Reuters reported that South Africa’s Public Investment Corporation has increased its stake in platinum producer Lonmin Plc (LSE:LMI). The corporation now owns roughly 30 percent of Lonmin shares.
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.
CBC reported that Volkswagen AG (ETR:VOW3) plans to cut costs by C$1.5 billion within the year and focus more heavily on developing hybrid and electric vehicles. The company also plans to revamp its diesel program by switching to a new technology.
Diesel vehicles made by Mercedes-Benz, Honda, Mazda and Mitsubishi also put out more dangerous emissions on the road than in lab tests.
The deal will see Lonmin spend as much as $11 million to earn up to a 50-percent interest in Wallbridge Mining’s Parkin properties in Sudbury, Ontario.
Glencore is reportedly closing down its Eland platinum mine in the country due to the continued weak platinum price environment.
Platts reported that UBS AG (NYSE:UBS) has reduced its one-month silver forecast by 10 percent, to $14 per ounce.
Bloomberg reported that delays in shutting down loss-making platinum mines in South Africa could place further pressure on platinum prices. Firms such as Momentum Asset Management and Natixis SA see the resistance to cutting supply problematic for metals prices.
There’s always a lot of buzz surrounding the precious metals space, and May was no different. Here the Investing News Network looks at the five top precious metals articles for the month of May, summarizing them for those who may have missed them the first time around.