Platinum
Bloomberg reported that the Zimbabwe government has no intention of stopping its acquisition of 27,498 hectares of Impala’s platinum unit, Zimplats Ltd, even as the biggest platinum producer in the country continues to discuss its appeal.
Mining Weekly reported that Maseve Investments, 74% owned by Platinum Group Metals (PTM), has signed a life-of-mine concentrate offtake agreement with Amplat’s subsidiary, Rustenburg Platinum Mines (RPM) for the Western Bushveld JV Project 1 mine.
Mining Weekly reported that according to research group Frost & Sullivan, the South African platinum sector’s long-term fundamentals remain attractive amid labor unrest, high operating costs, and increasing cost of electricity.
Platinum Group Metals Ltd (TSX:PTM, NYSE MKT:PLG) announced that results from shallow holes within its platinum inferred resource continue to expand and the F layer has been confirmed on up dip sections to within 200m of surface and the T layer has been discovered within 130m of surface.
Mining Weekly reported that Northam Platinum has made an agreement with the National Union of Mineworkers and work resumed at the Zondereinde mine on Tuesday.
Mining Weekly reported that Eastern Platinum on Monday announced that it will halt funding for the development of its South African Crocodile River mine due to poor global economic outlook, pricing issues, and the operating environment in South Africa.
Bloomberg reported that Zimbabwe, which has the second biggest platinum reserves in the world, is in the process of creating a law that would enable its government to seize companies’ controlling stakes without paying.
Bloomberg reported that Anglo American Plc said its platinum production dropped to 583,000 ounces in the quarter ended March 2013 due to strikes at its Unki mine in Zimbabwe.
Mining Weekly reported that in spite of the tough market environment, Royal Bafokeng Platinum (RBPlat) posted a 4% increase compared to the previous year in terms of total tons delivered to concentrators, milled tons were higher by 8%, and built-up head grade increased by about 2% during the quarter ended March 31.
Bloomberg reported that Northam Platinum Ltd shares dropped 6.7%, the most in nearly 7 months, after giving its rock drillers until tomorrow to report for duty or face dismissal.
