMRG represents more than half of China's steelmakers in procurement negotiations with global miners.
Kumba confirmed to analysts on an earnings call in late July that it had reached an agreement with CMRG, without giving details about the length or the terms. Its-ore is a premium product with a higher iron content, of which around 37 million tons was sold in 2025, according to the company's results.
Anglo's global head of sales and trading, Ebrahim Dadoo, told analysts on the call the company sells around 54% of its output into China. It also has volumes going into the country via spot sales and non-CMRG long-term contracts, so the volumes under the CMRG contract are "fairly small on our overall portfolio," he said.
Bloomberg calculations put the potential volume of Kumba iron-ore going to CMRG at around 8 to 10 million tons based on confirmed sales, estimated spot sales, and the reported number of CMRG member mills.
A spokesperson for Anglo American declined to comment further. CMRG didn't immediately respond to a request.
"We've had very constructive engagements with CMRG, we've got an agreement in place with them as of the first of April, and that does impact our products that we sell to CMRG member mills," Dadoo said in a transcript of the call dated July 28.
BHP faced restrictions and months of talks before it was able to agree to a yearlong deal with more yuan pricing, while FMG is currently in the midst of tense negotiations. The next hurdle is what happens when the deals come up for renewal next year, and whether CMRG will try to eke out more concessions.

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A first-of-its-kind report from researchers at Duke University and the University of Cape Town (UCT) has mapped the most credible research and development opportunities for lithium and rare earth processing, with the researchers offering recommendations to countries and companies in the Global South that are trying to go beyond mining to expand their processing capability.
The report helps to inform the global collaborative platform that is the Council for Critical Minerals Development in the Global South that was created in response to the anticipated rises in commodity demands for lithium and rare earths, among others.
The International Energy Agency (IEA) predicts that meeting climate targets requires an eight-fold rise in lithium demand and a doubling of magnet rare earth demand by 2040 but says the binding constraint is not getting the resources out of the ground, but the midstream processing stages - where China currently controls between 60% and 70% of lithium conversion and more than 85% of rare earths seperation.
Many Global South countries and companies within them are trying to expand their processing capability of these elements, yet many of the actors lack the understanding of the latest research, development and innovation in critical mineral processing, Duke and UCT finds.
The organisations recommend that companies making strategic decisions on where to invest in critical mineral processing should concentrate on five priorities: capturing value at the processing chokepoint, targeting the pilot-to-demonstration stage, investing in new technologies beyond tradition evaporation ponds in lithium's case, prioritising the energy and carbon cost of conversion, also in lithium's case, and treating seperation and recycling as important priorities in the case of rare earths.
Duke and UCT expand on these points by explaining that mining a lithium deposit or rare earth resource without securing downstream conversion, separation, or refining capacity leaves most of the margin and strategic leverage with whoever controls the midstream.
"Because these value chains are concentrated rather than truly global, chokepoint participation is best treated as an entry point toward broader integration across adjacent stages of the chain, not as an end state. This requires identifying and committing to specific processing partnerships or in-country conversion investments at the project development stage, well before financial close," the report states.
Additionally, the most commercially credible innovations across the lithium and rare earth chains - direct lithium extraction (DLE), lower-temperature spodumene roasting, and continuous rare earth ion exchange - currently sit at technology readiness levels of 5 to 7, which are the stages where capital availability, not technical uncertainty, is the main constraint.
UCT and Duke say financing instruments differ by stage, with pilot plants needing equity and grant capital, while demonstration and first commercial units need offtake commitments and debt guarantees.
"Companies able to invest in equity, offtake commitments, or co-development partnerships at this stage will secure better technology access and pricing than those that wait for technology readiness levels 8 to 9," the organisations note.
Moreover, in terms of lithium through brine ponds investment, UCT and Duke suggest that conventional brine evaporation recovers only 30% to 50% of lithium over a 12- to 24-month cycle and is exposed to regulatory and water-use constraints. DLE technologies, on the other hand, particularly those in China, Argentina and at pilot stage elsewhere, can recover more than 90% of lithium in hours.
However, DLE performance is strongly brine-chemistry dependent and most flows...

Mining Weekly Editor Martin Creamer tells us about how AI is helping to develop alloys for use in new applications; the study that’s shown that there is considerable room to increase mining’s innovation intensity; and Sasol’s PEM electrolyser that was recently launched.

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Statistics South Africa (Stats SA) reports that mining production decreased by 4% year-on-year in June, with the largest negative contributor being platinum group metals (PGMs), which recorded a decline of 8.4% year-on-year, contributing -2.4 percentage points.
Coal production decreased by 6.6% and contributed -1.7 percentage points, while iron-ore production declined by 10.2% and contributed -1.5 percentage points.
Seasonally adjusted mining production increased by 0.3% in June compared with May. This followed month-on-month changes of -5.2% in May and 3% in April.
Seasonally adjusted mining production decreased by 2.7% in the second quarter of this year compared with the first quarter.
The largest negative contributor was PGMs, which declined by 6.4% and contributed -1.8 percentage points.
Manganese ore production declined by 5.3% quarter-on-quarter and contributed -0.4 of a percentage point, while gold declined by 3.2% and contributed -0.3 of a percentage point.
Additionally, seasonally adjusted iron-ore production declined by 2% quarter-on-quarter and contributed -0.3 of a percentage point.
Meanwhile, mineral sales at current prices increased by 27.2% year-on-year in June.
The largest positive contributors were gold, which increased by 125.7% and contributed 17.1 percentage points; PGMs, which increased by 27% and contributed 7.3 percentage points; and chromium ore, which increased by 49% and contributed 3.7 percentage points.
Iron-ore, however, declined by 16.1% and contributed -1.7 percentage points and 'other' non-metallic minerals declined by 35.5% and contributed -1.3 percentage points. These were the only negative contributors.
Stats SA adds that seasonally adjusted mineral sales at current prices increased by 2.7% in June compared with May. This followed month-on-month changes of -4.4% in May and 3.1% in April.
Seasonally adjusted mineral sales at current prices decreased by 1.6% in the second quarter of this year compared with the first quarter.

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ASX-listed Brazilian Rare Earths' newly published scoping study on the Rocha da Rocha rare earths project, in Brazil, particularly its anchor Monte Alto deposit, finds the potential for life-of-mine average production of 5 276 t/t of neodymium and praseodymium (NdPr) oxide and 2 253 t/y of heavy rare earth concentrate, containing about 247 t of dysprosium and terbium and 989 t of yttrium.
This scale positions Brazilian Rare Earths as a potential leading supplier for a growing market that needs more heavy rare earth feedstocks.
The company identified the Rocha da Rocha's flagship deposit, Monte Alto, in February 2024 and deems it the anchor of a broader critical minerals province with the potential to become one of the most important new sources of rare earth supply globally.
Monte Alto's primary and residual mineralisation averages 11.3% total rare earth oxides, which gives Brazilian Rare Earths a high-grade structural advantage that few rare earth projects can match globally.
The scoping study reports an after-tax net present value of $7.9-billion, an after-tax internal rate of return of 89% and a payback period of 1.1 years. The Monte Alto operation can generate life-of-mine average yearly earnings of about $1.37-billion.
CEO and MD Bernardo da Veiga says the high grades at Monte Alto changes the entire development equation, since fewer tonnes, a smaller mining footprint and lower processing intensity is economically viable.
The scoping study finds Rocha da Rocha to be the lowest-cost non-Chinese rare earth project and the second-lowest-cost project globally on Benchmark Mineral Intelligence's rare earth cost curve at $21/kg of NdPr-equivalent, before potential future cost credits from uranium, scandium, nobium and other co-products.
The company has determined a simple initial development strategy focused on a seperated NdPr oxide and a heavy rare earths-rich concentrate containing significant amounts of dysprosium, terbium, yttrium and gadolinium.
Brazilian Rare Earths says uranium is being advanced as a strategic co-product and future value pathway, while scandium, nobium and tantalum provide additional upside for future studies.
"The key point for shareholders is that the initial scoping study investment case does not rely on the suite of critical mineral co-products. It is built on high-grade Monte Alto feedstock, a simple beneficiation pathway and the production of rare earth products that global customers urgently need," Da Veiga explains.
Monte Alto will be designed as a small-footprint mine site operation using dry crushing, screening and sensor-based ore sorting, with no chemical processing at the mine site. Upgraded feed will be transported to the company's planned Camaçari refinery hub, located within an established industrial complex with access to infrastructure, utilities, reagents, industrial services, logistics and skilled labour.
This unique hub-and-spoke model allows us to keep the mine site operations to a minimum while locating more complex hydrometallurgical and separation activities in an established industrial environment.
Having signed a binding ten-year offtake and engineering, and technical services agreement with French rare earth processor Carester in October last year, Brazilian Rare Earths says Carester's role in the scoping study further strengthens the development pathway of Monte Alto. Carester's downstream seperation work supports the production of high-purity NdPr oxide and a heavy rare earths-rich concentrate.
Da Veiga says the significance of this scoping study is not simply that Rocha da Rocha generates compelling economics across this wide range of price scenarios, rather, its greater importance is that it highlights a unique combination of project str...

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A Democratic Republic of Congo (DRC) Ministerial Order banning the export of copper and cobalt concentrates, which also introduces a new tax regime, is unlikely to have a material impact on either the global copper or cobalt market, but could add a near-term risk premium to copper prices while details of the policy are clarified, BMI, a Fitch Solutions company, posits.
On August 6, Reuters reported that the DRC has banned exports of copper and cobalt concentrates, citing a joint Ministerial order dated June 29, signed by Mines Minister Louis Kabamba Watum, Foreign Trade Minister Julien Paluku Kahongya and Economy Minister Daniel Mukoko Samba.
The order, which was later released publicly by the DRC Ministry of Mines, states that 'the export of copper and cobalt concentrates is prohibited' and takes effect immediately, although one-year waivers may be granted under 'strategic circumstances.'
The order also introduces a new tax regime for economically significant mining by-products, with a three-month transition period.
BMI explains that since the mid-2010s, the DRC has operated a de facto ban on exports of unbeneficiated copper and cobalt concentrates, with ad hoc exemptions granted to select mining companies where domestic processing capacity was insufficient or where said companies committed to investing in local processing.
"We therefore interpret the new policy as a shift to a de jure ban with tighter rules around waivers and exemptions on the export of concentrates," the company avers.
For copper, about 13% of the DRC's copper exports last year were contained in concentrates, with most of the rest exported as refined copper cathodes, BMI points out.
The former equates to about 400 000 t of copper metal, or about 1.7% of global copper mine production, it elaborates.
"While a loss of this magnitude has the potential to push the delicate copper market balance into deficit, we note that the DRC should have some spare capacity to smelt additional copper concentrates domestically, given the recent commissioning of the Kamoa-Kakula smelter, which has a nameplate capacity of 500 000 t/y," BMI predicts.
Currently, the Kamoa-Kakula mine is producing copper feedstock well below the smelter's nameplate capacity, owing to the residual impact of a seismic incident last year, which caused much of the underground mine to flood.
Therefore, there is a possibility for Kamoa-Kakula's owners, Ivanhoe Mines and Zijin Mining, to allow neighbouring copper mines to process concentrates at the Kamoa-Kakula smelter if those miners are unable to negotiate waivers with Kinshasa, provided spare capacity exists and third-party feed is technically and commercially viable, BMI hypothesises.
It notes that Ivanhoe themselves smelt a portion of their copper concentrate output at the nearby Lualaba copper smelter, which is 60% owned by Mainland China's CNMC.
"For this reason, we are not yet revising down our DRC copper mine production forecasts for this year or 2027, which we have already revised down this year following the aforementioned disruption at Kamoa-Kakula," the company reassures.
Meanwhile, it says that, for cobalt, the ban is "even less impactful than for copper".
According to trade data published by the Congolese authorities, almost all cobalt that leaves the DRC leaves as cobalt hydroxide, an intermediate product after concentrate but before battery-grade cobalt, the company explains.
The more important policy constraint remains the quota system introduced after the temporary cobalt export ban last year, it adds.
The DRC has set cobalt export quotas at 96 000 t for this year, including a 10% strategic allocation, equivalent to less than half the DRC's cobalt exports in 2024.
"As a result, the concentrate ban shou...

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US-based think tank Institute for Energy Economics and Financial Analysis (IEEFA) outlines in its latest report 'India's looming iron-ore challenge' how the country may not have enough access to the right quality of ore for its ambitious steelmaking expansion plans.
IEEFA says how India sources imported iron-ore and how much domestic ore it upgrades could shape the country's steelmaking technology choices, as well as influence India's dependence on imported coking coal and the pace of steel decarbonisation.
Under India's proposed National Steel Policy 2025, the government aims to more than double crude steel production capacity to 400-million tonnes by 2035/36 while cutting the sector's emissions intensity and reliance on coking coal.
India produced about 289-million tonnes of iron-ore in the 2024/25 financial year, making it the world's fourth-largest producer, however, about 66.5% of India's remaining resources are medium- and low-grade ore that requires beneficiation.
Expanding the country's 27 beneficiation plants' capacity from 136-million tonnes a year to 170-million tonnes a year by 2030 will require about $5.7-billion of investment, alongside supportive policy such as reduced royalties for beneficiated low-grade ore.
Many Indian ores also carry high alumina levels. IEEFA says every 1% rise in alumina lifts coke consumption by 2.2% and cuts blast furnace productivity by 4%.
"India's iron-ore challenge is shifting from securing sufficient supply to securing the right quality of ore needed for an expanding and lower-emissions steel industry. As iron-ore imports become more important for the country, the type of ore it sources could influence technology choices and thereby the pace of steel decarbonisation and long-term dependence on imported coking coal," IEEFA report author Saumya Nautiyal elaborates.
With global suppliers increasingly producing premium direct reduction-grade feedstocks and green iron, India should evaluate future iron-ore sourcing through the lens of technology, energy security and industrial competitiveness, and not simply cost.
IEEFA stresses that upgrading domestic ore should be at the centre of India's strategy, but with more than 357-million tonnes of steelmaking capacity under development, imports of premium ore will also grow. Nautiyal says the grades that India chooses to import will shape steelmaking technologies it locks in and how exposed the sector stays to coking coal.
He points out how the higher grade iron-ore shift is already reshaping corporate strategy. On Tata Steel's fourth-quarter earnings call, CE T.V. Narendran set out a post-2030 raw material approach built on securing domestic mining leases, expanding production where ore is available, and evaluating imported ore to complement domestic supply. Tata Steel has already trialed imported Canadian iron-ore, with Narendran noting that lower-alumina ores can deliver better value in use, particularly for its expanding coastal plants.
Globally, demand growth is moving from a maturing China towards emerging producers, including Southeast Asia and India. Iron-ore giant Vale has identified India as a strategic growth market and the Australian government forecasts India's iron-ore imports rising from three-million tonnes in 2025 to 50-million tonnes by 2031.
The head of raw materials at Jindal Steel estimates that producing around 220-million tonnes of steel by 2030 would require roughly 500-million tonnes of iron-ore, leaving a potential 40-million tonne gap even after planned mine expansions.
Beyond Australia, Brazil is well positioned to benefit from India's shift towards lower-emissions steelmaking, given its abundant high-grade iron ore resources and growing production of direct reduction-grade feedstock...

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Johannesburg- and Australia-listed Southern Palladium's share price on the JSE jumped by nearly 28% on August 11 after the company confirmed that South Africa's Department of Mineral and Petroleum Resources (DMPR) had granted the mining right for the company's flagship Bengwneyama platinum group metals (PGMs) project, in Limpopo.
The granting of the mining right marks the completion of a comprehensive regulatory engagement process between Southern Palladium and the DMPR following the lodgement and acceptance of the mining right application in October 2023.
"Securing the Bengwenyama mining right is a pivotal catalyst for driving the Bengwenyama project from studies to execution. With the mining right in hand, we can continue to progress the definitive feasibility study's (DFS's) completion, fast-track the project execution plan and operational readiness activities, to mobilise contractors for decline and boxcut works and start early works at the project.
"The significant improvement in our metallurgical results recently announced, including the step-change in chromite recoveries and the inclusion of a dense media separation component in the plant, combined with our mine design optimisations, means the team can confidently convert technical outcomes into constructible workstreams and turnkey schedules. The mining right materially de-risks the pathway to early development," says Southern Palladium MD Johan Odendaal.
Southern Palladium chairperson Roger Baxter adds that the granting of the mining right is the result of constructive and sustained engagement with the DMPR leadership and regulators and the Bengwenyama community and demonstrates the strength of government support and the company social licence to operate.
"The project's location in the Bushveld Complex, the premier PGM jurisdiction globally, gives the Bengwenyama project compelling geological, processing, smelting, refining and infrastructure advantages. With global demand for PGMs remaining firm, driven by multiple, large-scale industrial sectors and emerging technologies such as hard drive storage devices that use PGMs, and ongoing supportive fundamentals, the project is exceptionally well-positioned to deliver strategic, long-term value for stakeholders while continuing to prioritise responsible development and meaningful benefits for our partners, the Bengwenyama community as well as the broader region," he says.
The company notes that its board has approved the start of early boxcut and decline development before the end of this year, subject to the completion of the relevant waste management and water-use permitting processes.
Further, it says the DFS works programme is expected to be delivered in the first quarter of 2027, which is a one-quarter extension to ensure the significant value arising from recent excellent metallurgical test results is fully incorporated into the DFS plant design and optimisation work.
Southern Palladium notes that, at full steady state Stage 2 production, the project will produce more than 400 000 oz/y of PGMs and one-million tons of high-grade chrome concentrate a year.
The company points out that experienced project director Michiel Breed and underground PGM mine manager France Modau are leading preparations for the project's execution.
Southern Palladium share price on the JSE rose by 27.8% to R23.01 a share on August 11, compared with the close of R18 a share on August 7.
Corporate advisory firm Bridge Street Capital Partners has welcomed the news, stating in a report that the granting of the Bengwenyama mining right allows Southern Palladium to advance discussions with South African PGM smelters and refiners and chromite traders.
"This may enable product pre-pays/streaming/royalty deals to be pu...

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Barrick Mining reported a rise in second-quarter profit, buoyed by higher bullion prices, and struck a $1.95-billion deal with Newmont Corporation to settle disputes over Nevada Gold Mines.
Newmont consented to Barrick's planned initial public offering (IPO) of its North American gold assets, the companies said, clearing the path for an IPO that Barrick expects to complete by the end of this year.
Barrick is looking for a new CEO to lead its businesses outside of North America. CEO Mark Hill, who is set to head the company's North American entity, said he would prefer an internal candidate.
The Canadian gold miner met analysts' profit estimate of 82 cents, according to data compiled by LSEG.
It earned $1.22-billion, or 73 cents per share, for the three months ended June 30, compared with $811-million, or 47 cents per share, a year earlier.
Barrick shares were trading down 8% on the Toronto Stock Exchange at 1:00 p.m. ET (18:00 GMT).
Higher fuel costs are adding to pressure on gold miners as the U.S.-Israeli conflict with Iran disrupts oil flows and keeps energy prices elevated.
Barrick said fuel expenses, lower grades and higher royalties contributed to an 11% rise in gold all-in sustaining costs.
Its second-quarter realized gold price rose 34% from a year earlier to $4 417/oz, while gold output was flat at 796 000 oz.
Barrick said lower grades processed at its Carlin and Cortez gold mines in Nevada and North Mara mine in Tanzania, along with higher fuel costs and royalties associated with the stronger realized gold price, drove the increase in gold costs.
Its gold cost of sales rose 20% in the second quarter to $1 993/oz, while gold's all-in sustaining cost, a key industry measure of the total cost of producing gold, including sustaining capital spending, rose 11% to $1 866/oz.
NEWMONT DEAL CLEARS IPO PATH
Barrick owns 61.5% and Newmont 38.5% in the Nevada Gold Mines joint venture. Earlier this year, Reuters reported that Barrick will need Newmont's approval to move ahead with its proposed North American spin-off, because Newmont has the first right of refusal if Barrick tries to sell its stake.
Newmont also had disputes with Barrick regarding the operational issues at Nevada Gold Mines.
Under the agreement announced on Monday, Barrick will transfer its Fourmile project to the Nevada Gold Mines joint venture, while Newmont will transfer its Mike and Fiberline projects and pay Barrick $1.95-billion in cash within 30 days.
The agreement will create a nearly 100-million-ounce gold complex in Nevada, Barrick said.
Barrick's planned North American IPO will include its interests in and operatorship of Nevada Gold Mines and Pueblo Viejo, the Fourmile project and other North American exploration properties, along with the assets contributed by Newmont.

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Gold mining company Aurous Resources, which has been ticking away quietly off the radar with its revived Blyvooruitzicht and Doornfontein gold mines, is looking to adding 1 000 more employment opportunities in the near term.
Both the Blyvooruitzicht mine, which was established in 1937, and the Doornfontein mine, established in 1947, are located 70 km to 80 km west of Johannesburg, near Carletonville.
Aurous, founded by CEO Richard Floyd, is looking to grow its current production of around 25 000 oz of gold a year, which is achieved with a workforce of close to 2 000 people.
"We're just shy of 2 000 at this point, with near-term plans to add an additional 1 000. Ultimately, that will go up a further 1 000, so a doubling over the next five years, and largely from the local community, over 90%.
"So, really proud of that, and it has been, over the last decade, a real loyal, committed, driven, skilled, and safe workforce, and we really have a great chemistry and a great synergy," an upbeat Floyd said of his employees, who have seen to the delivery of well over two tons of gold to South Africa's Rand Refinery.
Following the initial reestablishment phase, growth plans have been coming to fruition amid Aurous' focus on unlocking long-term value. (Also watch attached Creamer Media video.)
Mining Weekly: What did you see about these assets that perhaps others did not see?
Floyd: It's fundamentally about counter cyclical investing. Gold price was weak in that era. South Africa was in a different space politically and economically, and both of those have had a more recent turnaround. Ultimately, we saw incredible, massive sunk costs in the investment of the underground. Access to the orebodies over 40 000 meters of underground development worth billions, which massively reduced the forward-looking cost to roll out the ramp-up production that we currently are undertaking, and ultimately having the conviction and the long-term mindset in the commodity, as well as the jurisdiction, despite the naysayers.
You've often said that turning around an historic underground mine is a marathon rather than a sprint. Looking back, what have been the biggest milestones in getting Blyvooruitzicht and Doornfontein to where they are today?
It requires persistence and patience, but the transition from legacy inefficient operations to a stabilised, modern, and safer model of execution took great grit. We invested intensely in leveraging the existing massive infrastructure, which has saved us great time and money in delivering on our growth plans, and it's been a long-term march towards sustainable production, profitable production.
You've spoken before about disciplined execution. What does that mean in practice?
We're all about walking the walk and not talking the talk. To us, discipline is the application of experienced operational leadership to an existing wealth of data, trusting in the data and not arm's length scepticism, focusing on concrete outcomes, returning these legacy operations to profitability through steady, continuous improvement and rigorous cost control, of course, helped by recent commodity price tailwinds. We've put a strong emphasis on building a sustainable business by focusing on operational realities, sometimes hard realities, rather than chasing market headlights. So we've been ticking away quietly off the radar, and largely our plans have been coming to fruition, and we're very proud to say so.
If I went out to the mines now, what would I see?
You would see a committed, loyal workforce, a team mentality, very clear understanding of collectively working and fighting for a prosperous future. You would see a hyper focus on safety. You would see a strong resolve to grow the business and enjoy the econom...

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London-, Toronto- and New York-listed precious metals streaming company Wheaton Precious Metals has reported record year-to-date net earnings of $1.1-billion and record operating cashflow of $1.4-billion.
The company generated a record $929-million of revenue, net earnings of $543-million and operating cashflow of $650-million in the second quarter alone.
Wheaton's year-to-date revenue reached $1.8-billion, which president and CEO Haytham Hodaly attributes to solid production across the portfolio, robust margins and the strength of the company's streaming model despite commodity price volatility and cost pressures so far in the year.
The company, which has streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration and other stage projects, declared a quarterly dividend of $0.195 apiece.
The group's attributable gold-equivalent production amounted to 202 200 oz in the second quarter, marking a 6% year-on-year increase.
As at June 30, about 157 600 gold-equivalent ounces were produced but not yet delivered, representing about 2.6 months of payable production.
Hodaly says Wheaton's cash balance of $100-million and $2.6-billion of available liquidity puts it in good stead to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry.
"Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders."
Wheaton's estimated attributable production in 2026 is forecast to be between 400 000 and 430 000 oz of gold, between 27-million and 29-million ounces of silver and between 19 000 and 21 000 gold-equivalent ounces of other metals, resulting in yearly production of between 860 000 and 940 000 gold-equivalent ounces.
This production will increase by about 50% to reach 1.2-million gold-equivalent ounces by 2030 through 2035.

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Despite South African mining ending up tenth in a ten-country global benchmarking exercise, two-thirds of the respondents who participated in a survey appear to be more intent on just doing the same things better rather than modernising meaningfully.
Despite the sustainability of South African mining being under pressure, the majority of the coal, gold, uranium, platinum group metals, diamond, iron-ore, manganese, copper, and industrial minerals profile surveyed are not modernising. (Also watch attached Creamer Media video.)
The required transformative shift toward broader sustainability lacked emphasis and even environmental considerations ended up as "a secondary dimension".
Spelt out was the need for a shift from legacy practices towards technology solutions, greater operational resilience, and future-facing strategic approaches.
At South Africa's Mining Modernisation Showcase – where Minerals Council South Africa, the Research Institute for Innovation and Sustainability, the Centre for Science, Technology and Innovation Indicators' specialised research unit within South Africa's Human Sciences Research Council (HSRC-CeSTII), PwC Smart Mining, the Department of Science, Technology and Innovation, and the National Advisory Council on Innovation locked arms impressively – modernisation of South Africa's mining sector was described as "an urgent strategic priority for the South African economy".
But the outcome of the survey into the patterns and capabilities of research, development and innovation (RDI) pointed to most of South Africa's miners and mining services providers not prioritising modernisation that is transformative.
Fewer than half had introduced any significantly improved goods, services or business processes in the three years in question.
The most common activities of RDI activists from 2021 to 2023 were the training employees and the buying assets to increase efficiency and productivity – marking time quicker and better, as it were, without moving any new needles.
Most workforce training is largely bypassing universities and technical and vocational education and training (TVET) colleges.
International training is virtually off the chart. Access to international sources of infrastructure is also low, and intellectual property- (IP-) related activities are within a hair's breadth of being zero.
Most firms are technology adopters and not creators and traditional research-and-development- (R&D-) intensive innovation has largely fallen by the wayside.
HSRC-CeSTII research specialist Dr Amy Kahn told the showcase audience that 54% of firms reported engagement in employee training activities, which displayed emphasis on building human capital to support innovation.
Forty-four per cent engaged in activities related to the acquisition or lease of tangible assets, highlighting a blend of traditional and technology-driven approaches to modernisation efforts.
Forty per cent reported engaging in engineering, design, and other creative work activities, which underlined the uptake of existing technologies, rather than the development of new technologies by the firms themselves.
Only a third reported in-house R&D, with an even lower percentage engaging in IP-related activities.
Digital innovation in the form of software development and database activities saw moderate 37% engagement, with the most prominent RDI-activity outcomes being more personnel, increased output, improved asset use, and fewer health-and-safety incidents.
Overall, the positive outcomes align with the core objectives of RDI investments: boosting operational efficiency, workforce capability, and sustainability, the audience at the event covered by Mining Weekly heard.
The most commonly developed and used technology was comp...

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Donor network and platform Trust, Accountability and Inclusion Collaborative (TAI) has published a report that challenges the assumption that deregulation will accelerate critical minerals development.
As governments race to secure the minerals needed for renewable energy, electric vehicles and other emerging technologies, TAI is of the view that procedural fairness, effective regulation, environmental stewardship and meaningful community participation are among the most important drivers of public trust in mining.
That trust, the report concludes, is essential to preventing the conflicts, legal challenges and regulatory disputes that can delay projects for years and cost companies hundreds of millions of dollars.
"The critical minerals debate has become trapped in an adversarial loop," says TAI independent consultant Sefton Darby, adding that governments and industry often treat community engagement and regulation as obstacles to speed, while communities are expected to accept greater risks in the name of the energy transition.
"But when people have a meaningful voice, confidence in oversight and assurance that environmental and social concerns will be addressed, problems can be identified earlier and resolved before they escalate into opposition, litigation and costly delays."
TAI's 'Mined the Gaps: Trust and Critical Minerals' report also calls for greater precision about which minerals are genuinely necessary for the energy transition.
The report finds that about 60% of the minerals included on major critical minerals lists in the EU, US and Australia have no direct energy-transition use case.
Some are classified as critical because of their importance to defence, domestic industry or geopolitical competition, particularly concerns about China's dominant role in mineral processing and refining.
Combining these different priorities under the broad banner of "critical minerals," the report warns, can result in environmental, development and philanthropic initiatives inadvertently supporting defense or trade agendas rather than the transition to clean energy.
Among the report's key findings, survey research from Australia, Canada and mining communities around the world consistently identifies procedural fairness, confidence in oversight and effective environmental management as leading drivers of public acceptance.
The report also challenges the heavy policy emphasis on developing new "greenfield" mines. In the near term, much of the growth in mineral supply is expected to come from expansions of existing "brownfield" operations, where longstanding patterns of community engagement, environmental impact and benefit distribution may already be difficult to change.
For new projects, TAI explains, many of the most serious risks emerge long before a company applies for a mining permit.
"Exploration is often led by small, undercapitalized junior mining companies focused primarily on identifying geological resources, with limited funding, incentives or regulatory obligations to address environmental and social concerns. By the time a larger company takes over, those problems may already be deeply embedded," TAI states.
The report also cautions against treating financial benefits as a substitute for trust. It says communities care about receiving a fair share of a project's benefits, but the research suggests that having a meaningful voice, confidence in regulation and assurance that environmental impacts will be addressed often matter more.
"Meeting the world's clean energy needs will require more than increasing the supply of minerals. It will require changing the way governments, companies and funders work with the people who live alongside mining operations," says TAI executive director Michael J...

Mining Weekly Editor Martin Creamer discusses the new South African smelting technology that uses 70% less electricity; Bokoni and Nkomati being poised to unlock significant long-term value for African Rainbow Minerals; and the demand for the higher-grade iron-ore and lump produc

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Diversified mining and marketing company Glencore has delivered another strong operational and financial performance for the first half of the year.
The assets of the London- and Johannesburg Stock Exchange- (JSE-) listed Glencore performed in line with market guidance, which alongside substantially higher period-over-period average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings.
The first half of this year was characterised by the significant repricing of energy and, closely related, markets and risks, following escalation of the Middle East conflict.
"What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets," Glencore CEO Gary Nagle reported.
Against that backdrop, group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 86% to $10.1-billion, while net income attributable to equity holders increased by more than $5-billion period on period to $4.4-billion.
Marketing adjusted Ebit was $3.3-billion, up 142% compared with the prior period, which Nagle said demonstrated the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility.
"This environment continues to highlight the value of the group's marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world," Nagle pointed out.
Glencore's industrial segment contributed adjusted Ebitda of $6.5-billion, up 72% compared with the prior period, reflecting the significantly stronger commodity price environment and solid operational performance across the portfolio.
These benefits were partially offset by a generally weaker dollar and higher operating costs, exacerbated by the Middle East conflict supply-chain disruptions, materially impacting the availability and pricing of key inputs and consumables, such as diesel, sulphur and sulphuric acid, beyond normal inflationary considerations.
"In terms of asset development, we remain well positioned to reach copper production volumes of one-million tonnes annualised by the end of 2028 and our 1.6-million target by 2035.
"We're making good progress across the various projects presented at our December 2025 Capital Markets Day. Some, including the Alumbrera restart, are running ahead of schedule, with its first production now expected in H2 2027 compared to original guidance of H1 2028," Nagle added in a media release to Mining Weekly.
Adjusted Ebitda mining margins were 52% for copper, 38% for steelmaking coal and 19% for energy coal. Based on current commodity prices and an expected uplift in second-half volumes, particularly for steelmaking coal, Glencore anticipates continued strong cash generation through the remainder of 2026. On that basis, and assuming no significant change, a full-year 2026 illustrative adjusted Ebitda of around $19.7-billion has been calculated.
Glencore has also announced that it intends to apply for a secondary listing on the ASX and is targeting admission in October 2026.
Questioned about Glencore's JSE listing's position within the context of an ASX listing, Nagle said: "The JSE listing has been a standout performer for us …South Africa's been the trailblazer for us and has done such a good job. We've got 8% of our of our register there, which is the equivalent of ten-billion Australian dollars.
"If we can replicate that in Australia, it would be a great success. We believe tha...

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Supply pressure stemming from the depletion of iron-ore mines built earlier this century, such as those in Australia, is set to underpin the iron-ore market and prices over the coming decade, a Rio Tinto executive said on Wednesday.
Rio expects to invest more than $13-billion on new mines, plant and equipment in the Pilbara region from 2025 to 2027 while estimating that 800-million tonnes needs to be added globally across the next decade to maintain supply.
Only 300-million tonnes has been committed.
"It feels like every year, the demise of iron-ore is very much being exaggerated," Matthew Holcz, Rio's iron-ore CE, told a lunch event at the Melbourne Mining Club.
"While I think the demand story has been reasonably well understood, I really think it's been on the supply side, so disruptions have been underestimated," he said, pointing to annual cyclones that strike Western Australia's Pilbara coast from November to April.
"I think the rate of depletion is very much underestimated," Holcz added.
"If we look at when the industry really boomed, 2005, 2010, 2015, a lot of those assets are now 15, 20 years old, and the scale of the iron-ore industry ... has increased."
Investment in new supply is only a fraction of that seen at the start of last decade, Holcz said.
"Marginal costs are a lot higher ... so we think there's good price support around the levels that we're enjoying in recent years."
China's demand is expected to be stable until 2030 before declining slightly, but the Global South will bolster demand, particularly India, which Rio expects to be a net iron-ore importer around 2035.
CHANGE IN LEVERAGE
On China's State buyer, now more assertive in price talks with suppliers, Holcz said tension between buyers and sellers always prevailed but Rio was focused on long term ties and "win-win" opportunities.
"The supply-demand balance has shifted," he told media in remarks on the sidelines. "You've got a market that is much more in balance, and certainly that's shifted some of the leverage."
Referring to union matters in the Pilbara, where workers are set to strike this weekend at BHP's Port Hedland operations, Holcz favoured a "direct relationship" with workers that he said has historically led to better outcomes.
Future capital spending decisions would hinge on competition, industrial relations and tax provisions elsewhere, areas in which Australia is falling behind.
Rio Tinto has no major exposure to iron-ore trader Radiant World, Holcz added.
Trading houses Vitol Group and Cargill have stopped trading with Radiant World over concerns that invoices provided to its banks may not have been valid, Bloomberg News said last week, which Radiant world denies.
"From a Rio Tinto perspective, there isn't any exposure there that we're concerned about," Holcz said.

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The results of a study on the modernisation of South African mining indicate that there is considerable room to increase innovation participation and intensity across the firms surveyed.
The finding was communicated at South Africa's Mining Modernisation Showcase, where a strong partnership was visible between Minerals Council South Africa, the Research Institute for Innovation and Sustainability (RIIS), the Centre for Science, Technology and Innovation Indicators' specialised research unit within South Africa's Human Sciences Research Council (HSRC-CeSTII), PwC Smart Mining, the Department of Science, Technology and Innovation, and the National Advisory Council on Innovation. (Also watch attached Creamer Media video.)
At the event, the modernisation of South Africa's mining sector was described as being "an urgent strategic priority for the South African economy" amid South Africa ending up tenth in a ten-country global benchmarking exercise to understand the best practices being undertaken by other mining jurisdictions across the globe and see what lessons South Africa could implement from them.
Modernisation is about building a more efficient and resilient and competitive South African mining industry that can thrive in the future.
Dr Kgabo H Ramoroka, the senior research specialist of the HSRC-CeSTII shared findings on research, development, and innovation (RDI) activities within the South African mining and mining services sector from data between 2021 and 2023.
The RDI Survey Report, prepared jointly by HSRC-CeSTII and RIIS, established the extent of RDI activity in the mining sector, where it is concentrated, how firms engage in RDI activities to pursue modernisation, what capabilities exist at firm level and across the sector, and the possible opportunities for advancing modernisation.
Factors hindering the ability of the South Africa mining industry to be globally competitive in the mining space include declining ore grades, aging infrastructure, rising production costs, lack of skills, and the slow adoption of technology.
The core work of HSRC-CeSTII is collecting R&D data and when modernisation became a topical issue, it found itself sitting around the same table with RIIS and the Minerals Council amid South Africa finding itself unable to answer crucial questions despite mining being a cornerstone of its economy as a significant contributor to employment and exports.
"We selected 180 firms that were likely to be active in research, development, and innovation activities," Ramoroka reported at the event covered by Mining Weekly.
The study embraced a two-phase survey approach and involved firms that form part of the database of the Minerals Council as well as enterprises that had already participated in RDI surveys and business innovation surveys.
The first phase takes in 180 profiled mining and mining services firms across the mining value chain and the second phase only 90 firms out of the 180 firms that reported being actively RDI engaged.
"This approach has enabled us to generate a robust picture of firm innovation behaviour and capabilities within the industry," Ramoroka pointed out.
The survey of mining companies and mining services providers delivered broader insight across the value chain.
Commodity representation was from coal, platinum group minerals, gold, diamonds, iron-ore, manganese, copper, and other industrial minerals.
"But we didn't end there because from the start, we were curious about what modernisation really means, so we went into the field and also asked companies to provide us with their understanding of modernisation," Ramoroka explained.
Five major themes emerged. First was safety enhancement, second the increased adoption of automation and advanced technol...

Rio Tinto signals no rush to revive Glencore deal as standstill ends
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A freeze on Rio Tinto approaching Glencore for a takeover expires this week, but people who have been briefed by top executives don't expect any fresh tie-up talks for now as CEO Simon Trott focuses on cost cuts and asset sales.
Trott launched a simplification strategy to collapse Rio Tinto into three core businesses and concentrate on its most profitable assets after he took the top job at the world's second-biggest listed miner a year ago.
But within months, he was running the numbers on the prospect of a $200 -billion megamerger that would join Glencore's marketing and copper assets with Rio Tinto's operational expertise to maximise its copper potential.
Ultimately, Trott found no value case, and the miner walked away on February 5, setting in train a six-month standstill under UK takeover rules which expires on Tuesday.
"The company got a pretty clear message back when talks were on, that they shouldn't go there. If Simon Trott started up talks again, then from a corporate governance perspective, the share price would take a hit," said Michael Bell, chief investment officer of Solaris Investment Management in Brisbane, which holds Rio shares.
Trott has reassured Australian investors that Rio Tinto has no reason to revisit talks with Glencore, three people said.
Rio Tinto declined to comment.
"The changes that Rio Tinto has been making in the past few years with aluminium, lithium and copper are what people want to see for future growth, not a return to coal," Bell added. Glencore is among the world's top five coal exporters.
Surging coal prices earlier this year had raised Glencore CEO Gary Nagle's hopes that Rio Tinto may be open to another look at creating the world's biggest mining company, three investors said in March.
"The ball is in Glencore's court. Any offer of value would have to be vastly different to the offer of value that was discussed and rebuffed six months ago," said Glyn Lawcock, an analyst with Barrenjoey.
Glencore declined to comment.
The value equation has shifted in Glencore's favour, with its shares having jumped 33% this year, against an 18% rise in Rio Tinto's UK-listed shares.
The rally in Glencore's share price is "definitely something that reduces the chances that Rio will come back," said analyst Jon Mills at Morningstar, adding it would dilute Rio's shareholders and undermine Trott's call to walk away.
Trott's immediate priority and first test is liberating $10-billion-plus through divestments, targeting half of that by year end, while expanding trading and pursuing copper opportunities.
Rio Tinto "should be looking to partner and bolt-on," he told analysts on a results call last week.
"The strategic challenge that Rio's approach to Glencore highlighted – a lack of copper growth options post 2030 – is one that is not easily solved other than via M&A," Barclays analysts said in a note.
GLENCORE WOOS AUSTRALIAN INVESTORS Glencore meanwhile has focused on proving up its copper assets, while also raising its visibility Down Under. After it reports its half-year results on Wednesday it will host calls with Australian institutional investors, including non-shareholders.
The investor outreach comes after the company underestimated the impact of Australian opposition to a potential merger with Rio Tinto, due to issues like its coal exposure, uncertainties around the value of its marketing business and historic corporate governance issues.
The reception to a potential marriage was much warmer in the UK, where BlackRock, a top shareholder in both firms, has backed consolidation among large miners.
As Glencore considers its options, a Sydney listing remains one avenue, alongside seeking other partners.
...

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Can you use AI to find new markets for platinum group metals (PGMs)?
"The simple answer is yes," was the reply of Valterra Platinum CEO Craig Miller to Mining Weekly during the latest media roundtable of this PGMs mining and marketing company. (Also watch attached Creamer Media video.)
"The work that we're doing in the market development space through the partnerships that we have, the investments that we've been making in some companies, is exactly that – applying technology to utilise and get to solutions much quicker than you would have done historically, by utilising AI, and that's particularly around how you mix various metals and come up with an alloy, which can then be used in new applications.
"We're already starting to see some of that coming through. It's still relatively small amounts of ounces, but the potential is very much there, and we're quite excited about that."
In addition, is the use of PGMs in the AI space. "We think that, conservatively, there's probably 200 000 oz to 300 000 oz of PGMs used today in AI-related developments, and we can see that growing sort of four- or five-fold over the next five to eight years."
Valterra last week presented a set of stunning half-year financial results, which included a headline earnings surge of 1 633%.
Mining Weekly: You expressed considerable bullishness about future demand growth. Share some of that bullishness with us and the reasons for your confidence.
Miller: About two-thirds of PGMs go into the automotive sector, in internal combustion engine vehicles as well as hybrid vehicles. We continue to see relatively good demand from our customers in the automotive sector, but we also recognise that the share of battery electric vehicles will continue to grow. As a result of that, we need to create new demand segments, particularly in industrial applications, also in jewellery, and also in other forms of mobility through fuel cell electric vehicles.
As a company, we've entered into several partnerships – with Sibanye-Stillwater here in South Africa, with Johnson Matthey, with Umicore in Germany, and with Pujing Chemicals in China – to advance the opportunities that we see in the industrial space for PGMs. It's on the back of what we've seen from some of the early stages of those partnerships – as well as opportunities to substitute gold for platinum in both the electronics area as well as in jewellery – that you can see additional demand segments materialising, which gives us the confidence of that underlying support for the long-term outlook for PGMs.
SANDSLOOT PROJECT
With its eye also on supply, Valterra is developing a high-grade underground PGM project beneath the Sandsloot openpit at its Mogalakwena PGM flagship mine.
This project aims to offset declining surface ore grades, with potential full production expected after 2030, pending a 2027 investment decision.
Unlike other Bushveld Complex reefs, the reef height is between 40 m and 120 m, with a 45º dip on average, characteristics well suited for bulk, underground mechanised mining. The 4 g/t to 6 g/t is pointing to a substantial potential value-rather-than-volume-based growth uplift that facilitates the use of existing concentrator and tailings facilities, an advantage that is set to save billions of rands in upfront capital expenditure and operating expenditure.
Mining Weekly: You report that trial mining is scheduled to take place at the emerging new Sandsloot underground mine before the end of this year ahead of a final investment decision. Tell us about that?
Miller: Given the significant quality and scale of the Mogalakwena operation, we saw the potential of going underground at Mogalakwena and specifically the Sandsloot area, which is different to where the openpit is. Thr...

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The outlook for Australia's gold mining industry looks bright, with announced plans for new gold mines, expansions to existing operations and new treatment capacity set to drive further growth in output in the years ahead, gold consultancy Surbiton Associates reports.
The consultancy points out that Australia's gold production has averaged more than 300 t/y since 2017 and, in 2025, the country's mines produced 303 t of gold, valued at about A$54-billion at the prices prevailing during 2025.
Surbiton Associates director Dr Sandra Close notes that Australia is essentially a land of small to medium-sized gold deposits. At the moment, there are about 80 gold-only operations and a further 20 operations that produce gold as a by-product.
"While we are usually cautious about predictions, there are some big new projects and some large plant expansions coming on stream in the next few years.
"Late 2026 and during 2027 will see several substantial expansions of existing operations. Of these, Super Pit will be the largest by far, with its treatment capacity doubling," she says.
Northern Star Resources' new plant at the Super Pit, in Kalgoorlie, will increase treatment capacity from 13-million to 27-million tonnes a year. Close states that Northern Star has immense tonnages of low-grade stockpiled material that higher gold prices have made more profitable to treat. Commissioning of the new plant is underway.
Further, Newmont Corporation has almost completed a new shaft, costing over A$2.3-billion, at its Tanami mine, in the Northern Territory, which will have a capacity to hoist 3.8-million tonnes of ore a year from deep underground. It will replace the existing truck haulage system of 2.7-million tonnes a year and reduce production costs, while increasing output by about 150 000 oz/y.
At Karlawinda, in Western Australia, Capricorn Metals is increasing treatment capacity from four-million to 6.5-million tonnes a year, with total gold production expected to increase to 150 000 oz/y shortly.
In addition, Vault Minerals' King of the Hills operation will see its Stage 2 expansion increase capacity by 50%, resulting in a 35% increase in gold output. Although commissioning is expected in about mid-2027, production parameters might change with the recent announcement of the merger of Vault with Genesis Minerals, Surbiton Associates points out.
"By 2028, further production is expected from at least three more sources. One of these is a plant addition, while the other two are from the rejuvenation of shallow pits not mined since the 1990s," Close says.
Ora Banda Mining has announced plans to build a new three-million-tonne-a-year treatment plant at Davyhurst, in Western Australia, costing $375-million, which is expected to start production in the second half of 2028.
Meanwhile, planning and permitting continues at Capricorn's Mt Gibson development, in Western Australia. The resource base totals 4.8-million ounces, including reserves of 3.3-million ounces, with over 17 years' mine life. Gold output is estimated to rise to 260 000 oz/y with commissioning expected in early 2028.
At Minerals 260's Bullabulling project in Western Australia, resources are now estimated at 6.2-million ounces of gold with an increase in reserves expected to be announced soon. Yearly gold production is planned to be 150 000 oz/y to 200 000 oz/y, with first production planned for late 2028.
"Further developments are slated to commence in 2030. Northern Star's massive Hemi deposit in Western Australia is expected to treat ten-million tonnes of ore a year from 2030 onwards, initially producing 550 000 oz/y of gold," says Close.
Canada's Vista Gold Corp has also announced that it will develop the Mt Todd operation in the Northern Territory by ...

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"Exceptional by any measure," was the description of AngloGold Ashanti CEO Alberto Calderon of his company's robust second-quarter results, which included 46%-higher earnings to $2-billion and 36%-higher free cash flow to $727-million.
"This result shows the strong cash generation capacity of our assets, and the resilience of our portfolio. We remain focused on managing the factors in our control to optimise margins as we look to a production increase in the second half of the year," Calderon reported in a presentation covered by Mining Weekly. (Also watch attached Creamer Media.)
AngloGold has undertaken an in-depth review of its portfolio to identify opportunities to create additional value from its current suite of operating assets.
A pipeline of high-return, capital-efficient brownfield opportunities with the potential to increase gold production from 2029 onwards has been identified.
These opportunities span mining, processing and recovery improvements at Obuasi, Geita, Sukari, Siguiri and Cuiabá.
The strategy is focused on leveraging existing infrastructure and orebodies to bring forward potentially high-return ounces from existing assets.
Work is also underway to advance the longer-term, Tier 1 growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada.
The priority is to unlock the wealth of untapped value within existing mines to boost production, extending life and lowering unit costs by expanding capacity and using the infrastructure already in place.
The $0.72 per share second-quarter lifts dividend declared for the first half of 2026 to $949-million, or $1.88 per share, compared with $469-million, or $0.925 per share in the corresponding period of 2025.
A proposed $2-billion share buyback programme was approved by shareholders on July 23 and is now awaiting South African Reserve Bank approval.
Second-quarter gold production were a 7%-lower 744 000 oz, total cash costs a 21%-higher $1 480/oz and capital expenditure a 44%-higher R549-million.
The strategic initiatives on which AngloGold continues to focus are predictable operating results; providing competitive returns to shareholders; bringing a new production centre into operation in southern Nevada; the steady ramp-up of Obuasi mine in Ghana; and realising organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.
Second-quarter cash generated from operations was a 49%-higher $1.8-billion, compared with $1.2-billion in the second quarter of 2025.
Second-quarter cash taxes more than doubled year-over-year to $542-million, from $237-million in the second quarter of 2025, reflecting the higher gold price and improved profitability as well as timing of tax payments across the operating jurisdictions. Remaining 2026 cash taxes are expected to be paid in equal quarterly instalments of between $230-million to $250-million.
Gold production is expected to be significantly weighted toward the second half of 2026. As production volumes increase, unit costs are expected to trend lower during the second half.
Full-year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.
On April 16, 2026 the group completed the repurchase of $666-million principal amount of its outstanding bonds. This bond buyback has reduced gross debt, lowered future interest obligations, and partially eliminated maturities in 2028 and 2030, enhancing financial flexibility through the cycle.
To further optimise capital allocation, on 23 July shareholders approved a proposed share repurchase programme for up to $2-billion of AngloGold Ashanti's ordinary shares. This programme is expected to provide an additional mechanism for shareholder returns, alongside the existing d...

Mining Weekly Editor Martin Creamer discusses Valterra Platinum’s strategic industry partnerships, which are actively supporting long-term PGM demand growth; calls for South Africa to urgently modernise mining; and how AI is being used when it comes to identifying deposits.

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Workers at BHP Group's Port Hedland iron-ore operations in Western Australia plan to go on strike next week, unions said on Friday, threatening to disrupt the miner's $80-million of daily exports through the world's largest iron-ore port.
BHP, the world's third-largest iron-ore producer, still has time to avert the action if it can reach a deal at the next meeting, on Tuesday, union officials said at a press conference in Melbourne. The unions most recently met with BHP on July 28.
Workers plan to impose a 24-hour ban on loading ships on Saturday, August 8, followed by a 24-hour work stoppage at the Port Hedland Bulk Export Terminal beginning at 05:30 AWST on August 9 (21:30 GMT August 8), said the Combined BHP Ports Unions in a statement.
Electrical Trades Union spokesperson Adam Woodage said 16 shipments were expected to be held up over the two days.
Around 150 workers are expected to take part in the strike, he told reporters in Melbourne.
BHP said it was focused on reaching a fair deal with the unions, adding it had offered the unions a 16% pay raise.
"It is disappointing that they are creating more disruptions," BHP said in an emailed statement.
"As with all potential disruptions to our business, we have plans in place to ensure operations can safely continue."
Port Hedland, which is also used by miners Fortescue and Hancock Prospecting, shipped out 571.6-million tons of iron-ore in the year to June 2026, accounting for 75% of total iron-ore exports from the Pilbara over that period.
MARKET SANGUINE, FOR NOW
The threatened strike put a floor under sliding iron-ore prices, which hit a one-year low on Thursday.
The stoppages threatened for August 8 to 9 would affect around 800 000 tons a day of iron-ore shipments, which BHP should be able to make up for across the year, said analyst Glyn Lawcock of Barrenjoey in Sydney.
"One swallow doesn't make a spring. But if this is the tip of the iceberg and we see continued and ongoing disruption, it will ultimately take a toll on the market," he said.
The Combined BHP Ports Unions represents three unions, including the Western Mine Workers Alliance, as well as electrical and manufacturing workers.
High-voltage and power workers negotiating a separate enterprise agreement with BHP will also undertake a 12-hour stoppage on August 9.
Unions are pushing for a bigger voice in Australia's mining heartland, emboldened by a Labor government law in 2022 giving them the power to negotiate wage deals that cover several employers and more scope to request flexible arrangements and industry-wide strikes.
Top global miner BHP has been in negotiations for more than seven months with unions representing around 450 operators and maintenance workers over a four-year enterprise agreement.
The unions said workers were seeking enforceable wage and condition protections through a new enterprise agreement.
Workers are arguing that extreme heat, long hours and time away from family meant they should not be facing lower rates than workers in cities.
"The only reason you end up with some money in your pocket is because you're working every weekend, You're still going to get your double time but you're working four weeks straight for it," said electrical trades worker Ben McKenna.
Fortescue Metals CEO Dino Otranto said on Friday in an analyst call that Australia's third-largest miner was "not immune" from strikes, but that it hoped its culture would prevail.
Earlier this month, BHP reported record annual iron-ore output.

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The capital intensity of mining has risen well ahead of inflation and mining project development timelines are continuing to extend, Anglo American CEO Duncan Wanblad pointed out on July 30 when he reported $2.9-billion half-year copper earnings at a 60% margin.
Accentuated by Wanblad is the ability of Anglo to provide capital efficient growth in a tightening copper market. (Also watch attached Creamer Media video.)
"We're of the view that the formation of Anglo Teck can only be positive for the increasing of global copper supply," said Wanblad of the merged entity that he will lead this year or early next year. (Also watch attached Creamer Media video.)
Anglo's copper business produced 344 000 t of production in the six months to June 30 and is on track to meet full year guidance of 700 000 t to 760 000 t.
Bringing new copper online is becoming ever more expensive. The rate of inflation for capital intensity is running at almost double the increase in consumer price index (CPI) terms, Wanblad explained during the presentation of half-year results covered by Mining Weekly.
"Capital is, therefore, now a bigger part of the project's economics than ever before and returns need to be higher just to justify those elevated costs,"
"As capital inflation continues, the economics of many growth projects are at risk without higher prices and this is why we believe the copper price has to be structurally higher.
"It's also taking a lot longer to build and deliver these projects. Back in the 1990s, it took about seven years, from the time that an orebody was discovered to bringing it into production.
"Over the last decade or so, that has stretched out to almost 18 years and if that carries on, the cycles will take longer to move from trough to peak and we'll see much biggest swings in price.
"This is especially true when so much of the demand for copper is coming from strategic buyers, who rally aren't all that price sensitive.
"So, in that kind of world, projects that you can deliver in the short to medium term without spending a fortune to build them, become hugely valuable," said Wanblad.
Over the last 15 years, the mining industry's capital expenditure estimates have tended to come in considerably worse than what estimated at the study stage,
" So, in that world, low complexity and low capital intensity is exactly where you want to be," Wanblad commented.
Starting from lower capital intensity, protects returns, and positions copper mining companies to benefit from price upside that these supply dynamics should drive.
Against that background, the integration of Collahuasi and Quebrada Blanca is seen as a promising prospect that provides capital-efficient copper growth at scale in the near term.
There is potential to add an incremental 175 000 t of copper production a year at a capital expenditure (capex) of $2-billion, or $11 000 of capex per ton of copper growth.
Moreover, the integration would still allow for further growth of both assets, which provides increased flexibility for future options, including leaching and other plant expansions.
Anglo is putting the building blocks in place to bring about this integration "and just like any other adjacency that we've bought over the last few years, it's important that we take our time and we do this properly".
Much of what drives the extended schedules for copper projects is the time needed for permitting, planning, and stakeholder alignment, "so we want to get that right from the outset. We continue to believe that this is by far the best way forward for both. It sits right in that sweet spot: low capital intensity, relatively low execution risk, high confidence and near-term copper growth at real scale, and I'm genuinely confident about the potential h...

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Central banks bought far less gold at the start of the year than previously thought, and while demand has since rebounded, their purchases are expected to decline this year, according to the World Gold Council.
Central banks only bought 57 t in the first quarter, 187 t less than previously thought, the industry group said in a report Thursday. That's the weakest start to a year in well over a decade, according to WGC data, and the revision means the overall pace of purchasing this year is likely to fall below 2025.
The original estimate had reassured bulls that the institutions — a key driver of bullion's multiyear rally — were returning to the market in force to buy after prices dropped from an all-time high. The metal has lost about a quarter of its value since the Iran war began in late February, as higher energy costs stoked inflation concerns and pushed back expectations for interest-rate cuts.
A large share of the central-bank buying captured in the WGC's estimates isn't disclosed by monetary authorities themselves. Consultancy Metals Focus calculates the estimated purchases on behalf of the council using a combination of public data, trade statistics and field research.
Central-bank demand nevertheless recovered sharply between April and June, totaling a net 289 t, a record amount for a second quarter. Poland was the top buyer with 51 t, which took its first-half purchases to 82 t. China bought 33 t in the quarter.
After slumping from a record set in January amid concerns about tighter monetary policy, gold has found support near $4 000 an ounce since late June, with investors buying on dips around that level. Higher borrowing costs are typically a headwind for non-yielding gold.
Other highlights of the WGC's quarterly report:
* Gold-backed exchange-traded funds saw outflows of 45 t in the second quarter. * Bar and coin demand fell about 3% year-on-year to 307 t. * Jewelry demand slipped 17% to 278 t, the lowest since the pandemic. * Recycled supply dropped 6% to 326 t.

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Johannesburg Stock Exchange-listed platinum group metals (PGM) mining and marketing company Valterra Platinum is actively supporting long-term PGM demand growth through strategic industry partnerships.
Following its collaboration with Johnson & Matthey and Sibanye-Stillwater earlier this year, two separate partnerships have been initiated, one with Umicore in Germany and Pujing Chemicals in China, to expand the use of PGMs in industrial applications. (Also watch attached Creamer Media video.)
"We remain highly confident in the robust outlook for PGM demand," Valterra CEO Craig Miller reported during the company's presentation of stunning 1 633% headline earnings in the half-year to June 30.
"Consensus forecasts are largely built around today's known applications, and in our view, continue to underestimate the potential impact of innovation, substitution, and supportive policy developments.
"As economies become wealthier, demand naturally increases for technologies that enhance efficiency, productivity, and sustainability, creating new opportunities for PGMs," Miller explained during the presentation covered by Mining Weekly.
At Valterra's Capital Markets Day last year, details of ten-million ounces of additional PGM demand by 2035 were outlined.
"Based on the evidence that we see today, we continue to hold that view. Importantly, these opportunities are becoming increasingly tangible.
"Over the past 15 months, we've seen several developments that give us confidence that at least two-million ounces of this potential upside is progressing towards high conviction demand.
"We are working hard to shift more ounces from the known potential category into the high conviction bucket," Miller reported.
Three areas which stand out for Valterra are:
First, hydrogen. China's inclusion of hydrogen in its long-term strategic development plans, together with increasing deployment of fuel cell trucks and higher platinum loadings, points to demand that could materially exceed current assumptions.Second, AI-driven industrial demand. "We're already seeing PGMs used across data infrastructure applications, including hard disk drives, silicone, specialised crucibles, and power systems. As AI infrastructure scales globally, this demand should continue to grow," said Miller.Third, substitution opportunities. Elevated gold prices are improving the economics of replacing gold with platinum and palladium in industrial applications, while platinum jewellery continues to gain share from white gold in key Western markets.
"These opportunities are not theoretical. We're actively working to accelerate them through collaborations with Johnson Matthey, Sibanye-Stillwater, Umicore and Pujing Chemicals, creating pathways to commercial adoption across multiple demand sectors.
"So, in short, we see a market that is already in deficit today, underpinned by compelling medium-term fundamentals and supported by multiple credible sources of long-term demand growth.
"As a result, we remain confident that consensus demand forecasts will need to move higher over time," Miller added.
RENEWABLE ENERGY
Sustainability remains embedded into everything done by Valterra, which is continuing to support the company's long-term value creation.
A key milestone during the period was the commissioning of 520 MW of renewable energy capacity through Envusa, with Valterra the largest offtaker.
This is already contributing to lowering Valterra's emissions as well as reducing its energy costs.
Valterra contributed R46-billion to the South African economy in the half-year through employment, procurement, investment, taxes, royalties, as well as community development initiatives.
The company also completed water resilience projects, including a new wastewate...

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Global diversified miner Rio Tinto posted its highest half-year underlying earnings in four years on Wednesday as performance from its copper and aluminium units tied to energy demand outshone profits from mainstay iron-ore for the first time.
The world's largest iron-ore miner is now deriving around 56% of its profit from copper and aluminium combined, boosted by electrification and AI megatrends as CEO Simon Trott executes on a simpler and sharper strategy in his first year in the job.
It joins BHP in reaping gains from stronger copper demand, with the peer company reporting in February it gained more profit in the half-year ending in December from the red metal than from iron-ore.
Rio reported underlying earnings of $6.85-billion for the six months ended June 30, up 43% from $4.81-billion a year earlier and broadly in line with a Visible Alpha consensus estimate of $6.8- billion.
While the result met analysts' expectations and delivered on productivity promises, the company fell short of any major announcements related to optimising its portfolio of assetsand infrastructure, said Andy Forster, a stock portfolio manager at Argo Investments in Sydney.
"It was an in-line result," Forster said, adding the lack of news around plans to optimise the assets was "slightly disappointing."
In December, Rio said it could unlock $5-billion to $10-billion in cash through portfolio management and infrastructure initiatives. On Wednesday it said it expects to achieve half of that by the end of the year.
Part of that will be through the agreed sale of its share of a seawater desalination plant in Dampierin Western Australia, Trott told a media call on Wednesday, but Rio did not disclose the sale amount.
Trott said the miner had delivered a "step-change in performance" in the first half, helped by higher commodity prices, rising copper output and productivity gains across the business.
"We are seeing shifts really across all of our commodities in terms of underlying demand," he said, flagging growing data centre and grid storage battery demand for copper and lithium.
Rio rose 4.5% to A$178.71 as of 02:29 GMT, while the benchmark index gained 0.8%.
PRODUCTIVITY MOMENTUM
Productivity growth delivered $870-million in benefits in the first half despite headwinds from high diesel prices and the strengthening Australian dollar, and Rio said it was on track to generate annualised gains of $1.8-billion by year-end.
"That was a very strong performance, and there's a lot more to come," CFO Peter Cunningham told Reuters.
Major miners and their lobbyists have asked Canberra for help in pushing back against China's efforts to extract better terms for their iron ore, including raising the prospect of a single selling desk for Australia's most valuable commodity export.
Asked about whether Rio would support such an effort, Trott said that Rio's focus would be "solely" on its own business and "capturing synergies with adjacent producers in ways we probably haven't done before."
The company flagged challenges to its goal to cut emissions by 50% from 2018 levels by 2030, warning that depended on the timely delivery of third-party renewable energy projects and commercial agreements that could not be guaranteed.
Underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) surged 84% to $5.7-billion for its copper division, while iron-ore generated underlying Ebitda of $6.8-billion, down 1% from a year earlier.
The miner declared its highest interim dividend in four years at $2.11 per share, compared with $1.48 per share a year earlier. It kept its 2026 production and sales forecasts unchanged.

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Australia will consider building its first new oil refinery in more than 60 years, Prime Minister Anthony Albanese said on Tuesday, as war in the Middle East squeezes supplies from overseas and underscores the urgency to improve energy security.
Albanese said the project will help build Australia's resilience and sovereign capability on fuel, potentially helping shield the country from future supply shocks.
If the project proves feasible, the new large-scale oil refinery will be built by industrial chemical producer Perdaman in Western Australia, Albanese said.
"The war in the Middle East ... is having an impact here, like it's having an impact right around the world," Albanese told reporters from Karratha in Western Australia's Pilbara region.
"One of the things that building national resilience does is it makes Australia less vulnerable to the impact of events around the world."
Albanese said his government and the Western Australia state government will jointly spend A$4-million ($2.8-million) on a feasibility study for the refinery.
"We want to make sure that we get the right location but we want to make sure as well that it's a project that stacks up, that can go forward," Albanese added.
Australia depends on imports for about 80% of its fuel needs and has been racing to secure supplies amid the Iran war.
The government's push to cut its import dependence on oil comes after an Australian Treasury report warned that the global oil market has become more vulnerable "with weaker buffers against supply shocks".
Global oil inventory levels have dropped since conflict in the Middle East intensified, while refined fuel markets are now at risk of tightening further, the treasury said in a briefing provided to Treasurer Jim Chalmers over the weekend.
Most of Australia's domestic oil refineries were built during the 1950s and 1960s, but high operating costs and the emergence of large refineries across Asia forced many to shut down over the past three decades.
Ampol's Queensland refinery and the Viva Energy facility in Victoria – both on the country's east – are the only two operational now, compared to eight in 2000.
Western Australia's only refinery was shut down in 2021 after BP decided to convert its 146 000 barrels a day Kwinana plant into a fuel import terminal.

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The quality of iron-ore from Northern Cape is continuing to differentiate South Africa in the global iron-ore market.
During the first half of this year, the average realised export price of $90 per wet metric tonne (wmt) was 8% above benchmark and among the strongest in the seaborne iron-ore market.
Kumba Iron Ore's average iron content of was 63.6% while its lump-to-fines ratio remained approximately 66%, placing the Anglo American group company's products
"We continue to supply markets beyond China, including Japan, South Korea, and Europe, achieving an overall price premium of $7 per ton above the benchmark," Kumba CEO Mpumi Zikalala told journalists during media call in which Mining Weekly participated.
While China's steel demand is expected to plateau over time, long-term demand for premium iron-ore is expected to continue to be positive as higher-grade products play an increasingly important role in supporting new steel capacity, particularly in India as well as South East Asia.
Moreover, ultra-high dense media separation (UHDMS), an advanced mineral processing technology being implemented by Kumba at its Sishen iron-ore mine, is expected to increase the volume of premium iron-ore to 55% of Sishen's production, up from the current 18%. At its core, UHDMS provides greater flexibility across a wider range of ore grades and densities.
Meanwhile, Sishen's production will be lower as Kumba goes ahead with the UHDMS project tie-in, which means that Kumba's DMS plant at Sishen will be shut down, with only Sishen's jig plant remaining operational. The main tie-in is on track to begin next month.
Engineering is substantially concluded, and all major procurement is complete at the UHDMS project, which is now 45% complete.
To date, we have invested R5.2-billion rand in UHDMS, with the approved project capitals remaining unchanged at R11.2-billion.
"The UHDMS is an investment in Kumba's future. It will improve our product quality, increase recovery from our existing resource, strengthen the competitiveness of our business, and also more critically, extend the life of the Sishen mine," Zikalala reported
Kolomela production will continue at normal levels and Kumba remains on track to deliver full-year production guidance of between 31-million tons and 33-million tons.
ARTIFICIAL INTELLIGENCE
Mining Weekly put this question to Kumba: Are you planning any modernisation along AI lines?
Zikalala: Great question. Firstly, I can confirm that we do have an AI strategy as a business, and, as you would imagine, some people see AI as a threat. We actually see it as an opportunity, and it's something that we're already working on in various parts of our business. We're implementing AI to assist us to improve the safety of our people in the business and I'm pleased to say that part of the reason why we can talk about the improved safety performance is due to work that our teams have been doing around AI.
Interestingly, we're also implementing AI from a geology perspective and, as you can imagine, geology is very important in our business. We spoke earlier in the year about the growth in both our reserves as well as our resources, and our teams are utilising AI as we progress. Because ultimately, the significant growth that we saw from a resource base is something that we'd like to convert into reserves and actually ultimately see the extension of life at both Sishen and Kolomela.
Then, secondly, from a full potential programme perspective, we are implementing AI in all the various parts of our business from a value chain perspective, touching on the mining side as well as the processing side. Pleasingly for me is that when I look at the teams that we have, it's something that we fundamentally decided we will see...

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Instead of relying primarily on traditional geological interpretation, South Africa can turn to artificial intelligence (AI) for help in the same way as has been done with huge success to discover Zambia's biggest copper deposit in a 100 years, South Africa's Mining Modernisation Showcase attendees heard.
To achieve this success, KoBold Metals digitised 300 years of handwritten geology reports, taught geology to AI, used AI models to analyse the vast amounts of geological, geophysical, drilling and historical exploration data to predict where high-grade mineralisation was most likely to occur, and then drilled a hole.
The outcome is that ground has already been broken at Mingomba, where the construction of a $2.3-billion copper mine is under way.
"It's crazy good, and the reason why I've given this example is because this is one of the specific things that South Africa needs to do," PwC Associate Director Smart Mining South Africa Ian Mackay explained at the mine modernisation event led by Minerals Council South Africa, Research Institute for Innovation and Sustainability (RIIS), the Centre for Science, Technology and Innovation Indicators specialised research unit within South Africa's Human Sciences Research Council, the Department of Science, Technology and Innovation, the National Advisory Council on Innovation, and PwC Smart Mining South Africa. (Also watch attached Creamer Media video.)
The need for South Africa to be able to identify deposits where its next mines will be built was emphasised as being ultra urgent given the high dependence of South Africa's economy on mining.
"Before we can go and talk about investors and all the rest of it, we actually need deposits. We need something to put in the cadastral system in order to be able to sell it," Mackay outlined.
Mining cadastres track precise geographic boundaries, active operations, permit expiration dates, and the status of applications and South Africa's has still to be fully developed, amid Minerals Council South Africa pointing out at its 136th annual general meeting in May, that there is an urgent need for a one-stop shop for mineral right applications to coordinate and align all relevant regulations from other departments, to streamline and expedite approval processes.
In addition to optimising exploration, AI can already support a range of mining use cases such as detecting illegal mining using satellite imagery, predicting equipment failures before they happen, improving environmental performance, automating hazardous tasks, and improving metal recovery and processing.
AI could support research into new uses for platinum group metals, find new industrial applications for rare earths and battery chemistries, and potentially help to unlock deep gold resources.
"AI is not magic but used properly, it can help us see earlier, decide faster, operate faster, reduce waste, improve productivity, and unlock new forms of value," Mackay pointed out at the event covered by Mining Weekly.
PwC's full study is based on ten structured, anonymised CEO interviews, additional focus group sessions with line management from a diverse range of miners, and industry meetings and strategy sessions.
South Africa's mining industry is not growing in the way it needs it to grow. Very few large new mines have started in recent years, more mines have closed, economically viable deposits are harder to find, employment continues to decline, and illegal mining, infrastructure failures and community pressure are adding further strain.
Can AI and the Fourth Industrial Revolution help South African mining become safer, smarter, more competitive and more inclusive — or will South Africans allow the opportunity to pass their country by?
Mining is being hit by clima...

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Fortescue founder Andrew Forrest called for China and Australia to "always negotiate fairly," at an event in Perth on Monday, as the world's fourth-largest iron-ore maker negotiates annual supply terms with its biggest customer.
Global iron-ore miners have faced increasing resistance from China's state iron-ore buyer, China Mineral Resources Group (CMRG) in annual supply talks over the past year as China seeks better terms for its steelmakers.
Measures by CMRG have included restricting China's vast network of steel mills from buying certain iron-ore products from miners while negotiations were underway.
"Bilateral trade has supported Australian jobs, businesses, and public services, and also provided China with a secure and reliable supply of iron-ore that drove its extraordinary, unprecedented, historic, and industrial growth," Forrest, who is also Fortescue's executive chair, told the Boao Forum Perth, an offshoot of the larger Boao Forum for Asia.
Australia is the world's top iron-ore producer, accounting for some 53% of global supply. It expects iron-ore export earnings to fall to A$108-billion ($75.57-billion) in the 2026/27 financial year from A$117-billion last year as global supply rises.
The "shining light of partnership" should encourage Australia, China, and also Gabon, where Fortescue is building more iron-ore operations, to "grow together," he said.
"Let's always negotiate fairly... true partnerships are built on a partnership of the future."
CMRG notified China's domestic steel mills in early July that from July 15 they must not take delivery of Fortescue's Super Special Fines product held at ports.

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Mining modernisation, with private and public sectors as drivers, is an urgent strategic priority for the South African economy, a study undertaken by industry leaders, researchers, government partners, and innovators from across the South African spectrum reported very forcefully this week.
"We see that our competitors are investing heavily in digitisation and automation, as well as critical minerals and beneficiation.
"They're moving really quickly, and because they're moving really quickly, they're able to attract a lot of investment," Research Institute for Innovation and Sustainability (RIIS) consultant Ashleigh Muller reported during the Modernisation Showcase that displayed a strong partnership between Minerals Council South Africa, the Centre for Science, Technology and Innovation Indicators' specialised research unit within South Africa's Human Sciences Research Council, PwC Smart Mining, the Department of Science, Technology and Innovation, and the National Advisory Council on Innovation. (Also watch attached Creamer Media video.)
"We know that mining is a significant contributor to our national GDP. We also have a really strong mineral wealth endowment. We have established historical markets that we can make use of, and most importantly, we have a legacy of mining experience that we can draw from.
"But the problem is that the benefits that come from these advantages are increasingly being offset by … aging infrastructure, lack of skills, and slow adoption of technology really hinders our ability to be globally competitive.
"I think everyone in this room understands that South Africa … has an adoption and implementation problem. South has the raw materials to lead but the regulatory, skills and technology gaps must be closed with urgency and coordination," Muller pointed out.
The purpose of the global benchmarking of South African mining was to understand the best practices being undertaken by other mining jurisdictions across the globe and to see what lessons South Africa could learn and implement from them.
"Not necessarily because we're looking for a copy-paste solution. We understand that each mining jurisdiction is unique, but there are lessons to be learned from each of the nine", which were classified under the categories of 'visionaries' – Australia and Sweden – 'competitors' – Canada, China and Chile – and 'contemporaries' – US, India, Brazil and Saudi Arabia.
The only 'green' achieved by South Africa was in markets and value chains. South Africa's 'reds' were under the headings of 'enabling environment' and 'advanced technology' and 'yellows' in the categories of human capital, sustainability, health, safety and security and exposed were the critical gaps of technology adoption, enabling environment and governance.
INNOVATION PRIORITIES
Drawing on work published by South Africa's State-owned CSIR and public research initiative Mandela Mining Precinct, seven innovation priorities for the uplifting of South Africa's mining sector were identified, namely:
diigital transformation and automation,;exploration and mineral intelligence; research and development intellectual property; decarbonisation and energy modernisation; inclusive and responsible innovation; andvalue addition and beneficiation.
These priorities align closely with South Africa's Cabinet-approved Critical Minerals & Metals Strategy, which is designed to create 2.3-million jobs and boost mining's contribution to GDP to 12% by 2030 through local beneficiation, but with success dependent on the resolution of energy, logistics, skills and regulatory issues.
South Africa's innovation priorities were described as being well-defined but in need of implementation speed, funding, and cross-sector coordination to eradicate...

Mining Weekly Editor Martin Creamer talks about China’s Five-Year Plan, which has a focus on platinum group metals; the benefits of AI efficiencies, particularly for lower quality operations; and DRDGold’s regional tailings storage facility, which forms part of its R10-billion ex