Nickel faces existential moment with half of mines unprofitable

Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia. With roughly... 

South African billionaire Wiese returns to his diamond-hunting roots

Christo Wiese, South Africa’s-billionaire retail king, is going back to the future. The 82-year-old serial investor, who steered the expansion of both Africa’s biggest clothing retailer and the... 

Billionaire Forrest backs carbon levy on Australia fossil fuels

Australia should impose a proposed carbon levy on fossil fuel producers to accelerate efforts to meet climate targets, according to billionaire mining-to-clean energy tycoon Andrew Forrest. “It’s... 

US targets ‘disposable’ firms in new Russian sanctions blast

The latest round of Russia sanctions unveiled Friday targeted hundreds of people and entities from around the globe, including a Liechtenstein company that traded precious metals, a semiconductor... 

Private credit dominates Whitehaven Coal's $1.1bn loan

Australian coal firm Whitehaven Coal drew 17 private credit providers and one bank for a $1.1-billion loan to buy two mines, the latest example of direct lenders benefiting from banks’ tighter... 

Treasury backs Central Bank inflation target review

National Treasury said there’s a case to be made for the central bank’s inflation target to be reviewed to improve competitiveness and given the adverse impact price growth has on the poor. The... 

Eskom eschews $2.5bn of cheap loans as climate pact flounders

South Africa’s State power utility has failed to tap $2.5-billion of cheap loans to build critical transmission infrastructure that would help end the country’s crippling energy crisis. That’s... 

Woodside to sell $1.4bn stake in key gas project to Jera

Woodside Energy Group to a $1.4-billion deal to sell a 15.1% stake in its flagship Scarborough liquefied natural gas project to Jera Co., Japan’s biggest power producer, as consumers aim to secure... 

Mozambique mulling $80bn energy overhaul to tap the Zambezi river’s power

Mozambique is seeking to become one of Africa’s biggest hydropower producers and launch a green hydrogen industry. The government plans to add 14 000 MW of hydropower capacity, with the bulk of... 

Posco to import African battery graphite to cut China reliance

Posco Future M Co, which produces battery materials for companies including General Motors Co, is preparing to import graphite from Africa to reduce its dependence on supplies from China. “Graphite... 

Coal output needs to rise as demand jumps, Indian official says

India’s state-run miner Coal India will continue to increase production to meet growing demand and help boost inventories, according to a key government official overseeing the fuel. The producer... 

Australian iron-ore port starts clearing ships ahead of cyclone

A major port on Australia’s west coast used by Rio Tinto Group to export iron-ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port... 

Aluminum spikes as White House plans fresh sanctions on Russia

Aluminum surged on speculation that a fresh wave of US sanctions against Russia may target the metal, potentially disrupting supplies. US President Joe Biden said the US plans to unveil a “major”... 

Mozambique port critical to chrome exports gets upgraded railway link

The biggest port in Mozambique that’s become a key hub for global chrome exports will upgrade a railway link, bolstering a planned $2-billion capacity expansion. The African Development Bank is... 

Nickel woes worsen for Glencore-backed miner as budget jumps 87%

Glencore-backed Horizonte Minerals is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than... 

Colombia Bill seeks permanent legal ban on new coal contracts

Colombia, South America’s top coal producer, is proposing a mining bill which would ban new exploration and production contracts for the fuel. The proposed law would also allow the expropriation... 

US moves to restore stockpiling ‘panic button’ in EV metals fight with China

Insiders liken it to a “panic button.” And for more than 80 years, the primary job of the National Defense Stockpile has been to keep the US military supplied with essential raw materials and... 

South African military is at war without helicopter-service deal

South Africa has deployed its troops into two wars without renewing a maintenance contract needed to keep its essential attack and transport helicopters flying. A so-called fixed-cost contract... 

Iron-ore slumps as demand doubts persist with China’s reopening

Iron-ore tumbled following a five-day run of gains as China’s markets reopened, with investors weighing prospects for near-term steel demand in the world’s largest importer. Futures dropped from... 

Reserves drawdown is wildcard in South Africa’s election budget

Enoch Godongwana needs to conjure an annual budget that balances spending pressures stemming from this year’s elections with the South African National Treasury’s commitment to stabilise its... 

Polymetal to sell Russian unit for $3.7bn

Gold miner Polymetal International will sell its sanctioned Russian unit in a deal worth a total of nearly $3.7-billion, the Kazakhstan-registered firm said in a statement. The business will be... 

Coal India to bid for 3 mines in critical minerals auctions in Feb

State-run Coal India will bid for three blocks in critical minerals auctions conducted by the country's mines ministry in February, chairman and MD P M Prasad told analysts in a post-earnings... 

Top lithium supplier Albemarle says prices are unsustainably low

Low lithium prices are “unsustainable” and will have to rise in order to trigger the supply investments needed to meet long-term demand growth, according to Albemarle, the world’s biggest... 

Barrick’s Thornton moves from executive chairman to chairman

Barrick Gold’s executive chairman John Thornton has moved from executive chairman to chairman after nearly a decade in the position. The change is “best suited for the company’s next growth... 

EIB in talks with South Africa over loan for ports, freight rail

The European Investment Bank (EIB) said it’s in talks to loan South Africa money to upgrade its port and freight-rail infrastructure as its first contribution to a decarbonization pact known as the... 

Africa moves a step closer to continent’s first cobalt refinery

Africa could have its first cobalt sulphate refinery by the end of 2025, one of the few outside of China capable of making the product that’s a key component of lithium-ion batteries. Nigeria-based... 

Landslide at SSR’s Turkish mine triggers cyanide spill concerns

A landslide at a gold mine in eastern Turkey triggered concerns of cyanide contamination in western Asia’s longest river. The incident at the Copler mine dislodged ten million cubic meters of... 

Risk of stranded LNG assets is 'real', Canada’s Wilkinson says

The US decision to pause approvals of new licenses to export liquefied natural gas is welcome, and there are “real” risks that some infrastructure will end up stranded, Canada’s Energy Minister... 

Tycoon Birla’s Hindalco bids for Indian critical minerals leases

Hindalco Industries is bidding for critical minerals exploration sites being auctioned by India, as the metals producer owned by billionaire Kumar Mangalam Birla seeks to build its portfolio of... 

South Africa’s inaugural Grid Emission Measure highlights coal dependence

South Africa produced its inaugural official gauge of the carbon intensity of its electricity production, confirming its status as one of the world’s top producers per capita of greenhouse gases.... 

Australia fossil fuels should face new climate levy, experts say

Producers and consumers of fossil fuels in Australia, one of the world’s coal and gas powerhouses, should pay a new climate levy under efforts to accelerate a transition to a greener economy,... 

Zimbabwe central bank accumulates almost a ton of gold reserves

Zimbabwe’s central bank accumulated 793 kilograms (25,000 ounces) of gold reserves since introducing a law that compels mining companies to pay part of their royalties using the metal. The reserves... 

Macquarie commodities head resigns

Macquarie Group’s profit fell due to reduced activity in its commodities and global markets business, while the veteran head of the division will step down later this month. Earnings for the nine... 

Sigma Lithium plans to invest $100m on new Brazil plant

Sigma Lithium, a leader in Brazil's budding lithium sector, said on Monday it planned to invest 492.4-million reais on a previously announced plant in the country, to be backed by financing from... 

Uranium developers say supply jolt is boosting new projects

Uranium project developers see a stronger outlook for prices and supply pacts after the world’s top producer of the nuclear fuel jolted the market with output cuts. Recent talks with prospective... 

Strike Energy plunges as much as 31% due to problems at gas well

Australian oil and gas producer Strike Energy lost almost a third of its value at one point on Tuesday as the company’s shares plunged due to problems at a key gas well. The South Erregulla-3 well... 

Honda talks test Canada’s desire to move away from blockbuster EV subsidies

Canada’s strategy to lure electric vehicle manufacturing is shifting toward financial incentives based on tax credits, and away from the huge production subsidies that were promised to companies... 

AI-powered Zambian copper mine may become world’s third largest

Zambia may be home to the world’s third-largest copper mine after a startup backed by billionaire Bill Gates discovered huge deposits of the metal, the country’s President said. San Francisco Bay... 

EU, US to align global minerals push against China’s supply grip

The US and the European Union are in talks to merge a core area of their efforts to engage suppliers of critical minerals in resource-rich nations, seeking to streamline their push against China’s... 

Africa’s biggest oil and gas finds are doing little for economies at home

The last thing Senegal needed in its long-drawn-out effort to capitalize on large oil and gas finds off its coast was political turmoil. Africa’s newest natural gas superstar had bubbled with...