Sibanye Stillwater Ltd. experienced a $2 billion loss in the previous year, primarily due to an impairment at its US palladium mine. This contrasts with a $1.1 billion profit from the prior year. The mining company, led by Neal Froneman, has diversified into platinum-group metals and battery metals but faces challenges due to declining metal prices. Sibanye announced cost-cutting measures to save around $375 million and acknowledged potential further restructuring if low commodity prices continue. The company's gold mines have returned to profitability, despite job cuts across its operations.

South Africa's platinum sector is facing a severe crisis with plummeting metal prices leading to job cuts and significant profit erosion. The industry, which represents about 70% of global output, has seen the four largest producers, Sibanye Stillwater, Anglo American Platinum, Impala Platinum Holdings, and Northam Platinum, report dismal earnings. Job cuts are politically sensitive as the African National Congress heads into a challenging election. Amplats is in talks that may affect 3,700 jobs, Sibanye cut 2,600 positions, and Implats shed over 1,000 jobs. Profits have sharply declined from record highs two years ago, with palladium and rhodium prices falling 44% and 63%, respectively. The miners are reducing costs and spending, with Amplats aiming for 5 billion rand in savings and Implats planning to cut expenditure by half a billion dollars. Despite the downturn, significant production cuts have not been announced, but continued low prices may force shaft closures.

A significant boardroom conflict has emerged at AVZ Minerals Ltd. concerning the control of a large, undeveloped lithium deposit in the Democratic Republic of Congo. The company's largest shareholder is poised to back the removal of the current board. The Manono project, which AVZ acquired exploration rights to seven years ago, could become one of the world's most substantial lithium sources. However, AVZ is entangled in legal battles with its partners and the Congolese government amid a surge in demand for lithium due to the electric vehicle industry's growth.

Pramod Mittal, brother of billionaire Lakshmi Mittal, is set to receive nearly $500 million from the Nigerian government to settle a contract dispute over the Ajaokuta steel mill, a project that has consumed over $7 billion without producing metal. The settlement, which represents about 1.5% of Nigeria's foreign reserves, has been criticized as emblematic of corruption and poor governance. Pramod's company, Global Steel Holdings Ltd., has faced liquidation and he has been involved in various legal disputes, including bankruptcy proceedings in the UK. The Nigerian government justifies the settlement as freeing the state to pursue its ambitions for the steel mill, while critics see it as another failed attempt to revive the facility. The Ajaokuta steel mill remains a contentious issue in Nigeria, with the new administration pledging to get it operational.

Nigeria is withdrawing a $1.1 billion civil claim against Eni SpA, ending a protracted legal battle in Italian courts over corruption allegations in an oil-field deal. The claims will be waived unconditionally and with immediate effect. Nigeria will also renounce any further legal action in Italy against Eni and its affiliates regarding Oil Prospecting License 245 (OPL 245). Eni has been acquitted in a related criminal case in Milan and is ready to discuss the license's conversion for oil block development with the Nigerian government. The oil block, with estimated recoverable reserves of 560 million barrels, has seen halted operations for over a decade due to legal disputes. The future development of OPL 245 by Eni and its partner Shell Plc may hinge on other ongoing legal proceedings.

A truckers' strike in the Democratic Republic of Congo that had blocked copper and cobalt exports from the mining hub of Kolwezi has been resolved. The strike, which began around the end of October over a dispute concerning danger pay, threatened shipments from major mines operated by Glencore Plc, CMOC Group Ltd., and Ivanhoe Mines Ltd. Congo is the world's largest cobalt producer and a significant copper source.

KoBold Metals, a mining startup backed by Bill Gates and developing a copper project in Zambia, is considering an expansion into the Democratic Republic of Congo. CEO Kurt House mentioned the company's interest in the region due to its abundance of materials essential for the green-energy transition, such as cobalt and copper. The move aligns with the US administration's goals to increase American investments in the electric-vehicle supply chain. KoBold is supported by investors including Gates's Breakthrough Energy Ventures and BHP Ltd., with Michael Bloomberg also being an investor in Breakthrough.

Africa's first major lithium project without Chinese funding, Ghana’s Ewoyaa mine, is being developed by Atlantic Lithium Ltd. and will support US efforts to establish a domestic battery-making industry. Half of the mine's output is reserved for a refinery that Piedmont Lithium Ltd. plans to build in Tennessee. The project is seen as a way to reduce US reliance on foreign resources, particularly from China, and is expected to benefit from President Joe Biden's Inflation Reduction Act. The mine is set to produce its first concentrate in 2025 and reach industrial scale output in 2026, potentially increasing Africa's global lithium supply share to 14% by 2030.

Equinor ASA has chosen Chappal Energies Mauritius Ltd. as the preferred buyer for its 20.2% stake in Nigeria's Agbami oil field, which is operated by Chevron Corp. and produces about 100,000 barrels of oil a day. Other companies, including Prime Oil & Gas Cooperatief UA, also submitted bids. Chappal Energies, founded in May 2022, has yet to sign a sales agreement and needs to raise funds for the deal. Equinor is also considering selling its operations in Azerbaijan. The article mentions the involvement of Bill Higgs and Hezekiah Oyinlola on Chappal Energies' board, and Ufoma Immanuel as managing director. Austin Avuru, associated with Chappal Petroleum, was not directly involved with Chappal Energies.

Nigeria's state oil company, NNPC, has expressed concerns over Eni SpA's sale of a subsidiary with a 20% stake in four onshore oil and gas blocks to Oando Plc, citing a potential breach of the joint venture contract for not obtaining prior authorization. NNPC reserves the right to invalidate the agreement but clarifies that the letter is not an objection to the transaction. Eni denies any breach, stating pre-emption rights and consents will be followed. The deal's completion is subject to regulatory approvals. Oil majors are increasingly selling onshore and shallow water blocks in Nigeria to domestic producers, with Shell and Exxon Mobil also looking to finalize sales. The NNPC has opposed Exxon's deal with Seplat Energy and asserted a right to acquire the permits itself.

Three Chinese companies, Zijin Mining Group Co., MMG Ltd., and Aluminium Corp. of China, are in the second round of bidding for the Khoemacau copper mine in Botswana, which is expected to sell for about $2 billion. MMG is considering a partnership with Citic Metal Co., and South African miners Impala Platinum Holdings Ltd. and Exxaro Resources Ltd. are also shortlisted. The mine's major shareholder, GNRI, may select a winner in the coming weeks. The Khoemacau mine is part of the Kalahari copper belt and has potential for increased production.

Three Chinese groups, Zijin Mining Group Co., MMG Ltd., and Aluminium Corp. of China, are competing to acquire a Botswana copper mine valued at around $2 billion. MMG is in talks to partner with Citic Metal Co, a division of China's state-owned Citic Group. South Africa's Impala Platinum Holdings Ltd. and Exxaro Resources Ltd. are also shortlisted. The mine's major shareholder, London-based private equity firm GNRI, plans to select a buyer in the coming weeks. The world's largest miners, including BHP Group and Rio Tinto Group, are looking to expand in the copper sector due to expected increased demand from electric vehicles and renewable energy. Khoemacau mine, which began operations in mid-2021, could potentially increase its annual production to 130,000 tonnes.

Chemaf Resources Ltd., a mining company in the Democratic Republic of Congo backed by Trafigura Group, is up for sale due to financial difficulties exacerbated by a drop in cobalt prices. The company, registered in the Isle of Man, requires additional investment to complete its copper and cobalt mine projects in Congo. Chemaf arranged a $600 million loan from Trafigura but is now seeking a capital injection, targeting a valuation of about $1 billion. The company is open to various deals, including joint ventures, and has extended the deadline for non-binding offers. Chemaf's debt restructuring is part of a local court-approved preventative settlement arrangement. The company has accumulated about $690 million in debt, with $510 million drawn from the Trafigura loan. Trafigura remains supportive of the sale, while the Eastern and Southern African Trade and Development Bank led the loan syndication. Congo's state miner Gecamines, which leases a permit to Chemaf, stated that any change of leaseholder would require its approval.