Striking at the operations of South Africa's three major platinum miners is negatively impacting everything from the miners' profits to local businesses. Prices, however, have thus far been largely exempt.
Strikes at South Africa's top platinum mines have prompted China's Long March Capital to look into buying platinum assets in the country.
Platinum can be used in autocatalysts and jewelry, as well as for medical and industrial purposes.
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Frank Holmes, CEO of US Global Investors, says the growing demand for fuel-efficient cars, along with supply disruptions, will cause platinum-group metals to trade higher in 2014.
Reuters reported today that talks are set to continue between platinum producers Anglo American Platinum (JSE:AMS), Impala Platinum (JSE:IMP), Lonmin (LSE:LMI,JSE:LON) and South Africa's AMCU union. The groups plan to meet this morning in an attempt to resolve a three month impasse between workers and platinum mining companies in the African nation, according to Reuters.
Sudbury Platinum Corp., a private subsidiary of Transition Metals Corp. (TSXV:XTM), has closed a non-brokered private placement with Royal Nickel Corp. (TSX:RNX) for gross proceeds of $1,500,000.
Bloomberg reported that despite a 10-week strike at its South African operations, Anglo American Platinum Ltd. (OTCMKTS:AGPPY) still has enough platinum to supply its customers.
Transition Metals Corp. (TSXV:XTM) announced that it has started a 2,500-meter diamond drilling program at its Ontario-based Sunday Lake platinum discovery.
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.
Bloomberg reported yesterday that platinum took its biggest fall in three months on news that South African miners may be making progress in an ongoing dispute with workers. Platinum futures for April delivery dropped by 2 percent to $1,400.70 an ounce on the New York Mercantile Exchange, according to Bloomberg.
Bloomberg reported today that Morgan Stanley predicts the worldwide platinum deficit, augmented by over three month long miner strikes in South Africa, could last four years before it gets corrected.
Although platinum and palladium saw price drops on Monday, CNBC has pointed to a broader 5-percent jump in year-to-date platinum futures prices as well as a 7-percent price jump for its sister metal.
Frik Els of Mining.com reported that platinum prices fell by more than $20 per ounce on Monday while palladium prices also declined. According to mining, prices for the metals are not reacting as expected to supply squeezes from Russia and South Africa, especially in light of revived demand from the European automobile industry.