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Mining Weekly Editor Martin Creamer discusses South Africa becoming one of the world’s most compelling short-term investment stories, which is good news for Orion Minerals; Thungela Resources being poised to spend R3.9-billion worth of capital in South Africa going forward; and Richards Bay Minerals looking to on-site renewables, storage & aggregation.

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The University of Fort Hare, where the offspring of mineworkers were the first graduates, has agreed a R12.5-million, initial ten-year academic partnership with a gold mining major AngloGold Ashanti, which no longer mines in this country and is now domiciled in the London.
Fort Hare is the university where the globally illustrious Nelson Mandela began his incompleted studies for a Bachelor of Arts degree.
On Thursday, the historic university announced the establishment of the AngloGold Ashanti chair in dairy science and technology, a project designed to sustainably improve yields for small-scale farmers in one of South Africa's poorest provinces.
Fort Hare's main campus lies adjacent to Alice, a small town in rural setting with a fertile valley.
The new chair will drive research activities that contribute to new knowledge production in dairy science, both nationally and regionally and provide research to support rural small-scale farmers in the Eastern Cape and elsewhere in South Africa over an initial ten-year period.
University of Fort Hare Vice-Chancellor Professor Sakhela Buhlungu described the university's first endowed research chair as ushering in a new dawn for knowledge production to support industry growth, food security, shared prosperity, inclusivity, socio-economic development and upliftment of stakeholders in the dairy sector value chain and rural communities.
"This grant sets us on a new strategic trajectory by helping the establishment of a Faculty of Veterinary Science, and it ensures a lasting legacy for rural development in the Eastern Cape," Buhlungu stated in a media release to Mining Weekly.
The multi-million financial endowment is part of a larger investment in legacy projects in education and agriculture that AngloGold Ashanti will carry out over the next five years to honour its commitment to South Africa, its employees and its communities.
"We remain committed to supporting communities with deep links to the country's mining industry," AngloGold Ashanti CEO Alberto Calderon, a Colombia-born former International Monetary Fund luminary.
"This is why we have deliberately targeted the province from which a significant proportion of our workforce was drawn for many decades," added Calderon.
The poorest of South Africa's nine provinces, the Eastern Cape has a significant agrarian economy with a large population of subsistence farmers.
The research chair position aligns with South Africa's National Development Plan, which emphasises the untapped potential of rural agriculture.
The chair's impact is expected to contribute to several United Nations Millennium Development Goals, including:
• Eradicating extreme poverty and hunger;
• Promoting gender equality and empowering women;
• Reducing child mortality;
• Improving maternal health;
• Ensuring environmental sustainability; and
• Being part of the global partnership for development.
Ionically, Fort Hare was founded in 1916 on the site of an earlier British military stronghold.
UPBEAT NEW INVESTMENT OUTLOOK
The announcement comes shortly after South Africa is showing bright new signs of being more internationally favoured.
Indications of a more positive new outlook on South Africa beginning to arise have been evident this week in international investment events.
For example, speaking to an Australia/South Africa online audience, an upbeat Orion Minerals CEO Errol Smart spoke of "the sun is finally shining on us" when he outlined how South Africa has become one of the world's most upbeat investment stories.
Boksburg-born Smart, who heads a base-metals exploration and mine development company that is primarily listed in Australia with a secondary listing in Johannesburg, drew attention to international investment management company JP Morgan upgrading the investment status of South Africa on rand strengthening and the optimistic Government of National Unity outlook.
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Green copper and clean smelting and refining is envisaged at Orion Minerals' quickly advancing base metals mines in South Africa's well-endowed Northern Cape province, which has historically 2.5-millon tons of copper until base metal mining ceased there several decades ago.
The fully permitted and already reviving Prieska mine will begin producing its first saleable copper and zinc 12 to 18 months after finalising its total funding requirement, which is estimated at from R3-billionn to R4-billion.
"First focus was to prove the ore. We've done that. Second focus was do the bankable studies; we've done that. Third is build the mines and produce concentrates that are saleable, and then the fourth one will be putting those concentrates in a local smelter or refinery," Orion CEO Errol Smart said during a South Africa-Australia webinar covered by Mining Weekly.
Regarding Orion putting up a smelter, Smart said: We would lean away from smelting. We've done a lot of work on metal vapour refining. We're doing a lot of work on hydrometallurgical leaching.
"We would prefer to go away from energy-intensive smelting. It's difficult to build an environmentally friendly smelter, but it is quite viable to build an environmentally friendly metal vapour refinery or leach plant, and that's what we will probably look at in the future. We've got a whole team working on that. We're looking at the optimised case," he said during question time.
Renewable energy is on the cards: "We're in advanced discussions with a few renewable energy power producers and one is offering 90% certified renewable energy at a cost 20% lower cost than the Eskom supply cost.
"So, essentially, we will be producing certified green copper on our side. That's a huge opportunity and when speaking to the offtakers and debt financiers that green, ESG, credibility is very important," he emphasised.
Power utility Eskom is scheduled to turn on the mine's 15 MW of electricity input next Wednesday.
Trial mining has been under way for some time, with drilling and blasting taking place daily and about 30 000 t of on ore is already on surface.
The existing shaft, which descends to 1 100 m, has multiple underground roadways that reach down to the deepest ore at 1 250 m.
Orion has been conducting bankable studies since 2019 and is putting the finishing touches to updated versions.
Mine chambers at Prieska, which were blasted in the 1970s, have held their ground and no meshing and lacing nor rock anchors are required.
"This ground is standing fantastically well and what we've proven that in the area where we're going to mine, we can put in big machines, we can get economies of scale, and we can get the mining happening," said Smart.
"We can run 4.5 m by 4.5 m development ends, and we can get efficiency in scale of mining.
"We've also proven that we can handle events of nature, a one-in-100-year rainfall event.
"We've put flood control measures in place, and we've shown that there will not be no unplanned flooding.
"The nine billion cubes of water in the mine must be pumped out and the pumps to do this have been put in place," said Smart.
The construction of a water retention dam will be completed in the next few months and the reverse osmosis plant is scheduled to be in place next year as an additional water control measure.
A 15 MVA grid power supply system has been constructed and 4 km dual water and tailings pipeline has been established to the tailings facility.
Besides Prieska, the Johannesburg Stock Exchange- and Australia Stock Exchange-listed Orion is also advancing the Okiep copper project, which has produced nearly two million tons of copper historically under previous Newmont and AngloVaal ownership.
These projects are gaining strong momentum at an ideal time in a district that has produced at an average grade of 1.9 % copper. For many decades, it produced more than 20 000 t of copper a year from

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Energy-intensive Richards Bay Minerals (RBM), which consumes an average of 1.8 terawatts of power a year, was able to secure its latest 140 MW wind energy power purchase agreement (PPA) in six months.
When operating at full capacity, RBMs, power consumption across its mining and smelting operations can reach up to 400 MW and this month's quickly concluded wind PPA was, in fact, the second renewable-energy project of this Rio Tinto company.
The first, launched in 2022, was Bolobedu solar PV plant with Voltalia in Limpopo and being looked at now are on-site renewable energy and energy storage options, as well as how it may partner with other companies to halve emissions in 2030 and get to net zero by 2050.
"As a business and as a group, we've come a long way in understanding the markets," RBM GM for growth strategy Bradley Reddy outlined to Mining Weekly in a Zoom interview. (Also watch attached Creamer Media video.)
"We do see the markets evolving and with the number of aggregators likely to come up in the next six to 18 months, there'll be further opportunities where there could be shorter offtakes as well," Reddy added.
The aggregation procurement model involves many energy projects selling to one buyer, who in turn sells to many mines, which is being viewed in some circles as a key financial tool to accelerate the energy transition of South Africa's mining industry.
This heavy mineral sands extraction and refining company produces materials used in a wide range of everyday products from paints to smartphones.
Its principal product is titanium dioxide in the form of an 85% pure titanium dioxide slag and it also produces the higher-purity 95% titanium dioxide product rutile as well as pig iron and zircon.
Electricity consumption, besides being one of its largest cost elements, also makes up about 80% of the company's carbon emissions.
Being part of Rio Tinto has enabled RBM to leverage on the areas of expertise across the globe.
Parties to this month's 20-year wind energy agreement include African Clean Energy Developments (ACED), The IDEAS Fund (managed by African Infrastructure Investment Managers), investment holding company Reatile Group, and Rand Merchant Bank. In addition, Energy Infrastructure Management Service (EIMS) Africa is responsible for asset management for the project.
Once constructed, the latest Khangela Emoyeni Wind Farm arrangement involves the production of 460 GWh/y of renewable energy, which, through a wheeling agreement with State power utility Eskom, will help to power RBM's operations.
The project, with an export capacity of 140 MW, is scheduled to reach commercial operation within 28 months.
Combined, the wind and solar projects will supply 42% of RBM's existing energy needs and present opportunities for job creation, skills development, and knowledge transfer within local communities surrounding the project sites during both the construction and operational phases.
Mining Weekly: At the media briefing earlier this month, ACED GM James Cumming said your latest wind farm PPA was completed in what he considered to be record time. How was this concluded in only six months when you've taken more than double that time for other deals that you've worked on?
This was successful by having like-minded partners who share the same values. The level of trust and the frank open discussions allowed us to be able to conclude the PPA negotiations with a much more pragmatic approach. Having our lenders there as well enabled us to knock out a deal within a very short space of time, including getting financial close.
What are some of RBM's most important considerations when going into a PPA, to ensure long-term value?
RBM, as part of Rio Tinto, wanted to ensure that, as an energy-intensive company, which consumes an average of 1.8 terawatts of power per annum, we effectively were able to mitigate, to a large extent, our carbon emission

UK-based mineral resources investment company Cluff Africa has signed a term sheet with Zimbabwe sovereign wealth fund, Mutapa Investment Fund, to acquire 45% in the Sandawana mining permits. This agreement marks the conclusion of a due diligence process.
Cluff Africa plans to launch a reverse circulation drilling programme immediately following the final agreement with Mutapa, aiming to define an inferred resource.
"We are pleased to have reached this pivotal point, from which we can now begin to develop what we believe to be a world-class, high-grade lithium resource, alongside our partner Mutapa," said Cluff Africa chairperson and CE Algy Cluff.
"Together, we can leverage our complementary strengths, resources and expertise to achieve this shared goal and deliver enhanced value of this particularly exciting asset.
"We look forward to progressing the exploration programme, and unlocking significant value in this highly prospective mining region," he said.
Cluff Africa has a longstanding history in Zimbabwe, having first invested in the country shortly after its independence in 1980. The company discovered and developed the Freda Rebecca gold mine, which continues to produce gold four decades later.
Algy Cluff was invited by Zimbabwe President Emmerson Mnangagwa in London on May 5 to reinvest in Zimbabwe.
"I would like to extend my thanks to [Mutapa Investment Fund CIO] Mr Simba Chinyemba and his staff for their professional conduct and collaboration in the negotiation process. The efficiency of the process has re-affirmed our belief in the durability and value of this partnership," said Cluff.
He also thanked Ambassador of Zimbabwe to the UK Christian Katsande and his staff, and Ambassador of the UK to Zimbabwe Pete Vowles and his staff for their advice and support.

Mining Weekly editor Martin Creamer discusses Copper 360 being on the road to produce quite a bit of cash by financial year end; why the Reserve Bank concern about the decline of public markets is a welcome development; and the 15-year TotalEnergies and Air Products deal.