<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="432" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DHBFM6NZARICTJAKESCVWD5AUQ.jpg" alt="" class="wp-image-619007" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DHBFM6NZARICTJAKESCVWD5AUQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DHBFM6NZARICTJAKESCVWD5AUQ-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DHBFM6NZARICTJAKESCVWD5AUQ-133x90.jpg 133w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A logo of Sibanye Stillwater is seen at a mine in Marikana, outside Rustenburg, northwest of Johannesburg, South Africa, March 14, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



May 9 (Reuters)&nbsp;&#8211;&nbsp;Sibanye Stillwater said on Friday it had raised the estimated total cost of its Keliber lithium project in Finland by 17% to 783 million euros ($880 million), mainly due to additional regulatory requirements and changes to the scope of the venture.



The Johannesburg-based company owns 79.8% of the Keliber project, which is expected to produce about 15,000 metric tons of battery-grade lithium annually for at least 16 years, starting in 2026.



&#8220;Revised total capital for the development or construction stage of the project to the hot commissioning stage of the refinery &#8230; has increased by 116 million euros to 783 million euros,&#8221; Sibanye&nbsp;SSWJ.J&nbsp;said in an operational update.



A total of 508 million euros had been spent on the project by the end of March 2025, Sibanye added.



The 2025 capital expenditure forecast for the Keliber project has also been increased to 300 million euros from 215 million euros.



Last August, Sibanye said it had secured 500 million euros of debt financing, partly funded by the European Investment Bank, to help bring the Keliber project to production from 2026.



Construction of the project is &#8220;well advanced&#8221;, Sibanye said, with commissioning of the refinery on schedule for the first quarter of 2026.



Sibanye, which mines gold and platinum group metals used to curb toxic emissions from vehicles, has recently diversified its portfolio to include metals such as lithium, which are key in clean energy technologies amid a global drive to fight climate change.



($1 = 0.8893 euros)



(Reporting by Nelson Banya in Harare. Editing by Mark Potter)

DHBFM6NZARICTJAKESCVWD5AUQ

Sibanye raises Finland lithium project cost estimate to $880 million

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg" alt="" class="wp-image-615460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">The Glencore logo is pictured in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



LONDON, April 30 (Reuters)&nbsp;&#8211;&nbsp;Glencore&nbsp;GLEN.L&nbsp;on Wednesday reported lower copper production in the first quarter, and said it expects 2025 profit at its trading division to be in the middle of its long-term annual guidance.



The miner and trader reported a 30% drop in first-quarter copper production to 167,900 metric tons, but maintained its full-year forecast for 2025 at 850,000-910,000 tons, expecting higher output in coming months.



Last year it produced around 952,000 tons of the metal used in electric vehicle wiring and batteries, green energy plants and data centres.



Glencore&#8217;s share price opened 3.4% lower in London.



Worries about global trade tensions have weighed on prices of most industrial metals this year, but analysts anticipate growing demand for copper, cobalt and other transition minerals, driven by the shift towards electric vehicles and renewable infrastructure.



First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.



Glencore forecasts full-year marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion-$3.2 billion this year, compared to $3.2 billion in 2024, as commodities markets continue to fluctuate due to &#8220;U.S. tariff newsflow and uncertainty&#8221;.



&#8220;Owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months,&#8221; it said in a statement.



The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.



&#8220;Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,&#8221; RBC Capital Markets analysts said.



Glencore&#8217;s first-quarter thermal coal production fell 7% to 23.4 million tons from 25.2 million tons a year before on lower output from its Australian mines.



The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tons in 2024.



It said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tons annually.



(Reporting by Clara Denina, Chandini Monnappa; Editing by Sumana Nandy and Jan Harvey)

A5FFDDCYVFKINPBJBDQEWDIARU

Glencore posts 30% drop in first-quarter copper production

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3500" height="2224" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/7XTI2CWP3BLPFASXQO4LHAPT4I.avif" alt="" class="wp-image-595714"/><figcaption class="wp-element-caption">A view of processing facilities at Tenke Fungurume, a copper and cobalt mine 110 km (68 miles) northwest of Lubumbashi in Congo&#8217;s copper-producing south. Picture taken January 29, 2013. REUTERS/Jonny Hogg/File Photo</figcaption></figure>



March 9 (Reuters)&nbsp;&#8211;&nbsp;The United States is open to exploring critical minerals partnerships with Congo, the State Department said in a statement to Reuters on Sunday, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal.



Democratic Republic of Congo, which is rich in cobalt, lithium and uranium among other minerals, has been fighting Rwanda-backed M23 rebels who have seized swathes of its territory this year.



Talk of a deal with the U.S. &#8211; which is also in discussions with Ukraine over a minerals pact &#8211; has circulated in Kinshasa for weeks.



&#8220;The United States is open to discussing partnerships in this sector that are aligned with the Trump Administration&#8217;s America First Agenda,&#8221; a State Department spokesperson said, noting that Congo held &#8220;a significant share of the world&#8217;s critical minerals required for advanced technologies.&#8221;



The U.S. has worked &#8220;to boost U.S. private sector investment in the DRC to develop mining resources in a responsible and transparent manner,&#8221; the spokesperson said.



Kinshasa has not publicly detailed a proposal, instead saying it is seeking diversified partnerships.



&#8220;There is a desire for us to diversify our partners,&#8221; Congolese government spokesman Patrick Muyaya said last week, adding there were &#8220;daily exchanges&#8221; between Congo and the U.S.



&#8220;If today American investors are interested in coming to the DRC, obviously they will find space &#8230; DRC has reserves that are available and it would also be good if American capital could invest here,&#8221; he said.



<h2 class="wp-block-heading" id="h-regional-stability">REGIONAL STABILITY</h2>



Andre Wameso, deputy chief of staff to Congolese President Felix Tshisekedi, travelled to Washington earlier this month for talks on a partnership, two sources told Reuters.



On February 21, a lobbyist representing the Congolese Senator Pierre Kanda Kalambayi sent letters to U.S. Secretary of State Marco Rubio and other American officials inviting U.S. investment in Congo&#8217;s vast mineral resources in exchange for helping to reinforce &#8220;regional stability&#8221;.



That initiative was not sanctioned by the broader Congolese government or presidency, according to two Congolese officials. There are, however, several initiatives underway, albeit in nascent stages, sources from Congo&#8217;s presidency, its ministry of mines, and from Washington told Reuters.



A Congolese delegation had been scheduled to meet with the House Foreign Affairs Committee on March 6, but cancelled the meeting at short notice, according to two sources.



&#8220;I think it&#8217;s certainly something that will pique people&#8217;s interest in Washington, and I think it has attracted interest,&#8221; said Jason Stearns, a Congo expert at Canada&#8217;s Simon Fraser University, noting that Congo&#8217;s mineral supply chains are currently dominated by China.



But, he said, the U.S. does not have state-owned companies like China does, and no private American mining companies currently operate in Congo.



&#8220;So if the Congolese want to make this work, it will probably not be by offering a U.S. company a mining concession. They&#8217;ll have to look at more complicated ways of engaging the U.S.&#8221;, he added.



(Reporting by Congo newsroom, Sonia Rolley and Portia Crowe; Editing by David Holmes)

7XTI2CWP3BLPFASXQO4LHAPT4I

US open to minerals partnerships with Democratic Republic of Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TIXMZFP7UVKXJH4F5XABAAHGSM.avif" alt="" class="wp-image-591347"/><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File photo</figcaption></figure>



Feb 27 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum (Implats)&nbsp;IMPJ.J&nbsp;could wind down its palladium mine in Canada earlier than planned if there is no immediate recovery in metal prices, CEO Nico Muller said after a 43% slump in first-half profit.



Palladium has registered the sharpest price decline of all platinum group metals (PGM), plunging from its March 2022 peak of about $3,440 an ounce to current levels around $921.



Muller said that Implats could close the Canada mine before the end of its remaining two years, but no final decision has been taken yet.



&#8220;I would not be surprised if, in the course of the next few months we come to a position that an accelerated and responsible wind down of that operation seems to be economically the most effective way to deal with (Impala) Canada,&#8221; Muller said on a media call.



First half profit slid to 1.85 billion rand ($100.15), hit by lower metal prices, prompting the miner to scrap dividend payments.



Muller also said that Implats is assessing some of South African mines that are struggling to make a profit.



($1 = 18.4725 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by Jamie Freed, Sherry Jacob-Phillips and David Goodman)

TIXMZFP7UVKXJH4F5XABAAHGSM

Impala considers early closure of Canadian palladium mine after price rout

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="378" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TBRVY76TJVLNPFA532BZK3H3YQ.avif" alt="" class="wp-image-590133"/><figcaption class="wp-element-caption">A pit head is seen at the Tumela platinum mine, an Anglo-American open pit mine located in Thabazimbi, Limpopo Province, South Africa June 9, 2016. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Anglo American Platinum&nbsp;AMSJ.J&nbsp;said it had halted operations at its Tumela mine in South Africa on Thursday after excessive rains caused flooding, though the company maintained its production forecast for the year.



The world&#8217;s top producer of platinum group metals (PGM) used to curb vehicle emissions said in a statement that heavy rains in the northern part of South Africa over the past week had caused widespread flooding.



Tumela mine, the smaller underground operation in Amplats&#8217; Amandelbult complex, was the most impacted, it said.



Operations in the rest of the complex, including the main Dishaba mine, the concentrator and other infrastructure, were largely unaffected and operations there had resumed on Monday after a temporary pause.



A detailed impact assessment and recovery plan to ensure safe production at Tumela mine, which produces about 10% of Amplats&#8217; monthly metal-in-concentrate, was under way.



&#8220;Preliminary indications are that the 2025 metal-in-



concentrate production guidance of 3 million to 3.4 million PGM ounces is not expected to be impacted,&#8221; Amplats said.



Amplats on February 17 reported a 40% decline in profit for 2024 to 8.4 billion rand ($458.56 million) as lower PGM prices continue to hurt its income.



($1 = 18.3184 rand)



(Reporting by Nelson Banya; Editing by Aidan Lewis)

TBRVY76TJVLNPFA532BZK3H3YQ

Amplats halts operations at South African mine after heavy rains

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4068" height="2790" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/WSTYBLNGHVJ77BIIF3ASYQZSKA.avif" alt="" class="wp-image-587384"/><figcaption class="wp-element-caption">A worker attends to machinery at a smelter plant at Anglo American Platinum&#8217;s Unki mine in Shurugwi, Zimbabwe, May 16, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters) &#8211; Anglo American Platinum will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit, it said on Monday.



The payout is despite annual profit slumping 40% to about 8.4 billion rand ($456.7 million) as lower platinum-group metal&nbsp;(PGM)&nbsp;prices continue to squeeze earnings.



Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to a final dividend of 3 rand per share, or about 800 million rand, ahead of its plan to demerge from parent company Anglo American.



Amplats will pay the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a call with journalists.



CFO Sayurie Naidoo added that the company can afford the extra payout without compromising its liquidity position.



&#8220;All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position,&#8221; she said.



The miner&#8217;s shares rose as much as 3.8% in early morning trading.



&#8220;We have modelled this on various price scenarios and we still believe we will be able to execute on our strategy.&#8221; Naidoo said.



Amplats would continue to benefit from demand for PGMs mostly from automakers, as the rollout of battery electric vehicles, which do not use the metals, slows down, Miller said. South African PGMs have also scaled back investing in new mines, which could result in future supply tightening, Miller said.



&#8220;There will be continued demand for our metals and through the assets we have we will be able to supply into that,&#8221; Miller said.



The platinum miner is due to be spun off from the London-listed group by June, part of a restructuring strategy implemented by Anglo American after fighting off a $49 billion takeover bid from bigger rival BHP last year.



Anglo has also sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit.



Anglo will maintain a 19.9% stake in the demerged unit and gradually manage its exit over time, but will have no presence on the Amplats board, it said.



Retaining the stake could also&nbsp;help manage &#8220;flowback issues&#8221;, RBC Capital market analysts said.



&#8220;This should help with the possible flowback issues on the stock, particularly from passive index holders of Anglo American that would mechanically be selling the shares post demerger,&#8221; the analysts said.



($1 = 18.3938 rand)



(Reporting by Felix Njini and Nelson Banya; Additional reporting by Clara Denina, Editing by Tom Hogue and Christian Schmollinger, Kirsten Donovan and Sharon Singleton)

WSTYBLNGHVJ77BIIF3ASYQZSKA

Anglo Platinum pays $856 million top up cash dividend before spinoff

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg" alt="" class="wp-image-412161" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Neal Froneman, chief executive officer of Sibanye Gold Ltd., speaks during an interview in Johannesburg on Friday, Oct. 25, 2019. Froneman discussed precious metals prices and the impact of the rand on earnings. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Feb 13 (Reuters) &#8211; Sibanye Stillwater founder and dealmaker Neal Froneman will retire as CEO at the end of September to be succeeded by Richard Stewart, current head of the company&#8217;s operations in Southern Africa, it said on Thursday.



Stewart joined Sibanye in 2014 and has long been touted by investors as a possible successor to Froneman, who turns 66 in September.



Froneman has led Sibanye since 2013, when the company was formed through the combination of three old Gold Fields mines. Since then, Sibanye has grown into a diversified miner with gold and platinum group metal (PGM) operations in Southern Africa and the United States.



Froneman also drove the acquisition of lithium assets in Finland and a zinc operation in Australia as he sought to position the company to tap into the green energy transition.



The deal spree has weighed on Sibanye&#8217;s balance sheet and the Johannesburg-based miner has also struggled with falling profits as PGM prices, particularly palladium, retreated from the record highs of March 2022 after Russia&#8217;s invasion of Ukraine.



($1 = 18.5036 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by David Goodman)

Sibanye Gold Ltd CEO Neal Froneman Interview

Sibanye dealmaker Froneman to retire as CEO in September

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4032" height="3024" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2SIQMB7RZ5KDFNVECNMIHSHXSA.avif" alt="" class="wp-image-585046"/><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



Feb 11 (Reuters) &#8211; Impala Platinum  expects its half-year profit to fall by as much as 49% in the six months to December 2024 as low metal prices persist, the South African company said on Tuesday.



Impala, the world&#8217;s second-largest producer of platinum group metals that are used to curb emissions from motor vehicles, said it expects headline earnings to be between 1.65 billion rand and 1.95 billion rand ($89.39 million-$105.65 million) for the six months to December 31, down from 3.26 billion rand previously.



The miner said its income had been affected by lower dollar pricing for its metals as well as the strengthening rand exchange rate, which more than offset the benefit of improved production and sales volumes.



Impala&#8217;s refined output increased by 2% to 1.79 million ounces, while sales rose 5% to 1.77 million ounces in the six months.



Anglo American Platinum, Impala&#8217;s bigger rival, expects its profit for the 2024 financial year to drop by as much as 46% in response to low metal prices and costs associated with restructuring and a demerger from its parent company.



The company will release its half-year financial results on February 27.



($1 = 18.4578 rand)



(Reporting by Nelson Banya; editing by Barbara Lewis)

2SIQMB7RZ5KDFNVECNMIHSHXSA

Impala Platinum expects deeper profit fall on low platinum prices

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/KEFKFP5ACNOV3K5X7PWY25YYDI.avif" alt="" class="wp-image-583260"/><figcaption class="wp-element-caption">Exxaro Resources CEO Dr. Nombasa Tsengwa speaks to Reuters, at the Investing in African Mining Indaba 2024 conference, in Cape Town, South Africa, February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



Feb 6 (Reuters) &#8211; The CEO of South African coal miner Exxaro Resources, Nombasa Tsengwa, has resigned with immediate effect, the company said on Thursday, two months after she was suspended pending a governance probe.



Long-time finance director Riaan Koppeschaar, who has been acting CEO since December, will continue in the role while the company looks for a permanent replacement, Exxaro said in a statement.



(Reporting by Nelson Banya)

KEFKFP5ACNOV3K5X7PWY25YYDI

South Africa’s Exxaro Resources says CEO Tsengwa has resigned

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



Feb 6 (Reuters) &#8211; Global miner Anglo American on Wednesday posted a 6% fall in copper production last year to 773,000 metric tons, and reduced its output forecast for rough diamonds for 2025 and 2026 on lower demand.



The London-listed miner expects 2025 copper production of 690,000-750,000 tons and 760,000-820,000 tons in 2026. The metal is used for electric vehicles and renewable infrastructure.



Its 2024 rough diamond production dropped 22% to 24.7 million carats, the lower end of its guidance. Anglo cut its production forecast for 2025 to a range of 20 million to 23 million carats, from 30 million to 33 million previously, as demand remains low and inventories high.



The miner is restructuring its business to mainly focus on energy transition metal copper, as well as iron ore, after fending off a $49 billion takeover offer from BHP Group in May.



It is looking to sell or spin off its diamond unit De Beers. CEO Duncan Wanblad said on Monday the divestment would be &#8220;substantively complete&#8221; by the end of 2025.



Anglo will post its 2024 financial results on February 20.



(Reporting by Clara Denina; Editing by Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo posts lower 2024 copper output, cuts diamond guidance

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3790" height="2527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3FNEUQQ2TBMANK4FVKGNG6GGJY.avif" alt="" class="wp-image-558454"/><figcaption class="wp-element-caption">The logo and trading information for U.S. coal miner Peabody Energy Corp. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2017. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON/MELBOURNE Nov 25 (Reuters) &#8211; Anglo American agreed on Monday to sell its remaining Australian steelmaking coal mines to Peabody Energy for up to $3.78 billion in cash, the first major disposal in a wider restructuring plan.



The London-listed miner is reshaping its business to focus on copper after fending off a $49 billion takeover bid from larger rival BHP in May, betting on disposals to increase value and ward off unwanted suitors.



Anglo&#8217;s share price was up 2.4% by 0829 GMT.



Peabody&#8217;s deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million. It also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.



Portfolio manager Ben Cleary at Tribeca Investment Partners, whose firm counts Anglo as its largest holding said that the miner received a &#8220;good price&#8221;.



&#8220;A decent amount of cash and the deferred element seems sensible,&#8221; he added.



Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia&#8217;s Bowen Basin. Anglo&#8217;s Dawson mine will be sold on for $455 million to a unit of Indonesia&#8217;s Delta Dunia Group which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.



The agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.



Anglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.



<h2 class="wp-block-heading" id="h-spinning-out-underperforming-assets">SPINNING OUT UNDERPERFORMING ASSETS</h2>



Anglo&#8217;s plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.



&#8220;We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper,&#8221; said Marina Calero, an analyst at RBC Capital Markets.



&#8220;A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching,&#8221; she added.



After coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.



&#8220;We are well progressed with the delivery of $1 billion of cost savings,&#8221; he said in a press release.



(Reporting by Melanie Burton in Melbourne, Clara Denina in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonali Paul, Rashmi Aich, Louise Heavens and Emelia Sithole-Matarise)

3FNEUQQ2TBMANK4FVKGNG6GGJY

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YVDA4CPNEBJLPBBXUIV6MNSDKQ.avif" alt="" class="wp-image-555754"/><figcaption class="wp-element-caption">Community members watch as Senzo Mchunu, South African police minister, inspects outside the mineshaft where it is estimated that hundreds of illegal miners are believed to be hiding underground, after police cut off food and water as part of police operations against illegal miners, in Stilfontein, South Africa, November 15, 2024. REUTERS/Ihsaan Haffejee</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa said on Monday lives should not be put at risk in a standoff between police and hundreds of illegal miners stuck underground in a disused mine shaft and the miners should be recovered safely.



The police have blocked miners&#8217; supplies of food and water to force them out and arrest them for illegally entering the abandoned mine in North West province in search of leftover gold &#8211; an issue that has plagued South Africa for decades.



More than 1,000 illegal miners have resurfaced in recent weeks but police said last week that hundreds could still be underground. Local residents and human rights groups have criticized authorities for blocking their supplies.



In a weekly newsletter, Ramaphosa said the situation was precarious and could potentially turn volatile.



&#8220;The Stilfontein mine is a crime scene where the offence of illegal mining is being committed. It is standard police practice everywhere to secure a crime scene and to block off escape routes that enable criminals to evade arrest,&#8221; he said.



Ramaphosa urged the police to respect the miners&#8217; rights and not put their lives at risk and said his government would work with the mining industry on the issue of illegal mining.



&#8220;The police will carry out their duties and responsibilities to bring the illegal miners to the surface safely,&#8221; he said.



Illegal mining has thrived in South Africa through small-time pilfering and organised criminal networks, costing the economy billions of rands in lost income and royalties.



It was unclear if those still in the mine were unwilling or unable to get out. Public broadcaster SABC said that volunteers had brought 12 miners to the surface since last Wednesday.



(Reporting by Bhargav Acharya; Editing by Nellie Peyton and Ros Russell)

YVDA4CPNEBJLPBBXUIV6MNSDKQ

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg" alt="" class="wp-image-545857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A worker is seen at Anglo American&#8217;s Los Bronces copper mine in Chile, obtained by Reuters on April 26, 2024. Anglo American/Handout via REUTERS/ File Photo</figcaption></figure>



LONDON, Oct 24 (Reuters) &#8211; Global miner Anglo American on Thursday posted double-digit falls in its third-quarter copper and diamond production but maintained its 2024 guidance for the commodities.



Anglo said its copper output fell 13% in the July to September quarter, while rough diamond production decreased by 25% on cuts due to prolonged lower demand.



Its De Beers diamonds unit is exploring options for further output cuts in future, Anglo said.



For the first nine months of 2024, copper output fell 4% to 575,000 tons and diamond production was down 21% at 18.9 million carats.



Anglo still expects to produce 730,000-790,000 tons of copper and 23-26 million carats of rough diamonds this year, even as it assesses additional production cuts going forward.



Its shares, which have risen around 18% this year, opened up 2.2%.



The mining giant is restructuring its business to mainly focus on energy transition metal copper after fending off a $49 billion takeover offer from bigger rival BHP Group in May.



Copper will make up 60% of Anglo&#8217;s business after it sells its Australian steelmaking coal assets and nickel mines in Brazil, as well as divesting De Beers and its platinum business Amplats in South Africa.



Apart from its copper assets in Chile, Anglo will also retain iron ore mines in South Africa and Brazil, as well as the Woodsmith fertiliser project in the United Kingdom, which it has now slowed down.



Anglo said steelmaking coal&#8217;s production fell by 6% in the third quarter after shutting its Grosvenor mine in Queensland due to an underground fire.



The London-listed miner, the world&#8217;s third-largest exporter of metallurgical coal, lowered its yearly production guidance to 14-15.5 million tons from a previous forecast of 15-17 million.



Anglo said the final round of bidders for the coal assets was in place and it expected to announce the sale agreement within months.



(Reporting by Clara Denina and Felix Njini; Editing by Stephen Coates and Mark Potter)

FILE PHOTO: A worker is seen at Anglo American’s Los Bronces copper mine in Chile

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg" alt="" class="wp-image-537080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Labourers work at a mine near the town of Rubaya in the Eastern Democratic Republic of Congo, August 13, 2019. REUTERS/Baz Ratner/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Rebels in eastern Democratic Republic of Congo have consolidated control over the Rubaya coltan-mining region, imposing a production tax estimated to generate around $300,000 in monthly revenue, the United Nations security council heard on Monday.



The M23 movement, a Tutsi-led organization purportedly backed by Rwanda, seized the area, which produces minerals used in smartphones and computers, following intense fighting in April.



Bintou Keita, head of the U.N. mission in Congo, told the Security Council that trade from minerals in the Rubaya area accounts for over 15% of global tantalum supply.



Congo is the world&#8217;s top producer of tantalum which is considered a critical mineral by the United States and the European Union.



&#8220;This generates an estimated $300,000 in revenue per month to the armed group,&#8221; Keita said. &#8220;This is deeply concerning and needs to be stopped.&#8221;



&#8220;The criminal laundering of the DRC&#8217;s natural resources smuggled out of the country is strengthening armed groups, sustaining the exploitation of civilian populations, some of them reduced to de-facto slavery, and undermining peace-making efforts,&#8221; Keita added.



The majority of Congo&#8217;s mineral resources are situated in the east, a region plagued by conflict over land and resources between several armed factions. The situation has deteriorated since the resurgence of the M23 rebellion in March 2022.



Thousands have been killed and over 1 million displaced since the resurgence in fighting.



Manufacturers are under scrutiny to ensure that metals used in products such as laptops and batteries for electric vehicles are not sourced from conflict zones like eastern Congo.



Keita said that as profits from mining have surged, armed groups have become militarized entrepreneurs, making them stronger both militarily and financially.



&#8220;Unless international sanctions are imposed on those benefiting from this criminal trade, peace will remain elusive, and civilians will continue to suffer,&#8221; Keita said.



(Reporting by Sonia Rolley; Editing by Bate Felix and Christina Fincher)

LDWFYV477FOM5BRKZCR7HIOFT4

UN says Congo rebels generating $300,000 monthly in seized mining area

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg" alt="" class="wp-image-536707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar, Nottinghamshire, Britain September 26, 2024. REUTERS/Molly Darlington/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based International Resources Holding (IRH) has signed an agreement with South Africa&#8217;s Public Investment Corporation (PIC) to invest in rail infrastructure and green energy projects, the two entities said on Monday.



IRH is a subsidiary of International Holding Company&nbsp;IHC.AD, the United Arab Emirates&#8217; (UAE) richest company, while the state-owned PIC is Africa&#8217;s largest asset manager. The PIC&#8217;s 2.89 trillion rand ($169 billion) assets under management include mining, agriculture, manufacturing, real estate and financial services investments.



IRH and PIC would cooperate on South Africa&#8217;s planned replacement of its coal-dominated power generation with cleaner sources of energy, they said in a joint statement, without giving details.



They would also seek to expand South Africa&#8217;s logistical capacity by addressing persistent freight rail and port bottlenecks which have throttled commodity exports.



South Africa&#8217;s state-owned logistics firm Transnet, which operates the country&#8217;s freight rail and ports, has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3K711G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">struggled</a>&nbsp;to provide adequate services due to equipment shortages and maintenance backlogs after years of under-investment.



The agreement would also &#8220;bring underperforming and undeveloped mining assets&#8221; in South Africa to full production capacity, they said. They did not name the assets.



Earlier this year, IRH completed the acquisition of a 51% stake in Zambia&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DH25C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Mopani Copper Mines</a>. The IRH has also been pursuing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IV091&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">other copper assets</a>&nbsp;in Zambia as the UAE and seeks to secure critical metal supplies from Africa amid a global shift to cleaner energy.



The IRH also has operations or prospects in Angola, Burundi, Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe, according to its website.



($1 = 17.0983 rand)



(Reporting by Nelson Banya; Editing by Emelia Sithole-Matarise)

FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar

UAE’s IRH eyes mining, energy and logistics projects in South Africa

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="538" data-id="534082" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JOTI3ZVACRID7LGCY2HKAAOB2U.avif" alt="" class="wp-image-534082"/><figcaption class="wp-element-caption">View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>
</figure>



Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Canadian miner First Quantum Minerals&nbsp;FM.TO&nbsp;said on Monday it has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia.



The company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle.



&#8220;The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,&#8221; the Toronto-based miner said in a statement.



The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.



Two of First Quantum&#8217;s contractors at its Zambia operations, including one at the Kansanshi,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3CS25H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">had died in November</a>&nbsp;last year in separate accidents.



(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Purchase Licensing Rights

First Quantum suspends some work at Zambia mine after fatal accident

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



Sept 11 (Reuters) &#8211; Miner Anglo American on Wednesday said one of its subsidiaries has raised 7.2 billion rand ($403.21 million) from the sale of about a 5.3% stake in Anglo American Platinum (Amplats) as part of a share sale program that launched a day earlier.



Anglo American South Africa Proprietary Limited sold 13.9 million Amplats shares for $28.84 per share, the miner said.



An accelerated bookbuild offering of about 13 million shares of Amplats was launched on Tuesday, ahead of the South African unit&#8217;s demerger expected next year.



&#8220;The placing is intended to broaden the free float of Anglo American Platinum, reduce the number of shares distributed to Anglo American shareholders upon demerger and thereby reduce flowback following the demerger,&#8221; Anglo American said.



Amplats CEO Craig Miller had said in July that the company was planning a secondary listing in London.



($1 = 17.8824 rand)



(Reporting by Aatrayee Chatterjee and Yamini Kalia in Bengaluru; Editing by Shreya Biswas and Mrigank Dhaniwala)

Mining

Sibanye raises Finland lithium project cost estimate to $880 million

Glencore posts 30% drop in first-quarter copper production

US open to minerals partnerships with Democratic Republic of Congo

Impala considers early closure of Canadian palladium mine after price rout

Amplats halts operations at South African mine after heavy rains

Anglo Platinum pays $856 million top up cash dividend before spinoff

Sibanye dealmaker Froneman to retire as CEO in September

Impala Platinum expects deeper profit fall on low platinum prices

South Africa’s Exxaro Resources says CEO Tsengwa has resigned

Anglo posts lower 2024 copper output, cuts diamond guidance

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

UN says Congo rebels generating $300,000 monthly in seized mining area

UAE’s IRH eyes mining, energy and logistics projects in South Africa

First Quantum suspends some work at Zambia mine after fatal accident

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

News Tips

Advertise With Us

Mining

Sibanye raises Finland lithium project cost estimate to $880 million

Glencore posts 30% drop in first-quarter copper production

US open to minerals partnerships with Democratic Republic of Congo

Impala considers early closure of Canadian palladium mine after price rout

Amplats halts operations at South African mine after heavy rains

Anglo Platinum pays $856 million top up cash dividend before spinoff

Sibanye dealmaker Froneman to retire as CEO in September

Impala Platinum expects deeper profit fall on low platinum prices

South Africa’s Exxaro Resources says CEO Tsengwa has resigned

Anglo posts lower 2024 copper output, cuts diamond guidance

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

UN says Congo rebels generating $300,000 monthly in seized mining area

UAE’s IRH eyes mining, energy and logistics projects in South Africa

First Quantum suspends some work at Zambia mine after fatal accident

Anglo American nets over $400 mln from platinum unit share sale amid demerger plans

News Tips

Advertise With Us

Newsletters