Johannesburg-listed platinum developer, Wesizwe Platinum Limited has announced that Jinchuan, China’s No 1 miner of nickel, and also platinum group metals (PGMs) including China Africa Development Fund, (CADFund) has signed a USD 877m agreement for a “total financing solution” in its Frischgewaagd-Ledig project, near the well known Sun City resort north of Pretoria. Wesizwe Platinum [...]
Lonmin Plc, the world’s third-biggest platinum producer, closes again for another 25-30 days because of its smelter failure. The company operates in South Africa. Analyst Charles Kernot at Evolution Securities is quoted saying: “Lonmin’s troubled smelter has failed yet again, further undermining the company’s outlook for the rest of this year.” Click here to access [...]
Anglo Platinum (AMSJ.J), South Africa-based company and world’s No. 1 producer of platinum, is happy to announce that it is expecting to produce more than 2.5 million ounces of platinum in 2010 than it previously reported. Chief executive of Anglo Platinum AMSJ.J, Neville Nicolau was quoted saying: “We have had as a strategy for some [...]
Due to the damage in the precipitator at the Zondereinde metallurgical plant, South African platinum-miner NORTHAM PLATINUM LTD (NHM:SJ) has to shut down the converters. CEO Glyn Lewis was quoted saying: “The interruption will have a negative effect on sales for the current financial year.’ Click here to access the entire news
Though platinum prices have near doubled to 1350/oz this week from a low of 732/oz last October, for the miners in South Africa, it is still an uphill task. The SA government's talks to takeover ownership of mines could potentially scare off investors. How will the platinum producers operate in a constrained environment?
Impala Platinum, the world’s second leading platinum producer, declared that it would seek further talks with a South African union planning an indefinite strike next week. For full story, click here
South Africa’s Solidarity union declared Anglo American Plc has planned to shed further jobs in South Africa, and accused the company of adopting a short-term survival strategy. Gideon du Plessis, deputy general secretary of Solidarity, stated: It is rumoured that Anglo American plans to cut the personnel at its South African head office by 25 [...]
Platinum prices may climb above $1,500 an ounce “in the next couple of years” as demand recovers amid supply constraints in South Africa, the world’s biggest producer, as per Banc of America Securities- Merrill Lynch. For full story, click here
South Africa’s National Union of Mineworkers declared that it has rejected an improved 8.5 percent pay surge offer from Impala Platinu, the world second leading platinum producer. For full story, click here
Aquarius Platinum, a producer of the metal in southern Africa, rallied for a second day after the company declared that it’s preparing to reopen its Everest mine in South Africa seven months after closing it. For full story, click here
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