On Wednesday, a day after after all three major global ratings agencies – Fitch, Moody's and Standard & Poor's – placed South Africa's credit rating on negative outlook, home affairs minister Nkosazana Dlamini-Zuma became the latest senior figure in the ruling ANC party to join a growing chorus calling for state control of mining.
Palladium Mining News
The world's largest producer of platinum, Anglo American (LON:AAL), says it will be reporting a 20% earnings decline when it reports its next six-month period.
Stillwater Mining Company announces submission of environmental impact statement for Marathon Platinum Group Metals-copper project
The Marathon Project, located near Lake Superior in Ontario, has anticipated annual production of about 200,000 ounces of palladium and platinum and 37 million pounds of copper.
The day’s biggest mover was Chinese palladium bar, dropping 2.1 percent to settle at CNY 141.00 ($22.18) per gram on June 28, 2012. Japanese palladium bar prices saw a 1.7 percent decline to JPY 1,487 ($18) per gram. US palladium bar has been on the decline for eight days and is now at $571.00 per ounce.
Base and precious metals continued to rally in New York trade after the EU moved "to break the vicious circle between banks and sovereigns" early on Friday.
There’s "no semblance of a safe-haven" at the moment and "the technical profile of bullion is also weak."
But management of the equipment behemoth has stuck to their forecasts for a record-breaking year.
A third round of quantitative easing won't help support platinum and palladium prices, according to Erica Rannestad, platinum group metals specialist with CPM Group in New York. So, what will drive the platinum group metals, which have been suffering from lags in demand and increasing interest from short sellers?
Due to an platinum market that is an "abiding surplus", the board at Aquarius Platinum (LON:AQP) placed its Everest mine on care and maintenance today. The company's stock dropped 8.37% on Thursday closing at $54.70. […]
The slide in the spot price of gold triggered by disappointment over the Fed's actions – or lack thereof – yesterday accelerated in Thursday trade with the precious metal giving up $50 or just over 3%.
Barclays Capital analysts say the pullback in platinum group metals since winter offers “attractive buying opportunities: "We expect palladium prices to average $700/oz in 2012 and platinum to average $1,622/oz."
"Natural resources companies with a pipeline of, say, five projects in five different countries are now likely to build just two or three of those. Thus, executives have the power to cherry pick which combination of country and project offers the best returns."
A vital revenue stream for platinum miners — chrome ore — may be choked off if ferrochrome producers are successful in lobbying for a protectionist export tariff of $100/ton in their desperate attempt to protect their own businesses from China’s burgeoning chrome refiners.
The recent turmoil in Europe and generally poor platinum price performance over the last few months has left South African platinum producers struggling and, marginal assets under threat.
Aquarius Platinum, the world’s fourth-largest platinum producer by volume, has responded to a fall in prices for the precious metal by mothballing a mine jointly owned with Anglo Platinum, arguing that production had become uneconomic.
The world still needs gold and other natural resources, but we may need a new investment model to sustain them, says Byron King, writer and editor for Agora Financial's Outstanding Investments and Energy & Scarcity Investor newsletters and contributor to the Daily Resource Hunter.
What a whippy week it was. Volatility spiked and then subsided into the end of the week which meant it was a great day-trading environment but then that petered off as ranges tightened for markets and stocks into the end of the week.
"Space is big. Really Big. You just won't believe how vastly hugely, mind-bogglingly big," as the Hitchiker's Guide to the Galaxy once noted. About the only thing nearly as big, it seems safe to say, are today's hopes of making money exploring space.
Smaller miners are waiting for production cutbacks by the market leaders to prop up prices the way Saudi-Arabia comes to the rescue of oil producing nations whenever the crude price begins to flag.
Prophecy Platinum added 2.5% on Friday on double usual trading volumes, after announcing results of a full spectrum analysis of PGMs on the first batch of samples from its PGM-Ni-Cu wholly-owned Wellgreen project, in the Yukon, Canada.
Less than a month after officially launching its asteroid-mining plans, Google’s billionaire co-founders and filmmaker James Cameron’s owned company Planetary Resources, has already decided not to accept any more job applications.
China's autocatalyst palladium demand in 2011 rose 11 percent, outpacing single-digit growth in car sales as stricter emission regulations forced carmakers to use more platinum group metals, refiner Johnson Matthey said on Monday.
"What is more disconcerting is that while investors have over the past few weeks appeared cautious of running too short on gold, this fear looks to have evaporated."
Miningmx.com reports April has seen the lowest number of mining fatalities ever in South Africa, according to figures released by mines minister Susan Shabangu.
Meanwhile, palladium remained in a gross deficit last year, with this being likely to increase in 2012.