Platinum’s near the lowest in a decade and hedge funds have never been so bearish -- and that could be good news for prices.
LONMIN PLC Mining News
Key to closing the deal is Lonmin maintaining its net cash position and achieving certain production targets.
The strengthening rand, which squeezes profits for both producers, could make the transaction less attractive for Sibanye.
They claim the official report on the police killing of 34 striking miners in 2012 is a "gross defamation" of those who died.
The commission into the deaths at Lonmin's Marikana platinum mine in August 2012 concluded the plan to quell the massive protest was “defective,” and shouldn't have been executed as such.
He was killed after police fired rubber and stun grenades bullets to disperse a crowd of protesters.
Impala Platinum Holdings Ltd. (Implats) and Anglo American Platinum (Amplats) operations to be affected.
Footage shows a commander congratulating his officers for a well-executed plan.
Less than 20% of the company's miners showed up for work today.
After the world's largest platinum producer announced massive lay-offs and plans to scale back annual production by 350,000 ounces.
A commission of inquiry has evidence that shows police falsified or withheld documents and gave false accounts of events.
It will dismiss around 3,300 workers and redeploy another 1,600.
Sticks and umbrellas replaced machetes and spears.
Company said it will not tolerate further violence,
As the annual wage bargaining season begins, authorities fear the situation will get worse.
Today's death sparked fears of a repeat of last year’s violent unrest that left dozens of deaths and effectively shut down the country's platinum belt.
Each family is requesting around $2 million
Workers returned to work Wednesday morning after a one-day strike, but company lost 3,886 ounces of platinum production.
The negative figures come comes after a 2011 profit of more than $1 billion, which highlights the grim financial situation Amplats currently faces.
In a joint statement with the Department of Mineral Resources and unions, the miner has agreed to postpone any decision for 60 days.
The world’s top platinum company is reportedly engaged in negotiations with union leaders and the government and it is expected to release a formal announcement on whether talks had succeeded in saving jobs later today.
As part of a long-awaited review of its operations in South Africa, Anglo American Platinum (Amplats) has decided to close and sell off several of its mines, leaving over 14,000 workers unemployed.
But companies do not need to go too far, say experts, as there are plenty of opportunities inside Africa.
Lawyer says there is enough evidence to say the police had planned to shoot miners and not arrest them.
Despite market rumours indicating otherwise, South Africa’s platinum producer Lonmin (LON:LMI) rejected Friday a reverse takeover bid by Xstrata (LON:XTA), its unhappy largest shareholder, as it announced a loss before tax of $698 million in the financial year ending in September.