Although about half of South African output is estimated to be unprofitable, few companies are reducing production by a meaningful amount.
Impala Platinum Holdings Mining News
The miner's Zimbabwean subsidiary, Zimplats, has released 23,903 hectares of its mining claims to the government.
The world’s second-largest platinum producer posted an ad on Friday in the local Mail & Guardian newspaper seeking tenders for the project.
Bad news from South Africa’s platinum belt has pushed shares of Impala to the lowest since 1999.
The miner warned further reductions could be in store at those operations, which employ 31,000 people.
Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
The country had introduced the levy on raw platinum exports in January, aiming to encourage local processing of the metal.
The operations that may be added to the list of assets for sale are Dawson and Foxleigh, in Queensland.
Anglo's chief warned the company plans to take severe measures over the next two years.
A big corporate break-up à la BHP Billiton is definitively not in his books, he told FT.com.
Output from the rest of Anglo's diversified mining assets rose, but it wasn't enough to offset underperformance at its platinum mines.
The firm warned first-half profit may drop as much as 96%.
The National Union of Metalworkers in South Africa (NUMSA) has rejected the latest offer because it didn't include a double-digit wage increase for all three years.
The firm is offloading some of its historic South African platinum mines as part of a $4bn sale of under-performing assets.
The three-year agreement ends the country's longest and costliest strike.
The union leading the five-month strike in the platinum sector take any industrial action affecting gold producers.
Deutsche Bank has put a $1.4 billion price tag on the operations.
The latest attempt to end South Africa’s 21-week platinum strike has failed, pushing the country towards a recession and increasing the odds the sector will be smaller and more mechanized when it eventually resumes operations.
The the world’s third-largest platinum producer said first-half operating earnings have dropped by almost two-thirds.
CEO Mark Cutifani said the Rustenburg operations were no longer considered one of the company’s core assets.
The now three-month strike over pay in the country's platinum belt has forced Amplats to declare a force majeure on a long list of suppliers.
Earlier this month the company said it would not hit its sales guidance of 750,000 ounces of platinum annually, as it has already lost 90,000 ounces since the strike began.
Platinum miners said the financial cost of the strike doesn’t really tell the full story, as the real victims are those suffering from hunger, lack of businesses and increased violence on the streets.
Tuesday’s apparent softening of the union position was not enough to keep negotiations open.
They still want monthly entry wages to start at US$1,200, more than double current levels.