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.
Platinum Group Metals Mining News
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.
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.
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.
Platinum Australia shares fell after production was halted at the miner's flagship Smokey Hills operation in South Africa, amid community dissent.
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.
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.
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.
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.
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...
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 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
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,
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. (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.
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
Zimbabwe said on Tuesday it could prosecute or cancel the mining licence of Zimplats, the local unit of Impala Platinum, for failing to agree to transfer majority ownership to local blacks, piling pressure on the firm to strike a deal. However, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere, who is leading the drive to increase Zimbabweans' control of the economy, said Harare had reached an agreement with Rio Tinto's Murowa mine and a deal was "imminent" for Aquarius' Mimosa mine. The deals with Rio and Acquarius put the squeeze on Zimplats' parent, the world's number two platinum producer, which risks losing its concessions to others, especially the Chinese, who are favoured by President Robert Mugabe.
FIX PREV FIX PLATINUM 1866.00 (1877.00) dlrs PALLADIUM 761.00 ( 766.00) dlrs per troy ounce
Is platinum now a better bet for investors than gold? Many seem to think so. Gold prices have soared by 32pc this year, as investors sought a safe haven from the global debt crisis. However, some argue that gold is in a bubble fuelled more by speculation.
Commodity markets were hit this week by shock news that the United States created no jobs in August, sparking speculation that the world's biggest economy could be heading for a double-dip recession. Analysts said the data bolstered expectations that the US Federal Reserve could soon decide to implement another round of quantitative easing -- dubbed QE3 by traders -- to help breathe new life into the struggling economy.
LONDON -(Dow Jones)- HSBC has cut its 2011 platinum and palladium price forecasts but upped its outlook for the period from 2012 to 2018, citing expectations that the market will move from a modest surplus into deficit. The bank said Friday it had cut
South Africa's mining sector could be forced to take part in beneficiation activities, the Department of Mineral Resources (DMR) has indicated. Mining licences could be granted with conditions attached to ensure a supply of raw materials for local industries to further refine minerals. Mineral resources chief director Siyabonga Ndabezitha said the previous way of doing things was no longer an option, Business Live reports.
According to the National Union of Mineworkers a contractor from Murray & Roberts died after being struck by a rock at the shaft. Impala Platinum (Implats), the world's second largest platinum producer, said on Tuesday it has stopped work at the shaft project.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2011) - Further to the press release dated July 27, 2011, Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) ("Nortec" or the "Company"), is pleased to announce that it has signed an Option and Joint Venture Agreement ("OA") with Otterburn Ventures Inc. (CSNX:OTB) ("Otterburn"). The OA gives Otterburn the option to earn up to an 80% interest in Nortec's Läntinen Koillismaa project, a 100 % owned palladium-platinum–gold–copper-nickel property ("LK Project"), located in north central Finland.
Mining Review reports Impala Platinum ‒ the world’s second-largest producer of the precious metal ‒ may invest as much as $10 billion in Zimbabwe to expand production if the government backs down on its controversial indigenization policy. Earlier this month Zimbabwe's government gave foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits. Impala is already the biggest investor in Zimbabwe's mining sector.