Absa Sells All Implats Stakes on Falling Platinum Prices, Rising Costs

Bloomberg reported Absa Group Ltd. sold all its shares in Impala Platinum Holdings Ltd. (JSE:IMP) as platinum prices continue to fall and the outlook for South African mines is bleak.

As quoted in the market news:

The FTSE/JSE Africa Platinum Mining Index (JPLAT) fell 28 percent in 2011, the worst performer on the Johannesburg bourse, as the spot price of platinum declined 21 percent. Production at Anglo American Platinum Ltd., the world’s biggest miner of the metal, dropped 9 percent last year as South Africa ordered more safety stoppages, the company said on Jan. 26.

Click here to read the full Bloomberg report.