A Vancouver native, Charlotte recently graduated from Simon Fraser University, where she majored in English and Humanities. During her time there, SFU’s Writing and Communications program caught her attention, and she began working towards a Certificate in Editing. After completing an editorial internship at Vancouver’s Western Living magazine in the fall of 2010, she knew that she wanted to pursue editing further.
Charlotte is excited to have joined the Investing News Network as an editorial assistant, and looks forward to gaining more knowledge about the commodities sector. She plans to complete her certificate in the spring of 2013.
Writing for Sprott Inc. (TSX:SII), David Franklin reported that investors in platinum stocks have been selling their shares over the last month and a half on the back of fears that the sector is in “terminal decline.” He believes that the way forward for investors is to invest in the metal itself.
Jubilee Platinum plc (LSE:JLP) provided an operations update, noting that it has again extended the transactional end date for its acquisition of Platinum Australia Ltd. (ASX:PLA). The end date is now July 31, 2013.
Mineweb reported that at the end of this week, Anglo American Platinum Ltd. (OTC Pink:AGPPY) will formally begin the process of cutting 6,000 jobs in South Africa. Some fear that the action will provoke unrest.
Bloomberg reported that as platinum miners limit supply, demand for the metal is increasing. It is expected to end the year at $1,690 per ounce, up 16 percent from its current price.
AllAfrica reported that 83 percent of workers striking at Lonmin plc’s (LSE:LMI) South Africa-based Marikana mine went back to work on Wednesday night. They had been ordered back to work earlier in the day by the president of the Association of Mine Workers and Construction Union.
Ivanplats Ltd. (TSX:IVP) announced its financial results for the first quarter of 2013, commenting that the mineral resources at its Flatreef deposit, which is located at the company’s South Africa-based Platreef platinum-palladium-gold-rhodium-nickel-copper project, have been expanded and upgraded by a new resource estimate.
Reuters reported that a wildcat strike at Lonmin plc’s (LSE:LMI) South Africa-based Marikana mine has now been going on for two days. Moody’s analysts have said that more violence could result in a credit downgrade for the country.
Bloomberg reported that last year, platinum saw a shortage of 375,000 ounces, the biggest since 2002, largely due to strikes and work stoppages in South Africa, as per information in a report released today by Johnson Matthey.
Anglo American Platinum Ltd. (OTC Pink:AGPPY) announced that its revised platinum business proposal involves cutting about 6,000 mining and processing jobs in South Africa, less than half of the 14,000 it originally suggested. The company’s aim is to remain competitive and profitable without upsetting the South African government and unions in the country.
NASDAQ reported that South African supply problems are making it likely that platinum will see a strong price increase in the coming weeks; that means it may be a good time to invest in platinum ETFs.
