Modern Mining March 2026

ODERN M INING MARCH 2026 | Vol 21 No 3 For people who are serious about mining

IN THIS ISSUE

SCAN QR CODE TO WATCH THE VIDEO

 AZTEC Mining: Redefining gold processing economics  Thermal Coal’s ‘face-off’: Indonesia vs. China  Bengwenyama targets first concentrate production in 2028  Leveraging mining tyre management to reduce costs and emissions  How tokenisation could unlock billions for early-stage mining

COVER 8 AZMET: Redefining gold processing economics COMMODITIES OUTLOOK 10 Thermal Coal’s ‘face-off’: Indonesia vs. China 12 Menar on track to start its rail-to-port logistics business GOLD 13 Gold Investment rockets in 2025, setting a new high as uncertainty bites PGMs 14 Bengwenyama targets first concentrate production in 2028 17 Platinum watch designs are on the uptick 18 PGMs Industry Day returns with focus on dialogue EXPLORATION 19 Council for Geoscience & BHP enter MoU FINANCE & INVESTMENT 20 How tokenisation could unlock billions for early-stage mining OPENCAST MINING 22 Leveraging mining tyre management to reduce costs and emissions ENVIRONMENTAL, SOCIAL AND GOVERNANCE 24 Seabed mining at a crossroads ENERGY 26 Microgrids as strategic risk infrastructure for mining with FlowGen DRILLING & BLASTING 28 Mini booster from AECI debuts at Mining Indaba 2026 29 Rosond expands Saudi industrial footprint

MATERIALS HANDLING 30 The case for crane refurbishment 31 Caterpillar launches the new Cat ® 707 wide body truck 32 Multotec’s spiral concentrators strengthen manganese value chains 34 Local capability embeds Weir solutions in West Africa 35 Pilot Crushtec accelerates European expansion with distributor drive 36 Navachab Gold Mine boosts recovery with STEINERT’s technology

REGULARS MINING NEWS

ODERN M INING MARCH 2026 | Vol 21 No 3 For people who are serious about mining

4 Seriti Green appoints first COO to drive operational excellence Completion of conditions with BWCAM to develop Brandberg West 5 Orezone Gold in transformational expansion into Canada Rand Refinery partners with Ghana's Gold Coast Refinery 6 Zimele empowers 45 entrepreneurs with R1.5m in seed capital New partners appointed at SRK Ivanhoe, Gécamines and Mercuria eye minerals supply to US 7 Orion Minerals selected for BHP Xplor’s 2026 Accelerator Programme Marenica resource update doubles grade Entsha-led acquisition marks Barloworld’s next chapter

ON THE COVER AZTEC Mining’s flagship technology, the AZTEC Upflow Reactor, extracts additional gold from slurry. Pg 8.

IN THIS ISSUE

SCAN QR CODE TO WATCH THE VIDEO

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  1

Stronger together: Progress through partnerships C hina just delivered a masterclass in How to Win Friends with its announcement that starting May 1, 2026, it will implement a zero- tariff policy on 100% of tariff lines for imports around logistics as well as beneficiation. “Whether it’s the Tazara Railway or the Lobito Corridor, we need to focus not just on transport, but on what we are transporting,” he said. “We

need a shared vision for beneficiation that moves beyond the port-to-pit approach.” Gwede Mantashe, Minister of Mineral and Petroleum Resources, South Africa, echoed the theme of the symposium, “Banking on Africa: Mobilising capital through partnership,” encouraging collaboration between the public and private sectors, investors, and communities to unlock the full potential of Africa’s critical minerals for its people. “Mobilising capital at the scale required for exploration, responsible mining, and value-addition closer to the point of production cannot be achieved by governments or the private sector operating in isolation,” he said. “It requires partnership.” Duncan Wanblad (CEO, Anglo American), focused on the responsibility of the mining sector to act as a driver for human progress, not just a supplier of materials. The key takeaway from his speech was that mining success relies on connecting production, infrastructure,

from 53 African nations. This major initiative expands previous limited duty-free access, aiming to balance trade deficits, boost African exports, and enhance economic partnerships. The key takeaways from Dale Carnegie’s book: How to Win Friends and Influence People is that aggressive, unilateral trade actions (tariffs) destroy long-term relationships and trust, whereas sustainable influence requires negotiation and mutual respect. US President Donald Trump’s aggressive tariffs on trading partners aimed at advancing an "America First" agenda., has, in many instances, not delivered the desired results with nations announcing reciprocal tariffs, withholding key minerals (China), boycotting US products (Canada) or actively seeking other trading partners. The US is in dire need of critical minerals used to develop its cache of military

and defence armament and technology sectors – key commodities widely available on the African continent. Africa possesses a significant portion

and people. He noted that being a champion means taking shared responsibility and working in partnership. It means translating the value beneath the ground into opportunity above it through infrastructure, skills, jobs and stronger economies.

Mobilising capital at the scale required for exploration, responsible mining, and value- addition closer to the point of production cannot be achieved by governments or the private sector operating in isolation

of the world's critical mineral reserves-estimated at approximately 30%- which includes cobalt, rare earth elements,

Nelendhre Moodley.

titanium, coltan/tantalum, platinum group metals, manganese, chromium, bauxite/ aluminium, lithium, uranium and vanadium. Mining Indaba 2026 On the topic of Stronger together: Progress through partnerships – the theme for this year’s Mining Indaba permeated much of the keynote addresses delivered at Africa's largest and most influential mining event, held annually in Cape Town. The 2026 Mining Indaba reaffirmed that while Africa has significant mineral wealth, unlocking it requires moving from extractive, siloed operations to collaborative, sustainable partnerships. Hakainde Hichilema, President of Zambia, opened the conference by highlighting Zambia's role as a major copper producer and advocating for strategic partnerships to unlock Africa's resources. He said the countries of Africa needed to build regional value chains

In this edition Our cover story for this edition, AZMET Technology & Projects, is focused on redefining gold processing economics. In partnership with AZTEC Mining, it is delivering innovative gold recovery products and technologies (pg 8). With gold trading at record highs of $5000 /oz, extracting every ounce from gold processing is a sharp focus for miners. On the topic of precious metals, Southern Palladium is targeting first concentrate production from its Bengwenyama project in 2028 (pg 14). Also of note, is insight from Tom Price of Panmure Liberum on the thermal coal market. “Right now, the outlook for South Africa’s US$5bn, 60 mtpa thermal coal export industry – source of 5% of the global trade – depends heavily on the outcome of an evolving point of mostly supply-side conflict between Indonesia and China.”

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 Q4 2025: 7835

2  MODERN MINING  www.modernminingmagazine.co.za | March 2026

MINING NEWS

Seriti Green appoints first COO to drive operational excellence Seriti Green, a renewable energy IPP (independent power producer), has appointed Chabisi Motloung as its first Chief Operating Officer. This strategic appointment underscores Seriti Green’s growing focus on operational delivery as the company advances South Africa’s Just Energy Transition (JET). Motloung brings over 25 years of leadership experience recurring electricity revenue and ensure compliance with evolving regulatory frameworks. He will work closely with Seriti Green’s CEO, CFO and CTO to integrate strategy with operational execution, enabling the company to deliver sustainable energy solutions and strengthen South Africa’s energy security. With Motloung at the helm of operations, the company is positioned to accelerate renewable energy delivery, scale operations efficiently and ensure operational reliability – hallmarks of a mature, forward-looking energy business committed to the JET. n Completion of conditions with BWCAM to develop Brandberg West across mining and metals, including senior operational roles at Glencore, Jubilee Metals Group, Samancor, Kumba and the Afarak Group. In his new role, Motloung will oversee the day-to-day of the operating facilities, manage

Chabisi Motloung - Seriti Green COO.

Andrada is gearing to unlock broader exploration opportunities at Brandberg West.

assessment of tailings recovery potential and broader exploration opportunities at Brandberg West. The concurrent equity subscription further aligns interests and reinforces ACAM’s confidence in our team, our assets and our disciplined approach to value creation. We look forward to progressing the agreed work programmes over the coming months as we continue to build Andrada into a diversified critical metals producer positioned to benefit from the potentially long-term structural demand.” n

Brandberg West in the next few days. • BWCAM will attain 30% shareholding in AIML a soon as the funds are received. • The proceeds will expedite investigation of tailings recovery potential CEO, Anthony Viljoen, commented: “The receipt of the initial investment from BWCAM represents an important milestone for Andrada and marks the successful transition of the Brandberg West partnership from agreement to execution. This investment provides immediate momentum to advance the

AIM-listed Andrada Mining, a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia, has confirmed that following the announcement of 21 January 2026, the two key conditions that trigger the initial investment by BWCAM, an affiliate of ACAM LP as part of its staged earn-in partnership, have now been satisfied. Highlights • Andrada will receive the $10 million towards the initial development of

4  MODERN MINING  www.modernminingmagazine.co.za | March 2026

Orezone Gold in transformational expansion into Canada TSX-listed Orezone Gold has entered into a definitive agreement to acquire Hecla Quebec, a wholly owned subsidiary of Hecla Mining Company.

Through this transaction, Orezone will acquire 100% ownership of the operating Casa Berardi gold mine and a portfolio of exploration properties, all located in Quebec. Consideration for the acquisition consists of upfront and deferred consideration of $352 million and contingent consideration of up to $241 million. Patrick Downey, CEO, Orezone Gold said, “This transaction marks a significant inflection point for Orezone as it adds a proven, cash-flow-generating asset to our portfolio, and provides asset diversification in a Tier 1 jurisdiction. The combination of Casa Berardi and Bomboré creates a multi-asset platform with strong production and free cash flow, positioning Orezone for near-term growth and long-term value creation. Casa Berardi’s established operating history, robust resource and reserve base, and substantial exploration upside across a 37 km mineralised corridor, provide a foundation for sustained growth.” n

Rand Refinery partners with Ghana’s Gold Coast Refinery Local refiner, Rand Refinery, recently partnered with Ghana’s Gold Coast Refinery (GCR) to support the Ghana Gold Board (Goldbod) to locally refine artisanal and small scale (ASM) gold and Elevate Responsible Sourcing

Standards in West Africa. The agreement between Rand Refinery and GRC, will see Rand Refinery provide Technical, Operational and Commercial (TOC) supervision to GCR, enabling local refining of ASM material and achieve internationally recognised assaying and refining standards. GCR, established in 2016, is a gold refinery based in Accra Ghana with a refining capacity of more than 80 tpa and a potential to grow in the future. GCR signed an agreement with the Ghana Goldbod to refine up to 1000 kgs of ASM gold dore per week, meeting responsibly mined and sourcing standards. “The signing of the agreement is a momentous occasion, and Rand Refinery, being the leading LBMA Good Delivery accredited Refiner on the continent, stands ready to support the aspirations of the Ghana government for local refining, through our partnership with Gold Coast Refinery.

Rand Refinery partners with Ghana’s Gold Coast Refinery.

footprint on the African continent, as the preferred refining partner - supporting and enabling local ASM refining while ensuring ethical sourcing and transparency. We are committed to supporting and developing Africa’s ASM sector as a key enabler of country economic growth. n

We are committed to work with GCR and Goldbod to implement the necessary framework to ensure that the material sourced meets international responsible sourcing requirements,” says Rand Refinery CEO, Dean Subramanian. Through these strategic partnerships, Rand Refinery will further strengthen its

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  5

MINING NEWS

Zimele empowers 45 entrepreneurs with R1.5m in seed capital

design thinking and artificial intelligence tools. The University of KwaZulu-Natal partnered on the programme, providing quality assurance and academic rigour to ensure alignment with best practice in enterprise development. “This demonstrates what’s possible when we invest in people’s potential and equip them with the right tools to succeed,” says Larisha Naidoo, Vice President: Anglo American Zimele. “These entrepreneurs represent the future of economic participation in the Northern Cape – they’re building sustainable businesses that will create jobs and strengthen their communities for years to come.” n

Anglo American’s Zimele programme and its partner Sigma have awarded

R1.5 million in seed capital to 45 rural entrepreneurs in the

Northern Cape, following a 12-week business development initiative that culminated in pitching sessions. The programme saw 93 businesses from rural communities pitch to a panel of judges, with winners receiving prizes worth between R50 000 and R150 000 to help launch or grow their enterprises. Women make up 56% of the winners, and about 68% are youth, demonstrating the programme’s commitment to inclusive economic development. Participants received training in business model canvas methodology,

Larisha Naidoo, Vice President: Anglo American Zimele.

New partners appointed at SRK

Ivanhoe, Gécamines and Mercuria eye critical minerals supply to the US TSX-listed Ivanhoe Mines Executive Co-Chairman Robert Friedland joined US President Donald Trump for the launch of Project Vault, a $12 billion domestic critical minerals stockpile. Ivanhoe Mines is in advanced discussions with Gécamines, the Democratic Republic of the Congo state-owned mining company, and metals and energy trading firm, Mercuria, to supply the US with critical minerals contained within the concentrate produced by the ultra-high-grade Kipushi zinc-copper- lead-germanium-gallium mine located in the DRC. Project Vault is a US supply chain security initiative set up to build a reserve of strategic critical minerals. The initiative is set to combine $1.67 billion in private capital with a $10 billion loan from the Export-Import Bank of the United States that will procure and store critical minerals in the US for civilian use. Project Vault was officially launched on 2 February 2026, in Washington DC. n

Principal environmental scientist, Kirsten King.

Principal engineering geologist James Dutchman.

many African countries including South Africa, the DRC, Namibia, Mozambique, Nigeria and Madagascar. Dutchman has almost 15 years of experience in geo-environmental and geotechnical engineering – and engineering geology and tailings expertise – focused on the mining and energy sectors. Based at the company’s Johannesburg office, he has also been extensively involved in tailings management, including the application of digital monitoring and surveillance methods. n

Engineering and scientific consultancy SRK Consulting (South Africa) has promoted principal environmental scientist Kirsten King and principal engineering geologist James Dutchman to partnership positions. Based at the company’s Durban office, King has more than 30 years of experience in areas including environmental management, impact assessments, management programmes, monitoring and auditing. King has conducted her work in the mining, industrial and infrastructure sectors across

6  MODERN MINING  www.modernminingmagazine.co.za | March 2026

Orion Minerals selected for BHP Xplor’s 2026 Accelerator Programme

As part of the programme, several of Orion’s South African exploration project companies will receive an aggregate equity-free grant of $500 000, access to BHP’s technical specialists and structured support to advance geological concepts at its Northern Cape Exploration projects in South Africa. Tony Lennox, Orion CEO said: “This is a significant milestone for Orion and a strong endorsement of the potential of our Northern Cape exploration portfolio. Being selected for the 2026 BHP Xplor Programme provides access to technical expertise, experienced mentors and industry perspectives that will help us strengthen our geological understanding and progress our current programme of work. The structure and support available through the programme will assist us in refining our approach, assessing key uncertainties and building capability within our team in pursuit of new discoveries.” n Marenica resource update doubles grade ASX-listed Elevate Uranium has announced a significant milestone for its Marenica Uranium Project in Namibia. Following a comprehensive re-analysis of over 5 000 historical drill holes throughout 2025, the JORC Mineral Resource Estimate (MRE) has been updated to JORC 2012 standards. Elevate Uranium MD, Murray Hill, commented: “The new resource of 40.2 Mlb U308 at a grade of 185 ppm U308 is essentially double the previous resource grade. This resource update is a transformative milestone for the Marenica Uranium Project in Namibia. A significant reanalysis and rework of the underlying data from over 5 000 historical drill holes during 2025, enabled estimation of this more robust mineral resource which materially enhances the development potential of the Marenica Project. With this significant increase in grade and a robust, re-validated database in place, Marenica now offers a reduced risk foundation to accelerate our strategy of becoming a leading uranium developer.” n

Orion Minerals selected for BHP Xplor’s 2026 Accelerator Programme.

the largest number of exploration and technology projects since the programme began in 2023, reflecting strong global interest in progressing early-stage concepts for future-facing commodities.

ASX-listed Orion Minerals has announced that several of its South African exploration project companies have been selected to join the 2026 BHP Xplor accelerator programme. This year’s cohort includes

Entsha-led acquisition marks Barloworld’s next chapter

Barloworld will remain headquartered in South Africa, continuing to anchor its operations across Southern Africa and retaining the strong local identity that has defined the Group for more than a century. n

Barloworld has entered a new phase in the Group’s evolution as a privately held, South African-led industrial business, following the successful Entsha-led consortium acquisition and Barloworld Limited’s subsequent delisting from the JSE and A2X. The consortium is majority owned (51%) by Entsha, a 100% black-owned South African investment company associated with the Sewela family, with Zahid Group holding a 49% minority interest as a long- term financial partner. The transaction is operator led and anchored by Dominic Sewela, whose leadership journey within Barloworld spans nearly two decades. “Operating in the unlisted space gives us the strategic agility to focus on the core of our business — serving our customers in all market conditions and supporting the wellbeing of our employees. This transition allows us to move beyond the short term and adopt the long term perspective required to drive sustainable growth and create intrinsic value for all our stakeholders,” said Dominic Sewela.

Barloworld’s Dominic Sewela.

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  7

COVER STORY

Redefining gold processing economics

AZTEC Upflow Reactor Plant in Operation.

A cross the global gold industry, processing plants are finely tuned circuits. Leaching circuits are designed to strike a careful balance between recovery efficiency, throughput, reagent consumption, capital intensity, and operational stability. Under these constraints, they perform remarkably well. Yet even in the most optimised operations, a reality remains: a measurable portion of gold exits the plant in as-arising tailings. This is not a flaw in design or performance. It is the natural metallurgical limit of conventional leaching systems. What has traditionally been accepted as unavoidable loss is now being re-evaluated. The gold left in the tails represents a steady stream of unrealised value. Today, a new generation of intensified recovery technology is challenging long-held assumptions about what constitutes “final” recovery. The hidden gold stream Modern gold plants are engineered for efficiency. Tank volumes, agitation, cyanide dosage, carbon management and residence time are all optimised within economic and physical constraints. As a result, tailings typically retain residual gold values — not because the gold is unrecoverable, but because conventional systems have reached their practical threshold. For many operations, the cumulative value contained in as-arising tailings can equate to a meaningful percentage of annual production. Unlike historical tailings retreatment projects, this material is already within the active process stream. It requires no additional mining, no new crushing

circuits, and minimal incremental materials handling. The opportunity lies in completing the leaching and adsorption process, rather than restarting it. Completing the circuit AZTEC Mining, a technology-driven engineering company, has positioned itself at the forefront of this shift with its flagship technology: the AZTEC Upflow Reactor (AZ-UFR). Rather than replacing conventional leach circuits, the AZ-UFRs are installed downstream as a scavenging circuit. The AZ-UFR’s purpose is simple in concept but sophisticated in execution — to create an intensified reaction environment that extracts additional gold from slurry that would otherwise report to final tailings. Inside the reactor, slurry flows upward through a controlled reaction zone engineered to optimise solid–solution–carbon interaction. This intensified environment promotes additional gold dissolution beyond what is achievable in standard circuits. The result is incremental recovery without altering the upstream plant configuration. Because the AZ-UFR operates as a scavenging circuit, integration is typically straightforward. Existing plant performance is maintained while overall recovery improves — an attractive proposition for operating mines. Recovery without expanding the mine By recovering additional gold from material already being

8  MODERN MINING  www.modernminingmagazine.co.za | March 2026

SCAN QR CODE TO WATCH THE VIDEO

Typical Gold Process Flowsheet with Added AZTEC Upflow Reactor Circuit.

generating additional production. Over the life of the operation, this can significantly strengthen net present value (NPV), improve internal rate of return (IRR), and enhance reserve conversion metrics. For marginal orebodies operating near economic thresholds, even modest improvements in overall recovery can shift project viability. ESG peformance meets economic performance While higher recovery drives profitability, environmental performance is becoming equally central to project success. Lower residual cyanide translates to improved regulatory compliance, reduced detoxification requirements, and lower long-term environmental risk exposure. In an industry where ESG metrics influence investment decisions as strongly as production metrics, technologies that simultaneously enhance recovery and reduce environmental impact carry increasing strategic weight. A shift in mindset Historically, tailings were viewed as the inevitable endpoint of the processing cycle. Today, that perception is evolving. As gold prices increase, operating costs rise, and investors demand stronger returns with lower environmental risk, the industry is reassessing every stage of the value chain. Rather than expanding plant footprints or increasing mining intensity, producers can achieve stronger outcomes through smarter process integration with the AZ-UFR. Redefining what “final” means Conventional leaching circuits will always recover the majority of economically accessible gold. But the notion that tailings represent the absolute limit of extraction has been changed with the AZ-UFR. By installing the AZ-UFR, producers can economically capture a significant portion of residual gold, strengthen project economics, reduce environmental impact, and extend the productive life of existing assets. In doing so, tailings are no longer viewed solely as waste — but as an opportunity. And in a sector where incremental improvements can translate into millions of dollars in value, this shift will prove transformative. n

AZTEC Upflow Reactor Bolted Design.

AZTEC Upflow Reactors.

processed, intensified recovery effectively creates a secondary gold stream. The incremental ounces contribute directly to revenue, often delivering short capital payback periods. Once capital investment is recovered, the system continues

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  9

COAL OUTLOOK

South Africa’s thermal coal export industry is estimated at US$5bn.

Thermal Coal’s ‘face-off’: Indonesia vs China By Tom Price Managing Director, Research Analyst, Resources at Panmure Liberum Right now, the outlook for South Africa’s long-US$5bn, 60 mtpa thermal coal export industry – source of 5% of the global trade – depends heavily on the outcome of an evolving point of mostly supply-side conflict between Indonesia and China.

W hat’s going on? Indonesia – source of 45% of the 1 btpa globally traded thermal coal – continues to dramatically ‘chop and change’ its core strategy to boost the prices and tax returns of its massive 0.5 btpa export industry. Meanwhile, China – biggest buyer of Indonesia’s coal – is pushing back on these price-hiking strategies, by periodically marginalising the trade flow with its own locally mined coal, source of a staggeringly large 4.8 btpa raw coal. This odd coal market ‘face-off’ has effectively dragged on global product prices for over a year now – to the frustration of Indonesia’s rent-seeking government. Here, we explain the state-of-play for the Indonesia-China coal trade, and list possible outcomes for global thermal coal supply and prices. A massive cut Last December, the head of Indonesia’s Ministry of Energy and Mineral Resources, Bahlil Lahadalia, announced a general plan to cut the national coal output target rate for 2026 to below 2025’s rate. The policy’s objective? To support product prices across the industry; stabilise government revenues; improve industry’s environmental standards.

In this New Year, Lahadalia provided the market with some numbers too: 2026’s maximum total coal output would be set at 600 mt, 25% below 2025’s total of 790 mt. Note, of 2025’s 790 mt of total production, we estimate that 488 mt was exported as thermal coal; 23 mt was exported as metallurgical coal. As this article was being written, there had still been no details shared by the government on how this cut was to be applied (e.g. by mine, province, grade, exports, etc.). Unsurprisingly, various industry entities of Indonesia have begun lobbying the government for policy exemptions. Potential impact, measured Pre-cut, for 2026, we forecast Indonesia’s thermal coal exports at 493 mt (+1%YoY), 45% of the corresponding forecast global total – making Indonesia the largest source of exported thermal coal. Assuming the Ministry’s 25% cut to Indonesia’s total coal output rate reports entirely to the industry’s exports too, then this policy would reduce our 2026 forecast total for the country from 493 mt to just 370 mt (assumes too, that all else in industry and markets remains unchanged) – removing 123 mt, or 11%, from 2026’s 1 091 mt global thermal coal trade. A cut of this size

10  MODERN MINING  www.modernminingmagazine.co.za | March 2026

If the government seeks to support prices, then cutting and enforcing industry output controls can work – particularly if lignite is targeted by this policy. Compared to imposition of price floors, production cuts are more effective, easier to apply, deliver fewer unintended outcomes (gluts). We see five policy risks: 1. China has a history of penalising sources that alter trade terms/conditions (Indonesia’s 2025 price floors; 2020-22 bans on imported Australian coal); 2. Indonesia may have difficulty securing coal supply for local coal-fired utilities (25% universal cut may see some miners failing to deliver on ‘domestic market obligations’ – which secures supply for local utilities); 3. A general 25% cut may prompt a short-term collapse in industry royalties and export tax revenues, before the policy objective of higher prices is achieved; 4. Another policy backflip will undermine the Ministry’s market credibility; 5. China secures long-term substitutes (boosts local coal supply + imports from Russia-Australia-Mongolia). n

would take our forecast global trade balance deep into deficit, driving up our short-term price outlook. salto ke belakang = ‘backflip’ An 11% cut to our thermal coal export forecast should make us big price bulls, yes? While we certainly do recognise new upside risk to all trade prices we’re also waiting for more evidence of policy ‘follow through’. Why? Because we’ve been here before, with Lahadalia’s policy roll-outs. In early 2025, he sought to influence export prices, by directing local traders to strictly adhere to government-set price floors (HBAs). By mid-2025, this government backflipped, by removing these floors – to offset the collapse in exports. Why? It turned out, China – biggest buyer of Indo-coals – responded to Lahadalia’s price floors with a hike to its domestic coal production rate. Price floor vs. Output cut Does Indonesia’s replacement of a price floor policy with a production cut policy deliver a different outcome? Absolutely, yes. We believe that the only effective way to lift prices – and tax returns – on Indonesia’s >500 mtpa coal industry is to control supply. For it is far easier to track and control activity at the mines, than to dictate prices in the market. Output controls also avoid supply chain gluts that emerge with price floors. In Indonesia’s case, output controls should target the lowest grades, particularly lignite. If lignite is cut, the prices and values of all superior products will lift. If he seeks to boost prices, then Lahadalia’s policy switch here should work. He just needs to stick to it. What’s going on in China? Of course, that fact that China can at least partly substitute 0.2 btpa of Indonesian imports with locally mined coal prompts at least two questions: 1. What exactly is China’s domestic coal production capability? 2. If it is large, then why import at all? China is by far the largest national producer and consumer of coal. For 2025, it mined 4.8 btpa of raw coal (+1.2%YoY), 56% of the global total. Of this total, 3.7 btpa (78% of total) was used for local power generation; 0.6 btpa (12%) for coke-steel production; the remaining 0.5 btpa (10%), in cement clinkering. Supplementing China’s local coal output in 2025 was 359 mt of thermal coal imports versus 2.4 mt thermal coal exports, for 357 mt net-imports. Of the imports, 190 mt was imported from Indonesia – 55% of China’s total thermal coal imports – its largest source. China’s other key import sources are Australia (66 mt, 2025), Russia (28 mt) and Mongolia (18 mt). Note, less than 1 mt was imported from South Africa. Why would China need to import coal, if it mines almost 5 btpa of its own supply? Two key reasons: 1. To boost the calorific value of China’s typically low-grade local coals, via blending with imports; 2. Because some coal-poor regions of China, particularly in the south, can access seaborne sources more cost-effectively than local ones. Useful conclusions Outwardly, of course the government of Indonesia’s plan to cut 2026’s national coal output to just 600 mt, 25% below 2025’s rate, is bullish for globally traded prices. For if we assume demand is unchanged and the cut is applied universally, resulting in a 25% cut to our forecast Indonesia exports of 493 mt too – the policy it removes 11% from our global supply forecast, massively lifting both the forecast deficit and the upside price risk.

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  11

COAL OUTLOOK

Speakers at the McCloskey Steel and Ferroalloys Conference.

Menar on track to start its rail-to-port logistics business Plans to expand Menar’s operations into the logistics sector are moving ahead with the establishment of Menar Ports and Rail (MPR), a Train Operating Company (TOC) that will deliver integrated transport solutions for mineral exporters.

T he company intends to use its conditional access to national rail networks to transport mineral commodities from pit to port, for its own products and other mining operations. Menar is one of 11 private companies granted access through the Transnet Rail Infrastructure Manager (TRIM) scheme, launched by Transnet to boost the country’s rail capacity and support exports. Speaking at the McCloskey Steel and Ferroalloys Conference this week, Menar’s Chief Commercial Officer,

corridors and terminals, including Richards Bay Coal Terminal, Richards Bay Dry Bulk Terminal, Richards Bay Grindrod Terminal, and the Maputo Corridor (TCM), enabling access to global markets. Nothnagel said Menar decided to apply for conditional access because it was facing constraints in moving volumes like other mineral commodities producers in the country. In addition, the company has experience in the space. “We are

experienced, we have a very good logistics team, and we can guarantee the volumes, so it makes sense for us,” he said. Menar’s entry into the

Ruan Nothnagel, mentioned that the company is looking to secure billions of Rands worth of investments to purchase locomotives and wagons. Nothnagel said plans were also afoot to create employment

Menar’s Chief Commercial Officer, Ruan Nothnagel.

MPR will offer a range of services from managing strategic sidings, train loading infrastructure, port-side stockpiling facilities and bulk material handling systems, amongst other things.

logistics business is not only strategic to its coal, anthracite and manganese mining operations, but it will also contribute to its Khwelamet ferromanganese complex based in Meyerton, Gauteng. Khwelamet, which is managed through

opportunities and train its own locomotive drivers as the business progresses. “We intend to use this as an opportunity to do our part in helping the South African economy to reindustrialise and create sustainable employment,” he stated. A member of the African Rail Industry Association, MPR will offer a range of services from managing strategic sidings, train loading infrastructure, port-side stockpiling facilities and bulk material handling systems, amongst other things. MPR will have access to major export

a joint venture with Khwela Capital, is in the process of gradually restarting its operations after it was acquired from Samancor Manganese in 2025. The company will be able to seamlessly transport manganese ore from the Northern Cape to the Meyerton smelter facility, and to rail the ferromanganese product to the port, allowing it to be exported to customers. n

12  MODERN MINING  www.modernminingmagazine.co.za | March 2026

GOLD

Gold Investment rockets in 2025, setting a new high as uncertainty bites The World Gold Council’s Full-Year 2025 Gold Demand Trends report reveals that total gold demand hit a new all- time high of 5 002 t last year. A record fourth quarter set the seal on a stellar year as continued geopolitical and economic uncertainty propelled hefty investment in gold with an annual value of US $555 bn.

Total gold demand hit a new all-time high of 5 002 t last year.

Louise Street, Senior Markets Analyst from the World Gold Council.

Total supply also reached a new record, as mine production rose to 3 672 t and recycling increased by a modest 3%, remaining subdued despite high prices. Louise Street, Senior Markets Analyst from the World Gold Council, commented: “2025 saw surging demand for gold and rocketing prices. Consumers and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal. Investment demand stole the show as investors raced to access gold through all available routes, but other segments played a supporting role. Jewellery demand dipped by only 18% year on-year against a 67% price increase – highlighting continued consumer willingness to buy at elevated prices, and central banks remained firmly committed to bolstering reserves. With economic and geopolitical uncertainty showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist. Price rallies so far this year are inching gold towards $5 000 /oz, suggesting that investors will continue to turn to gold as a long-term store of value and source of diversification.” n

Global jewellery demand softened throughout the year, declining 18% compared to 2024.

G lobal investment demand reached a landmark level of 2 175 t and was the main driver behind gold’s remarkable and record-breaking year. Across the world, investors seeking safe haven and diversification, piled into gold ETFs, adding 801 t throughout the year. Investors also bought bullion with global bar and coin demand reaching 1 374 t or US $154 bn in value terms. The two major markets China (+28% y/y) and India (+17% y/y) recorded significant gains, making up more than 50% of demand in the category. Central bank demand remained

elevated in 2025, with the official sector adding 863 t of gold. While annual demand was below the 1 000 t mark surpassed in the previous three years, central bank buying remained a prominent and additive factor in the global gold demand picture. Amidst a spate of price highs, global jewellery demand softened as expected throughout the year, declining 18% compared to 2024. However, the total value of gold jewellery demand increased 18% year-on-year to $172 bn, highlighting the relevance of gold for consumers in the long term.

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  13

PGMs

The Syama Sulphide Conversion Project (SSCP) will increase sulphide processing capacity from 2.4 mtpa to 4 mtpa.

Bengwenyama targets first concentrate production in 2028

Strong demand and rising prices for platinum group metals (PGMs)—which have more than doubled over the past year—are prompting miners across the sector to realign strategies and fast-track production growth. Project developers such as Southern Palladium are advancing greenfields projects at pace to capitalise on improving market fundamentals. D ual-listed Southern Palladium is targeting first PGM concentrate production from its Bengwenyama project by as early as February 2028 contingent on the granting of the Mining Right, Managing Director Johan Odendaal tells Modern Mining . Southern Palladium holds a 70% interest in the

Bushveld Complex. The project hosts the Merensky outcrop and provides shallow access to the UG2 reef, characterised by a shallow-dipping, tabular orebody. Importantly, South Africa’s PGM industry is mature, with existing smelters and both base and precious metal refineries.” Bengwenyama development progress Southern Palladium completed a pre-feasibility study (PFS) in 2024 and declared a maiden JORC Probable Ore Reserve of 6.29 million ounces at a grade of 6.17 g/t PGM (6E). The company is now progressing an optimised pre-feasibility study (OPFS) and its definitive feasibility study (DFS), both scheduled for completion later this year. With PGM markets experiencing a strong upturn, the company is focused on unlocking production as early as possible. “Our drilling programme between 2022 and 2024 gave us an in-depth understanding of the Bengwenyama resource,” Odendaal explains. “This work underpinned our initial

Bengwenyama PGM project, located on the Eastern Limb of South Africa’s Bushveld Complex, home to the world’s largest known PGM reserves. A top-tier undeveloped PGM asset Bengwenyama is regarded as a highly attractive, top-tier undeveloped PGM deposit, underpinned by high-grade resources, low-cost operating potential, and a disciplined, staged development strategy. “The project is located in a premier PGM district, surrounded by existing operations and well-established infrastructure,” says Odendaal. “We were fortunate to secure the last piece of shallow real estate on the Eastern Limb of the

14  MODERN MINING  www.modernminingmagazine.co.za | March 2026

and enable early de-risking. Near-term development includes establishing the South Site, constructing the South box-cut, and developing the South decline to the first UG2 reef intersection. Once operational, Stage 1 is expected to produce more than 200 000 oz of PGMs in concentrate per year. Funds raised recently will be used to develop the box-cut and decline, as well as install provisional infrastructure required for early operations. Requests for quotations have already been issued, with contractor shortlisting expected before mid-year, followed by commencement of box-cut development shortly thereafter. “Box-cut development should take around three months, with the decline requiring approximately five months,” says Odendaal. “We expect to intersect the reef around February 2027, after which we will begin stockpiling ore.” During Stage 1, the processing plant will initially treat 20 000 t per month from the South decline, ramping up to 100 000 t per month. Ore stockpiling is expected to continue for approximately one year, with the processing plant scheduled to be operational in early 2028. Stage 2 is earmarked to commence around year four, if not sooner, increasing production to over 400 000 oz per year and extending total mine life beyond 30 years. Mining method and processing options The Bengwenyama project targets the high-grade UG2 reef and employs a staged development strategy to reduce peak funding requirements. Key mining considerations include: • A hybrid underground mining approach, combining mechanised development with conventional stoping. • Fast-tracked access via a Southern decline, enabling early ore access at depths of approximately 80m. • Optimised decline design, initially utilising a single decline to minimise capital, with a second decline added in later stages. Southern Palladium is also evaluating two processing pathways: • Toll treatment, partnering with neighbouring or third-party concentrators with spare capacity. • On-site processing, involving construction of a two-stage mill- and-float (MF2) plant with optimised chrome recovery. “In our push to become an early PGM producer, we are actively evaluating partnerships with local producers whose plants have available capacity,” says Odendaal. Chrome recovery is emerging as a meaningful revenue contributor. According to the Bengwenyama PFS, chrome could account for up to 12% of total revenue. “Chrome has the potential to materially enhance margins and add a valuable revenue stream to the operation,” Odendaal notes. Southern Palladium will oversee development operations in partnership with the contractor. The company has initiated recruitment for key roles, including a project manager and underground operations manager. In its Quarterly Activities Report for the period ended 31 December 2025, executive chairman Roger Baxter commented: “The successful A$20 million capital raising has materially strengthened our balance sheet and ensures we are fully funded to unlock the next phase of development, including

development programme in 2025, which was completed significantly under budget.” Key development milestones: • 2022–2024: Resource definition drilling and completion of the PFS • 2025: Optimised PFS and advancement of the DFS • 2026: Completion of the DFS and final investment decision (FID) The year 2025 marked a pivotal transition for Southern Palladium, as it evolved from an exploration company into a development-focused entity. “During 2025, we submitted all key regulatory documentation, including environmental guarantees, and progressed early-stage DFS and FID work,” says Odendaal. The DFS is targeted for completion by the third quarter of this year, with the FID expected by year-end. Given improved PGM fundamentals and robust prices, Odendaal believes the timing is ideal to advance Bengwenyama into development. “Our optimised pre-feasibility study supports a staged approach, allowing us to de-risk the project while managing capital efficiently.” Staged, lower-risk development approach Southern Palladium plans a two-stage development strategy. Stage 1 focuses on establishing essential infrastructure and achieving initial production, funded by a peak capital investment of approximately US$279 million. This will be followed by a Stage 2 expansion, funded largely from early cash flow. Stage 1 mine planning has been accelerated, with detailed optimisation of decline designs to access the shallow UG2 reef

March 2026 | www.modernminingmagazine.co.za  MODERN MINING  15

PGMs

accelerating DFS activities and preparing for a final investment decision. This momentum, combined with supportive PGM market fundamentals, has been reflected in our share price performance and growing institutional interest.” Baxter added that strong global appetite for high-quality, responsibly developed critical mineral projects was evident during recent engagements, including the Future Minerals Forum in Saudi Arabia. PGM market drivers PGMs have experienced a dramatic reversal in fortunes, rebounding strongly from the 2023–2024 price slump. Platinum has outperformed most other metals in 2025, rising more than 100% year-on-year and reaching record highs in early 2026, frequently exceeding US$2 000–US$2 800 /oz. Palladium has also staged a strong recovery, increasing by more than 50%, while rhodium continues to support higher basket prices for producers. Demand for PGMs remains anchored in the automotive sector, where catalytic converters account for more than 80% of palladium and rhodium demand and approximately 40% of platinum consumption. Additional demand drivers include stricter emissions regulations, growth in hybrid vehicles, industrial applications, and expanding hydrogen fuel cell technologies. Emerging demand from data centres, electronics, AI infrastructure, and hydrogen power is tightening supply and providing longer-term price support. “With gold prices at record highs, investors are increasingly turning to platinum jewellery, particularly in China and India,” says Odendaal. “Looking ahead, demand from data storage and AI-related technologies is expected to grow significantly. Platinum and ruthenium are used in hard disk drives, while hydrogen applications will continue to expand.” He adds that the automotive industry’s shift toward hybrid vehicles is positive for PGM demand, as hybrids require higher PGM loadings than traditional ICE vehicles. Supply constraints and outlook Despite strong demand, South Africa’s PGM industry—which accounts for 70–90% of global platinum reserves—faces significant structural, economic, and logistical challenges that have constrained production. “Looking ahead, we expect further tightening in the PGM market, particularly given the deferral of ICE phase-out timelines,” Odendaal says. “Major producers such as Valterra Platinum, Impala Platinum, Sibanye-Stillwater, Northam Platinum, and Ivanplats are well positioned, and Southern Palladium looks forward to joining their ranks.” n

Ariel view of site.

Ariel view of the drilling on site.

Drilling on site.

Platinum Group Metals • PGMs—platinum, palladium, rhodium, ruthenium, iridium, and osmium—are prized for their catalytic, chemical, and physical properties • They are critical to emissions reduction, hydrogen fuel cells, electronics, medical devices, and advanced manufacturing • South Africa supplies approximately

70% of global platinum, 35% of palladium, and 81% of rhodium

16  MODERN MINING  www.modernminingmagazine.co.za | March 2026

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40

www.modernminingmagazine.co.za

Made with FlippingBook flipbook maker