Zimbabwe lithium miners want royalties to be linked to prices
The battery metal has slumped from a peak in late 2022 amid oversupply and weak demand from the electric vehicle sector.
London-listed Coal of Africa and various environmental groups buried the hatchet on Thursday to work together to preserve Mapungubwe in northern South Africa near the company’s controversial Vele opencast project.
Construction of the coking coal mine was halted and the Australian company fined $1.3 million because it did not comply with aspects of environmental laws, but the green coalition has now agreed to drop all legal action. Coal of Africa Limited closed at 49.52 pence in London on Thursday up 8.2% on the previous day.
Mapungubwe is home of the famous golden rhino that dates back to around 1000 AD when Southern Africa’s earliest kingdom flourished.
Reuters reported on Thursday physical South African coal prices broke through support at $100.00 a tonne and further steep falls are likely due to the pressure of unsold tonnage and limp demand in both the Atlantic and Pacific markets.
