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This is an incredible endowment and we are executing a deliberate strategy to extract more value from every single square meter of our resource base, an ebullient Sibanye-Stillwater COO Richard Cox asserted categorically at this week's South Africa Capital Markets Day, where he described the company's 70 km of contiguous platinum group metal (PGM) operational activity, many brownfield projects and integrated processing facilities as being "probably one of the biggest single metal accumulations on the planet".

To get a good view of it, he said one would probably have to be 40 km above surface – and the blue shown on the attached Creamer Media video highlights the large number of new possibilities that offer long-life production.

"We have a very high quality underground PGM business, long-life assets, operations delivering season in and season out, a credible brownfields growth pipeline, and a super passionate team that's excited to work in the PGM environment," Cox pointed out at the event covered by Mining Weekly.

Moreover, the upper group two (UG2) orebody on the western limb of South Africa's superbly endowed Bushveld Complex – the world's most concentrated source of platinum group metals (PGMs) – has significantly higher value per square metre than the Merensky reef, which itself contributes platinum, gold and base metals to support crucial smelter balance.

When the metals that are recoverable are aggregated, the UG2 provides about 30% more, owing to its higher grades of rhodium, ruthenium and chrome. The leveraging chrome technology enables the recovery of fine chrome from UG2 tailings.

"Chrome is no longer just a byproduct in our thinking. It's a deliberate additional value stream that improves margins and strengthens project economics. We see a pathway to becoming one of the top five significant chrome ore producers in the world," Cox said

"What's very exciting about the UG2 is that these resources are shallow. They open themselves up for low-cost mechanised mining, and that's the future of the western limb for Sibanye-Stillwater," which described itself as a "Proudly South African producer of 27% of South African PGM production".

By increase exposure to high-grade PGMs, UG2 is providing the foundation for a more competitive PGM business.

Sibanye-Stillwater has several mining projects at various stages along the confidence curve, such as Siphumelele and Thembelani, which are in execution, Marikana's East Four Extension, Kopaneng Extension, East Three Extension, and Bathopele.

Secondary mining projects include repurposing the WLTR concentrator for UG2 surface material, largely chrome, precious metal refinery, as well as smelter optionality.

Brownfields UG2 projects are expected to maintain the 1.5-million-ounce underground production profile and increase the lower-risk UG2 contribution to 80% by 2035.

The prill split of the South Africa PGM business positions this Johannesburg Stock Exchange-listed company well with a substantial amount of its chrome moving into contract arrangement with Glencore.

"We've got a very high-quality metal basket. Our chrome management agreement further strengthens our position in chrome recovery, and we're actively investing to sustain and grow a competitive position inside Africa," said Cox.

Marikana's got 45 years of mine life and Rustenburg 32.

"K4 proved that we can execute. Siphumelele and Thembelani will prove that we can scale that execution across the footprint. If market conditions change, we can pull back. If they expand, we can lean into that as well.

"We've got a new surface business emerging. What DRDGOLD's able to do in gold, we're going to do in PGM," Cox promised.

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 Anglo American has completed a definitive agreement with Chile's State-owned miner Codelco to implement a joint mine plan for their respective Los Bronces and Andina copper mines.

Anglo inked the agreement through its 50.1%-owned subsidiary, Anglo American Sur.

The joint mine plan is expected to unlock 2.7-million tonnes of additional copper over a 21-year period, delivering an average 120 000 t/y of additional low-cost copper production to be shared equally with minimal capital investment required.

The companies expect the move to create at least $5-billion in shared value.

Implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, as well as other customary conditions to final implementation, which should all be finalised by 2030.

Anglo CEO Duncan Wanblad says the agreement with Codelco demonstrates what is possible through partnerships, particularly to unlock compelling industries synergies and deliver significant value for multiple companies.

"The next important milestone for Los Bronces - Andina is the timely receipt of the permits which will allow us to begin delivering the additional volume and value that we are targeting, for the benefit of all our stakeholders, and for Chile," he adds, referring to Chile's ambition to increase national copper production to six-million tonnes a year by 2030.

By integrating the Los Bronces and Andina mine plans, it will comprise one of the most significant copper adjacency opportunities globally.

Codelco chairperson Bernardo Fontaine says the agreement represents a more efficient and responsible way to develop one of the world's leading copper districts, allowing the companies to make better use of existing infrastructure, capture greater benefits for Chile and move forward with a long-term vision based on operational excellence, sustainability and responsible use of resources.

"It is a tangible example of how collaboration can generate greater value without compromising the thoroughness, discipline, and commitment that Codelco demands today. The Andina–Los Bronces Joint Mine Plan reflects the principles that guide Codelco today: safety; maximizing returns to the State, while ensuring operations remain profitable without increasing debt; putting the house in order with firm leadership and transparency; and strengthening sustainability," Fontaine concludes.

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.

If you gave me an option to have any portfolio of platinum group metals (PGM) assets in the world, this is the portfolio I would take – without a doubt, Sibanye-Stillwater CEO Dr Richard Stewart declared unequivocally as he pointed out his company's South Africa PGM asset base during Capital Markets Day on Tuesday, June 23.

Stewart outlined how the "magnificent" asset suite, which hosts two-million-plus PGM ounces, is providing the Johannesburg Stock Exchange-listed Sibanye-Stillwater with size, scale, timing, mining method, and orebody optionality, in its building of a long-term 30- to 40-year PGM business on the western limb of South Africa's endowed Bushveld Complex, the world's most concentrated PGMs source. (Also watch attached Creamer Media video.)

Flashing across the screen as Stewart presented were Sibanye-Stillwater's contiguous mine-to-market portfolio of PGM operations labelled as Anglo American Platinum (Rustenburg), Aquarius (Kroondal) and Lonmin (Marikana).

"We're sitting with a huge amount of optionality within the company. There's no other PGM business in the world that has that kind of optionality … and the opportunity we've got is how best to create value through that optionality, and that's the strategy we've put together," an upbeat Stewart told investors, analysts and media. (Also watch attached Creamer Media video.)

While the PGM mining industry is pretty certain about what is going to happen for the next ten years, it is less certain about what could happen beyond that, owing to structural vehicle change. "It could be stable. It could go down a little bit, or it could significantly ramp up as we find new demand. To have our level of flexibility, to be able to deliver into that market wherever it changes, is unique."

Contiguous resources were intentionally targeted for two reasons. Number one, to realise value through operational synergies and savings, something learnt during many years of gold mining. Number two, to reimagine resource extraction by dropping mine boundaries.

"We've only done the first step so far and in doing that first step, we've been able to realise almost R3-billion savings per year. That's been banked, just by putting these three together. I think it's well known what these operations have returned more than seven and a half times what we paid for them, just through that."

The acquisitions of the three mines at the time of purchase were based on life of mine and synergies alone. Not yet unpacked is the value of dropping mine boundaries. Not yet unpacked is the value of investing within the resources that came with the operations.

That is only being started now at a time when Sibanye-Stillwater owns 100% of the property.

"You're going to see how, by dropping a simple mine boundary across significant mines like Bambanani and Siphumelele, which were due to close within the next two years, are now going to have plus ten to 15, years and unlock hundreds of thousands of resources that were previously sterilised, that could not be mined by Aquarius, could not be mined by Anglo.

"They tried. They had technical plans. You couldn't make it economically liable, but by dropping that boundary, suddenly we've unlocked tens of years of mineral resource, and that's why, I'll say it again, this is the best portfolio of PGM assets that you'll find in the industry today," Stewart reiterated at the event covered by Mining Weekly.

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.

Iluka Resources said on Tuesday that the Australian government has provided a A$1.65-billion ($1.15-billion) non-recourse loan to build the Eneabba rare earths refinery in Western Australia.

Iluka said the loan access was confirmed by Export Finance Australia, the country's export credit agency.

The funding comes as Western countries look to reduce their dependence on rare earths from China, the largest producer, for the materials that are vital for electric vehicles and other technologies.

Iluka expects the first tranche of the funding, comprising A$1.25-billion, to be fully drawn by 2026-end, when Eneabba is expected to be 75% complete. The refinery is currently over 50% complete, the company said.

Eneabba will be Australia's first fully integrated rare earths refinery, according to the company.

The miner said Civmec has been awarded a contract for structural, mechanical, piping, electrical and instrumentation works at the refinery.

Separately, Iluka said it had concluded a binding agreement for the supply of magnet rare earth oxides to an unnamed global automotive company.

The agreement has an initial term of four years, and represents about 10% of Iluka's planned production over that period.

Iluka expects revenue over the contract period to be $155-million minimum and $172-million assuming prices forecast by the industry.

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.

Impressive renewable-energy advances were graphically displayed by coal major Exxaro during its Capital Day on Monday, June 22.

The first was a wind turbine involving 600 m3 of concrete in a 25 m excavation, elevated by a 15 t steel centre on a 60 t steel base, and the second a huge solar plant supplying green electrons. (Also watch attached Creamer Media video.)

"So, there's 76 t of steel in there to anchor a wind turbine," Exxaro CEO Ben Magara reported on the Kareebosch wind development before turning to the supply of 68 MW of solar power at the Johannesburg Stock Exchange-listed company's Lephalale coal hub.

Exxaro is reducing its carbon intensity through what is described as an "accelerated and workable decarbonisation road map".

In the past year, Exxaro has doubled its renewable-energy business and concluded its manganese transaction, amid the company's commitment to carbon neutrality by 2050 remaining unchanged.

"We're unwavering at making sure we're carbon neutral by 2050," an adamant Magara told the event covered by Mining Weekly.

Exxaro's last Capital Markets Day was hosted five years ago in 2021, when Exxaro was positioned for its low-carbon future.

As the world adopts a more pragmatic approach to energy security, Exxaro's own long-life coal assets remain critical in supporting global and domestic energy needs, and generating cash flows to invest in future-facing metals growth. This is envisaged against the expectation that the global runway for coal will likely extend beyond 2050.

"The world today is materially different from the one we faced in 2021. Globally, we're seeing increasing geopolitical fragmentation and trade realignment," Magara noted.

"Our renewable business represents an important growth platform, providing increased exposure to stable, predictable, and inflation-linked earnings, while supporting South Africa's transition to a low-carbon economy.

"We also have equity accounted investments in iron-ore and zinc. The addition of manganese and the growth of our renewable-energy business strengthen the diversification of our portfolio.

"Looking ahead to 2030, we expect energy and our future-facing metals to contribute more than half of the total group earnings, not by shrinking coal, but by growing others. So, importantly, coal stays the foundation of our portfolio, generating the cash flows required to fund the growth," Magara explained.

November 2026 will be the twentieth anniversary of Exxaro's JSE-listing in November 2006.

Current market capitalisation is R75-billion compared with R51-billion at the start of last year and R20-billion at the time of listing.

Figures displayed showed a business that supports more than 20 500 employees, including contractors.

More than R200-billion of stakeholder value has been created since listing with more than R85-billion rands in dividend distribution.

"As energy and metals grow, we'll contribute a larger share of earnings from manganese and energy, including the iron-ore assets, to enhance that diversification and drive the resilience of our earnings, most importantly reducing the carbon intensity of our earnings profile. That's the aim for this diversification programme.

"This shift reflects growth in these businesses rather than a decline in coal, and we expect coal to remain a significant contributor to the portfolio, even as its share of earnings decreases over time," Magara outlined.

In time, renewable energy and future-facing metals are expected to contribute more than half of the total group earnings.