Mining Weekly reported that a public-private partnership in South Africa has been created to look into a special economic zone (SEZ) known as the Platinum Valley Hub which will be aimed at attracting platinum investors.
Mining Weekly reported that Canada-based companies, HTX Minerals and Transition Metals have signed a definitive agreement to combine their businesses and implement an all-script plan of arrangement, under which the latter would acquire all HTX securities.
Reuters reported that platinum fell 1.4% to $1,568.50/ounce on US economic optimism amid high auto sales.
Bloomberg reported that Lonmin’s newly appointed CEO Ben Magara is seen struggling to restore platinum output and repair the company’s reputation after a 6-week strike at the company’s mine which led to numerous casualties.
A brief overview of platinum price developments, supply and demand and significant market movers.
Platinum Group Metals Ltd. (TSX:PTM, NYSE MKT:PLG) announced that it has been added to the S&P/TSX Global Mining Index starting March 18th, 2013.
Mining Weekly reported that the increasing wage costs and labor strikes in South Africa have made automating the platinum mines a more viable option however at the moment, it seems unlikely to happen due to the weak prices of the metal and tough underground conditions.
Minfocus Exploration Corp. (TSXV:MFX) announced that the first assay results on the Chief Peter Property 750m winter drilling program showed 1.41 g/t Platinum on hole CP13-02.
Reuters reported that platinum fell Friday on strong economic data and in spite of the upcoming spending cuts by the US government.
Stillwater Mining Company (NYSE:SWC, TSX:SWC.U) announced its 2012 earnings and reported a net income of $55M or $0.46 per share.
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