Australia passes law to trade, stock fuel alongside rare earths

(Bloomberg) -- Australia’s parliament passed legislation empowering the country’s export credit agency to physically buy, stockpile and sell fuels alongside critical minerals including rare earths,... 

Iran conflict clouds South African economic outlook, Sarb says

The Iran war has clouded the outlook for a South African economy that had entered its longest period of economic expansion since 2018, the country’s central bank said. “The buoyant performance of... 

South African stock index is heading for worst month since 2008

Johannesburg’s benchmark stock index is heading for its worst month in almost two decades, reeling from a double hit as the Iran war saps demand for emerging-market assets while plunging... 

S Africa appoints Thage to embassy in Washington – Report

South Africa appointed career diplomat Thabo Thage as its so-called minister plenipotentiary to Washington as it finalises the selection of a permanent ambassador, Business Day reported. The... 

Eldorado Gold plan to buy Foran opposed by Glass Lewis

A key proxy adviser firm recommended Eldorado Gold investors vote against its C$3.8-billion bid for Foran Mining, the latest roadblock after Eldorado’s third-largest shareholder called the takeover... 

Iran war’s gas supply shock pushes top consumers back to coal

A deepening conflict in the Persian Gulf has upended oil and gas markets. It may also have provided coal — the dirtiest fossil fuel — with its most significant boost in years. Climate negotiators... 

Codelco sees war disruptions adding 5% to cost of making copper

Top copper supplier Codelco expects disruptions from the Middle East war to lift its production costs by about 5%, offering one of the first quantified inflation estimates from a major mining... 

Ramaphosa backtracks on US role in G7 Summit snub

South Africa walked back its claim that US pressure led to its disinvitation from an upcoming Group of Seven summit in France. Pretoria’s presidency spokesperson, Vincent Magwenya, had said on... 

US urged France to revoke South Africa G7 invite, Pretoria says

France withdrew an invitation for South Africa to attend a summit of Group of Seven leaders in June following pressure from the US, President Cyril Ramaphosa’s office said. Leaders of the world’s... 

Fortescue chair urges China to end iron-ore buying strategy

Fortescue's executive chairman Andrew Forrest said China’s state-backed iron buyer should stop using tactics aimed at negotiating lower prices for the key steel ingredient. Speaking Wednesday on... 

Eskom ordered by court to disclose coal, diesel contracts

Eskom Holdings said it has been ordered by the Supreme Court of Appeal to disclose details of its coal, transport and diesel procurement contracts to activist group Afriforum. South Africa’s state... 

Zijin’s Congo lithium mine set to be among world’s biggest

The lithium mine Zijin Mining Group plans to open this year in the Democratic Republic of Congo is set to be one of the world’s biggest suppliers of the battery metal. The Chinese company – which... 

BHP sees potash heading toward deficit as demand outpaces supply

BHP Group, the world’s largest mining company, expects the global potash market to tighten over the next decade as demand grows and geopolitical risks strain fertilizer supply chains. With demand... 

Fuel crunch from war threatens South African wheat, corn crops

Farmers in South Africa are heading into the winter planting season with surging diesel prices and tightening supplies – triggered by the Middle East conflict – threatening production in... 

Zijin Gold acquires control of Chinese rival for $2.6bn

The gold unit of Zijin Mining Group Co. will acquire a controlling stake in Chifeng Jilong Gold Mining Co. for 18.26-billion yuan ($2.64-billion), cementing the group’s status as China’s top miner... 

De Beers makes sweeping cuts to its elite diamond-buying club

De Beers has made one of the deepest ever cuts to its group of handpicked diamond buyers as the former monopoly grapples with a prolonged crisis roiling the industry, people with knowledge of the... 

Peru proposal to limit idle concessions sparks mining pushback

Peru’s mining industry is warning that a bill moving through Congress to halve the time to hold unused concessions would end up discouraging investment and favoring informal operators. “It’s a... 

South Africa’s economic hub ‘trapped’ in stagnation, report says

Gauteng, the South African province that’s home to Johannesburg and the capital Pretoria, is struggling to grow and its shift from manufacturing and mining to a services hub is deepening... 

Zijin’s investment unit aims to expand strategic metal portfolio

Zijin Mining Group, China’s biggest gold and copper producer, wants to invest in metals like tungsten and uranium, as the global bid to secure critical minerals drives prices higher. “We are... 

BHP’s next leader faces same problems in deal-obsessed industry

BHP Group has picked the continuity candidate for its next boss: A life-long company man who has spent quarter of a century at the biggest miner, honing his skills in iron-ore and copper, its most... 

Eskom offers 6.5% pay raise in fourth talks round

Eskom has offered labour groups an annual wage increase of as much as 6.5% in a fourth round of negotiations that have dragged on for months. The State-owned power utility tabled a three-year deal... 

Cobalt shortages driven by Congo curbs seen lasting through 2030

A global cobalt shortage is expected to persist through the end of this decade as export restrictions from top producer Democratic Republic of Congo impact the supply chain, according to trading... 

Morgan Stanley says South Africa to stay on prolonged rate hold

Surging oil prices triggered by the Middle East conflict is likely to push South African inflation higher and see policymakers keep interest rates unchanged for months, according to Morgan Stanley.... 

Munitions metal tungsten outshines gold, copper in 557% rally

A metal used in weapons and semiconductors is finding itself the subject of geopolitical tensions as Chinese export limits and rising military demand squeeze supplies, sending prices to record... 

JSW Steel wins rights to develop coking coal mine in Mozambique

JSW Steel, India’s biggest steelmaker by capacity, won rights to develop a coal mine in Mozambique’s Tete province, securing access to a key raw material used in steel manufacturing. The company’s... 

South African inflation expectations ease as war clouds outlook

South Africa’s two-year inflation expectations moderated marginally, welcome news for the central bank as the Iran war clouds the outlook. Average inflation expectations two years ahead — the gauge... 

Goldman says Iran war risks weighing on rand, forcing rate move

Prolonged higher oil prices could force the South African central bank to consider raising interest rates as a weaker rand pushes inflation higher than it’s prepared to tolerate. That’s according... 

Mali to introduce special mining brigade to curb illegal output

Mali is establishing a mining task force with judicial powers to oversee gold mining and quarrying sites in the West African nation. The Brigade spéciale des mines will step up inspections and... 

Mercedes considers sharing South Africa plant with China’s GWM

Mercedes-Benz Group is considering sharing its manufacturing plant in South Africa with Great Wall Motor Co (GWM), a move that could boost the facility’s viability as US trade tariffs take effect,... 

China’s State iron-ore buyer summons traders on BHP restrictions

China’s state-backed iron-ore buyer has summoned traders and urged them to refrain from buying new BHP Group cargoes to sell to buyers in the country after they were found to be flouting a... 

Oil spike threatens South Africa inflation, Godongwana says

Sustained higher oil prices resulting from conflict in the Middle East may fuel inflation in South Africa, though the buffers built by the government should help keep its debt-consolidation plans... 

World Bank says $50bn committed to African electrification

More than $50-billion has been committed to an ambitious plan to halve the number of people without access to electricity in Africa, according to the World Bank, its biggest backer. The programme,... 

Aluminium hits highest since 2022 as Alba declares force majeure

Aluminum prices surged to the highest since 2022 after Aluminium Bahrain suspended deliveries of metal to some customers under so-called force majeure clauses in its supply contracts. The company,... 

MMG profit more than triples on copper rally, strong output

MMG said profit more than tripled last year, buoyed by higher commodity prices and strong output at key mines, though still fell short of analyst estimates. The Chinese-owned mining company’s net... 

BHP says Australian coal mines can’t compete for capital

BHP Group told workers at its vast coal operations across Queensland that the mines can no longer “compete for investment” and the company was receiving no returns from the projects. The mines in... 

South Africa Treasury says it can weather shock like Iran war

South Africa’s stronger public finances have given the county a sizable cushion to absorb external shocks — such as the fallout from the conflict in Iran, according to the head of the National... 

Lithium producer SQM sees global demand growing 25% this year

Top lithium producer SQM said it sees world demand for the battery metal growing about 25% this year, after reporting record quarterly sales volume as the industry emerges from a global glut. The... 

Aluminum jumps as Middle East war threatens supply disruptions

Aluminum climbed on concerns that critical supply routes for Middle Eastern producers will be disrupted by conflict in a region responsible for a significant share of global output. Prices for the... 

Cape Town Mayor to run for leadership of DA

Cape Town Mayor Geordin Hill-Lewis said he’ll stand for election as leader of the Democratic Alliance, South Africa’s second-biggest political party, a contest he’s widely expected to win. John... 

Moody’s says South Africa budget ‘confirms’ strong fiscal stance

South Africa’s latest budget painted an encouraging picture of improving public finances, according to Moody’s Ratings, while cautioning that “meaningful” debt reduction will require stronger...