Platinum Group Metals Mining News

Platinum price gets $6 billion shot in the arm

But short term pain will persist.

Anglo ending 2018 on high note, predicts higher output, lower costs

The diversified miner anticipates 2018 production to be 2% ahead of previous guidance and costs to be 5% below.

DRDGOLD begins first phase of Far West tailings project

The South African miner is kicking off this week its Far West gold recoveries project in Gauteng with the pumping of reclaimed tailings into the carbon-in-leach circuit, just four months into construction of the first phase.

S. Africa competition tribunal OKs Sibanye acquisition of Lonmin

Deal would create the world’s No.2 platinum producer.

Lonmin workers ask South African tribunal to stop merger with Sibanye

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.

Gold miner Sibanye's profit plunges after fatal accidents hit output

Shares in Sibanye-Stillwater hit a monthly low on Thursday, down 13.28 percent.

Lonmin in $200m loan deal with state-backed Chinese company

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 shortage "short-term problem" for miners in Zimbabwe – minister

Dollar shortages are creating the risk of some mines shutting down, while investors calling for the removal of foreign exchange restrictions.

Sibanye -Stillwater, Lonmin still committed to merger after competition watchdog decision

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.

South Africa imposes tough conditions on Sibanye-Lonmin deal

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.

Top platinum mines keep digging even as price at decade low

Although about half of South African output is estimated to be unprofitable, few companies are reducing production by a meaningful amount.

South Africa's Implats CEO confident of funding during restructuring

Implats is confident of having adequate cash while restructuring its operations and cutting its workforce despite reporting a wider full-year loss.

Russia's Potanin returns 2 pct in Norilsk Nickel to Abramovich -sources

The original sale of the stake was disputed in a London court by aluminium producer Rusal, which owns a stake in Nornickel.

Mining exploration spending in Australia jumps to 5-year high

Drilling at new projects up 57% as spending on gold exploration reaches 21-year high.

Luxembourg’s mining-focused Space Agency ready to lift off

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.

Zimplats FY profit tumbles after higher deferred tax charge

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.

Stellar rhodium price rally could be coming to an end

Price for scarce precious metal rhodium is up 270% in two years.

Implats to Cut 13,000 Jobs and Reduce Shafts to Stem Losses 

13,000 jobs to be slashed as the local platinum industry grapples with rising costs and weak prices for the precious metal.

Miners wrote off almost one-third of investments over last decade

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.

S. Africa seeks re-opening of shuttered mines to boost economy

Mineral Resources Minister Gwede Mantashe believes mines on care and maintenance are bad for the economy.

CHARTS: Halfway through 2018 and the mining rally is over

“China’s buoyant mood is giving way to concerns around tightening credit and a slowing manufacturing sector."

Platinum price plunges to 14-year low

Platinum prices drops 5% on Monday to lowest since July 2004 as US–Europe car trade spat adds to precious metal's woes.

Gold street is where South Africa’s mining history goes to die

Additional cuts are to come across mines and towns in South Africa, once the world’s biggest producer of gold.

Trump trade war blows up big week for mining majors

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.

Germany's Heraeus to open $100 mln precious metals recycling plant in China

China is the world's biggest car market and produces only a fraction of the platinum and palladium it consumes.