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 started working for Investing News Network in the spring of 2012 and now specializes in writing about diamonds, precious metals, base metals and graphite. She holds a Certificate in Editing from Simon Fraser University, which she completed in 2013.
South Africa is the world’s largest platinum producer and also holds the largest reserves of platinum-group metals. However, the country’s influence on the platinum sector looks like it is beginning to fade.
Reuters reported that according to Zimbabwe’s mines minister, the country will allow foreign-owned platinum mining companies to own majority shares in their operations as long as they build a refinery in the country. The norm is for companies to send mined material to South Africa for processing.
Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) released its financial results for the year ended August 31, 2013, commenting that it incurred a net loss of $12.07 million, higher than its loss of $10.2 million in the year-ago period. Its general and administrative expenses came to $6.94 million.
Bloomberg reported that Northam Platinum Ltd. (OTCMKTS:NMPNY) may need to cut jobs as a result of a strike at its Zondereinde division. The strike began on November 3 and since then the company has lost over $20 million.
The Financial Times reported that platinum prices have sunk to a one-month low, pulled down by gold, which has fallen as a result of “easing political tensions after the deal with Iran” regarding its nuclear program.
The Economic Times reported that HSBC Holdings plc (NYSE:HSBC) has lowered its platinum price forecast to $1,500 per ounce for 2013 and $1,625 per ounce for 2014. That is down from a previous forecast of $1,580 per ounce in 2013 and $1,725 per ounce in 2014.
Mineweb reported that a recovery in the Western European car market may push platinum prices up next year, largely due to the fact that European demand accounts for around one-third of global platinum demand for use in autocatalysts.
BDlive reported that while South Africa is the largest source of platinum in the world, supply from other locations — as well as from recycling — has lessened the country’s influence on the platinum market.
Bloomberg reported that according to Investec plc (LSE:INVP) and Stanlib Asset Management Ltd., the outcome of the wage dispute currently taking place between Northam Platinum Ltd. (OTCMKTS:NMPNY) and South Africa’s National Union of Mineworkers (NUM) is likely to set a precedent for the largest producers in the industry.