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.
Platinum Company News Directory
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.
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.
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) has appointed David Massola as Interim Chief Executive Officer effective November 15, 2013.
Reuters reported that Northam Platinum Ltd. (OTCMKTS:NMPNY) was unable to come to an agreement over wages with South Africa's National Union of Mineworkers (NUM), meaning that a strike that began two weeks ago will continue.
Bloomberg reported that Zimbabwe's ruling party, the Zimbabwe African National Union-Patriotic Front (ZANU-PF), has spoken out against Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Aquarius Platinum Ltd.'s (ASX:AQP,LSE:AQP) plan to cut 100 jobs at their Mimosa operation. The planned cuts are the result of low prices.
Platinum Today reported that Glencore Xstrata plc (LSE:GLEN) plans to sell its stake in Lonmin plc (LSE:LMI). The stake amounts to nearly 25 percent.
Colossus Minerals Inc. (TSX:CSI,OTCWX:COLUF) provided a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine along with its financial results for the interim periods ended September 30, 2013. As of November 14, 2013, the Company had completed approximately 2,300 metres of total development on Serra Pelada.
Stillwater Mining Co. (TSX:SWC.U,NYSE:SWC) announced its results for the third quarter of 2013, commenting that it recorded a consolidated net loss attributable to common stockholders of $201.5 million, or $1.69 per diluted share. That includes a $290.4-million (before-tax) impairment charge on its Argentina-based Altar property.
Lonmin plc (LSE:LMI) released its final results for the year ended September 30, 2013, commenting that it produced 751,000 platinum ounces in concentrate, the most in six years and a 10.5-percent increase compared to last year. The company also sold 696,000 ounces of the metal, higher than its guidance of 660,000 ounces.