Mining Weekly Editor Martin Creamer notes Pan African Resources has had an excellent financial year, and is now eyeing a promising Soweto gold project; African Rainbow Minerals’s game-changing narrow-reef-cutting mining solution; and South African smelting technology that is savi

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Following go-ahead for the required renewable energy generation, South Africa's R105-billion Coega Green Ammonia project in Nelson Mandela Bay has now advanced to front-end engineering design (FEED) stage, so that construction can potentially begin in early 2027 and commissioning in December 2029.

Environmental impact assessment work on all of Hive Hydrogen's 3 300 MW of renewable energy assets is now concluded, following the securing of environmental authorisation for the 1 000 MW Carissa wind energy facility, near Beaufort West, in South Africa's Western Cape province.

"We're delighted," is the comment of Hive Hydrogen South Africa chairperson Thulani Gcabashe, a former Eskom CEO, whose Built Africa Group focuses on developing renewable energy projects in South Africa under the Renewable Energy Independent Power Producer Programme.

With 154 wind turbines, Carissa will clean energise seawater into hydrogen, the key ingredient of the green ammonia that is earmarked for export to Asia and Europe.

The Eastern Cape project is now on track to begin FEED in November and conclude final investment decisions by July 2026.

Requests for proposals were invited in July for a plant with a production capacity of one-million-tons plus of green ammonia a year; provision for seawater abstraction, desalination and demineralisation; storage facilities that have two 7 km pipelines for 70 000 t of green ammonia piping; a 1 430 MW solar photovoltaic cluster of nine solar farms; and 1 879 MW of wind power in two clusters of five wind farms.

FEED completion, ammonia plant construction, and renewable energy generation infrastructure are focal points of the proposals requested.

Hive Hydrogen backed by Hive Energy and Built Africa has been working since September 2019 on establishing a large-scale green ammonia plant in South Africa powered by renewable energy to produce one million tonnes a year.

The permitting of the Carissa wind energy facility is the work of a partnership made up of Hive Hydrogen, the Coega Green Ammonia project sponsor, which is the committed offtaker, project developer AMDA Developments, and Blue Crane Environmental, the independent environmental assessment practitioner responsible for leading the environmental impact assessment process.

Coega is one of Hive's three green hydrogen schemes, the other two being Albamed in Spain and Gente Grande in Chile.

Meanwhile, on the global front, Hydrogen Council's McKinsey-authored global hydrogen compass reports that the hydrogen industry worldwide has committed investments totalling $110-billion for 500-plus projects that are past final investment decision, in construction or already operational.

Total committed capacity now exceeds six-million tonnes a year, including an annual one million tonnes already in operation, with China leading the world in total committed investments of $33-billion and 50% of global renewable capacity.

"We're seeing tangible proof of progress," McKinsey quotes Hyundai Motor Group and Hydrogen Council co-chairperson Jaehoon Chang as saying.

In the US, Fuel Cell and Hydrogen Energy Association member Air Products last month announced that it had successfully completed the first fill of the world's largest hydrogen sphere at the Kennedy Space Center of the National Aeronautics and Space Administration (NASA), in Florida. Air Products reportedly delivered more than 730 000 gallons of liquid hydrogen, more than 50 trailer loads, to fill the 90-foot sphere. The hydrogen will be combined with liquid oxygen to fuel NASA's Artemis missions.

The eleventh Hydrogen Day is scheduled to be hosted by the Fuel Cell and Hydrogen Energy Association on October 8 - 10/08 in recognition of hydrogen's 1.008 atomic weight. Taking part will be former US Department of...

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The demand for platinum as an investment product is currently "extremely strong" in China.

"We're seeing Chinese consumers who are looking for hard assets that are also liquid. With the increase in the gold price, investors are looking for alternatives and platinum naturally fits into that narrative," World Platinum Investment Council research director Edward Sterck told Mining Weekly in a Zoom video interview, following the publication of the Platinum Quarterly Report for the Second Quarter of 2025, as well as an updated full-year 2025 forecast. (Also watch attached Creamer Media video.)

"What's really interesting is where we're seeing the strongest growth in platinum investment demand is in the smaller bar sizes and in coins, which is a clear indicator of broad-based demand.

"We're not talking about high net worth investors here, we're talking about the average consumer, the kind of retail-type consumer whose seeing a value opportunity in platinum," Sterck pointed out, at a time when the platinum market is forecast to see its third consecutive annual deficit in 2025, which has been brought about by a combination of constrained supply juxtaposed with demand that is proving to be more robust than anticipated.

"If you exclude Covid - so 2020, when output was impacted by Covid restrictions plus the outage at the then Anglo American Platinum and now Valterra ACP smelter in Rustenburg - 2025 is the lowest mine supply year since 2003."

Confronting the stronger-than-anticipated automotive demand for platinum, an inflection point for jewellery demand in China, and the "extremely strong" demand for platinum as an investment product, a nigh one-million-ounce 2025 deficit is on the way.

"If you look at forecast mine supply for this year, it's roughly seven-million ounces. If you look at forecast demand, it's roughly 7.9-million ounces, so regardless what happens as we go through to next year, we've still got that big supply/demand disconnect," Sterck reported.

Discarded as being "pretty de minimis" is the 2% drop in automotive demand and described as "really just economics" is platinum's looming five-year mine supply low: "The pricing just isn't adequate to sustain or increase supply going forward . . . our forecast for this year, and going forwards for the next few years, is for ongoing and sustained deficits."

Mining Weekly: What's behind the recovery of platinum jewellery demand and how sustainable is it?

Sterck: There's been a lot of focus when it comes to jewellery. Since 2014, we've had roughly 3.5% CAGR growth in demand for platinum jewellery from the world at large and what appears to be a fairly significant inflection point and quite substantial growth in China.

The thing I should probably emphasise with regards to that growth potential in China is it's being led to a degree by the wholesalers and the retailers who are trying to compensate for a big decline in consumer demand for gold jewellery by offering something else, and that really means platinum, because China's not a big silver market to the same degree that Europe and North America are, so the wholesalers are trying to push that platinum jewellery into the market, which will result in a pretty significant year-on-year increase in terms of true consumer demand, but we don't have the data yet. I'd probably look towards the second week of October, which is Golden Week, and quite an important week in terms of retail sales for jewellery in China, to see confirmation of that really translating from the wholesaler efforts into true consumer buying.

How much of China's investment demand is structural, and how much is being driven by current market conditions?

In contrast to the kind of slightly cautious message I just imparted regarding jewellery, the inves...

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Financial year 2025 has been a year of records for South African gold mining company Pan African Resources, which on Wednesday reported record profits, record headline earnings, record proposed dividends, and record second-half production.

A record nigh 80%-higher dollar dividend has been proposed by the Johannesburg- and London-listed underground and surface gold operator, which expects to be de-geared from debt before the end of financial year 2026. (Also watch attached Creamer Media video.)

Debt of nearly $80-million was repaid in the six months to June 30 amid focus on the option of constructing a new processing facility for the Soweto Cluster, west of Johannesburg, where its low-cost, long-life gold mining horizon was last year extended highly successfully with the completion of the remarkable Mogale Tailings Retreatment project below budget and head of schedule.

The Soweto Cluster has 130-million tons of tailings that host more than 500 000 oz of recoverable on-surface gold.

"We believe we have enough gold reserves at the Soweto Cluster to sustain a standalone operation, treating one-million tons a month over a ten-year life of mine," Pan African CEO Cobus Loots reported during the latest presentation of results covered by Mining Weekly.

"The feasibility on this option will be concluded by the end of this month. Given our presence in the area, there's definitely also scope for the consolidation of tailings facilities we do not already own," Loots revealed.

"We cannot say enough about the socio-economic and environmental benefits of this project. Concurrent rehabilitation is in progress.

"We're uplifting local communities, providing much needed economic and employment opportunities, and working with law enforcement to eradicate illegal mining," Loots added.

Pan African's gold production guidance for financial year 2026 now stands at 275 000 oz compared with 2025's nigh 200 000 oz, which was itself 6% higher than the previous year.

The very high grade 24 level B line of the Evander underground mine in South Africa's Mpumalanga province is now firmly established and higher grades are being mined within opencast operations.

The lower-cost operations, which account for more than 85% of annual production, recorded an all-in sustaining cost (AISC) of $1 425/oz, compared with what has become the highest gold price in history in the $3 650/oz range. Guided for 2026 is an AISC of up to $1 575/oz.

Regrettably, the group suffered two fatal accidents during the year and one shortly after year-end.

Regarding the surface remining operations, Mogale's plant expansion from 800 000 tons a month to one million tons a month, at a total cost of $6.5-million, has begun amid two ore carbon-in-leach tanks and installation of reactors further improving recoveries to provide more 10 000 oz and increase the output to 60 000 oz a year during the course of next year.

Moreover, the nearby Soweto Cluster's possible new processing facility has the potential to contribute yet another 60 000 oz/y.

Moreover, at the Elikhulu Tailings Retreatment Plant, next year's remining infrastructure at the Winkelhaak tailings storage facility will allow production there to potentially hit the 51 000 oz/y mark.

Regarding underground operations, the subvertical hoisting shaft commissioning at Evander Mines' 8 Shaft has provided ability to deliver annual production of about 50 000 oz/y going forward. Gold production up to 60 000 oz/y for another 11 years has come with the development of the 24 and 25 Level mining areas being fast-tracked there.

Regarding Barberton Mines, at Fairview mining is under way within the high-grade Main Reef Complex orebody, where optimisation of the Rossiter Reef mining methodology has led to improved production, reducing di...

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Global investment in platinum bar and coin surged 660% year-on-year in the second quarter of 2025, when platinum outpaced gold and silver and even platinum demand from hydrogen-based applications is forecast to rise by 19% off a low base.

"Platinum has broken out of its post-pandemic trading range to be the top-performing commodity in the first six months of 2025," World Platinum Investment Council CEO Trevor Raymond stated in a media release to Mining Weekly.

"Looking to the remainder of 2025, platinum's investment case remains compelling, with the platinum market in structural deficit. Platinum's sustained, significant discount relative to gold continues to add to its appeal. This is especially true in China, where both jewellery demand and bar and coin demand are forecast to show exceptionally strong growth this year. The success of Shanghai Platinum Week, which achieved record-breaking attendance and is increasingly drawing an international audience, demonstrates heightened interest in platinum, both as an investment asset and as a critical mineral across multiple value chains," Raymond added.

The platinum price reached a ten-year high of $1 450/oz in July and platinum jewellery demand rose to the highest level since 2015 at 1 201 000 oz in the first half of 2025, with the help of a second-quarter platinum jewellery demand rise of 32% to 668 000 oz.

For full year 2025, jewellery demand is expected to increase to an 11%-higher 2 226 000 oz amid platinum continuing to benefit from its price discount relative to gold.

Forecast growth in China is expected to be a 42%-higher 585 000 oz, while Japan is expected to record a 5% gain, Europe 7% and North American 8%.

The dramatic second-quarter surge in Chinese bar and coin demand lifted total bar and coin demand to a 55%-higher 109 000 oz and bars of 500 g and more in China to a 33%-higher 47 000 oz.

However, neither this growth, nor second-quarter exchange-traded-fund (ETF) inflows were sufficient to offset the impact caused by the outflow of stocks held by exchanges, which had accumulated to first-quarter high levels owing to tariff-related concerns. As a result, investment demand saw a net outflow of 64 000 oz in the second quarter.

For full year 2025, total investment demand is forecast to grow 2% to 718 000 oz on continued strong investment demand in China, where bar and coin growth is forecast to offset weakness in other regions.

Total bar and coin demand is forecast to rise to a 45%-higher 282 000 oz and demand for bars of 500 g and above in China to rise to a 15%-higher 186 000 oz.

ETFs are expected to see a resumption of net inflows during the course of the second half of the year to reach 100 000 oz, driven by improved investor sentiment following a recent price surge, robust underlying fundamentals and platinum's sustained discount to gold.

Platinum demand from hydrogen-based applications is on its way towards reaching 49 000 oz in 2025, a rise of more than 8 000 oz.

Although deployments have been slower than expected, order books for proton-exchange membrane (PEM) electrolysers are growing, and the regulatory environment is maintaining signs of support that will likely lift PEM demand still further.

In July, the US Senate approved a budget reconciliation bill extending the eligibility window for the Section 45V clean hydrogen production tax credit, a revision that gives developers an additional two years to begin construction, moving the deadline from early 2026 to 1 January 2028.

AUTOMOTIVE DEMAND BEATS PRIOR FIVE-YEAR AVERAGE

Second-quarter automotive demand for platinum of 769 000 oz was only 2% down, despite the major uncertainty caused by US tariff policy precariousness. The full-year outlook sees global automotive demand falling 3% to 3 033 00...

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The Proudly South African smelting technology that saves more than 70% of electricity consumption needed for smelting, reduces carbon emissions by about 60%, and puts users at the bottom of the cost curve, is now actual, factual and ready to enable South Africa to return to being an economically viable producer of ferroalloys - and green steel as well.

The technology that has the potential to help to re-industrialise South Africa is now ready to be commercialised and reverse the widespread closure of ferroalloy smelting operations owing to the high price of electricity.

To put South Africa back on the right track, the Johannesburg Stock Exchange-listed diversified mining company African Rainbow Minerals (ARM), headed by executive chairperson Dr Patrice Motsepe, has brought SmeltDirect to the fore to help South Africa to win back the market share that it has lost in the ferroalloy business it once led.

Unlike the 4 MW required by conventional systems, only 1.2 MW of electricity is needed to produce a ton of alloy, and some 700 jobs are created for every 200 000 t of alloy produced a year.

As a result, SmeltDirect has attracted global attention. Advantageously, SmeltDirect not only has all the attributes to reverse South Africa's downward ferrochrome and ferromanganese slide but could even bring back the likes of Highveld Steel and Vanadium as well as open the way for a return of the local production of high-manganese rail and the introduction of green steel.

"We've gone way beyond the R&D phase now, and we've actually completed the full-on bankable feasibility study on making ferrochrome at Machadodorp Works," ARM Ferrous CE Andre Joubert enthused in response to questions put to him by Mining Weekly at last week's presentation of dividend-yielding financial year 2025 results.

ARM's Machadodorp Works, in Mpumalanga, is a facility focused on commercialising SmeltDirect to enable ores to be processed in the countries where it is mined, resulting in tons transported to markets being effectively halved.

In the early 2000s South Africa, which hosts more than 70% of the world reserves of chrome ore and manganese ores, was the undisputed No 1 chrome ore- and ferrochrome-producing country, with 90% of the inputs, including technology and equipment, locally sourced. More than 200 000 direct and indirect jobs were created across the chrome value chain alone and 20% of mining-related foreign exchange was earned from ferrochrome sales.

In 2010, the chrome value chain contributed R42-billion to South Africa's GDP and generated R36-billion worth of foreign exchange earnings, with ferrochrome production contributing 80% of the value of the chrome value chain.

"We're engaging with various partners in terms of partnering with us to commission such a new plant and commercialise our new technology, which saves more than 70% of electricity consumption if you want to produce the same amount of ferrochrome alloys, and it also reduces your carbon emissions by about 60% and it puts you on the bottom of the cost curve.

"So, we're doing a lot of work. We're engaging with other chrome producers. We're engaging with the Industrial Development Corporation of South Africa and also with various parties abroad in terms of commercialising this technology.

"But it's going to take quite a lot of effort, because chrome smelters are now shutting down, one after the other. We ourselves have cut our ferromanganese production. The last person left site at the end of August, so I think there's got to be a huge level of cooperation from an industry level and from government level so that we can reinvigorate industrialisation and smelting in South Africa.

"Another positive thing that we picked up from this research that we've done is that there's also...

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Development of the innovative new mining method for narrow tabular steep dipping orebodies and the mobile tunnel boring to enable it are both going exceptionally well.

"It's meeting and beating all expectations," a very upbeat African Rainbow Minerals (ARM) executive: growth and strategic development in the executive chairperson's office Mike Schmidt said in response to Mining Weekly during question time following ARM's presentation of dividend-yielding results last Friday, September 5.

Schmidt reported that all on-surface test work and trials for the non-explosive narrow-reef cutting and the test work, involving rigorous processes of cutting various grade densities and hardnesses on concrete slabs, had gone exceptionally well. The reef-boring machine has been tested on artificial upper group two (UG2) reef.

"In the meanwhile, we've gone ahead and established a completely new site for the underground trials. That's far advanced. Site establishment's done. The portals are ready. We're busy taking up electric cables.

"We'll start commissioning mid-November and by March, we'll be very well advanced with the tunnel boring. Then in March, the narrow-reef cutting follows through and we'll probably go for a final commercial decision by June and I'm very confident," Schmidt added.

The reef cutting system has been custom designed to suit the upper group two (UG2) reef layout of ARM's Bokoni platinum group metals (PGM) asset.

UG2 reef at Bokoni is the target of the twin mobile tunnel boring and narrow reef cutter. Tunnelling will be done with the mobile tunnel borer for some distance, and then the on-reef cutting will follow.

It uplifts PGM grades through more selective mining, which then lowers unit costs, betters safety, streamlines downstream materials - and will conceivably also slash the size, risk and environmental impact of tailings storage facilities.

The investment of the Johannesburg Stock Exchange-listed ARM at Bokoni was based on full mechanization and the capital that's gone into Bokoni is to re-establish the mine from what was historically a mine extracting Merensky reef to a mine extracting UG2.

In addition, the game-changing narrow-reef-cutting advance on the way provides a mechanised mining solution to extract UG2 reef more selectively and efficiently from the very narrow 60 cm reef width.

During its period of the ownership of Bokoni, ARM commissioned a 60 000 t plant and also built and commissioned a chrome plant.

It sunk a decline shaft directly into the orebody to concentrate all ore from one shaft instead of the historic three shafts and then to focus, as of now, on the UG2 development.

"UG2's still the preferred grade and the preferred orebody with the preferred returns," Schmidt outlined.

"We anticipate, within the next three years, to recommission the 60 000 t plant, phase up to 120 000 t and ultimately phase back to 240 000 t."

"The indications are that this year's capital expenditure will be just over R1-billion, and that's the type of expenditure we see over the next three years, subject to board approval on the full feasibility which we will present towards the end of the year," Schmidt said in response to analyst questions.

The narrow-reef-cutting technology on the way enables mechanised mining at scale, for which ARM has partnered with Herrenknecht, a German company known for its excellence in designing and manufacturing tunnel boring machines worldwide, and also Master Drilling, the South African Fochville-based company that specialises in reef boring solutions.

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The need for South Africa to attract investment as a globally competitive investment destination was highlighted on Friday Dr Patrice Motsepe, the executive chairperson of African Rainbow Minerals (ARM), the Johannesburg Stock Exchange-listed diversified mining company that declared a final dividend of 600 c a share for the year ended June 30 on top of its interim dividend of 450 c a share.

"This country has got some really exceptional people in business, but also in politics, and we have to support and work together and encourage those who really are committed to building this country," Motsepe emphasised at the close of the presentation of 2025 financial results, which spotlighted ARM's solid R6.6-billion net cash position, which excludes attributable cash and cash equivalents held at debt-free ARM Ferrous (50% of Assmang) of R3 568-million. ARM corporate reported headline earnings of R558-million. Revenue for the financial year ended June 30 was a 1% higher R13 027-million.

"We're in an industry that goes through ups and downs, and I'm very clear my expectations. I always want us to be the best at all times, because we are judged by our results," were among Motsepe's opening remarks. (Also watch attached Creamer Media video,)

At the close, he said: "I'm confident that despite all the problems, this country's got acceptable people, and we will succeed."

Earlier, he made the point that the proven global way to create jobs and to improve the living conditions of people "is to make sure that the private sector finds your country a good place, a competitive place and an attractive place for investment"..

"We're committed to paying dividends while pursuing quality growth and maintaining a robust financial position," he said, while displaying a slide of ARM's own receipt of R4.5-billion in dividends from manganese and iron-ore mining company Assmang, R462-million from ARM Coal and a 45% higher R240-million from Harmony Gold Mining Company.

"This presentation of results has been about the commitment that we have always had to make sure that African Rainbow Minerals is world class and globally competitive and we've always recognised the important for African Rainbow Minerals and the South African mining industry to operate within a country where there's very good partnerships that are built with the communities that are near our mines and with all stakeholders and essentially with the workers.

"And the perception of South Africa as a globally competitive investment destination is critically important. We need investors in South Africa to invest in the mining industry, but we also need to persuade, to convince investors outside South Africa to see the mining industry and the mining companies, not just African Rainbow Minerals, but others as well, as competitive investment companies," Motsepe pointed out.

"Why I'm mentioning this is because I have always recognised my role and the duty I have. I presided over the coming together of black and white business, and part of that is the enormous obligation I have to make sure that South Africa, as a country, is a good place for investment.

"At the heart of that is creating jobs, at the heart of that is creating a future, ensuring that there's security, and, more importantly, zero tolerance for crime.

Now it's easy for people like me to stand by the sideline and say, those are problems of the government and those who are in power, and please don't burden me with those responsibilities. But I've never doubted that I have an enormous obligation to the people of this country and to South Africa.

"It makes me proud when I meet with some of the top businesspeople of the world. I was in New York a few weeks ago to meet the CEOs of the largest companies in the world, and they en...

Mining Weekly Editor Martin Creamer discusses the funding for the Prieska Power Reserve Project; the exceptionally pure rare earth product that has been optimised in a Johannesburg lab; and the report that says African nations can leverage their critical mineral endowments for be

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With the world's energy transition accelerating and nations scrambling to secure resilient supply chains, Africa has what the world needs.

In fact, the continent is seen to be in pole position to contribute to twenty-first-century industrial transition as its minerals are not only essential for clean electrification and digitisation but are also becoming increasingly valuable because of supply bottlenecks and rising geopolitical pressure.

With affordable energy, Africa's growth potential can be realised and its transformation potential can be made to extend far beyond traditional mining economics owing its disproportionate ownership of the world's critical minerals.

"We're talking about a fundamental shift from resource extraction to industrial transformation - one that can create high-quality jobs, build technological capabilities, and position African nations as essential partners in global clean energy and digital infrastructure development," BCG project leader Lindokuhle Shongwe explained in an online communication session covered by Mining Weekly.

Interestingly, given its mineral diversity and existing industrial infrastructure, South Africa emerges particularly well on a continent that is increasingly finding itself at the centre of things.

For the first time in generations, the continent has the leverage to shape - not just serve - the next global industrial era, BCG Johannesburg MD and partner Tycho Moencks points out.

Key to these comments are two comprehensive BCG studies - the first unpacks Africa's energy status and the second spells out Africa's compelling critical mineral opportunity.

Emphasised is the need for Africa to act together, to act credibly and to act now amid BCG calculating that for every $1-billion invested in mining and processing activities, 3 000 to 6 000 direct, indirect and induced jobs can be created, while $210-million to $280-million a year is contributed to GDP in steady state - but affordable energy is key.

Additionally, such investments generate $70-million to $100-million in yearly incremental government revenue and drive $100-million in regional infrastructure development.

On the financing side, BCG reports a level of innovation, particularly when it comes to blended finance instruments and the coordination of multiple funders behind those blended finance instruments, with development finance institutions (DFIs) assisting.

"It's by no means perfect, but we do see some early signals where you get different capital stacks for different parts of the project life cycle, basically a project that is a bit more grant funded at the early stages to allow for technical assistance and feasibility studies to be done, and then more commercially loaded as you get closer towards bankable feasibility, and some of the DFIs playing in the background, helping with the tariff subsidisation to help with initial catalytic capital to get the project off the ground," BCG Johannesburg MD and partner Kesh Mudaly outlined to the online audience.

The rubber really hits the road on the details and being seen are the early signs of innovative approaches being taken in Africa to make finance flow.

Noted by BCG is South Africa's world-leading position in platinum group metals, combined with substantial reserves of manganese, chromium, and vanadium, and its potential as an anchor of regional value chains and a natural hub for attracting downstream manufacturing investments in battery technologies, renewable-energy components, and advanced materials processing.

Reiterated is that "there are no income-rich, energy-poor countries in the world" and pointed out by the consultancy is that Africa faces a major energy access gap and needs to achieve universal energy access amid more than 50% of new connectio...