Latest news with #AfricanMiningIndaba
eNCA
29-05-2025
- Business
- eNCA
MI26 unveils theme of next year's indaba
JOHANNESBURG - The African Mining Indaba has unveiled next year's theme. Organisers say Stronger Together, Progress through Partnerships, shows an urgent need for collaboration from within. The continent's most influential and transformative platform for mining leadership, investment, and innovation, has unveiled next year's theme. Organisers say Stronger together, progress through partnerships, shows an urgent need for collaboration within. The African Mining Indaba brings together key stakeholders from around the world to discuss the future of mining on the continent. This year's event looked at giving communities and overlooked corners of the industry a seat at the table.
Yahoo
11-04-2025
- Business
- Yahoo
Major companies launch collaboration to test breakthrough fuel solution: 'Transformative'
Three South African companies are making an exciting leap toward sustainability with a first-of-its-kind renewable diesel pilot. Sasol, Anglo American, and De Beers have partnered to test plant-based fuel that could reduce carbon pollution while maintaining efficient mining operations, Reuters reported. This marks a significant step forward in the country's clean energy transition that could ultimately benefit businesses and consumers alike. Announced at the African Mining Indaba in Cape Town on Feb. 4, the project will use Solaris and Moringa plants, grown on 20 hectares of land provided by De Beers, to produce renewable diesel, according to Reuters. These crops have been explored as biofuel sources in other regions because of their high oil content and potential for sustainable cultivation. Pre-feasibility studies are complete, and initial production trials have begun, the companies said. If successful, this fuel will power De Beers' mining operations, helping reduce emissions while demonstrating the potential of renewable diesel in the mining sector. Unlike biodiesel, which often requires blending with fossil fuels, renewable diesel meets conventional diesel standards while significantly reducing greenhouse gas pollution. It can be used in existing diesel engines without modification, making it an attractive option for industries looking to lower their carbon footprint without disrupting operations. The mining industry, which has traditionally relied on fossil fuels, is under increasing pressure to adopt greener practices. If this pilot succeeds, it could encourage further investment in renewable fuels, potentially expanding beyond mining to other sectors such as transportation and agriculture. South Africa also imports a significant portion of its fuel, so developing a local renewable diesel industry could improve energy security and create new economic opportunities. As global industries push for greener energy solutions, South Africa is taking real action. If all goes well, this pilot could be the first step in a larger movement toward renewable fuels that positions the country as a leader in sustainable innovation while creating economic and environmental benefits for its people. "Renewable diesel is transformative," Sasol Executive Vice President Sarushen Pillay stated, per Reuters, at the signing ceremony. "It meets the technical standards of conventional diesel while significantly reducing greenhouse gas emissions." Should the government be paying us to upgrade our homes? Definitely Depends on how much it costs Depends on what it's for No way Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
07-02-2025
- Business
- Yahoo
Mali's new mining law needs review to attract investment, CEOs say
CEOs of gold mining companies have noted that Mali's new mining code will require adjustments to encourage gold companies to invest in new projects in the country, reported Reuters. On 8 August 2023, Mali introduced new legislation allowing the government to take a 10% stake in mining projects, with an option to purchase an additional 20% within the first two years of commercial production. The revised code also hikes royalty taxes to 10.5% from around 6% and requires companies to sell a 35% share of new projects to Malian investors, an increase from the previous 20%. The price of gold, which made up 80% of Mali's exports in 2023, has reached record highs over the past year. Mali is expected to receive CFA Fr750bn ($1.2bn) from mining companies in the first quarter of 2025 (Q1 2025) following extensive mining sector reforms, which include the implementation of the new mining code. At the African Mining Indaba in Cape Town, CEOs of gold mining companies with operations in West Africa argued that the new rules render new investments in Mali uneconomical. The Mali Mines Ministry has not commented on the situation but previously cited the need for a fairer share of mining profits and fewer tax breaks. Canadian miner Fortuna Mining CEO Jorge Ganoza indicated that Mali is no longer an attractive investment destination, with producers likely to turn to other West African countries with rich deposits, such as Guinea, Ivory Coast, Senegal and Burkina Faso, the report said. Australian miner Resolute Mining, which experienced the arrest of its CEO over disagreements with the mining rules, stated that the new royalty tax would increase its all-in sustaining costs by around $250/oz at its Syama mine in Mali. Another Canadian miner, Robex, is considering exiting Mali and focusing on Guinea, although it is struggling to find buyers for its Nampala mine. Despite the challenges, some mining groups remain in discussions with Mali's junta regarding the future of their operations and compliance with the new code. Barrick's CEO, Mark Bristow, acknowledged the difficulties in Mali but emphasised ongoing dialogue with the government over alleged unpaid taxes and the seizure of gold stocks. Similarly, B2Gold announced plans to invest $10m (C$14.39m) in exploring Mali's Fekola gold complex, following a settlement related to the 2023 mining code. "Mali's new mining law needs review to attract investment, CEOs say" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
05-02-2025
- Business
- Reuters
Mali's new mines law needs review to win back investors, gold mine CEOs say
CAPE TOWN, Feb 4 (Reuters) - A new mining law in Mali that raises taxes and seeks to hand over big stakes in assets to the state and local investors will need to be loosened up if gold companies are to invest in new projects there, company CEOs told Reuters. The new rules compel companies operating in Africa's second biggest gold producer to divest a 35% share of new projects to Malian investors - up from 20% previously - and raise royalty taxes to 10.5% from around 6%. Speaking on the sidelines of the annual African Mining Indaba in Cape Town, three gold mining CEOs with operations in West Africa said the new rules make it uneconomic to invest in new mines or buy operations in the country. Gold, which accounted for 80% of Mali's exports in 2023, has hit successive record highs over the past year , but the state's interest and the higher royalty tax are "too much to encourage investment", one gold mining CEO told Reuters. "From my conversations with some in the government, there is a growing realisation that the mining code is too harsh, they need to loosen some of the royalty (tax) requirements," he said. "The danger is that, as the taxes become too high and hurt the level of investment in the country, as gold companies, because we have choices, we can take our money elsewhere," a second CEO said. Mali's junta-led government has proved aggressive in implementing the new rules, souring relations with top investors, including world no. 2 gold miner Barrick Gold ( opens new tab. Barrick shuttered its Loulo-Gounkoto operation last month after authorities seized its gold reserves by helicopter and arrested several of its employees in a dispute related to the new mining law. On top of a series of executive arrests and the potential loss of some $245 million in bullion, Barrick CEO Mark Bristow also faces an arrest warrant in Mali. Mali's mines ministry declined to comment. It said when the review of the previous code was announced in 2023 that an internal audit had shown it was not receiving a fair slice of profits from the mining sector while granting too many tax breaks. 'WE ARE TALKING' Jorge Ganoza, the CEO for Fortuna Mining Corp ( opens new tab, a Canadian miner seeking to expand in West Africa, said he would not consider Mali as a potential destination for investment. He said he expects producers' focus to shift to rich deposits in Guinea, Ivory Coast, Senegal and Burkina Faso. The lack of investment in new mines and exploration activities could shorten the lifespan of existing mines in Mali, he said. "Do you think Resolute or Barrick today is looking to expand investments in the country? No," Ganoza said. Resolute Mining ( opens new tab, whose CEO was arrested by Mali authorities last year due to disagreements over the mining rules, said on Jan. 30 the royalty tax will add about $250 per ounce of gold to the all-in sustaining costs of its Syama mine in the country. The CEOs, who spoke to Reuters separately, cited another Canadian miner, Robex (RBX.V), opens new tab, as an example of a company looking to pull out of Mali. Robex, which is struggling to find buyers for its Nampala mine in the country, said on its website it was shifting focus to Guinea. Still, some mining groups are continuing to talk to Mali's junta on how they can keep working in the country. Resolute, which agreed to pay $160 million for the release of its CEO and senior executives who had been arrested in Bamako last year, said it was continuing discussions on the long-term future of its mine in the country and migration of its assets to the new code. Barrick CEO Bristow told mining investors in Cape Town on Monday that it had some "challenges" in Mali because of "certain individuals that... promised more to the junta-led transitional government". But, he said, "the important thing is, we are talking".
Korea Herald
05-02-2025
- Business
- Korea Herald
Korea, Africa hold 1st critical minerals dialogue in Cape Town
South Korea and 11 African nations held their first Critical Minerals Dialogue on Tuesday, as a key follow-up measure to last June's inaugural Korea-Africa summit in Seoul, according to South Korea's Foreign Ministry. The inaugural dialogue was held in Cape Town, South Africa, in conjunction with the African Mining Indaba, a premier event that brings together mining professionals, investors, and industry leaders to discuss the potential and capabilities of Africa's mining sector. In her opening remarks, South Korea's Second Vice Foreign Minister Kang In-sun stated that Korea "seeks to build long-term and mutually beneficial partnerships with African countries in the critical minerals sector," the Foreign Ministry in Seoul said Wednesday. Kang also 'emphasized that cooperation in critical minerals requires patience, effort, and the establishment of a mutually trustworthy partnership, much like actual mineral extraction.' The event brought together around 100 government and industry representatives, including around 60 attendees from the African side. The delegation featured officials from 11 countries—Algeria, The Gambia, Ivory Coast, Lesotho, Morocco, the Republic of the Congo, Senegal, Tanzania, Uganda, Zambia, and Zimbabwe —comprising ministers and vice ministers of mining, public institution representatives, and business leaders. About 20 officials from South Korea's Foreign Ministry, the Ministry of Trade, Industry and Energy, the Korea Mine Rehabilitation and Mineral Resources Corporation, and the Korea Institute of Geoscience and Mineral Resources participated in the dialogue. South Korean companies, including POSCO International, LX International, Samsung C&T, Hyundai Everdigm, KCC Glass, and TKG Huchems, were also in attendance. The first session highlighted Korea's critical minerals supply chain policy, focusing on securing a stable supply and diversifying sourcing. South Korean companies also outlined their strategies and key ongoing projects in the mining sector, according to the Foreign Ministry. In the second session, the Korea Institute of Geoscience and Mineral Resources presented opportunities for Korea-Africa cooperation in critical mineral exploration and processing. Following this, African government representatives discussed their critical mineral policies and potential areas for collaboration with Korea, according to Seoul. Algeria, the Republic of Congo, Ivory Coast, and Tanzania introduced their mineral reserves and development strategies, calling for Korean investment and engagement. The Gambia, Lesotho, Morocco, Uganda, Zambia, and Zimbabwe emphasized the potential to enhance value of critical mineral resources and boost local economies through cooperation with Korea's advanced mineral exploration and extraction technologies.
