Amplats Able to Supply Customers Longer Than Lonmin, Implats

Bloomberg reported that according to Simon Hudson-Peacock, a fund manager at Momentum Asset Management (Pty) Ltd., Anglo American Platinum Ltd. (OTCMKTS:AGPPY) will be able to supply its customers longer than Lonmin plc (LSE:LMI) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY).

All three are currently facing strikes at their South African operations.

As quoted in the market news:

Amplats, as the company is known, advanced 5.3 percent to 475.79 rand by the close, the highest since Feb. 11, 2013. The volume of shares traded was more than double the daily average for the past 90 days. Amplats has climbed 17 percent since the Association of Mineworkers and Construction Union, the largest among its workers, said Jan. 20 it would go on strike.

The company had the equivalent of 400,000 ounces of unrefined platinum, Chief Executive Officer Chris Griffith said Feb. 3. It is losing about 4,000 ounces of daily production, Amplats said March 5. The strike is disrupting mines that contributed 46 percent of the company’s production in 2013.

Click here to read the full Bloomberg report.

Get the Latest Platinum Investing Stock Information

Get the latest information about companies associated with Platinum Investing delivered directly to your inbox.

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Platinum Report Cover small 

Get Our Expert Guide to Platinum Investing FREE!

  Download this FREE Special Report, Why Invest in Platinum Stocks? What the Future Could Hold for Lonmin, the AMCU and South African Platinum Production.

Leave a Reply