Impala Platinum Holdings Ltd (IMP:JNB), world’s second-largest platinum producer, held a meeting with labour union the National Union of Mineworkers (NUM) and confirmed that although there are still 34 miners on strike, production of platinum is not affected. Click here to access the entire news
Articles Tagged "mines"
Aquarius Platinum Limited (ASX:AQP), world’s No. 4 platinum producer, has announced that the company’s production may rise to more than 550 000 oz in the next financial year. The said production increase is due to its recent restart of its Everest mine. Chief Executive Stuart Murray is quoted saying: “Production levels were down on the [...]
Platinum-miner Eastern Platinum (Eastplats) is positive about their Q2 2010 performance after reporting a low Q1 results on Wednesday. This is due to higher platinum group metals (PGMs) price trends at the start of 2010. Eastplats also confirmed that the company’s mining is now at a normal rate. Eastplats CEO Ian Rozier is quoted as [...]
TSX- and JSE-listed platinum company Anooraq Resources will be cash positive after project capital by December, says CEO Philip Kotze. The company’s cash-flow has always been positive since December of 2009. Anooraq, has bought the Bokoni platinum mine (formerly Lebowa) from Anglo Platinum. CEO Philip Kotze is quoted as saying: “Over the next three quarters, [...]
As platinum just start down the road to recovery, analysts are already warning that supply threats are likely to boost the metals price to new highs. 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, according to Banc of America Securities- Merrill Lynch.
Platinum prices, already on the positive track, got a boost this week from declining greenback and the announcement of GM’s Bankruptcy. GM’s bankruptcy is by no means a positive for platinum, as the auto industry accounts for approximately half of global platinum demand; however, platinum’s price has been reflecting the impending bankruptcy for many weeks.
Platinum declined last week; and continued the trend this Monday as uncertainty over the future of US automaker GM put the metal’s near future demand outlook into question. In the current state of the economy, the auto industry is unable to lend support to platinum; but the metal may get some relief from rising safe haven appeal.
Monday’s equity market rally switched precious metals to a negative track. As equities rose, the precious metals were less enticing to investors, and this was reflected in their value. Platinum for April delivery ended the session in New York down $14.20 to $1,049.40 per troy ounce.
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 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.