Miningmx

GOLD has entered bear market territory, falling more than 20% from its all-time high near $5,600 an ounce reached in late January, as rising interest rate expectations and a strengthening dollar weigh heavily on bullion, said Bloomberg News on Wednesday. The metal posted double-digit gains in each of the past three years, more than doubling in price as central banks, money managers and retail investors accumulated positions.

RIO Tinto expects its lithium business to outpace all other divisions as the mining giant works to triple output by 2028 to meet rising demand from electric vehicle and battery storage markets. Jérôme Pécresse, who heads Rio’s aluminium and lithium unit, told Reuters on the sidelines of the Fastmarkets Global Lithium conference in Las Vegas that the company plans to produce at least 61,000 tons this year, scaling to 200,000t of capacity by 2028 if market conditions warrant it.

COPPERTECH Metals is targeting a valuation of up to $3.57bn through a US initial public offering, offering 23.5 million shares priced between $16 and $18 each to raise approximately $423.5m, said Reuters on Tuesday. The company, which owns and operates Konkola Copper Mines in Zambia, was established last year by Vedanta Resources, the mining group controlled by Indian billionaire Anil Agarwal.

ANGLO American said today it had finalised an agreement with Chile’s Codelco for the joint development of the Los Bronces and Andina mines. The partners said their joint operating company would unlock 120,000 tons a year in additional copper production over 21 years, equivalent to 2.7 million tons. A memorandum of agreement to form the joint company was first announced in February 2025.

Annealed neodymium iron boron magnets sit in a barrel prior to being crushed into powder. Photographer: Doug Kanter/Bloomberg via Getty Images US rare earths and uranium miner Energy Fuels has agreed to acquire Vacuumschmelze, one of the western world’s few operational permanent magnet manufacturers, for $1.9bn, in a bet on decoupling critical mineral supply chains from China, reports the Financial Times.

SIBANYE-Stillwater has delayed the approval of its 120,000 ounce a year Mpumalanga gold project Burnstone citing the board’s capital approval process. While there are no technical or strategic problems with the project – which is expected to absorb R2.7bn in pre-production capital – uncertainty over its mining licence regulations is a concern, said Richard Stewart, CEO of Sibanye-Stillwater.

Richard Stewart, CEO, Sibanye-Stillwater. REUTERS/Ihsaan Haffejee SIBANYE-Stillwater today outlined R20bn in projects aimed at maintaining a million ounces of platinum group metals production from its underground South African mines until 2050. In the short-term Sibanye-Stillwater aims to sustain 1.5 million oz in annual production by 2035 from board-approved projects. “I wouldn’t swap our portfolio of platinum group metals with any other anywhere,” said Richard Stewart, CEO of Sibanye-Stillwater.

Richard Stewart, CEO, Sibanye-Stillwater. REUTERS/Ihsaan Haffejee SIBANYE-Stillwater today outlined R20bn in projects aimed at maintaining a million ounces of platinum group metals production from its underground South African mines until 2050. In the short-term Sibanye-Stillwater aims to sustain 1.5 million oz in annual production by 2035 from board-approved projects. “I wouldn’t swap our portfolio of platinum group metals with any other anywhere,” said Richard Stewart, CEO of Sibanye-Stillwater.

Ben Magara, CEO, Exxaro Resources EXXARO Resources is in advanced discussions regarding a potential copper investment which it hopes to advance in the next 12 months, the group’s head of business development said on Monday. The JSE-listed coal miner, which last year invested about R11.67bn diversifying into manganese, has a stated intention of further expanding its mineral production.

GOLD Fields responded to speculation it was set to lose the Tarkwa mine in Ghana saying on Monday it was “well positioned” to continue operating it. Bloomberg News reported on June 19 that Ghana’s government was considering handing control of the mine to local companies when the operation’s leases expire in April. This is despite negotiations currently underway between Ghana and Gold Fields regarding the renewal of the mining lease.