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Mining energy supplier CrossBoundary has secured a $40-million investment from Impact Fund Denmark to expand its portfolio of clean energy projects across Africa.
The investment supports CrossBoundary deployment of solar photovoltaic and battery storage across Africa.
Impact Fund Denmark targets climate action, poverty alleviation and economic growth through energy solutions that drive sustainable development and improved quality of life.
MD and green energy co-head Thomas Hougaard described the investment in a media release to Mining Weekly as one that contributes towards improving the quality of life for communities.
Significant growth opportunities on the continent, are seen by Hougaard, who views innovative energy solutions as unlocking economic potential and driving inclusive progress.
The solar and battery energy storage solutions envisaged as bringing additional power capacity to sectors that require stable electricity, while flexible power purchase agreements enable enterprises to access energy without the need to engage in any of their own capital expenditure (capex).
CrossBoundary's zero-capex model is highlighted by CEO Pieter Joubert as one that lowers the barrier to entry for African businesses seeking stable, clean and cost-effective power.
"Once companies' balance sheets are freed up to invest in their core value-generating activities rather than power provision, they can reach and exceed their targets, unlocking further economic value in the regions in which they operate," Joubert emphasised.
After signing a commercial and industrial power purchase agreement with Kamoa Copper in the Democratic Republic of the Congo, CrossBoundary is constructing a solar and battery energy storage system baseload plant in Africa that is poised to uplift the Kamoa's output and increase its regional economic impact.
CrossBoundary associate principal Tom Roberts spoke of the investment from Impact Fund Denmark as being crucial for the provision of CrossBoundary's service offering to clients such as Kamoa.
CrossBoundary is also heading towards to commercial operation date phase of the wind project to help power QIT Madagascar Minerals, a joint-venture between Rio Tinto (80%) and the government of Madagascar (20%), near Fort Dauphin amid the two substantial solar phases also developed for the ilmenite, zircon and rutile minerals sands mine, in the Anosy region of southeastern Madagascar.
Earlier this year, Norfund doubled its investment in CrossBoundary to $80-million, following a $140-million senior debt close from Standard Bank at the end of 2024, as the first tranche of a $300-million senior debt mandate.
CrossBoundary also recently secured a $495-million guarantee framework from the World Bank's MIGA, which will protect its assets from transfer restriction and currency inconvertibility.
While CrossBoundary develops, owns, and operates distributed renewable energy solutions for businesses, offering energy through power purchase and lease agreements, Impact Fund Denmark provides developing region risk capital.

Mining Weekly Editor Martin Creamer tells us why despite ferrochrome demand being up, South Africa’s production has fallen; how Kumba Iron Ore is helping to lessen carbon emissions in global steelmaking; South Africa needing to pursue every viable economic opportunity.

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"We are, in my view, fairly close to a possible solution," Glencore Alloys CEO Japie Fullard said during Merafe Resources question time earlier this week amid South Africa going all out to prevent the opportunity in what had once been a highly successful ferrochrome value-adding role from slipping out of its grasp.
Last year, South Africa produced in the region of 27-million tons of chrome ore but could only convert seven-million tonnes of it into 3.5-million tons to 3.6-million tons of ferrochrome. What lowers logistics constraints significantly is that two tons of raw chrome ore become one ton of ferrochrome - but this advantage is also diminishing substantially.
Ferrochrome is a five-times multiplier of raw chrome ore value, and South Africa hosts chrome ore in greater volume than any other country in the world.
Even though the demand outlook for ferrochrome is good, South Africa is increasingly switching to the exportation of the five-times-lower-valued raw chrome ore, and this is providing its global ferrochrome competitors with a greater and greater opportunity to benefit from the fivefold value-add that South Africa is turning away from.
Questioned by Mining Weekly on how much benefit for ferrochrome's future would be obtained from being in a special economic zone or a special resource zone, Fullard recalled that the South African government committed to looking at ways to revitalise ferrochrome beneficiation in South Africa in a statement on June 25. (Also watch attached Creamer Media video.)
In that statement, the government referred to a couple of potential remedial mechanisms, the first being cheaper electricity.
Already in place is the negotiated price agreement (NPA), but unfortunately the NPA is still not doing the trick.
"We need an electricity tariff that's even better than what we're seeing now, and we're working with government to find solutions around that.
"The second mechanism is to include energy-intensive users, such as the ferrochrome industry, into special economic zones, or special resource zones, which is what the new terminology is, which will entitle ferrochrome producers to certain benefits and tax breaks.
"For instance, we know that in a special economic zone, the company tax would be 15% versus where it is currently at 27% and there are also employee benefits as well, so those would be the types of initiatives that the government will be looking at in terms of some of those solutions," Fullard pointed out.
Compared with China, there is currently a 10c- to 15c-a-pound difference in the conversion margin of Glencore-Merafe Chrome Venture when converting chrome into ferrochrome compared with that of China.
Mining Weekly: What price of ferrochrome would be required to get the smelters going again?
Merafe CEO Zanela Matlala: It always depends on what the chrome ore input price is and also exchange rate. But given where we are with those, what is clear is that at the current prices of about 89c/lb or so, it's not sustainable for us to produce ferrochrome at those levels, but probably at a price of, say a $1/lb, it might make sense. But it also depends on the other input sectors.
Mining Weekly: What's your view on Eskom charging lower prices for electricity for smelting when ferrochrome prices are down and higher prices when ferrochrome prices are high?
Matlala: That's already something that is catered for in the current NPA, so it's a concept that works. When prices are low, you reduce the cost of electricity, and then when prices are better, you share those profits with the utility provider.
DEMAND OUTLOOK
Ferrochrome is the key ingredient of stainless steel and questioned on the outlook for stainless steel demand and ferrochrome demand, Merafe FD Ditabe Chocho said: "We rely on r...

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Fourmile is rapidly competing to be the largest and highest-grade gold discovery in the industry this century, Barrick CEO Dr Mark Bristow enthused during the quarterly presentation of the New York- and Toronto-listed gold and copper mining company earlier this week.
The potential of the Fourmile orebody is growing like Topsy and in addition to size, grades are burgeoning and cost expectations are declining.
Indicative of there being a lot more to come is the backoning of three additional adjoining exploration opportunities. (Also see attached infographic.)
Already, eight major intercepts point to a likely doubling of the mineral resource before Christmas - or perhaps even more than a doubling.
"Fourmile is, no doubt, emerging as a generational asset," Bristow hihglighted during the presentation covered by Mining Weekly.
It fits into a context of long-known Nevada proven Carlin-orebody performers such as Goldstrike and Goldrush but this time around with additional pluses. For example,
when looked at on a like-for-like with either Goldstrike or Goldrush, the unit underground mining cost is going to be substantially lower.
To date Goldstrike underground, which was the Barrick maker, has produced some 13-million ounces at a grade of around 10 g/t and current exploration drilling - which is adding to the previous drilling - is highlighting that sort of potential again with special add-ons.
"It's a long time since we've seen these numbers of intersections at these grades with these thicknesses," said South African-born Bristow.
On offer is a Goldrush extension, which is now accessing host rock that is brittle along with large, competent high-grade-delivering breccia orebodies.
When you drill through these competent structures, the core is continuous, which is not normal in Carlin-style orebodies, which are normally characterized by many breaks in the core.
Furthermore, the geometallurgy indicates that a significant amount of this orebody could well be single refractory ore.
During the rest of this year, the potential of the orebody will be framed and then thinking will begin on the next step of looking to access it from underground, which will require minimum permitting via the old Bullion Hill site.
With that, avoidance of having to drill long complicated holes from surface will save $500-million to $600-million.
"What I want to leave you with, and I'm definitely going to be talking about this every quarter going forward, is the significance of this resource of tens of millions of ounces, right in the middle of infrastructure, the Nevada infrastructure.
"It's not something that you have to go and establish in some complicated place and when you're looking at one and two ounces per ton, rather than grams per ton, it's very significant.
RESETTLEMENT IN DOMINICAN REPUBLIC
Meanwhile, Barrick's resettlement action plan at the Pueblo Viejo gold mine, in the Dominican Republic, looks like being on the way to becoming an exemplary value base for people in emerging markets
A key resettlement milestone this quarter was the signing of a formal agreement with the affected communities, which has resolved all outstanding issues through a commission process mediated by the country's public defender and the Catholic Church.
With that in place, families are now moving into the New Horizons housing estate on a weekly basis.
"We're seeing steady progress on this important social commitment," Bristow reported.
This housing estate is enhanced by pre-school, primary school, middle school, and technical high school progression, with residents able to walk to school from their homes. It's a modern estate and everyone gets a title deed - something many did not hold in their previous residences.

Ferrochrome demand is up but South Africa is now eclipsed in a market it once led
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The global demand for ferrochrome, which South Africa once provided overwhelmingly to the world to back 200 000 local jobs, was higher in the six months to June 30, the period in which this country's ferrochrome production fell still further as more smelters were idled.
Ferrochrome is a five-times multiplier of raw chrome ore value but South Africa is increasingly switching to the exportation of much lower valued raw chrome ore, which provides its global ferrochrome competitors with increasingly greater opportunity to benefit from the fivefold value-add that it is pivoting away from.
In percentage terms, South African ferrochrome production fell 27% mainly as a result of smelter suspension at a time when South Africa's power supply remains stable with minimal load curtailments amid smelters also benefiting from a negotiated price agreement, a flat rate, from Eskom, which means there is no need to continue to pursue the former uncompetitive practice of winter shutdown.
Although ferrochrome prices recovered by some 10% from the lows of the first quarter of 2025, this recovery was this week described as still being insufficient to unsuspend South Africa's suspended smelters.
Ferrochrome is the key ingredient of stainless steel and juxtaposed against South Africa's decline in ferrochrome production is a global stainless steel production increase of 4% accompanied by a 5% global increase in ferrochrome demand.
"Global stainless steel production increased, and so did ferrochrome demand," Zanele Matlala, the CEO of the Johannesburg Stock Exchange-listed Merafe Resources, reported during the company's interim results presentation covered by Mining Weekly.
"However, South African ferrochrome production decreased significantly in response to adverse market conditions, especially ferrochrome prices being below cost of production," Matlala added. (Also watch attached Creamer Media video.)
Even globally, ferrochrome demand growth was not matched by production, with the 8%-lower global ferrochrome production largely the result of South African producers reducing production.
In contrast, South Africa's chrome ore exports are set to rise going forward. "Given the structural change of the business, chrome ore production volume and costs will be included in future updates," Matlala stated during the interim results presentation, when she reported that, encouragingly, the production costs per tonne of ferrochrome decreased by 5% from December 2024 owing to lower chrome ore prices and lower reductant costs. At the same time, chrome ore costs increased by 7% from December 2024 as a result of higher labour, engineering and utility costs.
To bring beneficiated raw chrome ore back into contention, the Merafe CEO reported that engagement with stakeholders was continuing.
"Government has indicated support for the industry. However, no implementation dates are in place yet for the proposed measures.
"The interventions proposed by government include electricity tariffs alignment, chrome ore to be included under export control, chrome ore export tax and expansion of special economic zones, none of which are quick fixes," said Matlala, who added that the workforce of the Glencore-Merafe Chrome Venture's idled Boshoek and Wonderkop smelters remained in place.
"With the suspension of the smelters, greater focus will be placed on the mining chrome operations, and our reporting is being revised to reflect that," Matlala informed.
Merafe FD Ditabe Chocho reported that despite the significant reduction in volumes sold in the half year, ferrochrome still accounted for a sizeable 51% of total revenue but half-year ferrochrome revenue was 60% down and chrome ore re...

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The South African ferrochrome and chrome ore sectors are at a crucial juncture, the Johannesburg Stock Exchange-listed Merafe Resources reported on Tuesday, August 12.
Sustained pressure from the prolonged economic downturn in the global ferrochrome market has led to a significant profit decline of R233-million for the six months ended June 30, Merafe stated in a media release to Mining Weekly.
In the half year to the end of June, ferrochrome sales fell by 55% to 76 000 t and chrome sales by 14% to 217 000 t but platinum group metals sales were 9% up at 7 112 oz.
The challenges, such as high energy costs and increased competition from China faced by the ferrochrome industry in South Africa, have led to the suspension of several of the Glencore-Merafe Chrome Venture Group's smelting operations in this year's second quarter from the beginning of April to the end of June. Additionally, there was reduced demand for chrome ore units in the first half of 2025.
While challenges related to energy supply and global competition persist, the recent proactive measures by the South African government to support the ferrochrome industry through policy interventions and incentivising beneficiation present a cautiously optimistic outlook, particularly for Merafe's ferrochrome business in the medium to long term.
The empowered company's chrome business will need to adapt to potential shifts in domestic demand, while continuing to monitor the significant influence of the Chinese market. Both sectors of the business will benefit from further stability in energy supply and the effective implementation of proposed regulatory changes.
The Glencore-Merafe Chrome Venture will continue to engage with key stakeholders towards finding sustainable solutions, particularly for the smelting business.
A cautious approach has been adopted to the remaining six months of the financial year when the focus will remain on efficient operations, cash preservation, cost control and efficient capital allocation.
The board of directors of Merafe declared an interim gross cash dividend of 4c a share compared with the 20c a share of the corresponding period of last year.

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The high ferrous content of Kumba Iron Ore's iron-ore, which is produced in South Africa's Northern Cape, is helping to lessen CO2 emissions at a time when this is the global pursuit of steelmakers.
Mining Weekly can report that the iron (Fe) content of Kumba ore is typically considerably ahead of its peers by being above the Platts 62 index.
Moreover, Kumba's lump-to-fine ratio is a further differentiator.
For the first half of this year, Kumba's Fe was 64.1% and lump-to-fine ratio was 67:33, in contrast with a broader industry trend of declining ore quality. Some iron-ore majors have gone down to 61% Fe, and the highest lump-to-fine ratio produced being well below that of Kumba.
Owing to its premium grade, the iron-ore product of the Johannesburg Stock Exchange-listed Kumba reduces the Scope 1 carbon emissions of customers.
As a result, demand for it is poised to increase in the medium to long term.
Highlighting the importance of iron-ore that contributes to decarbonisation was last month's visit to Shanghai by Australia Prime Minister Anthony Albanese, which took place against the background of the iron-ore from Australia's ageing Pilbara region falling short of the quality and purity typically required.
As a consequence, effective from January 2, Platts is lowering the benchmark grade of the Australian ore from 62% to 61% iron content and going forward, the closing of quality gap is going to need considerable investment in renewable energy and green hydrogen to bring about clean processing.
By contrast, at the desirable end of the Platts Index is South Africa's Kumba, an Anglo American group mining and marketing company which is earning a premium in the global market because of the ability of its quality ore to lessen CO2 emission.
Kumba's standard and premium products are ideal for the blast furnace steelmaking method, with higher-grade ore not only reducing CO2 emission but also improving productivity.
As a rule of thumb, each 1% increase in Fe lowers CO2 emission by 2.5%. On top of that, the use of the lump ore that is synonymous with Kumba reduces CO2 emissions by around 10%.
In addition to blast furnace steelmaking, Kumba sells some of its premium-grade to steelmaking companies that use direct reduction (DR) in direct reduced iron (DRI) production, which is a carbon light steelmaking method.
Globally, more than 70% of blast furnace capacity is less than 20 years old and most of it is thus expected to remain in service for at least another 20 years and, together with DRI-steelmaking, continue to account for more than 60% of global production.
In the six months to June 30, Kumba obtained an average realised free-on-board export price of $91 per wet metric tonne (wmt), which was 8% above the benchmark price. The $11/t it obtained for its Fe and lump was partly offset by marketing premium and timing effects of $4/t, giving a net product premium of $7/t.
Contributing in major fashion now is also the ultrahigh dense medium separation (UHDMS) that Kumba dispenses.
Remarkable, UHDMS is on the way to trebling the volume of premium-grade product produced as a proportion of the total production of Kumba's Sishen Iron Ore opencast mining operation, which will result in premium-grade volumes increasing from less than 20% to more than 50%. On top of that, the technology lowers the cutoff grade from 48% to 40%, reduces the life-of-mine stripping ratio from 4.2 to 3.6 and secures Sishen's life-of-mine to 2040.
Owing to UHDMS technology being margin enhancing, Kumba expects to earn an additional marketing premium of between $2 and $3 per dry metric tonne (dmt), This is because the technology allows higher volumes of premium product as a proportion of total Sishen production.
UHDMS also enables less waste stripping ...

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"We're working with government, looking at possible solutions," Glencore Alloys CEO Japie Fullard tells Mining Weekly amid Glencore reporting this week that not one of its ferrochrome smelters is operative, not even its world-class Lion smelter - although that may be brought back into operation following current maintenance, but probably not this year.
Glencore Alloys produces chrome ore and then beneficiates it into ferrochrome product. "But ultimately, we're a chrome unit producer," Fullard pointed out. (Also watch attached Creamer Media video.)
"Wherever we are getting the most value is where we'll obviously capitalise. For that reason, currently if we evaluate between chrome ore exports versus ferrochrome exports, the value of the chrome ore is superceding the value of the ferrochrome," he added.
This is ironic because, as Fullard pointed out, ferrochrome should be a five-times multiplier of chrome ore value, so to export ferrochrome, in terms of the revenue, should be massive.
Moreover, beneficiation a job-creation cornerstone, so closing all the all the smelters, is not good for South Africa.
So, what's the solution?
"The first real short-term solution for us must be to get cheaper electricity to enable us to continue to beneficiate. We must be put in a position to be competitive with China.
"Then there are other mechanisms that we're looking at such as the control of exports by curbing the illegal mining that's now happening. Another is to bring us into special economic zones that give us tax relief.
"Thereafter, if we can get to a longer-term solution in terms of mechanisms to beneficiate more ore in South Africa, that'll be first prize," Fullard outlined.
But he made it clear that producing ferrochrome in today's world results in the burning of a lot of cash, which is why the Boshoek and Wonderkop ferrochrome smelters have been put on hold.
"When it comes to our Lion smelter, we brought the maintenance programme forward, and it's not at all because of the winter tariffs."
A negotiated price agreement (NPA), which is a flat rate, has been secured from Eskom, which means there is no need to continue to pursue the former practice of winter shutdown.
"But even with the NPA, even a smelter like Lion, which I would still argue is the most efficient unit in the world, is not making profit, and for that reason, we've also stopped production at the Lion complex, bringing forward the maintenance and we will restart it later.
"But the way the price of ferrochrome is looking now, we're most probably not going to start it up for the rest of this year.
"What we are lobbying for is electricity that is cheap enough for us to be able to be competitive. What we are lobbying for is to be included into special economic zones.
"What we are lobbying for is the stopping the illegal mining that's happening in South Africa. I'm not sure if you know this, but illegal mining of chrome ore is to the tune of about 10%.
"So, if government has got a method of stopping illegal mining, and you take 10% of the chrome units out of the market, that will benefit the whole industry because we want to beneficiate in South Africa," Fullard pointed out.
Mining Weekly: When Engineering News & Mining Weekly last spoke to you, there was hope that the new lower-energy SmeltDirect technology from African Rainbow Minerals would bring local ferroalloy production in general, and ferrochrome in particular, back to competitive life. Is there still hope that it will do so?
Fullard: We are investigating that technology in detail. We are working with African Rainbow Minerals on this and their technology is definitely, efficiency wise, a great solution. But even with that solution, it's going to ask for a huge amount of capital to be invested and becau...

Mining Weekly Editor Martin Creamer discusses Khwelamet’s ferromanganese revival; the demand outlook for South Africa’s platinum uplifted by China and Toyota’s hydrogen project; and geopolitics keeping the gold price at its current high level.

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The minute that Eskom gives Khwelamet an economically feasible power price, the refurbishing of two of the four furnaces at the dormant former Metalloys plant in Meyerton will begin and take six to nine months to complete.
In the meantime, Khwelamet is focusing on a rehabilitation programme, with work being done on the large volume of on-site furnace slag - which can be beneficiated and sold as 73% to 74% alloy - as well as on operational discard that can be used in the cement market.
But the ultimate aim is to prepare the whole operation to be restarted as soon as possible.
"Eskom's very helpful and is excited as we are because they want to get the smelters back into the business," Menar MD Vuslat Bayoglu told Mining Weekly in a Zoom interview (Also watch attached Creamer Media video.)
The previous owner Samancor Manganese is credited with having kept the operations and everything on site in good condition, including the rail siding that is connected to the national rail network.
Raw manganese ore will be railed in from the Northern Cape for beneficiation into ferromanganese, which will be railed to either Durban or Richards Bay for export.
"Transnet is also very helpful. Immediately they heard about the deal, they came to the party and they said how can we help you because it's a business they ran before and they would like to help us to make it work, so the vibe is there to make sure this business is restarted so that it can be a good example of reindustrialisation in South Africa.
"We've got all the ingredients. We just need to make sure we have the right priced power and we've got consistent power," Bayoglu emphasised.
Mining Weekly: Given the considerable energy intensity of the ferroalloys sector, how do you foresee Eskom's performance impacting the industry in the future?
Bayoglu: Eskom has improved a lot compared with the past. Their loadshedding is less than what we were having in the past, but I'm not sure if they have really reached a stage where we should not be worried about loadshedding again. The reason why most of the smelters in the ferroalloys sector were closed was because Eskom couldn't give them consistent power and Eskom couldn't give them cheap power. If you look at the current price, which is between R1.60 per kilowatt hour (kWh) and R1.80/kWh, I think that price is still a good price if you compare it with other countries, especially in Europe. But it's not competitive enough for smelters to restart or survive in a competitive market, especially coming from China and India. Our competitors are mainly Chinese ferrochrome smelters and Indian ferromanganese and ferrochrome smelters and they're getting power at a very competitive price from either the private sector or government, and we don't have that in South Africa yet.
But Eskom is determined to help the ferroalloy industry and to come up with the right price and consistent power. But I still have some question marks regarding the future of Eskom because they need to make it clear as to how they are going to generate power. I think they're trying their best in terms of creating capacity under renewable energy and putting that renewable energy to the grid but they must also be clear on what's going to happen with baseload capacity. I think we're all waiting for the Integrated Resource Plan (IRP) to be published. With that IRP, we'll all see what they're planning. It's either nuclear or the current coal fleet to be refurbished or a new coal fleet to be started, obviously with the help of renewable energy, which will help us to transition from fossil fuels to cleaner sources of energy.
But I think there's still a question mark and we'll see with the IRP what's going to happen, but I think Eskom's going in the right direction at the m...

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During the first half of this year, diversified mining and marketing group Glencore continued to optimise the business and position it for further value accretive growth, CEO Gary Nagle reported on Wednesday.
A review during the period has recognised opportunities to streamline the industrial operating structure of the Johannesburg- and London-listed company and support enhancement of technical expertise.
One-billion dollars worth of recurring cost-saving opportunities were identified across more than 300 initiatives against a 2024 baseline. These cost savings across operating structures are expected to be delivered by the end of 2026, with more than 50% already targeted for the end of this year.
Organisational changes already made include the creation of a single nickel/zinc department from two separate ones before, with the combined department now assuming management of the overall custom metallurgical processing assets portfolio. Optimisation and savings across headcount, energy, consumables, contractors, maintenance, and administrative functions is involved.
Morgan Stanley Research analysts stated in a note: "We believe that execution on these savings remains key given the steepness of the implied unit cost decreases, especially in copper."
This year is expected to be the floor for copper department production volumes, which are said to be on a pathway back to one-million tons a year by 2028.
"We'll curtail production where it makes sense," Nagle outlined during the presentation covered by Mining Weekly. Examples where such curtailment has already taken place are in ferrochrome, copper/zinc smelting and coal.
While Glencore's zinc and coal assets are largely operating at the required run rates to deliver full-year volumes, the company's copper business is navigating various temporary, but largely expected, operational factors, including mine sequencing, lower grades, water constraints and cobalt stockpiling, impacting half-year production at Collahuasi, Antamina, Antapaccay and KCC, with all these operations expecting a substantial step-up in the second half of this year.
"Weak coal prices and low copper production were headwinds in the first half, but we see value at current levels," Deutsche Bank Group analysts commented.
Half-year earnings before interest, taxes, depreciation and amortisation (Ebitda) was a 17%-lower $3.8-billion, reflecting weaker coal prices and lower copper production. Net debt to June 30 was $3.2-billion higher at $14.5-billion.
"Second half should be better," Jefferies UK Metals & Minerals headlined in a results summary.
With healthy second-half cash flow generation leading to deleveraging, net debt is poised to reduce meaningfully by year-end.
The completion of the Viterra sale in early July brought in $900-million cash, along with 16.4% of the New York-listed Bunge shares that will be monetised for Glencore shareholders at some point in future.
Supported by the $2.63-billion value of the Bunge shareholding, Glencore announced a share buyback of up to $1-billion to be concluded by the presentation of its annual results in February next year.
The second tranche of next month's base $0.05-a-share dividend payout will incorporate the new up to $1-billion share buyback communicated in July, taking total announced 2025 shareholder returns increases to $3.2-billion.
The completion of the Viterra sales process, the long-term marketing guidance Ebit range of $2.3-billion to $3.5-billion is also uplifted, the new midpoint of $2.9-billion representing a 16%-higher $2.5-billion.
"While there is much uncertainty around the impacts of geopolitics and trade in the shorter-term, we remain of the view that, in certain commodities, the scale and pace of required resource development will strugg...

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After attending a high-level Ministerial roundtable in Luanda, Angola, in June, Mineral and Petroleum Resources Minister Gwede Mantashe has proposed that South African diamond producers contribute 1% of their revenue to a joint initiative aimed at revitalising diamond sales through collective marketing.
At the roundtable event, which brought together Ministers from major African diamond-producing countries such as Botswana, Namibia, South Africa, Sierra Leone and the Democratic Republic of Congo, one of the key discussions focused on the global decline in demand and prices for natural diamonds, which is placing the industry under significant pressure.
A proposed solution was to invest in reinvigorating the marketing of natural diamonds, with a call for collective financial contributions to support a sustainable global marketing strategy.
Mantashe brought this proposal before diamond industry stakeholders at a sector engagement session held in Kempton Park on August 5.
"There was a long discussion about it and they wanted us to sign an accord. I said, in terms of South Africa's culture, I can't sign that accord before doing two things. First, I must take it to Cabinet so that government is aware of the Accord.
"Second, I said I can't sign the agreement before speaking to the diamond producers. I can't commit them to a 1% contribution towards the marketing of natural diamonds without consulting them," Mantashe said.
While some of the larger diamond producers voiced conditional support for the proposal, South African Diamond Producers Association chairperson Gert van Niekerk, who was present at the stakeholder engagement, pushed back against the idea, stating that small-scale diamond producers that were barely surviving would not be able to afford a 0.1% contribution without going under, let alone a 1% contribution.
"I represent the smaller side of the producing industry - the non-listed companies - and the fact of the matter is, there is no way we can afford, at this stage, 1% of turnover. In principle, we do agree about the marketing effort. Where we disagree is the way we are going to finance that," he said.
Former Orion Minerals CEO and Minerals Council of South Africa Junior Exploration and Mining Leadership Forum chairperson Errol Smart offered an alternative view, suggesting that, since all diamond producers in the country already pay between 3% and 7% of their revenue to the State as a royalty, a portion of those funds should be redirected towards the collective diamond marketing effort.
"Surely that is a proper diversion of funds to keep this industry alive. Otherwise, it will fall over, and the whole 3% to 7% will be lost. We're dealing with an industry that's running on broke.
"De Beers, as one of the long-life companies, has been able to build up treasuries to survive this. The junior sector, the small-scale miners, are running in the red at the moment. A 1% reduction in revenue at the moment will kill them," he said at the event.
However, the rebuttals from these and other key industry stakeholders appeared to fall on deaf ears.
"I think there is support for the proposal for the 1%. The original proposal was that it should be extended to all players in the value chain, but the proposal also acknowledged that not everyone is operating at the same level.
"I think we should consider the option of implementing it at different levels," Mineral and Petroleum Resources deputy director general Tseliso Maqubela said.
Mantashe, meanwhile, obfuscated the argument by quibbling over semantics.
"You say the non-listed companies can't afford 1%. I'm not sure if listing or non-listing really makes a distinction. I know of many big companies that are not listed. So, it's not the listing that makes it impossible to...

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A development that is improving the demand outlook for South African platinum group metals (PGMs) is the announcement of a joint venture (JV) between Japan's Toyota Motor Corporation and China's Shudao Investment conglomerate to build a hydrogen fuel cell plant in Chengdu,
Chengdu, in China's Sichuan province, is the chosen location of the emerging one-billion yuan facility that will focus on producing fuel cell systems and components for heavy-duty commercial vehicles, amid the bolstering of China's hydrogen ecosystem and support for national carbon neutrality.
Scheduled to be operational by year-end, the project will produce hydrogen fuel cell systems, fuel cell stacks, and components to support a wide range of commercial vehicles, including large trucks, dump trucks, buses, and municipal sanitation vehicles.
The green electricity and hydrogen required will be supplied from the emerging Chengdu-Chongqing Hydrogen Corridor, which is on its way to becoming a regional hydrogen hub for commercial vehicle applications.
Local government support and incentives - such as highway toll reductions for platinum-based fuel cell electric vehicles (FCEVs) - helped to seal the deal that is destined to create one of the world's distinctive hydrogen regions.
Research and development (R&D), production, sales, and service operations will be incorporated under one roof, aligning with Toyota's larger strategic objective of contributing to China's 'double carbon' goal of reducing carbon dioxide and achieving net-zero emission, the publication Fuel Cell Works reports.
World Hydrogen states in a media release to Mining Weekly that the total number of FCEVs in China has overtaken the corresponding figure for neighbouring South Korea. After this recent turn of events China's claim to being Asia's top hydrogen technology region is now stronger than ever, World Hydrogen adds.
With its launch the Mirai car, Toyota pioneered hydrogen mobility and the JV with Shudao Investment Group adds to a growing portfolio that includes previous collaborations with organisations such as the United Fuel Cell System R&D (Beijing) and Huafeng Fuel Cell. With this latest commitment, Toyota cements its ambition to be a central player in the evolution of China's hydrogen supply chain.
World Platinum Investment Council (WPIC), encouraged by China's ongoing commitment to hydrogen, said this in response to a request for comment by Mining Weekly:
"The announcement that Toyota is committing to a major investment in fuel cell production within China underscores the importance of the Chinese market to the hydrogen outlook.
"WPIC forecasts China to be the major driver of the hydrogen economy, making up more than 50% of installed electrolyser capacity globally by 2030, and 32% of hydrogen linked demand for platinum.
"Whilst the development of the hydrogen economy in some regions has been slowed by recent economic uncertainties, it is encouraging to see China's ongoing commitment to hydrogen," WPIC research director Ed Sterck stated.
WPIC expects hydrogen FCEVs to make up 8% to 12% of the future vehicle market in China. Fuel cell stack costs have already declined by 80% compared with 2018. Current focus is on longevity and achieving 1.8-million kilometres of fuel cell life.
Meanwhile, the Guangzhou Futures Exchange (GFEX) has confirmed that physically-settled platinum and palladium futures are heading for launching after two years of development. The contracts have been benchmarked against international exchanges. It is understood that GFEX plans to launch options in addition to the previously-announced futures contracts.
GLOBAL GREEN HYDROGEN ACTIVITY
In Brazil, China's Envision has joined Fotowatio Renewable Ventures to develop a 500 MW green hydrogen and green a...

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Johannesburg Stock Exchange secondary-listed gold mining company AngloGold Ashanti has managed to repress costs to below 2% amid peer gold mining companies averaging above 15%.
"We maintain cost discipline despite persistent inflation," AngloGold CEO Alberto Calderon outlined during the company's presentation of half-year results, of doubled second-quarter earnings and free cash flow.
Since 2021, cash cost and all-in sustaining cost control has put the New York-listed company has given itself a 13%-plus cost control lead start of over its gold counterparts.
"That gap matters, especially in a strong gold price environment," Colombian Calderon, a former International Monetary Fund luminary, emphasised during the presentation covered by Mining Weekly. (Also watch attached Creamer Media video.)
Financially, AngloGold is in an exceptionally strong position, having slashed debt, amplified liquidity and long-dated maturities.
Second-quarter free cash flow of $535-million was 149% up on the corresponding period of last year.
Gold production from managed operations was 25% up, supported by strong contributions from Africa's Obuasi in Ghana and Geita in Tanzania as well as the addition of the Sukari gold mine in Egypt.
Since Calderon assumed the CEO role four years ago and including the first quarter of this year, the South Africa-created AngloGold has paid out $1.2-billion in dividends while simultaneously capitalising growth projects.
"Our new dividend policy will ensure shareholders see the fruits of the improved operating cadence, a higher gold price and much higher cash flow we're seeing now," Calderon added.
An interim dividend of 80 US cents per share was declared, which includes the minimum quarterly dividend of $63-million or 12.5 US cents, with the balance reflecting the decision to pay half of the soaring free cash flow generated for the six months through to June 30 June.
"We've gone about systematically addressing the issues over the past three years and today the fundamentals of the business are strong and the outlook even better. We're taking meaningful strides to achieve and reach our full potential," he said, describing the company's valuation as being far from demanding.
PIPELINE OF ORGANIC GROWTH OPTIONS
Earnings before tax interest depreciation and amortisation increased 111% to $1.44-billion, headline earnings rose to $639-million, and net cash flow from operations rose to $1.02-billion.
"During the extraordinary turnaround journey we've been on since 2021 we've continuously assessed where we can generate most the value. The answer is clear; the best opportunities remain within.
"Firstly, we're committed to lifting performance from our core assets, driving margin growth through cost discipline, full asset potential has been invaluable in this regard."
"Keeping cost flat in real terms has improved our position and helps us to reliably deliver our guidance. This is now embedded in how we work, and we see more opportunity to drive value.
"The insights have helped us to unearth a pipeline of organic growth options that are beginning to reveal themselves. This pipeline extends well beyond Obuasi, which itself is starting to develop a consistent operating cadence as it ramps up. There are other equally exciting projects to build scale and extend life at Cuiabá, Siguiri, Geita, and Iduapriem.
AngloGold CFO Gillian Doran reported that liquidity remains substantial at $3.4-billion, including $2-billion in cash and cash equivalents, allowing AngloGold to fund its growth pipeline, return capital to shareholders and navigate commodity price cycles with confidence.
"We maintain cost discipline despite persistent inflation," Doran highlighted amid the gold price averaging a 41%-higher $3 287 an ounce in the th...

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The second-quarter earnings and free cash flow of AngloGold Ashanti more than doubled year-on-year, driven by the high gold price and what the New York- and Johannesburg-listed company highlights as continued cost discipline and a 21% increase in gold production.
The second-quarter free cash flow of $535-million was 149% up on the corresponding period of last year with the 25% gold production from managed operations supported by strong contributions from Obuasi in Ghana and Geita in Tanzania as well as the addition of the Sukari gold mine in Egypt.
The average second-quarter gold price received per ounce increased to $3 287/oz from $2 330/oz in the corresponding period of 2024.
"This is another strong result that again demonstrates our focus on cost control and the positive momentum we're building across the business," AngloGold CEO Alberto Calderon stated in a release to Mining Weekly.
"We're reaping the benefit of consistent production and cash flow growth, supported by disciplined capital allocation," Calderon added.
An interim dividend of $0.80 per share was declared, which includes the minimum quarterly dividend of $63-million or $0.125, with the balance reflecting the decision to pay half of free cash flow generated for the six months through to June 30.
While dividend policy commits to this 'true up' payment of 50% of free cash flow annually at year-end, the board used its discretion to make the payment at the half-year given the strength of cash flows and its confidence in the outlook.
Adjusted net debt is down 92% year-on-year to $92-million, and the ratio of adjusted net debt to earnings before interest, taxes, depreciation and amortization (Ebitda) improved to 0.02x, from 0.62x a year earlier.
The group ended the second quarter to June 30 with liquidity of $3.4-billion, including $2-billion in cash and cash equivalents.
Adjusted Ebitda increased 111% to $1.44-billion, headline earnings rose to $639-million, and net cash flow from operations rose to $1.02-billion, boosting free cash flow for the quarter.
Second-quarter gold production rose 21% to 804 000 oz from Sukari and improved performances were reported at Obuasi (+31%), Geita (+20%), Cerro Vanguardia (+7%), Cuiabá (+6%) and Siguiri (+6%).
Production improvements were led by Geita, which consistently delivers strong operating results, and Obuasi, where the ramp-up of underhand drift-and-fill mining progressed on schedule, supporting the 21% year-on-year increase in grade. Siguiri, Cerro Vanguardia, and Cuiabá also posted modest gains. These were partly offset by declines at Iduapriem, Serra Grande and Tropicana, while Sunrise Dam held broadly steady.
Group cash costs increased by 8% to $1 226/oz, while all-in sustaining costs rose 7% to $1 666/oz, driven primarily by a 28% increase in sustaining capital expenditure, inflationary cost pressures of 5%, and a $60/oz average increase in the overall royalty charge linked to the higher gold price - factors partly offset by higher gold sales volumes.
Second-quarter capital expenditure (capex) rose to a 33%-higher $381-million, with sustaining capex increasing 28% to $273-million year-on-year. The increase in sustaining capex reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities.
A strong safety performance was maintained in the second quarter, with a total recordable injury frequency rate of 0.80 injuries per million hours worked, an improvement of 17% year-on-year and below industry benchmarks.

Mining Weekly Editor Martin Creamer discusses Valterra Platinum’s feasibility study into the development of Sandsloot Underground in Limpopo; Anglo's belief that De Beers is well positioned to thrive as market recovers; and the key takeaways from Kumba Iron Ore’s half year result

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The commitment of Anglo American to exit De Beers is unwavering, despite the belief of this secondary-listed Johannesburg Stock Exchange company that its iconic diamond mining and marketing business is well positioned to emerge and thrive as the diamond market recovers.
As a consequence, Anglo is moving ahead with two exit options. Its preferred exit would be via a trade sale and its non-preferred exit would be by way of a stock exchange initial public offering (IPO) listing exit. But both exit routes are being advanced in parallel.
While pressing ahead on both fronts, it makes no bones about wanting a trade sale owing to the complexity of shareholding agreements and, more importantly, the tough rough diamond markets over the last couple of years.
To conclude a trade sale, Anglo is engaging in a formal process with what it describes as "a credible set of interested parties" as well as with the government of Botswana in respect of the interest of Botswana to increase its shareholding in De Beers.
"A trade sale absolutely remains our preferred exit route for the business, but only if we can find the right buyer on the right terms.
"In parallel, we're progressing preparatory activities for a capital markets process should that become the preferred route for our shareholders.
"As far as diamond markets are concerned, we have started to see the early signs of stabilisation over the last six months.
"We continue to monitor the situation really closely and remain focused on managing the De Beers business to optimise the cash generation of this business, while at the same time preserving the value of the iconic nature of this business," Anglo CEO Duncan Wanblad stated during Anglo's presentation of half-year financial results covered by Mining Weekly. (Also watch attached Creamer Media video.)
Meanwhile, it was revealed that the De Beers team had what was described as "a clear response plan ready to ensure that cash generation would be preserved should the market take a lot longer to recover".
"De Beers is such an important company to the country of Botswana, and indeed to the other countries where De Beers operates," Wanblad noted.
South Africa's largest diamond mine, the Venetia mine in Limpopo province, is owned by De Beers. Venetia is building out a major underground expansion to extend Venetia's lifespan beyond 2040. This involves investment and technological upgrades to transition from an opencast operation to an underground one.
Regarding the attention being given by Anglo to Venetia, Wanblad said: "Throughout the process, we're engaging with all stakeholders on pathways forward, as you would expect us to do.
"With some of the best diamond mine resources and best marketing capabilities in the world, De Beers, I believe, is well positioned to emerge and thrive as the market recovers. We continue to believe strongly that there is significant upside potential in this business for the right combination of owners, and we'll continue to keep the market abreast of developments," he promised.
Wanblad spoke of "the fair amount of very credible interest" that was being shown in De Beers by trade-sale suiters.
"It's still a business that consists of some fantastic assets and despite the current turmoil in diamond markets, it stands out very well. But a trade sale has to happen with the right group of buyers and has to be for the right consideration on behalf of our shareholders.
"To the extent of that not coming together, we just have to keep our options open and therefore work is carrying on in parallel in terms of setting up the business for an IPO at the right time.
"Right now, I would say that good trade sale progress is being made. We're already in a formal process with third-party buyers and we're also engaging w...

Mining Weekly Editor Martin Creamer discusses higher Kumba iron-ore exports reflecting the benefit of public-private logistics; the fourth wind turbine going up for Seriti Resources; and the Coal & Energy Transition Day hearing that China has won the electricity generation race.

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Looking beyond this transitionary year, Johannesburg Stock Exchange-listed Anglo American will emerge as a highly differentiated, higher margin and more cash generative business, Anglo American CEO Duncan Wanblad predicted unequivocally on Thursday, when the diversified mining company reported continued portfolio simplification and on-track cost reduction.
Delivering a production report for the second quarter to June 30, Wanblad hailed the end-May demerger of Valterra Platinum as a great success, advised that a formal De Beers sale process was advancing, patted South Africa's Kumba and Brazil's Minas-Rio on the back for collectively delivering 2% more iron-ore totalling 15.9-million tonnes, reported a 109% increase in manganese output to 745 600 t and 2% more copper from the Quellaveco mine in Peru at 76 700 t, production increasing by 17% to 0.6-million carats at Venetia in South Africa, reflecting processing of increased volumes of higher-grade underground ore, and production at Jwaneng diamond mine in Botswana being broadly consistent with the prior period.
Otherwise, the second-quarter outputs of all other assets were down and some on the way out.
Reflecting a planned production response to the prolonged period of lower demand, overall rough diamond production was down 36% at 4.1-million carats.
Primarily owing to the suspension of Grosvenor since June 2024, the sale of Jellinbah in November and the production stoppage at Moranbah in March, steelmaking coal production was 51% down at 2.1-million tonnes.
Nickel production was 5% down at 9 500 t, production from platinum group metals (PGM) operations was 47% down at 492 100 oz.
In Botswana, diamond production was 44% down at 2.7-million carats; in Namibia, diamond production was 5% down at 0.5-million carats; in South Africa; the Venetia underground diamond mining project remained lower than during the prior opencast operations, with the capital spend being rephased while market conditions remained subdued, and diamond production in Canada was 46% down at 0.4-million carats owing to planned treatment of lower-grade ore.
TRADING PERFORMANCE
Rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding US tariffs announced in April subsequently slowed polished trading.
In contrast to the ongoing challenging trading conditions, consumer demand for diamond jewellery remained broadly stable in the first half of the year.
Rough diamond sales from three second-quarter sights totalled 7.6-million carats, benefitting from stock rebalancing initiatives with specific assortments being sold at lower margins, generating consolidated rough diamond sales revenue of $1 185-million. This compared with three 2024 second-quarter sights of 7.8-million carats generating consolidated rough diamond revenue of $1 039-million.
Production guidance for 2025 is unchanged at 20-million to 23-million carats and 2025 unit cost guidance is unchanged at $94/ct.
Copper production guidance for 2025 is unchanged at 690 000 t to 750 000 t with copper unit cost guidance unchanged at 151c/lb.
Iron-ore production guidance is also unchanged at 57-million to 61-million tonnes with unit cost guidance at $36/t.
Exploration and evaluation expenditure for the continuing operations decreased by 2% to $65-million, exploration expenditure decreased by 29% to $22-million, and evaluation expenditure increased by 23% to $43-million.
Anglo is focused on copper, premium iron-ore and crop nutrients, future-enabling products for decarbonising the global economy, improving living standards, and providing food security.

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South Africa Manganese finished financial year strongly, South32, the Johannesburg- Sydney- and London-listed diversified mining company reported on Monday, July 21.
In the three months to June 30, manganese production beat guidance by 9% as Australia Manganese completed its recovery plan from the impacts caused by Tropical Cyclone Megan and South Africa Manganese saleable production was largely unchanged at 2 151000 wet metric tons (wmt) during financial year 2025 (FY25).
The strong finish to the year by the Northern Cape's manganese endowment was marked by production increasing by 25% in the June quarter, exceeding FY25 production guidance by 8%.
While South32 will continue to monitor and respond to market conditions, FY26 production manganese guidance remains unchanged at 2 000 000 wmt.
June quarter sales soared by 48% while sales-mix optimisation realised a 11% premium to the medium grade 37% manganese lump ore index27.
South Africa manganese production totalled 2 151 000 wmt.
On June 3, Samancor Manganese Proprietary completed the divestment of the Metalloys manganese alloy smelter in South Africa's Gauteng province to Khwelamet, owned by a joint venture between Menar and Ntiso, which hopes to revive South Africa's ferromanganese added-value alloy output in support of national reindustrialisation efforts.
Despite being the world's biggest supplier of manganese ore, South Africa's capacity to add value has decreased owing mainly to escalating electricity costs. The return of Metalloys under the Khwelamet brand creates an opportunity to replenish lost production capacity while taking advantage of locally sourced manganese ore.
Concurrently, South Africa's national mineral research organisation Mintek has demonstrated production of manganese ferroalloys with the use of reductants such as hydrogen and aluminium to eliminate CO emissions. Simultaneously, manganese waste is converted into products, making the process both cleaner and more far-reaching.
South32 will recognise a post-tax gain of $46-million from the sale of the ferromanganese alloy facility.
South32's Australia Manganese received $350-million of external insurance payments in FY25, following the impacts of Tropical Cyclone Megan and the company is continuing to work with its insurers on further insurance recoveries.
South32 provided net funding of $110-million to its manganese environmental impact assessments in FY25, including $47-million in the June 2025 quarter, primarily to support the operational recovery plan at Australia Manganese.
South32's manganese production exceeded FY25 production guidance by 9% and aluminium guidance by 6%.
ALUMINIUM SALES RISE IN FINAL QUARTER
The FY25 production of South32's 100%-owned Hillside Aluminium in South Africa's Richards Bay marked time at 718 000 t but last FY25 aluminium sales were up 2% at 732 000 t uplifted by a 13% final quarter sales rise.
In May, South Africa's State-owned power utility company Eskom agreed electricity pricing for Hillside Aluminium as part of the South African government's policy to support strategic industries that create value for the nation.
The agreement was described by South32 as enabling the Hillside aluminium smelter to remain internationally competitive so that it can continue to deliver economic benefit to South Africa.
Under scrutiny for remedying is Hillside's value-lowering 'high-carbon' status. The carbon-intensive description given to Hillside stems from its use of Eskom's largely coal-fired electricity, but competitive decarbonisation is continuing to be intensively investigated for what is the largest aluminium smelter in the southern hemisphere and the producer of a major percentage of primary aluminium for South Africa's value-adding secondary aluminium prod...