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Foreign investors in South Africa typically encounter fewer ownership restrictions than in many resource-rich jurisdictions, multinational corporate law firm Baker McKenzie states in its 192-page report covering 20 countries.

Highlighted is that South Africa's policy environment is increasingly supportive of private-sector participation.

Pointed out, too, is that South Africa's objective is not simply to attract capital into projects, but to ensure that investment contributes to domestic manufacturing, employment and supply-chain development.

The report acknowledges South Africa as a major producer of platinum group metals, manganese, chrome and vanadium, with its critical-minerals policy reflecting a broader effort to capture greater value from its resource base rather than remaining a supplier of raw materials alone.

"Government's focus increasingly centres on improving the economics of downstream investment, supporting exploration, strengthening industrial infrastructure and encouraging greater value addition within South Africa and the broader Southern African region," Johannesburg-based Baker McKenzie partners Ryan Alho and Lydia Shadrach-Razzino state in the seven pages on South Africa, whose approach to decarbonisation is seen as being "generally pragmatic".

"South Africa views itself as a potential regional processing and manufacturing hub capable of leveraging mineral resources across the broader Southern African region.

"In practice, however, the success of these ambitions will depend on competitiveness. Reliable electricity supply, efficient logistics infrastructure, affordable industrial power and a stable regulatory environment will ultimately determine whether downstream processing investments are commercially viable.

"South Africa remains one of the deepest and most sophisticated energy and infrastructure markets on the continent. Demand for new generation, storage, transmission, logistics and water infrastructure remains substantial, and the policy environment is increasingly supportive of private-sector participation. The opportunity is therefore relatively clear. The principal challenge is execution.

"The pace at which transmission networks are expanded, electricity markets are liberalised and ageing infrastructure is renewed will ultimately determine whether projected investment opportunities are translated into realised returns," Alho and Shadrach-Razzino conclude in the document released to Mining Weekly.

On Angola, the only other African country to be given exposure, the Baker McKenzie document reports that Anglo's regulatory reforms focus on removing practical barriers to investment and creating clearer routes for private-sector participation.

Angola's mining policy is described as being geared towards turning resources such as copper, cobalt, lithium, rare earths, niobium, manganese, phosphates, iron and gold into commercial production rather than holding them as strategic reserves.

"The approach is already visible in offtake arrangements, with the first year of Tetelo copper production contracted to Glencore. Alongside this upstream push, Angola is

promoting domestic processing, including diamond polishing, steel production and the use of phosphates and dolomitic limestone in agriculture," Miranda Alliance partners João Leite, Lília Tomé de Azevedo and Renato Guerra de Almeida report.

Policy frameworks across all major global jurisdictions are said to be changing rapidly, with strongest opportunities arising not where a single incentive is generous, but where multiple policy objectives — such as energy security, industrial development, critical minerals and decarbonisation — reinforce one another, creating durable and overlapping support for the same project or sector.

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.

The Western rare earths sector is entering a phase in which the focus is shifting from identifying alternative resources to establishing a dependable, commercially viable supply chain, says NYSE-listed Rare Earths Americas, which is positioning its Brazilian and US exploration portfolio to address a growing supply chain gap, particularly for heavy rare earths.

CEO Don Swartz tells Mining Weekly that this transition will require more than new discoveries; it will depend on the interaction of geology, metallurgy, permitting, financing, processing capacity and market development of rare earths.

"The broader challenge for the industry is to ensure that upstream development keeps pace with investment in separation and manufacturing. Without a dependable supply of suitable feedstock, the expansion of downstream capacity alone will not deliver meaningful supply chain resilience," he explains.

Ultimately, the success of Western rare earth diversification will depend on connecting viable mineral resources with the specialised processors, manufacturers and customers needed to turn them into usable products.

"Brazil could be an important part of that equation, but converting geological potential into reliable commercial supply will remain the decisive test," Swartz stresses.

Swartz believes Brazil's growing prominence reflects the strategic importance of these considerations. "Its geological endowment, particularly its ionic adsorption clay systems, offers potential opportunities to diversify heavy rare earth supply, while recent investment and policy developments point towards a greater role in downstream value creation," Swartz states.

COST-EFFECTIVE PATHWAY

Brazil is undoubtedly emerging as one of the most strategically important rare earths jurisdictions globally outside of China as investment in Western processing and magnet manufacturing accelerates.

Brazil's ionic clay deposits share characteristics with the deposits that have historically supplied a material portion of the heavy rare earths from southern China and Myanmar.

"In recognising the strategic importance of these resources, Brazil has enacted a new national critical minerals policy that establishes mechanisms to encourage domestic processing, financing and higher-value industrial activity.

"Through implementation and permitting will still matter, the direction is clear: Brazil wants to move further downstream and build a more integrated and competitive rare earths industry," Swartz states.

For Rare Earths Americas, the opportunity lies not only in discovery of new massive resources but in identifying deposits that can be processed cost-effectively with lower impurities and high metallurgical performance.

Swartz says equally important is the recoverable rare earths basket, citing dysprosium, terbium, neodymium and praseodymium as elements that can drive a very different economic and strategic profile from a deposit dominated by lower-value elements.

The company emphasises an important factor in rare earths development being the availability of proven processing technology to convert resources into products that downstream customers can readily consume.

To this end, monazite-bearing and ionic adsorption clay deposits have established processing precedents, which provide a well-understood starting point for exploration and development.

"The West does not need every miner to integrate all the way through to magnet production. Rather, it needs a functioning supply chain where miners provide reliable feedstock to specialised separators, metal producers and magnet manufacturers," Swartz notes.

FEEDSTOCK ISSUE

Swartz confirms there has been major progress in processing, separation and magnet manufacturing outside China, supported by both governm...

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.

With gold and copper mining company Barrick Mining Corporation proceeding with the proposed initial public offering (IPO) of the North American portion of the business, Africa operations, which now form part of Barrick International, have delivered a good third-quarter (Q3) performance.

On Wednesday November 11, New York- and Toronto-listed Barrick announced that its new publicly listed company would be named American Barrick Gold Corporation and that this company – which would hold Barrick's North American gold assets – was moving forward with the proposed IPO of common stock.

Meanwhile, in the three months to September 30, the production of the newly branded Barrick International – previously referred to as the Rest of World – was 319 000 oz of gold, 6% higher than in Q2.

Interestingly, that increase had been achieved with the help of strong performances from its Africa mines, notably Loulo-Gounkoto of Mali, Kibali of the Democratic Republic of Congo, and Bulyanhulu of Tanzania.

In fact, the accomplishments of these three African gold mines more than offset weather disruptions at Veladero in Argentina and Porgera in Papua New Guinea.

Moreover, Africa was also showing good promise on the copper front, with the Lumwana copper expansion in Zambia poised to take copper production to 240 000 t/y for more than 30 years from the end of Q1 2028.

Loulo-Gounkoto's output was up 16% on high throughput and grade, with mining and processing consistently running ahead of the original restart plan. Kibali's production was up 20% amid delivery of its highest quarterly production since Q4 2023 and its underground bringing more ore and higher grades, Barrick International CEO Sebastiaan (Seb) Bock pointed out during the Q3 results presentation covered by Mining Weekly.

Furthermore, in East Africa, Bulyanhulu stepped up again as the Upper West development resulted in greater mining flexibility. The Upper West project in north-western Tanzania involves high-speed decline development and a boxcut portal to access near-surface reserves. In addition, Tanzania's North Mara gold mine was also up on the quarter, despite an extended plant shutdown and power instability.

Meanwhile, Veladero had to be suspended on several occasions owing to winter storms, while drought-related water shortages at Porgera limited plant operating rates. "We've seen these conditions continue into early Q4," Bock noted, while adding that Barrick International was being managed as a portfolio, and that performances across the rest of the operations were keeping the international division on track to meet full-year gold production guidance.

On costs, Kibali and Bulyanhulu's higher volumes brought unit costs down, while Veladero and Porgera's unit costs rose.

Overall, Barrick International's gold operations generated more than $800-million of attributable adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) in Q3, at an adjusted Ebitda margin of 59%.

COPPER

Copper production guidance from Barrick International remains on track, with 50 000 t produced in the quarter and Lumwana's completion of a mill reline in late September setting up Barrick International for a clean run through the fourth quarter.

Barrick International's other copper operations were flat on a combined basis, with higher grades and recoveries at Jabal Sayid offsetting lower throughput and grades at Zaldivar.

Copper's higher costs were driven by diesel prices, local currency appreciation, higher royalties, and additional waste stripping.

For the full year, copper costs are expected to be around the top end of the range, given the same diesel and currency pressures.

THE IPO

An IPO registration statement on Form S-11 has been filed with the United Stat...

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.

Global power and technology company Cummins has announced a new mining engine that "sets a new benchmark for mining power" by offering innovations in fuel economy, reliability and power density.

Having unveiled the Cummins S29 mining engine at an event in China at the end of October, Cummins power systems VP Jenny Bush said the engine ensures exceptional performance, exceptional total cost of ownership and the flexibility to adapt as mining operations evolve.

Customers can see the S29 engine on display during Asia's premier international trade fair "bauma CHINA" from November 23 to 27 in Shanghai.

The 29-l engine is designed for 90-t to 120-t haul trucks and 150-t to 220-t excavators, with additional applicability across a range of mining and industrial equipment, including surface miners, bulldozers, wheel loaders and dewatering pumps.

The engine is planned to be available globally from late 2027 in regions that require China Stage III emissions configurations, equivalent to US Environmental Protection Agency Tier 2 requirements.

"The S29 is designed to deliver competitive power density with output of up to 1 300 hp at 2 100 rpm, which enables maximum vehicle integration flexibility, with the S29 delivering the power and performance of higher displacement engines within a compact installation package.

"Additionally, based on current development targets, the S29 is expected to achieve fuel efficiencies of 180 g/kWh, which represents industry-leading fuel economy for its power range," Bush explains.

She adds that the S29's fuel-agnostic capability will help customers support evolving fuel strategies. At launch, the engine is planned to be compatible with diesel, unblended paraffinic fuels such as heavy fuel oil and biodiesel blends up to B50.

The engine's fuel capability is also being designed to support potential future natural gas, hydrogen or duel-fuel configurations.

Further, the engine will be well suited for extreme environments of high altitude and temperatures.

"Mining customers are under relentless pressure to move more material, lower operating costs and improve efficiency. We are excited to provide the next generation of mining power with the S29 - a truly world-class platform purpose-built to help turn those pressures into more productive and profitable operations," says Cummins industrial markets for power systems VP Gbile Adewunmi.

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Mponeng Gold Mine – the world's deepest mine at a depth of 4 km with extension towards 4.22 km planned – has delivered another strong quarter, Harmony reported in its operational update for the three months ended September 30.

In the first quarter of Harmony's financial year 2027 (FY27), the recovered grade at Mponeng, near Carletonville in South Africa's Gauteng province, increased by 10% to 11.55 grams of gold per ton (g/t) and production was steady at 2 725 kg (87 611 oz).

The overall average gold price received in the quarter was a 17%-higher R2 123 588/kg ($4 057/oz).

Gold all-in sustaining costs were at the lower end of guidance, the business continued to generate strong cash flows and the Johannesburg Stock Exchange-listed gold and copper mining company remained confident of meeting FY27 guidance for production, cost and grade.

Gold revenue increased by 3% to R22.3-billion and copper revenue hit the R1 280-million mark on an average received copper price of $6.44/lb.

In line with guidance, overall group gold production was a 12%-lower 10 661 kg (342 758 oz) and 7 077 t of copper were produced. Comparable reporting period did not include Harmony's CSA copper mine.

"Five years ago, Harmony was predominantly a South African gold producer. Today, we are a higher-quality gold and copper producer operating in South Africa, Papua New Guinea and Australia, with a clear growth trajectory," Harmony CEO Beyers Nel pointed out in a release to Mining Weekly.

"Margins at our gold operations remain robust. CSA is now an established part of the group, contributing copper revenue alongside our gold," added Beyers, while pointing out that the Moab Khotsong gold mine, near the Orkney and Klerksdorp and straddling the North West and Free State provinces, is moving through its planned gold ore gap while the Eva copper project in Australia remains has passed another approval milestone on its path to production.

Production at Tshepong North gold mine increased by 23% to 1 020 kg (32 794oz) driven by higher tonnes milled and higher grades.

Harmony has attributable gold mineral reserves of 27.4-million ounces and copper mineral reserves of four-million tons.

Having completed the first quarter of FY27, group full-year gold production of 1 400 000 oz to 1 500 000 oz and 28 000 t to 30 000 t of copper are being guided.

Mponeng's life-extension programme continues to advance access to the Ventersdorp contact reef and carbon leader reef below existing infrastructure alongside the Tau Tona pillar extraction project. Together, these will access about 3.6-million ounces in reserves.

The Moab Khotsong's Zaaiplaats extension provides access to about 3.8-milloion ounces in high-grade gold resource below existing infrastructure.

Tshepong's life-extension project had a positive first quarter, with development ahead of plan, costs aligned with the overall estimate and initial construction milestones on track. The project accesses 1.1-million ounces in reserves and extends the life of the mine to 15 years while leveraging existing infrastructure.

Quarterly development of Doornkop gold mine's 207/212 life-was ahead of plan and ventilation and electrical infrastructure milestones completed. The 207/212 project is designed to replace production tonnes from existing levels and accesses 1.3-million ounces in mineral reserves. This project includes additional exploration drilling to increase the resources available for mining.

At Mine Waste Solutions surface mining operation, the Mispah 1 pump station was commissioned enablingreclamation of the 71-million tonne Mispah 1 tailings facility.

On the renewable energy front, Harmony's Sungazer 2 is progressing through phased energisation and further solar and battery-storage projects are...