Modern Mining December 2025-January 2026

ODERN M INING For people who are serious about mining DEC 2025 - JAN 2026 | Vol 20 No 12

 The growing strategic importance of antimony  Omitiomire Copper Project aims for full production by 2028  Venetia adapts to survive and soar  Kabanga Nickel heads towards final investment decision in 2026  KSB launches revolutionary Imvubu wastewater pump  MQA marks 30 years of empowering South Africa’s mining workforce IN THIS ISSUE

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COVER 8 MQA marks 30 years of empowering South Africa’s mining workforce COMMODITIES OUTLOOK 10 The growing strategic importance of antimony 12 Metals Focus publishes Precious Metals Investment Focus 2025/26 14 Gold breaks records as investors seek shelter from market turbulence RARE EARTHS 16 Steenkampskraal sets out rare earths six-phase production plan MINING INDABA 18 Trade sentiment heralds boom for the Mining Industry TOP PROJECTS 19 Africa’s top projects make their mark 20 Omitiomire Copper Project aims for full production by 2028 23 METC Engineering: solving the metallurgical puzzle at Omitiomire 24 Venetia adapts to survive and soar 28 Next generation crawler for marine diamond recovery 32 Kabanga Nickel heads towards final investment decision in 2026 36 Cementation Africa adapts Ivanplats’ Shaft 3 for production ramp-up 40 Pan African Resources’ Tennant Mines operations in Australia ENERGY SOLUTIONS 42 New SEW-EURODRIVE service centre transforms future of drive repairs 44 Africa welcomes first fully electric Sandvik mobile crushing plant PUMPS & VALVES 46 KSB launches revolutionary Imvubu wastewater pump

UNDERGROUND MINING 48 LHM delivers monumental fan project 49 Maximising dewatering efficiency at extreme depths MINERALS PROCESSING 50 NEXT Intelligent Solutions drive smarter performance

51 Charting the future of milling efficiency MATERIALS HANDLING 52 Weba Chute Systems drive down dust transmission in bulk materials handling

REGULARS MINING NEWS 4 Southern Palladium secures A$20 m placement to accelerate DFS Rosond appoints Dr. Adwoa Boaduo as Head of Safety Completion of CEO transition at Sibanye-Stillwater 5 TGME construction accelerates Switch Metals signs MOU with Xcelsior 6 Paratus opens in Rwanda Testwork supports acid reduction of up to 70% at Letlhakane Uranium Project SUPPLY CHAIN NEWS 58 Leadership changes at Babcock Rocla pre-cast solution reduces downtime on mines 59 CEO Joe Creed introduces tools for Caterpillar’s transition to high-tech innovator Astec launches SED projects to empower the vulnerable and destitute 60 Allied Crane Hire takes delivery of first Liebherr LTM 1650-8.1 crane in Africa Condra seeks the company’s oldest working crane COLUMN 54 The drive to achieving an integrated logistics network 56 Implementing SA’s new occupational exposure limit for silica dust

ODERN M INING For people who are serious about mining DEC 2025 - JAN 2026 | Vol 20 No 12

ON THE COVER The year 2026 marks a significant milestone for the MQA as it celebrates 30 years of empowering South Africa’s mining workforce. Pg 8.

DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za  MODERN MINING  1

2026 – Are you ready to fire on all cylinders? H aving struggled through 2025, are you ready for the Year of the Fire Horse, which, according to the Chinese astrology, is expected to bring sweeping changes,

and technology to renewable energy and aerospace. As the world increasingly seeks stable and secure mineral supply chains, the growth of these industries means antimony’s strategic importance is only increasing (pg 10). Precious metals consultancy firm, Metals Focus, recently published Precious Metals Investment Focus 2025/2026, its flagship annual report on investment in gold, silver and platinum group metals. It advises that gold prices are expected to continue rising in 2026, with the metal likely to challenge the $5 000 level and silver set to benefit from many of the same drivers as gold, including policy uncertainty and robust investment demand. Moreover, platinum has rallied over 80% year-to-date, with the market expected to record a fourth consecutive deficit in 2026. Palladium price strength has been boosted by tariff risks. In early 2026, palladium is expected to experience a temporary spike to around $2 000, before fundamentals reassert – all of which bode well for the local mining industry (pg 12). The Mining Qualifications Authority (MQA), our cover story for January 2026, marks 30 years of empowering South Africa’s mining workforce. With mining contributing 7% to South Africa’s GDP, the sector remains a cornerstone of the economy — and the MQA’s work is central to sustaining its competitiveness, innovation and transformation. “More than a celebration of the past, it’s a reaffirmation of our role in shaping the future of mining skills in South Africa,” says Dr Thabo Mashongoane, CEO of the MQA (pg 8). located in north-west Tanzania and Omico Mining’s Omitiomire Copper Project, in Namibia; Ivanplats’ Platreef mine, which was officially opened by President Cyril Ramaphosa on 18 November; De Beers’ Venetia mine, which operated as an open-pit mine from August 1992 to December 2022, before transitioning to underground mining and Debmarine Namibia’s Benguela Gem diamond recovery vessel, recently deployed the next generation of crawler design and capability. Also of note is our Top Projects feature, which focuses on key projects at varying stages – early- stage projects such as Lifezone Metals’ Kabanga Nickel project,

rapid developments, and a strong push for liberation, innovation, and self-expression. It is a year associated with passion, boldness, and giant leaps. For the global economy, one can expect dynamism, innovation, and rapid, potentially volatile, change. In 2026, South Africans can anticipate potential economic and personal growth opportunities, driven by a cautiously improving economy, the potential for a stronger Rand after exiting the Financial Action Task Force Grey List, and interest rate cuts. While the IMF pegs South Africa’s economic growth rate at 1.2% year-on-year, for 2026, financial services firm, Investec, is more upbeat forecasting a growth rate of 1.5% year-on-year - this on the back of anticipated alleviations in the domestic freight crisis, driving faster export- led economic growth domestically. Global financial holding company, Moody's, is even more positive, forecasting growth to double to 1.6%, driven by ongoing structural reforms, particularly in logistics. Locally, consumers are adapting to economic changes and expecting household situations to improve, while the mining sector may benefit from opportunities in critical minerals. South Africa's mining sector performance in 2026 and 2027 is expected to be largely influenced by the global demand for critical

Nelendhre Moodley.

‘green minerals’, ongoing efforts to address persistent infrastructure

and energy constraints, and commodity price volatility. South Africa has abundant critical minerals, including platinum, manganese and chrome ore, which are vital for the global

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

Locally, consumers are adapting to economic changes and expecting household situations to improve, while the mining sector may benefit from opportunities in critical minerals.

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

transition to a low-carbon, technologically advanced economy. Other key minerals include vanadium, rare earth elements, cobalt, lithium, gold, and iron ore, amongst others. In this edition On the topic of critical minerals, our

Printed by: Tandym Print

The views expressed in this publication are not necessarily those of the editor or the publisher.

commodities outlook highlights the growing strategic importance of antimony. Antimony plays a key role in many industries that drive modern economies, ranging from defence

Average circulation Jan-Mar 2024: 10 696

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MINING NEWS

Southern Palladium secures A$20 m placement to accelerate DFS ASX-listed Southern Palladium has secured firm commitments to raise A$20 million through a two-tranche placement, supported by three new global institutional investors alongside the company’s largest shareholder, as well as strong participation from existing institutional and high-net- worth investors. The capital raise positions the company to accelerate the Definitive Feasibility Study (DFS) and progress towards the Final Investment Decision to advance near-term mine development at its Bengwenyama Platinum Group Metals (PGM) project in South Africa. Funds raised will support completion of the DFS and near-term mine development activities - including construction of the box cut and development of a decline to the orebody while advancing the company towards Completion of CEO transition at Sibanye- Stillwater JSE-listed Sibanye-Stillwater recently appointed Richard Stewart as the new Chief Executive Officer (CEO) of the Group, effective 1 October 2025. Stewart succeeded Neal Froneman, who retired as CEO and executive director on 30 September 2025, following a distinguished 12-year tenure that transformed the Group into a leading multinational mining and metals processing company. The Group also announced the appointment of Mduduzi Bhulose

Rosond appoints Dr. Adwoa Boaduo as Head of Safety

Southern Palladium’s Executive Chairman Roger Baxter.

its FID. The capital raise will significantly strengthen Southern Palladium’s balance sheet ahead of key near-term milestones, including the expected award of the Mining Right and updates on the DFS work programme. “This strategic capital raise provides Southern Palladium with a strong cash runway to accelerate our DFS works programme as we advance towards mine development at the Bengwenyama PGM project,” said Executive Chairman Roger Baxter. n

Dr. Adwoa Boaduo is Group Head of Safety at Rosond.

Leading drilling and exploration specialist, Rosond, has appointed Dr. Adwoa Boaduo as Group Head of Safety, effective November 2025. A seasoned professional engineer with over 14 years’ experience in mining, safety, and geotechnical engineering, Dr. Boaduo brings a wealth of strategic leadership and technical expertise to the Rosond team. She joins Rosond from Gold Fields’ South Deep Mine, where she served as Unit Manager: Safety, contributing towards the digital transformation of safety systems and the integration of smart safety and risk management tools across one of the world’s largest and deepest underground mechanised mines. Her career includes key roles at Petra Diamonds, SRK Consulting, and Anglo American Platinum, as well as industry- wide leadership through the Minerals Council South Africa’s MOSH Learning Hub, where she contributed to a national 88% reduction in Fall of Ground fatalities in 2022. n

Richard Stewart is the new CEO of Sibanye-Stillwater.

as Executive Vice President: Business Development. Bhulose joined the Group from the Public Investment Corporation (PIC), where he most recently served as the Head of Listed Equities. n

Blue Gold secures $140m to restart Bogoso & Prestea Gold mine

the Bogoso and Prestea mine ties in with the company’s strategy to tokenise its gold production to create the world’s first global, gold-backed currency, which it is preparing to launch through its recently launched Digital Division. n

committed capital to $140 m. The funding, which comes from a new institutional investor, is structured as a secured loan for the exclusive purpose of financing the restart of the 5.1m oz Bogoso and Prestea gold mine in Ghana. Operating

Blue Gold, a next-generation gold development and technology company, has announced a further $65 m of committed funding available to finance the restart of the Bogoso and Prestea gold mine in Ghana, bringing the total

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TGME construction accelerates Theta Gold Mines (TGM) is accelerating the TGME gold plant build with the strategic procurement of a cutting-edge Titan GDM3065 – 900kW Ball Mill Circuit from MechProTech, a leading engineering firm. The high-impact order reflects TGM’s commitment to world-class processing technology and sets the stage for rapid construction progress. The comprehensive package—featuring two, high-performance ball mills, an integrated feed system, and containerised MCC panels—will be manufactured in Johannesburg. First fills of lubrication and grinding media are included to ensure a smooth commissioning phase. Backed by a robust service agreement, on-site training, and full commissioning support from MechProTech’s expert engineers, this partnership is expected to drive operational excellence and establish a new benchmark in mineral processing performance. Comments by the Executive Chairman, Bill Guy: “TGM has taken a decisive step toward delivering the TGME gold plant by placing an order with MechProTech for a state-of-the-art 900kW Ball Mill Circuit. This procurement is not just a major equipment milestone—it’s a clear signal of TGM’s commitment to commissioning the plant by the end of 2026. The comprehensive circuit package, including two high-performance ball mills, Switch Metals signs MOU with Xcelsior Switch Metals, the exploration mining company focused on critical metals and minerals in Côte d’Ivoire, has signed

TGM is accelerating the TGME gold plant build.

integrated feed systems, and containerised (Motor Control Centre) MCC panels, will be manufactured and delivered within 25 weeks. This timeline aligns with Theta’s plug-and-play construction model, designed to accelerate build speed and reduce capital expenditure. Importantly, the mill comes with a performance guarantee and includes full commissioning support, on-site training, and a robust service level agreement—ensuring operational readiness and reliability from day one. This partnership with MechProTech strengthens Theta’s execution capability and reinforces itsstrategic pathway to first gold production.” n

The partnership with Xcelsior will accelerate the production plan of the Issia Tantalum Project.

a Memorandum of Understanding (MOU) with Xcelsior Capital Advisors (Xcelsior). Xcelsior provides financing to producers of critical metals and minerals including miners, processors, refiners, recyclers and manufacturers. It is partnered with Wogen Resources, a global physical commodities trader specialising in off-exchange critical metals and minerals, including tantalum and niobium. Karl Akueson, CEO of Switch Metals, commented: “This is another major step forward for Switch Metals. The initiation of a strategic partnership with Xcelsior will accelerate our exploration, development and sales opportunities for the near-term production plan at the company’s Issia Tantalum Project. Switch’s early alignment with specialist and nimble participants within the specialist metals markets such as Xcelsior, adds to our credibility as an ambitious miner of these critical metals. We look forward to working with Xcelsior to access their funding and sales network, as well as their technical and ESG advisory expertise.” The MOU outlines the key terms for a

Market support – developing marketing strategies to achieve material sales and enhanced pricing, particularly of Issia’s coltan concentrate; and Technical and ESG support – applying the most up-to-date technical and ESG practices to achieve superior production ethics and technical performance. n

proposed strategic partnership between the parties to collaborate on common objectives, including: Securing exploration and development funding to develop Switch’s portfolio of critical metal and mineral assets – with a priority on the company’s Issia tantalum project.

DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za  MODERN MINING  5

MINING NEWS

Testwork supports acid reduction of up to 70% at Letlhakane Uranium Project Australian-based Lotus Resources

announced positive results from its latest metallurgical test work programme for its Letlhakane Uranium Project in Botswana, which assessed and demonstrated the viability of a reduced acid flowsheet for uranium processing. Letlhakane is a large-scale development project, complementing Lotus’ Kayelekera Uranium Mine in Malawi, which recently commenced uranium production. Highlights • Metallurgical test work supports a low acid processing opportunity at Letlhakane • A low acid consuming flowsheet is viable at the current uranium price with approximately 70% reduction in acid consumption at a 6-8% reduction in uranium recovery. • Preferred new processing flowsheet removes solvent extraction. Lotus MD, Greg Bittar, commented: “This test work reinforces the potential Paratus opens in Rwanda Paratus Group, the pan-African telecommunications and network services provider, continues its strategic expansion across the continent with the launch of Paratus Rwanda. This new entity will provide and install Starlink services, delivering high-speed broadband internet connectivity to businesses throughout Rwanda. The group was awarded the African distributorship of Starlink global LEO (Low Earth Orbit) satellite services in 2023, enabling the Group to offer cutting-edge satellite connectivity across multiple African markets. The launch of Paratus Rwanda marks another important milestone in the Group’s mission to transform Africa through exceptional digital infrastructure and services. Commenting on the expansion, CEO of Paratus Group, Schalk Erasmus, says: “We are building Africa’s quality network by investing in infrastructure, services and people across the continent. Rwanda’s dynamic and fast-growing market aligns perfectly with our vision, and the addition of Paratus Rwanda strengthens our ability

Testwork supports acid reduction of up to 70% at Letlhakane Uranium Project.

demonstrates the ability to substantially reduce acid consumption, by up to 70%, and hence reduce operating costs as well as delivering a simplified processing flowsheet.” n

of Letlhakane to become a significant uranium operation, alongside our production at Kayelekera, as the long-term uranium price environment strengthens. The multiple column leach test work

to serve customers with unmatched reach and reliability.” Paratus Rwanda will target key sectors in the country, including retail, financial services, government, NGOs,

agriculture and tourism. The service will particularly benefit enterprises operating in remote and underserved areas where there is a lack of traditional infrastructure.” n

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MINING NEWS

South African mining sector shows resilience and recalibrates for sustainable future It’s been a year characterised by a dynamic mix of challenges and progress for South Africa’s mining sector. Despite infrastructure constraints, policy uncertainty and rising operational costs, the industry maintained its contribution to GDP at approximately 6%, reaffirming its critical role in the national economy. Gold stole the limelight, platinum found its feet late, bulks battled bottlenecks, and “green metals” have continued to grow in importance and prominence.

Mining companies sharpened their focus on cost management and portfolio optimisation.

Strong market performance amid volatility Insights from our newly release SA Mine 2025 reveal that the sector recorded a 20% increase in market capitalisation, driven by record gold prices and a rebound in platinum group metals (PGMs). Green metals continued their upward trajectory, gaining strategic importance as global demand for clean energy technologies accelerated. Although revenue remained flat, free cashflows improved on the back of operating cashflow improvements and lower capital investment. Illegal mining escalates as a national priority Illegal mining intensified in scale and complexity, expanding beyond gold and diamonds to affect nearly all commodities. The government responded with four dedicated work streams, with law enforcement efforts receiving the most public attention. “The issue now involves

projects remain behind schedule, hindered by financial, technical and regulatory challenges. “Many completed projects are still small relative to operational demand, reinforcing the sector’s continued reliance

billions of rands and requires coordinated, cross-border action that addresses both economic and social dimensions” says Andries Rossouw, PwC’s

Africa Energy, Utilities and Resources Leader. Operational discipline and innovation Mining companies sharpened their focus on cost management and portfolio optimisation. M&A activity was targeted and strategic, aimed at

on Eskom for stable energy supply” says Vuyiswa Khutlang, SA Mine Project Leader. Looking ahead: Collaboration and execution will be key

The sector recorded a 20% increase in market capitalisation, driven by record gold prices and a rebound in platinum group metals (PGMs).

“2025 was a year of strategic recalibration” says Laetitia le Roux, PwC’s South

securing critical minerals and enhancing operational efficiency. Key cost control measures included: • Adoption of AI and digital tools • Investment in renewable energy projects • Workforce rationalisation However, most renewable energy

Africa Energy, Utilities and Resource Tax Leader. The sector’s ability to adapt— through innovation, collaboration and disciplined execution—will be critical as it navigates ongoing volatility and positions itself for long-term, sustainable growth. n

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COVER STORY

Female artisan learner in training.

MQA marks 30 years of empowering South Africa’s mining workforce The year 2026 marks a significant milestone for the Mining Qualifications Authority (MQA), the statutory body responsible for driving skills development and training in South Africa’s mining and minerals sector. As it celebrates its 30 th anniversary, the MQA reflects on three decades of progress in building a skilled, inclusive and adaptable workforce that continues to power one of the country’s most vital industries.

Dr Thabo Mashongoane, CEO of the MQA.

W ith mining contributing 7% to South Africa’s GDP, the sector remains a cornerstone of the national economy — and the MQA’s work is central to sustaining its competitiveness, innovation and transformation. “This anniversary marks more than a quarter century of empowering individuals, communities and the mining industry through education and training,” says Dr Thabo Mashongoane, CEO of the MQA. “It’s a time to reflect on our journey, honour our stakeholders and chart a bold path forward. More than a celebration of the past, it’s a reaffirmation of our role in shaping the future of mining skills in South Africa.” A year of commemoration and collaboration To mark this milestone, the MQA has planned a year-long programme of commemorative activities that will recognise its achievements, showcase its impact and strengthen collaboration across the industry. Key events on the calendar include: • 30th Anniversary celebrations at the 2nd Mining Skills Lekgotla, scheduled for 26–27 February 2026. • National roadshows and exhibitions featuring success stories

from learners, employers and training providers. • The Good Practice and Recognition Awards, honouring excellence in training, transformation and innovation. • The launch of a digital archive and commemorative publication documenting the MQA’s 30-year journey and impact. • Community outreach events aimed at promoting careers in mining and raising awareness of MQA-funded opportunities. • Strategic dialogues and forums bringing together industry leaders to shape the next era of mining education and skills development. Beyond celebration, the anniversary year will serve as a platform for the MQA to deepen engagement with its stakeholders — from employers and educators to learners and community partners — as it continues to drive an inclusive, future-oriented mining skills agenda. “We are eager to hear from beneficiaries how MQA support has changed their lives and enabled them to play meaningful roles within the industry,” Dr Mashogoane says. “Our 30-year journey is also their story — a testament to what partnership and vision can achieve.” Bridging the skills gap in mining Since its inception, the MQA has played a pivotal role in ensuring that skills development in mining aligns with national priorities

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and industry demands. As a Sector Education and Training Authority (SETA), it serves as a bridge between government, industry and training institutions — ensuring that education and training are relevant, responsive and impactful. The MQA’s approach is built on partnership. It works with mining companies to provide workplace-based learning, collaborates with TVET colleges and universities to align curricula, and engages community organisations to expand access and learner support. These partnerships have enhanced the relevance of training, improved learner placement rates and supported community upliftment in mining regions. A key focus area in recent years has been the rollout of portable skills programmes for retrenched workers, helping them transition into new sectors or start their own businesses. The initiative has been particularly successful in rural mining communities affected by restructuring and mine closures. In the 2023/24 financial year, the MQA supported over 10 000 learners through various interventions, including learnerships, internships, bursaries and artisan training programmes. “This investment ensures that South Africa’s mining workforce remains agile and responsive to a rapidly changing industry landscape,” notes Dr Mashongoane. The MQA funds qualifications across NQF Levels 2–7, covering disciplines such as mining engineering, occupational health and safety, environmental management and metallurgy. Demand for funding continues to grow, particularly in areas identified as critical and scarce skills, and support remains targeted at historically disadvantaged individuals. In 2024/25, the MQA disbursed R1.5-billion to support sectoral skills development. Funding allocations are governed by its approved Funding Policy, which ensures that resources are distributed transparently and strategically through: • Mandatory grants for levy-paying employers to invest in workplace skills. • Discretionary grants for learnerships, internships, bursaries, artisan development and skills programmes. • Special projects aimed at rural development, retrenchment support and transformation initiatives. • Priority areas for funding include youth development, women in mining, community-based training, and green economy and digital skills. Driving transformation and inclusion The MQA’s programmes have transformed thousands of lives, particularly in historically marginalised mining communities. Through targeted interventions, the industry body has enabled access to training, promoted equity and supported greater representation of women and youth in mining occupations. Transformation remains a core pillar of the MQA’s mandate. By funding learning opportunities for young people and women, the MQA is helping to break barriers to entry in what has traditionally been a male-dominated industry. The SETA’s rural development initiatives are equally impactful. By partnering with local organisations, the MQA supports community-based training centres that provide basic and portable skills to unemployed youth and retrenched workers — fostering entrepreneurship and alternative livelihoods in mining-dependent areas. Preparing for Industry 4.0 As the mining sector embraces automation, artificial

intelligence (AI) and green technologies, the MQA has intensified efforts to ensure that training keeps pace with global trends. The organisation is modernising its curriculum to include digital literacy, mechatronics, robotics, data analytics and environmental management — critical areas as mines transition toward more sustainable, technology-driven operations. “We remain committed to inclusive, responsive and future- focused skills development,” says Dr Mashongoane. “As new technologies reshape mining, we must ensure that workers are equipped to thrive in the digital era.” The MQA’s 2024–2026 strategic focus includes: • Digital transformation of training and assessment systems. • Expansion of community-based skills development centres. • Strengthened partnerships with TVET colleges and universities. • Increased participation of women and youth in technical and leadership roles within mining. The MQA also recognises that the Industry 4.0 skillset requires a balance of technical and soft skills — from data analytics, AI and cybersecurity to critical thinking, adaptability and collaboration. Through partnerships with academia and industry, the MQA is designing programmes that blend these competencies to build a workforce fit for the future. Benchmarking South African mining skills globally To remain globally competitive, the MQA actively benchmarks its programmes against international standards. A recent study visit to Malaysia formed part of this effort, enabling collaboration with vocational training institutions on the digitalisation of training delivery and green mining and sustainability practices. “Global engagement allows us to exchange knowledge, adopt proven models and align our qualifications with global benchmarks,” Dr Mashongoane explains. “These partnerships ensure that South African learners are not only ready for local opportunities but equipped to compete in international mining ecosystems.” Shaping the next era of mining skills As it enters its fourth decade, the MQA’s mission is clear: to continue shaping a workforce that is skilled, inclusive and globally competitive. Its investments in training, innovation and partnerships have laid a strong foundation for South Africa’s mining industry to navigate the challenges and opportunities of the digital and green economy. “As the sector embraces automation, AI and sustainability, our focus is on ensuring that South Africa’s mining skills remain world- class,” concludes Dr Mashongoane. “Our learners are not only the future of this industry — they are the future of South Africa’s economic resilience.” With a proud legacy and a forward-looking vision, the MQA stands as both a custodian of mining education and a catalyst for transformation — empowering people, communities and the industry it serves. n MQA at a glance Since its establishment in 1996, the MQA has: • Funded and supported tens of thousands of learners through bursaries, learnerships, internships, and artisan development programmes. • Strengthened partnerships with mining companies, TVET colleges, universities, and community organisations. • Driven transformation by prioritising youth, women, and rural communities in its funding and programme rollout. • Adapted to industry shifts, including the rise of automation, sustainability, and digital mining technologies.

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COMMODITIES OUTLOOK

The growing strategic importance of antimony: How emerging projects could secure Western supply Antimony plays a key role in many industries that drive modern economies, ranging from defence and technology to renewable energy and aerospace. As the world increasingly seeks stable and secure mineral supply chains, the growth of these industries means antimony’s strategic importance is only increasing. This is largely driven by geopolitical tensions, supply chain vulnerabilities, and the rising demand for high-tech materials. As nations work to strengthen critical mineral independence, several new Western projects are emerging to diversify global supply, including Australia’s Hillgrove Project, developed by ASX- listed Larvotto Resources. Antimony’s rising significance in the global market The strategic value of antimony is surging across several critical sectors. One such industry is renewable energy, growing rapidly due to the increase in net-zero initiatives, where antimony is a key component of energy storage systems and liquid metal batteries. These batteries are increasingly seen as a long-term solution for grid-scale energy storage, improving the life cycle and capacity of these systems and thereby offering enhanced durability and efficiency. These qualities mean antimony is also a key element in bearings for wind turbines and glass clarification for solar energy, improving the performance of solar panels by enabling them to absorb more light and convert it into energy most effectively. As renewable energy solutions become central to global climate goals, the need for antimony is growing. In addition to its energy applications, antimony has applications in flame retardants, which are added to plastics, electronics, and textiles to enhance fire safety. It is also crucial to the production of semiconductors, alloys, and lead-free solders used in technological applications, increasing their conductivity and therefore performance. This makes the metal crucial to the development of high-performance quantum computers and data centres, as well as applications across other rapidly developing industries such as automotives and aerospace. Defence and geopolitical implications However, perhaps the most strategic use of antimony is in defence technologies. The metal is essential in the production of military-grade batteries, munitions, night vision goggles, explosives, flame-retardant uniforms and infrared sensors, making it a central part of global military logistics and operations. A clear indicator of the rising demand for antimony in the defence sector is the $245 million contract signed in September between the United States Antimony Corporation and the Pentagon – a five-year agreement which

secures the supply of antimony metal ingots for the country’s defence stockpile. This deal, which followed months of negotiations, underscores the critical need for a stable antimony supply for national defence in the face of evolving global challenges. It also reflects broader concerns about the strategic importance of antimony amid an increasingly volatile global landscape. This growing concern is compounded by China’s dominance in global production, accounting for nearly 50% of the world’s antimony supply. With recent disruptions in Chinese supply, driven by mine closures, stricter environmental regulations, and export restrictions last year, the urgency for securing alternative sources has intensified. Geopolitical tensions, particularly trade disputes and security concerns, have made the US and other nations wary of relying on foreign sources. In 2024, global antimony mine production totalled approximately 83 000 tonnes, with China contributing around 38 600 tonnes, or 46.5% of the global supply. This marked a slight decline from 2023, when China produced 40 000 tonnes. Myanmar, another key supplier and the fourth- largest antimony producer in 2024 also faced supply disruptions stemming from ongoing political instability. As the US, EU, UK, Japan, and Australia designate antimony as a critical mineral, the reliance on a handful of unstable sources is becoming a growing risk.

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Hillgrove’s above-ground infrastructure.

Hillgrove Project in New South Wales – the largest antimony deposit in Australia and 8th largest globally – is positioned to contribute significantly to global supply. With production expected to commence in 2026, the project is projected to supply around 7% of global antimony demand per year once operational. The Definitive Feasibility Study released in May 2025 demonstrates promising economics, including a projected eight-year mine life with the potential to increase to 20 years, strong margins, and resilience even under conservative pricing scenarios. Hillgrove’s Mining Resource Estimate stands at 1.7 million ounces of gold equivalent, offering dual exposure to both the gold and antimony markets. What’s more, the mine is expected to deliver 320 000 to 535 000 tonnes of gold concentrate, antimony concentrate, and gold doré per annum from underground operations. Further strengthening its long-term outlook, Larvotto also possesses a strong exploration upside, with a target of between 670 000 to 1.08 million ounces of gold equivalent. Strategically located near essential infrastructure, including major highways, rail links and regional airports, it ensures efficient logistics and a solid foundation for growth. Through these strong economic fundamentals and geographic advantages, the Hillgrove Project is poised to support global antimony demand and stabilise the Western supply chain. Crucially, the company’s focus on ethical and sustainable mining practices aligns with global environmental objectives and rising demand for responsible resource management and development. This approach not only supports international ESG standards but also meets the expectations of governments and investors seeking transparency. Hillgrove and the future of antimony The growing strategic position of antimony and the relevance of companies such as Larvotto, cannot be overstated. As global demand accelerates and geopolitical risks persist, the Hillgrove Project stands out as a future-ready solution. With production set to commence in Q2 2026, it stands as the only project of such significant scale expected to come online in the near term. Larvotto is uniquely positioned to deliver a secure, sustainable supply of this essential metal for the industries shaping the economy. n

Supply chain alternatives and Larvotto Resources’ role Reflecting this heightened demand, the price of antimony reached a record high of over $35 000 per tonne in November 2024. Despite fluctuations, supply constraints and low inventory levels are creating the environment for potential price increases, with Research and Markets estimating global demand will grow from $2.5 billion in 2024 to $3.4 billion by 2030, intensifying the need for alternative sources of the metal. One alternative to China’s market dominance is Africa, rich in mineral resources such as antimony, but largely underexplored. The Consolidated Murchison mines in South Africa, which comprise the famous ‘antimony line’, began operation in the 1930s, and for many years South Africa remained one of the world’s largest antimony producers. Historical production in the area from World War II through to 2015 was approximately 605 000 tonnes according to Perpetua Resources, before the large-scale closure of facilities after their acquisition by Chinese investment firms. Other African countries, such as Morocco and Zimbabwe, offer promising antimony deposits, with Zimbabwe being the fastest growing market for antimony exports in Southern Africa between 2023 and 2024, according to The Observatory of Economic Complexity. However, limited infrastructure, funding, and regulatory uncertainty have presented barriers to developing antimony mining in these countries, and only through proper investment in these sectors could the regions position themselves as key players in the global antimony market. In this context, Western projects are emerging as viable alternatives to ensure a secure, sustainable supply for critical industries. One notable example is Larvotto Resources, whose

DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za  MODERN MINING  11

COMMODITIES OUTLOOK

Metals Focus publishes Precious Metals Investment Focus 2025/26 Metals Focus, a leading precious metals consultancy, announced the publication of Precious Metals Investment Focus 2025/2026, its flagship annual report on investment in gold, silver and platinum group metals.

Highlights of the Precious Metals Investment Focus include: • Gold: Gold prices are expected to continue rising in 2026, with the metal likely to challenge the $5 000 level. Ongoing uncertainty surrounding US trade policy, a weaker dollar, and declining real interest rates are seen as key drivers. Investor demand will be further supported by geopolitical tensions and continued official sector buying, even if below record levels. As a result, the annual average price is forecast to rise by 33% year- on-year (y/y) to around $4 560. • Silver: Silver is set to benefit from many of the same drivers as gold, including policy uncertainty and robust investment demand. Persistent physical tightness in the London market and resilient bar and coin buying, particularly in India, should offer additional support. While gold may regain leadership later in the year as

supply constraints ease, silver is forecast to break above $60 in mid-to-late 2026, with an average annual price of $57. • Platinum: Platinum has rallied over 80% year-to-date, supported by gold’s strength and market tightness linked to trade disruptions and localised stockholding. The market is expected to record a fourth consecutive deficit in 2026, though price action is increasingly driven by investment and liquidity dynamics. The annual average price is forecast to rise 34% y/y to $1 670. • Palladium: Palladium has joined the broader rally, gaining over 70% so far this year. Price strength has been boosted by tariff risks, including a Section 232 probe and anti-dumping petition in the US. A temporary spike to around $2 000 is possible in early 2026, before fundamentals reassert. The annual average price is projected at $1 340, up 20% y/y, amid another, though narrowing, market deficit.

12  MODERN MINING  www.modernminingmagazine.co.za | DECEMBER 2025 - JANUARY 2026

Gold prices are expected to continue rising in 2026, with the metal likely to challenge the $5 000 level.

sustainability for the US and, by extension, the dollar’s role as the de facto reserve currency in the future. With few viable alternatives, gold has hugely benefited from this. Philip Newman, Managing Director of Metals Focus, commented: “We are pleased to release Precious Metals Investment Focus 2025/2026, which looks at investment trends across gold, silver, and the PGMs. In 2025, precious metals markets experienced significant price appreciation, driven by a combination of macroeconomic uncertainty, trade

• Minor PGMs: Deficits across the minor PGMs are expected to narrow in 2026 on stronger secondary supply and softer demand in select sectors. Rhodium’s market will remain tight despite a smaller deficit, with prices forecast to average $7 500, up 23% y/y. Ruthenium is projected to average $780, up 5%, while iridium should rise modestly to $4 600 as its deficit nearly disappears. Extract from the report: Gold’s strength continues to reflect an extremely positive macroeconomic and geopolitical backdrop for safe haven assets, coupled with concerns towards other safe havens. In our view, the single

policy developments, and shifting investor sentiment. Gold and silver were the clear beneficiaries, as declining real interest rates, persistent inflationary concerns,

most important factor has been uncertainty around US trade policy. The fluidity of tariff announcements and the prospect of further measures have complicated planning for companies and governments around the world and produced ever fatter macroeconomic tail-risks. This fuelled concerns that inflation in the US could prove stickier than hoped if tariffs keep import prices elevated and supply chains unsettled, potentially at the same time as growth is hit, cost pressures squeeze margins and uncertainty hampers capex. Combined, these reinforce a non-trivial stagflation

and renewed geopolitical tensions reinforced their safe-haven status. Central banks remained healthy net buyers, further underpinning market strength.” “Among the PGMs, platinum and palladium also saw sharp gains, supported by tighter market conditions, trade-related supply disruptions, and

Among the PGMs, platinum and palladium saw sharp gains, supported by tighter market conditions, trade-related supply disruptions, and speculative inflows.

speculative inflows. Although the longer- term fundamentals for palladium remain challenging, both metals benefited from the broader rally across the precious complex. The minor PGMs, meanwhile, continued to experience narrowing deficits as recycling improved and industrial demand eased.” “Looking ahead, the outlook for 2026 remains constructive across the precious metals spectrum. Persistent policy uncertainty, ongoing fiscal challenges, and elevated geopolitical risks are expected to keep investor interest high. While volatility will remain a feature of these markets, underlying conditions point to another strong year, led once again by gold, which we expect to challenge the $5,000 level.” n

tail risk; historically a supportive backdrop for gold, as both a hedge against price instability and a portfolio diversifier. There are also mounting signs of cooling in parts of the US economy which, alongside the above-discussed uncertainties, have sharpened expectations for rate cuts. Lower real yields and a more benign policy rate path reduce the opportunity cost of holding non-yielding assets, sustaining interest in gold. Layered over this is concern over persistent fiscal deficits, the ongoing and rapid accumulation of US debt and the independence of the Federal Reserve. This raises questions about long-run debt

DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za  MODERN MINING  13

COMMODITIES OUTLOOK

Gold breaks records as investors seek shelter from market turbulence

The World Gold Council’s Q3 2025 Gold Demand Trends report reveals that quarterly gold demand (including OTC) reached 1 313 t, or US$146 bn in value terms and was the highest quarter for demand on record. G rowth was driven primarily by investment demand which accelerated in Q3 reaching 537 t (+47% y/y) and accounted for 55% of overall net gold demand. This momentum was

driven by a powerful combination of an uncertain and volatile geopolitical environment, US dollar weakness and investor “FOMO” as the price climbed higher. Investors continued to pile into physically backed gold ETFs for a third consecutive quarter, adding a further 222 t with global inflows reaching US$26 bn. Year-to-date, gold ETFs have added a total of 619 t (US$64 bn) to their holdings with North American listed funds leading the charge (346 t), followed by European (148 t) and Asian funds (118 t). Bar and coin investment rose 17% y/y, totalling 316 t, with growth in almost all markets but with significant contributions from India (92 t), China, (74 t). On the other hand, gold jewellery demand was weighed down by 50 record gold prices this year, seeing a 19% y/y decline in consumption for Q3. While the two largest consumer markets - India and China – both saw a quarter-on-quarter uplift, largely due to seasonal factors, the y/y picture across both markets remained weak. Central banks picked up the pace in Q3 with net purchases totalling 220 t in the third quarter, up 28% on Q2 and 10% y/y, despite the record-high gold price. On a year-to-date basis, net buying totalled 634 t, trailing behind the exceptional highs of the last three years, but comfortably above pre-2022 levels. Total gold supply reached a quarterly record of 1 313 t, up 3% y/y. Mine production increased by 2% y/y to 977 t while recycling was up 6% y/y at 344 t, staying relatively stable given the soaring gold price. Louise Street, Senior Markets Analyst at the World Gold Council, commented:

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

“Gold’s climb towards US$4 000/ oz in the third quarter underscores the strength and persistence of the factors that have been driving demand throughout the year. Heightened geopolitical tensions, stubborn inflationary pressures and uncertainty around global trade policy have all fuelled appetite for safe-haven assets as investors look to build resilience in their portfolios. The outlook for gold remains optimistic, as continued US dollar weakness, lower interest rate expectations, and the threat of stagflation could further propel investment demand. Gold has set record after record this year, and the current environment suggests there could be more upside gains for gold. Our research indicates the market is not yet saturated, and the strategic case to hold gold remains firmly in place.” n

14  MODERN MINING  www.modernminingmagazine.co.za | DECEMBER 2025 - JANUARY 2026

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