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  1. 18 HRS AGO

    South Africa's South Deep gold mine sells 20% more gold in latest quarter

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. The South Deep gold mine in South Africa's Gauteng province sold 20% more gold in the September quarter and 22% more gold than in the corresponding quarter of last year. The 86 300 oz of third-quarter gold sold was well up on the 70 800 oz sold in the corresponding three months to 30 September 2024. On the production front, the bulk mechanised mining operation 50 km south-west of Johannesburg, had another steady performance in the three months to 30 September 2025, producing 78 000 oz and meeting its plan for the quarter. Moreover, all-in costs (AIC) in rand terms were 3% lower quarter-on-quarter mainly on more gold sold, illustrating the extent of the asset's leverage to increasing volumes. "The team continues to make good progress in improving stope turnaround which is key to driving efficiency and realising incremental gains," Gold Fields CEO Mike Fraser stated in a media release to Mining Weekly. The 432 000 t of ore milled in the September quarter was 5% up on the June quarter and the grade of the underground reef mined was 2% higher at 6.14 g/t, the Johannesburg Stock Exchange-listed Gold Fields reported. Sustaining capital expenditure (capex) of R582.6-million in the September quarter was 17% higher than in the June quarter. Owing mainly to the increased volume of gold sold, AIC was a lower R1 029 496/kg, partially offset by higher capex of R583-million in the September quarter, up from the June quarter's R500-million. The main expenditure items relate to the winders, underground infrastructure maintenance of tips and the underground collision avoidance system. The September 2025 quarter compared with the September 2024 quarter recorded an 8% higher gold production driven by improved plant recovery and mine call factors. The 2% higher rand AIC was mainly owing to the higher cost of sales before amortisation and depreciation and capex in the September 2025 quarter partially offset by the higher gold sold. In the overall operational update for the quarter ended September 30, all-inclusive attributable production was a 6%-higher 621 000 oz, all-in sustaining costs were a 10%-lower $1 557/oz, and AIC an 11%-lower $1 835/oz compared with the three months to June 30. In maintaining the positive momentum of the first half of the year, the company continued to focus on multi-year safety improvement plan. "Although we have had five consecutive quarters fatality-free, we had three serious injuries in the quarter, demonstrating the need for continued focus and effort in our safety journey," Fraser reported. Net debt decreased to $791-million driven by strong cash generation, partially offset by the payment of the interim dividend of $36-million. The net debt-to-earnings ratio was 0.17x at the end of the September quarter, compared with 0.37x in the June quarter. Post the quarter-end, Gold Fields completed the acquisition of Gold Road Resources and paid $1.45-billion. The purchase was funded using an underwritten bridge facility of $2.3-billion. Following the completion of the Gold Road transaction on October 14, attributable production from Gruyere will be 100% for most of this year's last quarter. In Ghana, Tarkwa's production was a 15%-higher 123 000 oz on higher feed grade and fourth-quarter production is expected to increase further. In South America, Salares Norte produced 112 000 gold equivalent third-quarter ounces with 2025 guidance of 325 000 to 375 000 gold equivalent ounces, at an all-in sustaining cost of $975 to $1 125 per equivalent ounce. In Australia, construction of the 35 MW solar plant and 42 MW wind plant at the St Ives gold mine is 80% complete. All solar photovoltaic panels have been installed and electrical connections are underway. The wind turbine parts are being delivered to site. Once...

    5 min

  2. 1 DAY AGO

    As Johannesburg's gold begins to re-show, Pilgrim's Rest gold plant project accelerates

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Johannesburg and Pilgrim's Rest, two locations steeped in South African gold-mining history, are both making it clear that their gold resources are far from done. Mining Weekly chalked up reads galore with its update report on the impressively near-term and far-reaching return of gold prospects a mere 15 minutes from the central business district of the Golden City of Johannesburg, at West Wits Mining, on Gauteng's West Rand Now, Mining Weekly can report that a critical milestone is also being reached at the rapidly advancing TGME gold plant of Theta Gold Mines, the core project of which is located next to the historic gold mining town of Pilgrim's Rest in Mpumalanga province, some 370 km northeast of Johannesburg by road or 95km north of Mbombela. Theta Gold Mines is building the plant to process ore from its spread of underground gold activities. While West Wits Mining's Qala Shallows mine is scheduled to pour its first gold during the first quarter of 2026, Theta Gold Mines's TGME gold plant is scheduled to process its first gold ore during the first quarter of 2027. In both cases, Australia Stock Exchange insight is providing kick-start equity funding, amid suggestions of Johannesburg Stock Exchange secondary listing possibilities also beginning to emerge more intensively. Theta Gold Mines is accelerating the TGME gold plant by procuring a 900 kW ball mill circuit from MechProTech, which describes its Proudly South African modular designs as an essential part of its global success. The entire mineral processing equipment range of MechProTech is manufactured in South Africa and on-site risk is lowered owing to all equipment being assembled and tested in-house. MechProTech locally manufactured package will be delivered in 25 weeks. It has two, high-performance ball mills, an integrated feed system, and containerised motor control centre panels. To ensure a smooth commissioning phase, first fills of lubrication and grinding media are included. "This procurement is not just a major equipment milestone. It's a clear signal of our commitment to commission the plant by the end of 2026," Theta Gold Mines executive chairperson Bill Guy emphasised in a media release to Mining Weekly. The timeline aligns with Theta's plug-and-play construction model, designed to accelerate build speed and reduce capital expenditure. Under Theta's plug-and-play model, the mills and supporting infrastructure will be built in the factory and then trucked to the site to fast-track construction and reduce capital expenditure. The on-site team now totals 137 with civils underway. Importantly, the mill comes with a performance guarantee and includes full commissioning support, on-site training, and a robust service level agreement that ensures operational readiness from day one. The partnership with MechProTech strengthens execution capability and reinforces the pathway to first gold production. The project's gold sources are the Beta, Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon mines. In the base case, the project has a mine life of 12.9 years, delivering production of 1.24-million ounces of contained gold over the life-of-mine, at a processing rate of 540 000 t/y to initially recover 1.08-million ounces of gold. Envisaged are 30 000 t a month from Beta, 15 000 t a month from Rietfontein, 15 000 t a month from Frankfort and 10 000 t to 20 000 t a month near the end of Clewer-Dukes Hill-Morgenzon's life-of-mine. The existing mining infrastructure will be used, with the addition of new accesses, underground development and predevelopment of the mining grids, to access the planned mining areas at Beta, Frankfort and Clewer-Dukes Hill-Morgenzon. At Rietfontein, the existing adits and underground development will be used with the ...

    5 min

  3. 2 DAYS AGO

    Golden City being put back on gold map by exciting new West Wits gold project

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Mining Weekly has just visited West Wits Mining, where Johannesburg's former golden glow is beginning to re-show - and at a cracking pace. The gold project is a close 15 km west of Johannesburg's central business district in South Africa's province of gold, and the Mining Weekly team was able to observe first-hand a pile of gold-bearing ore that has already been brought to surface. Quite remarkably, this gold ore is from an untouched block of Qala Shallows' reef - yes, from virgin rock - and the fact that there's still a lot more to come is emphasised by the word Qala, which is Zulu for 'start', because Qala Shallows is only the start of much more to come. The word 'shallows' is also appropriate because, in South Africa's underground gold mining terms, Qala Shallows is extraordinarily shallow. "It's running at a depth of around 800 m and we intend to mine a strike length of about 2 km. "We've got quite a big mining right footprint of about 16 000 ha but our current focus is on the in-situ untouched block from surface," West Wits Mining CEO Rudi Deysel outlined to Mining Weekly. (Also watch attached Creamer Media video.) The Sydney-listed company's Witwatersrand Basin project is located in South Africa's proven Central Rand goldfield. A big factor now is the building of a stockpile and the first gold bar is scheduled to be poured during the first quarter of 2026, which is impressively near-term. A 30 000 t ore stockpile by the end of the first quarter of 2026 will ensure a consistent supply of ore to the Ezulwini processing plant 40 km away, which is part of a toll treatment agreement already done and dusted with precious metals major Sibanye-Stillwater, Ezulwini's owner. The Qala Shallows, an integral part of the Sydney-listed company's Witwatersrand Basin project, is on the way to being ramped up to an initial steady state of 70 000 oz/y. "Before we started with this project, we spent a lot of time setting out our code of practices, our standard operating procedures. "What is great about West Wits is that we're also a member of Minerals Council South Africa, and with a lot of support from the council we were able to roll out industry standards from day one. "There's already a high regard and respect for safety and the big message that we send out is that you live safety as part of your life and 'my safety is your safety'," Deysel reported. Then, Phase 2 will come close to trebling output to 200 000 oz/y - "and we most certainly have the resources to do that". West Wits Mining has been able to raise kick-start equity funding on the Australian Stock Exchange and operation for up to a year will be helped by the self-generation of revenue from own production, ahead of drawdown from a syndicated loan facility secured from major South African lenders, the State-owned Industrial Development Corporation and Absa Bank. "Today, we can say we're fully funded to start with Qala producing up to a steady state of 70 000 oz of gold a year and have a life-of-mine of 17 years." The updated definitive feasibility study, released in July, reinforces project value and economic fundamentals. It shows a pretax net present value (NPV), at a 7.5% discount rate, of $719-million and an internal rate of return of 93%. Payback from the end of the peak funding period is estimated at eight months and at 3.3 years from the start of development. Peak funding is estimated at $44-million over a 2.6-year period, a reduction from $54-million over three years in the 2023 definitive feasibility study. Average steady-state production is at an estimated all-in sustaining cost of $1 181/oz. Kimberley reefs - K9A and K9B - are the reefs that will be processed during the life of the project. The compliant mineral reserves are estimated at 4.6-milli...

    9 min

  4. 6 DAYS AGO

    Martin Creamer talks about: G20Lens analysis, Glencore, Harmony Gold make headlines

    Mining Weekly Editor Martin Creamer discusses South Africa's thin-incentive critical minerals strategy, according to G20Lens analysis; Glencore's cobalt strategy as the cobalt export ban lifts in the DRC; and Harmony Gold's commitment to creating lasting socioeconomic impact.

    5 min

  5. 6 DAYS AGO

    Implats delivers higher sales into much improved platinum group metals pricing

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Platinum group metals (PGM) mining and marketing company Implats delivered higher refined and saleable production and sales volumes into improved PGM pricing in the three months to September 30. Refined and saleable metal volumes improved by 3% to 830 000 oz and final metal sales rose by 7% to 847 000 oz. "The sustained recovery in PGM pricing provides a welcome tailwind and Implats is well positioned to maximise and share value, while maintaining a firm focus on safe, consistent and efficient operational delivery," Implats CEO Nico Muller stated in the Johannesburg Stock Exchange-listed PGM company's production update for the first quarter of its financial year 2026 (FY26). "Our efforts to mitigate fatal injuries secured a fatal-free quarter, testament to our commitment to achieving our zero harm ambitions. Implats remains firmly on track to deliver against its previously communicated operational, cost and capital expenditure guidance in FY2026," Muller reported Implats recently concluded annual contractual negotiations with its core customer base, reaffirming an outlook of rising demand across the company's suite of precious and base metals. "PGM markets in 2025 have been characterised by constrained liquidity, much-improved investor sentiment and firmer pricing. "After a prolonged period of market complacency, ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security," Muller added in a release to Mining Weekly. Tonnes milled at managed operations rose marginally to 7.11 million tonnes during the three months to September 30. Volumes at the Zimplats mine in Zimbabwe and the Marula mine in South Africa were stable and higher throughput at Impala Rustenburg's North Shafts offset the planned reduction in volumes at Impala Canada and operational disruptions at Impala Rustenburg's South and Central Shafts. Milled grade declined by 3% to 3.74 g/t. The impact of lower grade and recoveries was exacerbated by the temporary increase in concentrate inventory at Zimplats during furnace maintenance. production from managed operations declined by 5% to 693 000 oz. Concentrate production from the group's joint ventures - Mimosa in Zimbabwe and Two Rivers in South Africa - declined by 5% to 138 000 oz. Third-party concentrate deliveries to Impala Refining Service increased by 3% to 52 000 oz. Consequently, group production volumes declined by 5% to 882 000 oz. Refined production, which includes saleable ounces from Impala Canada and Impala Rustenburg's North Shafts, improved by 3% to 830 000 oz. Scheduled annual processing maintenance and stock counts were completed in the period and excess inventory increased by 60 000 oz from the end of FY2025 to circa 480 000 oz at period end. Sales volumes increased by 7% to 847 000 oz, including saleable production from Impala Canada and Impala Rustenburg's North Shafts. IMPALA RUSTENBURG Production momentum at Impala Rustenburg was negatively affected by operational disruptions owing to the early implementation of winder upgrades, Department of Minerals and Petroleum Resources stoppages during July, unstable power supply, and labour repositioning between short- and long-life shafts that impacted the South Shaft and Central Shaft. Tonnes milled increased by 2% to 3.99-million tonnes, while grade declined by 4% to 4.05 g/t owing to higher contributions from mechanised sections and dilution caused by geological features. At the North Shafts, operational delivery improved at Styldrift, where concentrate volumes increased by 6% to 137 000 oz with a further accumulation of circa 10 000 ounces untreated run-of-mine ore stock ahead of the concentrator plants. 6E stock-adjusted production at the South and Central Shafts de...

    8 min

  6. 6 DAYS AGO

    South Africa's thin-incentive critical minerals strategy noted in G20Lens analysis

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. South Africa's critical minerals strategy is not embedded in a modernised mining policy aligned with an industrial policy. Investment incentives are thin: there are no tax holidays, royalty relief or other targeted financial measures to attract exploration and critical-mineral development. Minerals are ranked by criticality, but there is no differentiated regime to operationalise that ranking. Beneficiation goals are aspirational given constraints in power, logistics and port performance. Regulatory uncertainty persists, with the May 2025 Mineral Resources Development Bill including requirements for mandatory beneficiation by producers but leaving key investment issues unresolved. An actionable implementation plan with accountability mechanisms has not been published. ENS natural resources and environment department head Ntsiki Adonisi, ENS executive Ghana Rachel Dagadu, ENS natural resources and environment senior associate Zinzi Lawrence, ENS associate Namibia Amarachukwu Odo, and Mulenga Mundashi associate Zambia Chimwemwe Tembo-Shula state this in ENSafrica's latest ENSight, published under the banner of G20Lens. Africa possesses a significant share of the minerals essential to the global shift towards clean energy, from platinum group metals (PGMs), cobalt and copper to lithium, but the core challenge is moving beyond extraction to develop integrated value chains, create jobs and share benefits equitably and sustainably. Africa holds more than 30% of global critical mineral reserves. These resources can drive economic transformation through well-managed value addition, industrialisation, large-scale job creation and regional market creation, underpinned by environmental management. If handled poorly, Africa risks repeating the past: continued export of low-value raw materials, importing high-value finished goods, exploitative outcomes and environmental degradation that exacerbates climate impacts, losing the midstream to other regions and missing the capital now flowing to bankable, policy-aligned projects. Global industries are retooling for a low carbon economy, and Africa's geology is central to achieving that. Commercial-scale deposits of lithium, manganese, nickel, copper and rare earth elements (REEs) position Africa as a key supplier, with the Democratic Republic of Congo dominating global cobalt supply, South Africa having significant reserves of PGMs and manganese, Guinea holding a major share of bauxite reserves, Ghana also prominent in manganese, and Namibia hosting lithium. Internationally, policy frameworks are wanting supply chains for these minerals, an opportunity Africa can leverage to accelerate industrialisation. Africa's mineral endowments are aligned to electrification, industrialisation, regional offtake and supplier development driven by Africa's Green Minerals Strategy, the African Mining Vision and the African Continental Free Trade Area, ENSafrica states in its release to Mining Weekly. JURISDICTION DEFINITIONS The analysis of South Africa's Critical Minerals and Metals Strategy, published in May 2025, is that it adopts a context-specific definition: critical minerals are those essential for overall economic development, job creation, industrial advancement and contribution to national security. South Africa's critical minerals list, the release points out, is informed by export significance, industrial importance, economic contribution, development alignment and global demand. The strategy identifies 21 minerals, grouped by criticality. High criticality minerals include platinum, manganese, iron-ore, coal and chrome; minerals with moderate-to-high criticality include gold, vanadium and REEs; and minerals with moderate criticality include copper, cobalt, lithium, nickel and ur...

    9 min

  7. 29 OCT

    Glencore outlines cobalt strategy amid lifting of DRC's cobalt export ban

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Diversified mining and marketing company Glencore on Wednesday outlined its strategy surrounding the export of cobalt from the Democratic Republic of Congo (DRC), which follows the lifting by the DRC government of its export ban on cobalt, and the introduction of quotas on the export of this hard silvery-grey metal, which is used in several modern technologies. Imposed following the revocation of the cobalt export prohibition are export quotas totalling 87 000 t/y on contained cobalt for 2026 and 2027, and an 18 125 t quota for the remainder of 2025. In addition, the DRC government has retained a strategic quota of 9 600 t/y. Given that Glencore has sufficient cobalt inventory available to utilise the allocated quotas to the full, it will be prioritising DRC copper production over cobalt, where it makes sense - a strategy that is expected to continue while the quotas are in effect, Glencore outlined about the restrictions on this metal, which is used in electric vehicle batteries, consumer electronics batteries, high-strength alloys for jet engines and cutting tools, as well as being a vitamin B component for human health. Above-quota production levels of cobalt will be stored in-country, said Glencore, which is a producer and marketer of more than 60 commodities that support decarbonisation, while also meeting current energy needs. Glencore's marketing and industrial activities are supported by a global network of more than 50 offices. The customers of this London- and Johannesburg-listed company are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. "Underpinned by a strong third quarter production performance, particularly in copper and coal, full-year 2025 production guidance for our key commodities has been maintained, with ranges tightened to reflect just one quarter remaining," Glencore CEO Gary Nagle stated in a release to Mining Weekly on its third quarter of 2025 production report. Copper production volumes increased 36% quarter on quarter owing to 66% higher performance at the DRC's Kamoto, 60% better performance at the DRC's Mutanda, 52% better performance at Peru's Antamina and 66% better performance at Peru's Antapaccay. Zinc volumes year to date are tracking up 10% period-on-period while steelmaking and energy coal volumes are on track for full-year outcomes towards the middle and upper ends of their respective earlier guidance ranges. Glencore's marketing performance year to date is set for full-year earnings around the mid-point of a recently upgraded through-the-cycle guidance range of $2.3-billion to $3.5-billion a year. Own sourced third-quarter copper production was a 36%-higher 63 600 t and own sourced third-quarter cobalt production an 8%-higher 28 500 t. Own sourced overall zinc production of 709 400 t was 10% higher than the comparable 2024 period and own sourced nickel production of 52 400 t was 9% lower than the comparable 2024 period. Attributable ferrochrome production of 436 000 t was 51% below the comparable 2024 period, owing to the suspension of operations at South Africa's Boshoek smelter in May and Wonderkop smelter in June, pending a sustained recovery in ferrochrome conversion margins (from chrome ore). Operations at the Lion smelter are suspended for scheduled annual maintenance and planned furnace rebuilds. Steelmaking coal production of 24.7-million tonnes and energy coal production of 73.5-million tonnes were broadly in line with the comparable 2024 period. Glencore completed the sale of the Pasar copper smelter and refinery in the Philippines last month and in July, the Mount Isa copper mine in Australia ceased operations, placing copper smelting and refining reliance on third-party feedstocks.

    4 min

  8. 28 OCT

    Harmony Gold committed to creating lasting socioeconomic impact, says Motsepe

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Harmony Gold is committed to creating lasting socioeconomic impact, Dr Patrice Motsepe, the chairperson of South Africa's largest producer of gold by volume, has highlighted in the latest suite of reports of this Johannesburg Stock Exchange-listed gold-mining major. In financial year 2025 (FY25) to June 30, Harmony contributed R6-billion in taxes and royalties in South Africa and paid R20.2-billion to employees in salaries and benefits. Harmony has 34 350 employees and works with 12 761 contractors, with wages and salaries paid to the total workforce of 47 111 rising to the R20.2-billion mark in FY25. "We remain deeply committed to upholding the highest standards of corporate governance, transparency, integrity and accountability across all aspects of our business," Motsepe emphasised. FY25 marks Harmony's seventy-fifth anniversary as well as its tenth consecutive year of meeting production guidance, with governance safeguarding value for all stakeholders. "Gold remains the cornerstone of Harmony's portfolio," Motsepe stated while pointing out that South Africa's high-grade, long-life Mponeng and Moab Khotsong gold mines continue to generate exceptional margins and cash flow. Moreover, Harmony's underground South African assets optimised for free cash generation include Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu and Masimong. In addition, the company's high-margin South African surface operations are Mine Waste Solutions, Phoenix, Central Plant Reclamation, Savuka, Kalgold and the rock dumps. Mineral reserves total 36.82-million ounces of gold and gold equivalent and FY25 market capitalisation is at R155.4-billion compared with R106.3-billion in the corresponding period of FY24. Gold production reached 1.48-million ounces at an underground recovered grade of 6.27 g/t, with all-in sustaining costs of $1 806/oz amid a current gold price of $4 039/oz. In response to high gold prices during the year, more of the higher gold prices were locked in to support the company's ability to fund projects. Harmony generated record free cash flows of R11.1-billion at a 15.1% margin. Headline earnings grew by 26.6% with the highest dividend payout of R2.4-billion. Harmony ended the year with liquidity of R20.9-billion, providing the flexibility to fund growth, sustain competitive dividends and maintain a good balance sheet. Headline earnings grew by 26.6% with the highest dividend payout of R2.4-billion for FY25. In the release to Mining Weekly, Motsepe described sustainability as an underpin of long-term competitiveness. In FY25, Harmony advanced its decarbonisation roadmap, with close to 600 MW of renewable-energy projects planned to be commissioned by 2028, including the 100 MW solar plant that is under construction at Moab Khotsong. Looking ahead, the company is intent on embedding sustainability while supporting and benefiting from the global energy transition. Efforts to engage local suppliers and integrate small, medium-sized and microenterprises into the supply chain are ongoing, with FY25 investment in socioeconomic development totalling R271-million. Eighty-two percent of the R39.1-billion procurement spend in the period was with empowered entities. Skills development and training investment in the financial year was R859-million, when employee share option scheme participants received dividend payments of R42-million. AI applications in processing plant optimisation are a focus, while cybersecurity is being advanced to identify threats, protect information, and respond to cyber incidents. AI is seen as having the potential to improve efficiency, reduce human error and render high-risk mining environments less hazardous. To drive value, capital is being allocated to transformational asse...

    6 min
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MiningWeekly.com provides real time news reportage through originated written & video material. Now you can listen to the top three articles on Mining Weekly at the end of each day.

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