Zimbabwe bankers back plan to adopt ZiG as sole currency before 2030

Zimbabwe’s banks support adopting the ZiG as the nation’s sole currency before the current target date of 2030, provided the economic stability which the bullion-backed unit has delivered is... 

Rio Tinto studies potential bid proposal for Teck, Sky reports

Rio Tinto Group is studying proposals for potential bids for companies including Teck Resources, Sky News reported citing sources it didn’t identify. The company has drawn up a list of potential... 

Gold steadies above $2 400 as markets boost bets on Fed pivot

Gold steadied after surging beyond $2 400/oz in the previous session, as cooler-than-expected US inflation boosted bets the Federal Reserve will start cutting rates soon. The precious metal jumped... 

South Africa storms in Western Cape cause damage to 35 000 homes

Storms that pounded South Africa’s Western Cape province have led to flood damage affecting more than 35 000 households in the city of Cape Town, Executive Mayor Geordin Hill-Lewis said. “We’ve got... 

Radioactive device on rhino horns rolled out to fight poaching

Beckham, a 1.7 tt rhino named after the English footballer, on Tuesday had a radioactive pellet drilled into his horn as a program to discourage poaching of the endangered animals in South Africa... 

China forbids new coal-based steelmaking for first time in years

China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since announcing its major climate neutrality goals in 2020, according to a report released... 

Mainstream hires Rothschild to seek investors

Mainstream Renewable Power has hired Rothschild & Co to find an investor for its pipeline of South African renewable energy projects, according to people with knowledge of the matter. Japan’s... 

Africa’s rare earths could make up 9% of global supply by 2029

African mines could account for nearly a tenth of the world’s rare earths in five years, climbing from zero today, creating new players in a market dominated by China. Eight mines in countries such... 

Sprott says new copper fund is too small to pose a market risk

Sprott says its new fund to buy and hold physical copper will be too small to have an impact on global availability of the industrial metal, despite past controversy over attempts to launch similar... 

Lithium projects likely to exceed govt targets in Chile

Chile’s government said that strong interest from private firms in lithium deals meant it could exceed its goal of three to four new projects in development by the end of 2026. The 88 lithium... 

US lends $99m to Mozambique’s first wind-power project

The US International Development Finance Corp (DFC) approved a loan of as much as $99-million to help finance Mozambique’s first utility-scale wind-power project. DFC will also provide $80-million... 

AMSA long-steel extension to boost economy, Manufacturing Circle's Rodseth says

ArcelorMittal South Africa's (AMSA's) decision to continue operating its long-steel unit has given the country an opportunity to re-energize local manufacturing, Manufacturing Circle executive... 

Macquarie-backed African renewables investor seeks fresh funds

Revego Fund Managers, which runs Africa’s first fund focused on primarily investing in operating renewable-energy assets, is seeking new investors as it works toward an eventual listing. The fund... 

Looming wave of iron-ore supply threatens $100 price floor

Iron-ore prices are likely to stay in three digits for the rest of 2024, insulated to a large degree from China’s faltering economy by cost support that kicks in at around $100 a ton. But that... 

Conflict in Congo threatens trade in key metals, UN experts say

Companies buying metal sourced from central Africa could be exposing themselves to UN sanctions for supporting war in eastern Democratic Republic of Congo, according to a report by UN experts.... 

Canada move to limit mining M&A hurts big metals producers, Scotia says

New Canadian rules limiting foreign takeovers of mining companies will leave the nation’s biggest metals producers with lower valuations than their global peers, according to Bank of Nova Scotia’s... 

Zambia to build rare coal power plant as harsh drought hits dams

Zambia’s energy regulator approved the construction of the nation’s second coal-fired power plant, as its worst drought in decades cut output at the hydroelectric dams that account for most of its... 

Crops hit by black frost may trigger food shortage, farmers' organisation warns

Black frost hit crops in South Africa’s northernmost Limpopo province, with a key farmers’ organisation warning of looming food shortages in the region. Potato, tomato and many other vegetables... 

British Columbia Premier walks tightrope between resource boom, green goals

British Columbia Premier David Eby sees a way for his province to exploit its abundant resources and proximity to Asia — without sacrificing environmental pledges core to his political platform.... 

Indonesia says US must invest as critical minerals race picks up

Developed nations such as the US need to invest in countries with vast reserves of critical minerals to reduce supply chain risks as these commodities are “the new oil” driving geopolitics,... 

Indonesia gold mine landslide kills at least eight

A landslide at a small gold mine in Indonesia has left at least eight dead and dozens more missing, Kompas newspaper reported on Monday, citing the search and rescue agency. Heavy rain triggered a... 

Boeing to plead guilty to fraud for violating deal over 737 Max crashes

Boeing has agreed to plead guilty to criminal conspiracy to defraud the US after the Justice Department concluded the planemaker failed to adhere to an earlier settlement stemming from two fatal... 

Maersk warns of extreme weather delays along South African coast

AP Moller-Maersk has warned that extreme weather conditions and a storm surge lashing the South African coast are expected to cause shipping delays. An intense cold front bringing snow to some... 

Canada’s move to protect mining sector shields takeover targets

Canada is making it harder for foreign firms to acquire domestic mining companies by imposing measures that could protect top takeover targets from large global rivals. The Canadian government... 

Santos boss is racing against time to build a gas giant

Kevin Gallagher is in a race against time. A veteran of Australia’s oil and gas industry, the Scotsman has earned acclaim for transforming Santos Ltd into the country’s second-largest fossil fuel... 

Eramet and Huayou explore EV nickel partnership in Indonesia

French miner Eramet is exploring a partnership with Zhejiang Huayou Cobalt to produce battery-grade nickel in Indonesia after a similar project with a European partner fell through last month.... 

South Africa inflation expectations dip before rate decision

South African inflation expectations for the next two years declined, signalling progress in the central bank’s efforts to rein them in before its policy meeting later this month. Average inflation... 

Australian coal stocks rally on Anglo American mine explosion

Australian coal stocks are headed for their best week in years after a fire shut down one of country’s major mines, with Morgan Stanley seeing further upside for the commodity. Whitehaven Coal is... 

Cyanide spill detected near Victoria Gold’s Eagle mine in Yukon

Canada’s Yukon Territory said elevated levels of cyanide were detected in a waterway near Victoria Gold’s Eagle Mine after an equipment failure and landslide at the site. Yukon Mining Minister... 

Iron-ore hits highest in month on hopes China’s demand improving

Iron-ore touched its highest in nearly a month as traders bet on a modest improvement for China’s steel market. Futures in Singapore rose the previous four trading days and are up more than 6%... 

LME to suspend deliveries of nickel from Norilsk Finland plant

The London Metal Exchange is suspending deliveries of nickel from a plant in Finland owned by Russia’s MMC Norilsk Nickel, whose products have continued to be deliverable despite western sanctions... 

Venture capital sought to fund atomic rhino poaching deterrent

A South African startup that’s promoting the use of implanted radioactive pellets to deter the poaching of endangered animals such as rhinos is seeking venture capital support to roll out the... 

SAA to add 64% new destinations as it rebuilds

South African Airways (SAA) plans to add 64% new destination from its hub in Johannesburg by the end of April as it rebuilds its business to focus on regional and international routes after a deal... 

A rare South African export success is threatened by crumbling ports

At a packhouse at Blydevallei Boerdery, near South Africa’s eastern border with Mozambique, workers pluck unripe grapefruit off a conveyor belt. It’s the best chance of getting them to export... 

Vale picks mining veteran to lead base metals turnaround

Vale has selected veteran mining executive Shaun Usmar to take the helm of its base metals division as the Brazilian metals producer seeks to boost copper and nickel production, according to people... 

Glencore said to withdraw Kazzinc sale after offers fall short

Glencore has abandoned plans to sell its stake in Kazakh mining company Kazzinc after potential buyers failed to match its valuation, people familiar with the situation said. Glencore had been... 

Congo sells its own copper from joint ventures for first time

The Democratic Republic of Congo’s (DRC's) State miner has started selling its share of copper from joint-venture projects for the first time as the country seeks greater control over a metal key... 

South Africa seeks to renegotiate coal pact tied to $2.6bn

South Africa is seeking to alter the terms of a landmark agreement under which it promised to cut its reliance on coal in exchange for access to financing. The government of President Cyril... 

Anglo considers options to sell coal assets after Australia fire

Anglo American is considering options to push ahead with a sale of its coal business after an explosion at its flagship Australian mine, including the possibility of selling individual assets or... 

BASF pulls plug on potential Chile investments amid lithium rout

German chemicals giant BASF has abandoned plans to invest in lithium mining assets in Chile as a slowdown in electric-vehicle adoption worldwide drags down battery metal prices. BASF withdrew from...