South Africa is the world's largest platinum producer and also holds the largest reserves of platinum-group metals. However, the country's influence on the platinum sector looks like it is beginning to fade.
Johnson Matthey said in its Platinum 2013 Interim Review that platinum looks set to record a 605,000-ounce deficit this year.
Shares of Ivanhoe Mines rose today after the company said that at its Flatreef discovery, it has intersected mineralization containing 4.51 grams per tonne (g/t) platinum, palladium, rhodium and gold over 90.64 meters at a cut off of 1 g/t platinum, palladium and rhodium.
Platinum-group metals are mainly produced in South Africa, but a few companies are also exploring for the metals across the globe in South America.
Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) announced that assays from drilling at its Waterberg Extension project "continue to confirm the extension of the F and Super F zones along strike."
Bloomberg reported that at their latest meeting, Northam Platinum Ltd. (OTCMKTS:NMPNY) and South Africa's National Union of Mineworkers (NUM) failed to reach an agreement regarding wages. The NUM has been leading a strike at the miner's operations for over a month now.
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) has identified its next steps towards securing funding for its 75% owned Serra Pelada gold-platinum-palladium Mine. The Colossus board of directors have decided to review the Company’s strategy, and will be ceasing underground development for the time being as they focus on de-risking the project as well as decrease overall cost.
Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) released its financial results for the year ended August 31, 2013, commenting that it incurred a net loss of $12.07 million, higher than its loss of $10.2 million in the year-ago period. Its general and administrative expenses came to $6.94 million.
Rockland Minerals Corp. (TSXV:RL) President and CEO, Rav Mlait, spoke with Resource Investing News on the Company's Blue Lake copper-nickel-platinum-palladium property in the Labrador Trough in Quebec
Prophecy Platinum Corporation (TSXV:NKL) President & CEO, Greg Johnson spoke with the Investing News Network during PDAC 2013 in Toronto, on platinum exploration in the Yukon. Most of the world's platinum-palladium deposits are in 'high risk' zones according to Mr. Johnson, whereas Prophecy has a large undeveloped deposit in the mining-friendly Yukon. Mr.Johnson believes that Prophecy will be able to address North American platinum demands over the next few years.
International Business Times reported that in 2014, platinum supply and demand fundamentals will be primarily driven by South Africa, China and Europe. Circumstances in all three countries are expected to keep the precious metal in deficit.
Reuters reported that according to Zimbabwe's mines minister, the country will allow foreign-owned platinum mining companies to own majority shares in their operations as long as they build a refinery in the country. The norm is for companies to send mined material to South Africa for processing.
The Financial Times reported that platinum prices have sunk to a one-month low, pulled down by gold, which has fallen as a result of "easing political tensions after the deal with Iran" regarding its nuclear program.
The Economic Times reported that HSBC Holdings plc (NYSE:HSBC) has lowered its platinum price forecast to $1,500 per ounce for 2013 and $1,625 per ounce for 2014. That is down from a previous forecast of $1,580 per ounce in 2013 and $1,725 per ounce in 2014.