Flooding at Ivanhoe Copper Mine Was Self-Induced, Study Suggests

Seismic activity that disrupted output at a massive copper mine in the Democratic Republic of Congo appears self-induced, according to preliminary findings released by operator Ivanhoe Mines Ltd.
The incident last month, which flooded parts of the Kamoa-Kakula mine, began in an area where a 'mature percentage' of ore had already been extracted, the company said in a Wednesday filing.

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News24

3 hours ago

• News24

Lottery jackpot: Mashatile's family tied to new multibillion-rand operator deal

Adding to concerns over political interference in the award of the fourth national lottery licence, it has emerged that Deputy President Paul Mashatile's sister-in-law has a stake in the game. Khumo Bogatsu is the twin sister of second lady Humile Mashatile and co-owns Bellamont Gaming with Moses Tembe. The company is a shareholder of Sizekhaya Holdings. In May, Trade and Industry Minister Parks Tau announced Sizekhaya as the winning bidder for the multibillion-rand tender. Sizekhaya Holdings, which landed the lucrative licence to operate South Africa's national lottery for eight years, has links to Deputy President Paul Mashatile. Among Sizekhaya's shareholders is Bellamont Gaming, a company co-owned and co-directed by Khumo Bogatsu – Mashatile's sister-in-law – and Moses Tembe, the KwaZulu-Natal businessman who chairs Sizekhaya – and seems close to Mashatile. Bogatsu is the twin sister of Humile Mashatile, born Bogatsu. The deputy president and Humile were married in a lavish set of celebrations attended by the political and business elite in March 2023. Bellamont Gaming was registered nine months later, in December 2023, with Tembe and Bogatsu as its founding and still only directors. Bellamont and consortium partners then registered Sizekhaya just days before last year's 3 February deadline to contest the fourth national lottery licence. Trade, Industry and Competition Minister Parks Tau finally announced the award to Sizekhaya on 28 May this year after protracted delays and what he called an 'arduous exercise' of evaluating eight applications. The National Lotteries Commission, which answers to Tau, helps adjudicate licence bids. The lottery licence is almost literally a licence to print money. The outgoing operator, Ithuba Holdings, reported a R7.28 billion turnover in 2024. Bogatsu and Tembe's joint involvement adds to widespread fears that the politics of patronage may have intruded on the award process. Tembe stays in a palatial residence on Bellamont Road above Umdloti Beach north of Durban – a road that lent its name to Bellamont Gaming and about a dozen other companies in Tembe's corporate arsenal. People from the area, who asked not to be named, said Mashatile and Humile had frequented Tembe's home, particularly last year when the deputy president's sizable motorcade made itself known. In February last year, they allegedly stayed over for around six days ahead of the ANC's election manifesto launch in Durban. A picture shows Tembe and Mashatile together at St Paul's Anglican Church where the party was honouring those who lost their lives in a bus crash returning from the manifesto launch at Moses Mabhida Stadium. The manifesto launch was on 24 February, three weeks after the lotto bid deadline. Tembe has been seen at Mashatile's side in public, including in May this year as part of the business delegation that accompanied the deputy president to France for an investment conference. In a terse response to amaBhungane's questions, Mashatile's spokesperson, Keith Khoza, denied the deputy president had interfered. He said: He has nothing to do with the licence award process as it does not fall within the ambit of his delegated functions nor did he participate in any way, shape or form. Similarly, the business relationship with any of the parties involved has nothing to do with the [deputy president] and his wife. Khoza did not respond to detailed questions about Mashatile's relationship with Tembe and the new lotto operator, nor whether he was briefed – formally or informally – on the lottery bid. National Lotteries Commission spokesperson Rudzani Tshigemane referred questions to Tau's department, which did not respond to amaBhungane's query. Sizekhaya Holdings, answering on behalf of itself, Bogatsu and Tembe, said it rejected 'with the utmost seriousness, any suggestion that our successful bid for the national lottery licence was influenced by political proximity'. Bellamont-Sizekhaya web Tembe, among numerous other business interests, directs 14 companies bearing the Bellamont name and is active in a wide swathe of economic activity. He has served as secretary-general of the KwaZulu-Natal branch of the National African Federated Chamber of Commerce and Industry, president of the Durban Chamber of Commerce and Industry, and board member of the South African Chamber of Commerce UK and KwaZulu-Natal National Business Initiative. He also co-chaired the KwaZulu-Natal Growth Coalition with then-premier Sihle Zikalala. Bogatsu, for her part, has co-directed three companies with her sister – Mashatile's wife – though they have since been deregistered, according to company registration records. Neither the size of Bogatsu and Tembe's respective stakes in Bellamont Gaming nor Bellamont's in Sizekhaya have been made public. Sizekhaya confirmed Bogatsu held shares in Bellamont. It said Bellamont in turn was a 'minority shareholder' in Sizekhaya and 'a legally compliant gaming entity'. Publicly available information records the Goldrush Group as Sizekhaya's largest shareholder, with 50%, which will decrease to 40% when a stake is issued to a government entity in line with licensing conditions. Goldrush is in turn 59.4%-owned by JSE-listed Goldrush Holdings, whose shareholders include Mauritian-based Astoria Investments and local investors Jan van Niekerk and Piet Viljoen. Another notable figure in Sizekhaya is ANC-linked businessman Sandile Zungu. He was nominated for the position of ANC KwaZulu-Natal chair in 2022 but decided not to contest after speaking to ANC leaders. Zungu, like Tembe, accompanied Mashatile to France in May this year. The delegate list records Tembe as representing his Bellamont Investments and Zungu his Zungu Investments. It was a visit that later drew media scrutiny over Mashatile's travel expenses and the company the deputy president kept. The delegation included a businessman under scrutiny by Johannesburg Water, an amaBhungane investigation has found. Sizekhaya said Tembe and Zungu attended the investment conference 'at the formal invitation of the South African ambassador to France, Mr Nathi Mthethwa' and that they were 'present as part of a longstanding national effort to promote foreign investment'. Sizekhaya did not respond directly to a question about Mashatile's alleged stay at Tembe's house before the ANC manifesto launch, but said Tembe 'has hosted and interacted with trade unionists, religious figures and political leaders across the spectrum, including the ANC, IFP, DA, EFF, MK Party – and yes, Deputy President Paul Mashatile'. Regarding a picture that shows Tembe and Mashatile together at St Paul's Anglican Church in Durban where the party honoured party faithful killed in a bus crash after the launch, it said Tembe had been invited by the presiding minister, his cousin Reverend Thami Tembe. 'This was a private family engagement of spiritual significance, and it would be inaccurate to attribute any political motive to it.' 'Never concealed' Sizekhaya dismissed any suggestion that the company's successful bid was tainted by political connections. 'This is a defamatory inference that maligns not only Mr Tembe's business integrity but also undermines the credibility of the regulatory and adjudication systems of the Republic of South Africa.' Sizekhaya also said Tembe 'has never concealed his association' with the deputy president: 'Given Mr Mashatile's public role as the country's second citizen and the scrutiny which accompanies it, it would be entirely illogical – if not impossible – to obscure any such association.' READ | amaBhungane: Who went to Paris with Paul? Tenderpreneur joined Mashatile's France-SA business trip The Lotteries Act provides that 'no political party in the Republic or political office-bearer [must have] any direct financial interest in the applicant or a shareholder of the applicant' for a lottery licence. Sizekhaya said it had fully complied with the Act: 'No arrangements exist that confer a direct or indirect financial benefit to any political entity.' Bogatsu, it said, 'is not a political office bearer and is fully entitled to pursue any legitimate commercial interest'. Controversy The awarding of the fourth lottery licence has garnered significant public attention, which has also focused on the apparent political ties of other bidders. Political parties BOSA and the EFF have been outspoken on the issue. BOSA submitted a Promotion of Access to Information Act application last October to access the identities of the people tasked with adjudicating the tender amid concerns of conflicts of interest. 'At R180 billion, the contract to operate the national lottery is the country's largest tender. Given the amount of money involved, the process followed requires a high duty of care to ensure no malfeasance or wrongdoing by any party involved,' BOSA deputy leader Nobuntu Hlazo-Webster said in a statement. The EFF last year raised red flags including over the involvement of Tembe and Zungu in Sizekhaya. 'The minister's refusal to answer direct questions… raises serious concerns about the legitimacy and lawfulness of the process,' spokesperson Sinawo Thambo said. The process of the award has not been without struggle, having been plagued by delays and court challenges. In December last year, Tau said he had identified 'matters that require further evaluation' and postponed his decision. He cited the need to ensure that the licensee's owners and managers were fit and proper persons. 'In addition, I must ensure that no political party or political office-bearer has any direct financial interest in the applicant or a shareholder of the applicant,' he said.

Yahoo

4 hours ago

• Yahoo

The Luanda Accord Marks Landmark Commitment to Support Natural Diamond Industry

~ Leading diamond producing countries announce their intention to allocate 1% of annual diamond revenue towards promotion of natural diamonds through the Natural Diamond Council ~ MUMBAI, India, June 23, 2025 /PRNewswire/ -- Representatives from diamond-producing governments, industry stakeholders, and leaders from across the global natural diamond value chain signed the Luanda Accord, a landmark accord aimed at ensuring a bright future for the natural diamond industry through renewed investment in global generic marketing led by the Natural Diamond Council (NDC). Recognizing the vital role that natural diamonds play in supporting livelihoods, generating national revenues, and driving development across Africa and other diamond producing regions, the Luanda Accord highlights the shared commitment of the signatories to work together to boost consumer interest in, understanding of, and demand for natural diamonds. "Natural diamonds are more than just precious stones — they are a lifeline for millions of people and a cornerstone of economic opportunity in many of our countries," said Diamantino Azevedo, Angola's Minister of Mineral Resources, Oil and Gas, speaking at the conclusion of the Ministerial Round Table meeting in Luanda. To support this, the Luanda Accord has confirmed their intent to contribute to a global marketing effort driven by the NDC, building on the foundations of previous campaigns and expanding its scope and reach in key consumer regions. Participating producer governments and De Beers Group intend to allocate 1% of the annual revenue they generate from rough diamond sales to fund this initiative. These funds will be entrusted to the NDC to execute a global category marketing approach. "This is a decisive step forward," said Minister of Minerals and Energy of Botswana, Bogolo Joy Kenewendo. "By coming together, we are sending a compelling message: that the future of natural diamonds lies in ambition, transparency, and a commitment to telling our story to the world – and that we are all committed to investing and telling that story." "Bringing together key leaders in the industry highlights the challenge facing the industry of insufficient investment in growing consumer demand. I am appreciative to all the Ministers who attended the meeting and their commitment to focus on consumer demand as the driver of future prosperity. I'd also like to thank De Beers for their unwavering support, and to the diamond centers of Antwerp, Dubai and Mumbai for their role in making the Accord happen," states David Kellie, CEO of Natural Diamond Council. Richa Singh, Managing Director, Natural Diamond Council, India & Middle East, stated, "India is at the heart of the natural diamond story not just as one of the biggest markets, but as a place where craftsmanship and tradition come alive. The Luanda Accord is a powerful step forward because it means we are investing in telling the real story behind natural diamonds, their rarity, authenticity, and the positive impact they have on communities around the world. At the Natural Diamond Council, we are proud to champion this initiative and ensure that natural diamonds continue to captivate and inspire in India's dynamic and growing market." With a focus on launching an enhanced category marketing campaign ahead of the 2025 peak sales season, the Luanda Accord represents a turning point for the industry — and a renewed promise to the communities and countries whose futures are intertwined with the enduring brilliance of natural diamonds. About the Natural Diamond Council: Natural Diamond Council is a global not-for-profit organization which inspires and informs consumers about the incredible world of natural diamonds. NDC supports the integrity of the natural diamond industry by providing transparency and insight on the progress of this sector and its commitments to further betterment. NDC partners with industry stakeholders for the purpose of sharing best practices and driving trust and works to educate and protect the consumer. The NDC operates in the US, China, India, UAE, and Europe. For more information, please visit - Photo: View original content to download multimedia:

Bloomberg

4 hours ago

• Bloomberg

Chinese Cobalt Prices and Stocks Spike After Congo Extends Ban

Cobalt prices and stocks surged in China after the Democratic Republic of Congo extended its export ban to September, constricting supplies of the raw material used in alloys and batteries. The country, which supplies about three-quarters of the world's cobalt, said over the weekend that the suspension would continue 'due to the continued high level of stock on the market.' It follows an initial four-month halt that began on Feb. 22.