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Although it had been a difficult year for the diamond industry in the 12 months ended June 30 and beyond, Aim-listed diamonds developer Botswana Diamonds says it made significant progress on its strategic expansion efforts.
Reflecting on its performance for the financial year ended June 30 and the first six months of its 2026 financial year, the company says it has strengthened its asset base for both diamond and critical minerals exploration, as well as adopted advanced technologies as it continues exploration and development on the Thorny River and Marsfontein projects, in South Africa, and the the KX36, Sekaka and Maibwe projects, in Botswana.
"We enter the next phase of our development with renewed confidence, a broader portfolio and a roadmap for value creation," says chairperson John Teeling.
Globally, the diamond industry experienced muted consumer spending and persistent uncertainty in several major markets this year.
Teeling explains that demand for diamonds in China remained soft while there were lower jewellery sales in the US - the largest consumer market for diamond jewellery - owing to inflationary pressures and broader economic caution.
Indian diamond polishing activity slowed in the year owing to elevated inventories and the softer US demand while several major producers introduced temporary production cuts and sales pauses, which helped to reduce surplus stock and stabilise prices.
The situation was exacerbated by growing supplies of lab-grown diamonds, which Teeling says compresses prices in the lower-to-mid-value segments of the natural diamond market.
However, the negative effects of lab-grown diamonds were most pronounced in categories where volume outweighs rarity. To this end, Botswana Diamonds' exploration portfolio is aimed at high-value diamonds, where natural diamonds retain strong consumer preference and pricing resilience.
Teeling confirms that manufacturing activity of diamonds has since picked up as inventory levels normalised; however, global diamond demand remains uneven.
He expresses confidence that the longer-term supply fundamentals for diamonds remain favourable.
Additionally, many alluvial and small-scale diamond mining operations globally are uneconomic, which reduces natural supply. Teeling says major producers of diamonds are approaching peak output from existing mines, with few new large-scale kimberlite mines being developed.
These dynamics underpin the company's strategy of focusing on value over volume and investing in geologically robust, high-potential assets in stable mining jurisdictions.
NEW METHODS
Teeling points out that a defining initiative this year year had been Botswana Diamonds' strategic collaboration with Planetary AI, which uses advanced semantic AI to evaluate vast, disparate mining-related data collected over decades.
This technology helps to identify previously overlooked mineralisation potential across Botswana.
The results of the work done with Planetary AI include the identification of seven entirely new kimberlite targets in areas that had not previously been considered prospective; the identification of 11 high-quality critical metal targets, including copper, nickel, zinc, silver, gold and platinum group metals (PGM); and the integration of more than 375 000 km of airborne geophysics surveys, 228 000 soil samples and 32 000 drill logs.
The exercise had been one of the most advanced applications of AI in mineral exploration undertaken in Botswana, and positions Botswana Diamonds among the industry's early adopters of data-driven exploration at scale.
"The initiative has opened new frontiers, accelerated our targeting pipeline and derisked the early stages of exploration," Teeling affirms.
DIVERSIFYING FROM DIAMONDS
Following the AI explora...

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Bank of America Global Research yesterday reported that the US has lost three-quarters of its aluminium smelters, China has capped its aluminium production, US consumers are now having to pay the full 50% tariff, there's a lot of uncertainty about what is happening with the South32 smelter in Mozambique, and the biggest aluminium production increases are coming through Indonesia.
In South Africa, the electricity pricing agreement for South32's Hillside Aluminium in KwaZulu-Natal struck in May reflects the South African government's policy to support strategic industries that create value for the nation. The Hillside smelter's international competitiveness is enabling it to continue to deliver significant benefits to South Africa.
Meanwhile, in the US, it has been a one-way road in terms of aluminium smelters and in China, with a 45-million-ton capacity cap, more smelters are unlikely, Bank of America metals research head Michael Widmer reported during a report on the bank's 2026 metals market outlook.
While the US administration is trying to build new aluminium smelters, Widmer displayed a chart indicating that there is no silver bullet.
Widmer also highlighted the demand from data centres and pointed out that these were reportedly prepared to pay considerably more for the electricity that the aluminium smelters need.
'With all the discussion on tariffs and who is going to invest, it often comes down to just one metric, which is the power cost and the unfortunate reality is that, anecdotally, I think data centres and AI can pay more than three times as much for power than a smelter would want to pay, so there's a lot of competition, and that really puts the aluminium industry in a very difficult position," Widmer noted, while another slide displayed showed that the US was now down to only five aluminium smelters from the more than 20 it had in 1998.
Provided by Bank of America Global Research was an outlook for metals, particularly copper and aluminium, in relation to global economic trends and defence spending, and those participating in the webinar heard that the Chinese government has repeatedly been called on by the Chinese aluminium industry in the past decade to effectively bail the smelters out.
"What happened is that every time there was a positive margin, the Chinese smelters came in, built a lot of capacity, increased production, competed away those positive margins, and ultimately came under pressure of the government.
"But it reached the stage where government said no more of this, we want to have a capacity cap and a 45-million-ton capacity cap was instituted, and that's where we are now.
"A little bit of supply growth is now coming through in Indonesia. Again, in many instances, it's the Chinese operators who can no longer invest in China, and now it's spilling over into the international market.
"But I think that the aluminium market should be able to absorb those. A lot of it potentially goes to China in the end as well," Widmer reported during the webinar covered by Mining Weekly.
"In Europe in July, we saw the first months where every single sector made a positive contribution to aluminium demand in Europe for the first time in almost three years.
"There is a risk that premia in Europe go higher, and force US consumers to also pay up, because some of the Canadian units could, for instance, then end up in Europe.
"I think this competition is why we are starting to see aluminium prices also pushing higher. An additional issue that you have in Europe at the moment is there's a lot of uncertainty about what is happening with the South32 smelter in Mozambique. That's 500 000 t, about 10% of the European use. It doesn't have a power drive, so there's still a risk of losing that supply.
"The othe...

Mining Weekly Editor Martin Creamer unpacks the hydrogen economy insight Valterra Platinum came away with after the Seoul Summit; the opening of South Africa’s first underground gold mine, since 2009; and platinum metals could end up in both battery electric and hydrogen fuel cel

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Mining Weekly has just visited the laboratories that Rainbow Rare Earths has established very innovatively on the northwestern fringe of Greater Johannesburg as part of its journey towards completing a definitive feasibility study that should see a wide range of South African rare earths enter the market next year to help to satisfy soaring global demand.
Remarkably, all the rare earths are being sourced from material on a waste dump in Phalaborwa, Limpopo, which is giving South Africa a significantly low-cost high-value lead-in to the commercial production of rare earths needed by the booming permanent magnet market.
Rainbow Rare Earths senior metallurgist Roux Wildenboer, who took the Mining Weekly team around the laboratories, ended the tour by displaying a handful of what he described as "good, final, high-quality product. We're almost at the finish line. It's home stretch for us now. So, exciting times ahead." (Also watch attached Creamer Media video.)
That is the extent of advanced development that the London-listed Rainbow has reached, in an effort that positions South Africa superbly to take full advantage of becoming a highly competitive supplier of one of these green economy commodities.
Historically, there was a massive quantity of phosphogypsum generated as waste from phosacid production of the State-owned Foskor in Phalaborwa.
Now, 35-million tons of it will enable 17 years of production of separated rare earth oxides for direct sale into end-use manufacture.
Meanwhile, Rainbow is leasing laboratory premises from the State-owned Mintek, in Randburg, where Mining Weekly witnessed advanced process development, reagent consumption optimisation, a flow sheet that is close to final form, and most noteworthy of all, a pilot plant.
As final design parameters are precisely identified, the pilot plant is opening the way for scale-up and categorical proof that the process of taking the feed material downstream for on-site refinement works well.
The idea is to have a steady stream of high-value rare earths being produced at low enough volume for even a DHL overnight express service to deliver it to those in urgent need.
Rainbow is working towards publishing a definitive feasibility study (DFS) in 2026 and then going into full-scale construction as fast as it can.
It is important to point out that the Phalaborwa rare earths project has none of the traditional costs associated with blasting, crushing, milling, and flotation that production from typical hard rock phosphate rare earth ore requires elsewhere in the world.
Rainbow has the major advantage of being able to use already cracked rare earth host feed material on surface that gives it a headstart over everyone else and the large quantity and highly concentrated material is readily leachable. Being above ground, the resource also lends itself to drone over flights, density measurement, and being able to arrive at an accurate calculation have how much rare earth is available.
LABORATORY TOUR
In one section of the pilot plant, Mining Weekly was shown how gypsum from site was making contact with a sulphuric acid solution, ahead of being leached in one of several heated, agitated tank reactors, all of which are South African manufactured. In that process, the rare earths are extractable and kept in a leach solution in another section of the pilot plant.
The locally manufactured continuous ion exchange (CIX) unit shown to us had 30 columns each containing small resin beads that help to extract the rare earths from the leach solution.
In passing the leach solution through the CIX, the resin adsorbs the rare earths, but not the other impurities. During the CIX process, the rare earth concentration is increased tenfold, so if two grams a liter in the solution ...

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Many countries are still pursuing the development of platinum and iridium-using green hydrogen infrastructure, including China where green hydrogen features in the latest Five-Year Plan to 2030.
The globally active Heraeus adds in its 2026 forecast just out that a return to demand growth in the hydrogen sector is anticipated, though it is not yet clear how much this will impact iridium market, which the Hanau-based company expects to trade at between $3 800/oz and $5 150/oz in 2026.
With PGM prices being much higher than at the start of 2025, South African mining companies now have much better margins and some small projects ramping up are adding small amounts of iridium to South African output, Heraeus, which has a long-standing South African presence, points out in a release to Mining Weekly.
Being used along with iridium in green hydrogen electrolysers is ruthenium, another PGM, which is also being used in a variety of other hydrogen-related processes.
Within the push to further develop green hydrogen, China's Five-Year Plan from 2026 to 2030 seemingly include hydrogen-powered fuel cell electric vehicles and the ruthenium price is forecast to trade between $600/oz and $975/oz in 2026.
The Heraeus report estimates that platinum is estimated will trade at between $1 300/oz and $1 800/oz in 2026, when platinum's deficit is expected to shrink.
South Africa's platinum output is predicted by Heraeus to be somewhat higher in 2026, partly owing to the processing of work-in-progress stock that was built up during processing plant maintenance, and partly owing to the ramp-up of some new operations.
The recovery in PGM prices during 2025 improved the mining companies' margins which makes further cuts to production unlikely.
Secondary recycled platinum supply is anticipated by Heraeus to rise modestly next year. In Europe, scrap autocatalyst volumes are predicted to rise with heavy-duty vehicle sales forecast to see robust growth globally, leading to greater numbers of scrapped commercial vehicles.
Primary palladium production is forecast to increase by 1% to 6.2-milion ounces next year and the rally in the PGM prices has helped to uplift secondary palladium supply.
Industrial use of rhodium is projected by Heraeus to rise modestly next year amid moderate growth in the chemical sector and marginally higher primary supply.
Secondary rhodium supply is predicted by Heraeus to rise in 2026 when rhodium prices expected to be between $6 000/oz and $9 000/oz.
Heraeus, which covers the value chain from trading to refining and recycling, has extensive PGM insight.
Key hydrogen systems Heraeus group laboratories went live in China in October where rapid growth is reported in the platinum-catalysed proton exchange membrane (PEM) green hydrogen technology that is poised to play a central decarbonisation role.
The laboratories were described as reflecting China's rapid pace of hydrogen innovation.
The cost-efficient production of green hydrogen - on the industrial scale that China can provide - will be an important contributor towards a zero-emission society, on a planet increasingly threatened by climate disruption.
A return to demand growth in the hydrogen sector is anticipated by Heraeus in its 2026 forecast report, which points to some Chinese companies having developed PEM electrolysers.

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Creamer Media's Mining Weekly today interviewed Valterra Platinum CEO Craig Miller, who has just returned from the Hydrogen Council's Global CEO Summit 2025 in South Korea with important insight into the status of the hydrogen economy.
The Seoul Summit, attended by more than 200 CEOs and senior executives from the world's leading hydrogen-linked businesses, focused on how hydrogen is produced and sold, and how regulations can support the platinum group metal (PGM)-linked role of the hydrogen economy to decarbonise the world and to combat climate change.
"I certainly think that hydrogen - and the industry specifically around that - is moving forward," Miller pointed out in the Teams interview with Mining Weekly. (Also watch attached Creamer Media video.)
It is a large snowball with $110-billion invested in hydrogen projects over the last five years and $35-billion in the last 12 months alone.
PGMs are poised to continue to play a key role and very encouraging are the 200-plus refuelling stations in South Korea that service the platinum-based hydrogen fuel cell electric vehicles (FCEV) and FCEV buses in Greater Seoul.
Where PGM-catalysed proton exchange membrane (PEM) electrolysers are used is also creating encouragement for the road ahead.
Pathways towards translation into meaningful demand are being assisted by smart private-public partnerships.
Mining Weekly: It's great to be able to chat to you on your return from the Seoul Summit. How good is a meeting like this for the demand outlook for PGMs?
Miller: It was a really encouraging and great week to be in Seoul, together with some of the other CEOs, who are particularly focused on creating that hydrogen production, and also then the demand segments. On the outlook for PGMs, where we see the opportunity is really in PEM electrolysers, so in the production of green hydrogen, and then also in mobility, in fuel cell electric vehicles. I think it's fair to say that there is certainly a lot of supply and investment going into hydrogen, and that's very key, but then also, importantly, looking for those demand use cases.
Certainly, the opportunities are there and we just need to see those translate into real outcomes. But I'm really encouraged. Having spent the week in Seoul and having the opportunity to travel around the city in a fuel cell electric vehicle, the Hyundai Nexo, that was really impressive. It's a really nifty little car and it was great to see the opportunity, just in terms of how that's translating into tangible people mobility, and the opportunity for me also to see some refuelling of the hydrogen into these fuel cell electric vehicles. In Seoul, there's a refuelling station right outside the People's Assembly, which is the equivalent of their national parliament, and so it really demonstrated for me the importance of hydrogen and hydrogen in the Korean economy, and how they see it as a step towards decarbonisation and supporting the energy transition.
A strong call was made to build the global hydrogen ecosystem faster and to unlock commercial scale demand by 2030. Do you get the impression that the call will be heeded?
There's a lot of work to be done into to recognising that call, from both a policy perspective, in certain jurisdictions of the world, in standardising some of the standards in terms of hydrogen production and transportation and its utilisation. I think that's really key. But I think what was very apparent by the participants, and effectively, the market capitalisation of Hydrogen Council companies attending is almost $9-trillion and so some of the largest global companies participate at the Hydrogen Council.
The real momentum around hydrogen is certainly there and the opportunity that we still see in its role to play in decarboni...

Mining Weekly Editor Martin Creamer discusses Valterra Platinum's fruitful 2025, with a market capitalisation of over R300-billion; China’s strategic view of platinum; and the Eskom proposal that supports the continued operation of Lion ferrochrome smelter.

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The new Qala Shallows gold mine is not only a milestone for West Wits Mining but also for South Africa's mining industry, the South African economy, and the communities that will share in the opportunities created here, Minerals Council South Africa CEO Mzila Mthenjane highlighted at the official opening of South Africa's first underground gold mine since Burnstone gold mine opened near Balfour in Mpumalanga in 2009.
Qala Shallows is a mere 15 minutes west of the central business district of Johannesburg, which is honoured as the Golden City because of its golden history.
"It's cause for celebration," said the head of a council that has a mission to lower the cost of doing mining business in South Africa.
"Gold is woven into the fabric of South Africa's life's story. From the discovery of gold on the Witwatersrand in 1886, which transformed Johannesburg into the City of Gold, to today's modern operations, mining has been central to our nation's development," said Mthenjane, whose council continues to play a vital role in ensuring that the legacy of mining - and particularly gold - remains a driver of growth and shared prosperity for generations to come.
"This West Wits gold mine continues this proud tradition, but with a new chapter - one defined by innovation, sustainability, and inclusivity. This mine is not just about extracting gold; it's about creating value responsibly, ensuring that the benefits extend far beyond the mine gates," he pointed out at the event covered by Mining Weekly.
Mining contributes about 6% to South Africa's GDP in nominal terms and supports around 470 000 direct jobs.
With the opening of West Wits' Qala Shallows, that contribution is being strengthened.
"This mine will generate employment, stimulate local businesses, and contribute to government revenues that fund essential services for local communities and the country at larger.
"Importantly, it will also attract investment confidence at a time when South Africa needs growth and stability."
Gold mining in South Africa is characterised by declining resources and production.
In 1994 the gold sector contributed about 43% to total mining production, the equivalent of 580 kg of gold.
In 2024 South Africa produced 90.2 kg - a decline of 84% compared with 1994. Gold currently contributes 10.5% to total mining production, a significant decline from the 43% by any measure.
However, as the gold sector shrunk, other commodities grew in prominence, including the platinum-group metals that currently contribute 27% to the production basket, coal (26%) and iron-ore (16%).
And yet gold still contributes significantly to the South African economy by employing close to 90 000 people who were paid more than R35-billion in 2024 alone.
Gold is a significant foreign exchange earner for South Africa, helping government to service its external debt.
It also helps the economy to import the valuable productive machinery and technology so important for inclusive economic growth and development.
In 2024 gold exports amounted to over R149-billion. This represented more than 7% of South Africa's total merchandise exports, which totalled slightly over R2-trillion.
When it comes to community and social impact, mining is not only about production and GDP numbers. It is about people. West Wits has committed to working hand-in-hand with local communities, ensuring that skills development, education, and enterprise opportunities are embedded in its operations.
"We envision a future where young people from this region see mining not as a distant industry but as a pathway to careers, innovation, and prosperity. This mine will be a partner in uplifting communities, respecting cultural heritage, and protecting the environment.
"Sustainability and innovation are appar...

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The official opening of Qala Shallows underground gold mine 15 minutes west of the Golden City of Johannesburg marks the start of a new growth chapter for South African gold mining, West Wits CEO Rudi Deysel highlighted on Thursday.
As South Africa's first underground gold mine in 15 years, Qala is demonstrating that South Africa can still build safe, modern underground operations that generate long-term value for the economy and local communities, Deysel emphasised.
The mine is expected to contribute more than $1.15-billion to the national economy over its 17-year life-of-mine, supported by a steady-state production profile of 70 000 ounces a year for 12 years.
It will also create more than 1 000 direct jobs as part of the first phase of the broader Witwatersrand Basin Project, with positions sourced from local communities, and will support wider economic activity through local procurement, enterprise development and community partnerships.
Progression has been rapid since team mobilisation in July 2025, delivering first ore to surface in October 2025 and establishing the underground infrastructure needed for production.
A growing surface stockpile is already in place and is expected to reach 30 000 t ahead of the first gold scheduled for March 2026.
The opening of Qala also marks a major milestone for the Australian-listed West Wits, transitioning the company from a developer into a producer and reinforcing its long-term commitment to South Africa.
The mine forms the first phase of the company's broader Witwatersrand Basin Project, which hosts a resource of more than five-million ounces and provides a multi-decade foundation for growth.
The next stages of development, including planned expansion into areas such as Bird Reef Central, are expected to build on Qala's' momentum and strengthen the company's long-term production profile.
West Wits' long-term aspiration, known as Project 200, is to grow into a 200 000 oz/y producer through the disciplined and sustainable development of additional mining areas.
The project creates lasting socio-economic value for its host communities and for the country.
"For years, many believed the Central Rand had reached the end of its mining life, but Qala shows that with rigorous geological work, clear planning and disciplined execution, as well as robust cooperation between government and business, new underground gold mines can still be developed in this district.
"The Witwatersrand built Johannesburg and shaped our economy, and it still holds substantial potential for the future.
"This project would not have been possible without the support of government, our lenders, our host communities and our industry partners. Together we've brought a new mine to life in one of the world's most historic gold districts, and today Qala starts a fresh chapter for the Witwatersrand and for South African gold mining," added Deysel at the event covered by Mining Weekly.
The event was attended by Mineral and Petroleum Resources Minister Gwede Mantashe, government representatives, Australian High Commissioner Tegan Brink, Minerals Council South Africa CEO Mzila Mthenjane, West Wits chairperson Michael Quinert and community leaders, investors, and industry partners.

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The global energy transition needs investment of a further $304-trillion, Glencore CEO Gary Nagle pointed out during the Johannesburg Stock Exchange-listed diversified mining and marketing company's Capital Markets Day 2025.
The global energy transition investment of $9.6-trillion made has so far has reduced fossil fuel's share of global demand by 7%, Nagle reported. (Also watch attached Creamer Media video.)
The Glencore commodities to support the pathway requiring that further $304-trillion investment were displayed on a slide that listed copper, cobalt, nickel, aluminium, zinc, vanadium and steelmaking coal - metals used in items including batteries, solar power, wind power, electric vehicle mobility, electronics, grid, artificial intelligence infrastructure and packaging.
The big focus of the day was on copper, where Glencore emphasised the global need for significant supply growth and investment.
"Now today, in copper, we're producing about 850 000 t of copper this year, rebasing back up to a million tons of base copper production, as we were few years ago. And then the growth beyond that is really is going to be big," Nagle pointed out during the event covered by Mining Weekly.
Highlighted was a portfolio of ten copper growth options capable of increasing Glencore copper production to a level of 1.4-million tonnes of copper a year from mines including Mutanda Mining in the Democratic Republic of Congo, Coroccohuayco and Antapaccay in Peru, and Collahuasi in Chile, to name a few.
Its base copper portfolio is sufficient to return Glencore to one-million tons a year by 2028 and a growth pipeline targeting 1.6-million tonnes a year by 2035.
Nine of the ten growth options in the pipeline are brownfield, capital efficient opportunities.
A slide displayed showed Glencore as a big-five copper producer by 2029 and potentially the world's biggest by 2035 with a projected first-quartile total cash cost position.
Then, moving to fossil fuel, Nagle described the coal as continuing to be "a key part of our business".
On why retains coal and why Glencore needs coal, Nagle explained that it's not only because shareholders said the company should retain coal. "We believe we should keep coal. It makes a lot of sense to keep coal.
"Look, if shareholders change their minds and don't want to keep coal, we can always relook at it. But as we sit today, we believe there's a strong case for particularly high-quality energy coal for many decades to come," Nagle said while pointing out that coal is a major generator to cashflow even in low coal price environments.
Overall, Glencore has delivered more than $25-billion to shareholders over the last five years to shareholders and believes with the market and the business set up like it is, it will be able to continue to provide good returns.
While Glencore is feeding the global energy transition with the copper, cobalt, nickel, zinc, and lithium, which it mines and trade, this is taking place amid fossil fuels losing 7% of the market share over 20 years, since 2004.
"That's true, but the world has spent nearly $10-trillion on the energy transition, and the use of fossil fuels have gone down from 85% to 79%. That's all that $10-trillion has managed to achieve, and when you look at it in absolute terms, the pie has grown.
"In fact, the use of absolute units of fossil fuels has gone up from 2004 to 2024 and thinking forward, you want to go build a nuclear power station today, we know Hinkley Point, here in the UK, is 20 years away, at least.
"If you want to build a gas-fired power station, you've got a five-year waiting time for a gas turbine.
"So, the need for fossil fuels, in particular high-quality steam coal in today's world is absolutely required, and that's where our strong con...

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China considers platinum a critical mineral with strategic value owing to its importance in new energy technologies such as hydrogen fuel cells and electrolysers to produce hydrogen.
China, which has negligible domestic platinum group metal (PGM) resources, has thus invested in physical platinum through its new Guangzhou Futures Exchange (GFEX), which is a natural mechanism for attracting metal to supply future industrial demand.
The GFEX enhances platinum and palladium liquidity and is supportive of industrial development and growth.
World Platinum Investment Council (WPIC) regional head Asia Pacific Weibin Deng provided this important insight to Mining Weekly on the interesting significance of last week's launch on the GFEX of platinum and palladium futures and options.
"For the first time, domestic industrial users and fabricators have a direct, regulated tool to hedge against global platinum and palladium price volatility.
"Previously, many were exposed to this risk without an efficient hedging mechanism," explained Deng, who described the GFEX as being "transformative" for China's PGMs market.
"The ability to enter into platinum and palladium futures contracts enhances price stability for key industries and it is expected to narrow the spreads on platinum jewellery and investment products - meaning lower premiums for buyers and smaller discounts on buybacks.
"Ultimately, this boosts consumer confidence and supports demand growth, while also encouraging a more robust domestic recycling ecosystem," Deng noted.
This initiative directly supports China's national strategic priorities amid the GFEX mandate being to develop financial instruments that serve the real economy.
Given China's strong focus on the energy transition and decarbonisation, platinum and palladium have been prioritised to the benefit of South Africa, which hosts more PGMs than any other country.
The approval of platinum and palladium aligns with China's national agenda to secure supply chains and manage risk for what have become essential raw materials for all countries that are pursuing a cleaner and greener planet to save Mother Earth from climate catastrophe.
These are Deng's replies to a series of questions put to him:
What has prompted GFEX to make these products available now?
This initiative directly supports China's national strategic priorities. GFEX's mandate is to develop financial instruments that serve the real economy. Given the government's strong focus on the energy transition and decarbonisation, platinum and palladium have been prioritised. The approval of these products aligns with the national agenda to secure supply chains and manage risk for these essential raw materials.
What are the contracts' key features and how do they align with other markets?
GFEX offers innovative bi-monthly contracts, similar to those offered by Japan Exchange Group, with frequent opportunities for platinum and palladium risk management. A truly unique feature is the acceptance of both ingots and sponge for physical delivery. No other global exchange allows delivery of sponge, pure metal in a powder form which is most needed by industrial and automotive end-users. This ensures that contracts meet the precise needs of the real economy. Furthermore, the delivery mechanism is robust. Metal is accepted from both approved domestic refiners and international suppliers accredited by the London Platinum and Palladium Market, ensuring trustworthy and reliable physical settlement.
Will GFEX's platinum and palladium contracts promote greater integration with global commodities markets?
By making the contracts available to both institutions and individuals domestically and, in due course, internationally, GFEX creates a new, accessible benchmark using C...

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An electricity tariff proposal by South Africa's State-owned power utility Eskom is supporting the continued operation of the Lion ferrochrome smelter in Limpopo province, Glencore-Merafe Chrome Venture has announced following its recent electricity tariffs engagements with Eskom.
However, a viable tariff solution has still not been arrived at for the Wonderkop and Boshoek ferrochrome smelters in the North West province and in the absence of a power solution being achieved for Wonderkop and Boshoek, both of these ferrochrome smelters will be placed on care and maintenance from January 1.
Glencore-Merafe Chrome Venture described the review undertaken to assess the feasibility of the proposal as being comprehensive and while the proposal remained subject to further approval processes, analysis indicated that it supported only the continued operation of Lion, which is the most efficient of the ferrochrome smelters.
"Unfortunately, it does not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters," Glencore-Merafe Chrome Venture noted in a release to Mining Weekly.
As a result, formal retrenchment notices are proceeding. Voluntary severance package approvals began on December 1, with certain of these notices and approvals remaining conditional until December 8.
Should a viable solution not be received from the government by December 8, these notices and approvals would automatically take effect and become binding.
Furthermore, in the absence of a viable solution, Wonderkop and Boshoek would be placed on care and maintenance from the start of the New Year.
Importantly, Glencore-Merafe Chrome Venture continued to be unequivocal about its commitment to engaging with all stakeholders and emphasised its actively exploration of other viable options to safeguard jobs and maintain operational sustainability wherever possible.
In August, Mining Weekly reported that Glencore-Merafe Chrome Venture was working with the South African government to find solutions amid not one of the ferrochrome smelters being operative, although Lion was expected be brought back into operation following maintenance.
Glencore Alloys produces chrome ore and then beneficiates it into ferrochrome product but is finding that it is getting most value by exporting chrome ore rather than adding value to the ore by producing ferrochrome, which should be a five-times value multiplier compared with chrome ore.
Moreover, beneficiation is a job-creation cornerstone, so closing all the smelters is not good for South Africa.
A negotiated price agreement, which is a flat rate, had, at that stage, been secured from Eskom, which eliminated the need to continue to shut down during winter months when tariffs are high.
What is being sought now by Glencore-Merafe Chrome Venture is electricity that is cheap enough for ferrochrome smelting to be competitive, as well as smelter inclusion into special economic zones, and the elimination of illegal mining of chrome ore, which accounts for about 10% of exports.
Taking 10% of the chrome units out of the market by stopping chrome crime would benefit the industry, which is well aware of the benefit of beneficiation. More South African beneficiation means more revenue, more jobs and less logistical pressure.
Also, capital investment in the new lower-energy SmeltDirect technology that slashes power needs will be taken up if there is more industry certainty.

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Valterra Platinum, South Africa's impressive 2025 platinum group metals (PGM) creation, is bringing its inaugural 2025 year to a massively fruitful close with a market capitalisation that has sky-rocketed to north of R300-billion.
Since demerging from Anglo American in mid-year, the value of this strongly performing instant stalwart is up just shy of 100% on the Johannesburg Stock Exchange (JSE), and also up 60% on the London Stock Exchange (LSE).
"We're absolutely delighted at how Valterra has played itself out," an upbeat Valterra Platinum CEO Craig Miller told journalists attending the company's year-end media event on Friday.
"It's been a year defined by both confidence and delivery," Miller noted after, in her introduction, Valterra Platinum executive head corporate affairs and sustainability Yvonne Mfolo had described the PGMs sector as being "technically complex and absolutely critical to the South African economy and to growth".
On the factors that helped Valterra to become the 14th largest company on the JSE, Miller put "coherent strategy" on the top of the list of what had helped to remove the uncertainty surrounding Anglo American's demerger decision and, moreover, the then PGM prices failing to fairly reflect the real market tightness.
"I'm pleased to say that we predicted that the prices would rise, and they did. But I think the real driver for us - and how we look to the future - is continuing to build that credibility as a company - and as an organisation - is remaining focused on delivering what we say we're going to deliver.
"We're not going to give you a production or cost update or anything like that, but our firm commitment is to continue to deliver to our shareholders and to all our stakeholders around what we're going to do as a company," Miller outlined, while also being forced to acknowledge that "the world around us is shifting, and we've certainly seen a lot of geopolitical shifts this year".
Regarding the domestic front he added that "we've certainly seen changes in terms of how the energy transition is going to play itself out and we've certainly said before that it's not going to be just one size fits all, and I think that's starting to play itself out.
"We've certainly seen the scramble for critical minerals, and where PGMs feature on the critical minerals list. Therefore, it's going to continue to give us confidence about just how amazing the important properties of PGMs are and the uses that they can have in so many economies globally, and therefore, as a consequence of that, how we then invest capital back into our business.
"We've certainly had a more vocal and more demanding public and that includes our communities, and we've certainly hope to demonstrate how we engage with the issues at hand, and how we try to lead and create solutions for those issues.
"We've seen the rapid impact of technological disruption and the opportunities a new technologically advanced world will have and the role that PGMs can play," Miller told the journalists attending the year-end event.
Also at home, Mining Weekly can report that Valterra Platinum has been engaging with Minerals Council South Africa and other peers regarding chrome tax and chrome quotas, and what that could mean for the PGM industry.
The company has also worked collaboratively at public sector and private sector levels regarding the proposed amendments to the Minerals and Petroleum Resources Development Act and will keep ongoing sight of what the beneficiation chain can bring for South Africa as well as the jobs that need to be created.
Against all that background, Is Valterra Platinum still optimistic about the PGMs?
The answer to that, as has been firmly stated since its Capital Markets Day earlier this year, is an "absolu...

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Platinum is already very well embedded as an indispensable catalyst in the hydrogen fuel cell electric vehicle (FCEV) technology that very impressively powered the Toyotas that chauffeured delegates during last week's B20 and G20 global summits in Johannesburg.
Now, the precious metal that South Africa hosts in greater abundance than any other country on earth could also find that its remarkable catalytic qualities are utilised by battery electric vehicles (BEVs) as well.
This is because platinum group metals (PGMs) have been found by Florida International University to be able to extend the life of lithium-sulphur batteries for the betterment of not only sustainable mobility but also for renewable-energy storage, and to have potential to be a significant efficiency and sustainability boost for electricity grids as well.
New York- and Toronto-listed Platinum Group Metals Limited reiterates this in its latest 2025 annual results, in which the Canada-based company makes clear that it is continuing to advance the use of PGMs in lithium battery technologies by way of Lion Battery Technologies, which is highlighting the benefits that PGMs can bring to the lithium battery space.
Interestingly, Platinum Group Metals Limited spelt out in a media release to Mining Weekly that it is also continuing to take the Waterberg project on the northern limb of South Africa's PGM-rich Bushveld Complex in Limpopo province towards a development and construction decision.
While this is underway, the company, headed by CEO Frank Hallam, is continuing to collaborate with an affiliate of South Africa's Johannesburg Stock Exchange-listed Valterra Platinum and Florida International University to take PGMs to the next level. Valterra, it should be noted, is the company that last week chauffeured B20 and G20 delegates around Johannesburg in Toyota Mirai cars, which are FCEVs.
Valterra led a mine-to-market FCEV display, which involved South Africa's Sasol providing the hydrogen, Air Products dispensing the hydrogen, Bambili Energy providing the South Africa-manufactured membrane electrode assemblies for the fuel cells, and Bosch, providing the fuel cells.
On top of this, it is envisaged that the use of PGMs in BEVs will be achieved by allowing the catalytic contribution of PGMs to extend the life of lithium-sulphur batteries significantly, through the addition of nanoparticles of platinum to the sulphur side of the battery so that the tiny particles can work at molecular scale to ensure a cleaner, greener and healthier tomorrow.
This comes against the background of diversified demand for PGMs having already extended well beyond the automotive, jewellery, investment, and hydrogen sectors into the fibreglass, semiconductor, health and even food preservation sectors in what many see as "only the beginning".
Interestingly, research and development by Florida International University is repeatedly pointing to the lighter weight and higher energy density of lithium-sulphur batteries as important competitive advantages engendered by PGMs.
"The unique properties of PGMs as powerful catalysts are being applied to various technologies as possible solutions for more efficient energy generation and storage, which may create new demand for PGMs.
"The company's battery technology initiative through Lion with partner Valterra represents one such new opportunity in the high-profile lithium battery research and innovation field," Platinum Group Metals Limited stated, while also pointing out that the investment is creating a vertical integration with a broader industrial market development strategy to bring new PGM-using technologies to market.
Lion's reiterated target is to develop batteries with specific energies that are 20% to 100% higher than current...

Mining Weekly Editor Martin Creamer says South Africa's PGMs could get a boost with China’s platinum futures exchange debut; good news for the Phalaborwa rare earths project with a surge in the European prices of yttrium; and Mining Weekly was recently taken around Johannesburg i

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The commitment of one of the largest black-empowered businesses listed on the Johannesburg Stock Exchange (JSE) to transition towards a low-carbon future while continuing to meet current energy demands through coal operations took a major leap forward on Thursday through a 213 MW combined wind and solar renewable energy acquisition and maintenance transaction.
In yet another iteration of the commitment to power possibility through a just and inclusive energy transition, JSE-listed Exxaro Resources, through its wholly owned Cennergi subsidiary established in 2012, has entered into binding agreements with Acciona Energía to acquire majority interests in two fully operational renewable energy assets.
These are the 138 MW Gouda Wind Farm in the Western Cape and the 75 MW Sishen Solar Facility in the Northern Cape.
The deal also involves Exxaro's Cennergi being the entity responsible for the operations and maintenance (O&M) of both assets.
The timing linked purchase price will range from between R1.7-billion to R1.8-billion.
The transaction is described as one that strengthens the position of the coal-anchored Exxaro as a growing energy solutions business, as well as in acquisitive growth in energy transition metals.
"Exxaro is not only investing in cleaner energy but also securing long-term, stable, and sustainable value for all our stakeholders," Exxaro CEO Ben Magara emphasised in a release to Mining Weekly.
Both assets were procured under Bid Window 2 of South Africa's Energy's renewable energy independent power producer procurement programme and sell electricity to Eskom under 20-year take-or-pay power purchase agreements, Sishen until 2034 and Gouda until 2035).
Gouda and Sishen are held 54.9% by Acciona Energía, 25.1% by Celenex - a majority owned Royal Bafokeng Holdings subsidiary - 10% by Soul City broad based empowerment company, and 10% by local community trusts.
The transaction includes Acciona's 80% stake in Acciona Energy South Africa O&M, an operations and maintenance company, providing services and parts to both Gouda and Sishen. The remaining 20% stake is owned by Soul City.
This acquisition is set to increase Cennergi's net operating capacity by 117 MW, from 200 MW to approximately 317 MW, representing a material expansion of its operational base.
The acquisition is viewed as accelerating the execution of Exxaro's sustainable growth and Impact strategy by bringing the company closer to its 2030 goal of 1.6 GW managed net renewable energy capacity.
It is also seen as broadening Cennergi's footprint across South Africa and uplifting predictable earnings through long-term, inflation-linked power purchase agreements with South Africa's state-owned power utility Eskom and backed by National Treasury.
Exxaro executive head of energy Leon Groenewald highlighted the geographical diversification and scale that the transaction brings to Cennergi.
"It brings us closer to achieving our goal of reaching 1.6 GW of capacity by 2030. Acquiring the O&M company allows us to provide asset management and O&M services to two additional utility-scale renewable energy assets," Groenewald pointed out.
It also provides skilled staff, advanced systems, and expertise to strengthen Cennergi's position as a South African renewables management and O&M provider.
The transaction closing date, which is expected to occur in the first half of 2026, will coincide with the transfer of ownership of the sale equity to Cennergi.
In addition to coal, Exxaro has equity accounted investments in iron-ore and base metals, with a manganese transaction currently underway.

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Physically settled platinum and palladium futures contracts and futures options will commence trading on November 27 on China's Guangzhou Futures Exchange, which is cracking a world first by taking delivery of sponge, an advance that is highly attractive to industrial and automotive end users. Up to now, exchanges have only been prepared to take delivery of platinum ingot and bar.
Despite being the world's largest consumer of platinum group metals (PGMs), China has typically been a PGMs price taker, with only its varying levels of imports impacting on international price discovery.
Now, the listing of platinum and palladium futures is seen as increasing the influence of China's future demand expectations on global price discovery.
Moreover, the provision of an alternative mechanism to gain exposure to platinum and palladium supports broader liquidity and the overall effect is viewed as being a major boost for South Africa's world-leading PGMs endowment in that fabricators can register their future production under a 120% bank guarantee and price risk hedging across the supply chain will likely lower buyback discounts.
Guangzhou will publish stock holdings daily amid rising hope of a link-up with the Johannesburg Stock Exchange to bring a ready-made green finance derivatives system to South Africa.
"The launch of the Guangzhou Futures Exchange and the fact that it's open to international participation, means that China's future demand expectations can begin to be reflected in the price discovery process, and that's going to be quite beneficial to the market," World Platinum Investment Council research director Edward Sterck pointed out to Mining Weekly in a Zoom interview. (Also watch attached Creamer Media video.)
As with other futures exchanges, exposure will need to be collateralised with physical platinum in exchange approved warehouses as margin against short positions.
This may result in a demand draw as volumes increase. Since the platinum-trading Shanghai Gold Exchange (SGE) offers only one-way trading with purchase for delivery, Guangzhou is positioned to attract two-way domestic volumes.
Platinum volumes have averaged around 0.8 t a week on SGE, well below average spot trading on London Bullion Market Association (LBMA) and on the New York Mercantile Exchange (NYMEX). The latest available data for Osaka Exchange Platinum Standard Futures trading volume as of November 21 was 7 157 contracts.
In the view of Sterck, Guangzhou is going to be of significant benefit on many different levels.
To begin with, it will increase liquidity in China and eventually increase liquidity globally. "If you look at the platinum trading volumes on the Shanghai Gold Exchange, as an example, they average only about 4 t a week, whereas if you look at, say, NYMEX trading volumes, it's more like 200 t a week. So, clearly, the ability to bring into play another derivatives market within China has the potential to massively scale up liquidity there."
The exchange makes platinum more accessible as an investment. It also uplifts platinum an industrial metal to the end users within China and eventually to available to international participants, which creates another avenue by which arbitrage can take place on the regional pricing differentials between London, New York, Japan and China.
Again, that helps to increase liquidity and the availability of platinum to market participants. The other thing to bear in mind is that within China, there has historically not been an easily accessible way to manage price risk for end users.
"For example, jewellery manufacturers or the fabricators of investment products or automakers don't have the ability necessarily, to easily manage their price risk. As a result, particularly when it comes to...

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Even though there is consensus that gold has probably already hit its 2025 high point and is unlikely to go beyond the all-time-record it set in October when it breached the $4 300/oz mark, a Santa gold rally during the Christmas period and into year-end should not be ruled out.
Also, while the incomplete reopening of US administration is encouraging, the Commodity Futures Trading Commission (CFTC) needs to return with key risk-assessment data required by the Federal Reserve as all eyes focus on December 10 when a further interest rate change could have implications for gold.
Moreover, the indication of the US Supreme Court that tariff implementation is probably beyond executive office scope could also impact.
These and several more points are made by World Gold Council senior market strategists John Reade and Joseph Cavatoni in their latest episode on gold market developments, gold price movements, the impact of political events in Washington, and year-end gold predictions.
The World Gold Council's latest GoldHub also provides an update on China's gold market, where stability and growth are prevalent, and on India's peak Diwali and Dhanteras peak gold-buying occasions.
Regarding China, World Gold Council research head in China Ray Jia reports that gold capped further gains in October, with wholesale gold demand defying seasonal patterns, rising to 124 t.
Chinese gold exchange trade funds (ETFs) added 34 t worth at $4.5-billion last month, and gold futures volumes surged at the Shanghai Futures Exchange.
The People's Bank of China, which has reported gold purchases 12 months in a row, added 0.9 t in October, lifting the total to 2 304 t, 8% of China's foreign exchange reserves and 24 t higher than at the end of 2024.
Looking ahead, the recent Chinese gold market value-added tax (VAT) change is likely to put pressure on local gold jewellery demand as the sector is impacted by additional tax. But consumer sensitivity to price may also be lessening as the gold price has been rising steadily for more than three years now.
The VAT change does not apply to gold bars sold by Shanghai Gold Exchange members, gold ETFs or gold accumulation plans, and there may be further room for growth in gold bar sales, as consumers may purchase them for jewellery making purposes, Jia adds.
World Gold Council's Reade and Cavatoni also analyse the sentiment from the London Bullion Market Association (LBMA) and London Platinum and Palladium Market Global Precious Metals Conference 2025 in Kyoto and the implications of upcoming economic data on gold prices, amid gold calming down from its $4 300/oz October breaching and correcting below $4 000/oz.
"Gold now seems to have stabilised broadly around the $4 000/oz level," said Reade, based on conversations with participants at the LBMA conference in Kyoto, for example.
"I think that seems to be the consensus that we've probably seen the highs of the year.
Based on conversations on the US side, Cavatoni agreed and spoke of the US sentiment being the same - "pretty calm, pretty much interested in looking forward at the gold price and understanding that the short-term volatility is something to expect.
Reade: I was speaking to a couple of hedge fund managers that I chat to from time to time, they expect the same. They think most of the work has been done in gold this year, but don't rule out a bit of a Santa rally into Christmas and into the end of the year, as fund managers want to establish positions that they can have for 2026 and also show their chief investment officers that, yes, they're the gold guy, and they are long gold. Never does any harm with that. Now, Santa rallying is something that comes through in equity markets, particularly in the US sometimes, so into the holiday season ...

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The economics of South Africa's Phalaborwa rare earths project in Limpopo province has been uplifted very materially by the 3 000%-plus surge in the European prices of yttrium, a silvery white, moderately soft, ductile metal used in the aerospace, energy and semi-conductor industries, to name a few.
Yttrium, as reported by Mining Weekly earlier this month, is now included in the Phalaborwa resource and the project is expected to produce 213 t yttrium oxide a year as part of the high-purity, mixed product, which already has neodymium, praseodymium, dysprosium and terbium in its proposed samarium, europium, gadolinium (SEG+) product basket.
SEG+ serves as a foundational material for downstream separation and refinement into high-purity rare earth products used in magnets for wind turbines and electronics.It is a mix of all the economically important medium and heavy rare earths.
The Phalaborwa project, which is expected to produce 213 t yttrium oxide a year as part of the high-purity, mixed SEG+ product, is turning out to be very distinctive in that it hosts commercial quantities of the full gamut of economically important rare earths. Its medium and heavy rare earth elements (REEs) are enhancing the outlook for the earnings before income taxation depreciation and amortisation (Ebitda) of the London-listed Rainbow Rare Earths.
"This price increase positively impacts annual estimated Ebitda for Phalaborwa as there will be no extra cost to produce it as part of our proposed SEG+ product," Rainbow Rare Earths CEO George Bennett commented.
Inclusion of yttrium in Phalaborwa's SEG+ mixed rare earth product could add $30-million to the project's annual estimated Ebitda at the lower range of the European price, based on a conservative SEG+ payability of 70%.
The price of yttrium oxide 99.999% cost, insurance, freight - CIF - Europe started the year, according to Argus Media data, at about $6/kg. It has since risen to between $220/kg and $320/kg, the large spread the result of differing pricing contracts.
Shortfalls have emphasised how extensively yttrium is used across civilian high-technology and defence applications.
Phalaborwa is a near-term and low-capital intensity source of all the economically and strategically important rare earths, with prices expected to stay elevated.
The project is one of the world's most resilient rare earths projects at a time when these elements are in growing demand for use in permanent magnets to help the world go green.
Involved is the first commercial recovery of REEs from phosphogypsum, which makes project developer Rainbow Rare Earths something of a pioneer.
The large-scale pilot plant was built as part of Rainbow Rare Earths' close collaboration since 2022 with South Africa's State-owned Mintek research organisation. The pilot operated at the high level of 20 kg per hour of feed, making it six to ten times the size of a normal pilot plant.
The availability of phosphogypsum is the result of the mining of a hard-rock phosphate deposit, which has been carried out by Foskor for more than 60 years.
The mined material is concentrated through a flotation process into a phosphate slurry, which over the period has been the feed for a nearby phosphoric acid plant, where two key ingredients were added, namely sulphuric acid and heat to create phosphoric acid.
An agreement was signed with phosphate mining company Bosveld Phosphates in June 2023 to ensure 100% ownership of the Phalaborwa project.
An interim economic study released in December 2024 proposed a project life of 16 years - two years longer than the one envisaged in the October 2022 preliminary economic assessment (PEA) - processing an average of 2.2-million tonnes of phosphogypsum a year.
The overall recovery rate of magnet rare...

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Africa's minerals are indispensable for a clean economy and these range from platinum group metals (PGMs), which power hydrogen and fuel cells, to cobalt and manganese, which will drive battery storage, and rare earths, which enable solar and wind technologies.
Valterra Platinum CEO Craig Miller pointed this out during a B20 event covered by Mining Weekly on Friday.
Interestingly, Miller created great B20 and G20 excitement by making use of a platinum-catalysed hydrogen fuel cell electric Toyota Mirai car that gave real-life visibility to the clean economy that this continent's PGMs can bring to the entire world.
"Our opportunity, and I dare say our responsibility, extends far beyond mineral extraction. It is to transform our natural endowment into a foundation for industrial growth that supports technological innovation, as well as shared prosperity across the continent," Miller highlighted at the event where African Continental Free Trade Area secretary general Wamkele Mene noted forcefully that all the signals, from the private sector and public sector, are dictating that "we have to seize this moment".
Transformation beyond extraction, Miller pointed out, required the activation of a set of enablers that together form the architecture of a thriving critical minerals ecosystem.
Needed first was an integrated forward-looking strategy embedded with clear and predictable rules and regulations.
Miller highlighted the next enablers as reliable feedstock, a fit-for-purpose infrastructure, affordable finance, a skilled workforce, and strong market access - the levers that determine whether value is created locally and at scale.
"And lastly, perception enablers, which are investor confidence and community confidence built on trust and transparency," he added.
Market development, "which I know many of us are incredibly passionate about", as well as market access, were singled out by Miller as the two most catalytic changes required to achieve industrial and economic development.
Market development and market access were, he said, certainly what would transform a mine into an industry and a resource into a sustainable future creation.
"Developing regional markets for our critical minerals - and for the technologies that use them - will shift Africa from being a source of raw materials to becoming a hub for refined metals, manufactured components and a clean-tech innovation.
"To do that, one of the things that is required is the support of the African Continental Free Trade Area, which connects 55 economies into a 1.4-billion-person market.
"It enables regional value chains in critical minerals, batteries and clean technologies.
"The African Continental Free Trade Area provides the scale to attract capital, the rules to build investor confidence, and a platform to integrate SMEs and innovators into the global supply chains.
"Too often we speak of investing in minerals as though this is primary about to mine the act of extraction.
"We must instead see that investing in an entire value, a creating ecosystem, yes, mining, but also processing and marketing those minerals to final product is an imperative for the countries where we operate and for Africa's people.
"It requires us to invest in logistics and infrastructure and into institutions which train skilled people, which support professional services and marketing capacity, as well as the sophistication of suppliers, from small businesses to multinational technology firms.
"And critically, we have to enable this through the policy, through regulation, taxation, and a legal environment, legal environment that allows the ecosystem to thrive.
"So, if we can all align on capital, on skills, on policy around these enablers, Africa will not just fuel the world's transiti...