Bauba turns a profit in 2019

Diversified mining and exploration company Bauba Resources managed to narrow its basic loss a share to 0.01c apiece in the year ended December 31, 2019, compared with a basic loss a share of 2.55c apiece in the year ended December 31, 2018. The company’s total comprehensive profit for the year under review increased by 118% year-on-year to R1.8-billion.

Mitsubishi unpacks movement of PGM markets amid lockdowns

Mitsubishi Corporation International (MCI) says in its latest precious metals update that it expects South Africa’s platinum supply to reduce by around 7%, or by between 200 000 oz and 300 000 oz, in light of closed operations during South Africa’s 21-day national lockdown. The announcement by government that it will be forcing almost all mining operations to close down has led to a surge in buying interest across the platinum group metals complex, which led to the platinum forward market moving into backwardation for the first time in more than a decade.

Petra Diamonds suspends guidance, scales down operations

London-listed Petra Diamonds has, in accordance with what the Department of Minerals Resources and Energy expects from miners during South Africa’s 21-day lockdown period, scaled down its operations. The diamond miner advised on March 27 that it had scaled down operations to operate at a minimum level to maintain the underground block caves.

Exxaro applies to continue supplying coal to Eskom

JSE-listed coal miner Exxaro Resources has started implementing its Crisis Management Plan and Business Continuity Plan across the breadth of its business, which includes health and safety controls and preventive measures to curb the spread of Covid-19. This while the company motivated to the Department of Mineral Resources and Energy to maintain its coal supplies to Eskom to ensure sufficient feedstocks for South Africa’s coal-fired power stations.

Exxaro applies to continue supplying coal to Eskom

JSE-listed coal miner Exxaro Resources has started implementing its Crisis Management Plan and Business Continuity Plan across the breadth of its business, which includes health and safety controls and preventive measures to curb the spread of Covid-19. This while the company motivated to the Department of Mineral Resources and Energy to maintain its coal supplies to Eskom to ensure sufficient feedstocks for South Africa’s coal-fired power stations.

Covid-19 to further weaken US coal demand in an already diminishing market

US domestic demand for thermal coal will fall during the second quarter of the year as individual states shut down much of the industrial economy to try and stem the spread of Covid-19. This is according to Moody’s Investors Service, which states that, in broader terms, the global economy will experience an "unprecedented shock" in the first half of 2020 as a result of the coronavirus impacts.

CEZ to proceed with Cinovec investment

London-listed European Metal Holdings (EMH) on Friday reached final agreement with integrated energy utility CEZ Group around a partnership and investment into the Cinovec lithium/tin project, in Czech Republic. CEZ in November agreed to become a 51% shareholder in EMH's Czech subsidiary Geomet. The entities have now agreed on a final price of €29-million. The only outstanding condition to the deal is EMH’s shareholder approval, which will be sought at a general meeting in April.