JOHANNESBURG � Zimbabwe's controversial drive to force foreign-owned firms to sell controlling stake to local blacks will derail efforts to woo investors badly needed to help rebuild the country's economy, according to Impala Platinum chief executive
Palladium Mining News
The board of Russian miner OAO Norilsk Nickel on Wednesday approved the offer to buy a part of United Co. Rusal PLC's stake in the company for about $8.75 billion. Norilsk, the world largest nickel and palladium producer.
The darkening economic outlook this month has sent investors out of the palladium market in droves, but the coming months of uncertainty are likely to be more of a cooling-off period than an end to their romance with last year's star performer.
JOHANNESBURG (miningweekly.com) Wage negotiations between the National Union of Mineworkers (NUM) and the world's second-largest platinum miner Impala Platinum (Implats) broke down on Friday. NUM spokesperson Lesiba Seshoka told Mining Weekly Online that
JSE-listed Wesizwe Platinum’s Frischgewaagd-Ledig platinum-group metals (PGMs) project, in the Western Bushveld Complex, is moving forward with the next step – the start of civil works.
Bloomberg reports the proposed expansion by South Africa's Royal Bafokeng Platinum follows an increase in demand for platinum which has gained 19% in the past 12 months to $1,818/oz. Steve Phiri, RB Platinum CEO said demand is likely to exceed supply in the next three years, while a shortage of palladium, typically mined along with platinum, may rise to 1 million ounces in 2014. South Africa produces more than three-quarters of global supply.
[miningmx.com] -- THE riots that took place at platinum junior Platmin on June 23 could delay the projected ramp-up to full production from the Pilanesberg Platinum mine (PPM) by three to six months. Previous guidance from Platmin CEO Tom Dale was that
Silver is like 3 other precious metals (gold, palladium, and platinum) in phrases of being thought to be an investment item. In reality, this valuable metal silver continues to be thought to be a type of currency together with a store of worth for over 4 centuries.
North American Palladium announced financial results and operational updates for the second quarter ended June 30, 2011. Highlights were production of 46,971 ounces of payable palladium at a cash cost1 of US$335 per ounce; realized palladium price of US$751 per ounce, giving an operating margin of US$416 per ounce, and total operating margin of US$20 million for the palladium produced; revenue of $51.4 million; and adjusted EBITDA of $15.4 million.
The ASX- LSE- and JSE-listed platinum miner Aquarius Platinum has taken a $160-million impairment knock on its currency-hit Blue Ridge Platinum Mine.
The platinum producer said Thursday a strong rand outweighed higher prices for precious metals and, while EBITDA rose to $203.2m for the year, it reported a net loss on the back of a $159.8m impairment charge.
In what is starting to look like a mad dash, the price of gold rose to a new all-time high of $1,770 an once, temporarily passing the price of platinum. Investors are turning to gold as global economic markets are faltering.
In a rare development, gold prices have surpassed usually costlier platinum from the precious metal basket.
As the country marked Heroes Day, Robert Mugabe used the occasion to make fresh threats to punish foreign owned companies from Western countries that have imposed targeted sanctions on him and his key ZANU PF officials. The US and European Union slapped the sanctions on Mugabe and his cronies because of human rights abuses.
FIX PREV FIX PLATINUM 1725.00 (1716.00) dlrs PALLADIUM 733.00 ( 730.00) dlrs per troy ounce
Platina Resources Limited (ASX:PGM) is pleased to confirm the receipt of all assay results from its recently completed 4,591 metre RC drilling program at the Owendale Platinum Project, New South Wales. The Owendale Platinum Project is a 100% wholly owned project, which covers the 30 square kilometre Owendale Igneous Complex (OIC). Approximately one-third of the total area of the OIC contains ultramafic rocks that are overlain by a 40 metre thick weathered laterite profile. Drilling by the Company has focused on this laterite profile, where significant enrichment in platinum (predominantly as the alloy isoferroplatinum) has occurred.
Research and Markets reports that after 11 years of decline, the Zimbabwean economy is recovering, supported by an increase in production output of the country's mining sector. Mining and manufacturing companies in Zimbabwe are, however, expected to continue to struggle to raise funds to start or expand operations during the short term.
Dow Jones reports resource nationalism is the top business risk for the top 30 global miners, while supply capacity constraints ranging from skills shortage to infrastructure bottlenecks continue to dominate the top ten list, according to an annual survey by consultants Ernst & Young. Resource nationalism jumped to the top of the list this year from fourth in 2010 after 25 countries announced their intentions to increase their take of the mining industry's profits and others contemplate outright nationalization. Fraud, bribery and corruption sneaked onto the list of top concerns for the first time as a number of countries introduce or tighten rules for executives operating in countries that rank high on corruption indices.
Platinum and palladium producer Stillwater Mining Co's quarterly profit almost tripled, but the results fell short of Wall Street expectations and the company's stock slipped. Analysts said investors are concerned about Stillwater's plans to diversify by buying Canadian gold and copper miner Peregrine Metals. Since the $450 million deal was announced last month, Stillwater's stock has fallen 37 percent.
Businessweek quotes a confidential report prepared for South Africa's mining CEOs as saying South Africa’s ruling party is closer to some form of nationalization than at any other time since the end of apartheid. A government takeover of mines could choke investments in a country with metal and mineral reserves estimated at 2.5 trillion and lead to a collapse of the currency, the rand. Firebrand Julius Malema (pictured), the leader of the youth wing of the ruling African National Congress which often acts as kingmaker in the country’s politics, is spearheading the campaign to seize mines, farms and banks. Malema is never far from headlines in the country with racially charged comments but now an anti-corruption police unit is probing a trust fund owned by him allegedly being used to funnel payments in exchange for securing government tenders.
Anglo American, one of the world's largest miners, today reported strong first half growth with operating profit ahead 40% to $6bn. Chief Executive Cynthia Carroll said that investments made during the downturn would stand them in good stead in the near-term future. "We believe that the fundamentals for the mining industry are very, very strong, and therefore the longer-term outlook is extremely positive." Image by shizhao
Gold is sidelining platinum and palladium and could hit $1 800/oz by Christmas, says UBS bullion bank precious metals strategist Dr Edel Tully, who describes the present as “an extremely exciting time” to be in precious metals. Tully expects gold to be in deficit in 2011 as a result of only moderate mine-supply growth, a lower level of recycling than in 2009 and the steady buying of gold by central banks.
The world’s fourth-largest platinum miner Aquarius Platinum increased its attributable production by 3% year-on-year to 114 260 platinum group metal (PGM) ounces, but CEO Stuart Murray said on Tuesday volumes from South African operations fell short of the company’s expectations. Challenging conditions at Kroondaal, Marikana and Everest mines negatively impacted on production, but Murray said operations were now moving towards normal production.
Champion Bear Resources Ltd. (CVE:CBA) reports it has completed the private placement of 1,000,000 common shares of to Canadian Platinum Corp.
According to a new report by Business Monitor International Russia's mining sector is set to grow slowly over the forecast period to 2015, marking a reversal of the declining output seen since 2006. Business Monitor forecasts the value of the mining sector to reach US$259bn in 2015 from US$134bn in 2010, marking an annual average growth rate of 2.6%.