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  1. hace 3 h

    Elliott raises heat on Australia's Northern Star for board overhaul, sales

    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. Activist investor Elliott Investment Management late on Wednesday called on Australia's largest gold miner Northern Star Resources to immediately restore shareholder value by changing its board and undertaking a formal strategic review, citing severe underperformance. Elliott burst publicly onto Northern Star's register last week with a more than A$1-billion ($700.80-million) stake, calling for a review and new leadership, citing repeated "operational missteps", including seven outlook misses in four years, and a share price that vastly underperformed its peers. The call from Elliott, which successfully pushed BHP to collapse its dual listing after a five-year campaign, came as the $19-billion miner was in the process of recruiting a new CEO and in succession planning for its chair. Northern Star responded to Elliott's approach with a letter to shareholders earlier on Wednesday, saying it was happy to work with the activist investor and consider a board candidate that Elliott might suggest. The US-based investor said: "The board's letter indicates that it does not understand the magnitude of change required to win back shareholders' trust, starting with significantly strengthening the board itself." The case for a strategic review of Australia's largest listed gold miner is now clearer than it was before the board published its letter, Elliott added. ACTING FASTER In its shareholder letter, Northern Star said that it did not consider it the right time for a sale process. The miner acknowledged that it had been approached by several companies on considering various corporate combinations, given the underperformance of its shares. "Their response is definitely less than adequate and detailed plans for creating value are still amiss," said Elan Miller, a deputy portfolio manager at Blackwattle Investment Partners.| "I would be of the view that management are not fully across the asset or the production issues and therefore there really needs to be a reset in people way deeper than just the CEO," he added. Northern Star appears to want to go forward with its richest assets, Kalgoorlie's Super Pit, the Hemi and Pogo projects, said analyst Daniel Morgan of Barrenjoey. Remaining assets could be sold to cashed-up mid-tier gold miners, he added. "I think a lot of what Elliott is looking for Northern Star to do, (it) will do, but Elliott's pressure is going to make Northern Star act faster," he said. In its letter, Northern Star said that investment banks in the last six months had proposed a spin-off of assets, in an option also reviewed by its financial adviser, but one the miner decided not to act on. Over the past year, Northern Star has faced several headwinds at its Kalgoorlie gold operations in Western Australia, and it said achieving the lower end of its fiscal 2026 production guidance would be challenging. Shares of the company fell as much as 5.3% to A$17.55 in early trade on Thursday, their lowest level since March 24. The broader benchmark S&P/ASX 200 index was down 0.8% by 00:38 GMT. The stock has lost nearly 33% in value so far this year, outpacing gold's 5% decline.

    3 min

  2. hace 6 h

    South Africa's battery materials supply status surges ahead with new MMC plant

    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. South Africa's supply status in the rapidly evolving and increasingly geopolitically fragmented battery materials market has taken a major leap forward with the completion of the construction by Manganese Metal Company (MMC) of Mpumalanga of the first phase of a battery-grade high-purity manganese sulphate monohydrate (HPMSM) plant in Mbombela. What's more, MMC is already evaluating a second significantly larger phase to the project amid also developing a patented ore-to-crystals process that could support larger-scale future growth in the battery supply chain, without the need to use the metal-based route. Chaired by mining luminary Bernard Swanepoel, MMC is the world's only producer of electrolytic manganese metal (EMM) outside China, and the largest producer of high purity selenium-free EMM. Presenting at the International Manganese Institute (IMnI) annual conference in Rio de Janeiro, MMC Chief Marketing Officer Morné Ruiters outlined MMC's seven-year journey from project conception in 2019 to commissioning of the 6 000 t/y HPMSM facility in 2026 at its Mbombela location, where the second phase is poised to add a further 18 000 t/y. The IMnI conference was attended by stakeholders from across the global manganese value chain, including manganese mining companies, alloy, metal and chemical producers, traders, consultancies, logistics companies and steel and battery sector participants. The project's development has unfolded against a backdrop of significant shifts in electric vehicle (EV) adoption and battery chemistry preferences. According to MMC, industry forecasts prepared in 2020 substantially underestimated the pace of EV penetration. Global battery electric vehicle and plug-in hybrid vehicle sales reached more than 21-million units in 2025, more than double the levels anticipated five years earlier. Battery chemistry trends also surprised the market. While lithium iron phosphate (LFP) batteries were expected to account for only around 10% of the market by 2025, they captured roughly half of global EV battery demand last year, on account of very strong EV growth in China, reshaping assumptions about future manganese consumption. Given these uncertainties, MMC elected in 2024 to pursue a modular 'metal-to-crystals' (MTX) production route, for converting a small portion of its existing high-purity manganese metal into battery-grade sulphate. The strategy leverages the company's established EMM production capacity, brownfield infrastructure and decades of manganese purification expertise while reducing capital exposure and allowing phased expansion. "The battery market has changed dramatically since our initial studies were completed," Ruiters pointed out during his IMnI presentation. "Flexibility and optionality have become critical." The technical ability to produce material at industrial scale at the purity level demanded by the battery industry is now being matched by a requirement to be flexible and meet changing market realities. The company argues that battery supply chains remain far from settled. While LFP cathode chemistry is expected to dominate mass-market midrange EVs and stationary energy storage systems, there is a continuing role for nickel-manganese-cobalt (NCM) cathodes, particularly as battery manufacturers increasingly adopt mid-nickel, high-voltage NCM formulations with higher manganese content. Emerging lithium manganese-rich (LMR) technologies will further strengthen manganese demand and reduce battery cost, underscoring the continued research and development efforts by various automotive and battery companies to overcome the last technical hurdles related to commercialisation of LMR batteries. Geopolitical developments are adding another layer of complexity – "and...

    4 min

  3. hace 1 día

    South Africa's Zandkopsdrift rare earths project highlighted at Junior Indaba

    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 Zandkopsdrift rare earths project in South Africa's endowed Northern Cape was highlighted on day two of the Junior Indaba, which also learnt of the rapid forward momentum of West Wits Mining's gold-bar producing Qala Shallows mine on the doorstep of Johannesburg, as well as the advance of Pensana's rare earths project in Angola. Frontier Rare Earths CEO and co-founder James Kenny declared the company's Zandkopsdrift to be the lowest-cost producer of magnet rare earths and battery-grade manganese sulphate globally. (Also watch attached Creamer Media video.) West Wits CFO Simon Whyte, one of only two non-South African employees of this Australia-listed gold mine, the other being its chairperson Michael Quinert, reported having 55 people in the owners' team compared with ten last year and 450 people on site in Roodepoort. "It still surprises people that we've got a seven-million-ounce project from surface here in the Witwatersrand basin," said Whyte. Pensana CEO Tim George outlined the beneficiation steps being taken in Angola, involving flotation followed by a hydrometallurgical process to end up with a mixed rare earth carbonate – "white powder with all of the rare earths still mixed up in it". Part of Pensana's journey is to develop the separation technology suitable for this particular deposit. In answer to what rare earths were and why they were rare, Frontier's Kenny displayed a slide showing China's dominance of rare earths and battery-grade high-purity manganese sulphate monohydrate (HPMSM) being at the 85% to 90% level. He pointed out rare earths at oxide level as a sub-$20-billion market and the overall industry that relies on rare earths for end-use applications at a colossal $4-trillion to $5-trillion. "That tells you what their critical importance is, and they've become the most weaponised critical raw material globally," Kenny remarked at the event chaired by mining luminary Bernard Swanepoel and covered by Mining Weekly. Kenny predicted the strong growth of rare earth magnets between now and 2040, but under supply, "and there's going to be an enormous squeeze in terms of pricing". Luxembourg-based Frontier Rare Earths has signed a technology supply agreement with rare earths separation specialist company Carester to work with Frontier on developing South Africa's Zandkopsdrift rare earths and manganese project. Additionally, South Africa's State-owned Industrial Development Corporation (IDC) has provided an investment of $20-million to finance a definitive feasibility study (DFS) on the project. Carester owns proprietary rare earth solvent extraction technology that will enable the production of high-purity neodymium/praseodymium (NdPr) oxide, as well as mixed heavy rare earth carbonate (MHREC) at Zandkopsdrift. The agreement between the companies includes a seven-year offtake arrangement for MHREC, which will be processed at Carester's Lacq facility, in France. IDC industry planning and project development executive Rian Coetzee has described the IDC's investment in Frontier as reflecting the organisation's mandate to support projects that advance Southern Africa's industrialisation and critical minerals strategy. The investment has afforded Frontier the option for the IDC to offtake up to 10% of production at prevailing market prices, subject to being used in further downstream processing in South Africa. Zandkopsdrift is described as having strong fundamentals and the potential to support downstream beneficiation, job creation and long-term economic value. The project's DFS is scheduled to be completed in the first half of 2027 following an updated prefeasibility on the project being completed last year. First production is envisaged from 2030 along with a 25-year mine life....

    6 min

  4. hace 1 día

    Canadian lithium developer E3 secures $36m fed funding for Cleawater demo plant, feasibility study

    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. Canadian lithium developer E3 Lithium has met all the conditions required to receive Canadian federal government funding worth $36-million to advance Phase 3 of Clearwater project's demonstration facility and the project's overall feasibility study, in Alberta. Having executed a contribution agreement for the non-repayable funding through Natural Resources Canada's Global Partnerships Initiative (GPI), E3 will have enough funding to support 75% of the Clearwater project's $48-million capital requirement for the current works underway. The funding is retroactive to April 1, and the company can claim eligible expenses from the start of the second quarter. This support through the GPI will enable E3 to accelerate the development of its Clearwater project at a critical juncture as the company looks to complete major technical deliverables for Stage 1 of commercial operations. "Canada is building strong domestic critical minerals value chains, and that means investing at the stages that matter most in getting projects over the line. Through GPI, we are supporting the engineering, demonstration and feasibility work needed for E3 Lithium's Clearwater project to reach final investment decision (FID). This is how we move faster, reduce risk and ensure sustainable, sovereign Canadian lithium can power our economy at home and supply our allies abroad," says Canada Energy and Natural Resources Minister Tim Hodgson. E3 began ramping up aspects of this project beginning in April this year, upon conditional approval of the funding, explains E3 CEO and chairperson Chris Doornbos. "With the execution of the contribution agreement, E3 is now fully executing towards some of the biggest technical milestones we have in front of us, aiming to significantly derisk our Clearwater project ahead of the FID. We appreciate the government of Canada's support in advancing a domestic lithium supply chain and strengthening Canada's position in the global critical minerals market." The federal funding provided through the GPI will also support 75% of the costs of the company's current technical team, as well as the commitment to hire up to an additional 25 new technical staff and operators. WORKS UNDERWAY With the contribution agreement having been secured, E3 has started equipment orders required to complete the third and final phase of the demonstration facility. Phase 3 includes operation of the previously commissioned 30-column direct lithium extraction (DLE) and purification/carbonation skids, along with the construction and operation of a commercial-size, single DLE column. The company expects to achieve increased production volumes of battery-grade lithium carbonate, which will enable E3 to continue progressing product qualification with offtake partners and evaluate commercial battery supply chain value opportunities. The successful completion of Phase 3 of the demonstration facility is a major derisking milestone for the company and will be a critical component in the evaluation of the Clearwater project by potential strategic and offtake partners, project financiers and any potential additional government support. E3's goals for Phase 3 of the demonstration facility include demonstrating lithium recovery rates greater than 85% through the single commercial column and producing lithium chloride at an equivalent rate of up to 100 t/y of lithium carbonate. The GPI funding will also support E3's completion of the Clearwater project feasibility study, which targets 12 000 t/y of battery-grade lithium carbonate in Stage 1. The study is expected to be published in the first quarter of 2027. The engineering scope will include the final designs for the reservoir development, gas-handling system, lithium extraction and purifi...

    4 min

  5. hace 2 días

    Africa must create conditions that allow investment to flourish, Junior Indaba hears

    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. Mining's future will not be built only by the largest companies. Even though major mining houses are economically critical, history has shown that discoveries are usually made by optimists, entrepreneurs, and explorers. Every operating mine started as an idea, a map, a drill programme, and a group of people prepared to take a risk when success was still uncertain. Junior Indaba chairperson Bernard Swanepoel pointed out in opening of the vibrant junior mining event on Tuesday, June 9. (Also watch attached Creamer Media video.) "We meet at a fascinating moment. The world's becoming more fragmented, supply chains are being redrawn, nations are competing for access to minerals, capital is becoming more selective, and yet Africa's mineral endowment has never been more strategically important. "So, the question is no longer whether Africa has the resources. The question is whether we can create the conditions that allow investment, discovery, and development to flourish," Swanepoel said amid the event's reiteration of today's world in all likelihood requiring significantly more mining than seen in recent decades, which is where junior mining companies have a fantastic opportunity to play increasingly catalytic roles. Junior mining companies were urged to forge ahead with even greater determination. "South Africa, in particular, faces a choice: we can continue debating our challenges, or we can become globally competitive again. "Investors have options. Exploration capital is mobile, and I would say fickle. Good intentions are not enough. Competitiveness matters," Swanepoel pointed out during the event covered by Mining Weekly. He expressed the strong hope that there would be a move beyond diagnosis and that the Junior Indaba would trigger partnership, project funding and new mines against the background of mining ultimately a business of faith, patience, and perseverance, that at times required participants to take themselves completely out of their comfort zones. The event stretched out to draw in the viewpoints of the in-person and online audience with the first poll undertaken putting the question of what Africa lacks most when it comes to junior mining stimulation and these voting options: policy certainty, investment, more collaboration, or projects. The lot fell overwhelmingly on policy certainty indicating that governments, in particular, have a central role to play in creating a conducive environment for mining investment. Also wanted is regulatory efficiency and licensing processes that are transparent, predictable, and responsive. While a modern cadastral system will not solve every challenge, it was made clear that a globally competitive exploration industry cannot be built without one.

    3 min

  6. hace 2 días

    McEwen PFS on Grey Fox confirms 15-year mine life addition to Fox Complex

    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. TSX- and NYSE-listed precious metals and copper developer McEwen has confirmed in a prefeasibility study (PFS) on the Grey Fox project its viability to become a major source of ore for the Fox Complex and play a key role in increasing the group's production near Timmins, in Ontario. With the addition of Grey Fox, gold production at the Fox Complex is anticipated to reach 100 000 oz in 2029 and average 87 000 oz/y from 2028 through 2041. This production growth will support the company's near-term objective of increasing total yearly production to between 250 000 and 300 000 gold equivalent ounces across its portfolio by 2030. McEwen also has a stake in the advanced-stage Los Azules copper development project in Argentina, as well as gold and silver projects in various stages of development or production in Nevada, Manitoba and Mexico. Using a gold price assumption of $4 000/oz and a silver price assumption of $50/oz, the PFS confirms production from Grey Fox will generate sufficient cash flow to self-fund production growth with limited to no share dilution. Grey Fox will benefit from the combination of using the company's existing Stock mill and tailings facilities, along with its existing workforce. Grey Fox will extend the Fox Complex mine life by 15 years to 2041, with mine reserves totalling about 40% of the current resources - which leaves opportunity for further extension of the mine life. The project can contribute an average 43 000 oz to the Fox Complex's production every year from 2028 to 2035. From 2035 to 2040, Grey Fox will become the sole source of production, averaging 87 000 oz/y before tapering off in 2041. For comparison, the Fox Complex production guidance for 2026 is set at between 16 000 oz and 19 000 oz. The PFS outlines an initial capital expenditure requirement of $181-million for Grey Fox, which McEwen says can be funded primarily from treasury and operating cash flow. The capital requirements can be divided as $17-million in 2026, $60-million in 2027, $80-million in 2028 and $24-million in 2029. Grey Fox can reach this production at an all-in sustaining cost (AISC) of $2 212/oz over the life-of-mine, at a gold price of $3 000/oz as the base case scenario. In a higher price scenario of $4 500/oz, AISC will amount to $2 421/oz. At the lower end price scenario, Grey Fox has an after-tax net present value of $282-million, an internal rate of return (IRR) of 25% and a payback period of 4.6 years. In the higher gold price scenario, Grey Fox is valued at $841-million after tax, IRR increases to 55% and the payback period reduces to 2.3 years. McEwen plans to mine Grey Fox through a combination of two independent underground operations accessed from two portals. The mineral zones will be mined using a longhole mining method supplemented with cut and fill mining. The Stock mill will process both the Grey Fox ores and the Stock mine ores, with expected recovery rates of 87.5% based on laboratory testing. The company has advised that development at Grey Fox will require amendments to the current operating permits within the Fox Complex. For example, water permit and closure plan amendments will be initiated in the coming weeks. With the small footprint and existing facilities at the Fox Complex, McEwen is targeting receipt of permits for development work at Grey Fox within 12 to 18 months. The company will also be evaluating optimisation opportunities to increase cash flow from the project, incorporate new mineralisation as exploration progresses and examine opportunities to reduce initial capital requirements. The next steps at Grey Fox include detailed engineering and ordering of long-lead items and submitting water permit and closure plan amendments. McEwen targets a constructi...

    4 min

  7. hace 2 días

    Green hydrogen seen as having potential to trigger new green industrialisation

    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. Green hydrogen, which is produced with the help of platinum group metals (PGMs) could become the catalyst for new green iron, green steel, green chemicals and beneficiation industries built on South Africa's mineral and renewable energy advantages. "The real prize is not hydrogen — it's industrialisation. The opportunity is significant if South Africa can align infrastructure, investment and skills development," Southern African Institute of Mining and Metallurgy president Gary Lane pointed out on LinkedIn in response to Mining Weekly's report on June 5 about South Africa's green hydrogen and power-to-x (PtX) project development standard (PDS). Trade, Industry and Competition Minister Parks Tau and Electricity and Energy Deputy Minister Samantha Graham-Maré officially launched the PtX PDS on May 19 during the World Hydrogen Summit in Rotterdam. The initiative is described as marking an important step in strengthening South Africa's pipeline of credible, investment-ready green hydrogen and PtX projects by Just Energy Transition Implementation Plan Programme Management Office stakeholder specialist Collins Nyamadzawo. The standard introduces a structured and transparent process through which project developers can demonstrate technical, commercial, financial, and operational readiness through the standardised questionnaire and assessment platform aligned with investor and development finance institution expectations. PGMs are key in electrolysers that turn water into green hydrogen and then also key in turning hydrogen back into green electricity for green steel, green cement, green chemicals, data centres, AI, off-grid communities, and many other products. In Namibia, Hyphen Hydrogen Energy, which has announced a strategic partnership with GIZ Namibia, is inviting qualified firms or consortia to submit proposals for the development of an enterprise and supplier development programme tailored specifically for Namibia's emerging green hydrogen industry. Hyphen is committed to ensuring that Namibia's green energy future is built and benefits Namibian enterprises. Kenya has reportedly approved 15 projects targeting a combined 5 GW of captive renewable energy generation, marking the East African country's move to enter the global hydrogen economy. The initiatives are designed to leverage Kenya's energy mix, which already derives over 90% of its power from renewable sources like geothermal, wind, and solar to develop entirely new industrial value chains. Specifically, these projects will focus on the local production of green ammonia and zero-emission fertilisers, sustainable aviation fuel, methanol, and hydrogen-based green steel. By prioritising these sectors, Kenya aims to spark export-led industrialisation and establish itself as a primary supplier within the emerging global clean-energy supply chain, moving from a position of strategic leadership rather than from the margins. As the world looks beyond batteries alone, PGMs are once again becoming a strategic conversation, it was stated in a release on June 8 to publicise Zimbabwe's upcoming Zimbabwe Mining Week, the special focus of which will be the future of PGMs in a hydrogen economy amid the next chapter of the energy transition beginning with platinum. To support the automotive sector's energy transition, Toyota South Africa has announced that it will invest R10.4-billion in KwaZulu-Natal to strengthen local manufacturing for a more sustainable future. Toyota North America, meanwhile, plans to deploy hydrogen fuel cell-powered Class 8 trucks in its commercial logistics fleets by early 2027. The automotive company has also signed an agreement with Air Liquide for the supply hydrogen fuel for the company's growing fleet. The brand-new Toyota ...

    5 min

  8. hace 3 días

    Stormlands says NPV of Mexican project can almost double using dynamic modelling

    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. A clear example of why mining project valuation should be dynamic is the Cerro Caliche project, in Mexico, which can have its net present value (NPV) valuation increase by $253-million using updated commodity prices, says analytics platform Stormlands Mining. Using its AI-first mining valuation platform to model project economics from publicly available technical information, Stormlands is able to create an illustrative economic model on projects, which takes into account current commodity prices. Stormlands finds in a new independent case study on Cerro Caliche that the project's after-tax NPV increases to $475-million using current commodity prices, compared with the project owner Sonoro Gold Corporation's last technical report (December 2025) determining a $224-million NPV and Stormlands' own base case modelling NPV of $222-million. The updated case study uses a gold price of $4 877/oz and a silver price of $74.92/oz. Estimated revenue generation by the project increases from $1.6-billion in Stormlands' base case scenario to $2.2-billion under the updated commodity price scenario. Life-of-mine (LoM) earnings also increase from $726-million in the base case scenario to $1.35-billion in the updated scenario, while the modelled payback period improves from one year and seven months to 11 months. Stormlands demonstrates in its Cerro Caliche case study the project's sensitivity to key economic drivers – firstly gold prices, followed by operating costs, recovery assumptions and mine scheduling. For example, a 10% reduction in operating costs increases the modelled NPV to $255-million while a 10% increase in operating costs reduces the NPV to $189-million. Stormlands finds that, in Cerro Caliche's case, capital cost sensitivity is more limited, reflecting the relatively modest capital intensity of the proposed heap leach development, compared with the project's LoM revenue base. Stormlands CEO Róisín O'Connell says a technical report provides a base case for a gold project but the economics of one can change materially as commodity prices move. "In this published case study, we have only updated the commodity price assumptions, while keeping the mine plan, costs, recoveries, capital and fiscal assumptions unchanged. Even that single change has a material impact on valuation," he explains. The broader point is that Stormlands' models are built to "go further" than static technical report numbers. Once the model is structured, users can test changes across the full project economics – from grades, recoveries, throughput, operating costs and capital costs, through to royalties, fiscal regimes, financing assumptions, inflation and discount rates. "By rebuilding the model and making those assumptions dynamic, we can see in real time how the project behaves under current market conditions and where the real value drivers sit," O'Connell explains. He motivates that public technical reports contain the data required to build robust economic models, but those models need to be updateable and comparable if they are to support better decision-making.

    3 min
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