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.
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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.
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.
PolyMet Mining Corp. (TSX:POM, NYSE MKT:PLM) is a Canadian resource company focused on developing its wholly-owned, advanced stage NorthMet copper-nickel-platinum group metals project through its wholly owned subsidiary, PolyMet Mining, Inc., a Minnesota corporation.
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.
Bloomberg reported that Sibanye Gold (NYSE:SBGL) is open to purchasing platinum mines after wage strikes end in South Africa.
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.
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.
Mining Weekly reported yesterday that South Africa’s Association of Mineworkers and Construction Union (AMCU) is prepared to keep striking for another six months at the operations of major miners Anglo American Platinum Ltd. (OTCMKTS:AGPPY), Lonmin plc (LSE:LMI) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY).
Ivanhoe Mines Ltd. (TSX:IVN) announced yesterday that it has received a positive preliminary economic assessment (PEA) for its Platreef project, which is located in South Africa’s Bushveld Complex.