Johnson Matthey sees platinum, palladium deficits, Vulisango moving to unseat Simmers' gold board, rand-denominated gold, platinum, oil traded on JSE

Platinum authority Johnson Matthey foresees deficits on the way in both platinum and palladium. Read on page 12 of this edition of Mining Weekly of the company forecasting a platinum price of $1 280/oz to $1 550/oz for the next six months. Johnson Matthey is forecasting up to $390/oz for the palladium price.

The potential for an increase in supply is regarded as being limited. Johnson Matthey says that it expects global vehicle production possibly to increase to 65-million units in 2010, compared with 57-million units this year. Besides more autocat demand, the company also foresees that industrial demand will come back as well.

To watch a video of Johnson Matthey's outlook for the precious metals, go to www.miningweekly.com and click on ‘Multimedia' and then on ‘Video Clips'.

Disgruntled Simmer & Jack Mines (Simmers) empowerment partner Vulisango is proposing that a new board of directors be installed at the JSE-listed Simmers by way of an extraordinary general meeting (EGM) of the junior gold company.

Read on page 6 of this edition of Mining Weekly that Vulisango has proposed former Harmony Gold CEO Bernard Swanepoel as the nonexecutive chairperson of the Simmers company, along with new independent nonexecutive directors, Impala Platinum CEO David Brown; Aquarius CEO Stuart Murray; and former Africa Rainbow Minerals coal division executive William Osae.

Vulisango wants current Simmers CEO Gordon Miller and current chairperson Nigel Brunette removed, along with directors John Berry and Adrian Meyer.

The JSE has extended its licensing agreement with the world's largest commodity derivatives marketplace, the CME group, to offer South Africans the opportunity to trade rand-denominated platinum, gold, and crude oil futures. Read on page 25 of this edition of Mining Weekly that the extension makes these physical commodities more accessible to retail investors.

Up to now, only agricultural commodities have been offered by the exchange. Locally listed contracts will be settled in cash using the benchmark gold settlement prices that are referenced from CME's Comex division and platinum and crude oil prices from its Nymex division, which translates into investors having the added advantage of accessing liquid international markets in local currency contracts.

To watch a video of JSE head of commodities division Rod Gravelet-Blondin explaining the exchange's newest commodity trading platform, go to www.miningweekly.com and click on ‘Multimedia' and then on ‘Video Clips'. The same procedure can also be followed to access a host of other video opportunities.