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A binding term sheet for a senior loan facility of up to a R875-million has been secured by West Wits Mining, which is reviving gold mining on the very doorstep of the City of Gold.

The new loan facility, to be provided by South Africa's Absa and Nedbank Corporate and Investment Banking (CIB), replaces the funding arrangement with South Africa's State-owned Industrial Development Corporation (IDC) and Absa, which was announced in June last year.

The new arrangement is described as having enhanced flexibility and broader banking support for West Wits' growth strategy while also funding the production ramp-up and development of Qala Shallows, the underground gold mine project located in the historic Witwatersrand basin, 15 km west of Johannesburg.

With its access to a broader range of banking products and services, the new facility is expected to better support West Wits' development timeline and strategic growth objectives.

Drawdown is until 30 June 2028 and final maturity on 30 June 2031. Hybrid hedging is taking the form of half of the gold sales during the construction period being executed through a put option programme to ensure the project maintains exposure to gold price upside.

Qala is the first new underground gold mine to be built in South Africa in 15 years and is designed to produce 70 000 oz/y of gold over a 17-year lifespan. But Qala means 'beginning' in Zulu, which points to this being just the start, and steps are already being taken to expand production to 200 000 oz/y. Moreover, Shallows reflects Qala's relative 800-m shallowness, which has lower cost connotations.

In a joint statement, Absa and Nedbank CIB described the Qala Shallows gold project as a development that would drive local job creation, economic growth, and sustainable mining in the Witwatersrand basin, the largest and most prolific gold deposit in human history.

Discovered in 1886, the ancient basin spanning 300 km by 160 km has yielded more than 1.5-billion ounces of gold in the past 140 years.

"This facility reflects our continued commitment to enabling impactful, long-term investments in South Africa's resources industry," the banks stated in the media release to Mining Weekly.

"The execution of this binding term sheet represents another important step forward for West Wits as we continue to advance the Qala Shallows project," West Wits CEO Rudi Deysel stated.

While expressing pleasure to be working with Absa and Nedbank CIB, Deysel also acknowledged the IDC for its constructive engagement with the company, which is chaired by Michael Quinert, who pointed out on March 17, when the first gold pour from his new virgin rock Qala Shallows gold mine took place at Sibanye-Stillwater's Ezulwini gold processing plant, that many more "great" opportunities exist in South Africa for gold mine development.

A pretax net present value, at a 7.5% discount rate, of $719-million and an internal rate of return of 93% is reported in the updated 2025 definitive feasibility study (DFS).

Peak funding is estimated at $44-million over a 2.6-year period, a reduction from $54-million over three years in the 2023 DFS.

Average steady-state production is at an estimated all-in sustaining cost of $1 181/oz.

Kimberley reefs K9A and K9B are the reefs that will be processed during the life of the project.

The compliant mineral reserves are estimated at 4.6-million tonnes grading at 2.60 g/t for 383 934 oz of gold.

The total mineral resources for the K9A reef are estimated at 8.1-million tonnes grading at 4.8 g/t gold for 1.2-million ounces of gold, and 10.5-million tonnes at 4.5 g/t gold for 1.5-million ounces of gold for the K9B reef.

Use of conventional breast mining is in a configuration considered optimal for the Qala Shallows deposit.

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ASX-listed Ionic Rare Earth (IonicRE) has signed a joint development and licensing agreement with US-based Nth Cycle, a critical mineral refining technology company, to enhance end-to-end rare earth refining operations in the US and globally.

Nth Cycle will supply its proprietary electro-extraction technology for IonicRE's rare earth recycling and refining operations, thereby optimising ex-China production pathways for long-loop recycling to high-purity rare earths as well as creating the potential to eliminate oxalic acid from the process.

Partnership offers the most resilient and cost-competitive rare earth recycling and refining flowsheet currently available, reducing IonicRE's operational expenditure and carbon footprint while delivering Western rare earth independence on oxalic acid supply. Patented technology developed by IonicRE's wholly owned UK subsidiary, Ionic Technologies currently leads the Western industry in recycling and refining of rare earths from pre-consumer magnet swarf and spent magnets, while Nth Cycle is the most advanced critical mineral refiner for black mass, with singular speed and scalability advantages in the supply chain's "missing midstream".

Together, the two companies will work to replace the precipitation step in IonicRE's flowsheet with Nth Cycle's electro-extraction closed-loop process, which uses electricity to produce the chemicals - rather than oxalic acid - to convert rare earth recycled feedstocks into high-purity oxides, the solid powders used in magnet metal and alloy production.

Unlike conventional refining processes for rare earths, where the precipitating oxalic acid agent is consumed and must be continuously resupplied, the companies' integrated system eliminates that dependency entirely, while regenerating hydrochloric acid for continuous reuse during processing.

The result is the most resilient and competitive rare earth recycling and refining flowsheet available, reducing costs, external supply dependencies and carbon footprint.

China currently refines 90% of the world's rare earth elements found in ore and end-of-life materials, with recovery occurring during precipitation - a step reliant on oxalic acid. This creates a hidden dependency facing all Western refiners building operations onshore, which this partnership between IonicRE and Nth Cycle aims to address.

IonicRE MD and CEO Tim Harrison notes that oxalic acid represents about 50% of IonicRE's benchmark carbon footprint, which has been demonstrated to be 60% lower than primary (mined) supply of rare earth oxides. "This ongoing innovation [with Nth Cycle] will ensure we continue to stay a step ahead on providing not only the highest purity rare earth oxides in the market, but validated materials for Western end-users."

Nth Cycle CEO and co-founder Megan O'Connor adds that rare earth refining in the US has made progress, but building a resilient supply chain in the West requires solving every point of dependence, not just the most visible ones. She explains that Nth Cycle's technology closes one of the largest remaining links to Chinese chemical supply chains in the rare earth refining process, and because its electro-extraction platform works across rare earths, nickel, cobalt, copper and beyond, every application of its system accelerates the critical mineral supply chains that the economy and national security depend on.

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The latest drilling at Okiep in South Africa's copper-endowed Northern Cape has provided a clear path to scale up at Flat Mine East, where a follow-up down-dip-extension hole is already advancing.

High-grade assay results, described as being outstanding, have been received from recently completed resource optimisation at the Okiep Flat Mine East Drilling (OFMED157) drill hole, which was designed to test an open zone, 36 m down-dip of previously reported high-grade mineralisation.

The OFMED157 intersection, described as being exceptional, confirms high-grade, norite-hosted continuity as unlocking "substantial, immediate scale potential".

"Crucially, this exciting intersection points to high-grade copper mineralisation remaining completely open at depth," an upbeat Orion CEO Tony Lennox noted in a media release to Mining Weekly on Wednesday, May 20.

The drilling results are described as providing compelling evidence of mineralised continuity beyond the current resource envelope, reinforcing the Flat Mines area as a quality growth cornerstone and directly informing ongoing drilling strategy.

Building on the "outstanding outcomes" of the 2024 confirmation drilling programme is now 7.88 m grading 9.24% copper from 311.29 m assay result, which includes 3.33 m grading 17.12% copper from 315.84 m.

The Okiep Copper Project's 703 km² ground holdings encompass most of the Okiep copper mining district, where 105-million tons of extraction has taken place over the past 100 years, 77-million tons of it from the project's prospecting and mining rights area.

Current drilling offers the potential for additional mineral resources at Flat Mines, where past drilling has proven up extensions and infill potential.

Sampling has been carried out using diamond drilling procedures in sampling areas that have been selected through visual observation and handheld analyser reading.

Interestingly, metallurgical test work has commenced at Maelgwyn on the Okiep Copper Project's Flat Mines South deposit amid previous test work having been limited to the Flat Mines North and Flat Mines East areas. The current programme is designed to validate the performance of the proposed process flowsheet for the resources of Flat Mines South.

Dewatering of Flat Mines North has commenced, following completion of the building of a new wastewater dam.

PRIESKA COPPER ZINC

During the three months to March 31, value engineering, operational readiness and critical skills identification took place for project execution at the Prieska copper zinc mine, also in the Northern Cape. A definitive feasibility study has outlined an accelerated development strategy. This is based on an initial "Uppers" mining operation at a rate of 20 000 t a month as well as dewatering in preparation for the "Deeps" mining phase at a production rate of 200 000 t a month.

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NYSE- and TSX-listed Nouveau Monde Graphite (NMG) on May 20 hosted a ground-breaking ceremony to mark the official start of construction at the Matawinie mine in Saint-Michel-des-Saints, Québec, with Canadian Prime Minister Mark Carney and various other prominent government officials having attended.

Matawinie represents the largest graphite mine in the G7 countries – Canada, France, Germany, Italy, Japan, the UK and the US.

This important milestone reflects several years of planning and investment in local communities and demonstrates the company's commitment to sustainable development through the responsible valorisation of graphite, a critical and strategic mineral at the heart of the energy transition, NMG states.

The Matawinie project aligns with the priorities of both Canada and Québec to establish one of the largest integrated natural graphite production platforms in the G7 and to secure critical mineral supply chains, while generating meaningful benefits for local communities and regions.

It should also be noted that the project was designated in November of last year as a major project of national interest by the government of Canada, highlighting the strategic value of the company's business plan to build one of the largest integrated natural graphite production platforms in the G7, NMG reports.

For NMG president and CEO Eric Desaulniers the groundbreaking marks far more than the start of construction, rather it represents the culmination of years of dedication and perseverance by employees who have firmly believed in NMG's vision from the beginning

Construction and commissioning of the Matawinie mine are expected to take about 31 months, leading to full commercial production by the end of 2028, with an estimated average yearly production of 106 000 t of graphite expected to be produced. This positions the project at the heart of the region's critical minerals supply chain, with production being supported by diversified commercial agreements, including with Panasonic Energy, the government of Canada and Traxys North America, which covers more than 70% of expected production.

In parallel, and in support of its vertically integrated business model, NMG aims to reach a final investment decision (FID) in the second half of 2026 for its battery material plant in Bécancour, with a planned capacity of 13 000 t/y dedicated to the Panasonic Energy offtake agreement.

Beyond its industrial impact, the integrated project is expected to generate significant economic benefits, including the creation of several hundred jobs during construction and the maintenance of more than 300 high-quality jobs once operations are fully underway.

"In an increasingly divided and uncertain world, Canada's new government is focused on what we can control. We are building a stronger, more independent, more resilient economy – an economy built on the solid foundation of strong Canadian industries and workers," Carney says.

Canada's government last year launched the Major Projects Office to accelerate development of major infrastructure projects such as ports, mines and energy corridors. In six months' time, Canada has referred 22 projects and transformative strategies to the office worth more than $126-billion in investment, including the Matawinie mine.

Construction on Matawinie started just six months after its referral to the Major Projects Office.

Carney says graphite is an indispensable component for electric vehicle batteries, energy storage systems, advanced manufacturing and defence and aerospace technologies. With global demand rapidly outpacing supply, the Matawinie mine will help position Canada as the reliable partner of choice for Asia, Europe and beyond.

"By building more of the critical minerals value ...

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The green hydrogen and green ammonia project in South Africa's Nelson Mandela Bay has taken a major step forward.

Its latest advance involves the selection of a $1-billion green hydrogen generating electrolyser and ammonia loop solution, which is capable of producing a million tonnes of green ammonia a year at $650/t.

The project is being developed by Hive Hydrogen, underpinned by Hive Energy of the UK and BuiltAfrica of South Africa.

Hive Energy is headed by co-owner and CEO Giles Redpath and BuiltAfrica is headed by Thulani Gcabashe, a former CEO of Eskom and a former chairperson of Standard Bank.

The environmental-impact assessment has been completed and the front end engineering design is under way.

Hive Hydrogen has been working since September 2019 to establish the renewable-energy-powered plant for the Coega project, which is on track to conclude final investment decision (FID) by the third quarter of next year.

The project is underpinned by 1 499 MW of wind power and 1 430 MW of solar power, and is partnering ammonia offtake companies in the Far East and Europe.

The solid oxide electrolyser technology from Danish company Topsoe reduces capital expenditure on renewables by €0.5-billion-plus and the project will also benefit from a 25% reduction in electricity transmission and wheeling costs, which lowers overall operating costs and brings down the selling price of its unsubsidised green ammonia to "one of the lowest globally", Hive Hydrogen stated in a media release to Mining Weekly.

Last year, Electricity and Energy Minister Dr Kgosientsho Ramokgopa conferred 'lighthouse' excellence status to the $5.8-billion project, which is capturing global attention.

Hive Hydrogen GM Colin Loubser has expressed the belief that the project will likely provide the world's lowest-cost green ammonia, a product that enables unacceptable sea pollution to be brought to an end. The maritime business is a heavy polluter of the oceans. The use of heavy fuel oils and diesels not only pollutes the air, but spillages also pollute the water and the sector has major carbonisation issues.

As a consequence, the number of ships that have been commissioned to run on green ammonia as a maritime fuel is increasing exponentially.

The green ammonia engines for shipping have reached technology readiness level nine, which means they are bankable and of high quality.

Shifts in green ammonia demand are arising out of the fertiliser industry.

Interestingly, the Hydrogen Council reports from Milan and Brussels that $110-billion worth of investment is now committed to more than 500 clean hydrogen projects that are past FID, in construction, or already operational.

Since 2020, the sector has averaged a 50% year-over-year committed investment growth rate, the council's Global Hydrogen Compass, which is co-authored with McKinsey & Company, reports.

Total committed capacity now exceeds six-million tonnes per year (mtpa), including 1 mtpa already in operation.

On the demand side, about 3.6 mtpa of binding offtake has been secured. As policy clarity emerges in key markets such as the EU, US, Japan, and Korea, up to 8 mtpa of clean hydrogen demand could materialise by 2030.

China is leading the world with committed investment of $33-billion and more than half of the world's renewable hydrogen production capacity. North America is next with $23-billion, and Europe third with $19-billion.

Despite a challenging environment, 74% of CEOs surveyed reported stable or increased investment appetite over the last two years while 97% expressed the belief that hydrogen would be a critical decarbonisation solution for hard-to-abate sectors. More than 80 expected hydrogen industry growth to continue.

In the view of the Global Hydrogen Compass hydro...