Analysts estimate that the wage increase, if enacted, would wipe out the company's already thin margins.
Palladium Mining News
Taiwanese news animators, Next Media Animation, produced a video showing the unfolding platinum troubles in South Africa.
Managers, unions and workers at the troubled platinum miner Lonmin's (LON:JSE) Marikana mine, started talks with South African government mediators on Wednesday as thousands of miners continued a strike that has left 44 dead.
Gold prices ended flat on Friday as the market took a breather after surging to a four-month high on Thursday on fresh hopes for a new round of US monetary stimulus.
Al Jazeera tracked down some of the grieving family members of the miners who were killed in the Aug. 16 shootings that left 34 dead.
Troubled platinum miner Lonmin (LON:LMI) said that 57% of its workers turned up for work.
Only about a third of a 28,000-strong workforce reported for their shifts at Lonmin's Marikana platinum operations in South Africa. The London-based miner said workers who did not show up today would not face the sack – the deadline has been moved to tomorrow (Tuesday).
The actual strike isn’t a deterrent to investors. But certainly the inability to get it under control will be of concern, particularly as this is now the third platinum mine that has seen conflict resulting in deaths this year.
The news follows the closure of Lonmin's Marikana mine in the NorthWest province of South Africa after clashes between rival unions and police left 44 dead.
Investors sent platinum group metals higher after the massacre in South Africa.
A nightshift policeman hacked to death during clashes between rival unions brings to nine the number of fatalities at Lonmin's platinum mine in the North West province of South Africa.
Unless it mounts a challenge against its $1,500 resistance level, platinum will "stay on loose grounds" and will fail to attract new investment.
Three protestors are dead and 20 are injured at Aquarius Platinum's Kwezi shaft when 200 disgruntled former contractors, some carrying petrol bombs, forced their way onto the company's property.
The Royal Bafokeng nation, who control vast parts of the platinum belt in the north west province of South Africa warned that earnings at its main investment vehicle could be down by between 52% and 62% over the first six months of 2012.
Anglo American’s problems run deep – literally. Platinum mining in South Africa’s deepest mines is costly and dangerous enough. Anglo also has to contend with unsustainably high costs and feeble demand from automakers in Europe. The required further headcount reduction is a socio-political hot potato.
Deutsche Bank expects that platinum supply could see further cutbacks as economic/social pressures in South Africa mount and the price could be dragged higher by stronger gold prices over the remainder of 2012.
Arguably the richest prize in mining, the Pebble project pits a watershed where up to 40 million salmon spawn each year against copper and gold reserves worth as much as $500 billion according to a new documentary.
Neville Nicolau, the head of Anglo American’s platinum business is leaving the company, after the South African unit warned its earnings per share for the first half could drop as much as 78%.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2012) - Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports operating results from the Crocodile River Mine ("CRM") for the quarter ended June 30, 2012 ("Q2 2012")....
Recent developments show that becoming rich by profiting of the minerals that asteroids, stars and unknown planets have to offer it is closer than ever. Before it is too late, check this infographic on how to profit in the new Space Age.
Space mining start-up Planetary Resources has announced that it has partnered with Virgin Galactic in the quest to explore asteroids for minerals.
Platinum prices are set for a recovery in the second half of this year due to declining mine production, although palladium prices will remain tepid due to thin investment demand, according to the latest forecasts from Thomson Reuters GFMS.
In order to increase production and reduce cost per ounce at its flagship Lac des Iles mine, North American Palladium (TSE:PDL) is raising Can$43 million on a bought deal basis for capital expenditures.
Ian Farmer, CEO of the world's third-largest platinum company, Lonmin, and his executive team face an extremely testing time in mining sector. Markets are sitting with an oversupply that could last up to two years.
Vancouver-based Eastern Platinum was forced to issue a clarification over contained platinum resources at its South African PGM properties following a review by the British Columbia Securities Commission.