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, [...]
PGM production has declined in the the first quarter of 2010, Zimplants confirmed on Monday. This was compared to the 94,670 oz of production in Q4 of 2009 to this quarter’s 93,845 oz. Zimplants’ announcement includes the finalization of their Ngezi Phase II expansion project. The project is a total of $445 million strategy. The [...]
Platinum mining faces the biggest risk because of the global slowdown in vehicle manufacturing. Anglo Platinum is looking to cut 10 000 jobs and Lonmin Platinum could terminate as many as 6 600 jobs. For full story, click here
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.
The king of Africa’s richest indigenous tribe, the Royal Bafokeng Nation (RBN) Kgosi Leruo Molotlegi, said he is pleased with the employment opportunities and other economic benefits catalysed by the newly started Styldrift platinum mining project, in Limpopo. For full story, click here
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.
Impala Platinum’s Zimbabwe unit Zimplats Holdings Ltd says ceased open pit mining. For full story, click here
Platinum rebounded early in ’09, and came back into the four digits, the metal’s highest value in over 12 weeks. In 2008 the metal went on a wild ride, hitting a peak of $2,290 per ounce, and then came crashing down to a three digit value. Despite the metal starting the year on a good note, RBC capital markets has cut its platinum price forecast for the next two years.
Impala Platinum’s Zimbabwe unit Zimplats Holdings Ltd says ceased open pit mining. For full story, click here
Houston Lake Mining Inc., an advanced exploration company seeking gold, platinum group and rare metal deposits in Ontario, is pleased to announce that the Phase II 22 hole, 2,232m (7,321 ft.) drill program has been completed in the vicinity of the Shaft Zone. For full story, click here
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