JOHANNESBURG – After gold experienced its biggest intraday drop in decades last week, it might be the opportune time to switch to platinum, an analyst says. Read more
By Lawrence Williams
In his pre-lunch presentation at the Metals & Mining Investment Conference in New York, consummate presenter, Sprott Global Resource Investment’s chairman, Rick Rule, began by describing the current market for mining stocks – and for gold stocks in particular – as an odd market, not acting in the way most had expected it to, including himself. Read more
By Lewa Pardomuan
China’s demand for platinum jewellery jumped 16 percent to near record levels in 2012 as lower prices, particularly in relation to gold, attracted more buyers, Johnson Matthey said on Monday.
The world’s biggest market for platinum jewellery consumed 1.95 million ounces last year, Read more
By Geoff Candy
Labour disruptions in South Africa pushed the platinum market into a narrow deficit in 2012, for the first time in seven years, Thomson Reuters GFMS said on Thursday.
Speaking at the launch of the group’s Platinum & Palladium Survey in Johannesburg, Read more
By Allen Sykora
Supply worries are starting to creep back into the platinum market, with wage negotiations in the key producing nation of South Africa scheduled to start next month.
Whereas the entire precious and base metals complex is in the green so far Monday, platinum is outperforming the others, with sister metal palladium not far behind. Read more
By Ingé Lamprecht
Gold could drop to $1 200 an ounce. Palladium market also looks promising.
By Tshepiso Mokhema
South Africa’s output of platinum group metals surged 66 percent in February from a year earlier, when strikes curbed output at Impala Platinum Ltd., the world’s second-biggest producer of the metal.
The country’s total mining output climbed 7 percent in February from 2012, Pretoria-based Statistics South Africa said in a statement on its website. Read more
The world’s two biggest platinum producers, Russia and South Africa, have agreed to join forces to cope with an excess supply of the metal, a South African minister said on Wednesday.
The two countries, which hold about 80 percent of global reserves of platinum group metals, Read more
By Ana Monteiro & Paul Burkhardt
Anglo American Platinum Ltd. (AMS), the world’s biggest producer of the metal, will buy part of a South African mine from Atlatsa Resources Corp. (ATL) for 1.7 billion rand ($183 million) and subscribe for shares in the company.
The transactions will reduce the 3.3 billion rand that Atlatsa owes Anglo American Plc (AAL)’s platinum unit to 830 million rand, the Johannesburg-based company known as Amplats said in a statement today. Read more
By Ilya Arkhipov & Franz Wild
Russia and South Africa, which together control about 80 percent of the world’s reserves of platinum group metals, plan to create a trading bloc similar to OPEC to control the flow of exports.
“Our goal is to coordinate our actions accordingly to expand the markets for realization of these metals,” Russian Natural Resources Minister Sergey Donskoy said yesterday in an interview at a summit of leaders from Brazil, Read more
By Shivom Seth
Indian consumers have a new frenzy, platinum jewellery. In a country where gold is the dominant choice for jewellery, platinum is finding more than a toehold.
Retailers say many customers appear to be opting for platinum jewellery rather than gold products Read more
By Clara Ferreira-Marques & Sherilee Lakmidas
Rising wage costs and strikes have revived the arguments in favour of automating South Africa’s loss-making platinum mines, but weak prices for the metal and tough conditions underground mean mechanisation remains a distant prospect. Read more
By Godfrey Marawanyika
Zimbabwe plans to raise royalties payable by platinum miners to make producers process the metal in the country, Mines Minister Obert Mpofu said.
Semi-processed ore will attract more charges than refined ore, Mpofu told reporters today in the capital, Harare. Read more
By Allen Sykora
Platinum futures fell to a five-week low Wednesday, pulled down by weakness in other metals but also taking an extra hit due to a pair of news stories in the last 24 hours – workers returning to their jobs at Anglo American Platinum (Amplats) and weaker European auto sales, traders and analysts said.
Technical-chart selling was triggered on the decline. Read more
By Phoebe Sedgman
Platinum climbed for a third day, widening its spread over gold to the biggest since August 2011, on concern that global supply will drop this year just as a recovery boosts industrial demand. Gold advanced.
Platinum for immediate delivery gained as much as 0.7 percent to $1,733.25 an ounce and was at $1,729.12 at 2:13 p.m. in Singapore. Spot gold gained 0.2 percent to $1,645.25 an ounce. The spread between the two metals widened to as much as $88.75 in intraday trading today, the most since August 2011, according to data compiled by Bloomberg. Read more
By Lawrence Williams
In this morning’s European trade, the price of platinum rose strongly – more than 2% – largely on the back of world No. 1 platinum miner Anglo American Platinum (Amplats) announced restructuring, and the metal was trading above the gold price level for the first time in nearly a year. Read more
By Ed Stoddard and Clara Ferreira-Marques
Miner Evans Ramokga has a warning for Anglo American as the mining group prepares to unveil a revival plan for its South African platinum business: don’t close any shafts.
“If one shaft closes, we stop all the shafts,” said Ramokga, a winch operator at Anglo American Platinum Read more
By Allen Sykora
Platinum and palladium outpaced other base and precious metals Wednesday, buoyed by a combination of traders starting to factor in supply/demand fundamentals seen as supportive for 2013, as well as some short covering, analysts said.
Otherwise, several said, there does not appear to be any fresh breaking news behind Wednesday’s surge. The sharp gains in platinum group metals are a contrast to modestly softer gold, silver and copper. Read more
By Alec Gimurtu
Violent strikes and supply disruptions in South Africa put platinum in the headlines last year, and the metal spent 2012 selling at a discount to gold. Is a platinum discount the new normal? How will the market shift in the labor strike fallout? And will mining asteroids transform supply fundamentals? CPM Group Platinum Analyst Erica Rannestad met with The Metals Report to share her price and cost forecasts for 2013 and discuss the supply and demand trends to watch this year. Read more
By Dorothy Kosich
A U.S. Geological Survey scientific investigations report forecasts that South Africa, Russia, Canada, and Zimbabwe will continue to be the principal sources of PGM for at least the next decade.
Global platinum mining capacity is expected to increase by 24,000 kg in South Africa, 9,000 kg in Russia, Read more
World no. 2 platinum producer Impala Platinum said on Friday output in the three months to the end of September rose 17 percent despite the slow ramp-up of its key Rustenburg mine, shut earlier this year for six weeks by a violent strike.
The company said in a statement that the slow ramp-up at Rustenburg was off-set by Read more