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  1. 15H AGO

    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

  2. 1D AGO

    Benefits of gold's enduring resilience is as relevant as ever, says World Gold Council

    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 enduring resilience and diversification benefits of gold remain as relevant as ever amidst a growing investor base, dollar weakness and continued geoeconomic uncertainty, says World Gold Council asset allocation strategist Jeremy De Pessemier. While much has happened on the policy front and in the broader economy since the publication of the World Gold Council's 'Why gold in 2025? A cross-asset perspective' report earlier this year, uncertainties and vulnerabilities remain across geopolitical, fiscal, and trade domains, with gold currently trading at $4 072/oz. "Investors are particularly concerned about growth and inflation, creating a challenging situation for policymakers as the dual policy goals of the Federal Reserve are in direct conflict," De Pessemier writes in the council's latest gold market round-up. "With persistent fears of stagflation, gold has once again stepped into the spotlight, rising more than 50% this year. "Importantly, the core reasons for considering alternative assets such as gold remain largely unchanged. "First, equities appear complacent. US equities have posted remarkable gains in recent months, reigniting concerns about valuation excess and concentration risk," he adds, with investors facing a market that feels euphoric on the surface but remains fragile underneath. "Should economic pressures mount, investors may increasingly seek refuge in safe-haven assets, with gold standing out as a historically resilient option." SLOW HIRE BECOMING NO HIRE "Second, bond markets remain uncertain. The US Federal Reserve officially resumed its easing cycle in September, cutting the federal funds rate by 25 basis points in response to a cooling labour market - an action widely anticipated by markets. "However, US long-term yields could face renewed upward pressure if tariffs and reshoring efforts drive domestic costs higher, complicating the Fed Reserve's inflation target. "At the same time, long-term treasuries remain exposed to concerns over the Federal Reserve's independence and the US government's sizeable fiscal funding needs. "Against this backdrop, gold's appeal as a hedge against both equity and bond market instability is growing, although risks exist." Gold's rapid ascent could prompt rebalancing and profit taking. For example, from a technical standpoint, the monthly Relative Strength Index is above 90, with gold more than 20% above its 200-day moving average. These factors could lead to short-term reversals. In addition, the sharp increase in the gold price could dampen consumer demand while global trade normalisation and a pick-up in GDP growth could revive risk appetite further. "In summary, maintaining a diversified approach and remaining vigilant to shifting market dynamics is essential. Amidst a growing investor base, secular US dollar weakness and continued geoeconomic uncertainty, gold's enduring resilience and diversification benefits remain as relevant as ever," De Pessemier emphasises in the release to Mining Weekly. Gold is projected by Metals Focus to exceed $5 000/oz in 2026, as ongoing trade tensions, declining interest rates and mounting fiscal pressures fuel substantial investment inflows into gold.

    3 min

  3. 4D AGO

    Martin Creamer talks about: Southern Palladium, Sibanye-Stillwater, Hillside Aluminium make headlines

    Mining Weekly Editor Martin Creamer discusses Southern Palladium’s A$20-million raise to ramp up work at its Bengwenyama PGM project in Limpopo; Sibanye-Stillwater’s commitment to community development projects; and smelting continues to test maximum technical capacity at Hillsid

    5 min

  4. 4D AGO

    Venetia mine is sparkling as brightly as the diamonds it brings to surface

    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 successful transition from opencast mining to underground mining is being achieved with considerable aplomb at Venetia Diamond Mine, which Mining Weekly has just visited. De Beers' $2.3-billion investment in the Venetia underground project, in Limpopo province, represents the biggest single investment in South Africa's diamond industry in decades. Stay-in-business capital of $0.6-billion extends to 2027, with no investment needed into Venetia's large processing plant, coping as it does with the feed of six-million tonnes a year, from which 4.5-million carats of diamonds will be recovered annually. (Also watch attached Creamer Media video.) Underground infrastructure includes two vertical shaft systems for personnel transport, ore transport and the routing of services, as well as lateral access to stations on level 54 - to which Mining Weekly descended - level 91 and level 94 for the services shaft, and the station on level 100 for the production shaft. The service shaft has an internal diameter of 7 m and will eventually provide all the services and people transport for the underground workings. The production shaft, with the same internal diameter, is fitted with two rock winders, each having two 24 t payload skips. Presently, Venetia is processing lower-grade surface stockpiles while the operation transitions and that will continue as the underground production slowly ramps up. Mining underground until 2049 is expected to yield 81-million carats of diamonds from 115-million tonnes of diamondiferous material. Reductions in the mine's carbon footprint will be realised when Envusa Energy's renewable-energy projects are operational. Envusa Energy, a joint venture between Anglo American and EDF Renewables, aims to establish a regional renewable-energy ecosystem in South Africa to meet the group's long-term power requirements. Located 32 km south of the Limpopo river, Venetia is the only remaining diamond mining operation of the De Beers Group in South Africa and has been this country's largest producer of diamonds since 1995. Back in the day, De Beers at some stages probably had about nine to 11 operations in South Africa and all of those operations have been sold. There are still legacy closure footprints, such as Voorspoed in the Free State, the Big Hole of Kimberley, and Namaqualand on the West Coast. At Venetia, sampling began in 1969, opencast development in 1990, opencast mining from August 1992 to December 2022, and underground mining has been proceeding since 2023. With ramp up of the underground to six-million carats a year having been slowed to 2032, the life of mine now extends to 2049. The 17-person leadership team that has emerged from the resizing process is now implementing the new underground ramp-up projection. During opencast mining, a very good 101 grade was achieved and the 838-million tonnes of ore and waste moved yielded 143-milion diamond carats. Venetia Senior GM Ntokozo Ngema, Venetia GM Underground and Projects Jan Nel and Venetia Senior Mining Manager Thabo Mokone outlined the next chapter of Venetia's journey to Mining Weekly. They led us through the Integrated Operations Centre (IOC) and thereafter up the production shaft headgear, which provided an overview the mine's infrastructure, taking in the large plant, primary crusher, primary stockpile, secondary and tertiary crusher, water recovery, primary and secondary scrubbing, fines and coarse dense media separation, and diamond recovery. Noteworthy is the mine's dry tailings dam. The descent down the mine in the cage highlighted that safety is front and centre of the underground environment, which is reflected by the mine achieving 13-million fatality-free shifts. We witnessed the IOC helping to advance safety still further, al...

    12 min

  5. 5D AGO

    Mpumalanga gold plant build accelerates, contractors mobilised, ground broken

    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 pace of the gold plant build of the TGME gold mine project in South Africa's Mpumalanga province is stepping up, with contractors mobilised and construction underway at the carbon-in-leach (CIL) section and associated retaining walls. Sydney-listed gold mining development company Theta Gold Mines reports that negotiations with long-lead equipment suppliers for mills and crushing circuits are advancing and more than 120 personnel are now on site. Full-scale operations will create more than 500 jobs, powered by global best practice AI-driven training. Civil works and debt syndication have been supported by capital raises and convertible loan conversions and plant commissioning is being targeted for the end of 2026. "Rapid progress continues on site," executive chairperson Bill Guy stated in a release. "Contractors and equipment are now fully mobilised, and site earthworks are underway accelerating the transformation of this historic site into a modern gold producer." This is the site of the old Transvaal Gold Mining Estate that is centred around the historical mining towns of Pilgrim's Rest and Sabie. The project aims to restart underground gold mines in what is a prolific gold mining region. "Recent capital raises and convertible loan conversions have strengthened our balance sheet, positioning us to complete civil works and advance debt syndication. "With funding and construction aligned, we remain firmly on track to commission the plant by the end of 2026," Guy added. As reported by Mining Weekly in June, the project is targeting the Beta, Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon (CDM) 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 (LoM) at a processing rate of 540 000 t/y to initially recover 1.08-million ounces of gold. The project aims to produce 30 000 t a month from the Beta mine, 15 000 t a month from the Rietfontein mine, 15 000 t a month from the Frankfort mine and 10 000 t to 20 000 t a month near the end of the CDM mine's LoM. 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 CDM. At Rietfontein, the existing adits and underground development will be used with the addition of new development ends, a new decline and the extension of an existing decline. The mining strategy for the underground operations is to apply mechanised longhole drilling to narrow-reef mining to selectively mine out only the reef channel, with minimal dilution at Beta, Frankfort and CDM. Rietfontein will be mined conventionally using shrinkage stoping, with hybrid loading methods between trackless load-haul-dump and rail-bound locomotives. The processing plant will have a feed capacity of 45 000 t/m. In the base case, the project has a net present value, at a 10% discount rate, of $324-million at an average $1 642/oz and an internal rate of return of 65%. Based on these figures, the project has a forecast after-tax payback period of 31 months. The estimated development capital or peak funding requirement is $77-million. Development finance institution the Industrial Development Corporation of South Africa (IDC) has extended a credit-approved loan facility agreement for R622-million, or about A$53.8-million, to help fund the TGME project. The agreement, which includes a debt term of seven years from first drawdown, follows the completion of due diligence by the IDC and allows for Theta to move ahead with development and construction.

    4 min

  6. 6D AGO

    Gold, platinum community upliftment highlighted by Sibanye-Stillwater

    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. Gold and platinum mining company Sibanye-Stillwater on Wednesday highlighted its expansive array of community development projects that are contributing to a future where near-mine communities are thriving and self-sustaining. In online gold and platinum booklets, the Johannesburg- and New York-listed mining company outlined a multiplicity of wide-ranging shared value initiatives in education, agriculture, skills development, health, wellness, social infrastructure, refurbishment and even supplying schools with essential educational tools such as WiFi. "We remain committed to continuing the journey towards ensuring long-term, sustainable benefits for the communities around our operations," Sibanye-Stillwater executive VP stakeholder relations Thabisile Phumo stated in a release to Mining Weekly on Wednesday October 22. "We believe the true value of mining extends beyond the resources we extract. It lies in ensuring that the positive impact we have on communities endures long after the life of our mines," Phumo added. The Minerals and Petroleum Resources Development Act requires holders of mining or production rights to contribute towards the socioeconomic development of the areas in which they are operating as well as the areas from which the majority of the workforce is sourced. The focus is on social and labour plans (SLP), which are guided by the Mining Charter. SLPs are a regulatory requirement for socioeconomic development and transformation in South Africa and are delivered following implementation plans agreed in the specific SLPs of each mining right. In gold, Sibanye-Stillwater has eight SLPs in place, which apply to gold mines in South Africa's Gauteng, Free State and Mpumalanga provinces, and in platinum the nine SLPs it has in place apply to its platinum group metals mines in South Africa's North West and Limpopo provinces. Phumo's view is that value must be created that has long-term outcomes and enduring societal impact. "Fostering sustainable socioeconomic opportunities is key to reducing communities' dependence on mining operations and addressing the interconnected challenges of poverty, unemployment, and inequality. "We acknowledge that the path to sustainability is not without its challenges. Maintenance and vandalism continue to threaten the longevity of certain projects. Many local SMMEs face an uphill battle to remain viable in a volatile economy," she pointed out. "Additionally, we have seen how the breakdown of relationships among project beneficiaries can undermine impact and stall progress. These realities strengthen our resolve to work even more collaboratively - to build stronger, more resilient systems that support ongoing capacity building, accountability and inclusive participation. "Since inception, we've consistently delivered socioeconomic benefits to our communities. Our aim is to ensure these benefits have a lasting impact by developing our communities into trusted partners for continued growth." Education is central to the endeavour and a key SLP objective is to expand the educational skills base through the construction of school infrastructure, provision of sports facilities, and equipping schools with essential educational tools. Since 2017, Sibanye-Stillwater has constructed and refurbished seven schools and provided WiFi to 18 schools. Mathematics and science programmes have been introduced at 17 schools in Bojanala district municipality. The school WiFi initiative enables students from grade 10 to grade 12 to research assignments and practicals and enables teachers to use the smartboard for more interactive teaching. In addition, schools that do not have mathematics and science laboratories use the WiFi for simulations. Access to quality healthcare is vital for the ...

    4 min

  7. OCT 21

    South Africa's Hillside aluminium production holds steady as smelter tests capacity

    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. In the three months to September 30, production at South Africa's Hillside Aluminium in Richards Bay, KwaZulu-Natal, increased by 1% to 181 000 t amid the smelter continuing to test maximum technical capacity. Moreover, production guidance for the 2026 financial year (FY26) remains unchanged at 720 000 t, Johannesburg Stock Exchange-listed diversified mining company South32 reported on Tuesday, October 21. South32's saleable production of manganese decreased by 7% to 551 000 wet metric tons (wmt) in the September quarter, owing to underground development activity at the Wessels manganese mine in South Africa's Northern Cape. FY26 South Africa Manganese production guidance remains unchanged at 2 000 000 wmt, with planned maintenance scheduled in the current quarter. Among the overall production highlights was a 33% uplift in manganese volumes. Of $117-million received from equity accounted investments in the three months to September 30, $36-million was from the manganese business, which is expected to add to cash generation in the December quarter. Meanwhile, saleable production of aluminium by Mozal Aluminium in Mozambique increased by 3% to 93 000 t in the September 2025 quarter. The Mozal smelter operated near its maximum technical capacity, prior to the decision in August 2025 to stop pot relining owing to the uncertainty of future electricity supply beyond March 2026. FY26 production guidance also remains unchanged at 240 000 t, based on operations continuing to March 2026, when the current electricity supply agreement expires. To secure electricity for Mozal, South32 is engaging with the Mozambique government, Hidroeléctrica de Cahora Bassa, and South Africa's Eskom but it is still uncertain whether Mozal will secure electricity supply beyond March. "Without the required electricity supply, we expect that Mozal will be placed on care and maintenance at the end of the current agreement," South32 stated in a release to Mining Weekly. In August, South32 published its second climate change action plan, which includes the positioning of the portfolio for the energy transition, operational emissions reduction, and the strengthening physical climate resilience. Net cash declined by $59-million to $64-million in the September 2025 quarter. "Our financial position remains strong as we continued our investment in growth at Hermosa, supported by $117-million in net distributions from our Sierra Gorda and manganese equity accounted investments during the quarter," South32 CEO Graham Kerr stated. Sierra Gorda is an opencast copper mine in the Antofagasta region of northern Chile. Its payable copper equivalent production increased by 12% on higher planned copper grades and an increase in molybdenum volumes. Net distributions of $81-million were received from Sierra Gorda in the quarter. "Looking ahead, we remain focused on maintaining our operating momentum and capitalising on strengthening market conditions in base metals," Kerr added.

    3 min

  8. OCT 20

    Southern Palladium powers ahead with $20m raise to fast track Bengwenyama 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. Sydney- and Johannesburg-listed platinum group metals (PGMs) company Southern Palladium as locked in a $20-million raise to ramp up work at its Bengwenyama PGM project in Limpopo, Investor Stream reports. Southern Palladium owns 70% of and the Bengwenyama PGM project and the Bengwenyama Community 30%. Located on the eastern limb of South Africa's well-endowed Bushveld Complex, the project has a resource of 40-million ounces of platinum group elements and gold, with shallow ore. The project is moving toward development, including a staged approach to lower capital expenditure, with a prefeasibility study showing strong economics, including a $1-billion net present value and a three-year to five-year payback period. The recent placement attracted good shareholder support, which executive chairperson Roger Baxter said future-proofed Southern Palladium on its journey towards a final investment decision in 2026. With fresh capital, a tight register, and momentum building into 2026, Southern Palladium looks ready to take Bengwenyama from study to shovel, Investor Stream commented. In the Tubatse and Sekhukhune district municipalities, it covers 5 280 ha on the farms Nooitverwacht 324 KT and Eerstegeluk 327 KT. The optimised prefeasibility study points to a staged production approach that involves predevelopment of blocks using off-reef twin haulages, drives and centre gulley raises. As has been reported by Mining Weekly, Stage 1 proposes a production rate of 1.2-million tonnes a year from the South decline only, expanding after four years to 2.4-million tonnes a year in Stage 2 with the introduction of the North decline. Stage 1 is expected to deliver more than 200 000 oz/y of PGMs in concentrate. Total 6E (platinum, palladium, rhodium, ruthenium, iridium and gold) ounces recovered is estimated at 2.22-million ounces over the 23-year mine life. Stage 1 and 2 total 6E production is estimated at 7.5-million ounces over the total 33-year life-of-mine (averaging more than 400 000 oz/y from Year 4 or possibly sooner for Stage 2). A well-established, standard processing technology has been adopted and optimised using current state-of-the-art (two-stage mill-and-float) infrastructure. PGM concentrates are expected to be processed at existing downstream refining facilities in South Africa. The company is also exploring off-site processing for Stage 1 to further reduce initial capital requirements. Peak funding is estimated at $279-million. Stage 1 is estimated at $219-million while ongoing/expansion capital - Stage 1 and 2 - is estimated at $300-million. An environmental guarantee has been lodged with South Africa's Department of Mineral and Petroleum Resources for the development of the project for future rehabilitation of the disturbed area. Project delivery includes the recent start of a metallurgical and geotechnical drill programme of about 10 000 marking the next phase of definitive feasibility study (DFS) work, in line with the company's stated development strategy for staged mine development. The guarantee follows an extensive consultation and execution process with Southern Palladium's insurance counterparty and government representatives, and reflects the company's rigorous approach to ensure the highest standards of regulatory compliance for mine development. "We remain well engaged with key stakeholders and continue to work towards mining right approval, alongside the advancement of our comprehensive DFS works programme in the coming months," MD Johan Odendaal has been quoted as saying.

    4 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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