Precious Metals: Platinum Rallies On Lonmin Shutdown

Aug. 17, 2012 12:05PM PST

Reuters reported platinum rallied on Friday on supply fears after mass killings in South Africa shut production at Lonmin (LSE:LMI).

As quoted in the market news:

South African police killed 34 striking miners armed with machetes and sticks at Lonmin’s Marikana platinum mine on Thursday, evoking comparisons to apartheid-era brutality. .
Police chief Riah Phiyega said 78 were also injured after officers moved against 3,000 striking drill operators massed on a rocky outcrop at the mine, 100 km (60 miles) northwest of Johannesburg.

Click here to read the full Reuters report.