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News.com.au
07-07-2025
- Business
- News.com.au
ASX miners bring shine back to South African gold
Rich in history, South Africa's gold mining industry is being reborn under the watch of two ASX listed companies Theta Gold Mines is bringing one of South Africa's most storied gold mines back to life West Wits Mining targeting first gold pour in 2026 As gold prices soar, ASX gold developers have emerged among the next generation of miners to restore and reinvigorate South Africa's status as one of the world's top gold jurisdictions. In 1993, South African gold producers delivered close to 620t of bullion to global markets, as much as 49% of the world's total. Nowadays rising output from competitors like Australia, Russia, Canada and China has relegated the richest democracy in Africa to 12th place, producing under 100t in 2024. But the outlook for gold developers in the Rainbow Nation is looking brighter, with prices in excess of US$3300/oz, paired with a weak Rand, leading many to recalculate their economics in updated studies. On top of that, a tenuous coalition led by the country's two largest political parties – the African National Congress and Democratic Alliance – has sharpened the tools of government after years of inertia under the long ruling ANC, promising to modernise its services and make its business environment more attractive. Against that backdrop, mines that have laid dormant for years are now on a pathway to development. Key among those is the Transvaal Gold Mining Estates project, where ASX-listed Theta Gold Mines (ASX:TGM) last month announced a decision to mine one of South Africa's most historically significant gold fields. Located 370km east of Johannesburg in the Mpumalanga Province, the TGME project is not part of the Witwatersrand Basin, the famous 1.5Boz gold field from which more bullion has been sourced than any other in history. Rather it is located near Pilgrim's Rest, the site of South Africa's first major gold rush in September 1873. Theta's local subsidiary – TGME – holds particular significance for the story of the country's relationship with the yellow metal. It was the first listed gold mining company in South Africa and at over 130 years, among its oldest continuously running corporations. TGM's announcement that its board had approved the project's redevelopment starts the latest chapter in the mine's illustrious history. "It does have a long history, 130 years of history and pretty consistent mining," Theta Gold Mines' executive chair Bill Guy said. "And it had a lot of gold left behind. Historically they produced about 6.7 million ounces and we've got 6 million ounces on the book. "We know there's more gold than that but the board really had to make a decision about where do we stop exploring and when do we start mining and making some money." Return of the gold rush The key mine of the TGME in the early days was the Beta gold mine, which produced consistently from the early 1900s to the 1972, producing over 550,000oz at grades in the order of 21g/t – around two-thirds of a troy ounce. Other, smaller mines, wound up operations during World War 2 due to a lack of manpower, but the project eventually found itself in the hands of a young Randgold Resources, which went on to develop major gold mines in West Africa and become a part of world class gold miner Barrick. The gold field now under Theta's control includes 6.1Moz of resources at an average grade of 4.17g/t, over 1.6Moz of those in the higher confidence indicated category and over 1Moz at Beta alone. Theta is aiming to revive the operations by scaling up production from four underground mines at Beta, Rietfontein, Frankfort and CDM, producing 1.1Moz over 12.9 years based on its current mining inventory at a head grade of 5.95g/t and underground production rate of 540,000tpa. That would deliver 80-100,000ozpa within three years of the mine's development, with average all in sustaining costs of ~US$900/oz, among the lowest in South Africa and some of the lowest in the world. However, those numbers are largely based on a definitive feasibility study from 2022, using a base case gold price of just US$1642/oz. With spot gold now double those levels, an updated study is due in the September quarter, likely to make the economics even stronger. "I joined the company about six years ago (and) we've doubled the resource from 3Moz to 6Moz, we've restructured the company and we've got 30 guys on the ground now, so we effectively have an operating mine site. Everyone on that site is an experienced miner," Guy said. "We just feel we're in a very good spot, ready to go. We've completed all our studies, we'll have one updated feasibility study in August in terms of the much higher gold price. "Our first feasibility was at US$1642/oz and even at US$1642/oz it was a very profitable mine." Strong support The first three mines included in the development have already been approved, Guy said, with 11km of exposed reef system to tap into. Stockpiles estimated to hold 174,000z of gold are already stacked up for potential processing alongside the underground development, with underground stocks also left behind by the old timers on account of the very high cut-off grades the project was mined at historically. Guy said the +5g/t grade of the mining inventory would be considered "very high grade dirt" if it was in Australia. TGM has already secured the support of the South African Government's Independent Development Corporation, which has signed an agreed credit approved loan facility agreement for US$35m ($53.8m) to cornerstone its debt finance. The agreement includes attractive terms including a seven year term from first drawdown and an 18-month capital and interest moratorium. Legal, technical and environmental due diligence has also been completed, a reflection of the importance of ESG considerations to investing in South Africa. Guy says the social licence to operate is a major factor in mining approvals in South Africa, with Theta anticipated to have 500 full time employees once the mine is up and running, making it the largest private employer and taxpayer in the Mpumalanga region. On the jurisdictional front, power supply issues which have plagued South African industry and consumers have become less prominent in recent times, Guy said. The expansion of standalone power plants and solar power in the country in recent years has helped take pressure off the national grid, with transport infrastructure around the TGME site also improving. "You have to remember also as a miner you're a strategic industry and, effectively, you're the last one to have the power turned off," Guy said. "I was there for 6-8 weeks before Christmas and we didn't have one load shedding event or one power blackout. "Things have improved dramatically. When I was there 2-3 years ago I would expect to have a load shedding event at least twice a day. So the power's improved a lot." Emerging trend Theta isn't the only ASX miner aiming to restore an historic South African gold mine. West Wits Mining (ASX:WWI) also has the support of the IDC via a senior debt facility for around US$50m for its Qala Shallows development in Gauteng, where it's aiming to pour first gold via a toll treatment deal with Sibanye-Stillwater in Q4 2025. Qala Shallows holds an ore reserve of 351,424oz, with the initial plan to ramp up to a rate of 70,000ozpa by 2028. With a broader mineral resource of 5.025Moz at 4.66g/t gold at the broader Witwatersrand Basin project, a study is under way to assess the potential expansion of the WBP operation to 200,000ozpa. The Qala Shallows development is also, like TGME, being placed under the microscope via a feasibility study review, with the price of gold well above the US$1850/oz used in its last DFS update in 2023. "Obviously with the rise in gold price there's a lot of opportunity to optimise that cut-off grade, which will add a lot of reserves or (resources) which we excluded from our mining plan," WWI CEO Rudi Deysel told Tylah Tully in a recent Stockhead TV interview. "So the expectation is we can accelerate the buildup of the production profile, as well as increase our reserve base, which is a big thing, as well as increasing life of mine." West Wits recently raised $14m in a placement, of which US$5m will be used to buy back a 10% minority interest in the holding subsidiary for the WBP, taking its ownership at the mine level from 66.6% to 74%. The rest will be used for the feasibility study review and optimisation, working capital and to commence operations at Qala Shallows. "The intention is to mobilise and prepare for operations in the next two months and then early (H2 2025) we will start with our production," Deysel said. The plan is to build up a 30,000t stockpile for six months after mining begins before trucking to Sibanye's Ezulwini plant, with a first gold pour expected early next year. Away from gold but still in the realm of precious metals, the development landscape for Southern Palladium's (ASX:SPD) Bengwenyama platinum and palladium mine is also looking brighter after platinum prices surged to an 11 year high of more than US$1400/oz in early July.
Yahoo
07-07-2025
- Sport
- Yahoo
Temba Bavuma and South Africa's unlikely triumph shows why Test cricket is worth saving
Cradling the Test mace, soaking up the sweet taste of success, Temba Bavuma perhaps took a moment to reflect on a long and unlikely journey to the top of the world. Many a great South African captain had tried and failed to lead their side to this sort of triumph, many a team of top talents falling short, the Protea name becoming a byword for blunders with the line in sight. And so it took the lad from Langa, all of five-foot-four in his spikes but a towering figure in so many senses, to overcome the derision and doubters to lead the Rainbow Nation to unlikely cricketing glory. While his tale is well told, it is worth reflecting again on the barriers Bavuma had to overcome. When he was first picked, certain sections of South Africa suggested a Black batter had been selected only due to transformation targets; after cementing himself in the side and earning an elevation, they questioned his captaincy. The critics are quieter now. Temba Bavuma secured the Test mace (AP) For this victory is a story of resilience and breaking barriers, both personally and for the team. It is impossible to disentangle the story of South African cricket from matters of race, not least due to the 22-year isolation under the apartheid regime. Further back, their first series against Australia in 1902 featured a standout performance from Charlie 'Buck' Llewellyn, the first non-white South African Test cricketer – there would not be another until 1992. Until Bavuma's breakthrough hundred in Cape Town in 2016, no Black player had ever made a century for South Africa. Advertisement But a team broadly drawn and led superbly by their captain, who averages nigh on 50 in the last five years, are Test champions of the world against all odds. There were plenty of detractors and doubters who felt it unfair that South Africa had played a softer schedule on their way to this final, but over three-and-a-bit days, they have proved themselves worthy winners. Temba Bavuma and Aiden Markram's partnership helped steer South Africa over the line (AP) 'I think this team's greatest strength is its unity,' batting coach Ashwell Prince said after day three. 'They are well aware that South Africa have had much greater individual players, but there is something special going on in our dressing room. 'If I'm honest, there was no talk about proving anybody wrong. There was a lot of talk about our route to the final, who we played against, and people have their opinions about that. We'd love to play against everybody more often – especially if there are big-money series where we can make some money.' Advertisement Prince's words felt important, because beyond the triumph lies cause for concern. This showpiece occasion displayed the best of Test cricket, and yet there will be no triumphant homecoming scheduled for the champions, with no home five-day fixture scheduled for South Africa's men in their upcoming summer. It is little more than a year since Dean Elgar, Bavuma's predecessor as skipper, retired from his favourite format citing a lack of fixtures. South Africa made the final against all odds (PA) Changes may be on the way to a World Test Championship that has brought certain benefits in contextualising long-form cricket but just as many headaches and headlines. At launch, the concept of the final was controversial, yet it has been a welcome addition, heightening the stakes and each time producing a compelling contest. It is thought that the game is set to remain in England for the next few editions. Lord's has felt an appropriate venue for the fixture given its history and prestige, and has looked resplendent with close to capacity crowds and the sun beating down. Aided by immigration, the sheer interest in Test cricket in London ensures that tickets will be snapped up almost regardless of who is involved – and the South African diaspora were in great voice throughout the final. Lord's looked a picture throughout the Test final (Action Images via Reuters) There will understandably be a temptation to take it to the giant Narendra Modi Stadium in Ahmedabad, given India's power within the game and population, but the swathes of empty seats that this game might have been played to there would not have been a great look. The Pakistan issue would pose another problem. Advertisement The final's position in the calendar may need some thought, though, following as it does the big block of white-ball cricket caused by the IPL. Both South Africa and Australia's batters looked lacking in preparation in the first innings particularly, with no real time to groove their techniques against the moving red ball. Indeed, the final reflected a trend more broadly of faster, more frantic Tests. 2024 was the year with the lowest bowling strike rate of any in the longest format since 1907 – though run rates are generally on the rise, too. Within that, though, may be an answer to some of the issues bedevilling Test cricket. Four-day encounters remain rarities within the schedule, but with fewer and fewer encounters extending to a full 15 sessions, there is surely an argument to explore the possibility of contracting slightly. When accounting for a slight reduction in rest between Tests, a three-match series made up of games comprised of four days could be squeezed in significantly quicker than those held over five. It will perhaps feel anathema for the purists to reduce the ebb and flow that makes this game so engaging, but a look at the landscape shows that something must be done. There has not been a single three-match Test series not involving at least one of England, Australia and India since 2019, a preference for short and sharp series not allowing narratives to build. In that sense, three times four is surely better than two times five. South Africa do not have a home Test scheduled in the 2025-26 summer (Getty Images) Fears over the competitive fairness in the World Test Championship are somewhat undermined by the convolution that already exists, with nations not playing identical schedules and contesting series of different lengths. Some would suggest that such a condensing could lead to a predominance of draws, yet such dispiriting results have been all but eroded from the game as currently constructed – and the increased time pressures could lead to bolder captaincy to add yet more tactical complexity. Advertisement The other option, of course, would be a fairer sharing of the revenue, but the economic heft that India provides the game somewhat understandably sees it hoard much of its wealth. It does feel slightly jarring to see the gaudy sums on offer in franchise cricket, though, when nations like Ireland are unable to schedule the Test cricket they need to develop due to financial concerns. The idea of two divisions will not go away – it will be controversial, but should it provide the fixtures that smaller nations need, there are worse ideas. One would not have confidence that the necessary scheduling safeguards would be in place in such a scenario. But there is clearly something to savour and take solace in here. The final progressed at breakneck speed for two days and evidently mattered much – every ball an event, the themes and throughlines evident. Test cricket has been fortunate for figures like Pat Cummins, Ben Stokes, Kagiso Rabada, Virat Kohli and others for championing it through word and deed. And the sight of Bavuma clutching the ultimate prize at Lord's is an image that deserves to endure.
Mail & Guardian
25-06-2025
- Politics
- Mail & Guardian
Race and politics distract us from the issue of inequality
The black middle class in South Africa has grown, but much of the inequality in the country remains the same. (File photo) In a recent conversation on the It sparked the question of whether South Africa is having a class struggle framed as a race one. Exploring the idea of deception and false victories, requires unpacking how the issue might be incorrectly diagnosed. One apparent fact in South Africa is that the memory of apartheid is disappearing for many in the new generation — Born Frees — who only know the country as a democracy in the hands of the ANC. Nelson Mandela is transformed into a myth, taught to young children, a man with a greater dream and vision for South Africa — derailed by ANC factionalism, corruption and state capture. The feel-good moments of hosting the 2010 Soccer World Cup and embodying the Rainbow Nation have been shut out. The question is: what has become of South Africa? So-called radical politics returned, initially in the form of Economic Freedom Fighters (EFF) leader Julius Malema, claiming to want to transform the economy and return the wealth of this country to the black majority — a narrative that intertwined race and the economy in ways the ANC had done before. But what has become known as black economic empowerment (BEE) and broad-based black economic empowerment, is seen to uplift only an elite few. It is a recognition of the potential stagnation of policies many had believed in during the ANC's early years in government. Second, it highlighted South Africa's inability to shake off inequality. Looking forward to the current state of politics, uMkhonto weSizwe party, led by former president and member of the ANC, Jacob Zuma, has styled itself as a strongly 'black party', aiming to unite black 'leftist' forces in the country. It wanted many of the same things as the EFF — nationalisation and pushing for the abolishment of the Constitution and the implementation of a constitution without codified law, according to their manifesto. The aim was to end the system as a whole, as well as implement the same expropriation aims introduced by the EFF. Have these parties muddled the lies of capital and race? At the core of the fight for South Africa, and the question of how to move forward after 30 years of liberation, it raises the question: has race been the distraction the whole time? It is important to highlight that 1994 marked liberation and victory for the ANC. The next task was to govern. Walking with the legacy of Mandela and the power of liberation in South Africa, governance and economic management fell to the wayside. With the implementation of the Growth, Employment and Redistribution policy and BEE in the Mbeki administration, questions were being raised about ways to redress inequality. With a slow system of wealth transfer, it was expanded to broad-based BEE, further widening the social net for beneficiaries and participation in South Africa. The black middle class in South Africa grew but much of the inequality in the country remains the same. Particularly looking at recent data — two ANC presidents after the policies were at the peak of their effectiveness — while black people have outnumbered white people in the richest 10% of the population for about seven years, the gap between South Africa's richest and poorest hasn't narrowed. The decline in racial inequality has been driven almost entirely by a surge in top incomes by black people, rather than increased wealth for the poorest, according to World Inequality Lab data. BEE, according to estimates, benefits about 15% of the black population in South Africa — a small group. Although progress, is it progress enough? Even exploring the land transfers since 1994, academics Wandile Sihlobo and Johann Kirsten, both experts on agriculture, have estimated that about 20% of freehold farmland owned by white farmers in 1994 has passed into black hands, either through government programmes or private purchases. This shows progress, yet not at the rate other constituents would deem necessary. What is true is that progress has been made in South Africa and that there are black South Africans occupying top management positions. There are many who are beneficiaries of BEE schemes but the systemic inequality in South Africa remains the same. Instead of it being a class issue, it has become a race and political issue. Politicians disagreed about the mechanism and speed at which transformation was to take place in the country. No different from the Azanian People's Organisation and the Pan Africanist Congress pre-1994, which argued for reclamation of the land in many of the same ways that are spoken about now. The messaging has been lost in claims and attacks on white capital, arguments over struggle anthems and disagreement about legislation deemed to be race-based, distracting from the core issue — South Africa is an unequal country. Holding the highest Gini coefficient in the world at 0.67, and with unemployment standing at 32.9%, it is apparent that there is a drastic need for a solution. There is no forgetting human suffering. Everyone is quick to cite the Covid-19 pandemic, but quick to forget the shared humanity that was needed to carry a world that was lost, confused and frightened through this dark time. South Africans cannot be oblivious to our growing problem. Soon, politicians face the need for pragmatic solutions. Personal politics undermines the problem on the ground. Similarly, the fights in the government — through legal disagreements and calculated use of the media — continue to throw the country into disillusionment. Politicians fight over a shrinking economy and hone in on race politics and the history of the past; they get distracted. They over-explain themselves time and time again without offering solutions. The issue in South Africa is silently growing under the noise of political infighting and politicians competing for airtime. South Africa's problem lies in the fact that liberation might have been announced but the inequality has gone unaddressed. Remember Morrison's words: 'The very serious function of racism is distraction. It keeps you from doing your work. It keeps you explaining, over and over again, your reason for being.' Suddenly, race in South Africa seems more prevalent than ever. What work is being done? Khumo Kumalo is the founder of the website Misunderstood, which unpacks social, identity and economic issues in South Africa, and a student at Morehouse College, studying political science. He is the host of the Born Free podcast. He is also a Mail & Guardian 200 Young
The Hindu
16-06-2025
- Sport
- The Hindu
Deserving winners: on South Africa's win at Lord's
It was a long wait that culminated in delight. Until Saturday's high at Lord's, South Africa was often resigned to playing second fiddle in the big cricketing contests. The Proteas always had strong units and some great players, but a stumble in the climactic stages of ICC events became the norm. Finally, when Temba Bavuma's men prevailed over defending champion Australia in the World Test Championship's summit clash in London, many ghosts were laid to rest. South Africa's previous ICC silverware was the title in the Wills International Cup at Dhaka in 1998. That tournament became the precursor to the Champions Trophy and even as this particular event grew, South Africa regressed with comical run-outs, dropped catches and miscalculation of rain-rules often becoming steep hurdles. To concede a first innings lead and then to chase 282 in a grim fourth innings pursuit was never easy, but a dogged Bavuma and centurion Aiden Markram ensured that the early strikes of spearhead Kagiso Rabada were never wasted. The trio performed admirably and it was also a reflection of the diverse ethnic groups that constitute South Africa, often called the Rainbow Nation. This fact and the need for unity was reiterated through Bavuma's impassioned post-match speech. The skipper truly led from the front. Cricket needed this result as whispers of the 'Big Three' of India, Australia and England, calling the shots and elbowing out other opposition in the overall scheduling have been doing the rounds. Besides applying salve to a country searching for cricketing glory, the South African triumph also revealed that other teams can acquire the champions' halo. To get past Pat Cummins and his men is always tough but Bavuma and his troops held firm in an engrossing Test. Australia has a potent attack that never allows batters to settle, and to counter this and emerge on top is a tribute to an outfit that was acutely conscious about past failures. Even last year, Markram's men slipped in the ICC T20 World Cup final against India. From being tagged as chokers and to then become the number one Test squad is a stupendous achievement. South Africa never had it easy in cricket as its previous apartheid policy rightly left it isolated from sport. The comeback was gradual from the 1990s and then the match-fixing crisis that consumed Hansie Cronje, was a mighty blow. To put all these setbacks and losses behind them needed a special effort and it was this that Bavuma and his men provided at cricket's spiritual home.
Hindustan Times
15-06-2025
- Sport
- Hindustan Times
Pat Cummins' classy response puts South Africa doubters to rest: ‘They made WTC final fair and square'
Temba Bavuma-led South Africa stunned the world by beating Australia to win the third edition of the World Test Championship (WTC) at the Lord's Cricket Ground on Saturday. The Proteas chased down 282 with five wickets in hand to win their second ICC Men's Senior title. South Africa had to wait 27 years for their second ICC title but it was definitely worth the wait. Aiden Markram and Temba Bavuma scored 136 and 66, respectively in the second innings to help South Africa chase down more than 280 runs in the fourth and final innings of the contest. After the defeat in the WTC final, Australia captain Pat Cummins spoke about South Africa's win in the Test Championship and the route they had to face in reaching the final. Ever since Proteas made the finals of the third edition of WTC, several cricket pundits questioned South Africa's path to the summit clash, saying the Rainbow Nation had an easier route as they didn't play bigger teams. Several naysayers also argued that South Africa just played a two-test series, and it was easier for them to clock points than Australia, England, and India, which played more five-match series. However, Cummins gave a classy response when asked about South Africa's route, saying the Proteas made it fair and square and there should be no questions raised about it. 'In terms of, you know, the way they made it, they made it fair and square - everyone has a slightly different, you know, route to make the final, but they absolutely deserve to make the final and showed why, you know, I think they're very deserving champions,' Cummins told reporters. In the second innings, Temba Bavuma battled a hamstring injury but he chose to fight out in the middle and not retire himself. Praising his knock, Cummins said, 'Yeah, I mean, first of all how he played, I thought he's fantastic is obviously gave that, you know, half a chance early and then didn't really give us another look until he got out.' Also Read: Temba Bavuma calls out Australia's distasteful sledging after WTC win 'He had a big partnership, so I thought he played really well. In terms of leading, it's always pretty hard unless you're kind of playing underneath someone to judge them, I think, so I don't know, but from the outside, he looked good,' he added. The Australia Test captain also reserved some high praise for opening batter Aiden Markram, who scored 136 in the second innings to help South Africa register a famous win. Mitchell Starc dismissed Markram for a duck in the first innings. However, the batter bounced back in style, and the Australian attack of Cummins, Starc, Josh Hazlewood, and Nathan Lyon had no answers to stop the onslaught. 'Yeah, I mean first of all how he played yeah, I thought he's fantastic is obviously gave that you know half a chance early and then didn't really give us another look until he got out,' said Cummins. 'He had a big partnership, so I thought he played really well. In terms of leading, it's always pretty hard unless you're kind of playing underneath someone to judge them I think so I don't know but from the outside he looked good," he added.
