Modern Mining October 2026

ODERN M INING OCTOBER 2026 | Vol 21 No 10 For people who are serious about mining

IN THIS ISSUE

 Nickel’s concentration problem  Astec Industries tracks new market participation  Arc Minerals builds momentum with two high-potential assets  Weir drives comminution performance through advanced wear technology  Gold: Why market dynamics are supporting long-term sector growth

COMMODITIES OUTLOOK 10 Nickel’s concentration problem GOLD 12 Gold: Why market dynamics are supporting long-term sector growth 15 World Gold Council launches Gold Dealer Assurance Standard COPPER 16 Unleashed: Arc Minerals builds momentum with two high-potential assets CRUSHING & SCREENING 22 Weir drives comminution performance through advanced wear technology 24 Multotec brings practical solutions, expertise and innovation MATERIALS HANDLING 26 Astec Industries tracks new market participation 30 Precision mass flow measurement in mining conveyors 32 Proven reliability in tough mining environments HEALTH & SAFETY 34 Fire safety- with the right equipment for the right environment TECHNOLOGY 36 Ten Insights into 4IR in South African Mining 2026

ODERN M INING OCTOBER 2026 | Vol 21 No 10 For people who are serious about mining

REGULARS MINING NEWS 4 Northam initiates strategic, competitive process DRDGOLD delivers strong FY2026 results as Vision 2028 takes shape 5 Cora Gold’s Sanankoro permit renewed Further high-grade lithium results from Lithium Ridge 6 Industry support advances rock engineering research in SA Royal Tyres and Ascenso to reshape mining tyre solutions across Southern Africa Astec commissions advanced ship loading system at Lüderitz Port 7 Enaex Africa takes South African innovation to the global stage 8 Omnia and Solar Group in R21.8 bn deal to power strategic growth

ON THE COVER Strong global demand is a key driver of current commodity market dynamics.

IN THIS ISSUE

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Shifting the balance of power T he global economic order is shifting — BRICS has now surpassed the G7 in purchasing power parity (PPP) metrics, signalling a massive shift in where economic power is concentrated. According to the IMF, the BRICS economies collectively

more accurately represents the relative size of continents. Spanning roughly 30.3 million km², Africa is the world’s second-largest continent. Its sheer scale is perhaps best illustrated by the fact that the United States, China, India, Japan, Mexico and much of Europe could all fit within Africa’s borders, with room to spare. Of note and interest is that the Equal Earth projection shrinks North America and the United States to their true proportional size compared to traditional maps, which subsequently prompted the US to cast the sole opposing vote at the recent United Nations resolution. And for a conquering power play - The final match of Rugby's Greatest Rivalry tour between the Springboks and the All Blacks, held in Baltimore, United States, had an attendance of 68 173 fans - a record crowd for a rugby international in the United States.

account for around $88 trillion in output, compared with approximately $62 trillion for the G7. At the turn of the century, BRICS was little more than a four-country alliance representing about a fifth of the global economy. Today, that powerhouse has grown into an 11-member bloc, accounting for about 40% of global GDP and almost half of the world’s population. More telling is the pace of growth. While the G7 is struggling along at roughly 1% a year, the BRICS economic engine is powering ahead at more than 4%. That gap is not simply widening the economic divide—it is reshaping the geopolitical landscape. According to IMF-based forecasts, the combined GDP (PPP) of the expanded BRICS bloc is projected to reach 1.6 times that of the G7 by 2031. As the bloc had reached a “coming of age” moment and called on the Global South to become a “rule- shaper” rather than simply accept rules set elsewhere. And for the mining industry, this matters enormously. The countries driving the strongest growth are also among those shaping the future demand for energy, metals and minerals. Perception is power – size matters Africans have long recognised the continent’s importance as a resource-rich engine of global modernisation, holding roughly 30% of the world's mineral reserves; however, for much of the world, an appreciation of Africa’s true scale and significance is only now just dawning. This shift was highlighted in early September when the UN General Assembly endorsed the Equal Earth projection as an alternative to the traditional Mercator map – a projection that continues to expand its reach, its influence on the global economic landscape is set to become harder to ignore. Speaking at the BRICS summit 2026, Indian Prime Minister Narendra Modi said BRICS

While the move to play in the US was primarily for financial gain and global market expansion, it showcased

home-grown talent to a new audience. Importantly, the

Speaking at the BRICS summit 2026, Indian Prime Minister Narendra Modi said BRICS had reached a “coming of age” moment and called on the Global South to become a “rule-shaper” rather than simply accept rules set elsewhere.

Springboks defeated the All Blacks 43-28 to secure a 3-1 victory in the Rugby's Greatest Rivalry series.

In this edition Our commodities focus shares insight on the gold market with Kavango Resources

Nelendhre Moodley.

Editor: Nelendhre Moodley e-mail: mining@crown.co.za Business Development Manager: Angela Devenish e-mail: angelad@crown.co.za Design & Layout: Ano Shumba Publisher: Karen Grant

highlighting how a supportive sector can help an emerging producer move from small-scale mining towards modern, scalable operations (pg 12). On the critical minerals front, Chris Showalter, CEO of Lifezone Metals, discusses Nickel's concentration problem (pg 10). On the copper front, Arc Minerals is building momentum at its two high-potential assets, hoping to unlock at least one Tier 1 copper deposit within the next few years. The company is fast-tracking exploration programmes across prime ground in Botswana and Zambia (pg 16). Weir, our lead story in the Crushing & Screening feature, discusses how it is driving comminution performance through advanced wear technology and aftermarket optimisation (pg 22). In the materials handling space, Astec Industries is tracking new market participation (pg 26). n

Deputy Publisher: Wilhelm du Plessis Circulation: Brenda Grossmann and Shaun Smith Published monthly by: Crown Publications (Pty) Ltd P O Box 140, Bedfordview, 2008 Tel: (+27 11) 622-4770 Fax: (+27 11) 615-6108 e-mail: mining@crown.co.za www.modernminingmagazine.co.za

Printed by: Tandym Print

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

Average circulation Q2 2026: 8 234

Local: 5 821 Africa: 2 413

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MINING NEWS

Northam initiates strategic, competitive process Northam Platinum’s board of directors have resolved to commence a strategic, competitive process to solicit proposals regarding value-accretive potential

transaction(s). The decision follows an unsolicited, exploratory, non-binding approach from a major producer in the South African platinum group metals (PGM) industry regarding a potential transaction with Northam involving what was broadly presented as an “asset-level transaction” or a “corporate transaction”. Crucially, the company’s growth profile coincides with a shrinking primary PGM supply, as the long lead times associated with developing new mines means that the decline in primary supply cannot be halted or slowed until well into the next decade. In the context of Northam’s exceptional growth prospects (including under Vision 2031) and management’s proven track record of delivering on strategic, operational and financial objectives, the board believes that the process will crystallise the company’s long-term value and strong industry position, for the benefit of the company, its shareholders and other stakeholders. In addition, the

Northam has exceptional growth prospects.

the Process or, alternatively, through continued investment in the company as it continues to execute on its growth objectives and deliver meaningful returns to shareholders. n

process will provide the company with increased optionality, thereby optimising shareholders’ investment value in the company, either through value-accretive transaction(s) which may emerge from

DRDGOLD delivers strong FY2026 results as Vision 2028 takes shape JSE-listed DRDGOLD ended FY2026 with stable production and materially higher earnings, as more than R5 billion invested in Vision 2028 began translating into new operating infrastructure and capacity. starting to come online and the next phase of DRDGOLD is beginning to take shape.” Vision 2028 is DRDGOLD’s approximately R10 billion programme to increase combined throughput at

ERGO and Far West Gold Recoveries (FWGR), lift annual gold production towards six tonnes by 2028 and extend FWGR’s life of mine. More than R5 billion has now been invested. n

Revenue increased by 42% to R11.2 billion, operating profit by 83% to R6.5 billion and headline earnings by 89% to R4.3 billion. Gold production remained stable at 4 839 kg, marginally ahead of FY2025 and above annual guidance. “This was a year of delivery,” said CEO Niël Pretorius. “We maintained production while investing at a level that is fundamentally reshaping the business, and we did that while remaining debt- free and continuing to return value to shareholders. “What is particularly encouraging is that we are now seeing that investment translate into operating capability. The infrastructure we have been building is

DRDGOLD ended FY2026 with stable production and materially higher earnings.

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Cora Gold’s Sanankoro permit renewed Cora Gold, the West African focused gold company, has announced that at a meeting of the Government of the Republic of Mali’s Council of Ministers,

held on 21 August 2026, the first interim renewal of the Sanankoro II exploration permit (south Mali) was approved. The Sanankoro II exploration permit covering an area of 84.11 km² was awarded on 02 March 2021. In due course, the area of the Sanankoro II exploration permit will form part of the permit area for mining operations at Cora’s flagship Sanankoro Gold Project. Bert Monro, CEO of Cora, commented, “The renewal of the Sanankoro II exploration permit is a part of an ongoing permit reshaping exercise, needed to get all mining infrastructure under one mining permit area, and a significant step towards being awarded a mining permit for Sanankoro. The next stage in this process is the renewal of each of the Bokoro II and Kodiou

Cora Gold receives renewal of the Sanankoro II exploration permit.

exercise to be completed and Cora’s application for a proposed 100 km² mining permit at Sanankoro to be progressed.” n

exploration permits which were not completed before the November 2022 moratorium came into effect. These renewals will then enable the reshaping

Further high-grade lithium results from Lithium Ridge AIM-listed Andrada Mining, a tin producer with a portfolio of critical metals mining and exploration assets in Namibia has announced the fourth batch of results comprising 14 Diamond Drill (DD) holes from the Lithium Ridge Project (LR). These results show significant high-grade lithium mineralisation along strike and continuity

at depth, alongside consistent tin and tantalum enrichment. This highlights the scale and robust polymetallic economic potential of the project as it is advanced in partnership with SQM International (SQM). Anthony Viljoen, Chief Executive Officer, commented: “Once again, these exceptional drill results confirm the world-class potential of our Lithium Ridge asset, which we are developing in tandem with our partners SQM. Intersecting over 24 metres at 2.00% Li₂O in drill hole LRD097 is a milestone achievement that fundamentally enhances the scale and grade profile of the asset, showing continued potential at depth. The persistent presence of high-grade tin and tantalum co-products, such as the 0.44% tin intersection over 7.49 metres in hole LRD041 indicates an economic advantage that sets Andrada apart from single-commodity lithium developers. These polymetallic credits have the potential to significantly reduce overall operating costs, validating our aggressive exploration focus and ultimately reinforcing Namibia’s position as a premier critical metal jurisdiction.” n

Andrada Mining receives further high-grade lithium results from Lithium Ridge.

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MINING NEWS

Industry support advances rock engineering research in SA

Royal Tyres and Ascenso join forces to reshape mining tyre solutions across Southern Africa

engineering research in South Africa has focused on the country’s gold mines. The layout challenges of the shallow mines in the Bushveld Complex for platinum group metals (PGMs), chromium and vanadium have largely been ignored. This Research Chair will therefore enable the Department’s research activities to be expanded to the Bushveld Complex and the Great Zimbabwe Dyke with the objective of advancing the country’s economy. Speaking on behalf of Prof Francis Petersen, the University’s Vice-Chancellor and Principal, Prof Wynand Steyn, Dean of the Faculty of Engineering, Built Environment and Informa on Technology, expressed his appreciation to Valterra Platinum for its valued support. “This Research Chair is an important vehicle to enable fundamental rock engineering research on the layouts and rock types found in these mines.” n

The support of Valterra Platinum to the University of Pretoria’s rock engineering research is enabling the Department of Mining Engineering in the Faculty of Engineering, Built Environment and Informa on Technology to strengthen its reputation as an international leader in this field and as a trusted partner in advancing knowledge that serves society. The Valterra Platinum Chair in Rock Engineering for the Bushveld Complex and Great Zimbabwe Dyke will provide funding for an initial period of three years for research in this field. The event was a celebrated on of the spirit of collaboration between industry and academia. It is anticipated to become a catalyst for groundbreaking discoveries, stronger partnerships and las ng impact that can improve mining safety, support economic growth and contribute to a more sustainable future in the southern African region. Traditionally, most of the rock

Akshay Patel, CEO, Royal Tyres.

Royal Tyres, the Durban-based South African tyre business with 87 years in the Southern African market, has entered a strategic partnership with Ascenso, the Indian-headquartered global tyre manufacturer, which will bring international mining tyre technology and engineering capability closer to customers across Southern Africa. With Ascenso’s giant ROTR range being launched ahead of Electra Mining Africa 2026, both companies will showcase their collaboration to mining and industrial customers. Founded in 2019 by the Mahansaria Group, Ascenso’s tyres are sold in more than 100 countries. Ascenso is now entering the high- performance mining segment with a full range designed for both underground and surface mining applications, covering large and ultra large all-steel radial OTR tyres. This expansion is backed by an investment exceeding US$100 million and a state- of-the-art manufacturing facility in India, reflecting Ascenso’s long-term commitment to the global OTR and mining market. For mining and industrial operators in the region, the partnership means greater access to global tyre expertise while benefiting from the local knowledge and support of an established regional business. Royal Tyres’ understanding of the operating conditions and requirements of the Southern African mining sector will complement Ascenso’s international product and engineering capabilities. “Ascenso brings significant global expertise in tyre development and engineering, while Royal Tyres understands the market, customers and operating environment in Southern Africa. Together, we can offer customers a stronger proposition backed by both international capability and local support,” says Akshay Patel, CEO, Royal Tyres. n

Annea Colliery delivers multi-million-rand water and sanitation infrastructure to communities

delivered infrastructure that will make a meaningful and lasting difference to households, providing them with clean, reliable water and improving access to essential sanitation services.” n

Thungela’s Annea Colliery completed two water and sanitation infrastructure projects benefiting rural communities within the Govan Mbeki Local Municipality, valued at more than R6.5 million. The projects form part of Annea’s Social and Labour Plan. Implemented in a phased approach, these projects will go a long way in improving access to clean and reliable water for residents in the municipality. Edrich Welthagen, general manager at Annea Colliery, said: “Access to proper sanitation is fundamental to the dignity, health and overall wellbeing of communities. This project responds directly to needs identified through consultation with residents and the Govan Mbeki Local Municipality as part of its Integrated Development Plan. We are pleased to have

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Enaex Africa takes South African innovation to the global stage

through the lens of new technology, the company is increasingly focused on how digital solutions, data and collaboration can strengthen safety, governance, sustainability and operational performance. The achievement also demonstrates the role cross functional teams can play in identifying industry challenges and developing scalable solutions. By bringing together different areas of expertise, Team Enaex Africa was able to explore the explosives value chain from multiple perspectives and develop an innovation with potential application beyond a single operation or market. Participation in the SDG Innovation Accelerator further provided an opportunity to consider the solution within the broader context of the United Nations Sustainable Development Goals and the role businesses can play in addressing sustainability challenges through commercially viable innovation. Representing South Africa at the global finals therefore marks an important milestone for the team and for Enaex Africa’s broader innovation journey. It also places South African mining expertise on an international platform,

Team Enaex Africa represented South Africa at the global finals of the SDG Innovation Accelerator for Young Professionals, showcasing Bright Trace.

by creating greater visibility throughout the explosives lifecycle and providing stakeholders with information that can support more effective oversight. The solution is designed to strengthen regulatory compliance and governance while improving transparency and accountability across the explosives supply chain. It also

Team Enaex Africa represented South Africa at the global finals of the SDG Innovation Accelerator for Young Professionals, showcasing Bright Trace, a solution designed to strengthen explosives traceability, governance and responsible mining practices. South African mining innovation has taken centre stage internationally, with Enaex Africa representing the country at the global finals of the United Nations Global Compact’s SDG Innovation Accelerator for Young Professionals. The Enaex Africa team progressed to the global stage after being selected as South Africa’s winning team, representing the UN Global Compact Network South Africa and demonstrating how locally developed innovation can address complex industry challenges while contributing to more responsible and sustainable business practices. At the centre of the team’s achievement is Bright Trace, an innovative solution developed to address one of the mining industry’s most critical operational and regulatory challenges: the end-to-end traceability of commercial explosives. Commercial explosives move through a highly regulated and complex supply chain, making visibility, accountability and traceability critical to both operational safety and regulatory compliance. Bright Trace seeks to strengthen this process

Representing South Africa at the global finals marks an important milestone for the team and for Enaex Africa’s broader innovation journey.

demonstrating that solutions

enhances risk management and operational oversight by creating a clearer

developed in response to local and regional challenges can have relevance far beyond their markets of

traceability framework around the movement and use of commercial explosives. A key component of the innovation is its potential to enable forensic traceability of explosive residues. This capability could provide valuable information following an incident, supporting more effective investigations and assisting relevant authorities with regulatory enforcement. For Enaex Africa, the development of Bright Trace reflects a broader approach to innovation that focuses on solving practical challenges within the mining and explosives industries. Rather than viewing innovation purely

origin. As mining companies face growing expectations around safety, transparency, governance and responsible business practices, solutions such as Bright Trace demonstrate how innovation can help the industry respond to these challenges while strengthening operational resilience. For Enaex Africa, taking Bright Trace from a South African innovation challenge to the global stage reinforces a simple principle: meaningful innovation starts with identifying a real problem and developing a practical solution capable of creating lasting impact. n

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MINING NEWS

Omnia and Solar Group in R21.8 bn deal to power strategic growth Omnia Holdings recently announced that Solar SA Investments (Solar SA), has made a firm intention offer to acquire all of Omnia’s issued shares in an all-cash transaction valued at R21.8 billion, through a scheme of arrangement.

Omnia Group CEO, Seelan Gobalsamy.

T he Offer is made by Solar SA a wholly owned subsidiary of Solar Overseas Mauritius (Solar Mauritius), which in turn is a wholly owned subsidiary of Solar Industries India (Solar). The combination aligns with Omnia’s strategy to strengthen and grow its businesses, build a scaled global mining solutions platform, and expand its sustainable agriculture offering. The transaction is expected to accelerate growth across Omnia’s mining and agriculture businesses through enhanced technology, R&D, innovation, scale, market access and customer reach. It will also strengthen manufacturing and supply chain capabilities, enhance resilience, and unlock scale- driven opportunities. Solar is listed on the National Stock Exchange of India and BSE with a market capitalisation of approximately c.R340 Billion (US$21 billion). It is a globally recognised industrial manufacturer operating two primary divisions: (i) Industrial Explosives, which provides packaged and bulk explosives and initiating systems to the mining, infrastructure and large-scale housing sectors and (ii) Defence and Aerospace, which manufactures a broad range of defence products. Solar serves customers in more than 90 countries, and it possesses an international manufacturing footprint spanning 11 countries. Solar SA is an indirect wholly owned subsidiary of Solar. At R134.50 per share, the proposed transaction provides shareholders with the opportunity to realise the value of their investment at a premium, having regard to Omnia’s business

plan, prospects and associated commercial and execution risks. The cash consideration represents a premium of 30.98% to Omnia’s closing share price of R102.69 on 10 September, being the last day prior to the date of the Cautionary Announcement and 35.73% to its 30-day VWAP of R99.09 up to and including 10 September. It also represents a premium of 70.69% to Omnia’s closing price of R78.80 on 31 December 2025. Following extensive due diligence and negotiations, the Omnia Board, subject to its legal and fiduciary duties, intends to recommend the Scheme to shareholders. The proposed transaction has secured broad shareholder support and is backed by an irrevocable unconditional bank guarantee for the cash consideration. Omnia Group CEO, Seelan Gobalsamy, comments: “This is an important milestone in Omnia’s 73-year history. Built on a proud South African heritage and entrepreneurial spirit, Omnia has grown from an agriculture business into a diversified international group, drawing on decades of expertise and innovation to build businesses such as BME, and take South African innovation, expertise and capability to markets around the world. That same entrepreneurial spirit is reflected in Solar group, which has grown from a single-site business in India into a leading international industrial group. Bringing together Omnia’s manufacturing and supply capabilities, technology, brands and customer relationships with Solar group’s scale, R&D capabilities, commercial reach and international presence creates a powerful platform to accelerate BME’s ambition

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Blasts are carefully designed and timed to optimise rock fragmentation.

its people and its long-term prospects. We look forward to welcoming Omnia’s talented teams to the Solar Group, building on what they have already achieved and unlocking the next chapter of shared growth.” A broader platform for customers and growth The proposed transaction creates opportunities across the combined group to share technology and R&D, strengthen the integrated manufacturing and supply-chain platform and enhance commercial resilience. Through access to new technology and innovation, greater scale, new and growing markets, and an expanded customer offering, the combination will support faster growth across Omnia’s businesses and create greater value for all stakeholders. In Mining, BME’s digital blasting technologies, including AXXIS®, and integrated ammonium nitrate capability complement Solar group’s manufacturing scale, initiating-systems capabilities and international footprint, supporting Omnia’s ambition to create a global mining solutions business of scale. In Agriculture, Omnia’s leading SADC business, trusted brand, differentiated product portfolio, Nutriology® model and growing international biostimulants platform can leverage Solar group’s presence to expand market access and support the combined company’s broader growth and diversification ambitions. South Africa The proposed transaction reflects significant inward foreign direct investment and confidence in South Africa’s economy and the prospects of its mining, agriculture and manufacturing sectors. The acquirer recognises the importance of B-BBEE and public- interest considerations and Omnia’s broader role in South Africa. It intends to support Omnia’s continued contribution to economic transformation, inclusive growth and sustainable development. They are also committed to the continued development of Omnia’s employees through skills development, technology and R&D transfer, and broader international exposure. Until the completion of the proposed transaction, Omnia and Solar group will continue to operate independently with a continued focus on customers. The proposed transaction remains subject to Omnia shareholder and regulatory approvals, and the other Scheme Conditions set out in the firm intention announcement. n

Operators worldwide are turning to integrated explosives and blasting solutions to deliver more predictable and efficient outcomes.

to become a global mining solutions business of scale. It also provides opportunities to expand Omnia’s sustainable Agriculture solutions into new markets. Importantly, matched with Solar group’s track record in South Africa and across the globe, the proposed transaction accelerates the execution of our growth strategy, building on the strength of our businesses, technology, brands and people, while giving them greater scale, reach and opportunity. We believe the combination positions Omnia’s businesses strongly for their next phase and provides an opportunity to take what has been built in South Africa onto an even larger international stage.” Manish Nuwal, Chief Executive Officer of the Solar Group, said: “Omnia is a high-quality business we have long admired, with leading positions in mining and agriculture, differentiated technology and brands, and deep customer relationships built over many years. We have great respect for what the Omnia team has created and see significant potential to build on these strengths as part of the Solar Group. The proposed transaction represents an important step in our international growth ambitions. BME brings a strong global mining platform and leading technology in electronic initiation systems that complement our existing industrial explosives business, while Omnia Agriculture provides Solar group with an established position in integrated crop nutrition and biologicals - an attractive sector underpinned by the long-term importance of food security, sustainable agriculture and farm productivity. Solar SA’s offer reflects the confidence in Omnia’s business,

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NICKEL

A view of the Kabanga Nickel Project footprint.

Nickel’s concentration problem By Chris Showalter, CEO of Lifezone Metals

Over the past several years, critical minerals security has become an increasingly urgent policy priority for many countries. Dozens of governments now have dedicated critical minerals strategies. In February of this year, the US hosted a Critical Minerals Ministerial convening delegations from 54 countries and the country signed numerous critical minerals agreements over the last 12 months. Similarly, in the EU, the Critical Raw Materials Act, which came into force in May 2024, establishes critical minerals supply as a strategic priority for the bloc.

N ickel is one of the minerals classified as critical by the US, the EU and many other jurisdictions. It is a vital ingredient in stainless steel, which has key applications in chemical and food processing, transportation, and construction, while increasingly nickel is used in electric vehicle batteries, and other cutting-edge technologies like superalloys used in aerospace and clean energy, like wind and solar infrastructure. As a general rule, nickel-containing

supply today. Moreover, many Indonesian miners and processors are Chinese-owned or Chinese-financed, giving China significant direct and indirect influence over the global nickel supply chain even where production itself sits outside its borders. With the supply depending so heavily on Indonesia, Indonesian government policy has become a major driver of nickel supply and price. Over the past 12 months alone, the government has made several policy moves

which have contributed to reduced supply and increased prices. In October 2025, Indonesia’s mining ministry issued a new regulation that shortens the validity of mining production

alloys shine in almost all high-heat and anti-corrosion applications. The metal’s supply, however, currently lacks the geographical diversification needed to ensure that production is secure and sustainable, a key requirement for any global supply chain. This makes it a real source of risk and price volatility for manufacturers, governments and investors alike. Global nickel supply is completely dominated by a small number of countries, in particular

quotas to one year from three years. Then, in December, the government announced that it would reduce 2026

The Kabanga Project comprises one of the world’s largest and highest-grade nickel sulphide deposits with 2.7 billion pounds worth of contained nickel equivalent metal in Measured and Indicated Resource at a grade of more than 2%, plus by-products.

nickel production quotas from 379 million tonnes in 2025 to 250-260 million tonnes in 2026. These policy shifts are evolving but contributed to a substantial market reaction with the LME three-month nickel rising from approximately $14 235 per tonne in mid- December 2025 to $18 905 per tonne on 14 January 2026. This concentration risk extends beyond mining itself,

Indonesia, and this concentration has increased dramatically since the turn of the decade. Whilst in 2020 Indonesia accounted for 31.5% of global nickel supply, today this figure has increased to over 60%. It is likely that in a couple of years, Indonesia will produce more than 70% of global nickel supply. Add the Philippines, the second-largest supplier, and the two countries account for almost three-quarters of global

to other parts of the nickel supply chain, such as the sulphur required for nickel processing. Indonesia imported 5.35 million tonnes of sulphur in 2025 and 75% of the imported sulphur comes from the Middle East. Most of these shipments pass

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Kabanga camp.

Drillcore showing nickel sulphide mineralisation from Kabanga.

through the Strait of Hormuz before travelling to Indonesia. As a result of the conflict in the Middle East this year, sulphur supplies were disrupted, sharply raising costs for Indonesia’s nickel producers. HPAL producers in Indonesia, which had been at the bottom of the cost curve, were forced to cut production by up to 50%. All this put together has improved the outlook for nickel prices substantially. This year’s landslide at the Morowali industrial park is a further case in point. In February 2026, a landslide hit a mine waste zone at a nickel processing hub managed by PT Indonesia Morowali Industrial Park, the largest nickel-processing hub in Indonesia, sweeping away excavators and bulldozers and killing one contractor. IMIP halted operations at the site while authorities investigated. It was not an isolated incident and the same tailings area had suffered a fatal landslide the previous year. A single site, built to process a large portion of the world’s nickel supply, has produced a recurring pattern of failures capable of halting output that manufacturers thousands of miles away have no alternative source for. As such, there is a great need to diversify nickel supply away from Indonesia to other countries and suppliers to reduce these risks. High-grade nickel deposits exist outside Indonesia. Financing and long development timelines remain the real barrier, not geology. Take the Kabanga Nickel project in Tanzania, owned by Lifezone Metals. The Kabanga Project comprises one of the world’s largest and highest-grade nickel sulphide deposits with 2.7 billion pounds worth of contained nickel equivalent metal in Measured and Indicated Resource at a grade of more than 2%, plus by-products. More than $400 million has already been invested in the project and the final investment decision is expected in the first quarter of 2027. Kabanga shows that world-class, cost-competitive nickel supply outside Indonesia is possible in partnership with its host country. Governments are increasingly backing the shift to diversify supply with policy and capital. The US-led Forum on Resource

First ever nickel, copper and cobalt refined metals produced by Hydromet from Kabanga source material at Lifezone’s laboratory in Perth, Australia.

Drillcore showing nickel sulphide mineralisation from Kabanga.

Geostrategic Engagement (FORGE), which brings together dozens of partner countries, aims to fund and facilitate project development to promote critical mineral supply chain security and diversification. In addition, earlier this month, the White House convened executives from across the US critical minerals industry and President Donald Trump recently unveiled $3 billion in new critical minerals investment. The diversification of nickel supply needs to be seen as an urgent priority. Diversified, Western-backed nickel supply will give manufacturers and governments greater supply chain resilience. The sooner that nickel diversification happens, the less exposed the world will be to the next shock in Jakarta or in the Strait of Hormuz. n

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GOLD

Gold has long occupied a unique position in the global financial system, and unlike most mainstream commodities, its value extends well beyond industrial uses. The metal also serves as a store of wealth, a potential hedge against inflation, and a safe-haven asset during periods of economic uncertainty. Today, as geopolitical tensions remain high, inflation stays elevated in many countries, and central banks continue to add to their reserves, the metal is once again demonstrating its strategic importance. Gold’s outlook: Why market dynamics are supporting long-term sector growth

Tailings Storage Facility at Hillside.

According to the World Gold Council, central banks have collectively purchased more than 1 000 tonnes of gold annually for three consecutive years, marking the strongest sustained period of official-sector buying on record.

G old reached successive

investment and central-bank buying. According to the World Gold

record highs during 2025, rising by an average of 44% year-on-year according to

Council, central banks have collectively purchased more than 1 000 tonnes of gold annually for three consecutive years, marking the strongest sustained period of official-sector

Metals Focus and crossing the $4 500/ oz threshold in December. After exceeding $5 500/oz in January 2026, prices have corrected and stabilised throughout 2026. Short-term price movements remain sensitive to interest-rate expectations and currency markets. Still, the broader demand picture is resilient: total annual demand exceeded 5 000 tonnes for the first time in 2025. It reached a record 2 522 tonnes in H1 2026, driven largely by safe-haven

buying on record. As countries diversify their reserve holdings away from traditional currencies, gold’s role as a strategic asset is being reinforced by an increasingly fragmented geopolitical environment. Investment demand has also remained resilient. Periods of market volatility, ongoing geopolitical conflicts, and persistent

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fundamentals. However, as demand continues to strengthen, the global gold industry faces an increasingly strained discovery pipeline. According to S&P Global, the number of large-scale new gold discoveries has declined significantly over the past two decades despite record exploration expenditure. Existing operations are also encountering declining ore grades, increasing technical complexity, and rising operating costs, making it more difficult to replace depleted reserves through discoveries alone. Similarly, the time it takes to bring a new gold project from initial discovery through permitting, financing, construction, and commercial production is increasing according to S&P Global, heightening both capital requirements and project timelines. Whilst recycling provides an important secondary source of supply, this increased by only 2.8% in 2025 according to Metals Focus. Primary mine production remains essential to meeting future demand, placing greater strategic value on companies capable of bringing new supply into production. Against this backdrop, LSE and VFEX- listed Kavango Resources offers a timely example of how a supportive gold market can help an emerging producer move from small-scale mining towards modern, scalable operations. The company’s Zimbabwean strategy is centred on Hillside, where existing output, defined resources and new processing capacity are beginning to come together. Within Zimbabwe’s highly prospective Filabusi Greenstone Belt, Kavango’s production. Kavango has taken a phased approach to development, starting first with the development and upgrade of mining at the existing Bill’s Luck underground to support processing capacity growth. At Hillside, optionality exists in the form of three additional prospects – Nightshift, Steenbok and Britain – all hosted within the same gold- bearing deformation zone, with potential for both open-pit and underground mining. During August 2026, the company announced the successful installation and commencement of commissioning at its 50 tonne-per-day gold processing plant, after processing commenced in July. wholly owned Hillside project is advancing towards commercial

50 tpd proof-of-concept proccessing plant at Hillside.

Diamond drill core from Hillside.

the Middle East where gold maintains deep cultural and economic significance. Despite jewellery consumption falling by 18% in 2025 due to record-high gold prices, total spending value rose to a record $172 billion according to the World Gold Council, showing sustained demand. Similarly, technological applications including electronics, medical devices, and aerospace provide a further source of industrial demand, strengthening the metal’s long-term

inflation have encouraged investors to increase their holdings in safe-haven assets. Whilst equities and other higher risk assets remain sensitive to interest rate changes and economic growth forecasts, gold continues to provide portfolio diversification. Beyond investment demand, the physical gold market remains well supported. Jewellery consumption continues to highlight significant global demand, particularly across Asia and

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

GOLD

Newly established on-site laboratory at Hillside.

most prospective yet underexplored gold regions. More than 90% of the country’s gold production originates from these belts, but they remain significantly less explored by companies using modern exploration technologies. For Kavango, this creates a clear opportunity at Hillside: modern exploration can expand the resource base while the new processing plant is the first step in establishing a route to commercial production and company free cash flow In a strong gold-price environment, successful commissioning, stable recoveries and disciplined cost control could allow Kavango to grow mineable inventory and scale production over time.

The plant is intended as a proof-of-concept operation, with all feed material is sourced from Kavango’s Bill’s Luck underground prospect, including stockpiled and freshly milled gold-bearing sands. Kavango plans to follow a phased approach, gradually building processing capacity at the plant with the objective of ultimately reaching commercial production and free cash flow, as the other projects continue to advance to mine planning stage. Material is now being processed through the crushing, milling, gravity concentration, and carbon-in-leach circuit, with the fully equipped on-site laboratory established to support plant optimisation, mining, and exploration

Kavango also offers investors exposure to copper and other base metals via its Botswana exploration portfolio, adding further diversification to its exploration portfolio. Kavango holds a significant and prospective land package in the south in the form of the Kalahari Suture Zone, suggested to be Norilsk-style deposit, and Ditau, an IOCG-style anomaly. Copper’s long- term investment outlook continues to strengthen as electrification and AI transform global infrastructure up-and-coming Kalahari Copperbelt, as well early-stage projects further

activities. This proof-of-concept plant supports the advancement of Hillside towards commercial production, with Bill’s Luck Underground hosting a JORC-compliant Mineral Resource of 33 900 ounces of gold at 2.68g/t and metallurgical test work indicating expected operating recoveries of 90-93%. The knowledge gained by the company during this phase will support its plans to expand processing capacity and accelerate production growth across the wider Hillside project. An additional prospect within

During August 2026, Kavango Resources announced the successful installation and commencement of commissioning at its 50 tonne-per-day gold processing plant, after processing commenced in July.

and drive demand, and this provides Kavango’s investors with access to two highly sought after commodities. Gold continues to attract capital as a safe-haven asset during periods of financial uncertainty, whilst copper is increasingly viewed as delivering both near-term production growth and longer-term exploration upside. As structural demand for both precious metals and critical minerals continues to strengthen, companies capable of combining production, exploration, and disciplined execution are becoming increasingly well positioned to benefit from this landscape. With 21% of its shares listed on the VFEX, Kavango’s gold production strategy in Zimbabwe creates a diversified platform for long-term growth and sustainable shareholder value. The company’s district-scale copper exploration in Botswana means it will also benefit from both the favourable gold market and growing demand for critical minerals, creating multiple routes to value creation across its portfolio. n one of the key enabling materials of various industries. Kavango is building a scalable business capable of

Hillside is Nightshift, where the maiden JORC-compliant MRE confirms an open- pit resource of 20,000 ounces of gold at an average grade of 0.86g/t. This indicates that it contains sufficient mineralisation to support short-term open pit mining, with further drilling planned to extend the resource along strike. Elsewhere, Kavango’s Nara project is located within the Filabusi Greenstone Belt approximately 25 km away, offering further longer-term optionality. Combining historic gold production with opportunities for near-term revenue generation, through both underground mining and tailings processing, creating additional cash flow capable of supporting future growth. With historical production of 90 000 ounces from four past-producing mines, the company’s emphasis on generating early revenue while continuing exploration differentiates its approach from many traditional junior explorers, and the geological setting further strengthens Kavango’s long-term opportunity. The broader geological context reinforces the wider opportunity. Zimbabwe’s greenstone belts remain among Africa’s

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

World Gold Council launches Gold Dealer Assurance Standard The World Gold Council launched the Gold Dealer Assurance Standard (GDAS)TM, a new global framework designed to strengthen trust and transparency in the retail gold market. Developed in consultation with industry and with support from the British Standards Institution (BSI), the Standard is a set of globally recognised best practices for gold dealers. L ater this year, BSI will launch the Gold Dealer Assurance Programme (GDAP) TM , giving gold dealers and wholesalers the opportunity to be assessed against the Standard. Once GDAP opens, independent accredited auditors will assess participating gold dealers across eight core areas, including fairness and integrity, regulatory compliance, and responsible

sourcing. Dealers that successfully complete the voluntary assessment demonstrate their commitment to high standards of governance, customer protection and responsible business practices. Retail investors purchase around 1 200 tonnes of gold bars and coins annually, representing approximately 25% of global gold

demand. Bar and coin demand reached a 12-year high in 2025, demonstrating the resilience of physical gold investment even amid record gold prices. However, World Gold Council research indicates that trust is one of the biggest barriers for investors considering gold. If the industry adopts the new Standard and assurance

Improving trust in gold is essential to maintaining strong demand across retail and all sectors of the market.

framework, it will help address this trust gap by giving investors greater confidence when purchasing gold and establishing a consistent benchmark for reputable dealers worldwide. David Tait, Chief Executive Officer, World Gold Council, said: “Improving trust in gold is essential

to maintaining strong demand across retail and all sectors of the market. The Gold Dealer Assurance Standard is our latest initiative to build greater trust in gold and, for the first time, establish a globally recognised benchmark for responsible business practices across the retail gold market. By providing independent assurance against consistent standards, we believe it will help strengthen consumer confidence, support reputable dealers and raise standards across the industry. The World Gold Council expects the Gold Dealer Assurance Standard to become the reference point for investors seeking trusted providers of physical gold, while supporting dealers with an internationally recognised framework that demonstrates operational excellence and responsible business practices.” Susan Taylor Martin, Chief Executive, BSI, said: “It is fantastic to see the Gold Dealer Assurance Program come to life, especially after so much input and collaboration with the industry along the way. This is a vital step towards giving investors greater confidence in the businesses they choose to buy from, boosting

The World Gold Council recently launched Gold Dealer Assurance Standard.

an important global market. Assurance to this scheme will show that gold dealers have demonstrated a clear commitment to doing business responsibly and putting customers first.” BSI will independently operate GDAP. It will conduct audits, make assurance decisions, and award the GDAP trust mark to dealers that pass the audit. It will launch the audit programme in the fourth quarter. n

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