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Platinum Group Metals (TSX:PTM) says that its South African projects are set for a boost as competitors shut down old, unprofitable mines which will slash global output by 35 percent.
Platinum Group Metals (TSX:PTM) says that its South African projects are set for a boost as competitors make moves to shut down old, unprofitable mines which will slash global output by 35 percent.
According to Bloomberg:
South African producers, the source of more than 70 percent of the precious metal, are under pressure to close or sell their least-efficient operations amid the lowest platinum prices in five years, dwindling ore grades and higher labor costs they agreed to during a five-month strike, according to Platinum Group Chief Executive Officer Michael Jones.
Michael Jones, CEO of Platinum Group, said:
The change in the business environment is going to allow room for new deposits to come on.