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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.

  1. 16 HR AGO

    Soaring free cash flow uplifts AngloGold dividend payout as debt plummets 92%

    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 second-quarter earnings and free cash flow of AngloGold Ashanti more than doubled year-on-year, driven by the high gold price and what the New York- and Johannesburg-listed company highlights as continued cost discipline and a 21% increase in gold production. The second-quarter free cash flow of $535-million was 149% up on the corresponding period of last year with the 25% gold production from managed operations supported by strong contributions from Obuasi in Ghana and Geita in Tanzania as well as the addition of the Sukari gold mine in Egypt. The average second-quarter gold price received per ounce increased to $3 287/oz from $2 330/oz in the corresponding period of 2024. "This is another strong result that again demonstrates our focus on cost control and the positive momentum we're building across the business," AngloGold CEO Alberto Calderon stated in a release to Mining Weekly. "We're reaping the benefit of consistent production and cash flow growth, supported by disciplined capital allocation," Calderon added. An interim dividend of $0.80 per share was declared, which includes the minimum quarterly dividend of $63-million or $0.125, with the balance reflecting the decision to pay half of free cash flow generated for the six months through to June 30. While dividend policy commits to this 'true up' payment of 50% of free cash flow annually at year-end, the board used its discretion to make the payment at the half-year given the strength of cash flows and its confidence in the outlook. Adjusted net debt is down 92% year-on-year to $92-million, and the ratio of adjusted net debt to earnings before interest, taxes, depreciation and amortization (Ebitda) improved to 0.02x, from 0.62x a year earlier. The group ended the second quarter to June 30 with liquidity of $3.4-billion, including $2-billion in cash and cash equivalents. Adjusted Ebitda increased 111% to $1.44-billion, headline earnings rose to $639-million, and net cash flow from operations rose to $1.02-billion, boosting free cash flow for the quarter. Second-quarter gold production rose 21% to 804 000 oz from Sukari and improved performances were reported at Obuasi (+31%), Geita (+20%), Cerro Vanguardia (+7%), Cuiabá (+6%) and Siguiri (+6%). Production improvements were led by Geita, which consistently delivers strong operating results, and Obuasi, where the ramp-up of underhand drift-and-fill mining progressed on schedule, supporting the 21% year-on-year increase in grade. Siguiri, Cerro Vanguardia, and Cuiabá also posted modest gains. These were partly offset by declines at Iduapriem, Serra Grande and Tropicana, while Sunrise Dam held broadly steady. Group cash costs increased by 8% to $1 226/oz, while all-in sustaining costs rose 7% to $1 666/oz, driven primarily by a 28% increase in sustaining capital expenditure, inflationary cost pressures of 5%, and a $60/oz average increase in the overall royalty charge linked to the higher gold price - factors partly offset by higher gold sales volumes. Second-quarter capital expenditure (capex) rose to a 33%-higher $381-million, with sustaining capex increasing 28% to $273-million year-on-year. The increase in sustaining capex reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities. A strong safety performance was maintained in the second quarter, with a total recordable injury frequency rate of 0.80 injuries per million hours worked, an improvement of 17% year-on-year and below industry benchmarks.

    4 min

  2. 19 HR AGO

    Martin Creamer talks about Valterra Platinum, De Beers and Kumba Iron Ore

    Mining Weekly Editor Martin Creamer discusses Valterra Platinum’s feasibility study into the development of Sandsloot Underground in Limpopo; Anglo's belief that De Beers is well positioned to thrive as market recovers; and the key takeaways from Kumba Iron Ore’s half year result

    5 min

  3. 1 DAY AGO

    De Beers is well positioned to thrive as market recovers, Anglo believes

    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 commitment of Anglo American to exit De Beers is unwavering, despite the belief of this secondary-listed Johannesburg Stock Exchange company that its iconic diamond mining and marketing business is well positioned to emerge and thrive as the diamond market recovers. As a consequence, Anglo is moving ahead with two exit options. Its preferred exit would be via a trade sale and its non-preferred exit would be by way of a stock exchange initial public offering (IPO) listing exit. But both exit routes are being advanced in parallel. While pressing ahead on both fronts, it makes no bones about wanting a trade sale owing to the complexity of shareholding agreements and, more importantly, the tough rough diamond markets over the last couple of years. To conclude a trade sale, Anglo is engaging in a formal process with what it describes as "a credible set of interested parties" as well as with the government of Botswana in respect of the interest of Botswana to increase its shareholding in De Beers. "A trade sale absolutely remains our preferred exit route for the business, but only if we can find the right buyer on the right terms. "In parallel, we're progressing preparatory activities for a capital markets process should that become the preferred route for our shareholders. "As far as diamond markets are concerned, we have started to see the early signs of stabilisation over the last six months. "We continue to monitor the situation really closely and remain focused on managing the De Beers business to optimise the cash generation of this business, while at the same time preserving the value of the iconic nature of this business," Anglo CEO Duncan Wanblad stated during Anglo's presentation of half-year financial results covered by Mining Weekly. (Also watch attached Creamer Media video.) Meanwhile, it was revealed that the De Beers team had what was described as "a clear response plan ready to ensure that cash generation would be preserved should the market take a lot longer to recover". "De Beers is such an important company to the country of Botswana, and indeed to the other countries where De Beers operates," Wanblad noted. South Africa's largest diamond mine, the Venetia mine in Limpopo province, is owned by De Beers. Venetia is building out a major underground expansion to extend Venetia's lifespan beyond 2040. This involves investment and technological upgrades to transition from an opencast operation to an underground one. Regarding the attention being given by Anglo to Venetia, Wanblad said: "Throughout the process, we're engaging with all stakeholders on pathways forward, as you would expect us to do. "With some of the best diamond mine resources and best marketing capabilities in the world, De Beers, I believe, is well positioned to emerge and thrive as the market recovers. We continue to believe strongly that there is significant upside potential in this business for the right combination of owners, and we'll continue to keep the market abreast of developments," he promised. Wanblad spoke of "the fair amount of very credible interest" that was being shown in De Beers by trade-sale suiters. "It's still a business that consists of some fantastic assets and despite the current turmoil in diamond markets, it stands out very well. But a trade sale has to happen with the right group of buyers and has to be for the right consideration on behalf of our shareholders. "To the extent of that not coming together, we just have to keep our options open and therefore work is carrying on in parallel in terms of setting up the business for an IPO at the right time. "Right now, I would say that good trade sale progress is being made. We're already in a formal process with third-party buyers and we're also engaging w...

    4 min

  4. 25 JUL

    Martin Creamer talks about Kumba exports, Seriti wind turbine and China's electricity generation

    Mining Weekly Editor Martin Creamer discusses higher Kumba iron-ore exports reflecting the benefit of public-private logistics; the fourth wind turbine going up for Seriti Resources; and the Coal & Energy Transition Day hearing that China has won the electricity generation race.

    6 min

  5. 24 JUL

    Higher margins, more cash generation on way, Anglo CEO predicts unequivocally

    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. Looking beyond this transitionary year, Johannesburg Stock Exchange-listed Anglo American will emerge as a highly differentiated, higher margin and more cash generative business, Anglo American CEO Duncan Wanblad predicted unequivocally on Thursday, when the diversified mining company reported continued portfolio simplification and on-track cost reduction. Delivering a production report for the second quarter to June 30, Wanblad hailed the end-May demerger of Valterra Platinum as a great success, advised that a formal De Beers sale process was advancing, patted South Africa's Kumba and Brazil's Minas-Rio on the back for collectively delivering 2% more iron-ore totalling 15.9-million tonnes, reported a 109% increase in manganese output to 745 600 t and 2% more copper from the Quellaveco mine in Peru at 76 700 t, production increasing by 17% to 0.6-million carats at Venetia in South Africa, reflecting processing of increased volumes of higher-grade underground ore, and production at Jwaneng diamond mine in Botswana being broadly consistent with the prior period. Otherwise, the second-quarter outputs of all other assets were down and some on the way out. Reflecting a planned production response to the prolonged period of lower demand, overall rough diamond production was down 36% at 4.1-million carats. Primarily owing to the suspension of Grosvenor since June 2024, the sale of Jellinbah in November and the production stoppage at Moranbah in March, steelmaking coal production was 51% down at 2.1-million tonnes. Nickel production was 5% down at 9 500 t, production from platinum group metals (PGM) operations was 47% down at 492 100 oz. In Botswana, diamond production was 44% down at 2.7-million carats; in Namibia, diamond production was 5% down at 0.5-million carats; in South Africa; the Venetia underground diamond mining project remained lower than during the prior opencast operations, with the capital spend being rephased while market conditions remained subdued, and diamond production in Canada was 46% down at 0.4-million carats owing to planned treatment of lower-grade ore. TRADING PERFORMANCE Rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding US tariffs announced in April subsequently slowed polished trading. In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year. Rough diamond sales from three second-quarter sights totalled 7.6-million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins, generating consolidated rough diamond sales revenue of $1 185-million. This compared with three 2024 second-quarter sights of 7.8-million carats generating consolidated rough diamond revenue of $1 039-million. Production guidance for 2025 is unchanged at 20-million to 23-million carats and 2025 unit cost guidance is unchanged at $94/ct. Copper production guidance for 2025 is unchanged at 690 000 t to 750 000 t with copper unit cost guidance unchanged at 151c/lb. Iron-ore production guidance is also unchanged at 57-million to 61-million tonnes with unit cost guidance at $36/t. Exploration and evaluation expenditure for the continuing operations decreased by 2% to $65-million, exploration expenditure decreased by 29% to $22-million, and evaluation expenditure increased by 23% to $43-million. Anglo is focused on copper, premium iron-ore and crop nutrients, future-enabling products for decarbonising the global economy, improving living standards, and providing food security.

    4 min

  6. 21 JUL

    South Africa Manganese delivers strong finish with 25% higher last quarter production

    This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. South Africa Manganese finished financial year strongly, South32, the Johannesburg- Sydney- and London-listed diversified mining company reported on Monday, July 21. In the three months to June 30, manganese production beat guidance by 9% as Australia Manganese completed its recovery plan from the impacts caused by Tropical Cyclone Megan and South Africa Manganese saleable production was largely unchanged at 2 151000 wet metric tons (wmt) during financial year 2025 (FY25). The strong finish to the year by the Northern Cape's manganese endowment was marked by production increasing by 25% in the June quarter, exceeding FY25 production guidance by 8%. While South32 will continue to monitor and respond to market conditions, FY26 production manganese guidance remains unchanged at 2 000 000 wmt. June quarter sales soared by 48% while sales-mix optimisation realised a 11% premium to the medium grade 37% manganese lump ore index27. South Africa manganese production totalled 2 151 000 wmt. On June 3, Samancor Manganese Proprietary completed the divestment of the Metalloys manganese alloy smelter in South Africa's Gauteng province to Khwelamet, owned by a joint venture between Menar and Ntiso, which hopes to revive South Africa's ferromanganese added-value alloy output in support of national reindustrialisation efforts. Despite being the world's biggest supplier of manganese ore, South Africa's capacity to add value has decreased owing mainly to escalating electricity costs. The return of Metalloys under the Khwelamet brand creates an opportunity to replenish lost production capacity while taking advantage of locally sourced manganese ore. Concurrently, South Africa's national mineral research organisation Mintek has demonstrated production of manganese ferroalloys with the use of reductants such as hydrogen and aluminium to eliminate CO emissions. Simultaneously, manganese waste is converted into products, making the process both cleaner and more far-reaching. South32 will recognise a post-tax gain of $46-million from the sale of the ferromanganese alloy facility. South32's Australia Manganese received $350-million of external insurance payments in FY25, following the impacts of Tropical Cyclone Megan and the company is continuing to work with its insurers on further insurance recoveries. South32 provided net funding of $110-million to its manganese environmental impact assessments in FY25, including $47-million in the June 2025 quarter, primarily to support the operational recovery plan at Australia Manganese. South32's manganese production exceeded FY25 production guidance by 9% and aluminium guidance by 6%. ALUMINIUM SALES RISE IN FINAL QUARTER The FY25 production of South32's 100%-owned Hillside Aluminium in South Africa's Richards Bay marked time at 718 000 t but last FY25 aluminium sales were up 2% at 732 000 t uplifted by a 13% final quarter sales rise. In May, South Africa's State-owned power utility company Eskom agreed electricity pricing for Hillside Aluminium as part of the South African government's policy to support strategic industries that create value for the nation. The agreement was described by South32 as enabling the Hillside aluminium smelter to remain internationally competitive so that it can continue to deliver economic benefit to South Africa. Under scrutiny for remedying is Hillside's value-lowering 'high-carbon' status. The carbon-intensive description given to Hillside stems from its use of Eskom's largely coal-fired electricity, but competitive decarbonisation is continuing to be intensively investigated for what is the largest aluminium smelter in the southern hemisphere and the producer of a major percentage of primary aluminium for South Africa's value-adding secondary aluminium prod...

    5 min

  7. 18 JUL

    Martin Creamer talks about Platinum tariffs, Transnet deal with UMK and Waterberg

    Mining Weekly Editor Martin Creamer discusses tariffs on platinum being eclipsed by strong investment and jewellery demand; the 10 year contract signed by Transnet and United Manganese of Kalahari; and how the Waterberg platinum group metals project is advancing.

    4 min

  8. 18 JUL

    Orion will be producing Prieska concentrate by Christmas next year, new CEO assures

    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 Orion Minerals will be producing concentrate at its flagship Prieska Copper Zinc Mine by Christmas next year, says new highly experienced Orion CEO Tony Lennox, who is also leading the pulling together of the company's tenements in the Okiep region. "We're now very clear on transitioning from a developer explorer to a producer. We'll do so in a considered and detailed manner, but rest assured, we'll be producing concentrate by the end of next year," Lennox emphasised to Mining Weekly in a Zoom interview. (Also watch the attached Creamer Media video.) The permitted Prieska, last operated in 1991, has a compliant resource of 31-million tonnes at 1.2% copper and 3.6% zinc. A definitive feasibility study (DFS) published in March confirmed the potential to develop a long-life operation through a two-phase development strategy. South Africa's State-owned Industrial Development Corporation (IDC) holds 43.75% of Okiep with a DFS confirming its Flat Mines project's ability to deliver a safe, modern, fully mechanised copper mine. "Firstly, we're very pleased to have such outstanding, iconic assets from the South African mining history," Lennox commented. Prieska is one of the world's volcanogenic massive sulphide base metal deposits, with a recorded historical production of more than 430 000 t of copper and a million tons of zinc from 46.8-million tons of sulphide ore milled, and in the 1870s, the small Northern Cape town of Okiep was ranked as hosting the richest copper mine in the world, in close association with Nababeep. "We're pleased to be able to breathe new life into Prieska and to pull together, after many years, the large tenements we've got in the Okiep region. What are our plans? We look to be producing concentrate out of Prieska by Christmas next year, and the critical aspect we have underway at the moment is our funding that will allow us to go into execution." Mining Weekly: What is the latest on funding in order to become a copper producer? Lennox: The latest is that we are currently in confidential discussions with offtake funders, plural. We have the benefit of working hand-in-hand with the IDC, and that is an excellent organisation to be in association with, and we also have in place funding from Triple Flag Precious Metals out of Canada. Tell us about Orion' role as an emerging Northern Cape producer? It's a pleasure to be part of the Northern Cape. I have had a history in South Africa and in Mozambique and to be now turning my attention to the Northern Cape and steering Orion to be a substantial organisation in Northern Cape is extremely pleasing. The social uplift agenda that we will provide for Prieska, the Okiep Springbok region and Nababeep, is quite important to us. The approach we have after many years of concession or tenement consolidation has been that with the release of our DFS is in March, we are now focused very, very clearly on delivering concentrate from the Upper portion of the Prieska deposit. All of our effort is to convert from a exploration developer to a concentrate producer. When we have the Prieska Uppers running, we'll be looking to ensure there's a smooth transition into the mother lode of Prieska, the Deeps, and in parallel with that, will be finalising optimisation around the Okiep region. At Okiep, we've pulled together a definitive feasibility study, where you take orebodies that are disassociated, and you pull them all back to the a single central processing complex. We're finalising the detail around the respective orebodies to ensure that there's a good value for Orion, good value for our shareholders, and good value for the communities. SHARE PURCHASE PLAN Funds raised from the Orion share purchase plan, which closes on 5 August, wi...

    5 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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