Latest news with #PGM
IOL News
a day ago
- Business
- IOL News
Impala Platinum consolidates operations to secure long-term profitability
Rock face operations at an Impala Platinum Mine in Rustenburg. Impala Platinum Holdings is consolidating two subsidiaries, Impala Bafokeng Resources and Impala Platinum Image: File Photo Impala Platinum Holdings (Implats) is merging the operations of two subsidiaries, Impala Bafokeng Resources (IBR) and Impala Platinum, due to the low prevailing rand platinum group metal (PGM) pricing. In a statement on Tuesday, Implats said the move was also necessary to secure the long-term sustainability of both Impala and IBR. Meanwhile, market analysts believe PGM prices should improve in the second half of this year. 'This consolidation will align the legal structure with current reporting lines in place and facilitate and progress the realisation of synergies between the two operations,' Implats directors said. It was expected that, over time, the consolidation will improve profitability and ensure the sustainability of the combined operations, 'which shall be ongoing and continuous,' they said. There was no cash consideration attributable to the consolidation, nor would Implats shareholders, or shareholders of Impala or IBR change due to the consolidation. The change also did not involve any related parties to the Implats group, the statement said. In terms of the actual transaction, Impala and IBR entered into an agreement for IBR to transfer its entire business comprising the exploration, development, and mining of PGMs and activities, including all its assets and liabilities, to Impala as a going concern, after IBR and other Implats companies had implemented certain re-organisational steps relating to the businesses prior to the consolidation. An online search shows IBR operates two active mines — Bafokeng Rasimone Platinum Mine (BRPM) and Styldrift Mine — and two concentrators that process ore. It has a site under care and maintenance, the Maseve Mine, which was acquired in 2018. Impala Platinum's existing operations include Impala Rustenburg, Marula Platinum, Zimplats, and Impala Canada. Implats' share price gained 1.2% to R160.84 Tuesday afternoon, adding to the gains of more than 85% in the mining group's share price over a year. Meanwhile, Mining Weekly reported on Monday that refinery services provider Heraeus had found in its latest precious metals appraisal that the platinum price, which averages $1,341/oz, will likely correct over the second half of the year, based on rising demand from China, and the South African PGM basket was currently more than 30% higher than at the start of the year, in dollar terms. 'For high-cost producers, this will ease pressure on profit margins which have been eroded over the past 18 months as PGM prices have fallen and production costs have risen.' Platinum prices had risen to an 11-year high last week, the specialist mining publication reported. Visit:
Zawya
3 days ago
- Business
- Zawya
South Africa's Platinum Group Metals (PGMs) Sector in Focus as Isondo Precious Metals Chief Executive Officer (CEO) Joins African Mining Week (AMW)
Vinay Somera, CEO of South African fuel cell component manufacturer Isondo Precious Metals has joined the upcoming African Mining Week (AMW) 2025 – Africa's premier gathering for mining stakeholders – as a speaker. Somera will join a high-level panel, South Africa's Strategic Influence in the Global Platinum Group Metals (PGMs) Market, where he is expected to highlight efforts to maximize PGM production in South Africa. With the country supplying roughly 80% of the world's PGMs –essential for electric vehicle and clean energy development – AMW 2025 will unpack the country's strategic position in the global market, especially as the world enters its third consecutive year of supply deficits – expected to reach 848,000 ounces in 2025. African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ At AMW 2025, Somera is set to showcase how Isondo Precious Metals is producing membranes for green hydrogen fuel cells and electrolyzers using South African-sourced PGMs. Under his leadership, the company is scaling its fuel cell manufacturing capabilities and working with international partners on infrastructure development and workforce training. Isondo Precious Metals recently acquired hydrogen reduction equipment from U.S.-based Camco Furnaces and two test stations from Greenlight Innovations, where it is also conducting workforce development initiatives. As such, AMW 2025 represents an ideal platform for Somera to provide an update on Isondo Precious Metals' strategy to deploy hydrogen refueling stations for hydrogen-powered buses and vehicles in South Africa. As Isondo Precious Metals advances its proof of concept for a new ammonia cracking generator, AMW 2025 offers a strategic platform for Somera to present the company's investment and expansion plans to a targeted audience of South African, regional and global investors and partners. Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
17-06-2025
- Business
- Zawya
South Africa: Mining production records 0.6% increase in April
The Minerals Council of South Africa indicated that mining production saw a slim increase of 0.6% month-on-month in April 2025, following 3.6% in March. Looming large, of course, is the US trade policy, mainly the introduction and hiking of tariffs on virtually all countries exporting to the US. Domestically, ongoing challenges that affect the sector's global competitiveness include double-digit electricity tariff escalation which has constrained deep-level mining and local beneficiation, as well as inefficient rail and port logistics. Production results In terms of the individual commodities, except for coal production (+4% m-o-m) there were contractions in bulk commodities, including iron ore (-2.8%) manganese (-7.5%), chrome (-4.2%), as well as the base metals, namely nickel (-23.3%) and copper (-16.5%). On the other hand, the production performance of the precious metals was mixed with gold (+9.1%) and diamonds (+0.2%) increased while the platinum group metals (PGMs) (-0.4%) contracted. The decline in nickel production was particularly steep, probably because currently supply exceeds demand. This is expected to be the case in 2025. In South Africa, nickel is mostly derived from PGM mines. Quarter-on-quarter (q-o-q), assuming that the level of production in May and June remains at comparable levels to that of April 2025, Q2 2025 production looks set to increase by 1.6%. If realised, that would be a notable improvement given the large Q1 2025 decline of 4.1%. Year-on-year (y-o-y) total mining production declined by a steep 7.7% in April 2025. This was the fourth consecutive decline in production volumes (y-o-y). Accounting for the decline was a drop in production of the major commodities, including the PGMs (-24.1%), coal (-1.7%), and gold (-2.5%), which together account for over 60% of mining production in South Africa. Significant declines were also recorded in nickel (21.9%) and copper (-9.5%). Iron ore (+5.3%), chrome (+2.3%), and diamonds (+10.1%) all registered growth in April production (y-o-y). Minerals sales earnings (nominal) were slightly up by 0.7% (y-o-y) in April 2025, driven by an increased sales value of gold (+57.6%), copper (+37.7%) and manganese (+66.6%). Sales earnings (y-o-y) in all the other subcomponents took a hit, viz.: PGMs (-20.1%), iron ore (-25.9), nickel (-30.3%), coal (-5.4%) and chrome (-2.2%). In April 2025 total mineral sales registered R68.1bn compared to R62.9bn the previous month. Gold sales accounted for more than R7.2bn of the difference in total sales. In the short-term, commodity prices present a mixed bag. Precious metals prices seem to be positive and might just be what is needed to spur production. Gold prices continue to be at elevated levels, up 38.1% ($3,222/oz) in April 2025 (y-o-y), whilst platinum was marginally higher at 1.9% ($1,021/oz). Among the major commodities, the prices of coal (-16.8%), iron ore (-10.1%) and palladium (-7.1%) were down in April (y-o-y). All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
IOL News
12-06-2025
- Business
- IOL News
Southern Palladium secures A$8m to fast-track Bengwenyama mine development
Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. Image: AFP Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa. The company issued 16 million new shares at A$0.50 apiece, matching its last closing price on June 6 and representing a 10.5% premium to its 10-day volume-weighted average price (VWAP). No options were attached to the placement. One of the company's largest shareholders provided A$4.6m as a cornerstone investment, with the remainder backed by new and existing institutional investors. Southern Palladium said the funds would support the next phase of its Definitive Feasibility Study (DFS) and staged mine development at Bengwenyama, following recent environmental approval for a Mining Right. "This strategic placement provides the group with targeted funding support at an important juncture as we execute on the transition of Bengwenyama, a tier-one PGM project globally, towards staged mine development,' executive chairman Roger Baxter said in a statement. "In particular, we are pleased to have attracted such strong support from our existing institutional investors, led by a cornerstone investment from one of our largest shareholders, while also attracting new institutional investment - marking a vote of confidence for both the quality of the resource and our stated development strategy for the Bengwenyama PGM project" The company plans to publish an optimised Pre-Feasibility Study (PFS) shortly, incorporating a two-stage development strategy aimed at reducing initial capital costs. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Baxter said the placement would give the company a strong cash runway as it progresses towards early-stage mine development at what he described as 'one of the last premier greenfield PGM opportunities in the Bushveld Complex.' Shares issued under the placement will rank equally with existing shares and be listed on the Australian Securities Exchange. The placement was conducted within the company's existing issuance capacity under ASX Listing Rules 7.1 and 7.1A. BUSINESS REPORT Visit:
Yahoo
08-06-2025
- Business
- Yahoo
Tharisa PLC (TIHRF) (H1 2025) Earnings Call Highlights: Navigating Challenges with Strategic ...
Revenue: $280.8 million, down 24% year-on-year. EBITDA: $43.8 million, down 45% year-on-year. Net Profit After Tax: $8.2 million for the half year. Cash from Operations: $36 million, down from $86 million in the prior period. Capital Expenditure: $52.5 million, with $12.8 million allocated to Karo Platinum. Cash and Cash Equivalents: $193.6 million at the end of the half year. Headline Earnings Per Share: USD0.029. Interim Dividend: USD0.015 per share, representing 54.3% of NPAT. Share Repurchase Program: Announced a second program of USD5 million. PGM Production: 62,400 ounces. Chrome Concentrate Production: 755,400 tonnes. PGM Basket Price: $1,403 per ounce, up 4.4% from the prior period. Metallurgical Chrome Concentrate Price: $253 per tonne, down 12.2%. Net Cash: $87.6 million as of March 31, 2025. Total Debt: $106.1 million, with 73% as short-term debt. Warning! GuruFocus has detected 5 Warning Sign with TIHRF. Release Date: May 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Tharisa PLC (TIHRF) reported industry-leading safety statistics with a lost time injury frequency rate of 0.02 at the Tharisa mine and 0.08 at Karo Platinum. The company maintained a strong cash position, ending the half-year with $193.6 million in cash and cash equivalents. Tharisa PLC (TIHRF) announced a second share repurchase program of USD5 million, following a successful first program. The company is advancing its Redox One long-duration energy storage battery to megawatt scale, indicating progress in energy storage solutions. Tharisa PLC (TIHRF) declared an interim dividend of USD0.015, maintaining a high payout ratio of 54.3% of net profit after tax, reflecting confidence in its business outlook. Revenue for the half-year decreased by 24% to $280.8 million, impacted by lower output and reduced PGM and chrome prices. EBITDA fell by 45% year-on-year to $43.8 million, reflecting operational challenges and lower commodity prices. The company faced severe weather disruptions, including thunderstorms and lightning, which affected operations in the first half. Tharisa PLC (TIHRF) experienced a decrease in net cash flow from operations, down to $36 million from $86 million in the prior period. The metallurgical chrome concentrate price dropped by 12.2%, contributing to the overall decline in revenue. Q: What is the outlook for chrome production in the next half of the year? A: Phoevos Pouroulis, CEO, stated that Tharisa has not revised its guidance and remains cautiously optimistic about meeting the lower end of its annual guidance for PGMs and chrome production. The company expects an improved second half due to a drier season and successful waste stripping to access reef horizons. Q: How is Tharisa addressing potential industrial action affecting logistics, particularly with Transnet? A: Phoevos Pouroulis, CEO, explained that Tharisa utilizes three portsRichards Bay, Durban, and Maputoproviding flexibility to redirect cargoes if needed. This multi-port strategy has proven effective in mitigating disruptions. Q: What are the implications of chrome being classified as a critical mineral in South Africa? A: Phoevos Pouroulis, CEO, welcomed the classification, noting that it aligns with Tharisa's strategy of beneficiation and product diversification. The company expects potential government support to enhance local value and accelerate projects like redox flow electrolyte production. Q: When will Tharisa's surface mine volumes start declining as underground mining ramps up? A: Phoevos Pouroulis, CEO, indicated that steady-state production from the underground mine is expected by 2029, allowing for continued open-pit mining until 2034. The transition provides flexibility and the potential to increase production capacity. Q: How is Tharisa mitigating weather-related disruptions, particularly from rainfall and lightning? A: Phoevos Pouroulis, CEO, highlighted the implementation of a comprehensive water management strategy, including dewatering boreholes and upgraded pumping capacity. For lightning, the company is considering reducing the storm scope radius to minimize operational disruptions. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
