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Mining Weekly Editor Martin Creamer discusses the fourteenth Oppenheimer Research Conference hearing that Africa should collaborate to protect the planet; Botswana and Angola seeking an interest in De Beers and the opportunities it presents; and South Africa being urged to revive

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The high gold price has increased liquidity and cash generated by DRDGOLD in the three months to the end of September, the first quarter of the 2026 financial year of this Johannesburg- and New York-listed surface gold mining company.

Benefiting from uplifted liquidity and cash position will be DRDGOLD's extended capital expenditure programme for the 2026 financial year.

A first-quarter operating update on Thursday, October 16, reported a marginal 2% revenue increase to R2 254.9-million amid a sustained high gold price of R1 943 398/kg and a 16 kg increase in gold sold to 1 158 kg.

Despite a 3% decrease in throughput to 6 481 000 t, gold production rose by 2% to 1 191 kg, mainly the result of a 0.008g/t improvement in yield to 0.184g/t, DRDGROLD stated in a media release to Mining Weekly.

Cash operating costs per kilogram of gold sold were also stable, increasing marginally by 3% to R955 086.

The rise was mainly driven by annual labour increases and higher reagent costs - mainly lime and cyanide - at DRDGOLD's Ergo operation, east of Johannesburg on the East Rand, and mainly driven by annual labour increases at Far West Gold Recoveries, west of Johannesburg on the Far West Rand.

Electricity costs increased because of two months of winter tariffs, which Eskom charges between June and August each year, being included in the first quarter. One of DRDGOLD's major cost saving measures has been the establishment of the large solar farm to supply cheaper renewable energy to Ergo.

Far West Gold Recoveries incurred additional machine hire costs relating to the clean-up of the Driefontein 5 reclamation site.

Cash operating costs per tonne increased by 8% to R179 owing to the same cost drivers and the decrease in throughput.

All-in sustaining costs per kilogram were 5% higher at R1 066 287, despite a 58% decrease in sustaining capital expenditure to R51.5-million.

In the final quarter of the 2025 financial year, all-in sustaining costs included a credit adjustment related to the change in rehabilitation estimate that is assessed annually. All-in costs per kilogram were 6% higher at R1 745 213 owing to a 9% rise in growth capital expenditure to R781.1-million, mainly relating to the Far West Gold Recoveries Phase II project, which includes the construction of the regional tailings storage facility and DP2 Plant expansion.

Adjusted earnings before income tax, depreciation and amortisation were 1% higher at R1 092.1-million mainly owing to more gold sold and the higher gold price received.

Cash and cash equivalents decreased by R257.1-million to R1 049.1-million from R1 306.2-million after paying the final cash dividend of R345.7 million for the 2025 financial year and capital expenditure (including prepayments towards capital items) of R751.8-million incurred during the quarter.

DRDGOLD remained debt free as at September 30.

As reported by Mining Weekly last month, DRDGOLD has outlined its plans to invest around R7.8-billion in its Big Five capital growth projects, two on the well-established East Rand and three on the fast-developing Far West Rand.

The R7.8-billion capital investment is a medium-term forecast for the key projects within the Vision 2028 strategy, extending life-of-mine by at least 20 years for both East Rand and West Rand operations.

Vision 2028 is working towards increasing throughput to three-million tons a month, boosting gold production to more than 200 000 oz/y, reducing the company's environmental footprint and maximising social impact.

The plan now for Ergo on the East Rand is to expand the operation's lifespan to beyond 2040 to process a resource base previously thought non-viable. Increasing deposition capacity, however, would be vital until this could be achieved, by resuming deposition on to ...

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To protect the "our precious planet", Africa must unite in its collaborative effort, align its efforts and share its strength with international players and partners, the 14th Oppenheimer Research Conference (ORC) heard in Midrand on Wednesday, October 15.

Former mining luminary Nicky Oppenheimer emphasised the "very important role" of Africa, ahead of Zimbabwe Environmental, Climate and Wildlife Minister Dr Evelyn Ndlovu warning that the lack of environmental protection is "putting human security at risk". (Also watch attached Creamer Media video.)

The world needs to do what it can to ease nature's path "and Africa has such an important role to play in that process," said Oppenheimer, the former head of Anglo American and De Beers.

"The natural heritage we have is our greatest wealth," said Ndlovu. "Our conservation efforts are not merely about protecting animals or trees", but really about safeguarding the total fabric of our nations.

"Our shared future depends on how boldly we act today to protect and restore our planet," ORC organiser and Oppenheimer Generations Research and Conservation head Dr Duncan MacFadyen highlighted at the packed event covered by Mining Weekly.

"I believe we're a real heartbeat of conservation worldwide," said Oppenheimer, with the contribution of the annual conservation get-together growing ever more important amid inexorable global urbanisation.

Reflecting on global nature finance gap, the event heard that the world is spending less than one third of what is needed to protect and restore the ecosystem.

Emphasised is that all scientists and researchers need "desperately" to learn from each other and to teach each other and then to teach the world.

Scientific data is helping the world to understand how ecosystems adopt and how communities can coexist with wildlife, forests, and wetlands on a warming planet.

"Let us continue to bridge the divide between research and implementation, ensuring that every discovery fuels development and resilience of the ecosystem.

"To my fellow policy makers, let us stand firm in our commitment to ensuring nature and climate stay on the highest political agendas. Africa holds many of the world's remaining natural frontiers and with this inheritance comes responsibilities.

"Without adequate financing, conservation becomes a form of charity, rather than an investment. And progress will be fleeting if we don't become serious.

"We must therefore strategically move precisely towards a sustainable, predictable and results-based financing, where natural capital is valued as a critical asset for development.

"Investing in nature, in our wetlands, our forests and wildlife is not a cost. It is a catalyst for resilient economies and stable societies and I urge all parties, public and private, to recognize this investment opportunity and prioritise nature.

"After all, over half of the global GDP is dependent on nature and its ecosystems," said Ndlovu.

But while ORC was underway, it was communicated by Green Central Baking's Despatch publication that "climate denialism" is sharpening US economic risk and creating regulatory weaknesses.

Just dismantled by US regulators are two climate risk committees at the Financial Stability Oversight Council, part of a sweeping trend to sideline climate finance experts, Ingrid Walker reported.

Experts warn such ideological moves from the world's top economy is leaving it dangerously exposed, as climate shocks outstrip could even subprime mortgage risks on bank balance sheets, the publication stated.

But climate risk doesn't play politics. Former Federal Reserve supervisor Kevin Stiroh warns that "a shock is a shock. Anything that can impact the real economy should be ... part of the risk monitoring and assessment process. Rese...

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The value of gold as an asset has never been clearer, yet the gold industry finds itself at a fascinating crossroads, the World Gold Council reports.

The advent of new technologies, including blockchain, decentralised finance and cryptocurrency is having a transformational effect on the financial markets that gold operates in, the council adds in a paper entitled 'A New Golden Age'.

A new age of easily accessible, yield-bearing digital assets puts traditional assets under the spotlight, potentially disrupting their financial status. But at the same time, these innovations create previously unimaginable opportunities for gold to thrive as the ultimate physical and digital asset.

The results could be game-changing for the gold industry, increasing trust in gold markets, and recreating the metal as a fungible and highly liquid digital asset capable of powering the financial markets of the future.

"For the gold industry, simply digitalising current practices isn't enough," Simone Ferriani, Professor of Entrepreneurship and Innovation at Bayes Business School believes.

The real breakthrough will come from redefining the boundaries of innovation, it is contended.

Envisaged is how digitalisation could re-orientate the gold industry in the years ahead.

With insight from a dozen leaders and innovators from within the gold industry and across the fields of finance, blockchain and real-world asset tokenisation, alongside specialists at The Future Laboratory, the potential future use cases for digital gold are explored.

As is now uppermost of mind, the gold market, besides being large and global, is thriving, with the council estimating that physical gold holdings by investors and central banks are worth around $5.1-trillion.

Gold's trading volumes averaged a record $329-billion a day during the first half of this year.

In this sense, the gold market is more liquid than several major financial markets, including the Dow Jones Industrial Average, while trading volumes are on par with ten-year US Treasuries and exceed the most traded US equities.

During the past half century, the price of gold in US dollars has increased by 8% on an annualised basis - a performance comparable with equities and higher than bonds.

During the current period of economic instability, gold has also reinforced its credentials as a safe-haven asset and a great diversifier in mixed portfolios, with 49% of financial advisers agreeing this is a strength.

In June, the European Central Bank revealed that gold had overtaken the euro to become the second-largest global reserve asset after the US dollar.

Gold plays a crucial part in technology and healthcare products, while levels of recycling of gold make it one of the most circular assets in the world.

"In general, just about every ounce of gold that has ever been mined is still being used. It's as close to 100% recycling as you can get, I think that's something to be proud of as an industry," Wheaton Precious Metals CEO Randy Smallwood points out.

Yet, despite all of this, there are challenges facing the gold industry. The fact that gold is not considered to be a high-quality liquid asset or a financial instrument in many jurisdictions means it doesn't receive the same level of regulatory scrutiny as other investment products.

Managing physical gold custody can also be complex because gold comes in a range of different sizes and purities.

A perception prevails among some institutional investors and treasury departments that other assets are easier to manage.

Moreover, unlike asset classes such as bonds and property, gold doesn't provide a regular income. This is cited by 54% of financial advisers, who say the fact that gold does not pay coupons or dividends hinders its investment potential.

Now, digi...

Major opportunity for the diamond business to return to old strengths, says luminary

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Botswana is seeking a greater interest in De Beers, and Angola is seeking an interest too. To the mind of diamond luminary Martyn Charles Marriott, this could be an opportunity to return to old strengths and disciplines.

In an article on the website of the International Diamond Manufacturers, Marriott cautions Botswana about going it alone and falling into the trap of yet again putting all its eggs into one basket. Marriott notes that the current deal Botswana has with De Beers is fantastic in that 80% of mine profits go to Botswana - a level that far surpasses anything in the mining industry anywhere in the world.

Marriott expresses the view that the debate now under way about the future of De Beers presents an opportunity for a return to the discipline and control of the natural diamond market.

Many recall that the economic viability of the diamond industry in the days when it had a stockpile and a quota approach, which kept supply and demand in crucial balance.

In addition, large sums money were spent on the unforgettable Diamonds are Forever advertising campaign and the creation of the diamond engagement ring tradition that spread throughout the world.

Collaboration is what gave diamonds their old strength; fragmentation is what has created their current weakness.

Marriott recalls how collaboration led to flow of alluvial diamonds from West Africa being absorbed by the diamond buying offices that were created at source.

In addition, Russia recognised the way in which the approach was of benefit to all on the supply chain from diamond miners to diamond cutters, traders, and consumers.

As the then manager of the De Beers Dicor operation in Sierra Leone, it was Marriott who persuaded the government of that African country of the benefits and his departure from De Beers coincided with the discovery of diamonds in Botswana, where he played a diamond consultancy role from 1970 to 1983.

Botswana was persuaded about the way in which the Central Selling Organisation system could help its economy "with the caveat that the diamonds had to be properly sorted and valued".

The production level at Orapa also had to be increased to the level that helped Botswana secure a favourable quota.

It was also Marriott who initially proposed that the future development of the mines in Botswana should be by an equally shared 50/50 company.

For more than a dozen years, Marriott was a member of Botswana's negotiating team with De Beers that secured the very high level of profits that would accrue to the Botswana government from the development of its diamond mines. During the development of the Jwaneng mine by the then joint company, he was asked to co-ordinate Botswana's inputs into the project.

Interestingly, in 1980, even the Australians were also persuaded about the merits of the Central Selling Organisation for the Argyle mine.

"From 1985 through to the end of the century I was heavily involved in the restoration of the Angolan diamond industry as consultant and valuer to Endiama," Marriott recalls in the article in the latest International Diamond Manufacturers publication.

"In this instance, as the production there was then small, I advocated sales by tender initially, and we built up a successful sales procedure from there, which was eventually undermined by corruption."

He also played an active part in the establishment of the Kimberley Process.

"Unfortunately, in 1986 things in the diamond world began to fall apart. Argyle and De Beers ceased their co-operation. The Russians became more and more independent and this was followed by the Canadian mines marketing their production separately."

The Central Selling Organisation was no longer in...

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European Commission President Ursula von der Leyen elevated South Africa's R105-billion Nelson Mandela Bay green-hydrogen-to-green ammonia project to a new high when she singled it out for special mention in announcing a massive rise in funding for the South Africa-European Union Just Energy Transition Partnership.

The new nigh-€12-billion package is a streak ahead of the €4.7-billion Global Gateway figure, which was celebrated at the EU-SA Summit in Cape Town in March.

The EU, which is working hand-in-hand with to Global Citizen, also used the Brussels event to announce a big new €618-million Team Europe package to support power grid modernisation for renewable electrification.

In March, South Africa's world-leading platinum group metals (PGMs) endowment received a major boost when Von der Leyen pointed out that South Africa hosts raw materials that are critical for electrolysers, including 91% of the world's PGM reserves, and you have a rising industry to produce clean hydrogen and strong export ambitions."

Now, seven months later, Von der Leyen expressed delight at the huge step up of funding by EU member states for South Africa's Just Energy Transition. "We can now take almost €12-billion to our Just Energy Transition Partnership," she said turning to South Africa President Cyril Ramaphosa, "and we can support our ambition to become a true global leader in clean energy.

"We need the member states, we need our partners, and we also need the private sector, the business community to come in with the knowledge and the global capabilities, and I'm thinking here, for example, of the Coega Green Ammonia project in Nelson Mandela Bay.

"With it, South Africa is on its way to becoming a global shipping hub as green ammonia becomes a clean maritime fuel of choice, and with this investment comes an enormous opportunity. This is unfolding for South Africa. This green ammonia story is just one of many success stories that we have and now with the new investment, we have the means to write many more success stories," Von der Leyen pointed out.

Hive Hydrogen South Africa is the developer of the green fuel project being developed in the Eastern Cape and present to hear Von der Leyen's laudatory comments first-hand was Hive Hydrogen chairperson Thulani Gcabashe, a former Eskom CEO, whose Built Africa Group focuses on developing renewables projects in South Africa under the Renewable Energy Independent Power Producer Procurement Programme.

Directing her comments toRamaphosa, Von der Leyen added: "Dear Cyril, my friend, it's wonderful to see you again now in Brussels, so soon after New York, at the United Nations General Assembly, because today we truly have good news to share." (Also watch attached Creamer Media video.)

"In March, we made a strong call to invest in renewables, both in and with South Africa, because the logic is that there are natural resources in abundance in South Africa, which also has the skills, and the business case is clear.

"Important to note is that South Africa is not only transforming itself but it's becoming a clean energy pioneer for the entire continent of Africa," Von der Leyen reported while drawing attention to the scaling-up continental renewables campaign initiated by

Global Citizen against the background of 600-million people in Africa still have no access to electricity.

Partnering with international advocacy organisation Global Citizen and being backed by the International Energy Agency is Global Gateway, which will culminate with a major pledging event at the upcoming G20 Summit in Johannesburg in November.

The Global Gateway campaign focuses on connectivity infrastructure - both physical and digital - and on uplifting the local pharmaceutical industry.

"The campaign is now entering...

Mining Weekly Editor Martin Creamer discusses Anglo American's commitment to invest R600-million in South Africa’s junior exploration fund as part of the Anglo Teck deal; mining growth and transformation going hand in hand; and the 20-year renewables deal that Discovery Green and

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At this week's Joburg Indaba, South Africa was urged to get its many idled ferroalloy smelters working again and to replace ideology with pragmatism in mining.

Menar MD Vuslat Bayoglu called on South Africa to revive hundreds of thousands of jobs by ensuring baseload power for South Africa's 57 idled ferrochrome furnaces, while ENS Africa COO Otsile Matlou called on government to eliminate ideology and optimise pragmatism.

Both Bayoglu and Matlou were responding to questions put to them by EY Africa energy and industry leader Wickus Botha during a Bernard Swanepoel-chaired panel discussion.

Indonesia succeeding in building 62 ferronickel smelters from scratch in a mere 11 years was cited by Bayoglu to emphasise how much quicker it should be for South Africa to receive the huge economic advantage through trhe revival of 57 idled ferrochrome furnaaces that are on care-and-maintenance. "How do we incentivise the making of ferrochrome and ferromanganese in South Africa and where are we going to get the power", Bayoglu asked, while Matlou said with regard to South Africa's overall regulatory and policy environment: "If I were the Minister, I'd strip ideology from the conversation with mining CEOs and I'd replace ideology with pragmatism."

Regarding critical power for smelting ferrochrome, ferromanganese and aluminium, Bayoglu advocated the public-private approach adopted by the State-owned rail-and-port enterprise Transnet: "If Eskom cannot do it because of the balance sheet, then they should allow, like Transnet does, the private sector to have a partnership."

Regarding policy pragmatism becoming the order of the day when it comes to critical minerals, Matlou commented: "For those minerals where we will get the best advantage by going East, we must go East. And for those minerals where we can get the best advantage by going West, we must go West. And in the context of the dynamics of the Africa region, start thinking about what the continent needs and what capacity is there to start consuming some of the minerals on the continent itself."

Bayoglu, in noting world geopolitical shifts, cautioned that South Africa should avoid becoming part of another country's agenda Instead, it should establish its own agenda that acknowledges its importance to other countries.

Matlou, in promoting pragmatism-over-ideology still further, included this: "The work we've done basically showed us three things. Number one is that geopolitics is not about ideology. The old times of the East and the West, the Cold War, capitalism and communism, simply are unsophisticated to understand today's global economics.

"Number two, mineral criticality is not what the market outside of South Africa tells us that it is. We've got to define our own basket of criticality, taking advantage of what's happening around the world, and making sure we place our products where they'll have the best return for us.

"Number three, we have to leave sufficient criticality in the domestic market for South Africa to start developing and building its own economy."

Pointed out further by Bayoglu is that while certain smelters may need refurbishing, many would "just need small touches" to get back them into wealth-creating and job-generating mode.

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Growth of the mining industry and the transformation of the economy are inextricably intertwined but need a stable, predictable regulatory environment that promotes both together, Minerals Council South Africa president Paul Dunne told the Joburg Indaba audience on Wednesday.

A mining industry that attracts local and international capital for the development of new mines and the expansion of existing operations would, he said, create more employment opportunities, attract new entrants, and multiply all the benefits that the mining industry delivers for the country.

The Minerals Council would not relent in lobbying and advocating for the best possible regulatory and operating environment to realise this potential.

"Mining is a very people-centric industry and we're deeply connected to the fabric of society at ground level. It's important that we succeed.

"Providers of capital will not put their money into risky environments where their returns are threatened by regulatory uncertainty, crime and corruption and failing infrastructure. At the very least, the cost of capital increases significantly rendering projects unviable that otherwise would proceed," Dunne pointed out.

"The mining industry has been severely constrained during the past three decades by regulatory uncertainty, weak administrative processes, unnecessary delays in licensing authorisations, as well as the severe repercussions that State capture has had on electricity supply and costs, and rail and port disruptions.

"The mining industry has enormous untapped potential in the minerals we already mine and the minerals of the future, provided we can unlock exploration and attract investment," Dunne said.

It costs R20-billion and ten years to build a decent sized mine. Very few mining companies have that type of money lying around on the balance sheet. Companies need to operate in an environment that allows them to attract capital in the form of debt or equity to fund projects.

Currently, South African mining employs 465 000 people in relatively well paid jobs that come with a high economic multiplier effect and the industry spends some R7-billion a year on training and skills development.

"Mining is so much more than just digging minerals out of the ground. Companies have extensive social and labour plans, which uplift communities through enterprise and supplier development programmes, as well as large investments in infrastructure, schools and healthcare facilities."

In many cases, mining operations take place in remote parts of the country, where they are the only source of jobs and income.

Often, mining companies step in to provide services and infrastructure that failing or dysfunctional municipal governments are not delivering.

Mining accounts for 6% of GDP and R800-billion worth of exported mineral products representing 45% of total exports.

Corporate tax payments amounting to R43-billion make up 14% of total corporate tax collection.

"'Mining matters' is not just a slogan, it is a fact," Dunne pointed out, while emphasising the critical importance of having a pragmatic, stable regulatory environment that attracts investment rather than discourages it though onerous, globally uncompetitive policy.

"It's our considered view that the proposed Minerals Amendment Bill in its original form does not encourage or sustain the growth and investment that the mining industry needs to realise its full potential to create employment, to stimulate the economy and to fulfil its social mandate," Dunne pointed out.

The Minerals Council has submitted a detailed document outlining its concerns and expects a protracted period before a redraft emerges, potentially extending into the new year.

Meanwhile, its members are spending R3-billion-plus a year on building ...

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On day-one of the Joburg Indaba, Anglo American CEO Duncan Wanblad revealed commitment to invest R600-million in South Africa's junior exploration fund as part of the Anglo Tech deal.

Wanblad disclosed this to audience applause during his opening discussion with indaba chairperson Bernard Swanepoel.

"We've made a commitment to invest another R600-million in the junior exploration fund because we believe in exploration," said Wanblad, who also expressed very firm attachment to what is to become Anglo's sole mining asset in South Africa - Kumba Iron Ore, headed by CEO Nompumelelo (Mpumi) Zikalala.

Besides having a very high ferrous content that lessens CO2 emissions, Kumba is now also dispensing a waste-derived ultrahigh dense media separation (UHDMS) premium product. (Also watch attached Creamer Media video.)

"Kumba's a great business. It has a very unique type of iron-ore in the world today and I'm a big believer that the world will ultimately transition to a cleaner type of economy … and the role that Kumba will play in that transition in the next couple of decades is a really important one.

"What Kumba produces is a differentiated product in the market today and the work that Mpumi's doing on UHDMS will make Kumba even more differentiated and therefore more sought-after. There's lots of longer life extensions at Kumba," Wanblad pointed out.

With much of Africa still to be explored and mined, Anglo's focus on Africa is poised to intensify significantly.

"So, part of our strategy here is not only South Africa itself but also using South Africa as a mining window into the balance of Africa, which is one of the most under-explored, highly valued continents as far as minerals generally are concerned, before we even start talking about what critical minerals are. Anglo is a company that likes South Africa and the region.

"For strategic reasons, it was the right thing to demerge Valterra and it is absolutely the right thing to divest of De Beers but that creates other opportunities for us and those opportunities could very well be in South Africa.

"South Africa is under-explored today because it had unsupportive policy for exploration in the last 20-odd years, and that's a very important part of a mining life cycle. The data will show you that it takes about 17 years from the time you find the deposits to the time you get it permitted and ramped up into full production," Wanblad added.

Although a generation of mines had been foregone, it was not too late for South Africa to be transformative by growing the country through enabling exploration and building new mines.

But was behind the curve and needed very strong leadership and supportive policy. Without supportive policy, South Africa would find it exceedingly difficult to attract capital to what is a very capital-intensive industry and investors had to wait a long time for payback.

"That's part of the challenge that we're working quite hard on and that's slowly starting to change, so I am optimistic but I have a very healthy dose of realism around this optimism too.

"We have challenges here in South Africa. I think we know what they are. I think there's a strong coalition of the willing that's working very, very hard to overcome those challenges.

"Nothing's telling me that these things are going to be overcome tomorrow, but nothing's telling me that they can't be overcome with this amount of effort, and that includes infrastructure, rail, logistics, electricity, and we don't have a cadastral system just yet, but we're talking about one.

"It feels to me that might be the last hurdle to open up investment again in exploration in South Africa, and as part of the Anglo Tech deal, we've made a commitment to invest another R600-million in the junior exploration fund...