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South African gold mining company Gold Fields reported "significant increases" in a number of key commodities since the beginning of the US-Iran war.

During the three months to March 31, all-in sustaining costs (AISC) hit a 13%-higher $1 829/oz and all-in costs (AIC) a 10%-higher $2 046/oz amid strong cash flow generation driven by increased sales volumes and higher gold prices.

Also mainly owing to the high volatility in global markets since the beginning of the conflict adversely affecting gold and gold equity prices, share repurchases under the company's $100-million share buyback programme announced in February have been limited.

Since February, the price of diesel had risen by between 30% and 70%, explosive and cyanide increases were both approximately 10% up, while LNG was up by an estimated 30%, and freight by about 40%.

Assuming an oil price of $100/bl, the impact would be between $40/oz to $50/oz on a portfolio level.

If prices moved higher, significant pressure would be placed on the company's ability to deliver cost within the guidance range, the Johannesburg- and New York-listed Gold Fields reported in its operational update for the three months to March 30.

To mitigate these cost pressures, management has initiated asset optimisation and broader cost optimisation initiatives such as strategic sourcing.

After payment of the final dividend of $1 234-million on March 16, net debt decreased by 34% year-on-year to $1 304-million reinforcing Gold Fields' solid financial position.

"We remain steadfast in our belief that fatality- and serious-injury-free mining is achievable and are encouraged to report that no fatalities or serious injuries were recorded in Q1 2026," Gold Fields CEO Mike Fraser reported.

"In 2026, we're focused on implementing our new group safety and risk standards and further cascading visible felt leadership behaviours to middle management and frontline supervisors through targeted training and coaching.

"We continue to embed our psychosocial risk framework and health standard to reduce workplace exposures, prevent occupational illness and protect the wellbeing of our people," Fraser stated, adding that delivering on the business simplification strategy required targeted investment in people, processes and systems.

He said that good progress had been made during the quarter to accelerate transformation objectives, which included the integration of supply chain capabilities, standardisation of systems and processes and targeted asset optimisation to lift productivity.

Group attributable gold-equivalent first-quarter production of 633 000 oz was slightly down on the 681 000 oz in the last quarter of 2025.

"Labour availability and workforce stability continue to present challenges across our Australian operations, impacting productivity. Workforce initiatives are progressing, supporting a more resilient and productive operating environment," Fraser pointed out.

PROGRESSING TO ARBITRATION

As previously disclosed in 2025 annual financial statements, Gold Fields received notices of dispute from mining contractor, Engineers and Planners (E&P) during March 2026 for historical claims relating to the Tarkwa and Damang mining contracts.

"Following engagement with E&P the matters are now progressing to arbitration. We are committed to resolving these matters in an orderly manner, while maintaining operational stability at Tarkwa," the company reported.

2026 GUIDANCE

Attributable gold-equivalent production for 2026 is expected to be between 2.4-million and 2.6-million ounces.

AISC is expected to be between $1 800/oz and $2 000/oz and AIC between $2 075/oz and $2 300/oz.

Total 2026 capital expenditure for the group is expected to be between $1 900-million and $2 100-million.

Sustai...

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Canadian miner Ivanhoe Mines posted a loss of $2-million and a total comprehensive loss of $35-million for the quarter ended March 31 – the first quarter of its 2026 financial year – compared with a profit of $122-million and total comprehensive income of $128-million reported for the first quarter of 2025.

The company attributed the loss for the period to the company's share of loss from the Kamoa Holding joint venture (JV), in the Democratic Republic of Congo (DRC), of $42-million, compared with a profit of $108-million in the prior comparable quarter.

Kamoa Holding incurred a loss for the quarter owing to a $183-million tax adjustment to settle tax claims related to tax audit assessments in prior years.

Ivanhoe points out that, although the JV files a tax return every year, the DRC tax authorities have up to five years to audit and raise any disputes arising from tax filings.

"Differences can arise due to ambiguity in mining taxation in the DRC. When disputes arise, DRC companies can either follow judicial proceedings or settle the matter before it goes to court. Kamoa Copper's tax settlement pertains to disputes raised for the 2022 to 2024 tax years.

"It is Kamoa Copper's expectation that the $183-million settlement will close out any income tax disputes up to the end of 2024. The total income tax expense previously paid for the period from 2022 to 2024 was $729-million," it notes.

Meanwhile, Ivanhoe says the total comprehensive loss for the quarter included an exchange loss on translation of foreign operations of $33-million, compared with an exchange gain on translation of foreign operations recognised for the same period in 2025 of $6-million, resulting mainly from the strengthening of the South African rand by 3% from December 31, 2025, to March 31, this year.

Ivanhoe further reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $191-million, compared with adjusted Ebitda of $226-million in the first quarter of 2025.

The adjusted Ebitda included $158-million of attributable Ebitda from Kamoa-Kakula, compared with the $231-million contribution in the prior comparable period.

Nevertheless, Ivanhoe continues to advance developments at its three main Tier 1 mining operations – Kamoa-Kakula and the ultrahigh-grade Kipushi zinc/copper/lead/germanium mine, in the DRC, and the Platreef platinum/palladium/nickel/rhodium/gold/copper mine, in South Africa.

"Our Kamoa-Kakula copper complex and smelter are ramping up in a very strong price environment for the two most critical elements on our planet: copper, which is the king of metals, and sulphuric acid (H2SO4), which is the king of chemicals.

"Kamoa-Kakula benefits from a powerful natural hedge: our sulphuric acid production. H2SO4, which is a by-product of our copper smelter, is growing into a one-million-dollar-a-day operating credit, massively offsetting rising diesel prices. This advantage is supported by our high-grade ore, which has the lowest hydrocarbon intensity per tonne of produced copper of any major mine in the world," Ivanhoe founder and co-chairperson Robert Friedland acclaims.

Concurrently, the team is executing a disciplined turnaround at Kamoa-Kakula, he points out.

An updated Kamoa-Kakula life-of-mine integrated development plan details a launchpad for copper production to return to over 500 000 t/y.

"The plan is clear; the execution is under way . . . and the strong tailwinds in copper prices adds to the momentum. We will fully capitalise on our strategic advantages," Friedland says.

Meanwhile, construction of the Platreef Shaft #3 was completed on schedule, increasing hoisting capacity five-fold, which is expected to increase production in the quarter to end on June 30.

Earthworks are a...

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New government regulations in the US and Europe are helping to push customers to buy rare earth products from suppliers outside China, Australia's Lynas Rare Earths CEO Amanda Lacaze said on Wednesday.

China is the world's largest and lowest-cost producer of the metals and magnets used in industries from automotive to defence, and for years has enjoyed a role as the world's default supplier. But its restrictions on some exports last year, in response to US. tariffs, left global automakers and other industries exposed.

Since then, Washington has pledged to support higher prices for its leading rare earths producer to spur non-Chinese supply, but convincing international customers to pay more when cheaper Chinese options exist has proven difficult.

The US is next year introducing new regulations guiding procurement, which includes restrictions on the acquisition of certain magnets, tantalum and tungsten, while the European Union in bringing in restrictions over sourcing of those supplies, under its critical raw materials framework, Lacaze said.

"In both cases, we are observing changed purchasing decisions so that consumers can comply with the regulations," she said speaking at an event in Canberra. Perth-headquartered Lynas, which has a processing facility in Malaysia, is the world's biggest producer of rare earths outside of China.

Lacaze called for governments to be more interventionist to encourage a rare earths industry to flourish outside China, including for governments beyond the U.S. and Japan to set floor prices.

Australia is revising its policies around building a strategic reserve, which will "no doubt" have an element of a floor price, the country's resources minister said in March, as the resources rich nation looks to cement its role as a key supplier to its allies.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Operational consistency, focused cost control and materially higher first-quarter earnings have strengthened the financial position of Sibanye-Stillwater.

In an operating update for the three months ended March 31, the Johannesburg- and New York-listed green metals and gold-mining company has achieved zero fatalities and across-the-board safety improvements, amid a 371% upsurge in earnings before interest tax depreciation and amortisation (Ebitda) to R19.4-billion.

South Africa platinum group element (SA PGM) operations delivered 393%-higher Ebitda of R12.4-billion on 87%-higher four element (4E) PGM prices, and SA gold operations, including DRDGOLD, delivered 160%-higher Ebitda of R4.7-billion on a 49%-higher gold price and stable production.

In the SA PGM operations, continued investment in the value accretive and high return brownfields projects is progressing, including the Siphumelele/Bambanani brownfields project, and the Thembelani project. The ramp up at the K4 project at Marikana is progressing according to plan, with K4 producing 26 620 4Eoz, 21% higher year-on-year.

US PGM operations delivered 611%-higher Ebitda of R777-million on an 88%-higher 2E PGM price and Section 45X credits.

"Enhanced profitability and cash flow will support capital allocation strategic objectives providing a solid platform for continued execution of the simplification and performance excellence strategy, creating the conditions for sustainable long-term value creation for all stakeholders," Sibanye-Stillwater CEO Dr Richard Stewart stated in a media release to Mining Weekly.

"Safe production underpins operational excellence. A fatality-free quarter together with continued reductions in serious injuries and high potential incidents, demonstrates sustained progress in reducing risk across our operations.

"While we acknowledge there is further work required to sustainably meet our objectives, these results reinforce our conviction that fatality-free operations are achievable and strengthen our resolve to eliminate serious harm from our workplaces," Stewart added.

Consolidated recycling operations contributed Ebitda of R1.6-billion primarily from sales at higher prices of 1 343 043 oz of precious metals, made up of PGMs (8%), gold (3%) and silver (89%).

Ebitda of R467-million was delivered by Century zinc retreatment operation in Australia, while a staged ramp-up is underway at the Keliber lithium project in Finland, where 42 100 t of ore from mining at Syväjärvi has been stockpiled.

The Mt Lyell copper project in Tasmania is advancing towards a final investment decision, with exploration expenditure of R58.5-million being approved during the quarter.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Following South Africa's Northam Platinum reporting earlier this year that thousands of hydrogen-powered trucks are doing the rounds in China, France's Lhyfe added on Monday, May 4 that by the end of 2025, China had already built the world's largest hydrogen vehicle systems, with nearly 40 000 fuel cell electric vehicles (FCEVs) and 574 refuelling stations.

Moreover, China's new hydrogen programme sets a target of 100 000 FCEVs by 2030.

Lowering costs is a central goal of China's new programme, which sets a target of cutting end-user hydrogen prices from $4.80/kg to below $3.50/kg by 2030. In advantageous regions with high renewable-energy potential, the target is $2.10.

Throughout December 2025, Chinese manufacturers, logistics operators, and regional governments delivered 700 hydrogen fuel cell electric trucks and buses across multiple provinces and ordered 1 400 additional units, backed by expanding refuelling infrastructure and dedicated freight corridors, Lhyfe reported.

Emphasised during the Lhyfe media briefing covered by Mining Weekly is the growing global awareness of the need for independent energy, which is what hydrogen can provide.

"In Sweden, we have a market that is really bullish on the steel industry, and we have customers there in the steel industry. There's a big push from truck manufacturers and in the southern part of Sweden, there is investment in refuelling stations," Lhyfe founder and CEO Matthieu Guesné reported.

In China, the same strategy used for solar panels and batteries is being applied to hydrogen. "If there's no reaction in Europe, the Chinese will be the hydrogen champions, and we'll have cars that will run on Chinese fuel cells. They're really plain, transparent and clear about their intention," Guesné added.

China uses its own market to scale up and lower costs.

Lhyfe constructs and operates green hydrogen production plants in the EU, the green hydrogen being produced from wind, solar or hydropower that is then stored in cells.

Displayed was a picture of taxis in Paris being refuelled with green hydrogen delivered to the refuelling station by Lhyfe, which also provides the hydrogen for fast-feeding into trucks, buses and everything with high payload.

Cars refuelled in five minutes can do 650 km to 700 km and hydrogen as a clean fuel is becoming increasingly price competitive.

There has for long been a belief that South Africa's large fleet of Toyota taxis should be supplied with hydrogen in the same way.

Lhyfe is also delivering to industrial customers who manufacture products such as glue, paint, and other materials.

"We deliver, for example, to the steel industry in Sweden," he reported. Lhyfe's projects include a 100 MW site in France and a 10 MW site in Sweden, with plans to expand to 100 MW sites. The company has invested €40-million in trailers for hydrogen transport and delivered 850 trailers last year. Guesné highlighted the importance of clear regulations for market growth. Lhyfe's strategy includes partnering with infrastructure and industrial partners for project development.

"Most of the world's car and trucks manufacturers believe in hydrogen . . . and more than half of the OEMs, they have plan for hydrogen.

"For the first time, the world has a smart way of using energy – not burning things but having a chemical reaction that is two to three times more efficient and that's silent," Guesné explained.

CALL FOR PROPOSALS

Meanwhile, there are six days to go before the call for proposals by the African Development Bank's (AfDB) sustainable energy fund for Africa closes.

The application window closes on May 11 and the proposals fall under the bank's new green hydrogen programme that is seeking to support green hydrogen and derivatives projects across ...