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  1. HACE 6 H

    Valterra Platinum performs strongly amid sharp earnings rise expectation

    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. Platinum group metals (PGM) mining, refining and marketing company Valterra, which last week reported sharply rising earnings expectations for 2025, has delivered its strongest quarterly performance of the year in the three months to December 31. The Johannesburg- and London-listed company, headed by CEO Craig Miller, on Thursday, February 5, reported increased production across all major PGM metrics. Full-year PGM sales volumes of 3 454 300 oz were driven by higher above-guidance refined production of 3 412 000 oz. The 2026 metal-in-concentrate and refined production guidance of three-million ounces to 3.4-million ounces is consistent with prior estimates. Own-mined production increased by 1% to 594 600 oz on higher production from the Amandelbult mine, partially offset by lower production at the Mogalakwena, Unki and Mototolo mines. Toll-refined PGM production increased by 41% to 257 300 PGM ounces, primarily owing to the inclusion of Kroondal as toll-refined production from December 2024. Nickel production increased by 12% to 7 098 t, while copper production decreased by 2% to 4 413 t. Quarter-on-quarter nickel production increased by 14% and quarter-on-quarter copper production increased by 5%. Total fourth-quarter chrome production increased by 17% to 298 000 t on higher chrome production at Amandelbult and improvements in chrome yields across Valterra's own operations. Increased PGM sales volumes and realised basket price PGM sales volumes increased by 4% to 1 042 100 oz, supported by the timing of some sales rolling over from the previous quarter into October, together with higher volumes of minor PGMs sold. The average realised fourth-quarter basket price of R38 723 per PGM ounce, or $2 269 per PGM ounce, was the highest since the fourth quarter of 2022 and up 41% and 50% year-on-year respectively. All PGMs, except iridium, contributed substantial year-on-year gains, with platinum 78% higher and rhodium 70% higher. The broad-based price rally that began in May gained further momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness. The average realised full-year rand PGM basket price of R32 611 per PGM ounce increased by 22%, while the dollar PGM basket price of $1 852 per PGM ounce increased by 26% year-on-year. Valterra smelts and refines PGMs and associated co-products from its South African and Zimbabwean operations and has integrated value chain bolstered by marketing hubs in London, Singapore and Shanghai. As reported by Mining Weekly in December, Valterra's market capitalisation has sky-rocketed to north of R300-billion and the company is continuing to look for new markets into which it can invest and which can utilise its products. The utilisation of PGMs in cleaner mobility is being expanded by fuel cell electric vehicle development, battery electric vehicle advances and more recently, in technological applications such as data storage and electronic chips. Fourth-quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter owing to Amandelbult's return to steady-state operations and improved output at Mogalakwena. Mogalakwena's PGM production decreased by 8% to 260 800 oz, despite higher tonnes milled, owing to a lower built-up head grade compared with the fourth quarter of 2024. On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult's return to steady-state production for the first full quarter following the February 2025 flooding. Full-year own-mined PGM production exceeded guidance at 2 060 300 oz amid total full-year PGM production hitting the 3 200 600-oz mark. Expressed as five element ...

    10 min

  2. HACE 1 DÍA

    Critical minerals pipeline thin, greenfield exploration budgets flat

    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 mining being essential for the survival of the global economy, the mining industry's critical minerals pipeline remains thin and its greenfield exploration budgets flat. Pressure on mines to operate in a lower-margin environment remains, with industry conditions suggesting the likelihood of further consolidation among mining majors. While the need for generative exploration is acknowledged as being essential, value over volume is the mantra. Where money is available, gold and silver feature first and second on the list. Even though new discovery is mission-critical, inorganic growth remains the focus, at a time when supply chain reorganisation is accompanying political competition between major powers. These are among the many points highlighted by Seequent Segment director mining Dr Janina Elliott in an article to Mining Weekly on three mining industry trends that need watching. While the world is set on the path to electrification and digital transformation, market behaviour does not yet indicate the onset of a new super cycle focused on energy transition. Mining being treated as a strategic priority for autonomy, fast-tracking policy shifts, incentives, and public-private partnerships is creating opportunity. To satisfy stakeholders, diversified mining companies are needing fiscal and operational optimisation with a focus on existing sites against the background of investors wanting clear returns. For the foreseeable future, the current holding patterns on global investment shaped by geopolitics are likely to remain in 2026 and despite a hesitantly positive outlook, global activity does not yet bear the semblance of a super cycle. Mining needs to embrace modern technology with a greater sense of urgency and needed when choosing technology are agility and openness. Agility refers to flexible workflows and pointed out is that a modern drilling campaign takes advantage of a digital supply chain from sensor-enabled rigs, to automated core sheds, to digitally connected laboratories that create geological insight while the drills are turning. Where openness matters is with cloud-based ecosystems that enable data to flow freely across multi-disciplinary streams. Upskilling is now unequivocally critical within an environment where technology aids a modern geoscientist in the innovation of more efficient workflows. Success in 2026 will depend on disciplined growth, responsible innovation, and a renewed focus on people and sustainability, Elliott outlines in the article to Mining Weekly.

    2 min

  3. HACE 1 DÍA

    South Africa at pivotal point in evolution of its mining industry, says Minerals Council

    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 built South Africa once. With clarity, confidence, and coherent policy, mining can help to build South Africa's future again – and do so inclusively. A successful and growing mining industry will expand the economy through the industrial benefits of upstream and downstream multiplier effects on jobs, corporate tax, PAYE, export earnings, VAT collections, as well as enabling the installation of much-required infrastructure. South Africa must therefore favour market-friendly policies and incentives that share risk and reward while reducing unnecessary restrictions that undermine sector competitiveness and investment confidence. Encouraging signs are emerging such as the Financial Action Task Force removing South Africa from its grey list and S&P Global upgrading the country's credit rating. Lower inflation expectations will temper interest rates, reducing debt costs. Combined, this is signalling progress coming from government and business partnerships to rebuild investor confidence and sentiment. However, sentiment alone is not investment. Confidence in the South African economy must translate into concrete commitments to infrastructure, mineral development, exploration, research and development, and skills pipelines that future-proof the industry, the economy and this country's broader society. Essential to attracting this investment is the pace of critical structural reforms that will encourage and sustain private-sector investment and participation in key areas of the economy. These are among the many vital points made by Minerals Council South Africa CEO Mzila Mthenjane in a thought-leadership article shortly ahead of next week's crucial Investing in African Mining Indaba in Cape Town from February 9 to 12. South Africa, Mthenjane emphasises in the article to Mining Weekly, is at a pivotal moment in the evolution of its mining industry – "a sector whose historic power and economic influence shaped not just the structure of cities like Johannesburg but the social and economic architecture of South Africa itself". The legacy of more than a century of mining created cascading employment effects, built infrastructure, generated foreign exchange earnings, and underpinned entire communities. Yet today, as South Africa approaches its fourth decade of democracy, this country's mining industry faces the dual challenge and opportunity of redefining its place in a modern and technologically driven economy through skilled employees and shaping an inclusive society. Mthenjane pinpoints the expansion of mining production as the real multiplier of broad-based economic impact and social progress that mining brings and not high prices as the central truth that must guide this country's mining strategy. The mining sector accounted for 5.8% of GDP (nominal) in 2025, a significant source of economic activity but it is lower than 6.2% in 2004, indicating it is simply not realising its full potential, hampered by decades of logistics and energy constraints and inconsistent regulatory changes which have negatively affected investor confidence. Concerted interventions through a public-private partnership model, Operation Vulindlela 2.0, headed by the Presidency, are addressing fundamental bottlenecks, but more and focused efforts are needed to realise the aspired 3% growth rate in the short term. While commodity price cycles may temporarily boost tax revenue and underpin the mining industry's contribution to the economy, what really drives employment creation and sustainable development of the country is sustained production growth. It is output that stimulates manufacturing and requires an expansion of utilities and general infrastructure and strengthens upstream and downstream supply chains, thus stimulat...

    7 min

  4. HACE 2 DÍAS

    South Africa is hosting BHP's biggest-ever explorer-technology-data bootcamp

    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 is hosting the most intensive mineral systems thrust ever conducted by the exploration advancement programme being innovatively implemented by major mining company BHP. Brought together under the Xplor banner are junior exploration companies, geoscience organisations, and technology teams that collectively span the currently crucial discovery system. Selected for this year's BHP Xplor are ten early-stage exploration and technology companies, making it the programme's largest-ever cohort. Moreover, it is also the first time ever that a BHP Xplor bootcamp has been conducted outside of Australia or Canada. "We're really excited about being here," BHP group exploration officer Tim O'Connor enthused to Mining Weekly from Cape Town. "The cohort is with us here. I've got most of my leadership team here. Hopefully most of them will go to Mining Indaba next week, meet some of the vendors to understand the local environments that we have here and across Africa, which will be very exciting. "But this week, we've come together to talk about things like geology. We'll talk about our view of mineral systems that we've got from our work around the world. We talk about business strategy and how we run programmes safely and sustainably. "Later on, we'll bring the cohort together, and we'll talk about things like external networks and vendors and introduce members to the sorts of partners that they might need, the sorts of vendors they might need to accelerate. Lastly, at the end, we'll talk about scaling up. These aren't just ideas and explorers; these are companies that need to know how to sustain through the long term. "We work with them, and they work with each other to help to define what scaling up actually looks like, and how do they move faster. "Working collectively is what helps to make the programme successful. By the end of it, we know that we wouldn't have had that idea ourselves and put some money into it to see if we can accelerate the idea further through drilling or geophysics, or what have you, and we're still working through the beginning parts of the first few cohorts right now. "What also makes this year special is that we have a company from South Africa. We're pleased to be partnering with Orion Minerals on the ideas they have within the Northern Cape, and looking at older geology in new ways, bringing some of our expertise. Orion's technical depth in the region is something that we're excited to explore together over the next nine months," O'Connor explained. As part of the programme, a number of Orion's South African exploration project companies will receive an aggregate equity-free grant of $500 000, access to BHP's technical specialists, and structured support to advance geological concepts at the company's Northern Cape exploration projects in South Africa. What is very interesting is that the possibility of deeper copper-centric metal systems in South Africa's Northern Cape will be intensively probed. Orion is advancing a portfolio of copper and zinc assets in South Africa's Northern Cape and through Xplor, it will have the chance to apply modern data analytics and innovative mineral systems thinking across its large tenement package, which could assist the company to identify new discovery opportunities beyond known deposits. O'Connor made strong reference to the quickly evolving nature of exploration and highlighted that new tools, better data, and different ways of working are changing how early-stage ideas are tested and refined. He spoke of this year's cohort reflecting that shift while bringing together explorers and technology developers who are approaching discovery in thoughtful and practical ways. "Xplor gives us a valuable opportunity to learn alongside them...

    14 min

  5. HACE 3 DÍAS

    Joburg's gold revival outlook strengthened still further as resource estimate surges

    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 latest compliant mineral resource estimate of the Witwatersrand Basin project of Sydney-listed West Wits Mining is up 2.2-million ounces, which strengthens the gold revival of Johannesburg, South Africa's historic Golden City, still further. The project is situated about 15 km west of Joburg's central business district, in Gauteng province. The updated estimate follows the granting of new prospecting right (PR) 10839, which is described as providing "a seamless depth extension to the company's existing mining footprint, together with a revision to cut-off grade reflecting the materially higher gold price environment". This timely resource uplift further enhances the scale, quality and longevity of the Witwatersrand Basin project, reinforcing its position as one of the largest undeveloped, high-grade gold systems under development in South Africa Now classified as measured and indicated is a 55%-higher four-million ounces of gold that presents mine planning optionality. Providing natural depth extension to the Qala Shallows gold mine is the addition by PR 10839 of 1.2-million ounces at 4.38 g/t of gold. At a gold price of $2 850/oz, the lower cut-off grade being applied unlocks an additional one-million ounces of gold, highlighting the robust nature of the project and upside to the higher gold price environment. The first gold pour from Qala Shallows in on track for next month. An institutional share placement funds Qala Shallows development to 70 000 oz of steady-state production a year. "The grant of PR 10839 provides a seamless depth extension to Qala Shallows, exactly where we want future tonnes and ounces to come from. Importantly, more than half of the global mineral resource is in the measured and indicated categories, which underpins confidence in our development strategy and future growth of ore reserves. "Coupled with our recently completed institutional capital raise, West Wits is in a strong position to advance Qala Shallows to steady-state production while simultaneously progressing studies aimed at expanding production and mine life of this top-tier orebody." Key contributors to development have included Bara Consulting, the independent mining engineers who undertook the definitive feasibility study review and update; Modi Mining, the black economically empowered mining contractor; South Africa's public sector-owned Industrial Development Corporation and the private sector-owned Absa Bank as lenders for the syndicated loan facility; and precious metals mining company Sibanye-Stillwater, which is providing the Ezulwini process plant, which is located near Westonaria, also on the West Rand, as part of a toll treatment agreement for the processing of the gold ore mined by West Wits Mining. West Wits CEO Rudi Dysel highlighted the latest 2.2-million-ounce increase as confirmation of the scale, continuity and high-grade nature of the Witwatersrand Basin project and an advance that strengthens the company's long-term investment case. At its official opening last year, Qala Shallows was hailed by Minerals Council South Africa CEO Mzila Mthenjane as a new milestone for South Africa's mining industry, the South African economy, and the communities that will share in the opportunities created there. The estimate is now a 44%-higher 7.24-million ounces at a grade of 4 g/t of gold, West Wits, chaired by Michael Quinert, stated in a release to Mining Weekly on Monday, February 2.

    3 min

  6. HACE 6 DÍAS

    Glencore spells out mineral status across Africa, Australia, Americas

    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. In a 60-page resources and reserves publication, diversified mining and marketing company Glencore has outlined its copper, zinc, nickel, ferroalloys, aluminium, coal and oil reserves spread across Africa, Australia and Americas. Large-scale copper operating assets and development projects in Africa and the Americas take up nine pages, which reflects the London- and Johannesburg-listed Glencore's growing copper portfolio. On the South African front, mineral resources and ore reserves are provided for four ferroalloys operating complexes as well as for coal. Among the ferroalloys complexes are Western Chrome Mines and Eastern Chrome Mines chromite complexes, the Rhovan vanadium operation, and the Mokala manganese mine in the Kalahari Manganese Field (KMF). These collectively mine stratiform chromitite and vanadiferous magnetite deposits within the Bushveld Complex, a layered mafic intrusion that hosts chrome, vanadium, and platinum group element mineralisation. The Western Chrome Mines mining complex has the operating Kroondal mine and the resource areas of Waterval and Klipfonten. Kroondal is an underground mine that exploits laterally continuous chromitite layers, primarily the LG6 seams, which occur as shallow-dipping tabular orebodies. Chrome ore mineralisation is hosted in discrete, solid chromitite layers with sharp contacts, characterised by regional grade consistency and continuity. The Eastern Chrome Mines consist of three operating underground mines focused on regionally extensive chromitite seams of the MG1 and MG2 packages, mined from shallow-dipping tabular orebodies in the eastern limb of the intrusion. Solid chromitite layers have consistent grades and thickness across the mining areas. Rhovan, an opencast vanadium operation, mines vanadium-bearing magnetite deposits within the Bushveld Complex. The mineral lease area is situated on gabbroic rock formations that host layered magnetite seams in the upper zone of the intrusion, forming shallow-dipping stratified magnetite orebodies at angles of six degrees to 25°. Rhovan's 2025 ore reserve depletion was 2.5-millon tons and life-of-mine based on the declared ore reserves is seven years with a mining right expiring in 2027. Mokala, an opencast manganese operation near Hotazel in South Africa's Northern Cape, within the KMF, has three stratiform upper, middle, and lower orebodies within the Hotazel Manganese formation. The high-grade mineralisation is in laterally continuous stratiform orebodies that vary in thickness from a few metres to more than 20 m, dipping gently up to about 12° to the west. Mokala's ore reserve depletion during 2025 in the ore reserves was 1.3-million tons. Based on the declared ore reserves Mokala's life-of-mine is 11 years. Glencore's South African coal assets are in the Mpumalanga province's coalfields taking in the Witbank, Highveld and Ermelo coalfields, which are part of the broader Karoo Basin coal measures on the Highveld. The coalfield extends about 180 km in an east–west direction between the towns of Belfast and Springs. Tweefontein, Goedgevonden, iMpunzi, which are active opencast mining operations, are situated near the town of Ogies within the Witbank coalfield. Oogiesfontein and Nooitgedacht are extension projects associated with Tweefontein, Goedgevonden, and iMpunzi. These assets are not yet operational with mining planned to comprise underground operations. Zonnebloem, located east of Middelburg in Mpumalanga province within the Witbank Coalfield, is currently non-operational, with mining planned for opencast operations. Paardekop, in southern Mpumalanga within the Highveld coalfield, is currently in prefeasibility. In Africa, KCC in the Democratic Republic of Congo (DRC), has metasedimentary ...

    6 min

  7. HACE 6 DÍAS

    Martin Creamer talks about: Transnet, RBCT and Exxaro manganese

    Mining Weekly Editor Martin Creamer discusses the project office that Transnet and Richards Bay Coal Terminal have established; the benefits of the new automation at Richards Bay Coal Terminal; and the developments around Exxaro’s manganese movements.

    6 min

  8. 29 ENE

    Glencore's copper production surges in second half of 2025

    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. Reflecting the ongoing benefits of simplified operating structures, London- and Johannesburg-listed Glencore on Thursday reported full-year key-commodity production volumes within guidance ranges. Second-half copper production at 500 000 t-plus was almost 50% above that of the first half. "Glencore's production update was stronger than expected," Barclays equity research analysts stated. The notable increases in Glencore's copper mineral resource base follow the pathway the company provided at its year-end Capital Markets Day towards becoming one of the world's largest producers over the next decade. In zinc, second-half volumes were an 8%-higher 39 000 t and on the coal front, 1.4 million more energy coal tonnes were produced as well as 1.1-million more steelmaking coal tonnes. "We expect to report full year 2025 marketing adjusted earnings before interest and tax around the mid-point of our recently upgraded (in July 2025) $2.3-billion to $3.5-billion per annum long-term through the cycle guidance range," Glencore CEO Gary Nagle stated in a release to Mining Weekly. Own-sourced copper production of 851 600 t was 11% below 2024, primarily owing to lower head grades and recoveries associated with mine sequencing and resultant ore feedstock to the plants, contributing to the reductions at Collahuasi, Antamina and Antapaccay. Copper production from the Mount Isa complex, recorded as part of the zinc department, reduced by 13 300 t reflecting closure of the MICO mine in mid-2025. Second-half own-sourced copper production was 48% higher on grade-related uplifts at KCC, Antamina and Antapaccay. Own-sourced cobalt production of 36 100 t was 5% lower than 2024, mainly reflecting proactive planning to prioritise copper production over cobalt, noting the Democratic Republic of Congo (DRC) cobalt export restrictions. Fourth-quarter cobalt production was 2 000 t lower than in the third quarter of 2025. Own-sourced overall zinc production was a 7%-higher 969 400 t on higher zinc grades at Antamina and higher McArthur River production. Own-sourced nickel production was a 7%-lower 71 900 t as a result of lower production at INO and Murrin Murrin. Attributable ferrochrome production of 436 000 t was 730 000 t (63%) lower than the comparable 2024 period, reflecting the suspension of operations at the Boshoek smelter in May and the Wonderkop smelter in June. Operations at the Lion smelter are suspended for extended annual maintenance and planned furnace rebuilds. Underlying attributable chrome ore production of 3.6-million tonnes was in line with 2024. Steelmaking coal production of 32.5-million tonnes mainly comprises the Elk Valley Resources business acquired in July 2024, which produced 25.2-million tonnes compared with 12.5-million tonnes in 2024. Australian steelmaking coal production of 7.3-million tonnes was in line with 2024. Energy coal production of 98-million tonnes was 2% down on 2024 owing mainly to voluntary Cerrejón production cuts, partially offset by a stronger performance from the Australian business. Although the DRC, which lifted its cobalt export ban in the last quarter of last year, is ramping up its quota systems and controls, there were delays to initially intended fourth-quarter exports. As KCC and Mutanda did not export any cobalt in the fourth quarter, their 2025 quotas are available for use up to March 31. Glencore intends to export cobalt according to its allocations in 2026 and 2027, with DRC copper production being prioritised over cobalt, where it makes commercial sense. This strategy is expected to continue while the quotas are in effect. Cobalt in ore processed above sales quota levels, will either build as work in process inventory or be stored as final product in-country.

    4 min
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