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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.

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.

Boardmembers of Vale, the world's top iron-ore producer, voted against a proposal by one of the company's largest shareholders to remove Daniel André Stieler as chairperson, according to people familiar with the matter.

While the proposal will still go to a shareholder vote, the board decision could influence the recommendations of proxy advisory firms and institutional investors who will participate in the process. The chairperson's mandate is set to expire in April 2027 if he's not removed early.

Investor Previ, which has a 7% stake in Vale, asked on June 11 for an extraordinary meeting to vote on the removal of Stieler, who's been in the position since April 2023. The demand followed a shakeup of leadership at Previ, Brazil's largest pension fund, which manages retirement savings for employees of State-controlled lender Banco do Brasil.

The majority of directors saw the reasons Previ presented for the dismissal as insufficient, said two of the people familiar with the matter, who asked not to be identified discussing private information.

Vale declined to comment.

The extraordinary shareholder meeting is scheduled for July 22. If approved there, Previ's proposal would pave the way for separate votes to elect a new boardmember for the remainder of the term ending in 2027 and a new chairperson. That scenario would trigger a contest between Previ's candidates and alternative names supported by the majority of the current board.

Previ is backing the election of independent board director Manuel Lino Oliveira as chairman, according to a statement. Known as Ollie, he has more than 45 years' experience in corporate finance and strategy within the mining sector, mainly in companies such as Anglo American and De Beers Consolidated Mines.

By appointing an external candidate rather than someone from its own ranks for the chairman position, Previ said it was "reinforcing its commitment to the continuous improvement of the company's corporate governance and to the creation of sustainable long-term value." In a parallel move, the pension fund has also appointed José Mauricio Pereira Coelho, a former Previ CEO who had previously been chairperson of Vale from 2019 to 2021, to take over the vacant seat in the company's board.

The majority of Vale's board will nominate former BP executive Ieda Gomes Yell to run for a vacant seat against Coelho, the people said. Vale's current vice chairperson of the board, Marcelo Gasparino, will compete as an alternative to Oliveira as chairman of the mining giant. The attorney is also a member of the board of Petroleo Brasileiro, Brazil's oil giant. Candidates other than those put forward by Previ and Vale's board could still emerge ahead of the vote.

Stieler headed Previ for two years under Brazil's former President Jair Bolsonaro. He was elected to Vale's board in 2021 and later was appointed chairperson of the iron-ore producer even after he had stepped down from his position within Previ.

Last year, Previ President João Fukunaga stepped down as head of the pension fund after facing scrutiny from Brazil's Audit Court. He also left Vale's board in February, which weakened Stieler's support within the pension fund, Brazilian newspaper O Globo reported on June 13.

Vale's major shareholders include, among others, Mitsui, Blackrock and Capital World Investors.

Mining Weekly Editor Martin Creamer discusses July’s Shanghai Week, which is set to firm up platinum’s already solid status; Phelan Green selecting Johnson Matthey technology for its Saldanha electro‑sustainable aviation fuel plant; and platinum jewellery generating the highest d