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  1. 10h ago

    Revived Far West Rand gold mines looking to add 1 000 more jobs

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Gold mining company Aurous Resources, which has been ticking away quietly off the radar with its revived Blyvooruitzicht and Doornfontein gold mines, is looking to adding 1 000 more employment opportunities in the near term. Both the Blyvooruitzicht mine, which was established in 1937, and the Doornfontein mine, established in 1947, are located 70 km to 80 km west of Johannesburg, near Carletonville. Aurous, founded by CEO Richard Floyd, is looking to grow its current production of around 25 000 oz of gold a year, which is achieved with a workforce of close to 2 000 people. "We're just shy of 2 000 at this point, with near-term plans to add an additional 1 000. Ultimately, that will go up a further 1 000, so a doubling over the next five years, and largely from the local community, over 90%. "So, really proud of that, and it has been, over the last decade, a real loyal, committed, driven, skilled, and safe workforce, and we really have a great chemistry and a great synergy," an upbeat Floyd said of his employees, who have seen to the delivery of well over two tons of gold to South Africa's Rand Refinery. Following the initial reestablishment phase, growth plans have been coming to fruition amid Aurous' focus on unlocking long-term value. (Also watch attached Creamer Media video.) Mining Weekly: What did you see about these assets that perhaps others did not see? Floyd: It's fundamentally about counter cyclical investing. Gold price was weak in that era. South Africa was in a different space politically and economically, and both of those have had a more recent turnaround. Ultimately, we saw incredible, massive sunk costs in the investment of the underground. Access to the orebodies over 40 000 meters of underground development worth billions, which massively reduced the forward-looking cost to roll out the ramp-up production that we currently are undertaking, and ultimately having the conviction and the long-term mindset in the commodity, as well as the jurisdiction, despite the naysayers. You've often said that turning around an historic underground mine is a marathon rather than a sprint. Looking back, what have been the biggest milestones in getting Blyvooruitzicht and Doornfontein to where they are today? It requires persistence and patience, but the transition from legacy inefficient operations to a stabilised, modern, and safer model of execution took great grit. We invested intensely in leveraging the existing massive infrastructure, which has saved us great time and money in delivering on our growth plans, and it's been a long-term march towards sustainable production, profitable production. You've spoken before about disciplined execution. What does that mean in practice? We're all about walking the walk and not talking the talk. To us, discipline is the application of experienced operational leadership to an existing wealth of data, trusting in the data and not arm's length scepticism, focusing on concrete outcomes, returning these legacy operations to profitability through steady, continuous improvement and rigorous cost control, of course, helped by recent commodity price tailwinds. We've put a strong emphasis on building a sustainable business by focusing on operational realities, sometimes hard realities, rather than chasing market headlights. So we've been ticking away quietly off the radar, and largely our plans have been coming to fruition, and we're very proud to say so. If I went out to the mines now, what would I see? You would see a committed, loyal workforce, a team mentality, very clear understanding of collectively working and fighting for a prosperous future. You would see a hyper focus on safety. You would see a strong resolve to grow the business and enjoy the econom...

  2. 13h ago

    Wheaton posts record net earnings, operating cashflow in Q2

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. London-, Toronto- and New York-listed precious metals streaming company Wheaton Precious Metals has reported record year-to-date net earnings of $1.1-billion and record operating cashflow of $1.4-billion. The company generated a record $929-million of revenue, net earnings of $543-million and operating cashflow of $650-million in the second quarter alone. Wheaton's year-to-date revenue reached $1.8-billion, which president and CEO Haytham Hodaly attributes to solid production across the portfolio, robust margins and the strength of the company's streaming model despite commodity price volatility and cost pressures so far in the year. The company, which has streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration and other stage projects, declared a quarterly dividend of $0.195 apiece. The group's attributable gold-equivalent production amounted to 202 200 oz in the second quarter, marking a 6% year-on-year increase. As at June 30, about 157 600 gold-equivalent ounces were produced but not yet delivered, representing about 2.6 months of payable production. Hodaly says Wheaton's cash balance of $100-million and $2.6-billion of available liquidity puts it in good stead to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. "Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders." Wheaton's estimated attributable production in 2026 is forecast to be between 400 000 and 430 000 oz of gold, between 27-million and 29-million ounces of silver and between 19 000 and 21 000 gold-equivalent ounces of other metals, resulting in yearly production of between 860 000 and 940 000 gold-equivalent ounces. This production will increase by about 50% to reach 1.2-million gold-equivalent ounces by 2030 through 2035.

  3. 1d ago

    Is South African mining's modernisation urgency falling largely on deaf ears?

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Despite South African mining ending up tenth in a ten-country global benchmarking exercise, two-thirds of the respondents who participated in a survey appear to be more intent on just doing the same things better rather than modernising meaningfully. Despite the sustainability of South African mining being under pressure, the majority of the coal, gold, uranium, platinum group metals, diamond, iron-ore, manganese, copper, and industrial minerals profile surveyed are not modernising. (Also watch attached Creamer Media video.) The required transformative shift toward broader sustainability lacked emphasis and even environmental considerations ended up as "a secondary dimension". Spelt out was the need for a shift from legacy practices towards technology solutions, greater operational resilience, and future-facing strategic approaches. At South Africa's Mining Modernisation Showcase – where Minerals Council South Africa, the Research Institute for Innovation and Sustainability, the Centre for Science, Technology and Innovation Indicators' specialised research unit within South Africa's Human Sciences Research Council (HSRC-CeSTII), PwC Smart Mining, the Department of Science, Technology and Innovation, and the National Advisory Council on Innovation locked arms impressively – modernisation of South Africa's mining sector was described as "an urgent strategic priority for the South African economy". But the outcome of the survey into the patterns and capabilities of research, development and innovation (RDI) pointed to most of South Africa's miners and mining services providers not prioritising modernisation that is transformative. Fewer than half had introduced any significantly improved goods, services or business processes in the three years in question. The most common activities of RDI activists from 2021 to 2023 were the training employees and the buying assets to increase efficiency and productivity – marking time quicker and better, as it were, without moving any new needles. Most workforce training is largely bypassing universities and technical and vocational education and training (TVET) colleges. International training is virtually off the chart. Access to international sources of infrastructure is also low, and intellectual property- (IP-) related activities are within a hair's breadth of being zero. Most firms are technology adopters and not creators and traditional research-and-development- (R&D-) intensive innovation has largely fallen by the wayside. HSRC-CeSTII research specialist Dr Amy Kahn told the showcase audience that 54% of firms reported engagement in employee training activities, which displayed emphasis on building human capital to support innovation. Forty-four per cent engaged in activities related to the acquisition or lease of tangible assets, highlighting a blend of traditional and technology-driven approaches to modernisation efforts. Forty per cent reported engaging in engineering, design, and other creative work activities, which underlined the uptake of existing technologies, rather than the development of new technologies by the firms themselves. Only a third reported in-house R&D, with an even lower percentage engaging in IP-related activities. Digital innovation in the form of software development and database activities saw moderate 37% engagement, with the most prominent RDI-activity outcomes being more personnel, increased output, improved asset use, and fewer health-and-safety incidents. Overall, the positive outcomes align with the core objectives of RDI investments: boosting operational efficiency, workforce capability, and sustainability, the audience at the event covered by Mining Weekly heard. The most commonly developed and used technology was comp...

  4. 1d ago

    There is more to accelerated mining than merely weaker regulation, report finds

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Donor network and platform Trust, Accountability and Inclusion Collaborative (TAI) has published a report that challenges the assumption that deregulation will accelerate critical minerals development. As governments race to secure the minerals needed for renewable energy, electric vehicles and other emerging technologies, TAI is of the view that procedural fairness, effective regulation, environmental stewardship and meaningful community participation are among the most important drivers of public trust in mining. That trust, the report concludes, is essential to preventing the conflicts, legal challenges and regulatory disputes that can delay projects for years and cost companies hundreds of millions of dollars. "The critical minerals debate has become trapped in an adversarial loop," says TAI independent consultant Sefton Darby, adding that governments and industry often treat community engagement and regulation as obstacles to speed, while communities are expected to accept greater risks in the name of the energy transition. "But when people have a meaningful voice, confidence in oversight and assurance that environmental and social concerns will be addressed, problems can be identified earlier and resolved before they escalate into opposition, litigation and costly delays." TAI's 'Mined the Gaps: Trust and Critical Minerals' report also calls for greater precision about which minerals are genuinely necessary for the energy transition. The report finds that about 60% of the minerals included on major critical minerals lists in the EU, US and Australia have no direct energy-transition use case. Some are classified as critical because of their importance to defence, domestic industry or geopolitical competition, particularly concerns about China's dominant role in mineral processing and refining. Combining these different priorities under the broad banner of "critical minerals," the report warns, can result in environmental, development and philanthropic initiatives inadvertently supporting defense or trade agendas rather than the transition to clean energy. Among the report's key findings, survey research from Australia, Canada and mining communities around the world consistently identifies procedural fairness, confidence in oversight and effective environmental management as leading drivers of public acceptance. The report also challenges the heavy policy emphasis on developing new "greenfield" mines. In the near term, much of the growth in mineral supply is expected to come from expansions of existing "brownfield" operations, where longstanding patterns of community engagement, environmental impact and benefit distribution may already be difficult to change. For new projects, TAI explains, many of the most serious risks emerge long before a company applies for a mining permit. "Exploration is often led by small, undercapitalized junior mining companies focused primarily on identifying geological resources, with limited funding, incentives or regulatory obligations to address environmental and social concerns. By the time a larger company takes over, those problems may already be deeply embedded," TAI states. The report also cautions against treating financial benefits as a substitute for trust. It says communities care about receiving a fair share of a project's benefits, but the research suggests that having a meaningful voice, confidence in regulation and assurance that environmental impacts will be addressed often matter more. "Meeting the world's clean energy needs will require more than increasing the supply of minerals. It will require changing the way governments, companies and funders work with the people who live alongside mining operations," says TAI executive director Michael J...

  5. 1d ago

    Martin Creamer talks about Energy-saving smelting tech, ARM growth projects, increased iron-ore demand

    Mining Weekly Editor Martin Creamer discusses the new South African smelting technology that uses 70% less electricity; Bokoni and Nkomati being poised to unlock significant long-term value for African Rainbow Minerals; and the demand for the higher-grade iron-ore and lump produc

  6. 2d ago

    Glencore half-year earnings up 86% to $10bn

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Diversified mining and marketing company Glencore has delivered another strong operational and financial performance for the first half of the year. The assets of the London- and Johannesburg Stock Exchange- (JSE-) listed Glencore performed in line with market guidance, which alongside substantially higher period-over-period average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings. The first half of this year was characterised by the significant repricing of energy and, closely related, markets and risks, following escalation of the Middle East conflict. "What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets," Glencore CEO Gary Nagle reported. Against that backdrop, group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 86% to $10.1-billion, while net income attributable to equity holders increased by more than $5-billion period on period to $4.4-billion. Marketing adjusted Ebit was $3.3-billion, up 142% compared with the prior period, which Nagle said demonstrated the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility. "This environment continues to highlight the value of the group's marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world," Nagle pointed out. Glencore's industrial segment contributed adjusted Ebitda of $6.5-billion, up 72% compared with the prior period, reflecting the significantly stronger commodity price environment and solid operational performance across the portfolio. These benefits were partially offset by a generally weaker dollar and higher operating costs, exacerbated by the Middle East conflict supply-chain disruptions, materially impacting the availability and pricing of key inputs and consumables, such as diesel, sulphur and sulphuric acid, beyond normal inflationary considerations. "In terms of asset development, we remain well positioned to reach copper production volumes of one-million tonnes annualised by the end of 2028 and our 1.6-million target by 2035. "We're making good progress across the various projects presented at our December 2025 Capital Markets Day. Some, including the Alumbrera restart, are running ahead of schedule, with its first production now expected in H2 2027 compared to original guidance of H1 2028," Nagle added in a media release to Mining Weekly. Adjusted Ebitda mining margins were 52% for copper, 38% for steelmaking coal and 19% for energy coal. Based on current commodity prices and an expected uplift in second-half volumes, particularly for steelmaking coal, Glencore anticipates continued strong cash generation through the remainder of 2026. On that basis, and assuming no significant change, a full-year 2026 illustrative adjusted Ebitda of around $19.7-billion has been calculated. Glencore has also announced that it intends to apply for a secondary listing on the ASX and is targeting admission in October 2026. Questioned about Glencore's JSE listing's position within the context of an ASX listing, Nagle said: "The JSE listing has been a standout performer for us …South Africa's been the trailblazer for us and has done such a good job. We've got 8% of our of our register there, which is the equivalent of ten-billion Australian dollars. "If we can replicate that in Australia, it would be a great success. We believe tha...

  7. 2d ago

    Depletion of iron-ore mines to underpin next decade's prices, Rio Tinto executive says

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. Supply pressure stemming from the depletion of iron-ore mines built earlier this century, such as those in Australia, is set to underpin the iron-ore market and prices over the coming decade, a Rio Tinto executive said on Wednesday. Rio expects to invest more than $13-billion on new mines, plant and equipment in the Pilbara region from 2025 to 2027 while estimating that 800-million tonnes needs to be added globally across the next decade to maintain supply. Only 300-million tonnes has been committed. "It feels like every year, the demise of iron-ore is very much being exaggerated," Matthew Holcz, Rio's iron-ore CE, told a lunch event at the Melbourne Mining Club. "While I think the demand story has been reasonably well understood, I really think it's been on the supply side, so disruptions have been underestimated," he said, pointing to annual cyclones that strike Western Australia's Pilbara coast from November to April. "I think the rate of depletion is very much underestimated," Holcz added. "If we look at when the industry really boomed, 2005, 2010, 2015, a lot of those assets are now 15, 20 years old, and the scale of the iron-ore industry ... has increased." Investment in new supply is only a fraction of that seen at the start of last decade, Holcz said. "Marginal costs are a lot higher ... so we think there's good price support around the levels that we're enjoying in recent years." China's demand is expected to be stable until 2030 before declining slightly, but the Global South will bolster demand, particularly India, which Rio expects to be a net iron-ore importer around 2035. CHANGE IN LEVERAGE On China's State buyer, now more assertive in price talks with suppliers, Holcz said tension between buyers and sellers always prevailed but Rio was focused on long term ties and "win-win" opportunities. "The supply-demand balance has shifted," he told media in remarks on the sidelines. "You've got a market that is much more in balance, and certainly that's shifted some of the leverage." Referring to union matters in the Pilbara, where workers are set to strike this weekend at BHP's Port Hedland operations, Holcz favoured a "direct relationship" with workers that he said has historically led to better outcomes. Future capital spending decisions would hinge on competition, industrial relations and tax provisions elsewhere, areas in which Australia is falling behind. Rio Tinto has no major exposure to iron-ore trader Radiant World, Holcz added. Trading houses Vitol Group and Cargill have stopped trading with Radiant World over concerns that invoices provided to its banks may not have been valid, Bloomberg News said last week, which Radiant world denies. "From a Rio Tinto perspective, there isn't any exposure there that we're concerned about," Holcz said.

  8. 3d ago

    Considerable room to increase mining's innovation intensity, survey finds

    This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation. The results of a study on the modernisation of South African mining indicate that there is considerable room to increase innovation participation and intensity across the firms surveyed. The finding was communicated at South Africa's Mining Modernisation Showcase, where a strong partnership was visible between Minerals Council South Africa, the Research Institute for Innovation and Sustainability (RIIS), the Centre for Science, Technology and Innovation Indicators' specialised research unit within South Africa's Human Sciences Research Council (HSRC-CeSTII), PwC Smart Mining, the Department of Science, Technology and Innovation, and the National Advisory Council on Innovation. (Also watch attached Creamer Media video.) At the event, the modernisation of South Africa's mining sector was described as being "an urgent strategic priority for the South African economy" amid South Africa ending up tenth in a ten-country global benchmarking exercise to understand the best practices being undertaken by other mining jurisdictions across the globe and see what lessons South Africa could implement from them. Modernisation is about building a more efficient and resilient and competitive South African mining industry that can thrive in the future. Dr Kgabo H Ramoroka, the senior research specialist of the HSRC-CeSTII shared findings on research, development, and innovation (RDI) activities within the South African mining and mining services sector from data between 2021 and 2023. The RDI Survey Report, prepared jointly by HSRC-CeSTII and RIIS, established the extent of RDI activity in the mining sector, where it is concentrated, how firms engage in RDI activities to pursue modernisation, what capabilities exist at firm level and across the sector, and the possible opportunities for advancing modernisation. Factors hindering the ability of the South Africa mining industry to be globally competitive in the mining space include declining ore grades, aging infrastructure, rising production costs, lack of skills, and the slow adoption of technology. The core work of HSRC-CeSTII is collecting R&D data and when modernisation became a topical issue, it found itself sitting around the same table with RIIS and the Minerals Council amid South Africa finding itself unable to answer crucial questions despite mining being a cornerstone of its economy as a significant contributor to employment and exports. "We selected 180 firms that were likely to be active in research, development, and innovation activities," Ramoroka reported at the event covered by Mining Weekly. The study embraced a two-phase survey approach and involved firms that form part of the database of the Minerals Council as well as enterprises that had already participated in RDI surveys and business innovation surveys. The first phase takes in 180 profiled mining and mining services firms across the mining value chain and the second phase only 90 firms out of the 180 firms that reported being actively RDI engaged. "This approach has enabled us to generate a robust picture of firm innovation behaviour and capabilities within the industry," Ramoroka pointed out. The survey of mining companies and mining services providers delivered broader insight across the value chain. Commodity representation was from coal, platinum group minerals, gold, diamonds, iron-ore, manganese, copper, and other industrial minerals. "But we didn't end there because from the start, we were curious about what modernisation really means, so we went into the field and also asked companies to provide us with their understanding of modernisation," Ramoroka explained. Five major themes emerged. First was safety enhancement, second the increased adoption of automation and advanced technol...

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