Prophecy Platinum added 2.5% on Friday on double usual trading volumes, after announcing results of a full spectrum analysis of PGMs on the first batch of samples from its PGM-Ni-Cu wholly-owned Wellgreen project, in the Yukon, Canada.
Rhodium Mining News
The South African government has ok'd a $443-million platinum mine located north of Rustenburg.
Aquarius Platinum CEO, Stuart Murray, announced frustration with the platinum industry due to strikes, regulatory hurdles and PGM oversupply.
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.
Since we last visited rhodium, the news has been favorable for the future value of the metal. Deutsche Bank announced the creation of an ETC, Europe’s version of an ETF, for rhodium. While that news is favorable, seems the market got a little ahead of the reality.
Rhodium will climb as much as 35% to $2,800 an ounce by the end of the year on increased carmaker demand and production difficulties for mining companies in South Africa where the metal is produced as a byproduct of platinum mining, according to a report by Standard Bank released on Monday. Mainly used in emissions reducing converters and in the chemical and glass industries rhodium is down 14% this year after three annual surpluses but jumped 21% in the week after Deutsche Bank introduced a physically backed exchange-traded product at the end of May. The price of rhodium hit an all-time record high above $10,000 in 2008.
Miner Lonmin LMIJ.J (LMI.L: Quote) said on Friday that there was unspecified industrial action taking place at its Marikana operations in South Africa by members of the National Union of Mineworkers (NUM). "Lonmin announced today that it is currently experiencing unprotected industrial action by NUM members at the Karee operations of its Marikana operations. As a result, production at Karee has been disrupted since the night shift of Tuesday 17th May," it said in a statement.
Given some adverse short-term developments, Rhodium has held up quite well. Japanese earthquake is having some impact on automobile production. Rhodium is one of the catalysts used in converters in the auto industry.
Mustang Minerals Corp. and 19.9% shareholder Western Areas NL are pleased to announce a significant new drill discovery of platinum and palladium mineralization at shallow depth at Mustang's 100% owned Mayville Property. The Mayville Property […]
Aquarius Platinum South Africa (Proprietary) Limited ("AQPSA") is pleased to announce that two of its operations have simultaneously achieved one million fatality-free shifts. The Everest Mine reached this milestone on 1 March 2011 for the first time since commencing operations in 2004, while the Kroondal Mine achieved it once again on 4 March 2011.
Technological advances are often left out of much of the discussion when talking about precious metals. Excitement over rare earths, for example, has always assumed that alternatives, either in metals or due to technology, would not be developed. High prices do motivate researchers. For example, alternatives to expensive palladium might exist.
Rhodium is not one of the topics sexy enough to hear much about. For one, not a lot of it exists. Read the full article here