Platinum Group Metals Mining News

Stillwater withdraws offer after 'dramatic deterioration' on capital markets

Stillwater Mining Company on Monday became one of the first miners to find funding drying up following the punishment meted out to precious metals recently, when it announced after market close that it is withdrawing its proposed offering of senior notes due to the "dramatic deterioration of the capital markets during the past week." Stillwater said it still has enough funds for the $165 million net cash portion of the Peregrine transaction. The counter shed just over 1% of its value on the NYSE on Monday on a generally positive day for the markets, but is down 35% since last Monday. Stillwater is the only US producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. Platinum was trading at $1,565/oz on Monday, down from a year-high of $1,916/oz.

Prophecy Platinum up 5.69% after announcing Wellgreen results

Prophecy Platinum (CVE:NKL) was up 5.69% on Monday trading after announcing drill results at its Wellgreen project, located in Yukon. Prophecy stated that borehole WS11-188 encountered 457 meters of mineralization grading 0.47% NiEq (including 0.72 […]

Street sweepings in London to be processed for platinum

India Express said that Veolia Environment plans to process street sweepings in London to extract platinum group metals. Image from Ponchitos

Prophecy drills 120.9 meters grading 1.26 g/t PGM+Au, 0.36% Ni, 0.30% Cu within 457 meters grading 0.47% NiEq at Yukon Wellgreen project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces the drill results received from its 2011 drilling Wellgreen PGE-Ni-Cu Project. Borehole WS11-188 encountered 457 meters of mineralization grading 0.47% NiEq (including 0.72 g/t Pt+Pd+Au) from surface to the footwall contact. Within this larger swath of mineralization, the hole encountered a high grade section of 17.8 meters of 3.14 g/t Pt+Pd+Au, 1.03% Ni, 0.74% Cu (1.77% NiEq). VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) announces the drill results received from its 2011 drilling Wellgree...

Extreme moves leave markets in rare territory

If you haven’t paid much attention to global markets this week, here’s what you missed…fears that the global economy is dangerously close to a recession due to the financial crisis in the eurozone and flatlining growth in the U.S. sent assets of all shapes and sizes into a tailspin.

Gold premium over platinum seen rising to record: commodities

Gold cost 3.1 percent more than platinum in London yesterday, compared with an average discount of 39 percent over the past decade, data compiled by Bloomberg show. The metal may reach a premium of 26 percent in the third quarter of 2012, according to

What is the mining industry forecasting for gold?

On Sunday, the 2011 Denver Gold Forum officially started. The conference is the world’s premier precious metals investment conference, and takes place at The Broadmoor Hotel and Resort in Colorado Springs.

FLSmidth to acquire Canadian company Knelson

FLSmidth has today signed an agreement to acquire the assets of the privately owned company Knelson, a Canada based corporate partnership which is active within the minerals industries. Knelson develops, manufactures, and installs equipment for the recovery of precious metals such as gold, platinum and silver, as well as the enhanced gravity separation of base metals and industrial minerals with over 3000 installations in over 70 countries worldwide. The customer base comprises all the major gold, platinum and silver mining companies.

Prophecy Platinum clarifies and restates certain disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) reports that as a result of a review by the British Columbia Securities Commission (BCSC), it is issuing the following news release to clarify, retract, restate and update certain of its previously issued technical reports, investor relations presentations and disclosures on its website

Stillwater offers $300 million in senior notes to fund Peregrine acquisition

Stillwater Mining Company (TSX:SWC.U) is offering $300 million in senior notes to help fund its acquisition of Peregrine Metals Ltd., the company announced today. Stillwater, the only platinum and palladium producer in the U.S., bought Peregrine Metals in July for US$487.1 million.

Gold, platinum, oil to lead commodity gains: Duet Commodities Fund CIO

Gold, platinum and Brent oil will lead gains in commodities as investors seek to protect their assets and shortages emerge, according to Tony Hall, the hedge- fund manager who earned 33 percent for his clients this year.

South Africa mine union says wage talks with Implats falter

The National Union of Mineworkers (NUM) said on Friday separate wage talks with Exxaro Resources and Impala Platinum had deadlocked but strike action was not imminent.

Gold vs. platinum

Platinum prices have comfortably traded much higher than gold for the bulk of the last 20 years or so, but that relationship is starting to change and may signal a new order of value in the precious metals.

Production halted at platinum mine

Platinum Australia shares fell after production was halted at the miner's flagship Smokey Hills operation in South Africa, amid community dissent.

Zimbabwe softens tone on foreign mining companies

A Zimbabwe government official says a law forcing foreign companies to surrender 51 percent stakes to local people was "an aspiration," not a hard target, Reuters is reporting: "This is a negotiated process, it is not an issue that is dictated to companies. It is more to deal with evaluating and negotiating with each company," Prince Mupazviriho, the permanent secretary in the mines ministry, said during a mining conference on Thursday. The new position by the government is a change from the previous hard-line edict suggesting the 51% requirement was set in stone.

Antimony tops metals and minerals risk list, China controls 50% of 52 critical chemicals

The British Geological Survey (BGS) on Wednesday published the latest list of the 52 elements, minerals and metals most at risk of supply disruption because global production is concentrated in a few countries, many with unstable governments. Surprisingly rare earths used in green technology and defence do not top the list but comes in at number five. Antimony, extracted mainly from stibnite (pictured), widely used for fireproofing is most at risk. The platinum group metals (auto catalysts) hold the second spot while niobium used in touch screens and scanners and tungsten for cutting tools are also at risk of supply disruption as a result of increased competition among the world's growing economies, political instability, resource nationalism, along with events such as strikes and accidents. China is the number one producer of 50% of the 52 chemicals on the list and produces 75% of the world's antimony.

Norilsk Nickel approves buyback of own shares

The board of Norilsk Nickel , the world's largest nickel and palladium producer, approved on Tuesday a public buyback of its shares at $306 per ordinary share and $30.6 per ADR.

Zim miners forced to build own power

A handful of diamond mining companies affected by crippling power cuts in Zimbabwe have been forced to set up their own dedicated R36m power line, a newspaper reported Sunday.

Mustang Minerals Corp.: Corporate Update

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) - Mustang Minerals Corp. (TSX VENTURE:MUM)(FRANKFURT:NJF) ("Mustang") today released a corporate, exploration and project development update. The Company is progressing with a feasibility stud...

Zimplats says Zimbabwe moves on licence

The Zimbabwean unit of Impala Platinum , the world's second-largest producer of the precious metal, said the government had taken steps to revoke its operating licence and it remained in talks with authorities. The government has been trying to get

Zambia projects in pictures

Zambia is famous for its significant reserves of copper and cobalt, located in the Zambian Copperbelt province, however, the country is also a miner and producer of selenium and silver. Gold, platinum, and palladium are also produced as a by-product of

Zimbabwe’s New Mine Laws May Prevent Palladium Surplus, Standard Bank Says

Email Print Copying Post by Krista Smith, Palladium Researcher Bloomberg reported if Zimbabwe withdraws Zimplats (ASX:ZIM,PINK:ZMPLF) mining license it will prevent a global surplus of platinum and palladium. The market news is quoted as saying,

Impala Fails to Meet Zimbabwe Ownership Laws, Minister Says

Sept. 7 (Bloomberg) -- Impala Platinum Holdings Ltd.’s Zimbabwean unit, known as Zimplats, has failed to meet new laws on asset ownership and may have its mining license revoked, according to Indigenization Minister Saviour Kasukuwere. “We will be

St-Georges Platinum and Base Metals Ltd.: New Mineralized Zone Expanding to the West at Villebon

St-Georges Platinum and Base Metals Ltd. (CNSX:SX)(BERLIN:85G) is pleased to provide updates on the second phase of its drilling program carried out on the Villebon property located 45 km southeast of Val d'Or in the Abitibi Greenstone Belt of Quebec.

Zimplats faces prosecution over local ownership

Zimbabwe's empowerment minister Saviour Kasukuwere says that the local unit of Impala Platinum will be prosecuted for failing to reach terms with the country over the mandated transfer of 51% of its shares to locals. Zimbabwe will prosecute the local