Additional cuts are to come across mines and towns in South Africa, once the world’s biggest producer of gold.
Platinum Mining News
The Minerals Council South Africa said it does not support some elements in the latest draft of an industry charter.
Gwede Mantashe said that 20 out of 45 mining deaths reported since the start of 2018 have taken place at Sibanye-Stillwater’s mining sites.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
The charter produced in 2017, drafted by previous Minerals Minister Mosebenzi Zwane, threatened as many as 100,000 jobs.
China is the world's biggest car market and produces only a fraction of the platinum and palladium it consumes.
It gives the company access to 23,903 hectares of land in the country Great Dyke, which has a potential for 96 million ounces of platinum and palladium.
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Mining companies would have have to contribute 1 percent of their annual turnover to a new community development agency.
The miner's Zimbabwean subsidiary, Zimplats, has released 23,903 hectares of its mining claims to the government.
Chinese jewelry sales are a key component of global demand for both physical gold and platinum, accounting for 14% and 16% of consumption respectively.
More hires are expected as brokers eye opportunities from China’s mainland exchanges opening to investors abroad.
No longer under water.
Tharisa would join Karo Resources, founded by mining entrepreneur Loucas Pouroulis, in building the mine.
Sibanye had net debt of 23.7 billion rand ($1.9 billion) at the end of December.
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Worldwide there are over 30,000 exploration projects.
The Association of Mineworkers and Construction Union (AMCU) said the company failed to take precautions two avoid injuries at its mines earlier this week.
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Key to closing the deal is Lonmin maintaining its net cash position and achieving certain production targets.
Zimbabwe has attracted intense interest from miners with a promise of favourable terms as it seeks to reboot its economy after veteran leader Robert Mugabe was ousted last year.
The World Platinum Investment Council sees oversupply in the platinum market of 180,000 ounces in 2018.
By mid-morning, Lonmin shares had lost 5.6% of their value in London, while Sibanye’s were down 4.9% in Johannesburg, even though the companies announced they had received the approval of the South African Reserve Bank (SARB).