Miningweb weekly with Peter Major - Antimony boom, chrome tax and corporate controversy

In this conversation, Alec Hogg and Peter Major discuss the current state of the mining industry, focusing on gold prices, long-term investments, and the risks associated with mining ventures. They explore the importance of timing in mining decisions, the impact of government policies, and the strategic significance of minerals like antimony. The discussion also covers the proposed chrome tax and its implications for the industry, the challenges of exploration in South Africa, and the contrasting roles of small miners versus large corporations. The conversation concludes with a look at the controversy surrounding Zunaid Moti and Mike Miller, highlighting the complexities of corporate governance in the mining sector.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here.Listen here.BizNews Reporter.The world of mining is one of patience, risk, and remarkable timing. As mining analyst Peter Major reminded Alec Hogg during their recent MiningWeb Weekly discussion, mining success often hinges on being in the right place at the right time - and holding one’s nerve when the market turns.Gold remains the heartbeat of investor interest, even as it trades just below $4,000 an ounce. But as Major pointed out, excitement around gold prices often overshadows the far-reaching stories unfolding across the broader mining landscape - from the resilience of copper and chrome to the revival of critical minerals such as antimony and manganese.The long game of mining.Mining, Major emphasised, is not for the faint-hearted. It is an industry that unfolds over decades, not years. He recounted stories from past market cycles when companies closed operations at precisely the wrong time. For instance, O’Keefe Copper shut its doors in 2003 at what would later prove to be the lowest copper price in history - only for the price to soar soon after. Similarly, Homestake, once North America’s richest gold mine, closed just weeks before gold began its next rally.“It’s all about timing,” Major said. “Mining is long-term - often decades, not just years. And sometimes, people simply run out of patience when the finishing line is just out of sight.”This theme of endurance also appeared in discussions about South African businessman Charles Smith, who has championed a mining project at Steynkamp’s Kraal for decades. Now, with IDC funding secured, his long wait for success may finally be over - a rare example of persistence paying off in the mining world..Antimony and the return of strategic minerals.One of the more surprising developments in global mining is the resurgence of antimony - a metal long associated with hardening alloys and military use. Major highlighted news that JP Morgan had acquired an antimony mine in Idaho, signalling renewed Western interest in minerals previously dominated by Chinese supply chains.“Antimony is difficult to refine and quite toxic,” he explained. “That’s why much of its production shifted to China. But with trade tensions and defence priorities rising, the West is realising it’s dangerous to rely entirely on China for these critical materials.”He also pointed out that Consolidated Murchison in South Africa once produced both gold and antimony - a “double whammy” of profitability that may yet attract new investment if revived under the right ownership..Chrome, energy, and the cost of competitiveness.The conversation also turned to the South African government’s controversial proposal to introduce a 25 per cent export tax on chrome, which it claims would help revive struggling local smelters. Major was sceptical. “We can’t blame this one on Donald Trump,” he quipped. “But it’s the same kind of tariff thinking. The government says it will allocate the money correctly - but given their track record, most of us are wary.”He argued that the real issues lie elsewhere: spiralling electricity costs, deteriorating infrastructure, and declining labour productivity. “Our chrome and manganese smelters can’t compete because energy costs have risen nine or tenfold in twenty years,” he said. “Meanwhile, China enjoys cheaper power and has perfected smelting technology. They can process our ore more efficiently than we can..Exploration and the future of mining.Perhaps the most sobering part of the discussion came when Hogg and Major addressed South Africa’s collapse in exploration activity. “Exploration spending has been falling steadily since the early 1990s,” Major noted. “Even during twenty years of strong metal prices, we’ve not reversed the trend. That tells you it’s a policy problem, not a price problem.”He lamented that few companies are investing in discovering new deposits, especially deep-level gold operations. “No one’s sinking new shafts anymore,” he said. “Without exploration, you can’t replace what you mine. It’s like living off your savings and never earning income.”In contrast, small-scale, unregulated mining has flourished - especially in coalfields around Dundee and KwaZulu-Natal. Major warned that many of these operations are unsafe, environmentally damaging, and largely unmanaged. “It’s a madhouse,” he said. “Small miners are not an asset - they’re a menace.”A cautionary industryFrom gold and copper to chrome and coal, the discussion underscored that mining remains both a cornerstone of economic growth and a mirror of political and economic priorities. In Major’s words, “Mining is a big man’s game. It demands capital, discipline, and long-term thinking. The world still needs these minerals - but we need the right environment to mine them properly.”

Miningweb weekly with Peter Major - Antimony boom, chrome tax and corporate controversy

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