Energy Central-News Article

LATEST COMPANY NEWS

Miningmx - Sibanye-Stillwater signs 89MW wind power agreement from 2025 for SA mines - 29/5/2023

SIBANYE-Stillwater said today it had taken the first step in a 580MW renewable energy programme after agreeing to buy 89MW of wind power.

For the complete story, see:

https://www.miningmx.com/top-story/53469-sibanye-stillwater-signs-89mw-wind-power-agreement-from-2025-for-sa-mines/

News24 - Gold Fields to engage shareholders over pay report that gave ex-CEO a $3m golden handshake - 25/5/2023

A resolution for the endorsement of the remuneration implementation report of miner Gold Fields, including a golden handshake for former CEO Chris Griffith, of three years' pay, garnered less than two-thirds shareholder support on Wednesday.

For the complete story, see:

https://www.news24.com/fin24/companies/gold-fields-to-engage-shareholders-over-pay-report-that-gave-ex-ceo-a-3m-golden-handshake-20230525

Mining Weekly - Mining council zeroing in on aluminium, copper, silicon, steel in accelerating circular economy - 23/5/2023

In setting up to accelerate a global circular economy, the International Council on Mining and Metals (ICMM) will be focusing on the value chains of wind turbines and solar photovoltaic panels and zeroing in on aluminium, copper, silicon and steel.

For the complete story, see:

https://m.miningweekly.com/article/council-zeroing-in-on-aluminium-copper-silicon-steel-in-accelerating-circular-economy-2023-05-23

Other Stories

Mining Weekly - Mining council zeroing in on aluminium, copper, silicon, steel in accelerating circular economy - 23/5/2023

GlobeNewswire - Mirasol Signs Option Agreement with AngloGold Ashanti's Cerro Vanguardia SA Mine to Advance the Claudia Gold-Silver Project in Argentina - 23/5/2023

Mining Weekly - Diamond investment in South Africa gains 'forever' tag as De Beers opens airport sparkler - 22/5/2023

BusinessLIVE - Minerals Council's 'clear voice' Baxter will dig in until the end of June - 21/5/2023

International Mining - Orexplore Technologies enters South America core scanning market with Gold Fields deployment - 18/5/2023

Media Releases

De Beers Consolidated Mines (ADRS) - De Beers on pace to deliver on ambitious 2030 sustainability goals and create enduring positive impact for people and the planet - 24/5/2023

Latest Research

Towards a sustainable artisanal gold mining sector in South Africa: Proposed developmental initiatives - By Vidette Bester

Industry Overview

The Mining Industry

Overviews of Leading Companies

Anglo American Platinum Corp. (JSE: AMS)

African Rainbow Minerals (JSE: ARM)

Anglogold Ashanti (JSE: ANG)

De Beers Consolidated Mines (ADRS)

Exxaro Resources (JSE: EXX)

Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI)

Harmony Gold Mining CO. (JSE: HAR)

Impala Platinum Holdings (JSE: IMP)

Kumba Iron Ore (JSE: KIO)

Sibanye-Stillwater (JSE: SGL and NYSE: SBGL)

Senior Associate: Theadore Leighton Manjah

News and Commentary

Miningmx - Sibanye-Stillwater signs 89MW wind power agreement from 2025 for SA mines - 29/5/2023

SIBANYE-Stillwater said today it had taken the first step in a 580MW renewable energy programme after agreeing to buy 89MW of wind power.

For the complete story, see:

https://www.miningmx.com/top-story/53469-sibanye-stillwater-signs-89mw-wind-power-agreement-from-2025-for-sa-mines/

News24 - Gold Fields to engage shareholders over pay report that gave ex-CEO a $3m golden handshake - 25/5/2023

For the complete story, see:

https://www.news24.com/fin24/companies/gold-fields-to-engage-shareholders-over-pay-report-that-gave-ex-ceo-a-3m-golden-handshake-20230525

Mining Weekly - Mining council zeroing in on aluminium, copper, silicon, steel in accelerating circular economy - 23/5/2023

For the complete story, see:

https://m.miningweekly.com/article/council-zeroing-in-on-aluminium-copper-silicon-steel-in-accelerating-circular-economy-2023-05-23

GlobeNewswire - Mirasol Signs Option Agreement with AngloGold Ashanti's Cerro Vanguardia SA Mine to Advance the Claudia Gold-Silver Project in Argentina - 23/5/2023

Mirasol Resources Ltd. (TSX-V: MRZ) (OTC: MRZLF) (the "Company" or "Mirasol") is pleased to report the signing of an Option Agreement ("Agreement") with Cerro Vanguardia SA Gold-Silver Mine ("CVSA") owned by AngloGold Ashanti (92.5%) and FOMICRUZ S.E. (7.5%) for the exploration of Mirasol's Claudia Gold-Silver Project ("Claudia"), located directly south of the CVSA Gold-Silver Mine in the province of Santa Cruz, Argentina.

For the complete story, see:

https://www.globenewswire.com/news-release/2023/05/23/2674609/0/en/Mirasol-Signs-Option-Agreement-with-AngloGold-Ashanti-s-Cerro-Vanguardia-SA-Mine-to-Advance-the-Claudia-Gold-Silver-Project-in-Argentina.html

Mining Weekly - Diamond investment in South Africa gains 'forever' tag as De Beers opens airport sparkler - 22/5/2023

De Beers has been investing in South Africa since 1888 and Al Cook, the upbeat new CEO of the De Beers Group, stated unequivocally from the podium during the grand opening of the company's latest diamond investment that the 135-year-old De Beers is not only honoured to still be "actively" investing in the future of South Africa, but that it is also doing so "confidently".

For the complete story, see:

https://www.miningweekly.com/article/diamond-investment-in-south-africa-gains-forever-tag-as-de-beers-opens-airport-sparkler-2023-05-22

BusinessLIVE - Minerals Council's 'clear voice' Baxter will dig in until the end of June - 21/5/2023

Minerals Council South Africa, the country's biggest mining lobby, has delayed the departure of is outgoing CEO, Roger Baxter, as the search for his successor continues.

For the complete story, see:

https://www.businesslive.co.za/bt/business-and-economy/2023-05-21-minerals-councils-clear-voice-baxter-will-dig-in-until-the-end-of-june/

International Mining - Orexplore Technologies enters South America core scanning market with Gold Fields deployment - 18/5/2023

Orexplore Technologies Limited, a mineral scanning technology company focused on the global mining and metals sector, says it has entered the South American market with a commercial field deployment for Gold Fields at its' Salares Norte project in Chile.

For the complete story, see:

https://im-mining.com/2023/05/18/orexplore-technologies-enters-south-america-core-scanning-market-with-gold-fields-deployment/

Media Releases

De Beers Consolidated Mines (ADRS) - De Beers on pace to deliver on ambitious 2030 sustainability goals and create enduring positive impact for people and the planet - 24/5/2023

2022 sustainability report highlights milestones in climate ambition and ethical leadership of the diamond industry

De Beers Group today provided an update on progress toward its 2030 'Building Forever' sustainability goals. The goals were set in 2020 and are De Beers' blueprint for creating a positive and sustainable impact in its host countries and throughout the diamond value chain. They span four pillars: leading ethical practices, partnering for thriving communities, protecting the natural world, and accelerating equal opportunity.

During 2022, De Beers saw advances across all four Building Forever pillars and all 12 goals, which included reductions in water use and energy intensity, innovations in diamond tracing technology, increased representation of women in senior leadership and progress toward its climate commitments.

A notable milestone was setting emission reduction targets across Scopes 1, 2 and 3, which have been validated by the Science Based Targets initiative (SBTi). De Beers' near-term SBTi-validated targets are to reduce absolute Scope 1 and Scope 2 emissions 42 per cent by 2030 and to reduce absolute Scope 3 emissions 25 per cent within the same timeframe. In setting the targets across all three scopes, De Beers is extending its climate ambition over and above its existing commitment to be carbon neutral across Scope 1 and 2 emissions by 2030.

The SBTi-validated targets represent the reductions required by the organisation to align with the goals of the Paris Agreement on climate change. However, under its existing carbon neutral commitment and with the implementation of its 'Reduce and Replace' strategy, De Beers expects to exceed its SBTi-validated targets for reducing Scope 1 and 2 emissions by 2030.

De Beers also accelerated the pace of innovation and investment in its blockchain provenance platform, Tracr. The platform was deployed at scale in 2022 and enables participants to provide assurance of a diamond's source as it travels through the value chain. More than half of De Beers' global production by value is now being registered on Tracr, which was recently named by Forbes as one of the world's 50 leading blockchains for the third time.

Al Cook, CEO, De Beers Group, said: "De Beers has a simple belief that informs everything we do: the diamonds we discover belong to the communities and countries in which they are found. We are inspired by the beauty and rarity of natural diamonds and the natural world, and we know how precious diamonds are - not only for the people who wear them, but for all those they touch along the way.

"Building Forever is about taking a long-term view. We work hand-in-hand with the communities in which we live and work to shape a better future. Our actions range from addressing the climate crisis to growing prosperity wherever we operate. And by using our proprietary technologies, we can now connect our customers to the origin, impact and stories of their diamonds. Building Forever will continue to guide every decision De Beers makes and touch every diamond we discover."

The 2022 sustainability report provides a detailed overview of the Building Forever pillars and goals, along with key progress toward each - a summary of which follows:

Leading ethical practices

De Beers is committed to advancing industry standards, enhancing the transparency of diamond provenance and improving the livelihoods of artisanal miners.

Key highlights include:

Increased the number of entities participating in the Best Practice Principles, the company's set of leading ethical, social and environmental standards which are independently audited, to 2,690 from 2,283 in 2021.

Launched the Tracr blockchain platform at scale, enabling diamond origin to be immutably recorded from source to store. More than half of De Beers' global rough diamond production by value is now being registered on Tracr.

Increased the number of mine sites participating in GemFair, De Beers' programme to support the formalisation of the artisanal mining sector, to 263 from 219 in 2021. The programme also provided fair and equitable finance to support the operations of 49 members.

Protecting the natural world

De Beers understands that for its business and host communities to thrive, it must protect the natural world. In all of its activities, De Beers follows best practices for biodiversity and water management, air quality, greenhouse gas emissions, waste and mine closure and rehabilitation.

Key highlights include:

Achieved a 14 per cent reduction in freshwater withdrawals and a four per cent reduction in energy intensity compared with 2021.

In partnership with Anglo American and EDF Renewables, commenced development of more than 70 MW of renewable energy projects in southern Africa.

Invested $2 million in Kelp Blue, a start-up that grows underwater kelp forests off the coast of Namibia, which can absorb carbon up to 50 times faster than land-based forests. In addition to supporting De Beers' carbon neutral commitment, Kelp Blue will also create jobs and support sustainable economic development in Namibia.

Marked the 20 th anniversary of the Diamond Route, the 500,000-acre network of conservation sites that De Beers manages across southern Africa, protecting more than 50 mammal species.

Continued Okavango Eternal, a partnership with National Geographic to protect the critically important headwards of the Okavango Delta. Progress included installing innovative water monitoring technology, deepening research and understanding, and engaging with communities on soil-friendly farming methods.

Partnering for thriving communities

De Beers is focused on working with a range of stakeholders to help build a sustainable future and contribute to a better quality of life in its host communities, with particular emphasis on health and wellbeing, education and skills development, economic diversification, and livelihood support.

Key highlights include:

Marked two decades since the introduction of De Beers' pioneering HIV programme to provide free and confidential treatment to employees and their families living with HIV and AIDS. The programme has helped to save an estimated 650 lives during this time and has also ensured there have been no cases of mother-to-child HIV transmission among De Beers employees or their partners for 14 consecutive years.

In collaboration with Right to Care, rolled out a community-oriented primary care partnership to strengthen medical clinics in southern Africa, prioritising areas that lacked medical provision.

Supported 420 students in securing 12-month internships in different sectors through a partnership with International Youth Foundation.

A total of 18 southern Africa-based companies completed the Stanford Seed Transformation entrepreneurship programme that De Beers supports in partnership with Stanford University.

In total, more than 3,340 jobs were supported by De Beers through various socioeconomic development projects and initiatives and 71 per cent of its goods and services were procured from local suppliers.

Accelerating equal opportunity

De Beers is focused on accelerating economic inclusion and supporting diverse voices to help shape the future of its business, host communities and society at large, with a particular focus on addressing the historical underrepresentation of women in its talent pipeline and encouraging fresh and diverse talent into the diamond jewellery sector.

Key highlights include:

At the end of 2022, women comprised 33 per cent of senior management positions within De Beers Group (up from 31 per cent in 2021).

Extended the partnership with WomEng, a highly regarded social enterprise committed to helping women and girls pursue careers in engineering and technology, for another three years.

Since 2018, De Beers has provided 89 scholarships to women studying STEM at universities in Canada, has reached more than 3,700 school students in southern Africa through STEM workshops, and has supported more than 2,400 women entrepreneurs to grow their businesses.

Provided funding for a free 12-week jewellery making course for teens in New York City, which aims to fill the void of limited access to jewellery studios for teenage designers. De Beers also established an internal Equity, Diversity & Inclusion (EDI) Council bringing volunteers from across the business to deepen understanding of the company's diverse workforce and further cultivate an inclusive culture.

https://www.debeersgroup.com/media/company-news/2023/de-beers-on-pace-to-deliver-on-ambitious-2030-sustainability-goals

Latest Research

Towards a sustainable artisanal gold mining sector in South Africa: Proposed developmental initiatives

Vidette Bester

Abstract

South Africa's Mineral and Petroleum Resources Development Act (MPRDA) of 2002 addresses the socio-economic injustices of the post-Apartheid (after 1994) era. Additionally, the Act stipulates that a mining permit or licence is required to mine lawfully. Artisanal and small-scale mining (ASM) activities that occur without a mining permit, therefore, are illegal and criminalised. The Department of Mineral Resources and Energy (DMRE) in South Africa recently released the draft Artisanal and Small-Scale mining policy for implementation in March 2022. The announcement of this policy is the first step in formalising the artisanal mining sector in South Africa. Yet, formalisation strategies often fail in sub-Saharan Africa and other parts of Africa. Consequently, the artisanal mining sector continues to operate informally or, in many cases, in an illegal setting. This paper argues that efforts should be directed toward addressing the sector's challenges, and the formalisation process ought to be viewed as an ongoing process. This article outlines developmental initiatives that industry players can apply to support the sector's challenges as part of a formalisation strategy. Ultimately, this will create opportunities where historically disadvantaged people can benefit from South Africa's mineral resources.

https://www.sciencedirect.com/science/article/abs/pii/S074301672200328X

The Industry

South Africa Mining Production

Mining production in South Africa fell by 1.9% year-on-year in January 2023, following an upwardly revised 3.6% decline in the prior month and compared with market estimates of a 2.65% slump. It marks the 12th consecutive month of contraction in mining activity, though the softest in the current sequence that began in February last year. Output fell much less for diamonds (-15.5% vs -37% in December), while it rebounded for iron ore (12.1% vs -15.4%) and gold (3.7% vs -3.3%). However, output decreased faster for PGMs (-15.2% vs -5.4%) and nickel (-30% vs -15.1%). On a seasonally adjusted monthly basis, mining production surged by 4.4% in January, quickening from an upwardly revised 1.3% rise in the prior month

Source: Statistics South Africa

https://tradingeconomics.com/south-africa/mining-production#:~:text=Less... .

Mining: Production and sales (Preliminary) March 2022

Mining production decreased by 9,3% year-on-year in March 2022. The largest negative contributors were:

gold (-25,6% and contributing -3,7 percentage points);

iron ore (-24,4% and contributing -2,5 percentage points);

manganese ore (-19,8% and contributing -1,9 percentage points); and

PGMs (-8,2% and contributing -1,9 percentage points).

For more details:

Source: STATISTICS SOUTH AFRICA

https://www.statssa.gov.za/publications/P2041/P2041March2022.pdf

The Exploration Strategy for the mining industry of South Africa

STRATEGIC OVERVIEW

South Africa's endowment with a wide range of minerals as well as their mining and export has historically positioned the country as a global mining powerhouse. This has been characterised by over 130 years of mining resulting into a sizeable contribution to the GDP. Consequently, South Africa's skills and expertise have a huge footprint in a number of high performing industries in the mining value chain across the world. The mineral endowment that South Africa still has is a major driving force to the conceptualisation of this Exploration Strategy for the Mining Industry in South Africa. Evidently, with the declining gold resources, the appeal of the South African mining industry lies in the minerals of the future. This strategy is designed to take South Africa on that path to bring back its shine in line with the green economy through the deployment of clean technologies.

Currently Canada continues to be a top destination for exploration spending and globally offers unparalleled access to capital markets. However, as South Africa we should be up the with the best in attracting such foreign investments as we are innovative, have robust junior mineral exploration, clean technology, processing, and mining supply and services sectors to boost a reinvigorated mining exploration strategy.

VISION

Unveil South Africa's mineral resources potential for a sustainable mining industry that responds to the needs of South Africa and the world.

GOALS

To attract mineral exploration investment, reignite mineral development, accelerate new mineral discoveries and encourage optimal utilisation of the South African mineral resources in line with the environmental, social, and corporate governance principles for sustainable growth and propel South Africa to a competitive position against other jurisdictions of comparable mineral endowment.

1. CONTRIBUTION OF MINING TO THE NATIONAL ECONOMY

The much-recorded number of years of mining in sectors such as gold, diamond and coal, indicates that the industry remains a significant contributor to the economy in terms of employment numbers, export earnings, as well as attracting foreign direct investment. In 2020, the mining industry accounted for about 1.5 million both indirect and direct (451,427) employment.

In addition, the sector contributed 8.2% to the Gross Domestic Product (GDP), attracted over R575 billion in export earnings, contributed R 608 billion in total mineral sales, R27.2 billion in corporate taxes and R11.8 billion in royalties (Minerals Council SA, 20211). Over and above direct contributions, the industry is an anchor to other sectors of the economy, including agriculture, infrastructure, and energy etc

2. STRATEGY FOCUS

The exploration strategy is drafted on the strength of South Africa being host to over 50 mineral commodities. It is anchored on three critical pillars of sustainable development, namely, economic growth, social benefits, and environmental care through good governance. It focuses on the attainment and availability of geoscience information to support exploration and development of mineral resources.

The strategy further addresses significant steps to be taken by the Government, the industry, academia, and other relevant social partners in an effort to secure a minimum of 5% share in global exploration expenditure within a period of five years. The initiatives set herein commit each partner in executing their roles and responsibilities to ensure revitalisation of the exploration sector and be endorsed by signing a social compact.

Source: DEPARTMENT OF MINERAL RESOURCES AND ENERGY

https://www.gov.za/sites/default/files/gcis_document/202204/46246gon2026.pdf

MINING IN SA

Economic activity in modern-day South Africa has been centred on mining activities, their ancillary services and supplies. The country's stock exchange in Johannesburg was established in 1887, a decade after the first diamonds were discovered on the banks of the Orange River, and almost simultaneously with the gold rush on the world-famous Witwatersrand.

In many ways, South Africa's political, social and economic landscape has been dominated by mining, given that, for so many years, the sector has been the mainstay of the South African economy. Although gold, diamonds, platinum and coal are the most well-known among the minerals and metals mined, South Africa also hosts chrome, vanadium, titanium and a number of other lesser minerals.

KEY MINING FACTS:

In 2018 the mining sector contributed R351 billion to the South African gross domestic product (GDP)

A total of 456,438 people were employed in the mining sector in 2018

Each person employed in the mining sector has up to nine indirect dependants

The mining sector has, for many years, attracted valuable foreign direct investment to South Africa

Source: Minerals Council South Africa

https://www.mineralscouncil.org.za/sa-mining

Minerals Council South Africa

The mission of the Minerals Council

The Minerals Council South Africa (Minerals Council) is committed to taking a leadership position in the South African mining space, working with its members and key stakeholders in becoming the most respected, capable and trusted advocacy organisation for the mining sector in South Africa. In seeking to realise its vision of a positive turnaround in the mining sector, the Minerals Council works in problem-solving partnerships with its key stakeholders.

Purpose

The Minerals Council is a mining industry employers' organisation that supports and promotes the South African mining industry. The Minerals Council serves its members and promotes their interests by providing strategic support and advisory input.

A key role of the organisation is to facilitate interaction among mining employers to examine policy issues and other matters of mutual concern to crystallise and define desirable industry standpoints. A variety of initiatives are in place to promote collaboration between members. Consultation and collaboration are voluntary and never encroach on the autonomy of members.

The Minerals Council also acts as a principal advocate for mining in South Africa to government, communicating major policies endorsed by its members. A further vital function of the organisation is to represent some sectors in collective bargaining with organised labour.

Vision

The Minerals Council's vision is to reposition the South African mining sector as South Africa's fore-most industrial sector. The Minerals Council seeks to create, in partnership with key stakeholders, a conducive policy, legislative and operating environment that facilitates doubling real investment in mining by 2030.

This is an industry strategy, and the Minerals Council is a respected mining advocacy organisation that works through trust-based, problem-solving partnerships to engineer this positive turnaround in the mining industry.

Achieving this vision will be a game changer for the country and its ability to achieve the National Development Plan (NDP) objectives to improve South Africa's economic growth, developmental and transformation vision as outlined in the NDP.

History

The Minerals Council has undergone a number of name changes in its history which coincide with mining and political developments in South Africa.

Minerals Council at work

The Minerals Council continuously looks for ways to advance the position of and make improvements in the South African mining industry and participates in various initiatives and projects in areas relating to health, education, policy and regulations. See departments on our website.

Source: Mining Industry Association of Southern Africa

http://miasa.org.za/members/the-minerals-council-south-africa

Introduction

The Association of Mine Managers provides a platform for mining industry professionals to discuss, evaluate and debate mining and minerals policy, technical innovations, safety and health challenges and advancements in mining in South Africa.

AMMSA's current membership stands at 825 in seven categories - candidate (student) members, junior associate members, ordinary members, associate members, honorary life members, honorary associate members and retired members.

Currently, 268 of our members are registered with the Engineering Council of South Africa (ECSA).

AMMSA is recognised as a Voluntary Association by the Engineering Council of South Africa (ECSA), which provides some influence in terms of the accreditation of learning materials and institutions and strengthens the Association's role with regard to registration matters.

Members comprise managers and general managers from gold, platinum, diamonds and base metal operations represented through five districts, including the Northern Cape, Free State, Central, Western and Eastern districts.

Industry committees with an AMMSA presence:

Mines Rescue Services Committee of Management

Commission of Examiners for the Mine Managers Certificate of Competency

MQA and ECSA

Occupational Health and Safety Policy Committee

MOSH Adoption

Chamber committees on environment, training and education and labour relations

Mine Health and Safety Council (MHSC)

The Association actively supports the Government's initiatives on promoting a zero harm environment and each district also hosts a tripartite forum that included representatives from industry, Government and employees. The purpose of the forum is to share information and best practice on safe work practices in the mining industry, as well as promoting the adoption of MOSH practices across the mining industry in South Africa.

AMMSA also aids junior engineers and graduates by encouraging them to attend technical visits and to gain access to all the technical papers presented by members.

Source: Association of Mine Managers of South Africa Search

http://www.ammsa.org.za/about-ammsa/introduction-about-ammsa

Leading Companies

Anglo American Platinum Corp. (JSE: AMS)

GLOBAL OVERVIEW

Anglo American is a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world's developed and maturing economies. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and move and market our products - from diamonds (through De Beers) to platinum and other precious metals and copper - to our customers around the world.

As a responsible miner, we are the custodians of those precious resources. We work together with our key partners and stakeholders to unlock the long-term value that those resources represent for our shareholders, but also for the communities and countries in which we operate - creating sustainable value and making a real difference.

https://southafrica.angloamerican.com/~/media/Files/A/Anglo-American-Group/South-Africa/about-us/at-a-glance/879-aa-factsheet.pdf

As Anglo American, we aim to help build a stronger, healthier, and more sustainable South Africa. Ever since our foundations were first laid in Johannesburg way back in 1917, and together with our employees, stakeholders and government, we find ourselves in a profound position to make a real difference and to create shared value for those that come in contact with our business.

Our step by step process from mine to market is the same around the world.

The first stage is exploration, which involves finding mineral deposits in a sustainable way by our specialised exploration team. Maintaining a social licence to operate throughout this phase and into the development of a mining operation is crucial. This allows us to responsibly mine the economic resources in the ground. We then extract the resource in the safest and most efficient way possible and finally, the mined resource is then processed and refined to add extra value and only then is the commodity ready to be moved and tailored to specific markets.

http://southafrica.angloamerican.com/about-us-in-south-africa/at-a-glance.aspx

Anglo American Platinum Limited Production Report for the first quarter ended 31 March 2023

25 April, 2023

Overview - Q1 2023 performance against prior period Q1 2022

Safety performance - No fatalities at own-managed and joint operations and an 18% improvement in the Total Recordable Case Frequency Rate (TRCFR) at managed operations to 1.78 per million hours.

Total PGMs production (expressed as 5E+Au metal-in-concentrate) decreased by 6% to 901,200 ounces.

Own-managed mines PGMs production decreased by 5% to 501,700 ounces, this is in line with expectations on the back of lower predicted grade from Mogalakwena and infrastructure closures at Amandelbult in 2022. Production was further impacted by unplanned extended downtime at Mogalakwena Baobab plant. This was partially offset by a strong performance at Unki and Mototolo.

Refined PGMs production (owned production, excluding tolling) decreased by 13% to 626,000 ounces. This is lower that the comparative period where Polokwane smelter was running at full capacity. The ramp-up of the Polokwane smelter was completed by the end of January 2023. Scheduled asset integrity work at Waterval smelter and the impact of Eskom load-curtailment further impacted available smelter capacity for the quarter.

Eskom load-curtailment (scheduled power outages) impacted both concentrators and smelters resulting in increased work-in-progress inventory of c.26,500 PGM ounces during the quarter.

PGMs sales volumes (from production) decreased by 17% to 698,600 ounces as a result of lower refined production.

Guidance for 2023 - There is no change to guidance. Metal-in-concentrate PGM production remains at 3.6 - 4.0 million ounces. Refined production guidance for 2023 is 3.6-4.0 million ounces. Unit cost per PGM ounce produced is R16,800 - R17,800.

Natascha Viljoen, CEO of Anglo American Platinum, said:

"Our commitment to eliminate fatalities from our workplace continues to help us keep our people safe. We had no work-related fatalities across our operations for the period. The South African mining industry recorded its first fatality-free January in history, and we are proud to be a part of this milestone. We were able to materially improve our total recordable case injury frequency rate (TRCFR), which decreased by 18% to 1.78 per million hours worked. Through deliberate actions, we remain dedicated to our safety journey of zero injuries in the workplace.

The first quarter performance is lower than that the same period in 2022 but aligned with what we guided previously with own-managed mines PGM production 5% lower. Production was impacted by the lower grade areas we are mining at Mogalakwena for the next three years. This reduction is aligned with expectation and mine sequencing was also impacted by high rainfall as well as production impacted due to extended downtime at the Mogalakwena Baobab plant. Infrastructure closures, particularly the open pit at Amandelbult, also contributed to lower production. This was partially offset by a strong performance from Unki following the successful concentrator debottlenecking project. Mototolo continues to demonstrate stable output, despite mining in more challenging areas.

Lower refined production of 626,000 PGM ounces was impacted by the ramp-up of the Polokwane smelter following its recommissioning in December 2022, scheduled asset integrity work at Waterval smelter and the impact of Eskom load-curtailment. Eskom load-curtailment impacted ~13 production days for the quarter contributing to a build-up in work-in-progress inventory of c.26.500 PGM ounces.

We remain on track to achieve our 2023 guidance, with a strong focus on demonstrating our resilience through safe, stable, and capable operations for the remainder of the year."

¹ PGM is the sum total of platinum, palladium, rhodium, iridium, ruthenium and gold ounces.

² Referencing AAP guidance.

³ Relates to sales of metal not produced by Anglo American Platinum operations, and includes metal lending and borrowing activity.

Review of the quarter

Safety

We had no work-related fatalities during the period at own-managed or joint operations. The TRCFR at managed operations of 1.78 per million hours improved by 18% compared to the prior period of 2.16 per million hours. Pro-actively managing leading indicators, contractor safety and working collaboratively with our Joint Operations on safety, contributed to our improved injury rate. We continue to focus on incorporating learnings to stop repeat incidents and increase management oversight on high-risk work.

Metal-in-concentrate (M&C) PGM production

Total PGM production

Total PGM production in Q1 2023 decreased 6% against the prior period (Q1 2022) to 901,200 ounces, with platinum and palladium production decreasing 6% to 416,800 ounces, and to 278,100 ounces respectively.

PGM production from own-managed mines

Total PGM production from own-managed mines decreased by 5% to 501,700 ounces primarily due to lower production from Mogalakwena and Amandelbult. This was partially offset by strong production performances from Unki and Mototolo.

PGM production at Mogalakwena decreased by 12% to 219,000 ounces. The extended technical downtime at the Baobab concentrator plant due to a breakdown requiring long lead replacement parts impacted production by c.15,900 ounces. As expected, we continued to see lower grade at Mogalakwena however this was further impacted by rainfall redirecting mining to lower grade areas resulting in an overall 12% reduction in the 4E built-up head grade to 2.47g/t from 2.81g/t in Q1 2022.

While overall production from Amandelbult decreased by 5% on the back of infrastructure closures and the related shut down of Merensky concentrator compared to the previous period, PGM production from Amandelbult increased by 4% to 151,500 ounces from the planned mining areas on the back of improved productivity. Production from Tumela was strong with a 3% increase, while Dishaba was negatively impacted by poor ground conditions.

Mototolo PGM production increased by 2% to 68,700 ounces, largely due to improved throughput and recoveries at the plant.

Unki PGM production increased by 17% to 62,500 ounces, benefiting from the improved plant stability post the debottlenecking project completed in Q4 2021 with improvements in throughput, grade and recoveries.

PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)

Total PGM production from Joint Operations decreased by 10% to 168,600 ounces.

Total Modikwa PGM production remained in line with the prior quarter at 68,800 ounces.

Total Kroondal PGM production decreased by 16% to 99,800 ounces largely due to the ramp-down at Simunye shaft and geologically challenging ground across the complex.

Purchases of PGM concentrate from third parties

Purchases of PGM concentrate (POC) from third parties decreased by 3% to 230,900 ounces due to operational challenges experienced by third parties.

Refined PGM production

Refined PGM production (from owned production, excluding tolling) decreased by 13% to 626,000 ounces, due to the ramp-up at Polokwane smelter in January post the H2 2022 rebuild, scheduled asset integrity work at Waterval Smelter and the impact of Eskom load-curtailment. Refined platinum production decreased by 20% to 266,000 ounces and refined palladium production increased by 1% to 230,500 ounces. Eskom load-curtailment impacted ~13 days of production and contributed to an inventory build of c.26,500 PGM ounces across the value chain.

Toll refined PGM production decreased by 6% to 146,100 PGM ounces.

Base metal production

Nickel production decreased by 28% to 3,300 tonnes and copper production decreased by 21% to 2,700 tonnes due to the planned ramp-up at Polokwane smelter in January post the H2 2022 rebuild, scheduled asset integrity work at Waterval Smelter and the impact of Eskom load-curtailment.

PGM sales volumes

PGM sales volumes (excluding trading) decreased by 17% to 698,600 ounces as a result of lower refined production. The average Q1 2023 realised basket price of $2,131/PGM ounce was lower than Q1 2022 due to lower market prices.

2023 Guidance

There is no change to guidance. Metal-in-concentrate (M&C) PGM guidance for 2023 is 3.6 - 4.0 million ounces(1) and refined PGM production guidance is 3.6 - 4.0 million ounces, subject to the impact of Eskom load-curtailment. Unit cost guidance for 2023 is R16,800 - R17,800 per PGM ounce.

https://www.angloamericanplatinum.com/media/press-releases/2023/25-04-2023

African Rainbow Minerals (JSE: ARI)

Our strategy is supported by high standards of corporate governance, which we review regularly to ensure robust reporting, strong relationships with our stakeholders and to align our businesses with global good practice.

We understand that adhering to the highest standards of corporate governance is fundamental to the sustainability of our business. Our business practices are conducted in good faith, in the interests of the company and all its stakeholders, with due regard for the principles of good corporate governance.

https://arm.co.za/about-us/

Reviewed provisional results for the financial year ended 30 June 2019 and final cash dividend declaration

30/8/2019

Salient features of the provisional results for the financial year ended 30 June 2019 (F2019):

Revenue increased by 5% to R9 595 million (F2018: R9 112 million).

Headline earnings increased by 9% to R5 226 million or R27.18 per share (F2018: R4 814 million or R25.26 per share).

The iron ore division delivered a 103% increase in headline earnings to R3 397 million (F2018: R1 672 million).

Basic earnings were R3 554 million (F2018: R4 562 million) and include attributable impairments (after tax) of the Nkomati Mine and Sakura Ferroalloys of R1 070 million and R507 million, respectively.

A final dividend of 900 cents was declared. An interim dividend of 400 cents per share was paid in April 2019 bringing the total dividend for F2019 to 1 300 cents per share (F2018: 1 000 cents per share).

ARM received dividends of R3 315 million for F2019 (F2018:R3 000 million) from Assmang.

A robust financial position was maintained with consolidated net cash increasing by R1 606 million to R2 601 million (R995 million at 30 June 2018).

The Company net asset value increased by 29% from R21 907 million to R28 180 million.

An agreement to scale down the loss-making Nkomati Mine was reached by the joint venture partners. Engagements with affected stakeholders are under way.

For the full release, see:

https://www.arm.co.za/im/files/results/provisional-results-SENS-30june2019.pdf

Anglogold Ashanti (JSE: ANG)

CORPORATE PROFILE

AngloGold Ashanti Limited (AngloGold Ashanti) is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across nine countries on four continents.

While gold is our principal product, we also produce silver (Argentina) and sulphuric acid (Brazil) as by-products. In Colombia, one of the two projects underway, Quebradona, will produce both gold and copper.

WHAT WE DO

EXPLORATION

We establish and maintain a pipeline of economically viable and competitive projects to develop long-term mining operations. Exploration is a cornerstone of our business.

MINING, PROCESSING AND REFINING

We operate and maintain mining and processing infrastructure and equipment, and ensure a skilled and trained workforce to enable cost-efficient, safe operations.

SALE OF PRODUCT, FINANCIAL MANAGEMENT

We sell gold and by-products to generate revenue. Our solid financial management and disciplined capital allocation ensures positive, sustained cash flow and returns.

REHABILITATION AND MINE CLOSURE

Develop and maintain constructive stakeholder relations to support our regulatory and social licences to operate; minimise and mitigate our environmental impact and manage closure

responsibly and in line with our values.

ANGLOGOLD ASHANTI AT A GLANCE

Produced 2.472Moz of gold and employed an average of 30,561 people (including contractors) in 2021 (2020: 2.806Moz; 36,952 people*)

Gold is our principal product. Silver and sulphuric acid are by-products at our Argentinian and Brazilian operations respectively. Quebradona in Colombia is a gold-copper project

A significant asset base with a total gold Mineral Resource of 123.2Moz that includes a 29.8Moz Ore Reserve

Listed on the Johannesburg, New York, Australia and Ghana stock exchanges

Geographically diverse shareholders including the world's largest financial institutions

Market capitalisation of $8.8bn at 31 December 2021 (2020: $9.4bn)

Constituent of the JSE Top 40 Index, the S&P Global CSA, the FTSE/JSE Responsible Investment Index Series (the FTSE4Good Index), the Responsible Mining Index and the Bloomberg 2021 Gender-Equality Index

OUR HISTORY

AngloGold Limited was founded in June 1998 with the consolidation of the gold mining interests of Anglo American.

In August 1998, AngloGold became the first South African company to list on the NYSE.

The company, AngloGold Ashanti as it is now, was formed in April 2004 following the business combination of AngloGold Limited (AngloGold) with Ashanti Goldfields Company Limited (Ashanti). Anglo American started reducing its stake in AngloGold Ashanti in April 2006 via equity placement. Thereafter, Anglo American continued to implement small sales of its remaining interest in AngloGold Ashanti via the market and in March 2009, sold its remaining interest.

Today, AngloGold Ashanti is one of the largest gold mining companies in the world. It remains an independent gold producer, with no dominant investor and a diverse spread of shareholders that includes the world's largest financial institutions.

https://www.anglogoldashanti.com/company/corporate-profile/

AngloGold Ashanti Cuts Adjusted Net Debt by 41%, Advances Reinvestment Projects

6 August 2021

(JOHANNESBURG) - NEWS RELEASE - AngloGold Ashanti delivered first-half headline earnings of $363m amid a challenging first half of the year, with performance affected by the ongoing COVID-19 pandemic, increased costs, lower realised grades across certain operations and the voluntary suspension of underground mining activities at the Obuasi Mine following a fatal accident on 18 May 2021.

Headline earnings of $363m, or 87 US cents per share, in the first six months of 2021, compared to $404m, or 97 US cents per share, in the first half of 2020. Adjusted net debt declined by 41% year-on-year to $850m at 30 June 2021, from $1.431bn at 30 June 2020. The Company has declared a dividend of 87 ZAR cents per share (approximately 6 US cents per share) for the six months ended 30 June 2021.

Production for the first six months of 2021 was 1.200Moz at a total cash cost of $1,003/oz, compared to 1.323Moz at $770/oz from continuing operations for the first six months of 2020. All-in sustaining costs (AISC) were $1,333/oz for the first six months of 2021, compared to $1,002/oz from continuing operations for the corresponding period last year, mainly reflecting higher cash costs, higher sustaining capital expenditure in line with the tailings compliance programme and the planned reinvestment objectives in the portfolio, COVID-19 impacts, stockpile movements and lower gold sold. Production for the half year was impacted by an estimated 42,000oz due to COVID-19.

"AngloGold Ashanti remains focused on its strategy to create long-term value, whilst maintaining a strong balance sheet and mitigating any financial or operating risks to the business.," Interim Chief Executive Officer, Christine Ramon, said. "Our reinvestment projects remain on track to improve operating flexibility and access to higher grades. We are also pursuing operating and capital efficiencies over the remainder of the year."

AngloGold Ashanti's strategy of improving operating flexibility through investment in Ore Reserve development and Ore Reserve expansion at sites with high geological potential remains a key priority andis reflected by the 33% year-on-year increase in total capital expenditure to $461m (including equity accounted joint ventures) in the first half of 2021, compared to $346m from continuing operations in the first half of 2020.

This year and next remain transitional ones for the Company, with the higher volumes of waste stripping and underground development accompanied by lower grades and the movements of stockpiles. The Company expects the mining of lower grades and stockpile utilisation to be transitory in nature as the reinvestment programme provides improved flexibility and access to higher-grades, and as vaccination drives progress across our jurisdictions most affected by COVID-19. Notwithstanding significant pressure on costs related to the tailing storage facilities (TSF) transition in Brazil, this investment is also transitory given the upcoming legal deadline.

Mining activities at Obuasi will remain suspended pending the conclusion of a third-party review of the mining and ground management plans.

On 1 September 2021, Mr. Alberto Calderon will assume the role of Chief Executive Officer of the Company and Ms. Christine Ramon will return to her role as the Company's Chief Financial Officer.

FINANCIAL PERFORMANCE

For the first half of 2021, the Company recorded a free cash outflow of $25m, compared to an inflow of $177m (which included cash flow from the discontinued South African assets of $35m) in the same period last year. Free cash flow was impacted by lower gold sold, higher costs, and higher taxes paid.

At the end of June 2021, the Company's attributable share of the outstanding cash balances awaiting repatriation from the Democratic Republic of Congo (DRC) was $485m.

Free cash flow was further impacted by continued lock-ups of value added tax (VAT) at Geita and Kibali and export duties at Cerro Vanguardia. In Tanzania, the Company calculates that net overdue recoverable VAT input credit refunds owed to it by the Tanzanian government increased by $5m during the first half of 2021 to $144m at 30 June 2021 from $139m at 31 December 2020 despite off-setting $22m against corporate tax payments in June 2021. In the DRC, the Company calculates that its attributable share of the net recoverable VAT balance owed to it by the DRC government increased by $5m during the first half of 2021 to $74m at 30 June 2021 from $69m at 31 December 2020.

Adjusted earnings before interest, tax, depreciation, and