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Platinum Group Metals News

Lower prices contribute to 56% fall in Zimplats’ FY profit

By: Megan van Wyngaardt Declining platinum prices pushed ASX-listed Zimplats’ after-tax profit down 56% year-on-year to $56 138 for the year ended June 30. Revenue for the financial year decreased by 29%, from $576-million in the previous year to $408-million, mainly owing to a 20% reduction in platinum, palladium,... 

Atlatsa still uncertain of financial filings date

By: Natasha Odendaal JSE- and TSX-listed Atlatsa Resources remains uncertain as to when it will be able to file its interim financial results, after having missed the System for Electronic Document Analysis and Retrieval and Electronic Data Gathering, Analysis and Retrieval filings deadline two weeks ago. With... 

South Africa's platinum industry 'extremely ill' – Lonmin CEO

By: Reuters Lonmin's CE said on Thursday that 80% of South Africa's platinum production was making a loss and mines were not responding to cash injections from investors. "Many mines in the platinum sector today are extremely ill and have not responded to the one single cure of cash injections," Ben Magara... 

Lonmin sheds 1 400 jobs as cost-cutting programme gets under way

By: Natalie Greve After last month announcing a programme of shaft closures and workforce reduction aimed at cutting its cost base amid a depressed platinum pricing environment, Lonmin says 1 400 employees have left the business, with a Section 189 consultation process on the remainder of the significant... 

Aquarius reports fatality at Mimosa

By: Creamer Media Reporter JSE-listed Aquarius Platinum on Wednesday reported that an employee had been killed in a fall-of-ground accident at its Zimbabwe-based Mimosa joint venture platinum operation on Monday. “The relevant regulatory authorities have been informed and a full investigation is under way,” the company said. 

June mining production up 4% y/y

By: Megan van Wyngaardt South Africa’s mining production rose 4% year-on-year in June, mainly owing to higher platinum-group metal (PGMs), manganese ore, diamonds and chromium ore production. Speaking to Mining Weekly Online, Statistics South Africa (Stats SA) deputy director-general of economic statistics Joe de Beer... 

June mining production up 4% y/y

EY’s Mining Eye index climbs for first time in a year

By: Henry Lazenby Professional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2%... 

EY’s Mining Eye index climbs for first time in a year

Sylvania mulls sale of Grasvally chrome project

By: Natasha Odendaal With its focus maintained on its dump retreatment operations, Aim-listed Sylvania Platinum is considering placing its Grasvally chrome exploration project up for sale during the 2016 financial year. The platinum group metals (PGMs) producer expected to complete exploration at the Limpopo-based... 

Diesel vehicles to play big role in future platinum demand

By: Dylan Stewart The future demand for platinum-group metals (PGMs) will largely be rooted in the automotive industry, where PGMs are used to make catalytic converters and platinum to produce autocatalysts for diesel engines, says Japanese trading company Mitsubishi Corporation precious metals strategist Jonathan... 

Fuel cells used at Eastern Cape schools

Hydrogen fuel cell technology has been used successfully to provide standby power at three schools in Cofimvaba, in the Eastern Cape, since September 2014, mining major Anglo American announced in June. 

Load-shedding results in production losses

By: Dylan Stewart Stage 3 electricity load curtailments have cost midtier platinum-group metals (PGMs) producer Royal Bafokeng Platinum (RBPlat) a total of 34 hours of milling time, translating into about 13 000 t of lost production, during the six months ended June 30, the company said upon the release of its... 

Lonmin affirms Farlam report

Platinum miner Lonmin has given the Farlam Commission of Enquiry’s report into the August 2012 events at Marikana, in the North West, its detailed consideration and has taken full account of the recommendations applicable to the company, Lonmin said. 

Mine shaft reaches 803 m

By: Dylan Stewart The main shaft at platinum miner Wesizwe Platinum’s Bakubung platinum mine, in the North West, has been sunk to 803 m below collar and has reached the brow of the 81 level station, says Wesizwe Platinum GM Eddie Mohlabi. 

Platinum company and union reach agreement

By: Dylan Stewart The National Union of Mineworkers (NUM) signed a substantive three-year wage agreement with platinum producer Northam Platinum last month at the company’s Zondereinde mine, in Limpopo. 

Unyielding platinum dip forces miners to cut costs

By: Dylan Stewart Owing to weakened demand for platinum, the platinum price, currently at a six-year low of about $980/oz, is not expected to rise significantly in the near future, says geology and mineral resources consulting services provider  

Unyielding platinum dip forces  miners to cut costs
LOW COST Amplat's Mogalakwena mine

Northam posts R1.03bn FY loss

By: Sashnee Moodley JSE-listed Northam Platinum has posted a R1.03-billion loss for the 2015 financial year, in line with expectations as set out in a trading statement earlier this week. 

Northam posts R1.03bn FY loss

Amplats' Zimbabwe unit mulls new smelter, expanding rival's facility

By: Reuters Anglo American Platinum's Zimbabwe unit Unki said on Wednesday it was considering either building a new smelter or expanding facilities at larger rival Zimplats. President Robert Mugabe's government last week suspended a 15% tax on raw platinum exports after mining companies committed to building... 

Important that Optimum Coal issue is resolved – Glencore

By: Martin Creamer It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results,... 

Important that Optimum Coal issue is resolved – Glencore
Photo by Creamer Media
Ivan Glasenberg greeting pupils at the R75-million school Glencore built in the Mpumalanga coalfields

Glencore maintains dividend on 29% lower earnings

By: Martin Creamer Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim... 

Glencore maintains dividend on 29% lower earnings
Photo by Duane Daws
Ivan Glasenberg still seeing window of opportunity

Hydrogen fuel cell technology under the lens in Cape Town  

By: Kim Cloete The Department of Science and Technology (DST) is working with other government departments to plan the roll-out of hydrogen fuel cell technology in agricultural parks in South Africa, as well as in schools and clinics. DST director-general Phil Mjwara told the Hydrogen South Africa (HySA)... 

Hydrogen fuel cell technology under the lens in Cape Town

Glencore mulls closing its Eland platinum mine in S Africa

By: Reuters Miner and commodity trader Glencore is reviewing its Eland platinum mine and has informed the government and trade unions of a possible closure due to falling metal prices, it said on Tuesday. Depressed commodity prices, rising labour costs and increasing electricity tariffs have also forced... 

Northam swings to loss on one-off BEE costs

By: Megan van Wyngaardt JSE-listed Northam Platinum will report a loss a share of between 264.06c and 265.54c for the financial year ended June 30, as a result of certain one-off costs related to its R6.6-billion black economic-empowerment (BEE) deal. The company had posted earnings a share of 2.4c in the 2014 financial... 

Atlatsa misses financial filings deadline

By: Natasha Odendaal JSE- and TSX-listed Atlatsa Resources on Friday missed the deadline for publishing its interim financial results, as “significant doubt” remains over the platinum miner’s ability to continue as a going concern. The group said there were several uncertainties surrounding its operations, its... 

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore

By: Martin Creamer The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. Optimum Coal announced on August 4 that it had begun business rescue proceedings because of its continued and... 

Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore
Coal renegotiation sought

Resources Watch

By: Creamer Media Reporter This week: A ‘depressed’ PGM market cycle stalls RBPlat’s Styldrift expansion. ArcelorMittal South Africa flags its iron-ore import plan as it seeks a new pricing deal with Kumba. And, Roytec clinches a Zimbabwe contract and now boasts a R100-million order book. 

Resources Watch

Ivanhoe starts feasibility study on first phase Platreef project

By: Natasha Odendaal TSX-listed Ivanhoe Mines has initiated a feasibility study for the first phase of the development of its Platreef project, in Limpopo. The study, which kicked off early this month, aimed to build on the positive findings of the prefeasibility study (PFS) completed in January for the construction... 

Aquarius looks for friends in platinum sector as low prices bite

By: Natalie Greve Amid global platinum prices languishing at six-year lows of some $980/oz, South African producer Aquarius Platinum is looking to its neighbours in the platinum belt for possible operational synergies that could ease production costs as it rides out the depressed market fundamentals. Telling... 

Aquarius looks for friends in platinum sector as low prices bite

Platinum market to remain in deficit in 2016/17 amid lower capex

By: Megan van Wyngaardt The reduction in capital expenditure (capex) by South Africa’s platinum producers will limit output of the precious metal by as much as 16% in 2016 and 2017, compared with 2015 levels, a World Platinum Investment Council- (WPIC-) commissioned report, compiled by Venmyn Deloitte, projects. The... 

Eastplats extends asset sale closing date to Dec

By: Natasha Odendaal Dual-listed Eastern Platinum (Eastplats) has extended the closing date for the sale of its South African platinum assets to Hebei Zhongbo Platinum from August 7 to December 31 as the restructuring of the initial agreement continues. In June, an in-principle agreement was reached to restructure... 

Zimbabwe suspends platinum export tax – State-owned paper

By: Reuters Zimbabwe has suspended a 15% tax on raw platinum exports after mining companies asked the government to give them two years to set up smelters and refineries, the Minister of Mines told the State-owned Herald newspaper on Monday. President Robert Mugabe's government introduced the levy on... 

Zimbabwe suspends platinum export tax – State-owned paper

Palabora employees expected back at work on Friday

By: Natasha Odendaal Limpopo-based Palabora Copper expected its employees to report for duty on Friday, after the company resolved issues with the communities that brought operations to a standstill a week ago. Ba-Phalaborwa community members embarked on an illegal protest last week, leading to the suspension of the... 

NAP completes recapitalisation programme

By: Megan van Wyngaardt Troubled TSX-listed North American Palladium has completed its recapitalisation transaction with Brookfield Capital Partners aimed at significantly reducing its debt and enhancing its liquidity. The sale process and recapitalisation plan represented the best alternatives available to preserve... 

Positive results for solar tracker pilot project at Amplats mine

By: Ilan Solomons Since the €430 000 solar tracker pilot project was launched at platinum mining company Anglo American Platinum’s (Amplats’) Mogalakwena mine, in Limpopo on November 27, 2014 it has achieved impressive power generations results, said green energy project developer GX Energy SA director Dr Michael... 

Positive results for solar tracker pilot project at Amplats mine
SOLAR TRACKING SYSTEMS, MOGALAKWENA MINE The pilot plant consists of two solar tracking systems with 48 solar modules that follow the path of the sun

Sibanye Gold upbeat on high-value surface project

By: Martin Creamer Gold mining company Sibanye Gold on Wednesday expressed excitement about the outcome of a feasibility study that pointed to a lucrative potential go-ahead for its huge gold tailings retreatment project on South Africa’s West Rand. “It’s a beaut,” Sibanye CEO Neal Froneman said of the West Rand... 

Sibanye Gold upbeat on high-value surface project
Photo by Duane Daws
Neal Froneman

Resources Watch

By: Creamer Media Reporter This week: Platinum projects are well under way at Sylvania Platinum. And, first production at the Brakfontein colliery extension is slated for September. 

Resources Watch

Jubilee raises £2.44m to fund platinum projects

By: Megan van Wyngaardt Dual-listed platinum miner Jubilee advised shareholders on Wednesday that it had placed 71.8-million new ordinary shares of 1p each at a price of 3.4p apiece, raising £2.44-million. The combined funds from the placing, together with the debt funding and the sale of non-platinum operational... 

R50m mine design centre opens 

By: Martin Creamer The University of Pretoria’s new virtual and augmented reality mine design centre, which is set to revolutionise both surface and underground mine design, was officially opened on Tuesday evening. A total of R50-million has been invested in the centre, which has come out of a highly successful... 

R50m mine design centre opens
Inside the new mine design centre

‘Depressed’ PGM market cycle stalls RBPlat’s Styldrift expansion

By: Natalie Greve Royal Bafokeng Platinum (RBPlat) plans to scale back on construction at its Styldrift 1 expansion project, telling investors on Tuesday that a sustained depression in the platinum group metals (PGMs) market – which is expected to continue over the medium term – was behind the imperative to reduce... 

‘Depressed’ PGM market cycle stalls RBPlat’s Styldrift expansion
Photo by Duane Daws
RBPlat CEO Steve Phiri
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