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DA urges ‘anti-competitive’ Eskom to withdraw legal proceedings against Nersa
Published: 31 Oct 24
The Democratic Alliance on Thursday urged State power utility Eskom to withdraw its “futile and costly” legal dispute and support the transformation of South Africa’s energy sector. Eskom has approached the High Court to review the National Energy Regulator of South Africa’s decision to grant four trading licences in what it describes as its area of supply. Eskom’s decision to oppose the licences shocked the market at the time, as the utility had failed to object to the issuance, starting in 2014, of previous trading licences to PowerX, EnPower Trading, Neura Trading, Energy Exchange of Southern Africa and Envusa Trading. In addition, Eskom Holdings’ own National Transmission Company South Africa also successfully applied for a trading licence from the regulator as part of its legal separation process. Eskom reiterated its objection to allowing more than one licensee to provide electricity in the same area and argued that the approval had been made in the absence of fully developed trading rules. DA spokesperson on electricity and energy Kevin Mileham said Eskom’s litigation not only distracted from its primary responsibility to deliver reliable energy to South Africans but was also contrary to the Electricity Regulation Act, which explicitly encouraged competition through trading and wheeling provisions.
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UBS expects copper price to average $10 500/t in 2025
Published: 31 Oct 24
UBS said on Thursday that increasingly tighter supplies of copper in the coming six to 12 months could lead to a deficit of more than 200 000 t in 2025, as demand grows for the metal key to energy transition.
Copper prices on the London Metal Exchange (LME) are forecast to average $10 500 and $11 000 per metric ton in 2025 and 2026, respectively, UBS said.
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South Africa seeks billions in climate funds as it keeps coal plants open
Published: 31 Oct 24
South Africa pledged to slash emissions across its fleet of coal-fired power plants in a bid to secure $2.6-billion in climate finance. That’s despite seeking to alter the terms of a 2022 agreement by delaying the outright closure of three of the facilities. The plan, which involves the reduction of emissions at a number of units at the 14 plants operated by the state utility Eskom, was submitted to the World Bank affiliated Climate Investment Funds on Wednesday, South Africa’s presidency said in a response to queries. The country has now said it will close the Grootvlei, Hendrina and Camden plants at a later stage after initially agreeing to begin shutting them down from as early as next year. The new proposal comes after years of crippling power cuts caused by Eskom struggling to meet demand. While the utility hasn’t rationed power since March, the government is wary of returning to the outages that hindered economic growth. The submission is a key plank of the $9.3-billion Just Energy Transition Partnership climate finance pact South Africa signed with some of the world’s richest countries in 2021.
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In another shock move, Eskom seeks review of Nersa decision to issue four new trading licences
Published: 31 Oct 24
In another surprise move, Eskom has taken the seemingly regressive step of approaching the High Court for a review of the National Energy Regulator of South Africa’s (Nersa’s) decision to grant four trading licenses in what it describes as its area of supply. In a statement released a day after the Energy Regulator, Nersa’s top decision-making structure, approved trading licences in favour of CBI Electric Apollo, Discovery Green, Green Electron Market and GreenCo Power Services, Eskom reiterated objections first raised during public hearings on July 18.
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Newmont applies to extend Cadia to 2050
Published: 31 Oct 24
Gold and copper miner Newmont has applied to the Federal government for permission to continue mining operations at Cadia, Australia’s largest underground mine, until 2050. This would necessitate an expansion of the mine’s footprint area.
The company said on Thursday it had submitted a referral application under the Environment Protection and Biodiversity Conservation Act supporting its intention to continue mining at the Cadia.
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Rinehart's Hancock buys gas assets from MinRes for A$1bn
Published: 31 Oct 24
ASX-listed Mineral Resources (MinRes) on Thursday announced a A$1.1-billion agreement with Hancock Prospecting concerning its oil and gas exploration assets.
The binding sale-and-purchase agreement would see MinRes sell 100% of its exploration permits 368 and 426 in the Perth Basin to Hancock, while also entering into two joint venture agreements over its remaining exploration acreage in the Perth and Carnarvon Basins.
The total cash consideration from Hancock could reach up to A$1.13-billion.
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Ivanhoe delivers strong third quarter, expects 2025 to be a ‘banner year’
Published: 30 Oct 24
Canada-headquartered miner Ivanhoe Mines achieved a profit of $108-million for the third quarter ended September 30, an increase on the $67-million reported for the previous quarter. Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter were $160-million, a decrease from the $203-million in the previous quarter.
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Spotlight on Middle East's 'first digital gold mine'
Published: 30 Oct 24
A panel of global leaders in mining, technology and engineering have shared crucial insights at the International Mining and Resources Conference + Expo (IMARC), in Sydney, Australia, into how digital solutions and collaboration are reshaping the mining industry.
Thediscussion focused on how partnerships and advanced technology are driving productivity, improving safety, and supporting decarbonisation goals.
Attendees heard from Dave Goddard, EVP of mining at Hexagon, who opened a session on the Middle East’s “first digital gold mine.
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Medium-Term Budget's logistics, infrastructure focus to benefit mining, says Minerals Council
Published: 30 Oct 24
Minerals Council South Africa says it is encouraged by the focus in the Medium-Term Budget Policy Statement (MTBPS), delivered by Finance Minister Enoch Godongwana on October 30, on initiatives to lift growth-enhancing public sector infrastructure investment. “Among other measures, this includes actions to scale up private-sector participation, carve out government borrowing for infrastructure as a standalone category of government’s overall borrowing requirements and extend the scope of borrowing to include infrastructure bonds,” said chief economist Hugo Pienaar.
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Initial findings of Chile’s green hydrogen valley study ‘very promising’, Anglo reports
Published: 30 Oct 24
The initial findings of the study to ascertain the feasibility of the development of a green hydrogen valley in Chile’s central zone are “very promising”, Anglo American Chile CEO Patricio Hidalgo reported this week. Speaking during Anglo’s half-yearly sustainability performance update, Hidalgo told webinar attendees that the Anglo-supported study pointed to key areas in the South American country’s central region having the potential to displace around 3 000 kilotons of CO2 a year. (Also watch attached Creamer Media video.)
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