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Vedanta to pay $932m in dividend to help parent cut debt

Published: 03 Sep 24

Indian tycoon Anil Agarwal’s Vedanta approved a third tranche of dividend payout, its latest effort to improve the financial position of its indebted London-based mining parent. The Mumbai-based miner will pay an additional 78.21-billion rupees ($932-million) dividend, according to a statement to exchanges. This takes its total payout for the year ending March to 134.75-billion rupees.

Lotus seals Kayelekera restart loan, inks offtake agreements

Published: 03 Sep 24

Australia-listed Lotus Resources on Tuesday announced two uranium offtake agreements and a binding $15-million loan to partially fund the restart of its Kayelekera mine, in Malawi. The contracts total between 1.5-million pounds and 1.8-million pounds of uranium from Kayelekera from 2026 to the end of 2032.

Harmony advises of 77% earnings rise for 2024 full-year

Published: 03 Sep 24

JSE-listed Harmony Gold Mining expects its basic earnings a share for the 2024 financial year to be between R13.85 and R13.88, marking an increase of more than 77% year-on-year. In turn, the company expects its headline earnings a share for the 12 months ended June 30 to increase by 131% year-on-year to R18.52.

Stimulating demand is most consequential action price-hit PGM industry can take

Published: 03 Sep 24

The most consequential action that price-hit platinum group metals (PGM) producers can take as an industry is the stimulation of demand. “But the issue is, are we doing enough to advance the technologies that will benefit our industry, and our views always conclude that we should be doing more,” Implats CEO Nico Muller posits.

Sasol confirms refinements being made to emissions reduction pathway

Published: 03 Sep 24

Energy and chemicals group Sasol has reiterated that its target to reduce its greenhouse-gas (GHG) emissions by 30% by 2030 remains in place, but has also confirmed that it is refining its “pathways” towards meeting that goal. In a note to shareholders, the JSE-listed group indicated that these refinements might involve “shifts in feedstock, energy and products to support our pathway towards being more sustainable”.

Completed confirmation drilling at Okiep firm up copper resource for Orion

Published: 03 Sep 24

JSE- and ASX-listed Orion Minerals has successfully completed confirmation drilling at Okiep in the Northern Cape, with results confirming the high quality of a large historical drilling database inherited from Newmont and Goldfields, the company said on September 3. Assay results received for confirmation diamond drill holes completed at Flat Mine North and the last two confirmation diamond drill holes completed at Flat Mine South include significant intersections.

Yukon launches review of Eagle Gold mine failure

Published: 03 Sep 24

The government of Yukon has launched an independent technical review into the heap leach failure at the Eagle Gold mine in June. The investigation will be led by a review board comprising geotechnical expert Jean-Marie Konrad, senior civil engineer Les Sawatsky and professional engineer Mark Smith, will review the design, construction, operation, maintenance and monitoring of the heap leach facility.

Ausgold launches new drill programme at Katanning

Published: 03 Sep 24

ASX-listed Ausgold is gearing up to start a major new gold drilling programme at its 3.04-million-ounce Katanning Gold Project (KGP) in Western Australia. The multi-pronged drilling campaign, comprising about 19 000 m of reverse circulation drilling, is scheduled to start in October.

Germany seeks clarity on South Africa’s coal-closure slowdown

Published: 03 Sep 24

Germany’s climate envoy said her country is seeking clarity on South Africa’s plans to slow down the closure of its coal-fired power plants and alter the terms of a landmark climate-finance pact. The European nation is a founding member of the $9.3-billion agreement, known as the Just Energy Transition Partnership, under which some of the world’s richest nations will give South Africa loans and grants on condition it cuts dependence on coal.

Goldman slashes copper forecast on softening Chinese demand

Published: 03 Sep 24

China’s increasingly disappointing economic recovery will delay an expected rally in copper, said Goldman Sachs Group as it slashed its forecast for next year by almost $5 000/t. The sharp drop in copper inventories that the bank had been anticipating would come much later than previously thought, it said in a note by analysts including Samantha Dart and Daan Struyven. Goldman cut its estimate for the metal to $10 100/t for next year, and pushed back its previous end-2024 forecast of $12 000 to post-2025.