If approved, merger would create the world’s No.2 platinum producer as Lonmin is the world’s third-largest while Sibanye-Stillwater is the fourth.
Platinum Group Metals Mining News
Shares in Sibanye-Stillwater hit a monthly low on Thursday, down 13.28 percent.
Under the deal, Lonmin will repay most of the loan by delivering platinum and palladium over a three year period to a subsidiary of Jiangxi Copper, China’s largest copper producer.
Dollar shortages are creating the risk of some mines shutting down, while investors calling for the removal of foreign exchange restrictions.
Sibanye and Lonmin said in a joint statement they remained fully committed to the deal, which is expected to close by the end of the year.
The transaction would create the world’s No.2 platinum producer as Lonmin is the world’s third-largest while Sibanye-Stillwater is the fourth.
Although about half of South African output is estimated to be unprofitable, few companies are reducing production by a meaningful amount.
Implats is confident of having adequate cash while restructuring its operations and cutting its workforce despite reporting a wider full-year loss.
The original sale of the stake was disputed in a London court by aluminium producer Rusal, which owns a stake in Nornickel.
Drilling at new projects up 57% as spending on gold exploration reaches 21-year high.
Unlike US space agency NASA, Luxembourg Space Agency (LSA) will not carry out research or launches. Its purpose is to boost exploration, mining and commercial utilization of resources extracted from near earth objects.
Platinum miner Zimplats on Friday reported a 94 percent drop in after-tax profit to $2.6 million after incurring a higher deferred tax charge.
Price for scarce precious metal rhodium is up 270% in two years.
13,000 jobs to be slashed as the local platinum industry grapples with rising costs and weak prices for the precious metal.
From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.
Mineral Resources Minister Gwede Mantashe believes mines on care and maintenance are bad for the economy.
“China’s buoyant mood is giving way to concerns around tightening credit and a slowing manufacturing sector."
Platinum prices drops 5% on Monday to lowest since July 2004 as US–Europe car trade spat adds to precious metal's woes.
Additional cuts are to come across mines and towns in South Africa, once the world’s biggest producer of gold.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
China is the world's biggest car market and produces only a fraction of the platinum and palladium it consumes.
It gives the company access to 23,903 hectares of land in the country Great Dyke, which has a potential for 96 million ounces of platinum and palladium.
Researchers at the University of Notre Dame invented a new class of molecules whose shape and size enable them to capture and contain precious metal ions.
Are the dark days for platinum set to last?
The miner's Zimbabwean subsidiary, Zimplats, has released 23,903 hectares of its mining claims to the government.