Toronto-based Atlatsa Resources (TSXV:ATL) has made good on its stated intention to shut its Bokoni platinum mine in Limpopo province, South Africa.
Platinum Group Metals Mining News
A strong price recovery for the main commodities South Africa mines and exports has helped the country’s sector stage a turnaround in 2017, the first time in five years the industry is back in the black.
The specialty chemicals company said the overall market "could be (worth) more than $30 billion (in) sales when battery electric vehicle penetration increases to around 10 percent.
He intends to buy as much as 1.5 billion pounds (about$2 billion) worth of additional Anglo American shares.
Speculative frenzy not entirely supported by fundamentals.
The miner warned further reductions could be in store at those operations, which employ 31,000 people.
Mines minister Mosebenzi Zwane had pledged in writing to a court that he would not publicly say changes to an industry charter were "law" until a judicial challenge has been completed.
South Africa holds the world's biggest reserves of platinum, chrome and manganese, but investment in the sector has dropped in each of the past two years as a result of increasing legal uncertainty and labour disputes.
Official figures released on Thursday signall a bad start for the second half of the year with business confidence at its lowest in more than three decades.
A rise in refined supply (despite a 9% dip in mine-level output) and a drop in automotive and industrial demand erases Q1's 305,000-ounce deficit.
The miner, South Africa’s largest gold producer, said that in the absence of a dividend, it’ll give investors two new shares for every 100 held.
The country's Reserve Bank has ordered platinum and chrome miners to surrender 80 percent of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage.
Platinum miner Lonmin Plc said on Monday it would cut costs and sell some assets, including processing capacity of up to 500,000 ounces per year, as it battles to overcome a weak market and to preserve jobs.
Zimbabwe has filed a court application to enforce a previous notice to seize more than half of platinum producer Zimplats' mining land, the company said on Wednesday.
The country's ultimate objective is to have its own space mining agency by the end of the year.
The Bokoni mine, a joint venture between Atlatsa and Anglo Platinum, produces around 150,000 ounces of platinum group metals per year.
South Africa's Anglo American Platinum (Amplats) expects half-year profits to fall by as much as 67 percent due to a stronger rand, lower sales and post-tax impairments, the company said on Tuesday.
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
The bill, approved by a vast majority, defines the conditions companies must fulfill to get a licence for launching a space mining mission.
Study shows Q2 2017 new private capital for natural resources investment dropped to lowest since 2011 and not a single mining fund were able to raise money.
Combined worth of 50 largest mining companies grow to $768 billion during first half of 2017, but a few big names drop down rankings.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
Stuart Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.
S&P500 most expensive compared to commodities since late 1960s despite last year's rally in metals and mineral prices.