Lonmin has cut 5,530 workers at South Africa ops-Union
Lonmin Plc, the world’s third-leading platinum producer, dismissed 5,530 workers at its South African operations after demand plummeted due to the auto industry slump. For full story, click here
Articles Tagged "industry"
Ridge takeover would consolidate the business
Ridge takeover, if successful, would help consolidate the large number of junior platinum companies at a time when larger deals have fallen through. For full story, click here
Platinum’s rebound puzzles analysts
Platinum has bounced more than 30 percent since plunging to a five-year low of approximately $732 an ounce in October. This ascent is occurring despite the absence of physical buying from the industrial sector. This rebound, without appropriate technical recovery is puzzling analysts.
Platinum’s future eludes analysts
Platinum showed extreme volatility in 2008, rising to an all-time high of $2,290 an ounce in March on the back of a power shortage in major producer South Africa, before falling to a five-year low of $732.50 in October.
Platinum Prices Sink on Auto Industry Woes
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
