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Mining Weekly reported that Eastern Platinum on Monday announced that it will halt funding for the development of its South African Crocodile River mine due to poor global economic outlook, pricing issues, and the operating environment in South Africa.
Mining Weekly reported that Eastern Platinum on Monday announced that it will halt funding for the development of its South African Crocodile River mine due to poor global economic outlook, pricing issues, and the operating environment in South Africa.
As quoted in a news article:
Eastplats noted that its decision was motivated by a range of micro- and macroeconomic challenges, including the 2008 financial meltdown that resulted in a reduction in European car sales and, in turn, a fall in platinum demand, which showed no signs of a near-term recovery. Adding to the turmoil was that year-on-year European car sales had declined monthly since October 2011.