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Orion, South32, Perenti and DRA Global receive awards for Africa community development projects

Published: 06 Sep 24

Mining companies South32, Orion Minerals, Perenti and DRA Global have received awards for transforming communities in Africa during the 2024 Australia-Africa Minerals and Energy Group (AAMEG) Africa Awards, held as part of the yearly Africa Down Under conference, in Perth, this week. The mining companies are enhancing the social and economic wellbeing of the communities they serve, AAMEG said.

Perseus increases shareholding in Predictive to 19.9%

Published: 06 Sep 24

ASX-listed Perseus Mining has increased its shareholding in fellow-listed Predictive Discovery to 19.9%. This follows the company in August acquiring an interest of 13.8% of the issued shares of Predictive as a strategic equity investment.

Global steel prices to trend lower on uncertain China demand recovery, study says

Published: 06 Sep 24

Global average steel prices are likely to trend downwards as China's domestic demand is expected to soften owing to a sluggish property sector, a report by Fitch Solutions unit BMI said on Thursday. The research firm lowered its 2024 global average steel price forecast to $660/ton from $700/ton.

South Africa lures BYD with critical minerals, car output skills

Published: 06 Sep 24

Talks are progressing between BYD Co. and South Africa over a possible investment by the Chinese electric vehicle manufacturer, a top government official said, although no specific time frame for the next steps has been agreed. BYD has expressed interest to work and invest in South Africa, according to Parks Tau, the country’s trade, industry and competition minister. “It’s now about taking it to the next level,” he said.

Distribution infrastructure in South Africa

Germany ready to help fund R390bn South African grid revamp

Published: 06 Sep 24

Germany is willing to help fund the R390-billion ($22-billion) that South Africa said it needs to incorporate more solar and wind power into the national grid and ensure its energy security. The European nation will be able to provide some funding once the scope for the grid-expansion project has been determined, according to its special envoy for a climate-finance pact between South Africa and some of the world’s richest countries. The deal, which was agreed in 2021 and is now worth $9.3-billion, has been criticized for its slow implementation.

China’s steel crisis drives iron-ore to worst week since March

Published: 06 Sep 24

Iron-ore steadied to remain on track for its worst week since March, with few signs of a recovery for China’s beleaguered steel market. “There is no significant improvement in demand for steel products, so there’s little room for steel mills to resume production,” Zhang Shaoda, an analyst with China Futures Co., said by email. “The downward trend for iron ore is expected to continue.”

Woodside raises $2bn in bonds amid rising investor worries over capex plans

Published: 06 Sep 24

Australia's Woodside Energy raised $2-billion in the US bond market, it said on Friday, driving it shares lower on growing worries over the oil and gas producer's capital expenditure plans. The bond issue was in two tranches -- $1.25-billion via 10-year bonds with a coupon of 5.1% and $750-million through 30-year bonds with a coupon of 5.7%.

Shareholders of Base Resources greenlight Energy Fuels acquisition

Published: 06 Sep 24

NYSE American- and TSX-listed Energy Fuels has cleared a major hurdle in its acquisition of Base Resources, as the latter’s shareholders voted overwhelmingly in favour of the buyout during a special meeting held in Perth, Australia, on Thursday. At the meeting, 99.88% of the votes cast by Base shareholders were in favour of the transaction.

Yukon gold mine disaster sparks fears of soaring taxpayer bill

Published: 06 Sep 24

The sudden collapse of Victoria Gold's Eagle Mine — and with it, the company — is part of a long and ugly history in northern Canada. To this day, Canada’s federal government is still cleaning up arsenic and cyanide spills from mines that were abandoned by their owners decades ago. The country’s taxpayers are footing the bill.

Codelco buys Enami's 10% stake in Teck's Quebrada Blanca mine

Published: 06 Sep 24

Chilean State-run miner Codelco has purchased Enami's 10% stake in Teck's Quebrada Blanca mine in northern Chile for $520-million, it said on Thursday. The deal will contribute 25,000 to 30 000 metric tons of copper to Codelco's annual output, Codelco said. The deal comes as the world's top copper miner is struggling to boost declining production levels.