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.
Platinum Group Metals Mining News
Matthew Yglesias says that the Obama administration may start looking at some unusual tools to reflate the dollar and kickstart the economy, and using two trillion of platinum coins may not be so far fetched.
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.
Platina Resources Limited has received of all assay results from its recently completed 4,591 metre RC drilling program at the Owendale Platinum Project, New South Wales.
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.
JSE-listed Northam Platinum said on Friday that the six-week strike in the first half its 2011 financial year would result in lower earnings.
Bloomberg reports palladium and platinum fell today as amid concerns that the global economic recovery may stall.
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.
Move over gold and silver, it's time for platinum to start getting the attention it deserves as a precious metal.
The United States Congress still can't pass legislation to raise the nation's debt ceiling, but a Yale Law professor suggests that President Obama could sidestep lawmakers and ensure that bills keep getting paid by minting platinum coins—about $2 trillion worth. Writing for CNN, law professor Jack Balkin outlines three ways that President Obama could keep paying the bills while congress dithers.
CNBC reports on the precious metals market today after a weak GDP report from the United States.
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
South Africa-focused Platinum Australia increased production at its production by more than 700 oz in the June quarter, despite ongoing difficulties at its Smokey Hills mine.
Dundee Precious Metals Inc. (TSX:DPM) said Thursday that stronger metal prices were not enough to offset higher expenses and a weaker U.S. dollar as its second-quarter profit narrowed considerably from last year.
Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) has signed a binding Letter of Intent with Otterburn Ventures Inc. (CSNX:OTB). The LOI 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 in north central Finland.
The Zimbabwean reports Angloplat, the world's number one producer said it was optimistic about coming to an agreement with the Zimbabwean government over its Unki mine and Aquarius Platinum's record quarter was thanks to the performance of its Mimosa mine in Zimbabwe amid continuing talks. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenisation laws.
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.
While commodities ETFs - led by precious metals funds like the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV) - are hot, currency ETFs are even hotter. Flows into 38 U.S.-listed currency ETFs this year stood at $2.2 billion through last week, according to a new review of fund flows by ConvergEx Group.
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.
At the once-feared commodity trading arms of Goldman Sachs and Morgan Stanley, the pressure to do better in the second half of this year has never been more intense.
CDE have announced the addition of Pilot Crushtec to their global distributor network with responsibility for South Africaand sub-SaharanAfrica. Pilot Crushtec will promote the full range of CDE washing equipment including the Evowash sand washing plant, Prograde screens, M2500 mobile washing plant, Rotomax logwashers and Aquacycle thickeners.
PGM prices have been given a lift by the latest EU debt agreement but, while Europe remains a focus over the medium term, for now problems in major supplier, South Africa, are likely to come into focus.