Previously focused on gold, Duncastle recently secured several PGMs-nickel-copper properties in Canada’s Yukon, right next to Wellgreen Platinum’s recently defined world-class deposit.
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Investors are wondering just how low platinum prices can go.
Reuters Africa reported that mining output from South Africa has fallen to its lowest in 19 months, with those losses mostly driven by decreased platinum group metals production.
In an article for the Mail and Guardian, Lisa Steyn notes varying opinions from mining companies and analysts as to the future of the platinum market.
The Guardian reported that South African focused platinum producer Lonmin (LSE:LMI) expects to cut roughly 21% of jobs at its South African operations. The cuts come “as part of a drive to increase profits” following this year’s protracted strikes, according to the Guardian.
An article from Mineweb suggested that South African focused platinum producers Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) are not out of the woods yet in terms of recovering from ongoing strikes earlier this year in South Africa.
In an article from mining weekly, Ilan Solomons spoke with midtier mining consultancy Ukwazi Group director Hugo Tukker, who said that PGM producers who formerly opted for conventional mining methods that created thousands of jobs in South Africa are now looking to mechanize their mines.
Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) announced that an arbitrator has ruled in its favor on all matters related to the calculation of Wesizwe Platinum Ltd.’s (OTC Pink:WSZWF) dilution of ownership in the operating company of the WBJV Project 1 platinum mine.
Last week, Wellgreen Platinum announced a partnership that could see its Yukon-based Wellgreen deposit become the first mining project in Canada to run on liquefied natural gas.
Reuters reported that South Africa’s Northam Platinum (JSE:NHM) wants to buy up South African platinum mines despite recording full year losses due to protracted strikes earlier this year. According to Reuters, Northam has reviewed its strategy due to what it sees as opportunities arising in the sector.