Platinum Miners Refuse to Cut Output Pushing Prices Lower

Mining Weekly reported that even as platinum supply causes prices to go lower miners are hesitant to cut production and force the price of the white metal higher.

As quoted in the market news:

They have felt some respite this year from the tightening margins that have plagued them since the financial crisis hit in 2008, with platinum rising 24%, chiefly on the back of a violent strike at Impala Platinum’s Rustenburg mine.

But prices remain some $600 below 2008′s record $2 290/oz, at an historically unprecedented discount to gold and well below the level miners say they need for future growth as they face an appreciating rand and fast-rising production costs.

Click here to read the full Mining Weekly report.