Kganyago welcomes Godongwana's reappointment as Finance Minister

South African central bank Governor Lesetja Kganyago welcomed the reappointment of Finance Minister Enoch Godongwana in the new coalition cabinet unveiled by the president this week. “We still have... 

Endeavour studying spill from Côte d'Ivoire operation

Endeavour Mining says it’s studying the damage from the leak of poisonous liquid at its second-biggest mine located in southern Côte d'Ivoire. Early reports show that a broken valve leaked 3 000... 

Hedge funds are hoarding cobalt amid battery metal slump

Hedge funds including Anchorage Capital Advisors and Squarepoint Capital have been building positions in cobalt by buying up physical material, as tumbling spot prices and a more liquid futures... 

Argentina is about to unleash a wave of lithium in a global glut

For all the money that’s poured into Argentina’s giant lithium deposits, the country has seen just one new mine come on stream in almost a decade. That’s about to change. Four new projects will... 

Copper supply gets a boost as Chile shows signs of recovery

Copper production in Chile, the world’s biggest supplier of the wiring metal, is showing signs of recovering from 20-year lows. Output in May was the highest this year, rising more than 8%... 

Nutrien says ‘black swan’ jolts are finally easing

The world’s biggest maker of crop nutrients said fertiliser demand is just now starting to stabilise from seismic shocks of the past few years that left the company with wild profit swings. “We’re... 

South Africa opposition makes debut in Ramaphosa’s unity Cabinet

South African President Cyril Ramaphosa announced his new Cabinet, allocating ministerial posts to opposition politicians while retaining close ally Enoch Godongwana as finance minister. The... 

Lundin weighs sale of zinc mines in Sweden and Portugal

Lundin Mining Corp is considering a potential sale of two European zinc mines as the Canadian metals producer turns its focus to copper in Latin America, according to people familiar with the... 

Exxon backs EV demand growth to turn its lithium bet into a win

Exxon Mobil said lithium demand will grow despite a years-long slump in prices, a scenario that would help its traditional oil business co-exist with a foray into producing the battery material... 

South Africa achieves first primary budget surplus in 15 years

South Africa achieved its first primary budget surplus in 15 years as it took a stern approach to funding State-owned companies that have drained government finances. Africa’s most-industrialised... 

Sibanye ‘will have to’ shutter US mine unless palladium recovers

Sibanye Stillwater will be forced to halt operations at its Montana palladium mine if prices don’t recover soon, according to CEO Neal Froneman. “The future of Stillwater remains in the balance,”... 

Trafigura clinches share of major zinc deal snubbed by Glencore

Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore backed away from a... 

Radioactive device on rhino horns rolled out to fight poaching

Beckham, a 1.7 tt rhino named after the English footballer, on Tuesday had a radioactive pellet drilled into his horn as a program to discourage poaching of the endangered animals in South Africa... 

LGIM to sell Glencore stake on concern over thermal coal plans

Legal & General Investment Management (LGIM) said it will divest from Glencore Plc, the world’s biggest coal shipper, on concerns about its production of the most polluting fuel. While most of its... 

Vale returns to global debt markets with sale of dollar bonds

Vale, the world’s second largest iron-ore producer, is tapping international bond markets for the first time in a year amid a debt buyback. Vale Overseas, a subsidiary of the Rio de Janeiro-based... 

Lithium’s low price can't support spending on new plants, Albemarle says

Lithium’s low price doesn’t justify new investments in plants for the battery metal, says a top Albemarle executive. The current price of the key battery ingredient is “concerning” and investors... 

Thelo to raise $250m with eye on Africa’s giant rail corridors

Thelo Group’s management plans to buy Deutsche Bahn’s 49% shareholding and is in talks with financiers to raise $250-million to help the South African company transform into a developer of rail... 

Ex-Trafigura metals boss to run new team of 40 at rival Mercuria

Trafigura Group’s former co-head of metals Kostas Bintas is joining Mercuria Energy Group together with several of his ex-colleagues, to spearhead an aggressive push into metals in one of the... 

South Africa risks losing billions pledged for climate finance

South Africa is risking a $9.3-billion climate finance pact by delaying the closing of a number of coal-fired power plants, a panel appointed by the country’s environment minister said. In an... 

Hedge fund making 20% a year for last decade targets uranium M&A

A top performing hedge fund is betting the pullback in uranium producer NexGen Energy will be short lived, as the industry’s growing appeal leaves the startup well placed for a potential takeover.... 

Top China lithium firm files international claim against Mexico

Ganfeng Lithium has filed an international arbitration case against Mexico after the Latin American nation canceled a potential mining project valued at more than $1-billion. Efforts by Ganfeng,... 

Czech tycoon’s takeover of Sydney-listed coal miner falls through

The owner of a majority stake in Sydney-listed metallurgical coal producer Coronado Global Resources terminated its sale to Czech tycoon Pavel Tykac’s Sev.en Global Investments. The Energy and... 

Paladin’s uranium deal signals M&A push for rich Canadian deposits

Paladin Energy’s C$1.14-billion offer to buy Canadian mining firm Fission Uranium is all about geography. The all-stock deal will give Australia’s Paladin operational control of one of the most... 

Lithium’s ongoing slump has traders searching for recovery signs

Lithium industry watchers hoping the battery metal was poised to rebound from an epic slump have been hit by the realisation prices have fallen again this month, with inventories piling up as... 

Aurubis names Toralf Haag as new CEO after board overhaul

Copper producer Aurubis has named Toralf Haag as its new CEO, completing an overhaul of its board in the wake of a giant raw-materials fraud. Haag will take over from Roland Harings, after the... 

More Asian nations want to join Putin, Xi in expanded BRICS

As Russian President Vladimir Putin and Chinese Premier Li Qiang wrapped up separate meetings in Southeast Asia this week, the two partners in the BRICS economic bloc encountered a region keen to... 

China Baowu completes purchases of stake at Simandou project

China Baowu Steel Group has completed its purchase of a stake in the Simandou project in Guinea, as China’s top steelmaker looks to expand its interest in the world’s largest untapped iron ore... 

Ex-BlackRock exec calls for unity to fight climate change

Paul Bodnar, BlackRock’s former chief of sustainable investing, said climate activists need to stop “demonizing” the fossil-fuel industry for advances to be made on the environmental front.... 

Key EV battery material can come from a surprising source: methane

Graphite is key to manufacturing the lithium-ion batteries that power everything from electric cars to smartphones. While China is the world’s top producer and exporter of the crystalline carbon,... 

Eskom wins South African appeal to keep five polluting power plants open

South Africa’s State power utility and biggest source of air pollution won an appeal to keep five of its oldest plants open even though they are set to flout incoming emission caps. The plants -... 

Proposed Australian emissions shift could conceal methane — Ember

Australian opencut coal mine operators may be able avoid reporting hundreds of thousands of tons of methane emissions if a government proposal to change how the releases are estimated is approved,... 

Europe’s EV battery plans fade on China price war, US subsidies

In 2019, France and Germany agreed to pump billions of euros into a plan to boost Europe’s battery industry and catch up with China and the US. Five years later, that effort is running out of... 

Drone-sinking of coal ship takes Red Sea perils to new level

The sinking of a coal-carrier by a sea drone has boosted the risk of navigating the vital Bab el-Mandeb chokepoint to a new level and is driving a fresh surge in insurance costs. The British navy... 

South Africa sets target for resuming global rhino-horn trade

South Africa, where 79% of the world’s rhinos live, said it aims to come up with a plan by the end of 2030 to dismantle an almost half-century ban on trading the endangered animals’ horns. The... 

Carson block raises money to bet on rising metals and mining stocks

Carson Block, who made his name betting against companies, is gathering money for a fund that will bet on rising metals and mining stocks. The Muddy Waters Resources Fund filed a private placement... 

China is building Europe battery supply in Morocco, VW unit says

China is building a battery supply chain for Europe in Morocco, as the continent struggles to develop its own industry to feed electric-car manufacturing, PowerCo’s operations head said. “We don’t... 

Nickel 28 reaches settlement with fired CEO to end misconduct claim

Nickel 28 Capital’s former CEO agreed to relinquish nearly half the stock he owned in the company that accused him and other ousted executives of “serious misconduct.” Anthony Milewski agreed to... 

Stock surge hints at sentiment turn after election

South Africa’s stock benchmark rallied the most this year, suggesting investors are turning positive on the nation’s equities after the longest daily streak of outflows in three years. The rand and... 

Malaysia is planning to join BRICS, PM says

Malaysian Prime Minister Anwar Ibrahim said that the Southeast Asian nation will join the BRICS economic bloc, becoming the latest country to take part in an expanding group seen challenging the... 

New government partners poised for Cabinet battle

South African political parties that last week agreed to form a governing alliance are limbering up for a tussle over cabinet positions, as President Cyril Ramaphosa prepares to be sworn in for a...