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India re-examining record Nov gold imports, sources say

Published: 19 Dec 24

The Indian government is re-examining a surge in gold imports that widened the country's trade deficit to a record in November and pushed the rupee to an all-time low, two government sources aware of the matter told Reuters. Bloomberg News reported earlier that officials double-counted gold shipments in warehouses following a change in methodology in July, leading to a calculation error.

Nippon Steel, Sojitz to take 49% stake in Champion Iron's Canada project

Published: 19 Dec 24

Australia's Champion Iron said on Thursday Japanese steelmaker Nippon Steel and trading house Sojitz will buy a 49% stake in the company's Kami project in Canada for A$245-million ($152-million). Nippon and Sojitz will hold a 30% and 19% stake respectively in the iron ore project in Canada's northeast and share development and construction costs based on their share in the mine, Champion said in a statement.

NUM, Exxaro sign three-year wage deal for Matla Colliery employees

Published: 18 Dec 24

Trade union the National Union of Mineworkers (NUM) has signed a three-year wage agreement with Exxaro Coal Mpumalanga (Matla Colliery), with the basic salaries of employees to increase by 6.5% with effect from July 1, this year. The basic salaries of employees will increase by 7% with effect from July 1, 2025, and by 7% with effect from July 1, 2026.

Barrick president and CEO Dr Mark Bristow.

Barrick seeks fair resolution in Mali through arbitration

Published: 18 Dec 24

New York- and Toronto-listed Barrick Gold Corporation on Wednesday, December 18, confirmed that its operating entities in Mali, namely Société des Mines de Loulo SA and Société des Mines de Gounkoto SA, have submitted a request for arbitration to the International Centre for the Settlement of Investment Disputes, in accordance with the provisions of their respective Mining Conventions with the State of Mali, to address matters of disagreement regarding the Loulo-Gounkoto complex. This step reflects Barrick’s commitment to adhering to established processes for resolving disputes in a fair and transparent manner.

Bannerman reports good progress on Etango early works contracts

Published: 18 Dec 24

Early works construction activities at Australia- and Namibia-listed Bannerman Energy's Etango uranium project, in Namibia, are progressing well, with the 24-month bulk earthworks contract, awarded in August, proceeding on schedule. A critical enabler for uninterrupted delivery of the bulk earthworks activities is continuity of water supply on-site during the early works and full-scale construction phases.

Deep Yellow reports 18% increase in ore reserves at Tumas

Published: 18 Dec 24

ASX-listed Deep Yellow has updated the ore reserve estimate for its Tumas uranium project, in Namibia, reporting an 18% increase to 79.3-million pounds of uranium octoxide (U3O8) at 298 ppm. This is sufficient for a 30-year life-of-mine and includes proved reserves of 28.4-million pounds at 287 ppm U3O8 and probable reserves of 50.9-million pounds at 305 ppm U3O8.

Horizon completes Pennys Find PFS, which confirms project’s viability

Published: 18 Dec 24

ASX-listed Horizon Minerals has completed the prefeasibility study (PFS) for the Pennys Find gold project, in Western Australia. The PFS confirms the project’s viability as a high-grade underground mining operation.

The conveyor and Grindrod's Navitrade terminal

Grindrod achieves 2Mt coal throughput at its Navitrade terminal

Published: 18 Dec 24

Logistics group Grindrod has reached throughput of two-million tonnes of coal at its Navitrade terminal, in Richards Bay, with the support and collaboration of State-owned Transnet Port Terminals (TPT). The collective efforts of the TPT and Grindrod teams, as well as TPT’s strong quayside performance, have been instrumental in breaking previous records and positioning the terminal for continued success, Grindrod states.

Indians opt for lighter, lower carat jewellery as gold prices soar

Published: 18 Dec 24

Soaring gold prices have led many Indian families to opt for lightweight and lower-carat jewellery to stay within their budgets, industry officials said. "I wanted to gift my daughter 80 g of gold, but I was forced to scale it down to 50 g because of price increase in the past two years," said Mumbai-based Shubhangi More, choosing a necklace with a traditional design for her daughter's wedding.

July Ndlovu, Billy Mawasha join AECI board

Published: 18 Dec 24

Chemicals group AECI has appointed July Ndlovu and Billy Mawasha as nonexecutive directors of its board, with effect from July 1. "The addition of Mr Ndlovu and Mr Mawasha to the board of AECI is an exciting achievement that both strengthens our governance and further diversifies the directorship. Their invaluable leadership experience and deep knowledge of the mining industry will contribute significantly towards enabling the group's sustainable growth," says AECI chairperson Dr Khotso Mokhele.