ODERN M INING MAY 2026 | Vol 21 No 5 For people who are serious about mining
IN THIS ISSUE
2A – a gamechanger for Kazera Fulcrum leverages off the golden era
Redpath Group: Global expertise, local experience World Gold Council – bringing ASGM into the fold Copper enabling the future of electrification and AI
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COMMODITIES OUTLOOK 8 How copper is enabling the future of electrification and AI 10 World Gold Council – bringing ASGM into the fold
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JUNIOR MINING 14 2A – a gamechanger for Kazera 16 Fulcrum leverages off the golden era
TECHNOLOGY 19 AZTEC Mining builds momentum at Mining Indaba
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MINING CONTRACTORS & ENGINEERS 20 Redpath Group: Global expertise, local experience 24 Cementation Africa to equip Mindola shaft of Nkana Mine HEALTH & SAFETY 26 De Beers sets new safety benchmark through ownership culture 28 Data-driven readiness to shape Africa’s next phase of PDS adoption 30 Proactively tackling mining’s TB challenge
REGULARS MINING NEWS
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4 Final Investment Decision approval for Doropo Gold Project Menar becomes a United Nations Global Compact member $28.8 million strategic placement backed by Perseus Mining
ODERN M INING MAY 2026 | Vol 21 No 5 For people who are serious about mining
5 High-grade feed secured and Large Waste Rock update Theta Gold locks in key crushing and screening plant contract Pan African to acquire Emmerson Resources 6 Sasol launches Destoning Plant to improve coal quality 7 Economic upside from commodity price surge SUPPLY CHAIN MANAGEMENT 32 Strengthening mining value chains to maximise Africa's mineral resources 34 Supply chain discipline is key to conveyor uptime 36 Next-generation Lokotrack LT400J delivers high output 38 Xylem launches DAF Solutions in South Africa
ON THE COVER The mining sector remains the backbone of the South African economy, with key commodities driving significant economic opportunity.
IN THIS ISSUE
2A – a gamechanger for Kazera Fulcrum leverages off the golden era
Redpath Group: Global expertise, local experience World Gold Council – bringing ASGM into the fold Copper enabling the future of electrification and AI
May 2026 | www.modernminingmagazine.co.za MODERN MINING 1
Caught between a rock and a hard place I n April the effect of the US-Isreal-Iran war become decidedly tangible - the double blow of soaring oil and steep electricity prices sees South African’s face higher prices all round. If the conflict does not subside soon, even greater economic strain and hardship are likely—not only for the countries directly involved, but globally. reforms with private sector participation, and modernising port infrastructure. In January this year, Transnet SOC signed a strategic MoU with Port of Antwerp-Bruges International and the Antwerp/Flanders Port Training Center to modernise South Africa’s port system, enhance operational efficiency, and strengthen regional trade competitiveness. Also of note, commissioner of SARS, Edward
There is, however, a measure of relief: for now, Iran has granted South African cargo ships and oil tankers safe passage through the Strait of Hormuz. The middle eastern country has selectively allowed vessels from friendly countries to transit the strait, while restricting access for US- and Israel-linked ships amid ongoing regional tensions. Importantly, the conflict is forcing global shipping to reroute around the Cape of Good Hope, creating a surge in maritime traffic near South African ports. Shipping operators, including giants like MSC, Maersk, and Hapag-Lloyd, are bypassing the Suez Canal and the Red Sea
Kieswetter ended his term with a historic milestone for the 2025/2026 financial year – collecting over R2.01 trillion in net revenue, an 8.4% increase from the previous year. This total exceeded projections by R24.7 billion. The revenue is earmarked to fund government expenditure, support public services, and service national debt, while also contributing directly to social programmes, education, healthcare, and infrastructure development. Yet, despite this strong revenue performance, the country’s infrastructure continues to deteriorate. Roads, in particular, have become a visible symbol of decline, with potholes in some areas growing to massive proportions— highlighted recently when Helen Zille drew attention to the
due to safety risks, rerouting ships around the South African coast. Ports such as Cape Town and Durban are seeing higher volumes of traffic as ships avoid the Persian Gulf. Given that the
The middle eastern country has selectively allowed vessels from friendly countries to transit the strait, while restricting access for US- and Israel-linked ships amid ongoing regional tensions.
issue by swimming in a large pothole in a Johannesburg neighbourhood. Dr. Johnstone
crisis could lead to a lasting change in international trade routes, are South
Makhubu replaces Kieswetter as the new Commissioner for a period of
Africa’s Ports ready for the increased traffic? Unfortunately, not – inefficiencies at the ports risk South Africa missing out on significant bunkering and repair income. Although Transnet has done much recently to improve the ports, reports indicate that increased container processing capacity is sorely needed. Transnet plans to invest over R127 billion to modernise its national rail and port infrastructure, with roughly R2.7 billion specifically earmarked for port upgrades in the current year. The investment aims to boost container terminal efficiency, particularly in Durban and Cape Town. The state-owned entity is currently undergoing a "Reinvent for Growth" strategy to modernise infrastructure, improve efficiency, and tackle backlogs, driven by high demand for commodities like coal, iron ore, and manganese. Key focus areas include rebuilding rail capacity for coal and manganese, implementing structural
Nelendhre Moodley.
five years.
Editor: Nelendhre Moodley e-mail: mining@crown.co.za Advertising Manager: Rynette Joubert
In this edition The outlook for key commodities such as copper (pg 8) and gold (pg 10) is looking rosy, with rising commodity prices creating a huge economic opportunity for the country. According to Econometrix Chief Economist, Dr Azar Jammine, a keynote speaker at the AfriSam’s annual Budget Breakfast event held in Sandton, the “estimated R350 billion inflows could stimulate investment in mining and infrastructure” (pg 7). Also of interest are the latest developments at Kazeera Global, which is transitioning from a project developer into a profitable mining company (pg 14), and Fulcrum Metals, which is capitalising on the current “golden era” (pg 16). Meanwhile, Redpath Mining—bringing over 60 years of global mining service excellence—and its subsidiary, Redpath Africa, with 32 years of experience on the continent, continue to advance their growth trajectory (pg 20).
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
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The views expressed in this publication are not necessarily those of the editor or the publisher.
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2 MODERN MINING www.modernminingmagazine.co.za | May 2026
MINING NEWS
Final Investment Decision approval for Doropo Gold Project LSE-listed Resolute Mining, the Africa- focused gold miner, has formally
approved the Final Investment Decision (FID) for its Doropo Gold Project in Côte d’Ivoire, marking a transformational step towards construction and production. Reaching a positive FID on Doropo advances Resolute’s goal of becoming a leading multi-asset gold producer in West Africa. This milestone underpins the company’s strategy to grow annual gold production above 500 koz by the end of 2028 and validates the company’s commitment to disciplined growth and generating shareholder value. The decision follows the completion of extensive technical, economic, environmental, and social evaluations, as well as receipt of the mining permit from the Council of Ministers in Côte d’Ivoire, confirming the
Resolute Mining has approved the FID for its Doropo Gold Project in Côte d’Ivoire.
due to commence in H1 2026. The development of Doropo supports production over an initial mine life of approximately 13 years, with potential opportunities for expansion and value creation throughout the region. n $28.8 million strategic placement backed by Perseus Mining ASX-listed Aurum Resources has received firm commitments for a placement of 48 million shares at A$0.60 per share to raise A$28,8 million, including a cornerstone investment by African-focused gold producer Perseus Mining. Post completion, the company will have cash on hand of more than A$60 million, providing it with the financial strength to execute its dual-project growth strategy in Côte d’Ivoire. Aurum’s Managing Director Dr. Caigen Wang said: “Perseus Mining’s decision to cornerstone this placement is a powerful endorsement of the quality of Aurum’s asset base and our project development trajectory. With more than A$60M of cash on hand post-raise, Aurum is funded to execute on our 2026 drilling campaign of 130 000m across Boundiali and Napié, deliver the Boundiali Feasibility Study, and continue growing our resource inventory.” n
project’s robust economics, technical viability, and alignment with the company’s long-term growth strategy. The project is expected to become a cornerstone asset within the company’s development pipeline, with construction
Menar becomes a United Nations Global Compact member
Menar becomes a United Nations Global Compact member.
Menar’s Managing Director, Vuslat Bayoglu.
principles relating to human rights, labour, environment, anti-corruption, and to act in support of Sustainable Development Goals (SDGs). As a member, Menar will submit a mandatory Communication on Progress (CoP) report demonstrating its commitment to the UN Global Compact’s Ten Principles. “Our commitment to the UN Global Compact and the Ten Principles is an important part of our journey to promote good stewardship and ethical business practices because we believe in building sustainable economies,” Menar’s Managing Director, Vuslat Bayoglu, concludes. n
As part of its sustainability advocacy, Menar has joined the United Nations (UN) Global Compact initiative, becoming one of over 20 000 companies globally with a shared vision for a better world. As a company involved in critical industries such as mining, minerals processing and logistics, Menar intends to use its membership as a platform to advocate for sustainable practices across all its operations. The UN Global Compact is an initiative that encourages companies to make a positive impact through aligning their strategies and operations with the ten universally accepted
4 MODERN MINING www.modernminingmagazine.co.za | May 2026
Theta Gold locks in key crushing and screening plant contract ASX-listed Theta Gold Mines has announced a significant milestone at its flagship TGME Gold Project in South Africa, executing a manufacturing contract for a crushing and screening plant with NMS Africa, a critical step toward first gold and early cashflows. The contract covers the manufacture of a three-stage crushing and screening plant designed to meet initial production requirements, while allowing for future expansion as the project scales. The plant includes ore feed, primary, secondary and tertiary crushing, plus screening circuits. With a 125-day delivery lead time, this long-lead item is now locked in, further reducing execution risk and keeping the TGME Gold Project on track for commissioning in Q4 2026. Comments by Theta Gold Chairman, Bill Guy: “The company is excited to have signed the supply contract with NMS South Africa to supply a critical part of the long- lead item of equipment for the TGME Gold Mine Project. MNS South Africa is based in Johannesburg, four hours via road to TGME Gold Project.” n
High-grade feed secured and Large Waste Rock update
Jubilee, the Zambia copper focused producer, has secured additional high- grade copper feed material for the Roan concentrator and provides an update on its Large Waste Project. Leon Coetzer, CEO of Jubilee, commented: “The Large Waste Rock Project continues to progress towards the conclusion of a joint venture, with two potential partners shortlisted for the project to upgrade the copper stockpile and refine the recovered material into copper. Jubilee continues to work with its ore partner at Roan who continues to supply ore of a consistent quality grading approximately 1.65% Cu, with the higher grade supporting improved recoveries and enhanced profitability. Roan’s performance is further strengthened by the near completion of the concentrate dewatering system, which is expected to be commissioned by the end of March 2026.” n
Jubilee Metals secures high grade feed material for its Roan project.
Pan African to acquire Emmerson Resources JSE-listed Pan African Resources has entered a binding Scheme Implementation Deed (SID) with Emmerson Resources whereby Pan African will acquire 100% of the shares in Emmerson. Pan African will seek to list on the Australian Securities Exchange (ASX) by way of a foreign exempt listing, providing Emmerson shareholders with the ability to trade Pan African CDIs on the ASX. Pan African’s shares will continue to trade, as a dual primary issuer, on the London Stock Exchange and Johannesburg Stock Exchange following the proposed ASX listing. n
Precision Separation. Enables Water Reuse.
xylem.com
May 2026 | www.modernminingmagazine.co.za MODERN MINING 5
MINING NEWS
Sasol launches Destoning Plant to improve coal quality Sasol recently opened its new Destoning Plant, marking a significant milestone in efforts to enhance coal quality and drive improved operational performance. The plant, which achieved beneficial operation in December 2025, forms part of Sasol’s broader plan to strengthen, grow, and transform the business. Developed through the conversion of the Twistdraai Export Plant, the facility removes high-density stone from the run-of-mine coal sourced from the Thubelisha and Bosjesspruit mines. By reducing ash and sinks before coal enters the gasification process, the plant helps improve syngas quality for Sasol’s synthetic fuels and chemicals value chain. Since commissioning, the plant has contributed to a reduction in average sinks for Q1 FY26 to below 14%, supporting improved coal quality
Sasol recently opened its new Destoning Plant.
important role in enhancing operational performance at Secunda Operations by enabling the processing of higherquality, destoned coal,” said Simon Baloyi, Sasol CEO. n
availability to Secunda Operations and helping to lift overall production for the quarter. “This facility is a key commitment we made at Capital Markets Day in 2025, and it plays an
6 MODERN MINING www.modernminingmagazine.co.za | May 2026
Rising prices for key commodities such as gold and platinum are creating a significant economic opportunity for South Africa, with an estimated R350 billion inflow that could stimulate investment in mining and infrastructure. This potential upswing could also benefit the construction sector and companies such as AfriSam, which is well positioned to support future infrastructure development with cement, aggregates and readymix solutions. Afrisam budget breakfast highlights economic upside from commodity price surge
T he strong rally in commodities such as gold, platinum, rhodium and palladium is creating significant windfall opportunities for South Africa to support its economic turnaround. Speaking at AfriSam’s annual Budget Breakfast event in Sandton recently, Econometrix Chief Economist Dr Azar Jammine said the exceptional surge in commodity prices could have an “absolutely enormous” impact on the South African economy. Dr Jammine pointed to an estimated inflow of about R350 billion into the country from commodity sales, arriving just as the economy began showing signs of recovery toward the end of last year. This follows a prolonged period during which South Africa lagged global growth levels, resulting in a decline in living standards of between 6% and 7% over the past eight years. He noted that the key opportunity now lies in government directing this windfall toward higher levels of fixed capital formation through targeted investment in infrastructure, thereby creating an environment in which business can thrive. “If this can be converted into real investment in new exploration and development in the mining sector, the knock-on effects through the rest of the economy could be unbelievable,” he argued. Dr Jammine highlighted that the third quarter of 2025 saw a modest uptick in fixed investment of 1.1% - the first positive movement in two and a half years. The Medium-Term Budget Policy Statement released in November 2025 also indicated that the Government of National Unity was beginning to produce “some positive results,” particularly through its commitment to fiscal discipline. Higher commodity inflows have also contributed to a stronger rand against the US dollar, helping to reduce inflation to around 3.5%. This supports government’s
Econometrix Chief Economist Dr Azar Jammine speaking at AfriSam’s annual Budget Breakfast event.
Reliable infrastructure starts with quality construction materials.
Jammine said. Improving economic prospects have also been recognised internationally, with ratings agency S&P Global upgrading South Africa’s credit rating for the first time in 16 years. n
lower inflation target of 3% and has helped shift inflation expectations downward. “This has meant that long-term interest rates have declined, resulting in considerable savings for government in terms of interest payments on its debt,” Dr
May 2026 | www.modernminingmagazine.co.za MODERN MINING 7
COMMODITIES OUTLOOK
How copper is enabling the future of electrification and AI
Copper has historically supported various manufacturing sectors, but its importance is now evolving in line with a new era of industrial development. From electric vehicles (EVs) and renewable energy systems to AI infrastructure and defence technologies, copper’s physical properties make it essential to a wide range of modern applications. As a result, demand for the metal is growing rapidly, and copper is increasingly recognised as essential to both the short and long-term growth of these industries.
Examining mineralisation at Talisman’s Fougnar Copper-Silver Project, Morocco.
W ith the global shift towards electrification gaining pace, the rapid scaling of AI and advanced technologies is emerging as a major driver of copper demand. EVs are a key example, requiring 83 kg of copper per battery – significantly more than the 23 kg needed in a conventional internal combustion engine, according to the International Copper Association. Used in motors, wiring, charging infrastructure, and battery systems, copper’s high thermal conductivity makes it essential in managing the heat generated within EV batteries and motors. Its ability to allow efficient power transfer within these systems minimises energy loss and improves overall efficiency, making it cost-effective as well as essential to proper functioning. With the International Energy Agency reporting that global EV sales increased by 6 million from 2023 to 2025, accounting for over 25% of new cars sold, copper demand generated by this sector is likely to increase significantly in the coming years. These physical properties also reduce the energy needed to produce electricity, making copper an enabler of various renewable energy systems such as wind, solar power, and grid- scale batteries. According to the Internation Copper Association,
green energy infrastructure contains six-times more copper than traditional systems. With renewable energy sources now contributing to nearly a quarter of the world’s power, this further highlights the need for a steady copper supply to support the sector’s growth. Copper is also central to the infrastructure that powers new advanced technologies, such as data centres and AI processing facilities, which rely heavily on the metal for efficient power distribution and thermal management. Within the servers themselves, copper is used in circuit boards and connectors, enabling high-speed data transmission and reliable performance. The metal’s properties also make it a preferred material for cooling systems, helping to maintain optimal operating conditions within AI processors that generate significant heat. As computing evolves to handle increasingly complex AI capabilities, the need for high-efficiency materials also becomes critical. Each data centre can require up to 50 000 tonnes of copper according to the Copper Development Association, and as AI systems scale, demand for the metal will continue to grow. With these sectors largely driving copper demand, global consumption of the metal is projected to rise from approximately
8 MODERN MINING www.modernminingmagazine.co.za | May 2026
AI Data Centre utilises copper.
Moroccan exports by value. The 2015 mining code reform was a pivotal step in opening the sector for exploration, aiming to boost foreign investment and position Morocco as a key player in global critical minerals markets. Being a relatively new jurisdiction, Morocco is significantly underexplored despite ranking as Africa’s second most attractive mining destination according to the Fraser Institute. There are multiple copper exploration projects throughout the country where copper mineralisation is even visible at surface, demonstrating the significant prospectivity of the country. However, further exploration campaigns by Talisman and other operators are needed to unlock the full potential of the area. With its geological potential and a commitment to mining sector growth, Morocco presents significant opportunities for companies like Talisman Metals. Looking ahead, the company’s exploration efforts scheduled for 2026 at Fougnar and Tirzzit are focused on gaining a deeper understanding of the geography and potential of both projects, which will cumulate in drill campaigns – the ultimate test of any geological project. Overall, copper’s pivotal role in driving the electrification, green energy, and AI sectors highlights its strategic importance across numerous global industries. To meet rising demand and strengthen supply chains, companies such as Talisman Metals are needed to bring new resources online and lay the foundation for the future supply growth of the copper market. n
within a jurisdiction that is expected to become even more strategically significant as technology copper demand increases, and copper consumers pay more attention to jurisdictional supplier risk. In February, the company announced its acquisition of the Tirzzit copper project, consisting of two mining licenses covering 16.5km². Tirzzit is located 85km north-east of the existing Tizert copper-silver mine, held by the Managem Group, which has an estimated mineral resource of 130 million tonnes and is currently entering commercial production. Both project areas feature sediment- hosted copper deposits, an important but often overlooked source of the metal. Accounting for approximately 20% of global copper production, sediment-hosted deposits that have enough material to justify building a mine, tend to be less expensive to develop than other types of deposits due to the nature of the geology. Porphyry copper deposits are the largest source of copper, but they tend to present unique development challenges due to size. Capex inflation has largely “priced out” porphyry copper mine development to all but the very largest mining companies. Talisman benefits from Morocco’s growing status as a premier destination for mineral exploration and development. With its world-class geological potential and strong mining legislation, the country has a favourable investment climate, with the mining sector contributing approximately $3.9 billion to its GDP in 2024 and representing roughly 30% of total
Review of copper bearing material from past trenches at Talisman’s Fougnar Copper-Silver Project, Morocco.
28 million metric tonnes in 2025 to 42 million metric tonnes by 2040 – an increase of 50%. However, despite these strong demand fundamentals, the copper market still faces significant supply challenges. Declining ore grades at existing operations are reducing output efficiency and making it increasingly difficult to keep up with growing global demand. At the same time, supply remains geographically concentrated in Chile, Peru, and China, limiting the pace at which new supply can be brought online and subjecting supply chains to geopolitical and environmental risk. Addressing this projected supply gap will require a new generation of copper projects to be discovered, developed, and brought into production. Without meaningful investment in new production, the market could face a shortfall of up to 10 million metric tonnes by 2040 according to S&P Global. How Talisman Metals is leveraging Morocco’s copper resources Against this backdrop, Talisman Metals, a company focused on copper exploration in Morocco, is positioned to contribute to the next phase of global copper supply as demand continues to grow. Led by an experienced management team with expertise spanning mineral exploration, mining entrepreneurship, and Moroccan business operations, Talisman is advancing a development strategy aligned with long-term global copper demand trends. Talisman’s goal is to identify and advance copper resources capable of supporting supply requirements. By leveraging its technical expertise and regional experience, the company is positioned
May 2026 | www.modernminingmagazine.co.za MODERN MINING 9
GOLD
Underground mining operations and material handling, where production and ore grades remain key inputs into supply expectations.
World Gold Council – bringing ASGM into the fold While the World Gold Council members represent a sizeable share of listed gold production mined in line with responsible mining principles and established regulations, around a fifth of the global supply still sits outside this framework. This remains a key concern for the council, which has launched several initiatives aimed at bringing informal producers into the mainstream, John Mulligan, Head of Sustainability Strategy at the World Gold Council, tells Modern Mining on the sidelines of Mining Indaba.
“O ur general estimate is that roughly 20% of global gold supply operates outside the formal market. That does not necessarily mean it is all illicit, but rather that much of it takes place in grey economies, where gold is both produced and traded outside formal investment and regulatory systems. Though it is important to recognise that some of this is criminal activity. Given recent price rises, we expect that share to have grown. We now have a dedicated research programme to better understand the scale of these flows, alongside work to determine what can be done about them.” The World Gold Council is exploring ways to encourage responsible actors in the ‘grey’ market to enter the formal supply chain, with much of the discussion centred on artisanal and smallscale
gold mining (ASGM). Explains Mulligan: “The reality is that ASGM involves structural challenges that extend well beyond any single company, or even the mining sector itself. These include extreme poverty, weak rule of law in some jurisdictions, and, in certain cases, the involvement of organised crime. There are therefore limits to what industry actors can achieve alone. That said, the World Gold Council has chosen to confront the issue directly. Together with a wide range of partners, we are exploring ways to incentivise responsible behaviour and build the infrastructure needed to support it.” A key element of this approach is building what the World Gold Council describes as a ‘coalition of the willing’. The Global Coalition
John Mulligan, Head of Sustainability Strategy at the World Gold Council.
10 MODERN MINING www.modernminingmagazine.co.za | May 2026
A miner holds a silver-bearing ore sample at an open-pit operation.
for Action on Artisanal and SmallScale Gold Mining brings together a range of stakeholders, including the World Bank, the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and PlanetGOLD — a UN affiliated initiative focused on reducing mercury use in artisanal mining.
introduction of processing plants that act as intermediate refining facilities. These plants would process ore from artisanal miners using more advanced technologies that significantly improve gold recovery rates compared with mercury.
Using semi-industrial processing methods, miners can extract substantially more gold from the same ore, earning higher incomes while avoiding mercury use. Mercury recovery rates are often only around 30–40% and, even under optimal conditions, remain far less efficient than modern processing technologies. “If we can establish these processing plants, they could become important points of leverage for due
“The aim is to create the enabling infrastructure needed to formalise parts of the ASGM sector, while also bringing governments into the conversation. There are several components to this. One is the development and rollout of local processing plants. Another is the coalition itself, which can help coordinate action among stakeholders, including responsible buyers of gold such as central banks. A third involves new technologies that can introduce greater transparency into what is currently an opaque system.”
Using specialised technology, it is possible to analyse trace elements within gold at the ore body to generate a unique chemical signature. When that gold later arrives at a processing facility, it can be tested again to verify that it originates from an identified source.
diligence within the supply chain. A small number of facilities are already operating in Latin America, with several pilot projects planned in West Africa. The real challenge is bringing the right partners on board to make these initiatives viable. Processing plants alone are not enough — they must be supported by appropriate infrastructure, access to technology and support for local miners, and, critically, the backing of local authorities and national governments to ensure the system functions effectively,” Mulligan explains. Another area of innovation is geoforensic ‘fingerprinting’. Using specialised technology, it is possible to analyse trace elements within gold at the ore body to generate a unique
A key incentive, says Mulligan, is offering a fair price for gold produced by artisanal and smallscale miners, but with conditions attached — including reducing and ultimately eliminating the use of mercury. Mercury is widely used in artisanal mining to extract gold from ore, yet it is highly toxic, posing serious environmental and health risks, and remains one of the sector’s most significant challenges. To address this, the World Gold Council is exploring the
May 2026 | www.modernminingmagazine.co.za MODERN MINING 11
GOLD
Locally, several mines are investing in renewable energy to reduce both emissions and energy costs.
development of the Consolidated Mining Standard Initiative (CMSI), which aims to advance responsible mining practices across the global mining industry. The initiative, developed over roughly three years, is being advanced by four partners: the World Gold Council, the International Council on Mining and Metals, the Mining Association of Canada, and The Copper Mark. Following the conclusion of its second and final public consultation, CMSI has now reached a mature stage, with the partners aiming to launch the standard later this year. The next phase focuses on operationalising the governance model. The Copper Mark will act as the independent secretariat for the Consolidated Mining Standard, overseeing its administration, assurance framework and associated claims policy. An independent, multistakeholder board is being established, and a Chair has recently been announced, marking a key step towards full implementation. “This represents a significant step forward. The World Gold Council already has the Responsible Gold Mining Principles, but these apply specifically to gold producers. Many large mining companies currently report against multiple frameworks — including the Mining Association of Canada’s Towards Sustainable Mining standard, The Copper Mark, ICMM’s Mining Principles, and, for gold miners, the Responsible Gold Mining Principles. The CMSI has woven these frameworks into a single,
The general estimate is that roughly 20% of global gold supply operates outside the formal market.
purchase gold directly from artisanal miners. “We have developed, with partner institutions, what we call the London Principles, which set out guidelines that central banks could follow when sourcing gold from the artisanal sector. Alongside this, we are working to create a network of central banks that can support one another in implementing and advancing these principles. In effect, central banks could act as national focal points for promoting responsible sourcing within the artisanal gold sector,” says Mulligan. Advancing industrywide responsible mining practices In the formal mining sector, significant progress has been made through the
chemical signature. When that gold later arrives at a processing facility, it can be tested again to verify that it originates from an identified source. Mulligan notes that this verificationoforigin technology helps build confidence that gold entering the supply chain comes from its stated source. “We are currently exploring this approach through several pilot projects. Ultimately, the goal is to build an ecosystem that supports transparency and responsible sourcing across the supply chain.” Engaging central banks The World Gold Council is also exploring the potential of working through central banks in countries where ASGM production is significant. In some jurisdictions, central banks already
12 MODERN MINING www.modernminingmagazine.co.za | May 2026
“The group meets regularly to discuss how the industry can collectively advance key shared priorities — from climate action and responsible sourcing to addressing challenges in artisanal and smallscale mining. The aim is not only to raise awareness, but to encourage practical action and mutual support across the value chain. By working together, different parts of the industry can use their influence more effectively and support one another in driving meaningful change.” Gold mining and climate change According to Mulligan, climate change remains a defining issue across the gold value chain. “Most of the sector’s emissions are concentrated at the mining stage. In that sense, this represents both the risk and the opportunity. If gold miners can successfully decarbonise their operations, they have the potential to significantly reduce emissions across the entire value chain.” Energy lies at the heart of this transition. Around 60–80% of mining emissions are energy related, meaning the challenge is largely about how mines source and use power. In this respect, gold mining mirrors the wider global economy: decarbonising energy systems is essential to decarbonising industrial production. “Gold mines often operate in remote locations and, in many cases, must take responsibility for their own energy transition. This has sometimes produced positive outcomes. South Africa provides a good example. The large solar installation at the South Deep Gold Mine demonstrates that industrial-scale solar can successfully support a major mining operation. Importantly, it also helps show policymakers that encouraging self-generation through renewable energy can be a viable industrial strategy.” Locally, several mines are investing in renewable energy to reduce both emissions and energy costs, including Pan African Resources, which has installed solar capacity at Evander and Barberton, and Harmony Gold, which is developing a large- scale project at Moab Khotsong.
Gold mines often operate in remote locations and, in many cases, must take responsibility for their own energy transition.
consolidated standard relevant to producers across the whole sector, irrespective of size or geography. The aim is to create clear and credible benchmarks that investors and industry stakeholders can use to assess sustainability performance across minerals supply chains.” Collaboration across the value chain One of the most notable shifts in the gold market in recent years has been the move towards greater collaboration and
convergence across the value chain. “Historically, the industry was highly fragmented, with different parts of the market operating largely in silos. Gold miners typically interacted with refiners only at the point of sale and had limited visibility over where their gold ultimately
Similar developments are taking place globally. Solar installations are becoming increasingly common at mining operations, often as part of hybrid systems that combine renewables with existing power sources. Many mines initially rely partly on fossil
The World Gold Council is exploring ways to encourage responsible actors in the ‘grey’ market to enter the formal supply chain, with much of the discussion centred on artisanal and smallscale gold mining (ASGM).
fuel generation, before gradually integrating solar, wind and battery storage to increase the share of renewable energy. Mulligan points to Western
ended up. At the same time, jewellers and fabricators rarely looked far upstream or asked detailed questions about source and provenance. In many respects, the two ends of the value chain — mining and jewellery — were barely connected.” That dynamic is now beginning to change. Increasingly, the industry is creating forums and collaborative platforms where stakeholders meet regularly to discuss shared challenges and opportunities. A primary example is the Gold Principles Group, which brings together 14 industry associations, including the World Gold Council and the London Bullion Market Association, alongside organisations such as the China Gold Association, several Indian trade associations, and major jewellery industry bodies.
Australia, where some operations have progressed from solar installations to incorporating wind generation and battery storage, enabling a significant proportion of energy demand to be met by renewables. “Where grid supply is unreliable or insufficient,
companies have strong incentives to develop their own energy solutions. Renewables offer multiple benefits: they support decarbonisation, improve energy security and can reduce costs. Once installed, renewable systems often deliver attractive long-term economics, with cost savings becoming apparent relatively quickly. This combination of lower emissions, greater energy independence and improved cost stability is helping to drive the growing adoption of renewable energy across the sector,” Mulligan concludes. n
May 2026 | www.modernminingmagazine.co.za MODERN MINING 13
JUNIOR MINING
2A – a gamechanger for Kazera
2026 marks a milestone year for AIM-listed Kazeera Global as it transitions from project developer to a profitable mining company. Beyond unlocking value from its Whale Head Minerals (WHM) heavy mineral sands (HMS) project, the company plans to increase diamond production from its Deep Blue Minerals (DBM) project in Alexander Bay, South Africa, CEO Dennis Edmonds tells Modern Mining .
Kazera Global’s Whale Head Minerals HMS Pilot Plant - Separation Spirals.
C rucially, Kazeera is awaiting the mining right for its 2A permit from the Department of Mineral Resources and Energy. “We have submitted all required documentation, including an environmental guarantee,” Edmonds says. The 2A mining right covers approximately 3 095 hectares, of which 168 hectares contain HMS deposits. With the construction of a suitable processing plant, the company believes the project will be ready for immediate mining. “At present, we are operating the five-hectare Walviskop heavy mineral project. By comparison, the 2A permit spans around 3 000 hectares, with an initial mining area of 168 hectares—34 times larger than our current operations,” Edmonds notes. “Once 2A comes online, we expect to amplify profitability by 20- to 30-fold, significantly enhancing both the project’s value and the company’s overall valuation.” Kazera advances its WHM project Kazera Global holds a 70% stake in Whale Head Minerals (WHM), which operates the Walviskop heavy mineral sands (HMS) project, with the remaining 30% owned by Black Economic Empowerment (BEE) partners. Following a £1.6 million fundraising at the end of last year aimed at accelerating growth across its HMS and diamond operations, the company is pursuing multiple initiatives, including evaluating equipment to achieve higher-purity titanium dioxide, increasing operational shifts, and investing in a new trommel screen. The WHM project currently operates as an experimental site using a pilot plant. Edmonds describes the extraction process as straightforward: “We dig material from the beach and pass it through a separation process. It is seawater-driven, with non- commercial material returned to the beach, while processed
material is trucked to Cape Town.” 2026 is a turning point for Kazera, as ongoing initiatives aim to move the company into profitable production. “This year, our focus is on ramping up production at the five-hectare site and advancing it toward profitability. Once the 2A permit is granted, we will expand mining there, further increasing production and profitability,” Edmonds says. A recently implemented 1.5-shift programme, operational since mid-February 2026, is expected to raise HMS output to over 4 000 tonnes per month. The trommel screen is being upgraded to improve processing efficiency and product quality, currently delivering around 32% TiO₂ content. This programme is a precursor to two shifts per day, which will require upgrades to the site’s lighting system. Kazera is also exploring ways to increase product purity, evaluating new mineral separation technologies that go beyond traditional spiral separation. “We are testing several options to improve separation volume and titanium dioxide purity. Our aim is to find the optimal balance between volume, purity, and price. Interest from potential off-take partners is already emerging,” Edmonds notes. Market conditions have reinforced the importance of producing higher-purity titanium dioxide. Ilmenite prices have been volatile, peaking in 2022 due to post-pandemic demand and supply chain disruptions, before gradually stabilising in 2024–2025 amid softer demand and high inventories. “We are targeting an increase in TiO₂ content from the basic 24% standard to 32%,” Edmonds says, “and are evaluating what the optimum purity would be to maximise both sales and price.” In 2024, Kazera signed a sales and offtake agreement with Fujax South Africa, however, additional buyers continue to approach the company directly. “The interest from multiple
14 MODERN MINING www.modernminingmagazine.co.za | May 2026
is culturally distinct and close-knit, with Nama and Afrikaans as their primary home languages. Due to the region’s small population and remote location, it has historically received limited government attention and investment. As a result, opportunities in employment, education, healthcare, and other essential services are scarce. “If we successfully implement our planned operations, the project has the potential to create a substantial number of jobs across all skill levels — from highly skilled and semi-skilled roles to entry-level positions. For example, in diamond mining, one of the processes involves manually sweeping exposed bedrock to recover diamonds lodged in rock fissures. This type of work provides accessible employment opportunities while forming an important part of the overall mining operation.” Strengthening the management team In tandem with investing in bringing the project into production, Kazera has been strengthening its management team. “We are in the process of appointing two people in South Africa to provide additional levels of expertise and input and looking at other appointments in the UK. As we grow from being a small company with a relatively small turnover into a big company, delivering roughly 20 or 30 times our current production and a company generating substantial revenue, it is imperative that we invest in infrastructure and manpower to align accordingly,” Edmonds concludes. n
2A and Walviskop tenement.
Whale Head Minerals HMS Pilot Plant.
(DBM), with the aim of achieving record recoveries. Recent processing has yielded 45 carats from just 100 tonnes— triple the expected rate. The operation employs advanced technology, including pulsating jigs and Flowsort, to target high- concentration gravel zones, with mining now focused on promising inland blocks. Edmonds explains that the diamonds recovered have often been naturally polished by river sands during their journey to the ocean. While most stones are small, larger diamonds are occasionally discovered. “As we mine heavy mineral sands, we often encounter diamonds in the same areas,” Edmonds notes. “This does not necessarily mean that all heavy mineral sand deposits contain diamonds, or that all diamond-bearing areas contain heavy mineral sands—but it does often occur.” Local investment Kazeera’s projects are in Alexander Bay in the Northern Cape - an area that is home to a small and highly isolated community of approximately 10 000 residents from the Richtersveld region. This community
sources gives us flexibility in off-take arrangements,” Edmonds adds. A key operational challenge remains the project’s distance—approximately 800 km from Cape Town. To mitigate high transport costs, Kazera plans to focus on shipping higher-purity product rather than bulk material, enhancing efficiency and commercial value. The good news, says Edmonds, is that government has plans in place to develop the Boegoebaai port. The Boegoebaai Port Development is a major R122.9 billion greenfield project in South Africa’s Northern Cape, located 20 km from the Namibian border, designed as a deep- water port, green hydrogen hub, and manganese export channel. Led by Transnet, the project aims to drive regional economic growth and industrialisation. The project is aiming for operationalisation by the end of the decade. Unlocking opportunities from diamonds Plans are underway to maximise the potential of Kazeera Global’s diamond operations at Deep Blue Minerals
Kazera The Whale Head Minerals (WHM) heavy mineral sands (HMS) project, located in Alexander Bay, South Africa, primarily produces garnet and ilmenite. The operation also contains, or has the potential to produce, zircon and rutile. The project targets high-grade titanium dioxide feedstock (around 32% content) and, in conjunction with associated operations, also produces diamonds. Approximately 86%–90% of ilmenite is used in the manufacturing of pigments for paints, coatings, plastics, and paper. Strong demand from construction and automotive sectors typically boosts prices, while weak economic activity reduces demand and lowers prices.
May 2026 | www.modernminingmagazine.co.za MODERN MINING 15
JUNIOR MINING
Fulcrum Metals partnered with Extrakt Processing Solutions, which has developed a groundbreaking zero- cyanide, zero-waste process for tailings recovery.
Fulcrum leverages off the golden era Driven by the surge in gold prices, which surpassed $5 000 per ounce by early 2026, gold miners and technology specialists are exploring innovative solutions to reprocess gold tailings. Fulcrum Metals, a UK-based mining company, is advancing the opportunity through its partnership with Extrakt Processing Solutions, which has developed a groundbreaking zero-cyanide, zero-waste process for tailings recovery. Through pilot scale test work, the process has achieved high recoveries of gold, silver, copper, tellurium, and manganese in just six hours, CEO, Ryan Mee tells Modern Mining . W ith the gold price increasing from $1 471 per ounce in March 2020 to a recent high of $5 417 per ounce, miners are clamouring to unlock opportunities from tailings storage facilities (TSF). “While the strong gold price has certainly garnered waste (tailings) and the remediation of the sites. This approach enables Fulcrum to monitise the valuable contained metals, improve environmental outcomes and strengthen the social licence to operate.
The company is focused on recovering precious metals from legacy mine tailings in Canada, specifically targeting two main sites in Ontario: the Teck Hughes and Sylvanite gold tailings. The two sites are located just three kilometres apart, allowing for a regional processing hub approach. The combined estimate for the sites is over 10 million tonnes of material with potential for significant gold and critical mineral recovery. Fulcrum is advancing these sites towards production, with a 2025 pilot plant study and resource definition work (auger drilling) currently underway. The tailings reprocessing expert began a pilot plant scoping
significant interest from gold miners eager to reprocess TSFs, there are however, some that have taken the wait and see approach, expecting gold to continue its meteoric rise.” Fulcrum, a young company that listed on the London Stock Exchange in February 2023, recently shifted focus from exploration to tailings recovery, with partnerships and acquisitions in Canada. Its strategy involves working with asset holders to address tailings on a collaborative basis. The AIM quoted company is pioneering the use of an innovative technology to recover precious metals from mine
16 MODERN MINING www.modernminingmagazine.co.za | May 2026
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