Xstrata’s Unfinished Business with Lonmin
Bloomberg reported Lonmin's (LSE:LMI) Chief Executive Officer says his company has unfinished business with Xstrata (LSE:XTA) who holds shares in the platinum miner.
Articles Tagged "xstrata"
Lonmin Climbs After Report Xstrata Still Wants to Buy Miner
Bloomberg reported that Lonmin Plc jumped the most in one week after reports that Xstrata still wants to buy the platinum miner.
Eland project will triple platinum output, says Xstrata
Platinum Today.com reports that Xstrata (LON:XTA) intends to increase Platinum output significantly South Africa
Xstrata and Anglo Platinum Facing Secondary Strikes, Union Says
Bloomberg.com reports that there is a danger of a secondary strike present for XStrata (LON:XTA) and Anglo Platinum, in a move to support workers at their jointly owned Mototolo mine.
South African Mining Output slipped 14.5% in May
South African mining production slipped 14.5 percent in May from a year earlier after companies including Anglo Platinum Ltd. and Xstrata Plc cut output of metals as slowing economic growth around the world reduced consumption. For full story, click here
Xstrata has struggled to fund hostile bid for Anglo
Xstrata may struggle to fund a hostile bid for Anglo American Plc after the rejection of its offer of a “merger of equals” by Africa’s leading mining company. For full story, click here
Xstrata declared that it may be paid too much for Lonmin Stake
Xstrata Plc. is still happy with a major stake in Lonmin Plc, but may have paid too much for it, the firm said, denying an analyst report that the CEO regretted the move. For full story, click here
Automaker uncertainty bad news for platinum
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.
Platinum rebounds despite poor fundamentals
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.
Greenback’s gain triggers precious metals sell-off
The sharp retreat of the stock market, combined with a higher US dollar has triggered a broad sell-off in the precious metals. Spot platinum slipped to a session low of $794.50 an ounce, down 8.8 per cent from $871.50 an ounce late on Friday.
