Latest news with #PGMs
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:
IOL News
2 days ago
- Business
- IOL News
Impala Platinum and Impala Bafokeng Resources to consolidate operations
Impala Platinum Limited (Impala) and Impala Bafokeng Resources Proprietary Limited (IBR), two key subsidiaries of Implats, have agreed to consolidate their operations. Impala Platinum Limited (Impala) and Impala Bafokeng Resources Proprietary Limited (IBR), two key subsidiaries of Implats in response to low prevailing rand platinum group metal pricing have agreed to consolidate their operations. "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 said in a statement. It is expected that, over time, the consolidation will improve profitability and ensure the sustainability of the combined operations, which shall be ongoing and continuous. Implats said there is no cash consideration attributable to the consolidation, nor will the shareholders of Implats, Impala or IBR change due to the consolidation. The consolidation also does not involve any related parties to the Implats group. The consolidation will see Impala and IBR enter into an agreement in terms of which IBR will transfer its entire business (comprising the exploration, development and mining of PGMs and activities related thereto) including all its assets and liabilities to Impala as a going concern. The transaction will be executed in accordance with the tax rollover provisions as provided for in the Income Tax Act, 1962 (Agreement), after IBR and other companies of the Implats group have implemented certain reorganisational steps relating to the businesses prior to the consolidation. The effective date of the consolidation agreement is set for July 1, 2025, marking the beginning of a new phase for both companies.
Zawya
25-04-2025
- Business
- Zawya
Copper and iron ore give Anglo American a strong start to the year
Anglo American has had a strong start to the financial year, with copper and iron ore the star performers for the first quarter ended 31 March 2025. Anglo American has had a strong start to the financial year with copper and iron ore the star performers for the first quarter ended 31 March 2025 "In copper, Quellaveco and Los Bronces are both performing well, helping to offset the expected lower grades and variability in recoveries at Collahuasi. 'In iron ore, Kumba posted another solid quarter and increased iron ore sales as Transnet saw better rail logistics performance, and Minas-Rio had another excellent quarter,' says Duncan Wanblad, chief executive of Anglo American. Q1 2025 overview - Copper production was 168,900 tonnes, reflecting higher production from Peru as a result of higher grades, offset by planned lower production in Chile, which resulted in a 15% decrease year-on-year. - Iron ore production increased by 2% to 15.4 million tonnes, primarily driven by a strong first quarter performance from Minas-Rio. - Manganese ore production decreased by 60% to 317,000 tonnes, primarily due to the ongoing temporary suspension of the Australian operations following the damage caused by a tropical cyclone in March 2024. Export sales are expected to resume in the June 2025 quarter. - Production from Platinum Group Metals (PGMs) operations decreased by 17% to 696,300 ounces, primarily reflecting planned lower purchase of concentrate volumes, as well as heavy rains and widespread flooding which impacted own mined production, primarily at Amandelbult. - Steelmaking coal production was 41% lower at 2.2 million tonnes, primarily due to the underground fire at Grosvenor in June 2024. Excluding the impact of Grosvenor and Jellinbah6, production increased by 11%, reflecting higher production at the Dawson open-cut mine and the Aquila underground mine. - Nickel production increased by 3% to 9,800 tonnes, reflecting operational stability at Barro Alto. - Rough diamond production decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged period of lower demand. A focus on simplified portfolios Wanblad says their focus on operational excellence is delivering valuable stability to its simplified portfolio, which provides a strong base for the rest of the year. "We are making good progress with our portfolio simplification as we prepare to complete the transactions through which we will exit our PGMs, Steelmaking Coal and Nickel businesses." The demerger of Anglo American Platinum is expected to be effective from 31 May, subject to shareholder approval on 30 April. He also refers to the sale of their steelmaking coal business to Peabody Energy and the sale of its nickel business to MMG Singapore Resources. In the first quarter, the company also finalised a new long-term diamond sales agreement with the Government of Botswana. 'We continue to pursue a dual track process to divest our interest in De Beers, which we are committed to completing at the right time and when market conditions allow,' adds Wanblad. He says 2025 is a year of portfolio and organisational transition for Anglo American. "We will emerge as a highly differentiated, sustainably higher margin and higher return on capital employed investment proposition, well positioned for our next phase of growth and value delivery." Commenting on the impact of tariffs, he says while the impact on the global economy is uncertain in the short term, "we have conviction in the strong longer-term outlook for our products, which have scope to become even more important to the changing global economy in the coming years". He notes that their restructuring and cost savings programme remains on track, giving them confidence that they are well on their way to reshaping their business and embedding far greater resilience, both through the cycle and in the current volatile macro environment. Looking ahead "Looking ahead, we are working at pace with Codelco to secure definitive agreements later this year to develop a joint mine plan for our respective Los Bronces and Andina copper mines - both world-class in their own right.' Wanblad adds that they are also advancing their considerable pipeline of organic growth options. 'The recent designation of their polymetallic Sakatti project in Finland as a 'Strategic Project' by the European Commission further increases confidence in our growth path to one million tonnes of annual copper production."
Zawya
24-04-2025
- Business
- Zawya
African Mining Week (AMW) to Spotlight Investor Strategies Driving Africa's Mineral Industrialization
African Mining Week (AMW) – taking place from October 1–3, 2025, in Cape Town – will connect global investors with high-impact opportunities across Africa's mining sector, spotlighting the strategies fueling the continent's mineral industrialization. A key highlight of the event will be a high-level panel, The Investor Perspective: Financing Africa's Mineral Industrialization. The session will explore the evolving investment landscape and examine diverse financing mechanisms – including bank loans, private equity, venture capital and impact investing – that are mobilizing capital into African mining. DFIs Drive Infrastructure Investments Attracted by strong returns and Africa's long-term growth potential, development finance institutions (DFIs) are ramping up investments into the continent's mining infrastructure. In March 2025, the African Development Bank approved a $150 million loan to Mauritania's state-owned mining company SNIM and committed $500 million to the Lobito Corridor – a strategic railway project linking Angola, the DRC and Zambia to international markets. Meanwhile, the Africa Finance Corporation (AFC) is backing several critical mineral projects, including Nyanza Light Metals' $780 million PGMs facility in South Africa, Gecamines' expansion in the DRC, Giyani Metals' manganese development in Botswana and FG Gold's project in Sierra Leone. Between 2014 and 2024, AFC invested over $1 billion into Africa's mining sector. The U.S. International Development Finance Corporation (DFC) is also deepening its commitment, providing more than $750 million toward the Lobito Corridor, $34 million for Pensana's Longonjo rare earths project in Angola and $3.2 million to Chillerton's green copper development in Zambia. Geopolitics and African Prospects Geopolitical shifts are intensifying the global race for Africa's critical minerals, vital for the energy transition and digital economy. From 2019 to 2023, companies from the United Arab Emirates committed over $110 billion to African projects. In early 2025, UAE-based Ambrosia Investment Holding acquired a 50% stake in Allied Gold's projects in Ethiopia and Mali, investing $375 million to scale up gold production. Canadian mining investment on the continent has now surpassed $37 billion, with companies like Ivanhoe Mines, Fortuna Silver, Pioneer Lithium and Trigon Metals leading expansion efforts. Similarly, Australia's mining footprint in Africa reached $60 billion in asset value in 2024, supported by firms such as Sovereign Metals, Cazaly Resources and Atlantic Lithium. Private Placements Private placements are emerging as a preferred capital-raising vehicle for mining ventures across Africa. Companies including Zanaga Iron Ore, Moab Minerals, Global Atomic Corporation, Premier African Minerals and Trigon Metals are leveraging this mechanism to fast-track project development and attract investor interest. As ESG criteria take center stage in investment decision-making, AMW will serve as a platform for financiers and project developers to engage on sustainability metrics, transparency and responsible investing. Distributed by APO Group on behalf of Energy Capital&Power. 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@ To download the working program, please visit
Yahoo
11-02-2025
- Business
- Yahoo
Anglo Platinum Says Profit Fell by Up to 52% on Lower Prices
(Bloomberg) -- Anglo American Platinum Ltd. said profit last year fell by as much as 52% after the price of palladium and rhodium slumped. Citadel to Leave Namesake Chicago Tower as Employees Relocate State Farm Seeks Emergency California Rate Hike After Fires Transportation Memos Favor Places With Higher Birth and Marriage Rates San Francisco Wants Wealthy Donors to Help Fix Fentanyl Crisis NY Transit Advocate Says Billions in Tax Hikes Would Fix MTA Profit in 2024 likely declined to between 6.3 billion rand ($339 million) and 7.6 billion rand, from 13 billion rand the previous year, the Johannesburg-based company said Thursday in a statement. Earnings were also hit by 1.9 billion rand of asset writedowns, mainly relating to the coarse particle recovery technology at its Mogalakwena mine. Anglo American Plc announced plans to exit its controlling stake in Johannesburg-listed Amplats last May. It's part of a wider restructuring program that was unveiled in response to an unsolicited $49 billion takeover proposal by BHP Group. Anglo has since sold part of its stake in Amplats to increase the South African unit's free float ahead of a full exit. Amplats and its peers in South Africa – by far the world's largest producer of platinum – have been battling a prolonged period of weak prices that's slashed profits and forced cost-cutting. In the longer term, the firms are focused on finding alternative sources of consumption to replace dwindling demand from the auto sector, which uses PGMs to curb emissions in gasoline and diesel vehicles. Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System ©2025 Bloomberg L.P. Sign in to access your portfolio
