2014 has been a lackluster year for platinum, to say the least, but some analysts are expecting prices to pick up in 2015.
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NewZimbabwe.com reported that the United States wants to impose sanctions against Zimbabwe due to the country’s dealings with Russia for the construction of a $3 billion platinum mine.
Reuters reported that a consortium of Russian companies is planning to develop a platinum mine in Zimbabwe. The $3 billion project will target 250,000 ounces of annual production within three years, with Mines Minister Walter Chidhakwa stating that the project would have a mine life of 20 years.
Investors are wondering just how low platinum prices can go.
All Africa reported on Monday that Zimplats CEO, Alex Mhembere, confirmed the collapse of a major underground mine in the country. The CEO stated that the mine collapsed because of rising deterioration of ground conditions, according to All Africa.
ITAR-TASS reported that a group of Russian companies including Vneseconombank, Russian Vi Holding and state defense conglomerate Rostec are planning to explore a platinum field in Darwendale in Zimbabwe. The platinum field is thought to be the second largest in the world, according to ITAR-TASS.
Mining.com reported that, following statements from Russian President Vladimir Putin that Russia had withdrawn its forces from the Ukranian border on Wednesday, platinum and palladium prices saw a modest fall in prices on Wednesday.
The Easter weekend brought the tabling of a new wage offer for striking South African platinum miners, and since then, talks between the miners and affected companies have resumed; however, so far, negotiations have failed to yield significant results.
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.
Reuters reported that Zimbabwe’s government is in the process of considering Impala Platinum Holdings Ltd.’s (OTCMKTS:IMPUY) proposal for the construction of a platinum refinery in the country.