Africa's Minerals Must Power Africa: Mining Indaba Calls for Boost in Intra-Continental Trade

Africa's Minerals

AfCFTA, regional value chains, and self-defined priorities take center stage in reshaping Africa’s mineral future

Africa holds nearly a third of the world’s critical mineral reserves—yet trades only 16% of those within its own borders. At the 2025 Mining Indaba conference in Cape Town, ministers, economists, and industry leaders called for a new era of intra-African trade and industrialisation, urging the continent to redefine critical minerals based on African needs—not Western frameworks.

South Africa’s Minister of Mineral and Petroleum Resources, Gwede Mantashe, emphasized that African countries must resist the external dictates that dominate the global critical minerals conversation. Instead, he said, Africa should set its own criteria and align its mineral strategies with industrial development goals.

With abundant reserves of cobalt, copper, manganese, and graphite, Africa is in a strategic position to power the global energy transition. However, exporting raw minerals without regional beneficiation limits Africa’s economic growth. That’s why the African Continental Free Trade Area (AfCFTA)—the largest free trade agreement globally—is being hailed as a turning point for the continent.

AfCFTA Key to Building African Mineral Value Chains

The AfCFTA, covering 54 countries and a combined GDP of $3.4 trillion, offers a platform to strengthen regional supply chains. According to Solomon Quaynor of the African Development Bank (AfDB), building regional value chains will help countries meet domestic needs before focusing on exports to regions like the EU—especially with the rise of barriers such as the carbon border adjustment mechanism.

He stressed that industrialisation cannot succeed in isolation. Infrastructure and cross-border trade corridors are essential to achieving scale, efficiency, and competitiveness. A strong example is the joint electric vehicle and battery economic zone being developed between Zambia and the Democratic Republic of Congo. This initiative aims to position Africa as a global player in the battery metals industry.

Finance, Infrastructure, and Strategy Must Align

Improved infrastructure and connectivity will underpin the success of intra-African trade. Institutions like the African Export-Import Bank (Afreximbank) are stepping in with special funds to support countries and companies during this transition. Afreximbank is offering financing, technical assistance, and grants to reduce risk and unlock trade bottlenecks.

Kanayo Awani, Executive Vice-President for Intra-African Trade at Afreximbank, made it clear: critical minerals should serve Africa’s prosperity—not just feed distant supply chains. Redefining trade terms will ensure that mineral wealth accelerates industrialisation, reduces poverty, and supports long-term economic independence across the continent.

Africa’s future lies in mining for Africans first—building regional markets, investing in processing, and growing industries that transform raw minerals into manufactured goods on African soil.

Implats PGM Output Holds Steady as Zimbabwe Strength Offsets South African Pressure

Implats

Implats PGM output remained broadly stable in the first half of its 2026 financial year, showing how diversified production can protect group performance even when key South African mines weaken. Total group 6E production rose by just 0.8pc to 1.798mn oz, while managed operations increased by 1pc year on year. As a result, Implats PGM output held close to last year’s level despite clear pressure at several individual assets.

This stability matters because the platinum group metals market is entering a more sensitive phase. Global PGM prices have strengthened over the past six months, supported by tight mine supply, resilient demand, and stronger precious metals sentiment under geopolitical uncertainty. Therefore, even near-flat production from a major producer like Implats carries significance for the wider market.

The performance also highlights a familiar regional divide. South African operations at Rustenburg and Marula both posted declines, while Zimbabwean output at Zimplats expanded strongly. Meanwhile, Impala Canada saw lower output because of planned tapering. Consequently, Implats PGM output now reflects a portfolio where growth outside core South African assets is becoming more important.

Zimbabwe PGM Growth Is Supporting Group Stability

Zimbabwe PGM growth provided the strongest positive contribution in the period. Zimplats lifted 6E production by 13pc year on year to 317,000oz, making it the clearest bright spot in the group’s first-half results. That increase helped offset weaker output from South African mines and lower volumes in Canada. As a result, Zimbabwe continues to strengthen its role inside the Implats production base.

This shift matters because South African PGM production is no longer carrying the group as comfortably as before. Rustenburg production fell by 2pc to 888,000oz, while Marula declined by 4pc to 97,000oz. These are not catastrophic drops, but they reinforce the operational pressures still facing mature South African mining assets. Therefore, Zimbabwe PGM growth is not just helpful. It is increasingly strategic.

The contrast also reflects a broader industry theme. Investors and market participants are paying closer attention to which PGM producers can hold volumes steady without relying too heavily on aging or more difficult assets. In that context, Implats PGM output looks more resilient because its growth is not coming from one region alone. Meanwhile, a more balanced geographic mix can improve flexibility if operating conditions worsen elsewhere.

Global PGM Prices Are Improving the Revenue Picture

Global PGM prices are now giving producers a more supportive revenue environment. Implats reported sales revenue of R33,250 per 6E oz sold, up 39pc year on year. The improvement came mainly from a stronger US dollar PGM basket price, although some of that benefit was offset by the appreciation of the South African rand. Consequently, earnings leverage is improving even when production growth remains limited.

That revenue uplift is important because PGM producers have spent several years operating under uneven price conditions and cost pressure. When output growth is limited, stronger basket prices become even more valuable. Therefore, the latest pricing backdrop may matter more for profitability than the near-flat production number alone.

The next question is whether price support can last. Tight mine supply and steady demand are constructive, but PGM markets are still highly sensitive to macro conditions, auto-sector demand, and investor sentiment toward precious metals. As a result, Implats enters the second half with a more favorable price environment, but not without risk. Even so, the combination of steady Implats PGM output and higher realized prices puts the group in a firmer position than the headline production number might suggest.

The Metalnomist Commentary

Implats did not deliver dramatic production growth, but that may not be the most important part of this result. What matters more is that the company held volumes steady while price conditions improved and Zimbabwe delivered real support. In the current PGM market, stable output with stronger basket pricing can be more valuable than chasing marginal volume growth.

ReElement South African Antimony Contract Extension Strengthens Defense Supply Chain

ReElement

ReElement South African antimony contract received a significant extension as American Resources and its subsidiary ReElement Technologies expanded their existing five-year antimony agreement to ten years with an undisclosed South African mineral supplier. The ReElement South African antimony contract extension positions the US company to process 500 metric tonnes monthly of stibnite ore initially, with expected revenues of at least $29 million annually from contracted volumes, addressing critical supply chain vulnerabilities following China's antimony export restrictions.

Strategic Timing Capitalizes on Chinese Export Restrictions

ReElement South African antimony contract expansion comes at a critical juncture following China's December 2024 ban on antimony exports to the United States, alongside germanium and gallium restrictions. The partnership initially targets 1,000 metric tonnes per month of antimony-bearing ore with potential for significant volume expansion based on market demand and offtake agreements. ReElement confirmed the ore quality exceeds 50% antimony concentration, indicating high-grade material suitable for defense and commercial applications.

Meanwhile, ReElement demonstrated advanced refining capabilities achieving greater than 99.7% pure antimony(III) sulfide from antimony ore at its central Indiana facilities. The company will process stibnite ore into ultra-pure antimony(III) sulfide or antimony(III) oxide using proprietary refining technology. These compounds serve critical applications in ammunition production, missile manufacturing, flame retardants, batteries, and solar panels across defense and commercial sectors.

Market Fundamentals Support Long-Term Growth Strategy

However, the global antimony(III) oxide market provides substantial growth opportunities with 2023 valuations reaching approximately $852 million. Market analysts project compound annual growth rates of 4.9% through 2034, potentially reaching $1.43 billion total market value. Antimony trisulfide applications in military ammunition and antimony trioxide usage in flame retardants drive sustained demand across defense and commercial markets.

Therefore, the ten-year agreement with automatic renewal provisions supports long-term supply agreements while generating stable revenue streams for ReElement's operations. Initial tolling revenues from the first phase are projected to exceed $29 million annually, with substantial growth potential aligned with rising domestic demand for critical minerals. The extended contract duration delivers enhanced value for all stakeholders including commercial and defense customers requiring secure antimony supplies.

Domestic Processing Capabilities Address National Security Priorities

Furthermore, ReElement's antimony refining expansion aligns with broader US critical minerals supply chain security initiatives. The company operates as part of American Resources Corporation's integrated approach to critical mineral processing, focusing on rare earth elements, lithium, and now antimony refining capabilities. ReElement's Marion, Indiana facility provides the foundation for scaling antimony operations while evaluating additional domestic and international processing sites.

As a result, the partnership addresses urgent national security requirements for domestically produced antimony compounds essential to defense applications. Mark Jensen, CEO of American Resources and ReElement, emphasized the strategic importance: "China's recent ban on exports of antimony, germanium and gallium accelerated this opportunity, allowing us to showcase the versatility, scalability and flexibility of our technology on a global scale - filling the supply gap now present in the United States and other allied nations."

The Metalnomist Commentary

ReElement's antimony contract extension exemplifies how US critical minerals companies capitalize on Chinese export restrictions to establish alternative supply chains, particularly important given antimony's essential role in defense applications where supply security outweighs cost considerations. The partnership's focus on high-grade South African ore combined with domestic processing capabilities creates a vertically integrated approach that addresses both economic and national security objectives in the evolving critical minerals landscape.

Bushveld Mineral

South African Output Cuts to Boost China's Vanadium-Nitrogen Exports

Rising Exports Driven by Lower South African Production and Strong US Demand

China’s vanadium-nitrogen exports are expected to see significant growth in 2025, primarily due to output cuts from a major South African producer, increasing demand from the US, and strong export interest from Chinese producers. Market participants anticipate a boost in global vanadium-nitrogen trade, benefiting China’s export numbers.

Impact of South African Output Cuts on Global Vanadium-Nitrogen Supply

South African vanadium-nitrogen production has been notably impacted by ongoing equipment maintenance at Bushveld Minerals Vametco plant. From mid-December to March 2025, the plant will operate at reduced capacity due to a cash shortage. In 2024, Bushveld’s production fell by 19%, amounting to 1,387 tonnes. This reduction in South African output is expected to continue in 2025, with the producer operating at low run rates due to negative profit margins. Consequently, China is positioned to capitalize on these cuts by increasing its exports.

Global vanadium-nitrogen alloy production is heavily concentrated in China and South Africa, with other countries lacking the necessary technology due to intellectual property restrictions. While European and US steel mills often prefer using ferro-vanadium (80% grade) over vanadium-nitrogen, China’s export increase in vanadium-nitrogen reflects changing dynamics in the alloy market.

Surge in China’s Vanadium-Nitrogen Exports and US Market Demand

China’s vanadium-nitrogen exports more than doubled in 2024, reaching 2,523 tonnes, up from 945 tonnes in 2023. This growth can be attributed to South Africa’s lower output and China’s expanded export activities. Notably, in December 2024, China’s vanadium-nitrogen exports surged five-fold to 377 tonnes, compared to just 67 tonnes a year earlier.

The US was the largest buyer of Chinese vanadium-nitrogen in 2024, importing 892 tonnes, more than double the 335 tonnes purchased in 2023. Canada also saw a dramatic increase in imports, with 323 tonnes imported, a more than five-fold rise from 60 tonnes in 2023. India’s demand also increased by 69%, reaching 317 tonnes in 2024. The US demand for vanadium-nitrogen is expected to continue to rise, as the US government, under President Trump, has pledged to boost domestic construction activities, which will likely increase the demand for steel alloys.

Export Prices and Market Dynamics

Chinese export prices for vanadium-nitrogen are currently in the range of $20.30 to $21 per kilogram, lower than European prices of $23.80 to $24.20 per kilogram. Chinese smelters are more inclined to sell to overseas markets to address domestic oversupply issues. In 2024, China produced 41,500 tonnes of vanadium-nitrogen, surpassing domestic steel mills' consumption of 34,800 tonnes. However, some alloy smelters reduced production from 2023 levels due to negative profit margins and weaker steel demand.

Ivanhoe QIA $500mn funding strengthens African critical minerals pipeline

Ivanhoe Mines

The Ivanhoe QIA $500mn funding will inject fresh capital into one of Africa’s most important critical minerals portfolios. Ivanhoe Mines plans to raise $500mn from the Qatar Investment Authority through a 57.5mn share issue. As a result, the Ivanhoe QIA $500mn funding will support exploration, development and mining across copper, zinc, PGMs and other critical minerals in southern Africa.

Ivanhoe QIA $500mn funding underpins growth after Kamoa-Kakula setback

The Ivanhoe QIA $500mn funding gives the Canadian miner balance sheet strength at a sensitive moment. Ivanhoe will issue new shares at C$12 each, equal to about 4pc of its total equity. Therefore, the QIA secures a meaningful strategic foothold in a multi-asset African growth story.

Capital will help offset the impact of weaker guidance at the flagship Kamoa-Kakula copper complex in the DRC. The project now expects 370,000–420,000t of copper in concentrate this year. This range is almost 30pc below the initial 520,000–580,000t outlook, after Ivanhoe suspended mining in some areas because of seismic activity. However, Kamoa-Kakula remains one of the world’s lowest-cost, largest-scale copper growth engines.

Funding supports broader African critical minerals portfolio

The Ivanhoe QIA $500mn funding will not only stabilise Kamoa-Kakula but also advance other key assets. Ivanhoe intends to channel part of the proceeds into exploration and development of “critical minerals” across its portfolio. This portfolio includes copper, zinc, lead, germanium and platinum group metals.

In the DRC, the Kipushi mine has restarted as a zinc-copper-lead-germanium operation. The asset offers high-grade feed into markets sensitive to supply disruptions and ESG performance. Meanwhile, in South Africa, the Platreef project is moving toward first production in the fourth quarter. Platreef will add large-scale PGM, nickel and copper output, reinforcing Ivanhoe’s exposure to energy transition and automotive catalysts.

By backing this broader platform, the QIA diversifies beyond a single copper asset. Therefore, the Ivanhoe QIA $500mn funding represents a long-term bet on Africa as a core supplier of critical minerals. It also highlights the growing role of Gulf sovereign wealth in shaping mining capital flows.

The Metalnomist Commentary

QIA’s entry confirms Ivanhoe’s position as one of the most strategically important miners in the African copper and critical minerals space. The funding cushions near-term production setbacks while keeping long-dated projects like Platreef and Kipushi on track. Market participants should watch how quickly Ivanhoe converts this capital into stable output growth, especially as copper markets tighten and geopolitical competition for African resources intensifies.

Glencore-Merafe Ferro-Chrome Retrenchments Delayed as Energy Talks Continue

Merafe

Glencore-Merafe ferro-chrome retrenchments were delayed until 9 April as the joint venture continued discussions with Eskom and the South African government over energy pricing. The extension gives South Africa’s ferro-chrome sector another brief window to seek relief from high power costs.

The Glencore-Merafe ferro-chrome retrenchments had already been extended from 31 March before the latest delay. Merafe Resources, the junior partner in the joint venture with Glencore, said the new extension came at Eskom’s request.

The decision highlights the severe pressure on South African ferro-chrome smelters. Low ferro-chrome prices, high electricity costs and competition from lower-cost Chinese producers have made domestic smelting increasingly difficult to sustain.

Energy Costs Continue to Undermine Ferro-Chrome Smelting

South African ferro-chrome producers are struggling because smelting is highly power-intensive. Even after energy regulator Nersa approved a lower Eskom tariff, producers still viewed the relief as insufficient to restore competitiveness.

The tariff reduction was designed to support South Africa’s beneficiation sector, which converts chrome ore into higher-value ferro-chrome. However, the market signal remains weak because selling chrome ore has become more profitable than smelting it domestically.

This is a major industrial policy problem. South Africa holds major chrome resources, but high power costs are pushing the value chain away from local processing and toward raw material exports.

China Competition Deepens Pressure on South African Beneficiation

The Glencore-Merafe ferro-chrome retrenchments reflect a wider structural challenge in the global ferro-chrome market. Chinese producers continue to benefit from lower-cost processing conditions, while South African smelters face expensive electricity and weaker margins.

South African ferro-chrome production dropped sharply in 2025 as low prices and high energy costs forced capacity reductions. Samancor, the country’s other major ferro-chrome producer, has already proceeded with retrenchments despite the lower tariff.

The extended deadline does not remove the underlying risk. Unless energy pricing becomes more competitive, South Africa may continue losing ferro-chrome smelting capacity, weakening domestic beneficiation and reducing industrial value capture from its chrome ore base.

The Metalnomist Commentary

The Glencore-Merafe delay shows that South Africa’s ferro-chrome crisis is now an electricity competitiveness crisis. Without a durable power solution, the country risks exporting more chrome ore while losing the smelting capacity that once anchored its beneficiation strategy.

Sibanye-Stillwater PGM Production Falls as Stronger Precious Metals Prices Lift Revenue

Sibanye-Stillwater

Sibanye-Stillwater PGM production declined in 2025, but stronger precious metals prices lifted revenue and earnings across the group. The result shows how price recovery can offset operational pressure in the platinum group metals market, especially when supply remains constrained and downstream demand stays uneven.

The South African mining group reported a 14pc increase in revenue to R129.7bn, equal to about $7.3bn. The improvement came despite lower production from both its South African and US PGM operations. Higher basket prices, especially in the second half of the year, provided the main earnings support.

Sibanye-Stillwater PGM production from its South African operations reached 1.7mn oz of 4E PGM in 2025. This was down by 0.8pc from the previous year. However, the company achieved an average South African 4E basket price of $1,740/oz, up sharply from $1,322/oz in 2024.

Higher PGM Basket Prices Offset Lower Mine Output

Stronger PGM prices helped Sibanye-Stillwater protect profitability despite weaker production volumes. Adjusted earnings before interest, taxes, depreciation, and amortisation at the South African PGM operations rose by 125pc to R16.7bn. This reflects the operating leverage that miners can achieve when prices recover faster than costs increase.

The production decline also highlights the broader challenge facing mature PGM operations. South African mines continue to operate in a difficult environment shaped by cost inflation, ageing assets, electricity risk, and labour intensity. In that context, higher prices are important, but they do not remove the need for disciplined restructuring and productivity gains.

Meanwhile, Sibanye-Stillwater’s US 2E PGM production fell by 33pc year on year. The decline was significant, but stronger palladium prices improved the sales picture. The company achieved an average US 2E basket price of $1,195/oz in 2025, compared with $988/oz a year earlier.

Palladium Trade Action and Battery Metals Add Strategic Context

Palladium remains a strategic factor for Sibanye-Stillwater because the company has direct exposure through its US operations. The company highlighted preliminary US anti-dumping duties on Russian palladium, following petitions filed by Sibanye-Stillwater and the United Steelworkers Union. The move could support domestic and allied palladium producers if it reshapes import economics.

The company’s US operations also returned to profitability after restructuring. This matters because North American palladium supply carries strategic value in a market exposed to Russian material, automotive demand uncertainty, and changing emissions technology. Any policy support that reduces unfair price pressure could improve the outlook for non-Russian producers.

At the same time, Sibanye-Stillwater continues to broaden its portfolio beyond PGMs. Its Australian Century zinc operation produced 101,000t of zinc, up by 22pc on the year. Its Keliber lithium project also advanced toward production as construction neared completion and the first mining blast took place this month.

The Metalnomist Commentary

Sibanye-Stillwater’s 2025 results show that PGMs remain a price-sensitive business where earnings can recover before volumes do. The bigger question is whether stronger palladium and PGM prices can support long-term reinvestment in assets that still face structural cost and demand uncertainty.

Burundi–Tanzania Mineral Railway to Unlock East African Nickel Exports

Burundi Mineral

The Burundi–Tanzania mineral railway will create a direct, electrified export route for nickel. The plan covers a 650km standard-gauge line to 2030. The Burundi–Tanzania mineral railway targets 3mn t/yr of nickel throughput. The African Development Bank backs the $2.15bn project. The Burundi–Tanzania mineral railway will connect Musongati to Uvinza and onward to Dar es Salaam. China Railway Engineering will support construction and technology transfer.

Route design, capacity, and schedule

The railway links Musongati’s deposits to Tanzania’s Uvinza junction. Trains will reach Dar es Salaam port within 12 hours. This halves the current transit time of roughly 25 hours. The line will use full electrification for efficiency and emissions. Designers set capacity at 3mn t/yr for nickel concentrate. The schedule targets completion around 2030, pending milestones. Standard-gauge specs enable higher axle loads and speeds.

Strategic impact on nickel and regional minerals

Burundi holds about 6% of global nickel deposits. Therefore, scalable logistics can unlock mine financing. The corridor also supports lithium, tin, gold, and copper. Potential extensions reach Kindu in the DRC and West Africa. This builds a pan-African minerals trade spine. Government partners will finalize resources and licensing work. Validation will de-risk engineering and commercial studies.

The Metalnomist Commentary

This railway shifts East African nickel from concept to credible export pathway. Execution risk sits in funding tranches, power reliability, and port interfaces. Watch EPC progress and anchor offtakes that de-risk commissioning.

Premier African Minerals Zulu Lithium Project Raises Cash as Zimbabwe Pushes Beneficiation

Zulu lithium project

Premier African Minerals Zulu lithium project development has received fresh short-term funding after the UK-based miner raised £750,000 to continue work at its lithium and tantalum project in Zimbabwe. The financing will support site operations and help complete the project’s new flotation plant.

The company raised the funds through a new share issue priced at 0.0126p per share. Premier said the project needed steady working capital now that most of the plant hardware had been installed.

Premier African Minerals Zulu lithium project progress comes as Zimbabwe tightens its raw material policy. The country halted exports of raw lithium ore and concentrates on 25 February to encourage domestic beneficiation and capture more value from its lithium resources.

Flotation Plant Commissioning Becomes Near-Term Priority

The new funding will help Premier finish and commission the flotation plant during the second quarter. The plant is designed to extract lithium-rich minerals from crushed slurry, making it central to the project’s move toward saleable processed material.

Premier said flotation cells had been installed, while pumps for product and waste streams had been mounted and wired. Pipe crews were also connecting the new plant to the wider processing circuit.

The company has stockpiled about 5,000t of ore for initial testing. Its process engineering team is preparing a commissioning plan, which will determine how quickly the plant can move from mechanical completion to stable production.

Zimbabwe Export Ban Raises Pressure for Local Processing

Zimbabwe’s raw lithium export ban has increased pressure on miners to install processing capacity inside the country. For Premier African Minerals Zulu lithium project economics, this makes the flotation plant more important than a standard processing upgrade.

The policy shift reflects Zimbabwe’s broader ambition to move beyond raw mineral exports. By forcing more domestic beneficiation, the government aims to increase local value creation from lithium, tantalum, and other strategic minerals.

For investors, the key issue is execution. Premier must convert installed equipment, stockpiled ore, and new working capital into a functioning processing circuit that can operate under Zimbabwe’s stricter export framework.

The Metalnomist Commentary

Premier’s raise is small, but its timing is strategically important. Zimbabwe’s lithium policy is forcing miners to prove that local beneficiation is not just a political slogan, but a workable processing model.

South Africa’s Mineral Exports to the US Mostly Exempt from Tariffs

South Africa Minerals

Key South African Minerals, Including PGMs, Escape New US Tariffs Amid Trade Tensions

South Africa’s mineral exports to the United States, including valuable platinum group metals (PGMs), have been largely exempted from the latest round of US import tariffs. President Donald Trump's announcement on April 2, 2025, introduced reciprocal tariffs on a variety of goods, but crucial mineral exports such as PGMs, gold, manganese, titanium, chrome, and coal will not be subject to additional duties. However, some South African exports, such as iron ore and diamonds, will face a 30% tariff.

Impact of Tariffs on South Africa’s Economy

In 2024, South Africa exported 65.3 billion rand ($3.4 billion) worth of mineral products and precious metals to the US, with PGMs accounting for 76% of the total value. Despite the tariff exclusions on key minerals, other sectors, particularly the automotive industry, are expected to face significant economic impacts. The Minerals Council South Africa (MCSA) has warned that the new tariffs on iron ore and diamonds will hurt the country’s economy, particularly its automotive manufacturing sector.

Additionally, a separate 25% tariff on all US imports of cars and trucks, which took effect on March 26, 2025, is expected to reduce demand for automobiles in the US. This, in turn, will affect PGMs, as platinum, palladium, and rhodium are critical for the production of autocatalysts used to reduce vehicle exhaust emissions. Slowing car sales will result in reduced demand for PGMs, leading to potential price volatility in the near term.

Long-Term Outlook for PGMs

Despite these short-term concerns, the MCSA remains optimistic about the long-term outlook for PGMs. Although current market conditions may cause fluctuations in prices, the demand for PGMs is expected to remain strong over time. However, the broader economic challenges posed by these tariffs—particularly their potential impact on global growth—are concerning for the entire South African mining industry.

South Africa exports 7% of its goods to the US, a relatively small share in terms of total US imports (0.25%). Despite this, the country has limited capacity to retaliate against these tariffs. Experts suggest that South African exporters will need to explore alternative markets and enhance collaborative efforts to mitigate the impact of these tariffs.

Sibanye-Stillwater and Glencore-Merafe Expand Chrome Partnership to Boost South African Output

Merafe Resources

New agreement strengthens chrome recovery and output efficiency amid weaker PGM and ferro-chrome markets

Chrome Deal Expansion Aims to Optimize South African Production

Sibanye-Stillwater has expanded its chrome delivery agreement with Glencore-Merafe, targeting increased chrome production from its South African operations. The updated agreement builds upon a 2011 contract originally formed with Lonmin, which Sibanye-Stillwater acquired in 2019. Glencore-Merafe, a joint venture between Glencore and Merafe Resources, will now take over operational control of most of Sibanye-Stillwater's chrome recovery plants (CRPs).

The deal is designed to accelerate chrome deliveries while increasing overall production volumes. Chrome ore, a by-product of platinum group metals (PGM) mining, is playing a larger role in producer revenues due to declining PGM prices. The new arrangement aims to improve plant feed, enhance recovery, and lower operating costs across Sibanye-Stillwater’s CRP network.

Ferro-Chrome Pressures Prompt Strategic Collaboration

Merafe Resources reported 301,000 tonnes of ferro-chrome output in 2024 but faces pricing challenges in the current market. As part of a strategic review announced in February, Merafe may close selected furnaces due to sustained low ferro-chrome prices. This chrome partnership with Sibanye-Stillwater presents an opportunity to mitigate margin pressure through operational efficiency and increased recovery of chrome by-product material.

The chrome produced from Sibanye-Stillwater’s PGM operations feeds directly into Glencore-Merafe’s ferro-chrome value chain, making the partnership critical for long-term supply reliability. Enhanced chrome recovery is expected to bring economic benefits to both parties and reduce resource waste.

As global stainless steel demand evolves, chrome and ferro-chrome remain vital to the supply chain. The success of this partnership may influence similar strategies across the Southern African region, where PGM and chrome operations are closely intertwined.

Sibanye-Stillwater Glencore chrome agreements aim to unlock PGM by-product value

Sibanye-Stillwater

The Sibanye-Stillwater Glencore chrome agreements will reshape chrome by-product economics at South African PGM operations. The chrome management agreements, effective 1 November, align Sibanye-Stillwater with Glencore-Merafe to maximise chrome recovery from existing plants. Together, the partners will target higher throughput, better recoveries and lower operating costs across chrome recovery plants tied to PGM processing.

These Sibanye-Stillwater Glencore chrome agreements also accelerate contracted chrome delivery timelines by roughly 20 years. As a result, Sibanye-Stillwater can monetise chrome streams sooner and stabilise cash flow during a period of weak PGM prices. Meanwhile, Glencore-Merafe strengthens its feed base for ferro-chrome production, leveraging its established marketing and processing platform.

Chrome recovery plants move to centre stage

Chrome recovery plants sit at the core of the Sibanye-Stillwater Glencore chrome agreements. The partners will prioritise the Marikana chrome recovery plant, where higher feed and improved recoveries should materially lift output. Other Sibanye-Stillwater CRPs will also gain value-enhancing provisions, ensuring a portfolio-wide uplift rather than a single-site optimisation.

Glencore will apply its processing expertise to optimise chrome production throughout Sibanye-Stillwater’s operations. Therefore, the agreements should reduce unit costs and improve overall plant efficiency. In addition, Glencore’s growing operational control over most CRPs will streamline decision-making and shorten response times to market signals.

Chrome by-products support South African PGM mine life

The Sibanye-Stillwater Glencore chrome agreements aim to support brownfield PGM projects that currently face price pressure. Low PGM prices and relatively stronger chrome ore prices have already pushed South African PGM producers to rely more on chrome by-products. As a result, improved chrome economics can directly influence mine viability and capital allocation decisions.

Sibanye-Stillwater expects the transaction to underpin the economics of its South African PGM operations. Higher-margin chrome output can offset weaker PGM revenue and stabilise earnings across the cycle. Meanwhile, Glencore-Merafe secures long-term access to chrome units, reinforcing its ferro-chrome position in a structurally constrained energy and logistics environment.

The Metalnomist Commentary

These agreements highlight how by-products like chrome can become strategic lifelines for PGM producers in a low-price environment. If execution delivers the promised 20-year acceleration of deliveries, Sibanye-Stillwater could gain a meaningful buffer for future brownfield investments. For Glencore-Merafe, tighter integration with upstream CRPs strengthens control over feedstock in a market where cost and reliability increasingly trump volume growth.

Most South African Mineral Exports to US Avoid Tariff Impact

South African Mineral Mining

PGMs, Gold, and Titanium Spared in Latest US Tariff Round

Most of South Africa’s mineral exports to the US, including platinum group metals (PGMs), have been exempted from new US tariffs. US President Donald Trump’s 2 April tariff announcement excluded PGMs, gold, manganese, titanium, chrome, and coal from the list of affected imports.

These exemptions are significant, as PGMs accounted for 76% of the R65.3 billion ($3.4 billion) in mineral and precious metal exports from South Africa to the US in 2024. However, iron ore and diamonds from South Africa will be subject to a 30% tariff, potentially straining trade ties and impacting specific sectors.

Auto Tariffs Threaten Downstream PGM Demand

A separate 25% tariff on US vehicle imports came into effect on 6 June, with auto parts tariffs set for 3 May. According to the Minerals Council South Africa (MCSA), these tariffs may reduce US auto demand, which in turn could lower PGM consumption.

PGMs—especially platinum, palladium, and rhodium—are essential in autocatalysts that reduce vehicle emissions. Lower car production would decrease catalyst demand, causing short-term price volatility in these critical metals.

Still, the MCSA remains optimistic about the long-term demand outlook for PGMs, citing structural demand drivers in clean mobility and hydrogen.

Limited Retaliation Options for South Africa

Despite the exemptions, broader trade tensions could still hurt South Africa’s mining sector. South Africa ships 7% of its total exports to the US, while accounting for just 0.25% of US imports—a disparity that limits its ability to retaliate.

Think tank Trade and Industrial Policy Strategies emphasized the need for diversification, urging South African exporters to find alternative markets. With the global economy under pressure from rising trade barriers, the ripple effect could dampen overall commodity demand and GDP growth.

The Metalnomist Commentary

The exemptions granted to South Africa’s key mineral exports show strategic prioritization by the US to maintain critical supply chains. Yet, the indirect consequences—especially in sectors like automotive and high-tech—may eventually flow back to impact even exempted metals. The situation reinforces the need for South Africa to accelerate market diversification and downstream value-add strategies in mining.

EU CBAM Threatens to Halve Value of South African Aluminium Exports

EU CBAM

Hulamin Warns of Severe Economic Hit Without Decarbonisation Measures

High Scope 2 Emissions Pose Greatest Risk Amid Transition to Green Trade Standards

South African aluminium exports to the European Union could lose over 50% of their value under the EU’s Carbon Border Adjustment Mechanism (CBAM), warns Hulamin, the country’s leading aluminium manufacturer. The policy, which begins full enforcement in 2026, targets the embedded greenhouse gas (GHG) emissions of imported goods, making energy-intensive products particularly vulnerable.

CBAM Set to Undercut South African Aluminium Pricing

Hulamin’s environmental sustainability head Hendrik de Villiers stated that South African aluminium typically carries an emissions intensity of around 18t CO₂e per tonne. With a projected levy of €80 per tonne of CO₂e, this translates to €1,440 per tonne of aluminium exported — over 50% of its market value, assuming an LME price of €2,500/t.

By 2034, CBAM will apply to both Scope 1 (direct) and Scope 2 (indirect) emissions. The latter, largely tied to South Africa’s coal-fired electricity grid, poses the most significant risk to exporters. As of 2023, the EU accounted for 35% of South Africa’s aluminium exports, highlighting the economic stakes.

Mitigation Strategies: Renewables, Carbon Tax, and Grid Reform

To reduce exposure to CBAM penalties, De Villiers proposed a multi-pronged strategy. First, aluminium producers must increase energy efficiency and integrate renewable energy into their operations. However, due to South Africa’s grid structure, this cannot be achieved without national infrastructure reform.

Second, De Villiers suggested aligning the country’s carbon tax — currently R134/t CO₂e (around $7) and targeting $30 by 2030 — with CBAM. By using the tax to fund decarbonisation, the country could both retain revenue and offset CBAM costs, as EU regulations allow for recognition of domestic carbon pricing.

CBAM’s full enforcement from January 2026 introduces a new global trade reality for emissions-heavy economies. As South Africa ranks as the 15th largest GHG emitter, and 80% of its power comes from coal, aluminium producers must adapt quickly to preserve export competitiveness in a greener global economy.

Valterra PGM Output Falls but Higher Basket Price Lifts Earnings

Valterra Platinum

Valterra PGM output fell in 2025, but the South African producer delivered stronger earnings as platinum group metals prices rose sharply. The company, formerly Anglo American Platinum, produced 3.2mn oz of PGMs during the year, down 10pc from 2024.

The decline in Valterra PGM output was mainly linked to flooding and heavy rain at the Amandelbult operations in February 2025. The mine returned to full operations in the second half of the year, with production rising by 10pc in July-December compared with the first half.

The production setback reduced refined metal availability and sales volumes. Refined PGM production fell by 13pc to 3.41mn oz, while PGM sales volumes dropped by 15pc to 2.45mn oz because of lower refined output.

PGM Basket Price Strength Offsets Lower Volumes

The PGM basket price was the decisive factor behind Valterra’s stronger financial performance. The dollar basket price rose by 89pc during 2025 and ended the year at $2,562/oz PGM, giving the company a major revenue and margin tailwind.

Valterra recorded earnings before interest, taxes, depreciation, and amortisation of R33.4bn, or about $2.1bn, in 2025. That was up 68pc year on year, supported by a 22pc increase in the rand PGM basket price, R5bn in operating cost savings, and R2.3bn in insurance proceeds related to the flooding.

Lower sales volumes and R2.1bn in one-off demerger costs partly offset those gains. However, the results show how quickly PGM producers can recover profitability when basket prices strengthen, even during a year of operational disruption.

Demerger Creates a Sharper Standalone PGM Platform

Valterra completed its demerger from Anglo American in June, creating a more focused standalone PGM producer. The separation gives investors clearer exposure to South African platinum group metals, but it also places more direct pressure on management to control costs, improve reliability, and protect cash flow.

The company expects strong fundamentals to continue supporting PGM prices in the medium to long term. That outlook reflects ongoing supply discipline, operational risk in South Africa, and the importance of PGMs in autocatalysts, hydrogen technologies, industrial applications, and precious metals investment demand.

For the PGM market, Valterra’s 2025 performance sends a clear signal. Supply remains vulnerable to weather, mine reliability, refining constraints, and South African operating risk, while stronger prices can rapidly improve producer earnings when supply tightness becomes visible.

The Metalnomist Commentary

Valterra’s results show that PGM producers do not need volume growth to generate stronger earnings when basket prices move sharply higher. The bigger issue is whether South African supply risk becomes a structural price support rather than a temporary disruption.

Gabon Manganese Export Ban Takes Effect in 2029

Gabon Manganese Mining

Gabon announced a complete Gabon manganese export ban on unrefined ore starting January 2029. The world's second-largest manganese producer aims to boost domestic processing and industrial capacity. This transformative Gabon manganese export ban follows similar African resource nationalism strategies.

Major Impact on Global Manganese Supply Chains

Gabon produces 4.6 million tonnes annually, representing 25% of global manganese output. China and the US face significant supply disruptions from this policy change. Meanwhile, the US imported 63% of its manganese from Gabon last year. The ban threatens established supply chains for steel and battery industries worldwide.

French mining giant Eramet, through subsidiary Comilog, dominates Gabon's manganese sector. The company operates existing downstream facilities producing silico-manganese and manganese metal. However, current utilization remains low with only 18,000 tonnes exported in 2024. Comilog employs over 3,300 people locally, making workforce considerations critical.

African Resource Nationalism Accelerates

Several African nations now restrict raw material exports to capture value domestically. Guinea banned bauxite exports while Zimbabwe restricted lithium ore shipments recently. Furthermore, Mali and Tanzania implemented gold export restrictions this year. Therefore, the Gabon manganese export ban represents broader continental industrial ambitions.

President Brice Oligui Nguema emphasizes increased state revenues through downstream processing. Moreover, this strategy requires massive investment in new manganese alloy production capacity. As a result, international miners must develop processing plants or exit Gabon entirely. The five-year transition period allows stakeholders to adjust operations accordingly.

The Metalnomist Commentary

Gabon's 2029 manganese export ban creates immediate pressure on Western supply chains already strained by geopolitical tensions. With China controlling most manganese processing capacity globally, this move could paradoxically strengthen Beijing's market position unless Western nations rapidly develop alternative processing hubs. Eramet's underutilized facilities suggest the technical and economic challenges of African beneficiation remain substantial.

Platinum Prices Rise on Market Deficit

Platinum

Platinum prices rise on market deficit as speculation and tight supply collide. Platinum prices rise on market deficit after gold and silver surged. As a result, investors refocused on fundamentals while South African mine output stayed constrained.

Liquidity, tariffs, and China shape the rally

Platinum prices rise on market deficit and stronger cross-metal sentiment. Johnson Matthey assessed platinum at $1,608/t on 29 September. Prices jumped 15pc since 19 September and 72pc year to date. However, macro drivers also mattered as the Fed signaled rate cuts.

Platinum trade liquidity spiked in early 2025 on tariff speculation. Over 500,000oz moved into Nymex inventories by early April, Heraeus reported. Inventories then whipsawed as stocks drew down and rebuilt. Meanwhile, Chinese investment and jewellery demand strengthened. More than 30 jewellery makers entered platinum this year from fewer than 10.

Third straight deficit underpins structural support

Tight mine supply magnified the price response. South African platinum output fell 10pc year on year in the first quarter. Producers also closed shafts and delayed projects after weak PGM basket prices. Therefore, above-ground stocks continued to shrink, heightening volatility.

The WPIC expects a third consecutive deficit in 2025 of about 850,000oz. Market participants still see robust industrial demand and auto substitution. Battery-electric growth tempers catalysts, but platinum use remains resilient.

Near-term demand hinges on China’s Golden Week retail sales. If jewellery inventories fail to clear, metal could be remelted. That would return units to market and potentially ease price pressure. Even so, prices likely remain above 2024 levels this year.

The Metalnomist Commentary

The platinum tape now reflects classic deficit dynamics amplified by macro momentum. Watch Nymex stocks, South African maintenance schedules, and Chinese retail sell-through as leading indicators. Sustained deficits suggest dips may be shallow unless jewellery remelt accelerates.

LME Copper Cathode Supply Could Rise as Chinese Smelters Push EQ Listings

Chinese Copper

LME copper cathode supply could increase as more Chinese smelters seek to register equivalent quality cathodes on the London Metal Exchange. The move reflects a push to capture higher premiums for material that is close to LME-registered brands in quality.

The near-term impact on LME copper cathode supply is likely to be limited. However, more registrations could gradually widen deliverable copper availability and give buyers more alternatives to traditional registered cathode brands.

Chinese smelters are targeting the premium gap between EQ cathode and fully registered material. African-origin registered copper usually earns a higher premium than EQ cathode, but it still trades below Chilean registered brands because many African cathodes are solvent-extraction and electrowinning products with slightly higher impurity levels.

DRC Cathode Listings Expand China-Linked LME Supply

The London Metal Exchange recently approved China Nonferrous Mining’s SMD copper cathode brand for listing. The brand is produced at the Deziwa project in the Democratic Republic of Congo, which has copper cathode capacity of 80,000 t/yr.

The Deziwa project is jointly owned by CNMC and the DRC’s state-owned mining company. It hosts 4.6mn t of copper metal resources and 420,000t of cobalt metal resources, giving it strategic value across both copper and battery metal supply chains.

CNMC’s production profile also shows a shift toward more refined copper output. The group produced 130,232t of copper cathode in 2025, up 3% from a year earlier, while copper blister output fell by 33% to 192,266t.

The LME has also approved CMOC’s TFM 1 copper cathode brand for listing. That brand is produced at Tenke Fungurume in the DRC, reinforcing the country’s growing role in exchange-deliverable copper supply.

Premium Strategy Could Reshape Refined Copper Trade Flows

LME copper cathode supply strategy is becoming more important as Chinese-linked producers look to improve market access and price realisation. Listing cathode brands can improve buyer acceptance, increase liquidity and narrow discounts against established registered brands.

The DRC is already China’s largest source of copper cathode imports. China imported 1.44mn t of copper cathode from the DRC in 2025, equal to 37.6% of total imports.

More LME-approved DRC brands could change how buyers view African cathode. If quality, documentation and deliverability improve, some buyers may become less dependent on higher-premium registered material from other origins.

Still, the immediate effect should remain modest. LME registration does not automatically mean large volumes will flow onto warrant, but it does increase optionality for producers, traders and consumers in a market where brand status affects pricing power.

The Metalnomist Commentary

The Chinese EQ cathode push shows that copper competition is moving into brand approval, deliverability and premium capture. The bigger implication is that DRC copper is becoming not only a Chinese import source, but a growing part of the LME-recognised refined copper system.

ReElement Starts Rare Earth Shipments, Eyes Expansion in Indiana and Africa

ReElement

U.S. Refiner Targets Antimony Market as China Cuts Off Exports

ReElement Technologies has officially commenced commercial shipments of magnet-grade rare earth oxides, signaling a major milestone for the Indiana-based critical minerals refiner. Operating from its 700m² Noblesville facility, the company recovers both light and heavy rare earth elements from recycled feedstock such as end-of-life permanent magnets used in wind turbines and electric vehicles.

Daily production capacity at Noblesville ranges from 5–10 kilograms of rare earth oxides and 15–25 kilograms of battery-grade lithium carbonate. Although initial shipment volumes remain undisclosed, the move marks a pivotal step in ReElement’s scale-up strategy.

Marion Plant to Scale RE and Lithium Refining by Year-End

To meet rising demand, ReElement is transitioning operations to its new 50,000m² refinery in Marion, Indiana. The first phase, expected to go online by year-end 2025, will enable annual production of 2,000 metric tonnes (t) of rare earth oxides and 5,000t of lithium carbonate or hydroxide.

Crucially, Marion will process feedstock not only from recycled materials but also from ore sources—broadening ReElement’s flexibility and competitiveness. This diversification aligns with U.S. government efforts to localize critical minerals supply chains amid geopolitical disruptions.

African JV Targets New Refining Capacity and Localized Supply

ReElement is also expanding globally through a $100 million joint venture with South Africa’s Novare Holdings. The two firms plan to build critical mineral refining capacity across Africa, starting with site development in the second half of 2025.

Under the agreement, ReElement will deploy its proprietary chromatography-based separation technology, while Novare provides funding and local operational oversight. Feedstock for the African facility will come from domestic and regional sources. Capacity figures have not yet been finalized.

ReElement Enters Antimony Market Amid Chinese Export Ban

In response to China’s ban on antimony exports to the U.S., ReElement is moving aggressively into antimony refining. The company will process ore sourced from a South African supplier into antimony sulfide and antimony oxide, with commercial-scale production slated for the Marion plant.

ReElement has already processed sample ore at Noblesville, and it expects to begin refining 1,000t/month initially. The company also plans to co-locate modular refining units near downstream military manufacturers that use antimony-containing materials.

This move positions ReElement to fill a critical supply gap in the U.S. antimony market while tapping into high-margin opportunities in defense applications.

Tantalum Prices Surge as AI Capacitor Demand Meets Tight African Supply

Ta (Tantalum)

Tantalum prices have surged across concentrates, metal, and scrap as capacitor demand rises and supply disruption tightens the upstream market. The rally reflects a rare collision between stronger electronics consumption, AI data centre investment, and instability in central African raw material flows.

The price rise began before the latest disruption. However, the February landslide at the Rubaya mine in rebel-held eastern Democratic Republic of Congo intensified the market shock. Tantalum concentrate prices jumped sharply, and the pressure quickly moved into tantalum metal and scrap markets in Europe and the United States.

The supply impact has been especially important because much of the material linked to eastern DRC moves through Rwanda before entering international trade. Any disruption around Rubaya therefore affects more than one mining district. It also exposes how dependent the tantalum supply chain remains on politically fragile and difficult-to-monitor sources.

AI Data Centres Lift Tantalum Capacitor Demand

AI data centres have become a major new demand driver for tantalum capacitors. These components help regulate electricity flow on circuit boards and remain critical in high-performance electronics. As AI servers expand, demand for tantalum and tantalum-polymer capacitors is rising alongside advanced chips, power systems, and server hardware.

This demand is not theoretical. Boards used for Nvidia H100 cards can contain multiple tantalum and tantalum-polymer capacitors, making AI infrastructure a direct consumption channel for tantalum products. As Alphabet, Microsoft, Meta, and Amazon raise capital spending for AI infrastructure, smelters and traders expect stronger orders for next-generation capacitor materials.

The capacitor industry is already responding to cost pressure and higher demand. Manufacturers raised prices across several product ranges in 2025, including tantalum-polymer capacitors and multilayer ceramic capacitors. Higher tantalum powder costs contributed to the increases, but AI-related consumption has become an equally important factor.

Tight Supply Pushes Tantalum Metal and Scrap Higher

Tantalum prices are rising because the market faces pressure at both ends of the value chain. Upstream concentrate availability has tightened, while downstream buyers in capacitors and alloys continue to compete for material. This has lifted prices for concentrates, refined metal, and scrap at the same time.

The alloy sector has added another layer of demand stability. Even as capacitor demand accelerates, industrial users of tantalum metal continue to require reliable supply for high-performance applications. As a result, scrap has become more valuable because it offers an alternative source of tantalum units when mined supply becomes uncertain.

The current rally also echoes earlier technology investment cycles. The Dotcom boom drove strong demand for tantalum capacitors and pushed tantalite prices to historic highs. Today, AI infrastructure may be creating a similar demand shock, but with a more complex supply chain and tighter scrutiny around conflict-linked minerals.

The Metalnomist Commentary

Tantalum is becoming a hidden beneficiary of the AI infrastructure boom. The market risk is that capacitor demand can scale faster than responsible mining, refining, and recycling channels can respond.