Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) announced that the Maseve platinum mine completed a 72-hour test run during the hot commissioning of its concentrator facility.
Reuters reported that Zimbabwe’s Chamber of Mines has advised the country to cut royalties for platinum miners Anglo American Platinum (JSE:AMS) and Impala Platinum (JSE:IMP).
Bloomberg reported that Anglo American Platinum (JSE:AMS) will see its profit drop 20 percent this year amidst weak platinum group metals prices. Overall, Amplats is planning $976 million of asset writedowns.
Here’s a look at platinum stocks outside of South Africa. We’ve also included a few platinum stocks within the country, but beyond some of the larger South African producers.
Bloomberg reported that platinum futures hit their highest price in two weeks, on supply concerns for the metal. According to the publication, platinum futures for January delivery touched a two week high of $955.50 per ounce on the New York Comex, and were trading at $944.90 by 10:22 a.m. EST.
Bloomberg reported that palladium prices rose this week in light of protests disrupted South African supply. Community members were protesting at mines owned by Anglo American Platinum (JSE:AMS) in the country.
Bloomberg reported that Anglo American Platinum (JSE:AMS) and Sibanye Gold (NYSE:SBGL) have confirmed they will provide an update on the sale of assets by Anglo. A spokesman for Anglo American, which owns 77 percent of Anglo American Platinum, confirmed the timing of the announcement, as did a spokesman for Sibanye.
Miningmx reported that Chris Griffith, CEO of Anglo American Platinum (JSE:AMS) has said that major platinum supply cuts are unlikely.
As quoted in the publication:
A VIEW doing the rounds is that South Africa’s platinum producers are the architects of their own troubles owing to a reticence to lower production; in fact,
Bloomberg reported that Bakgatla Ba Kgafela, a community near the South African mines operated by Anglo American Platinum Ltd.(OTCMKTS:AGPPY), is confident about its prospects to acquire stakes in the operations that Amplats seeks to dispose of.
Anglo American Platinum (OTCMKTS:AGPPY) announced its plans to cut over four hundred jobs at its Rustenburg Platinum Mines unit as a continuation of the company’s value-driven strategy in response to the dark outlook for the sector.
Mineweb reported that Sibanye Gold Ltd. might still bid for the South African platinum mines that Anglo American Plc (LSE:AAL) wants to dispose of.
As the countdown begins to Christmas holidays, at least here in North America, resource investors will be taking measure of their portfolios — likely with a stiff drink in hand. Many will not like what they see. Mining stocks, along with most commodity prices, have taken a precipitous slide over
Bloomberg reported platinum-mining companies in Zimbabwe will probably be processing the metal in the country by the middle of next year.
Mineweb reported that Anglo American Platinum (LSE:AAL) has commenced with the trials of a new underground blasting technique to enhance safety as well as productivity.
Mineweb reported that a community near South African mines operated by Anglo American Platinum Ltd. (JSE:AMS) has asked the firm for 30-percent stakes in its Union mine and three Rustenburg operations.
The precious metal’s price fell to a five-and-a-half-year low on Friday, and the platinum-gold spread is at its highest level in almost two years. Still, experts believe there could be brightness ahead for platinum in 2015.