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Valterra Platinum is nearing a decision that's likely to take the world's largest platinum mine underground.

Mogalakwena — half way along the road from South Africa's capital Pretoria to the Zimbabwe border — is the company's flagship asset, with more than eight decades of reserves remaining. But as ore grades decline in its open pits and mining the material becomes more expensive, Valterra is exploring deep beneath the surface.

That underground project, known as Sandsloot, has been under evaluation for years but finally appears on the cusp of becoming a reality. Valterra plans to begin trial mining later this year and to reach a final investment decision in 2027.

"We believe that going underground is the most cost-effective option for us," CFO Sayurie Naidoo said in an interview with Bloomberg Television's Chief Future Officer.

The green light for an underground mine at Mogalakwena would be the firm's most significant step forward since being spun off from Anglo American in June 2025. It would unlock millions of ounces of high-grade ore at a time when global production of platinum-group metals is expected to dwindle in the years to come.

"We have many, many decades of PGMs available just within our portfolio, so the supply is not a concern," CEO Craig Miller said on the same show.

Valterra owns three operations in South Africa, which holds nearly 80% of global reserves of the metals, but the evolution of Mogalakwena would be pivotal for the future of the country's biggest PGM miner by value.

That's partly because the project comes as the biggest source of demand for PGMs — devices that curb harmful emissions from gasoline and diesel cars — is under pressure from the rise of electric vehicles.

Valterra's leadership remains bullish, saying that forecasts on the uptake of battery EVs have consistently proved to be overoptimistic.

"We still feel that PGMs will have a role to play in future mobility," Miller said. He points to the staying power of internal combustion engines, the role played by hybrid cars and – in the longer term – the potential for transport powered by hydrogen.

In addition, the artificial intelligence build-out, involving massive investments in data centers and advanced chips, "is an area where we see a lot more potential," Naidoo said.

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.

MELBOURNE - Gold Fields' CEO played down speculation that the South African gold producer is going to raise its offer for Northern Star, saying the Australian target first needs to acknowledge that it is open to a merger.

Gold Fields has embarked on a long-planned road show in Australia this month, where CEO Mike Fraser is aiming to boost its profile with investors in the country which accounts for about half of its business.

It last month lobbed a A$38.7-billion ($27.1-billion) buyout proposal in shares and cash for Perth-based Northern Star, Australia's biggest gold miner, to create the world's second-biggest producer of the yellow metal.

But Northern Star, hampered by a run of poor performance, rebuffed that offer, choosing instead its own plans for operational overhaul, pushed by activist investor Elliott Investment Management.

Both miners have gold operations in Western Australia, including around the town of Kalgoorlie where Northern Star runs Australia's biggest gold mine, known as the Super Pit.

Northern Star said in a statement that its board remained focused on acting in the best interests of shareholders.

"This includes engaging with parties on proposals that represent value above what we believe Northern Star can generate as a standalone company. The Gold Fields proposal was not in that category," it said.

Fraser said the market expected Gold Fields to make another offer.

"But I think before you get into, you know, throwing in new offers, you've got to at least have some reciprocation to say, actually we think there is a pathway (to value) here," Fraser told Reuters.

"At the moment, we're not hearing any of that."

FRASER SEEKING TO RALLY INVESTORS BEHIND MERGER PLAN

Public Investment Corporation — Gold Fields' largest shareholder with a 15% stake — saw the strategic logic of a merger, Fraser said. But he added that the South African State-owned asset manager was concerned about the potential for cost escalation, the delivery of a turnaround plan for Northern Star and the potential for Gold Fields to overpay.

PIC had no immediate comment.

Meanwhile, Fraser said that, though Australian institutional investors were not overly familiar with Gold Fields' business, after a number of conversations he believed "people buy into the logic of the merger."

"What we've heard from investors on both sides is that they see this as being compelling," he said.

Gold Fields had also met with Elliott, which has a 6% stake in Northern Star and has previously emphasised its commitment to the gold miner's turnaround. Fraser said Elliott was focused on delivering a short-term outcome, whereas Gold Fields' merger strategy was seeking to "create a story that is actually much more enduring".

"They've got an important role, but they're not long-term shareholders," said Fraser.

Elliott had no immediate comment.

COMBINED COMPANY COULD RERATE, GOLD FIELDS CEO SAYS

Gold Fields has said it saw $4-billion to $5-billion in synergies from a tie-up, which come mostly from tax benefits and combining operations in a Western Australian gold hub.

Fraser said one overlooked benefit, however, was the prospect that a combined company could rerate.

"We absolutely believe that this combined business would be trading at a much higher relative multiple than what we're trading at today," he said.

Gold Fields' shares are trading on an enterprise multiple of 3.5 to 4 times earnings before interest, tax, depreciation and amortisation, much cheaper than Northern Star's multiple of 7 to 8 times. Larger peer Agnico Eagle is trading around an 8 times multiple.

Fraser said he would walk away if there was no alignment on value creation.

"But that's a step away from where we are today," he said.

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Abu Dhabi-based natural resources investment platform International Resources Holding (IRH) and Zambian mining and energy investment holding company ZCCM Investments Holdings (ZCCM-IH) have reaffirmed their long-term partnership and shared ambition to advance the development of Mopani Copper Mines (MCM), strengthen its operational performance and deliver lasting benefits for its employees, host communities and Zambia's wider economy.

Following constructive discussions, both shareholders reaffirmed their alignment on the priorities ahead and their commitment to working together through the established governance framework to support MCM's next phase of growth.

This partnership is backed by IRH's existing $1.1-billion investment commitment towards MCM's operational and development requirements, including equity, shareholder funding and additional operational support.

Since IRH became MCM's majority shareholder in 2024, the company says it has made steady progress in rebuilding its operations.

Contained copper production increased by 63% between 2023 and 2025, and Mopani continues to target 300 000 t/y of finished copper by 2029.

IRH holds a 51% shareholding in Mopani, with ZCCM-IH holding the remaining 49%.

IRH points out that more than 99% of the workforce is Zambian, and many families in Kitwe, Mufulira and across the Copperbelt rely on MCM for their livelihoods.

Both shareholders have affirmed their commitment to safeguarding jobs and maintaining high standards of health and safety.

Beyond the mine, MCM continues to invest in the communities in which it operates, supporting healthcare, agriculture, skills development and local enterprise initiatives that are creating broader opportunities for Zambians, IRH highlights.

To date, Mopani has spent over $685-million with over 1 300 Zambian companies across its supply chain.

Both shareholders reaffirmed the importance of continued dialogue and constructive engagement as they work towards their shared objectives for Mopani and Zambia's ambition to increase national copper production to three-million tonnes a year.

Beyond MCM, IRH and ZCCM-IH say they are also exploring new opportunities for collaboration in mineral exploration and wider mining operations, with the aim of supporting increased mineral production, attracting investment and unlocking further growth opportunities across Zambia's mining industry.

"Our investment in MCM is a long-term commitment to the business and to Zambia. We value the open and constructive dialogue with ZCCM-IH and the engagement of Zambia's leadership. We have a strong partnership with ZCCM-IH and share the same ambition for MCM: to build a stronger, more productive operation that can play an increasingly important role in Zambia's copper industry," says IRH CEO Ali Rashed Alrashdi.

"Mopani is more than a mine. For generations, it has sustained jobs, skills and livelihoods in Kitwe, Mufulira and across the Copperbelt. ZCCM-IH and IRH share a long-term commitment to its success, and we will keep working constructively with IRH, through our joint governance framework, to build a stronger, more productive operation.

"Our focus is timely delivery that brings higher production, secure jobs, more opportunities for Zambian suppliers and real improvements in surrounding communities, creating lasting value for our shareholders and the Zambian people," says ZCCM-IH chairperson Phesto N. Musonda.

The reaffirmed partnership follows recent engagements between IRH, ZCCM-IH and the Zambian leadership, including a meeting in Abu Dhabi between Alrashdi and Zambia President Hakainde Hichilema, at which MCM's development and Zambia's broader copper ambitions were discussed.

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.

Diversified miner Rio Tinto said on Wednesday it was on track to release about $5-billion in capital by the end of 2026, after strong mine performance helped lift third-quarter iron-ore sales from its Pilbara operations above market expectations.

The world's largest iron-ore producer sold 85.7-million metric tons of the steel-making commodity from Pilbara in the quarter ended September 30, up 2% from a year earlier and ahead of a Visible Alpha consensus estimate of 84.41-million tons.

The miner said it had already released more than $2-billion in capital this year under a $5-billion to $10-billion optimisation programme, which was unveiled at its 2025 Capital Markets Day, and is aimed at supporting higher-return growth projects.

Rio shares were volatile in early trade, rising as much as 0.9% before reversing course to trade 0.2% lower at A$160.67 by 00:17 GMT.

Copper output was broadly flat at 205 000 tons as a 27% rise at Mongolia's Oyu Tolgoi mine offset lower production at Chile's Escondida and weaker refined copper output from Kennecott in the United States.

Rio maintained its 2026 Pilbara iron-ore sales forecast of 323-million to 338-million tons. It has shipped 243.4-million tons so far this year, implying it needs to ship 79.6-million tons in the fourth quarter to reach the lower end of the target range. The fourth quarter is typically Rio's strongest period.

In lithium, Rio said full-year production was now expected at the lower end of its 61 000 to 64 000 ton forecast range, citing a slower-than-anticipated ramp-up at its Sal de Vida project in Argentina.

Rio's Simandou project in Guinea sold 1.7-million wet metric tons of iron-ore in the first nine months. To meet the lower end of its full-year sales forecast of five-million to ten-million tons, the project will need to sell about 3.3-million tons in the December 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.

As demand for critical minerals continues to grow amid a global energy transition, Southern Africa's abundance of minerals, including copper, cobalt and lithium, offers opportunities to establish industrial linkages across mining, processing, manufacturing and services.

The regional challenge, however, is translating mineral endowment into commercially competitive value chains that retain greater value, generate jobs and connect enterprises across member States in the Southern African Development Community (SADC).

The SADC Industrialisation Strategy and Roadmap 2015–2063, Regional Indicative Strategic Development Plan 2020–2030, Regional Mining Vision (RMV) and its Action Plan, and the Protocol on Mining provide a policy foundation for this ambition.

While the RMV's Action Plan and project prefeasibility work have advanced elements of the agenda, uneven implementation of regional strategies, together with energy, logistics, skills, quality infrastructure, finance and regulatory constraints, continues to limit cross-border investment and beneficiation.

According to the SADC Business Council, the ongoing process to amend the SADC Protocol on Mining seeks to strengthen the regional framework and incorporate the RMV and private-sector perspectives.

Proposed amendments have undergone regional consultation and validation but are not yet in force.

This was discussed by speakers during the SADC Critical Minerals & Regional Value Chains webinar, held on October 13 by the SADC Business Council and Mining Industry Association of Southern Africa (MIASA).

The dialogue considered how these instruments can better connect mining with trade and industrial development, and how member States can pursue complementary rather than competing segments of mineral value chains.

The webinar participants also discussed practical measures to translate SADC's mineral policy commitments into integrated, investable and market-ready regional value chains.

Speaking during the webinar, MIASA executive secretary and SADC Business Council member Vusi Mabena unpacked the role of public-private collaboration in driving value addition and beneficiation in the SADC region.

Mabena emphasised the importance of collaboration and fostering integration across the region in order to take advantage of the opportunities afforded by the critical mineral boom.

"We are talking about beneficiation and value addition – the region is actually [in] the best position and if we are not careful about how we handle this position, we will miss this boom. The region does not have much time left to make sure that all mining jurisdictions leverage on each other to benefit our economies and to grow," he said.

Hence, Mabena stressed the urgency of capturing economic benefits through regional cooperation.

"We need to leverage on one another to grow the industry," he added.

Mabena argued that the private mining sector needed to be supported by governments through legislation and policies that would promote investment in exploration and viable mining projects.

He thus highlighted the need to establish policies that encouraged investment in exploration.

"Our environments in our individual countries are not encouraging this investment, and it is therefore very important to sit down and reflect as a region on how are we going to review our policies and how are we going to reposition ourselves to make it easy for investors to come into our region."

Mabena added that challenges in areas such as infrastructure and insufficient energy availability also needed to be addressed through collaboration between the private sector and government.

"The mining industry is ready to engage at an even faster pace than before to make sure that the mineral-based industrialisation le...