Platmin Limited announced that mining activities have resumed at the Pilanesberg Platinum Mine following the temporary suspension of operations reported earlier this week. For full story, click here
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
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.
Platmin Limited suggested that mining operations have resumed at the Company’s Pilanesberg Platinum Mines Ltd following the safety-related suspension. 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.
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.
South African owned Zimbabwe Platinum Mines has shut down its open cast mining operations at Ngezi Mine along the rich great dyke, citing a drop in platinum prices on the international market and increasing operating costs in the troubled southern African country. For full story, click here
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