ODERN M INING FEBRUARY 2026 | Vol 21 No 2 For people who are serious about mining
Driving smart mines – MTN leads the way
Resolute targets 500 000 gold ozpa from 2028 IonicRE: ready to grow REE capacity for the western world Commodities Outlook: forecasting fundamentals for 2026 Mining Indaba 2026 – ready to welcome local and global contingents IN THIS ISSUE
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COVER 12 Driving smart mines – MTN leads the way COMMODITIES OUTLOOK 14 Gold: The hand that rocks the gold cradle 16 PGM Outlook for 2026 18 When AI comes to claim its pound of flesh, coal power will be there 20 Shortfall in copper supply widens GOLD 22 Resolute targets 500 000 gold ozpa from 2028 25 Qala Shallows Mine marks renewed momentum in SA gold mining 26 Newcore on-track to deliver Enchi PFS in 2026 28 Ankh Resources poised to unlock Dara as a Tier-One discovery CRITICAL MINERALS 32 IonicRE: ready to grow REE capacity for the western world JUNIOR MINING 36 Junior mining – opportunities for growth? MINING INDABA PREVIEW 40 Mining Indaba 2026 – ready to welcome local and global contingents 44 Building Africa’s mining future on a foundation of trust TECHNOLOGY 48 Sandvik CH865i unlocks major production gains at Ghana gold mine 50 Electra Mining Africa adds new outside exhibit area 51 SEW-EURODRIVE advances performance with next-gen predictive maintenance SUSTAINABILITY 52 BME Metallurgy drives green chemistry for sustainable mining
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54 Multotec GV Cyclones drive safer, more sustainable tailings management REGULARS MINING NEWS 4 Orezone delivers first gold from Bomboré hard rock expansion Critical Metals Board changes First equipment shipment into UAE arrived for Anode facility 6 Continued drilling builds scale at Blaffo Guetto Cennergi Holdings - preferred bidder of the REIPPPP Barrick completes Tongon transaction 7 Ivanhoe Mines first anode production from Kamoa-Kakula smelter Sibanye-Stillwater reaches a three-year wage agreement 8 SRK Consulting opens new office in Bloemfontein Seriti Green and Eskom handover Vunumoya Transmission Station Aurum advances Boundiali toward development 9 Andrada Mining delivers sustained production growth Rainbow Rare Earths pilot plant commences operations 10 Bleak New Year looms for smelter as Transalloys 11 Chrome producers reject a proposed chrome ore export tax SUPPLY CHAIN NEWS 60 Caterpillar teams with NVIDIA to revolutionise heavy industry 61 Hitachi EH4000AC-5 - Built to carry the mine 62 Traxtion R3.4bn investment to unlock rail capacity and jobs 63 Kal Tire and Decoda in strategic alliance Integrated HVAC solutions enhance operator safety Hitachi Construction Machinery Africa to rebrand to Landcros Africa 64 Epiroc launches the new generation PowerROC T45 COLUMN 56 Tailings 2025: Lessons learned and the road to safer systems 58 Mining Indaba 2026: What’s new?
ON THE COVER MTN is redefining the future of mining through its next- generation 5G private networks Pg 12 .
February 2026 | www.modernminingmagazine.co.za MODERN MINING 1
BRICS and mo, ta! W hat a time to be alive – front row seats as geopolitical tensions reshape the world economy. In all this mayhem, the BRICS alliance has done the oz compared to the lower levels a year prior (around $30-40/oz range). Platinum group metal (PGM) prices are also rising rapidly due to a combination of multi-year supply deficits, severe production
unthinkable – introduced an alternative currency to the dollar – for more than five decades, the world has been forced to rely on the dollar as a reserve currency, but not for much longer. At the end of October last year, Brazil, Russia, India, China, and South Africa (BRICS) launched the Unit, a gold-backed prototype released on a pilot programme. The Unit aims to reduce dollar reliance through a basket of gold and member currencies for trade settlement. The recent pilot marks a tangible early stage move towards an alternative financial system within the expanded BRICS+bloc. Unlike the dollar, a fiat currency, backed only by government decree and public trust,
constraints in SA, and a resurgence in industrial and investment demand. Trump’s aggressive and bullying stance continues to anger nations, forcing increased investment in military and defense. Armed with a military budget of roughly $901 billion for defence (close to a trillion dollars), the US aims to address intensified global security challenges and modernise weapons systems and to be well positioned to compete with China and Russia in military might. Obviously, such an excessive budget is not aimed at world peace but rather at instigating wars – Venezuela, Iran and the play for Greenland.
Good news for mining as this means increased demand for critical minerals, including
which allows the US government to print dollars on demand, the Unit, a digital trade currency for direct settlements,
rare earth elements, tungsten, titanium,
consists of a mix of 40% physical gold and 60% national currencies. The Unit is designed for cross- border trade and investment among
The drama playing o ut on the global stage is better than any movie script, with leaders delivering performances worthy of Golden Globe awards. US President Donald Trump is the catalyst stirring global tensions, upheaval and market uncertainty.
cobalt, lithium, gallium, germanium, and graphite, all essential for high-tech systems,
armour, electronics, and energy storage. NATO also listed aluminium, beryllium, manganese, and platinum, as crucial for advanced weaponry, defence and national
BRICS+ countries, not as a physical currency for public, daily use. Full implementation is a long- term goal – significant adoption is unlikely before 2030. Global drama driving demand for precious metals The drama playing out on the global stage is better than any movie script, with leaders delivering performances worthy of Golden Globe awards. US President Donald Trump is the catalyst stirring global tensions, upheaval and market uncertainty. This action thriller crime drama is the impetus sending the price of gold and silver skyrocketing – by mid-January gold breached the $4600 /oz mark with silver sending shivers across markets as it soars to become the belle of the ball. Silver prices have seen a massive surge over the past year with significant gains, potentially over 100%, from early 2025 to January 2026, driven by strong demand as a safe-haven asset amid global economic shifts, reaching record highs of around $84.30/
Nelendhre Moodley.
security. Africa possesses roughly 30% of the world's total mineral reserves, including global shares of PGMs, cobalt, manganese, diamonds and gold, and remains well-placed to reap financial rewards associated with soaring metal prices. BRICS nations also dominate in critical materials like rare earths (China), platinum (SA), manganese (SA, China, Brazil), and coal (SA, China, Russia). In this issue This edition provides insight into the outlook for key commodities - gold (pg 20), PGMs (pg 22), coal (pg 24) and copper (pg 26). We also report on some of the latest developments in the gold space - Resolute (pg 28), Qala (pg 31), Newcore (pg 32) and Ankh (pg 34) as well as critical metals (Ionic pg 38) and junior mining (pg 36). Check out our cover story, MTN, which is leading the way in driving smart mines (pg 12).
Editor: Nelendhre Moodley e-mail: mining@crown.co.za Advertising Manager: Rynette Joubert
e-mail: rynettej@crown.co.za Design & Layout: Ano Shumba Publisher: Karen Grant
Deputy Publisher: Wilhelm du Plessis Circulation: Brenda Grossmann and Shaun Smith Published monthly by: Crown Publications (Pty) Ltd P O Box 140, Bedfordview, 2008 Tel: (+27 11) 622-4770 Fax: (+27 11) 615-6108 e-mail: mining@crown.co.za www.modernminingmagazine.co.za
Printed by: Tandym Print
The views expressed in this publication are not necessarily those of the editor or the publisher.
Average circulation Jan-Mar 2024: 10 696
2 MODERN MINING www.modernminingmagazine.co.za | February 2026
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MINING NEWS
Orezone delivers first gold from Bomboré hard rock expansion West African gold producer, Orezone Gold has completed the first gold pour from the company’s new 2.5 mtpa hard rock expansion. Patrick Downey, CEO stated, “Commissioning of this plant is now
complete, with mill throughput averaging 78% of nameplate capacity for the first 5 days of operations, resulting in first gold on December 15. I want to extend my sincere gratitude to all involved in the construction and commissioning of the Bomboré hard rock expansion. Their dedication, hard work and commitment to excellence have safely delivered the Stage 1 expansion on time and on budget over a construction period of approximately 12 months. This is a commendable achievement, reflecting an industry-leading level of project delivery. Commercial production is expected to be declared in early Q1-2026, and will represent a major milestone for Orezone, with overall gold production
Bomboré hard rock expansion project.
point, underscored by the company’s solid balance sheet and record high gold prices.” n Critical Metals Board changes LSE-listed Critical Metals, currently developing the Molulu Copper/Cobalt Project in the Democratic Republic of Congo, announced two changes to its Board of Directors. Ali Farid Khwaja has resigned as CEO, with immediate effective. Danilo Lange has been appointed as interim CEO of the company while the Board carries out an executive search process in the coming months. The Board is confident that Lange has the skills and experience to continue the company’s development. Lange is an experienced international executive with over 25 years of leadership experience across mining, consumer goods, and marketing sectors. He has a proven history in corporate turnaround, business expansion, and cross-cultural team management in Europe, the Middle East, and Eastern Europe. He previously served as CEO of a NASDAQ OMEX listed gold producer and exploration company in Sweden. n
at Bomboré set to increase by 45% to 170 000-185 000 oz in 2026. This will mark a significant cash flow inflection
First equipment shipment into UAE arrived for Anode facility
be installed in the preexisting industrial building selected by the company within the Industrial City of Abu Dhabi (ICAD). The company also reports significant progress in the FrontEnd Engineering and Design (FEED) phase. The FEED work has progressed to schematic design, providing further definition on plant design, capital requirements, and execution planning. This growing level of technical and cost certainty will form a key input into the Final Investment Decision (FID). Following a successful FID, the company will proceed with full equipment procurement, installation, commissioning, and rampup in accordance with its phased development plan. Hanré Rossouw, CEO of NextSource, commented: “The arrival of long-lead equipment in Abu Dhabi is a tangible demonstration of continued progress on our Battery Anode Facility. Securing these items proves logistical supply chains into the UAE. With the ICAD building secured, we are strengthening the foundations for a disciplined and efficient development phase.” n
Hanré Rossouw, CEO of NextSource Materials.
TSX-listed NextSource Materials has announced that the first shipment of equipment for its proposed Battery Anode Facility (BAF) arrived in Abu Dhabi in the United Arab Emirates (UAE). The shipment consists of longlead items for anode processing which the company previously procured. The procurement of key processing equipment and delivery of the components are critical in demonstrating the company’s proactive approach and ability to deliver, ensuring that key equipment is secured ahead of installation and commissioning. The equipment will
4 MODERN MINING www.modernminingmagazine.co.za | February 2026
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MINING NEWS
Continued drilling builds scale at Blaffo Guetto ASX-listed African Gold recently reported
further drilling success at the Blaffo Guetto deposit within the Didievi Gold Project in Côte d’Ivoire, with recent results continuing to confirm the scale, continuity and growth potential of the mineralised system. Current drilling has focused on aggressive step-outs from the existing MRE, which successfully extended mineralisation to the east, along strike and at depth. These results confirm continuity of mineralisation and indicate the system remains open, informing ongoing work towards a future resource update. The combined outcomes of consistent drilling success, encouraging metallurgical performance and advancing technical studies mark a further step in systematically de-risking the Blaffo Guetto deposit. Environmental baseline programmes and supporting technical work are progressing in parallel, ensuring the project continues to move forward in a disciplined and development- focused manner. African Gold Chief Executive Officer, Adam Oehlman, said: “Blaffo Guetto continues to demonstrate
African Gold reported further drilling success at the Blaffo Guetto deposit in Côte d’Ivoire.
open-pit-constrained resource growth. In parallel, the acquisition by Montage Gold represents a compelling outcome for African Gold shareholders, crystallising value while retaining exposure to the upside of Didievi within a larger, well- capitalised development platform.” n
its quality and scale, with recent drilling extending mineralisation more than 150 metres from the last MRE and confirming continuity across the system. These results also indicate potential for additional near-surface high-grade mineralisation, informing ongoing evaluation of
Cennergi Holdings is the preferred bidder under Bid- Window 7 of the REIPPPP Diversified mining and energy group Exxaro Resources recently announced that its wholly owned subsidiary Cennergi, in collaboration with ENGIE, is the preferred bidder under the seventh Bid Window of the Renewable Energy Independent Power Producer Procurement
Barrick completes Tongon transaction
Programme (REIPPPP) for the 240MW Corona Solar Project located in the Free State. Achieving financial close on the Corona solar PV facility will add 112MW to Cennergi’s capacity, resulting in total assets under construction and operation of 607MWnet (890MWgross). Ben Magara, CEO of Exxaro, said: “We are excited to have been successful in this competitive bidding process that further extends our footprint across South Africa as we work towards realising a just and inclusive energy transition.” n
Leading global miner, Barrick Mining, has divested of its interests in the Tongon gold mine and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million. The consideration is composed of cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years. n
Cennergi, in collaboration with ENGIE, are the preferred bidder for the 240MW Corona Solar Project.
6 MODERN MINING www.modernminingmagazine.co.za | February 2026
Ivanhoe Mines announces first anode production from Kamoa-Kakula copper smelter
TSX-listed Ivanhoe Mines Executive Co-Chairman Robert Friedland and CEO Marna Cloete announced that the first copper anodes were produced by Kamoa-Kakula’s on-site, state-of- the-art 500 000-tonne-per-annum direct-to-blister copper smelter on 29 December 2025, about five weeks after the commencement of the smelter’s heat-up and one week after the first feed of concentrate. Friedland commented: “The first production of copper anodes from our world-class smelter is a defining moment for Kamoa-Kakula... This achievement is the culmination of a $1.1 billion investment, 18 million man- hours of disciplined execution, and an outstanding health and safety record that reflects the professionalism and commitment of everyone involved. This facility will deliver the highest-quality
Ivanhoe Mines produces first copper anodes at Kamoa-Kakula’s copper smelter.
Congolese copper anodes to the international markets, setting a new
global benchmark for scale, efficiency, and sustainability.” n
Sibanye-Stillwater reaches a three-year wage agreement at its SA gold operations
July 2025 to 30 June 2028, with the estimated average three- year basic wage increase for the total bargaining-unit wage bill, including all benefits, approximately 5.4% per annum. Category 4- 8 employees will receive an increase on the greater of the standard rate of pay of R850 or 4.5% in year 1; R900 or 4.8% in year 2; and R1,000 or 5.0% in year 3 while miners, artisans and officials will receive increases of 4.5% in year 1, 4.8% in year 2 and 5.0% in year 3 of the agreement. n
JSE-listed Sibanye-Stillwater has announced the successful conclusion of wage negotiations at its South African (SA) gold operations, which began in July 2025. A three-year agreement has been reached with the representative unions — the Association of Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM), UASA, and Solidarity — regarding annual wage and benefit increases for the SA gold employees. The agreement is effective for three years from 1
Sibanye-Stillwater reaches a three-year wage agreement at its SA gold operations.
February 2026 | www.modernminingmagazine.co.za MODERN MINING 7
MINING NEWS
SRK Consulting opens new office in Bloemfontein After running a solo operation in the Free State for several years, SRK Consulting South Africa’s Dr Herman Booysen, first to the agriculture sector. “There are significant opportunities to use the same methodologies, modelling and expertise in agriculture as we do in mining,” he says.
associate partner and principal scientist in disaster and risk management, is now heading up a three-person team with new offices in Bloemfontein. Supported by Mareli Hugo in the risk management field and Louis de Villiers, dealing with environmental matters, Booysen is now able to start developing a regional client base in the Free State and Northern Cape. His projects to date have taken him all over the country, but with the new office structure, he will now be able to focus closer to home. In addition to mining projects, Booysen is looking to expand the sectors in which he can apply his specific skill set and is looking
These opportunities include disaster and risk assessment, mainly relating to climate change, specifically water stewardship, flood risk assessment and water safety plans. Booysen is currently busy with a research project around flood risk. There are many institutions, including the Department of Water Affairs and Sanitation, and the National Disaster Management Authority who have a need for predictors and risk mitigation measures in the event of flooding, making Booysen’s work and expertise on the ground invaluable. n
SRK Consulting South Africa’s Dr Herman Booysen.
Seriti Green and Eskom mark handover of Vunumoya Main Transmission Station
Aurum advances Boundiali toward development
Seriti Green, together with Eskom and its subsidiary, the National Transmission Company South Africa (NTCSA), recently announced the formal handover of the Vunumoya Main Transmission Station (MTS) by Seriti Green to Eskom. This investment of more than R1 billion, delivered over 18 months, represents a major grid-enabling asset that will support one of South Africa’s largest renewable energy developments. The handover confirms that the Vunumoya MTS is fully energised, operational and integrated into the national grid. It also enables the first 155MW of wind energy from Seriti Green’s Ummbila Emoyeni One Wind Energy Facility to be fed into the system ahead of schedule, marking the beginning of a 900MW programme that will progressively add further renewable capacity. Speaking at the handover ceremony, Seriti Group CEO Mike Teke said the milestone demonstrates what coordinated delivery can achieve for South Africa’s evolving energy landscape. “The handover of the Vunumoya Main Transmission Station demonstrates what effective partnership can achieve. This is a meaningful milestone for South Africa’s energy transition and for Mpumalanga’s future as a renewable energy hub. Seriti is proud to be playing a role in building the infrastructure that supports a more secure and sustainable national energy system,” Teke said. n
ASX-listed Aurum Resources has reached a significant regulatory milestone at its flagship Boundiali Gold Project in Côte d'Ivoire. Following the recent lodgement of two applications in December 2025, the company now has three mining exploitation licence applications on foot with the Côte d’Ivoire Ministry of Mines, Petroleum and Energy. The lodgement of applications for the BD (130.38km²) and BM (274.93km²) mining licences in December 2025 joins the existing BST (167.36km²) application submitted in March 2025. This comprehensive application footprint underscores Aurum’s confidence in Boundiali’s potential as a large-scale, modern open-pit mining operation. Aurum’s Managing Director Dr. Caigen Wang said: “The rapid transition from exploration to mining licence applications across our entire Boundiali footprint is a testament to the quality of our assets and the efficiency of our team. In 2025, we grew our resource from 1.59 moz to 2.41 moz and completed over 108 000m of drilling at Boundiali. With $40m in the bank and a clear pathway to a Definitive Feasibility Study (DFS) in late 2026, we are perfectly positioned to deliver significant value this year." n
Seriti Green and Eskom handed over the Vunumoya Main Transmission Station.
8 MODERN MINING www.modernminingmagazine.co.za | February 2026
Andrada Mining delivers sustained production growth AIM-listed Andrada Mining, an emerging African miner with assets in Namibia, announced its interim financial results for the six-months ended 31 August 2025 (H1 FY2026). The results reflect the benefits Highlights • Ore processed: increased by 10% Year- on-Year (YoY) to 527 583 tonnes (H1 FY2025: 481 504 tonnes).
projected to enter DFS phase during 2026. • Uis Mine exploration upside: multiple notable drilling results for targets proximal to the current mining pit with high-grade intersections of up to 1.13% tin and 1.76% lithium oxide. • Lithium Ridge: lithium exploration programme commenced at Lithium Ridge for potential mineral resource development, in partnership with SQM Australia. n
• Tin concentrate: increased 14% YoY to 858 tonnes (H1 FY2025: 752 tonnes). • Tantalum concentrate: increased by 12% to 27 tonnes (H1 FY2025: 24 tonnes). • Revenue: increased by 12% to £12.2 million (H1 FY2025: £10.8 million). Projects & Partnerships: primed for
of sustained capital investments and processing improvements across the company’s asset base. “Following a period of engineering investment and corporate restructuring, we are now transitioning from capacity build-up into a scaling phase. Our growth potential far surpasses our current operational footprint. The results for the period demonstrate meaningful improvements in cost performance, cash discipline, and operating leverage, which collectively support the delivery of our growth strategy. The combination of developmental and operational assets featuring a suite of critical minerals including tin, tantalum, lithium, tungsten and copper, located in an investment-friendly jurisdiction, position the group as a strategic source of future supply,” said Anthony Viljoen, CEO.
rapid expansion • Growth platform: engineering investment over last 12 months provides a foundation for accelerated growth. • Uis Mine Ore Sorter
project: reengineered the pre-concentration circuit for tin and tantalum ready for final construction phase.
• Uis Mine lithium
expansion project:
Rainbow Rare Earths pilot plant commences operations Rainbow Rare Earths has successfully built, commissioned and commenced pilot scale operations as the final phase of process test work for the Phalaborwa project in South Africa. The project will be the first commercial recovery of REE from phosphogypsum, a waste product from phosphoric acid production, which means that many of the costs, risks and long timescales associated with traditional will allow Rainbow to finalise the product specifications for the planned separated NdPr oxide and SEG+ products, which is an important component of concluding offtake agreements for these in-demand products. This final pilot campaign will continue through H1 2026 whilst the work to finalise
for the REE market remains strong going into 2026, with pricing for the light REE NdPr having effectively doubled since the lows of 2025 to over US$100 /kg, following the major price rises we have seen already for the medium and heavy REE that are subject to Chinese export controls. Phalaborwa is a unique project in that it will produce the full range of economically and strategically important REE, which is why it has been backed by the US International Development Finance Corporation as a key contributor to supply chain resilience.” n
the DFS runs concurrently to enable the study to be completed this year, as planned. George Bennett, CEO, commented: “This new piloting operation is the final phase of process test work for Phalaborwa, as it will demonstrate the project flowsheet that has been considerably updated over the past 18 months via several key optimisations. These efficiencies further reinforce the project’s position at the bottom of the industry cost curve to deliver high-purity (>99.5%) separated NdPr oxide and SEG+ products. The pilot operations are important to the finalisation of the DFS this year and ensure the long-term success of the Phalaborwa project. The outlook
mining projects are eliminated. The large-scale pilot operation will run the optimised primary flowsheet with a leach process producing sufficient volumes of PLS to allow for optimisation of the CIX and impurity removal processes, as well as delivering the bulk feed sample for off-site SX test work. It will also provide the data that underpins the DFS, including process flowsheet development, mass balance, equipment sizing and capital and operating costs, and will be used as the basis for third-party validation for project finance. The pilot plant will deliver the bulk feed sample for off-site SX test work. This
First production of mixed rare earth sulphate.
February 2026 | www.modernminingmagazine.co.za MODERN MINING 9
MINING NEWS
Bleak New Year looms for smelter as Transalloys warns of large-scale job cuts
South Africa’s last remaining manganese smelter has issued a warning of possible large-scale retrenchments.
decisive competitiveness factor. While Transalloys has previously welcomed government’s efforts to develop a sustainable energy pricing framework for energy-intensive smelters, Sadovnik said the absence of certainty has now become the opportunity cost that threatens the business in totality. Based on the information available, he said the proposed blueprint solution for ferrochrome smelters, at preferable pricing levels, would also be the correct solution for Transalloys. “This could preserve what remains of manganese beneficiation in South Africa, with the potential to stabilise and even grow employment,” he said. However, he also warned that uncertainty around implementation, timing and the current exclusion of manganese smelters in discourse is eroding the company’s ability to protect jobs. “Transalloys is hopeful that the issue will be resolved in the next two months and that implementation will be swift. Without that certainty, the company will have no option but to proceed with restructuring around February,” Sadovnik said. Despite the challenges, he noted that as a global manganese ferroalloys producer Transalloys will continue to explore every possible avenue to preserve jobs, maintain social programmes and meet its supply obligations. He said that the company remains ready to work urgently with government, Eskom, NERSA and trade unions to find a sustainable solution. “Time is the critical factor now,” he said. n
sustained operation impossible.” Throughout 2025, Transalloys operated intermittently as negative operational margins and sustained cash-flow pressure made continuous production impossible. The plant is currently running only two of its five furnaces. “This is a reflection on how things have deteriorated,” he said. Sadovnik added that manganese beneficiation faces harsher conditions than the ferrochrome sector, which has dominated public discussion in recent months. Manganese smelting, he said, is significantly more energy-intensive, and Transalloys’ position is further weakened by the fact that it is not an integrated producer and cannot cross-subsidise beneficiation from primary ore production. According to Sadovnik, current market conditions, including exchange- rate pressures against the
A bleak New Year looms for hundreds of workers at Transalloys, South Africa’s last remaining manganese smelter, after the company issued a Section 189 notice warning of possible large-scale retrenchments that could take effect in the weeks ahead. Transalloys chief executive Konstantin Sadovnik said that the smelter has no choice in the matter. “We regret placing this level of uncertainty on our employees and their families at this time, but the ongoing lack of clarity around our operating environment leaves us with no responsible alternative, “he said. The notice places around 600 well- paid direct jobs at risk and threatens an estimated 7 000 livelihoods linked to the smelter and the broader
eMalahleni economy via its supply chain and various
dependencies. “This is an extraordinarily difficult
announcement to make as we approach the New Year,” said Sadovnik. The company cannot sustain operations
The notice places around 600 well paid direct jobs at risk and threatens an estimated 7 000 livelihoods linked to the smelter and the broader eMalahleni economy.
US dollar and euro, manganese beneficiation in South Africa
presently, Sadovnik said. “Energy is our biggest cost driver,” Sadovnik said. “At current
has become
fundamentally unsustainable. Manganese ferroalloys are bulk commodities sold into highly price-sensitive global markets, where electricity costs are the single most
NERSA-approved tariff levels, we are competing against international smelters whose electricity costs are roughly half of ours. That gap makes
10 MODERN MINING www.modernminingmagazine.co.za | February 2026
Chrome producers and ferrochrome smelters reject a proposed chrome ore export tax Chrome ore producers, including
primary miners and those generating chrome ore from their platinum group metals mines and integrated producers, which mine chrome ore and produce ferrochrome, represented by the Ferro Alloy Producers Association (FAPA), are aligned on the fundamental need for globally competitive electricity prices as the primary intervention required to restart idled smelters. The industry remains united in its commitment to safeguard the ferrochrome and broader ferroalloy sector, to continue adding value to South Africa’s mineral endowment, and to support domestic manufacturers. Any interventions in addition to an electricity tariff adjustment must be balanced, equitable and supportive of the competitiveness of both chrome mining and ferrochrome beneficiation. Both groups are clear that the price and availability of chrome ore is not the cause of South Africa’s ferrochrome smelter closures or suspensions. Instead, the more than 900% increase in electricity tariffs since 2008 has rendered domestic smelters uncompetitive and unprofitable. Without an intervention that directly addresses the electricity cost burden, no trade measures, including a chrome ore export tax or quotas, will restore meaningful viability to the country’s ferroalloy smelters. Both miners and smelters, therefore, reject recently mooted calls for an export tax or restrictions, as these would harm chrome ore producers without materially assisting smelter recovery.
Smelter operators are exploring the acquisition of renewable energy as a longer- term solution.
domestic carbon tax applied to smelters. FAPA and non-integrated chrome producers also agree on the urgent need to eradicate illegal chrome mining, which generates an estimated R8 billion per year and accounts for roughly 10% of South Africa’s chrome ore exports. This requires comprehensive intervention by law enforcement agencies, enhanced border controls and stricter, consistently enforced regulations. The Minerals Council, its members and FAPA, with its members, propose jointly developing a beneficiation roadmap with the Government to fully understand and enact the measures that will encourage industrialisation, incentives and a conducive regulatory environment that encourages and sustains investment in exploration, mine development, existing mines as well as downstream industrialisation using minerals and metals. n
The solution for restarting ferrochrome, silicon and manganese smelters is clear: the sustainable provision of electricity at globally competitive tariffs, not measures that disadvantage non-integrated chrome, manganese and silica producers. Glencore and Samancor Chrome, both operators of ferrochrome smelters, have already proposed a solution requiring no subsidies from government, Eskom or other mining companies. Smelter operators are exploring the acquisition of renewable energy as a longer-term solution. While this will take time to implement, it will reduce reliance on Eskom and position South Africa’s ferroalloy producers to minimise exposure to Carbon Border Adjustment Mechanism (CBAM) penalties. Additional measures that could support ferroalloy production include a reduction or temporary suspension of the
The industry remains united in its commitment to safeguard the ferrochrome and broader ferroalloy sector.
February 2026 | www.modernminingmagazine.co.za MODERN MINING 11
COVER STORY
Driving smart mines – MTN leads the way By Nelendhre Moodley African multinational telecommunications giant MTN is redefining the future of mining through its next-generation 5G private networks—providing the foundation for mines to transition into fully connected, intelligent operations.
MTN’s private 5G networks enable major leaps in safety, operational efficiency, and automation.
M ining is one of MTN Business’s five key growth sectors, and the company continues to accelerate the rollout of private network coverage across Africa. Speaking to Modern Mining , Farah Abdulahi, General Manager: Large Enterprise at MTN Business, explains the company’s vision: “As a technology leader, MTN plays a pivotal role in bringing cutting-edge solutions, including 5G private networks, to Africa’s mining industry—a critical economic sector poised to unlock enormous value through digitisation.” MTN’s private 5G networks enable major leaps in safety, operational efficiency, and automation. Several mines are already deploying the technology, delivering measurable improvements across their operations. The company is firmly positioning itself as the leading enabler of digital transformation in mining through private 5G, IoT, cloud, and managed services—all underpinning safer, more sustainable mining. “We collaborate with leading technology providers and forward-thinking OEMs to deliver fully integrated solutions,” Abdulahi adds. Tangible results: The numbers tell the story Blessing Mdladla, Head of Enterprise Business Industry Vertical at MTN Business, says the mining industry is rapidly embracing digital tools such as IoT, AI, automation, and real-time analytics. “Smart mining enables autonomous vehicles, remote
operations, predictive maintenance, and improved safety through unified, real-time data,” he explains. “Smart equipment and intelligent software support optimised production.” By adopting these technologies, mines significantly reduce downtime while enhancing productivity and worker wellbeing— an overriding priority across the industry. According to Abdulahi, the impact adopting technology is striking. Accident response times have decreased by up to 50%, energy consumption by 10–15%, and productivity has risen 20–30%. Collectively, these improvements deliver around a 2% uplift on the bottom line—a substantial gain for an industry operating on tight margins. Safety, compliance, and predictive maintenance Safety and sustainability are central to mining operations. Strict regulatory requirements mean that lapses can result in severe penalties, including substantial fines or even the suspension of mining rights. This has driven strong uptake of technologies such as real-time tracking and predictive maintenance. “As part of the industry’s zero-harm objectives, mines are increasingly adopting real-time monitoring technologies to enhance employee safety, such as systems for detecting worker fatigue and missing-person locator,” explains Mdladla. Moreover, instead of relying solely on scheduled
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Mining is one of MTN Business’s five key growth sectors.
Africa— with most eager to trial the latest technologies prior to commercial rollout. Beyond this, mines are adopting technologies that strengthen their connected supply chains. “We also offer fleet-management solutions within the transport and logistics vertical, providing end-to-end visibility from pit to port. This allows customers to track their goods in real time throughout the entire route,” advises Mdladla. Further to this, AI and digital twins are gaining traction as mines look for ways to simulate operations, predict failures, optimise drilling and blasting, manage environmental impacts, and enable remote inspections. According to Mdladla, with rising cybercrime, cybersecurity has also become top of mind, prompting mining companies to strengthen safeguards around operational and personal data. Driving community and workforce development Beyond operational benefits, MTN’s private networks also support local communities as part of mines’ social and labour commitments. In 2025, a major mining house invested R60 million to expand its private network infrastructure—highlighting the importance of digital capability in host regions. As mining becomes more digital, workforce readiness is essential. Mines are increasingly focused on upskilling employees and local communities in areas such as remote operations, drone handling, troubleshooting, and equipment monitoring. “Mines must provide continuous learning—tracking how often each employee is trained, retrained, and resensitised,” says Mdladla. Skills development is a critical priority for companies to ensure operational efficiency, improve safety, and maintain a social license to operate. Concludes Abdulahi, “We entered this space long before it became a trend, positioning ourselves at the forefront of digital transformation in mining. By anticipating the direction of the industry, we’ve established ourselves as a thought leader— ensuring our platform not only enhances safety today but also supports sustainable growth for the future.” n
What is a connected mine? A connected mine is a digitally transformed operation that integrates IoT, cloud technologies, sensors, and real-time analytics across the entire value chain—from exploration to processing. By linking IT and OT systems, connected mines enable real-time monitoring, automation, predictive decision-making, and enhanced safety, ultimately driving more efficient, sustainable, and profitable operations.
maintenance—which often leads to unnecessary work—mines are adopting predictive maintenance. By using real-time data to identify only the interventions that matter, they can reduce downtime, eliminate redundant tasks, and extend asset life. Innovation at scale: 6 POCs and counting In enabling smart mining, MTN Business is supporting the transition through multiple proof-of-concept (POC) initiatives across the continent. MTN Business, in collaboration with miners and technology partners, has already run six innovation POCs, including collision-avoidance systems. “To gauge a mine’s digital readiness, we partner with it from the POC stage. We find that once the results align with its long- term strategy, management secures approval and budgets for full deployment of new technologies,” says Abdulahi. One such innovative project is a smart helmet POC, set for rollout in Q1 2026, developed in partnership with two major South African mining houses. The helmet integrates sensors and a missing-person locator—now a regulatory requirement for all mines. “As part of our strategy to drive digital transformation in mining, this technology will be a game changer—not just for MTN, but for South Africa and our customers,” Abdulahi notes. To date, MTN has partnered with more than 50 mines across
February 2026 | www.modernminingmagazine.co.za MODERN MINING 13
GOLD OUTLOOK
By the end of 2025, gold was trading at a record high of just under $4 300 per ounce.
The hand that rocks the gold cradle
How often does a leader come along whose policies are so divisive that they cause global market mayhem, forcing nations to reconsider alliances and allegiances? Here we are in 2025, with the Trump effect wreaking havoc and creating market uncertainty – good news for gold though, a safe-haven investment, which has outpaced all other stocks. By the end of 2025, gold was trading at a record high of just under $4 300 per ounce. The gold bull run is set to continue into 2026 with the precious metal set to reach new highs, John Reade, World Gold Council Market Strategist for Asia and Europe, tells Modern Mining .
“W e were expecting modest upside for gold this year and underestimated the political impact that US policies would have on the market. Uncertainty is rife in today’s world and that uncertainty makes gold attractive. The fact that gold is up more than 50% year to date, I think, reflects the unusual times we’re living in.” The unusual times look set to continue with many of the stresses that have driven gold this year expected to intensify in 2026. By the first week of November, gold had appreciated by roughly 54%, compared with an 18% gain in US equities and an 8% increase in US bonds. “Investors with these three assets - US equities, US government bonds and gold – have noted the impressive gain made by gold in their portfolio, which could trigger profit taking.” Announcements from the White House and new US policies have been two of many catalysts for the soaring gold price. If 2025 is anything to go by, then
the next three years are certainly set to be mighty interesting for the global economy. Western investors return to the gold fold In the last six months Western investors have woken up to the attractiveness of having gold in their portfolios, which has also contributed to the higher gold price. Prior to this, central banks, emerging market investors and emerging market jewellery buyers were the key consumers of the precious metal. “The return of the Western investor, together with the robust demand for ETFs, has driven the price of gold to its recent highs. Since March last year, the higher gold price has had few corrections, and these have not lasted long. This time though, the buying of gold largely from Western investors, who are regarded as fickle consumers and sellers of the precious metal, is set to see more price volatility going into 2026.” Reade remains optimistic about the performance
John Reade, World Gold Council Market Strategist for Asia and Europe.
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dollar gains have been reflected in almost every currency in the world. The top ten gold-producing countries in 2025 are China, Russia, Australia, Canada, the US, Ghana, Peru, South Africa, Indonesia and Uzbekistan. “At the beginning of 2025 gold mining companies made healthy margins producing as much gold as they could. However, further increases in the price of gold will have little effect on production as gold miners are finding it increasingly difficult to boost production given that new deposits are hard to discover, costly to prove, and slow to permit and develop. As a result, the industry has faced challenges scaling up at pace to fully capitalise on today’s high prices.” Although Reade expects slim growth in mine production this year, he admits that mine production could increase slightly by about two or three percent and “might even break the previous, annual record we saw in 2018”. The broader picture, though, is one of static mine production. Given that the pipeline of new projects is scarce, with the gold mining industry struggling to grow production meaningfully, miners are evaluating reactivating old mines that have become
of gold in 2026, explaining that the prospects for gold in 2026 are good “because most of the drivers that have helped gold this year will continue. “The factors that have encouraged investors and central banks to purchase gold will continue; however, I don’t expect the price of gold to increase as much in 2026 as it did in 2025. We do recognise that there will likely be more corrections next year than experienced in this one.” Gold’s performance in 2025 In 2025, the markets noted steady central bank buying, “maybe a little bit weaker than 2024, but still quite strong”. On the flip side though, the robust gold price has led to weaker jewellery demand. “Jewellery demand has fallen because the price of gold is high - the amount of money spent on jewellery has increased though and remains healthy. Further to this, we have seen a huge increase in investment demand, particularly from ETF holders,” Reade continues. As expected, gold producers and countries with significant quantities of the precious metal have benefited substantially from the higher prices. US
viable because of high gold prices. With gold recycling supply also being slower than expected the amount of gold available to the market remains largely unchanged. “The only way that investors can get more gold is by pricing out the jewellery sector, which we note is already purchasing less gold.” On a more positive note, the higher gold price has paved the way for increased availability of funding for smaller gold and exploration companies seeking new gold finds. According to Reade, over the recent past, several Canadian mining companies looking to invest in gold projects, have received funding to advance their projects up the value curve. “Exploration and development companies are certainly finding it easier to access funds. However, even if there are gold finds, they are unlikely to lead to increased production in the near term, given the long lead times from proving up a resource to mine development and production, which often takes between five years and a decade.” Impact of high gold price on other precious metals Interestingly, the robust demand for gold has positively impacted demand for other precious metals such as platinum group metals (PGMs) and silver. Higher gold prices have prompted consumers to favour PGMs and silver. The Indian market is seeing robust silver jewellery demand and, in China, the platinum jewellery segment is recovering as platinum continues to offer a cost- effective alternative to gold. “All the precious metals prices have performed well this year, because when gold goes up, it tends to drag the other precious metals with it.” With heightened investor interest in the commodity, experts in the field have ‘never been busier’. “We continue to meet with both existing and prospective investors who are eager to gain exposure to the market. The sustained strength of gold over the past few decades is now firmly entering the financial mainstream. It is no longer viewed as a niche asset reserved for specialists or banks; the message is clear: gold is a sound asset class that can enhance portfolios in both stable periods and times of crisis.” n
Higher gold prices have prompted consumers to favour PGMs and silver.
Gold, a safe-haven investment, outpaced all other stocks in 2025.
February 2026 | www.modernminingmagazine.co.za MODERN MINING 15
PLATINUM OUTLOOK
Source: Metals Focus prepared for World Platinum Investment Council
PGM Outlook for 2026 by Edward Sterck, Director of Research, World Platinum Investment Council
Overview: In 2025, platinum broke out of its post-pandemic trading range to be one of the year’s top-performing commodities. Its price rose dramatically from May, and in December it reached a high of US$ 2,491.20. The price of ruthenium, palladium – and to a lesser extent – rhodium also benefited from increased investor interest in real assets against a backdrop of geopolitical and macroeconomic turbulence. Despite higher prices, market tightness prevailed in 2025, as evidenced by historically elevated lease rates and deep backwardation in the London over- the-counter forward market.
T he price action reflected platinum’s strong fundamentals, with multi-year deficits eroding above ground stocks, including the platinum market recording its third consecutive significant annual deficit in 2025, estimated at 692 koz (final numbers will be released on 4 March at www.platinuminvestment.com). Only five months of demand cover from above ground stocks remained at the end of 2025. Meanwhile, WPIC’s two-to- five-year platinum market forecast anticipates that above ground stocks will be fully depleted by the end of the decade, as diverse and resilient demand continues to outstrip constrained supply. Last year, the uncertainty caused by the US government’s evolving trade policy saw volatility in investment flows as the threat of tariffs rose, receded and rose again. As a result, our estimate for 2025 includes a net 150 koz inflow of platinum exchange stocks into CME warehouses in the US (noting that this article was prepared prior to the end of 2025 so these numbers are still estimates not actuals). Meanwhile, platinum exchange traded fund (ETF) holdings are estimated to have been net positive in 2025, driven by improved sentiment following the price breakout, robust underlying fundamentals, and platinum’s sustained discount to gold. Our initial forecast for 2026 suggests a balanced
platinum market, with a small 20 koz surplus. This is dependent upon an easing of trade tensions allowing a forecast 150 koz outflow from CME warehouses to more normalised levels, and the higher platinum price prompting 170 koz of profit taking from ETFs. Should trade tensions fail to abate, then 2026 could become another year where we see platinum supply again fall short of demand as these investment outflows do not materialise. In any event, the forecast market balance this year will not remedy the depletion of above ground stocks, meaning tight market conditions are likely to persist. Meanwhile, palladium (where around 80% of demand is automotive) also remained in deficit in 2025, with total supply of 9,368 koz falling 395 koz short of demand at 9,763 koz (including exchange stock movements which were net positive by 135 koz). Supply and demand in 2025 In 2025, total supply declined 2% year-on-year to an estimated 7,129 koz, its lowest level in five years, with mining supply falling 5% to 5,510 koz, also its lowest level in five years, as producers were unable to repeat the drawdown of work-in-process inventory seen in 2024. All major regions recorded lower output. Recycling supply recovered by 7% to 1,619 koz, as the increase in the platinum group
Edward Sterck, Director of Research, World Platinum Investment Council.
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