Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
Platinum Group Metals Mining News
World's largest automaker would actually need to buy more platinum to scrub emissions, but for now investors believe the scandal will hurt the whole sector.
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Atlatsa Resources Corporation ("Atlatsa" or the "Company") (TSX: ATL; JSE: ATL) advises that it, together with its joint venture partner, Anglo American Platinum Limited, has determined to implement a restructure plan at Bokoni Platinum Mine Proprietary Limited ("Bokoni Mine").
The company filed a preliminary economic assessment in the spring.
The move aims to reduce the gold producer's dependence on unreliable electricity supply from state-run utility Eskom Holdings.
The announcement comes only days after Anglo announced a $330m deal to sell lossmaking South African platinum mines to Sibanye Gold.
The deal involves an upfront payment of 1.5 billion rand, with a minimum deferred payment of 3 billion rand, equal to 35% of cash flow generated by the operation.
The companies are expected to make an official announcement on Wednesday.
Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.
CHART: The commodity slump has slashed major miners' market valuations to 60–88% below 2011 highs.
This the first time in over 15 months that Sibanye officially confirms its interest in Amplats’ Rustenburg assets.
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Canadian junior and mid-tier mining companies also raised 62% more capital in the second quarter than in 2014.
The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.
In the last year, spot platinum prices have slumped by almost a third.
The country had introduced the levy on raw platinum exports in January, aiming to encourage local processing of the metal.
According to local newspaper El Mercurio, the unnamed fund is buying Anglo's Mantoverde and Mantos Blancos copper mines.
Estimated production of 42,000 ounces of PGMs in concentrate per annum.
Amid worst slump in over six years, ruling party of South Africa calls shaft closures and layoffs "unpatriotic" as unions gear up for another brutal fight.
“It is a pretty tough market,” said Chief Executive Mark Cutifani, “and in all likelihood the next six months are going to be even tougher.”
This would be second multi-billion dollar impairment charge Anglo takes this year on its coal and iron ore assets.