Miningmx

Miningmx is an online news platform that offers unbiased news and insights about the African mining industry. Unlike other news sources, it does not share or reproduce content from other outlets. Instead, it focuses on creating high-quality articles through a team of independent reporters. The coverage includes updates on commodity markets and corporate activities of both South African and international companies operating in Africa, with a particular emphasis on sub-Saharan Africa.

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Gemfields shares rise as ruby expansion offsets gloom

1 week ago | miningmx.com | David McKay

GEMFIELDS will commission a second processing plant at its ruby mine Montepuez in Mozambique in September, the company said on Friday. Shares in the company gained 17% in early Johannesburg trade. The company has endured a difficult year on several fronts. On a 12-month basis, shares in Gemfields are about 52% weaker, and 15% lower year-to-date.
Kumba CFO to step down in December

1 week ago | miningmx.com | David McKay

KUMBA Iron Ore said its CFO of eight years Bothwell Mazarura is to step down from end-December after serving a six month notice period. He will be replaced by Xolani Mbambo, currently CEO of Grindrod Ltd, a logistics and shipping company. Mbambo is a chartered accountant with over 20 years of experience in mining, logistics, and finance. He was previously employed at Anglo.
Kenmare takeover talks end after consortium lowered offer

1 week ago | miningmx.com | David McKay

TAKEOVER discussions between Kenmare Resources and a consortium that included its former managing director ended in failure, the parties said on Thursday. “Following a comprehensive due diligence process and after accounting for its findings, the Consortium was unable to reach alignment with Kenmare on its updated valuation and as a result the Consortium has ceased engagement,” said Oryx Global Partners.
Mkwanazi to leave Anglo as group unveils executive restructure

1 week ago | miningmx.com | David McKay

ANGLO American said its regional director for Australia and Africa, Themba Mkhwanazi would leave the company following the disposal of group assets in the past 12 months. Mkwanazi’s duties would be consolidated under Anglo’s chief operating officer, Ruben Fernandes, Anglo said on Wednesday in an announcement to the Johannesburg Stock Exchange.
Asante Gold unveils $470m balance sheet refresh

1 week ago | miningmx.com | David McKay

GHANA miner Asante Gold said on Wednesday it had concluded terms for a recapitalisation of its balance sheet in which it will raise $470m. The funds will contribute towards clearing existing debt of $53m to Kinross Gold Corp. related to Asante’s $225m acquisition of Kinross’s 90% stake in Chirano mine in 2022. Asante will also issue shares to Kinross as well as convertible debentures which, if converted would give Kinross no more than 18% of Asante. Asante has struggled to pay off the Kinross deal.
SA's Mantashe: stuck in an endless BEE loop

1 week ago | miningmx.com | David McKay

THERE’S a long-standing view around town that the South African Government gaslights its mining industry with horror legislative proposals as a negotiating technique. There may be something in this. In May it appeared to perform a volte face when the Department of Minerals & Petroleum Resources (DMPR) imposed empowerment targets on exploration firms as part of amendments to the Minerals & Petroleum Resources Development Act (MPRDA).
Gemfields ruby auction realises $31.7m

1 week ago | miningmx.com | David McKay

GEMFIELDS reported strong demand for fine-quality rubies on Monday despite market turbulence, with its latest mixed-quality ruby auction generating $31.7m in revenue. “Demand and pricing for fine-quality rubies remain strong,” said Adrian Banks, Gemfields’ MD of product and sales. “Today’s auction result demonstrated the resilience of rubies in turbulent times,” he said. The auction, held between June 2 and 13, saw 78 of the 90 lots offered finding buyers, representing an 87% sell-through rate.
Harmony hoping to export its operational nous to Australia

2 weeks ago | miningmx.com | David McKay

NOW we know what Harmony Gold intends doing with all that cash it’s built up since the gold price went into overdrive early in 2024. On May 27 it unveiled an agreement to buy New York-listed copper miner MAC Copper for $1.08bn, representing a 20.7% premium on MAC’s closing share price on May 23 of $10.15 and a 32.1% premium on the 30-day volume-weighted average price of $9.28. MAC Copper owns 100% of CSA, a 41,000t a year mine in New South Wales, Australia.
Southern Palladium raises A$16m for Bengwenyama DFS

2 weeks ago | miningmx.com | David McKay

SOUTHERN Palladium, a JSE-listed exploration company, said on Thursday it had raised A$16m (R185m) through an issue of shares. The proceeds are earmarked for a definitive feasibility study and early mine works at its Bengwenyama platinum group metal (PGM) prospect.
AngloGold expects liquidity boost from Russell index inclusion

2 weeks ago | miningmx.com | David McKay

ANGLOGOLD Ashanti is to be included in the Russell 3000 and other Russell indexes from June 27, a development that may drive significant investment interest in the gold stock, especially from passive funds. Alberto Calderon, CEO of AngloGold Ashanti, said in an announcement on Wednesday that the inclusion of his firm in the indexes when they are rebalanced would give a huge boost to liquidity. “This is an important milestone for AngloGold Ashanti,” he said.