Modern Mining June 2020

MINING News

Specialised Exhibitions has announced that Electra Mining 2020, due to take place from 7 – 11 September at the Expo Centre in Johannesburg, South Africa, has been cancelled due to the COVID-19 pan- demic. The next edition of the show will be held from 5 – 9 September 2022 at the same venue. “Following the measures declared by Electra Mining Africa 2020 cancelled due to COVID-19 the President of South Africa on Sunday the 15 th of March when a national state of disaster was announced, and in view of the subsequent various levels of lock- down that have been and will be effected, which includes the continued temporary prohibition of large gatherings and restric- tions on local and international travel, we have made the difficult decision to can-

cel this year’s Electra Mining Africa,” says Gary Corin, MD of Specialised Exhibitions. “Although disappointed that the 2020 show will not go ahead, it is the right deci- sion for all stakeholders involved. We fully support the measures taken by govern- ment. The safety and wellbeing of our exhibitors, suppliers, visitors and the indus- try as a whole continues to be of paramount

importance to us. Electra Mining Africa is recognised by indus- try as being more than just a show; it’s a tradition,” says Corin. “Having proudly showcased many firsts in innovation and technology since the first show in 1972, we now look forward to delivering another world-class experience in 2022.” “Exhibitions post COVID-19 will play an essential role in pro- viding a fast-track to economic recovery. They will enable the all-important face-to-face con- nection between buyers and sellers, bring new products to market, drive innovation, forge partnerships, build brands and community, offer immersive experiences and provide intel- lectual content and educational opportunities through seminars and workshops,” says Charlene Hefer, portfolio director at Specialised Exhibitions. 

The next edition of the show will be held from 5-9 September 2022.

Implats opts not to increase stake in the Waterberg project Following the 16 October 2017 announcement of its strategic invest- ment in the Waterberg Development Project and its right to acquire majority ownership in the project through the exercise of a sale and subscription option following completion of a definitive feasibility study, the board of Implats has elected not to exercise the current option arrangement to acquire up to 50,1% from the joint venture partners. Implats will, however, retain its 15% ownership in the project.

• Implats’ funding and return requirements at 50,01% shareholding in the context of the group’s capital allocation framework, which prioritises balance sheet strength and shareholder returns. • More recently, the implications of the Covid-19 pandemic on the global economic outlook. • Investor financing appetite for large greenfield projects in general. After taking these considerations into account, the Implats board resolved that the group will not exercise its option to increase its shareholding in the project at this time. Implats has reiterated its support for both the project and its JV partners. The group intends to remain an active participant in the project at its current 15% shareholding, including funding its share of costs depending on future implementation decisions taken by all the JV partners. In addition, the group has confirmed that its rights relating to the concentrate offtake from the project remains unchanged and affirms its commitment to continue negotiations in this regard with the JV partners in good faith. 

The original investment decision was informed by Implats’ stated strategy to rebalance its portfolio of mining assets towards lower risk, shallow and mechanisable orebodies. The final decision to increase participation in the project was always dependent on the outcomes of the DFS. Following completion of this study, which was approved by the JV partners in December 2019, the following key considerations, among others, were considered in assessing the group’s appetite for increasing its participation in the project: • The long-term PGM demand outlook combined with the project schedule and production ramp-up profile.

6  MODERN MINING  June 2020