Lonmin, the world’s third-biggest platinum producer, said on Tuesday it will close some high-cost mines and cut costs to survive a market downturn, after posting a 19 percent rise in annual profit. For full story, click here
Prices for platinum, which 18th-century French monarch Louis XV is said to have called the only metal fit for a king, have fallen 66 percent from their high in March of $2,276 per ounce to as low as $769 last week. For full story, click here
Philippines-focused Rusina Mining NL said latest results from its Acoje tenement on the island of Luzon confirmed high grade chromite intercepts. For full story, click here
Pacific North West Capital Corp. announces the retirement of Mr. John Londry as Vice President, Exploration. For full story, click here
Platinum miner Anglo Platinum (AMS) slumped 28.98 rand, or 6.34%, to 428.02 rand and Impala Platinum (IMP) was off 2.68 rand, or 2.34%, to 111.87 rand, but Lonmin (LON) added 2.17 rand, or 1.57%, to 140 rand. For full story, click here
Platinum ended nearly 2 percent higher, lifted by bargain-hunting after a major producer announced mine closures. For full story, click here
South Africa’s national minerals-research organisation, celebrates its seventy-fifth anniversary next year, and the beginning of the 2007/8 financial year saw the emergence of a new Mintek board of directors and chairperson, and a new CEO. For full story, click here
As many as 21 000 people employed by or dependent on income from the platinum mining and supplier industries could experience a body blow in the month ahead. For full story, click here
Platinum has been on a steady downgrade, falling since trading at a record $2,301.50 an ounce in March. A poor economic outlook eroding demand for jewelry and cars is responsible for the metal’s flop.
A firmer yen against the U.S. dollar spurred buying in platinum ahead of the release of a supply and demand report by refiner Johnson Matthey. For full story, click here
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