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Platinum Group Metals News

US Mint gold coin sales weakest for January since 2008

By: Reuters US Mint American Eagle gold coin sales in January rose from December but were the lowest for that month since 2008, as a rally in prices discouraged collector buying in what is typically a period of peak demand, data showed on Friday. The US Mint sold 81 000 oz of gold bullion coins this month,... 

Sylvania Q2 output slumps after ‘exceptional’ first quarter

By: Natalie Greve After what the company describes as an “exceptional” first quarter, production by platinum group metal producer Sylvania Platinum declined to 14 701 oz in the three months ended December 31. The company had reported a sixth consecutive quarter of continuous growth in the prior quarter, lifting... 

Zim platinum export tax puzzles Aquarius, Implats

By: Natalie Greve A platinum export levy announced by the Zimbabwe government in 2013 remains mired in uncertainty, after the planned deferral of the tax to 2017, was not provided for in the country’s 2015 Finance Bill, gazetted on January 9. Platinum majors Impala Platinum (Implats) and Aquarius Platinum – both... 

Zim platinum export tax puzzles Aquarius, Implats

Lonmin’s refined platinum output plummets on smelter shutdowns

By: Martin Creamer Smelter shutdowns cut a big chunk of refined platinum out of Lonmin’s production in the three months to December 31, when the company's overall platinum group metal (PGM) output slumped by 31.1%. The world’s third-largest platinum producer managed, however, to record 9% higher sales to 146 890 oz... 

Lonmin’s refined platinum output plummets on smelter shutdowns
Photo by Duane Daws
Ben Magara

Aquarius lifts Q2 production, despite price drop

South Africa-focused platinum miner Aquarius increased its output by 2% quarter-on-quarter and 5% year-on-year to 174 953 oz of platinum-group metals (PGMs) in the three months ended December 31. This was despite a sharp drop, by 8%, in PGM prices during the period to $1 208/oz  – the lowest for... 

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

Amplats’ Q4 production rises 14% to 594 000 oz

By: Megan van Wyngaardt JSE-listed Anglo American Platinum (Amplats) delivered 594 000 oz of equivalent refined platinum in the quarter ended December 31. This was 14% higher than the 520 000 oz produced in the fourth quarter of the prior year, when 44 000 oz of production was lost owing to a strike by employees. 

Amplats’ Q4 production rises 14% to 594 000 oz

On back of strong 2014, First Quantum disappoints with 2015 outlook

By: Henry Lazenby Base metals miner First Quantum Minerals late on Monday reported record copper output during 2014, noting that the current year would see its Zambia operations benefit from increased synergies as its new smelter was being commissioned and its new Sentinel mine started first production during the... 

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Exploration at Kibo's Haneti project to continue

By: Megan van Wyngaardt Dual-listed Kibo Mining would conduct further exploration at its Haneti nickel project, in central Tanzania, following a positive independent geochemical interpretation report. "With this new report [in] hand, the case for further exploration and development at Haneti is compelling. We are... 

South African mediators say new laws will help resolve strikes faster

By: Reuters South Africa's main agency for settling labour disputes voiced confidence on Monday that it now has more leverage to bring an early end to strikes like those that dragged on for months last year, undermining economic growth. Nerine Kahn, director of the Commission for Conciliation, Mediation and... 

South African mediators say new laws will help resolve strikes faster

Transition Metals and Implats expand Sunday Lake polymetallic discovery

By: Henry Lazenby Project generator Transition Metals's latest programme of diamond drilling at Sunday Lake, 25 km north of Thunder Bay, Ontario, has confirmed continuity of platinum group metal (PGM) mineralisation over an area about 700 m long and 300 m wide, at depths tested between 370 m to 800 m below... 

Goldman Sachs slashes base metal price forecasts, ups gold

By: Reuters Goldman Sachs Group on Friday slashed its 2015 price forecasts for several base metals including copper and aluminium while raising its estimate for gold by $62/oz. "The primary reason for the changes to our forecasts is cost deflation - driven by a combination of actual and anticipated US... 

Goldman Sachs slashes base metal price forecasts, ups gold

Strike impact to cut Amplats’ FY headline earnings

By: Megan van Wyngaardt As a result of the five-month strike by workers at platinum miner Anglo American Platinum’s (Amplats’) operations at the start of 2014, the company expects its headline earnings for the year ended December 31, to decrease by between 40% and 55% year-on-year to between R650-million and... 

Amplats reveals roadmap to automation

By: Samantha Moolman Change is afoot in the platinum mining industry, as global leader in platinum production Anglo American Platinum (Amplats) prepares to overhaul its operations and begin the ten-year-long process of converting its mines into sustainable, mechanised mining systems. While most of South Africa’s... 

Amplats reveals roadmap to automation

Antofagasta closes C$53m Duluth Metals acquisition

By: Henry Lazenby Chile-based copper-mining group Antofagasta this week completed the C$53-million takeover of Duluth Metals, giving it exclusive control of the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals project, in the Duluth Complex, in north-eastern Minnesota. Antofagasta had obtained all... 

Miami precious metals refiner gains quality management system accreditation

By: Henry Lazenby Miami, Florida-based precious metals refiner Republic Metals has received the International Organisation for Standardisation’s (ISO) coveted ISO 9001:2008 registration for quality assurance and control, effective from Tuesday. Republic on Thursday reported that the third-party accreditation team... 

32 000 to benefit from new Impala employee share ownership trust

By: Ilan Solomons Platinum miner Impala Platinum (Implats) concluded an equity transaction last month by establishing an employee share ownership trust, which will benefit about 32 000 qualifying employees at its unlisted subsidiary company, Impala Platinum Limited (Impala). Implats CFO Brenda Berlin tells Mining... 

32 000 to benefit from new Impala employee share ownership trust
EMPLOYEE SHARE OWNERSHIP Implats’ board of directors approved providing a loan of about R1.1-billion for the trust to enable it to subscribe for the trust shares

Amplats reveals roadmap to automation, highlights ICT as key to improving efficiency, safety in South Africa’s platinum sector

By: Samantha Moolman Change is afoot in the platinum mining industry, as global leader in platinum production Anglo American Platinum (Amplats) prepares to overhaul its operations and begin the ten year-long process of converting its mines into sustainable, mechanised mining systems. While most of South Africa’s... 

Amplats reveals roadmap to automation, highlights ICT as key to improving efficiency, safety in South Africa’s platinum sector

SA mine fatality at all-time low, sets positive outlook for 2015

By: Natasha Odendaal South Africa may be gaining traction on its ambitions of “zero harm” within the mining sector, with indications that the number of recorded fatalities in 2014 had reached a record low with the unofficial count at 84. In the run-up to the release, at the end of January, of the latest Department of... 

SA mine fatality at all-time low, sets positive outlook for 2015

NUM ends six-day strike at Northam

By: Natasha Odendaal The National Union of Mineworkers (NUM) on Tuesday brought the six-day strike at Northam Platinum’s Zondereinde mine, in Limpopo, to an end after workers accepted a draft memorandum developed by both parties. NUM chief negotiator Ecliff Tantsi said the workers would return to work starting on the... 

Investors to blame for supporting dithering juniors

By: Henry Lazenby In the aftermath of several key mining-related indexes having dropped significantly since 2011, the mining industry as a whole, and particularly the junior explorers and project generators, have had to “reset” and undergo a paradigm shift from being project promoters to true value creators. This... 

Discussions to resolve strike at Zondereinde continue

By: Natasha Odendaal The National Union of Mineworkers (NUM) was set to brief Northam Platinum management on its members' mandates, as discussions continued to normalise operations at strike-hit Zondereinde mine, in Limpopo. NUM chief negotiator Ecliff Tantsi told Mining Weekly Online that the union would sit down... 

Jubilee selected to beneficiate Hernic tailings

By: Natasha Odendaal AltX- and ASX-listed Jubilee Platinum has been tasked with the beneficiation of chrome and platinum-group metals (PGMs) from the surface tailings of Hernic Ferrochrome’s operations in the North West. The parties on Monday announced the conclusion of a heads of agreement that would see Jubilee... 

Jubilee selected to beneficiate Hernic tailings
Photo by Duane Daws
Jubilee CEO Leon Coetzer

Ministerial talk of a South African mining champion pleases analyst 

By: Martin Creamer Talk of restoring the lost iconic status of the South African mining industry has gladdened the London-based Investec Global Research Team. “We’re glad to see growing political pressure in South Africa to restore the premier status of the mining industry,” the analyst team said in a note on Friday. 

Ministerial talk of a South African mining champion pleases analyst
Photo by Duane Daws
Minerals Minister Ngoako Ramatlhodi

Northam Platinum halts production at ‘tense’ Zondereinde

By: Natalie Greve Northam Platinum has suspended operations at its strike-hit Zondereinde mine, in Limpopo, in a bid to “secure the safety and security of employees and company assets”, the company said on Friday. “This decision has been taken amidst rising tension at the mine, owing to incidents of intimidation,... 

Northam Platinum halts production at ‘tense’ Zondereinde

JSE newcomer Tharisa lifts 2014 PGM output 36%

By: Natalie Greve A 36% year-on-year increase in resource group Tharisa’s platinum-group metals (PGMs) production has prompted an 11.7% spike in the company’s revenue, pushing total earnings to $240.7-million for the year ended September 30, the company said this week. Noting that the growth was achieved despite a... 

Less than half of striking Northam workers return to work, despite interdict

By: Natalie Greve Following the court interdict served on Northam Platinum’s striking Zondereinde employees on Wednesday, the company said that, by Thursday morning, over 40% of the shift complement of some 4 600 people had returned to work. “Management has provided those remaining striking employees with a final... 

Less than half of striking Northam workers return to work, despite interdict

Royal Bafokeng scraps contract with Shaft Sinkers

Platinum giant Royal Bafokeng Platinum (RBPlat) has terminated its contract with Shaft Sinkers for its Styldfrift I project, about 5 km from Bafokeng Rasimone Platinum Mine's North Shaft, in the North West. In a statement to shareholders on Wednesday, RBPlat noted that it served formal notice to... 

Royal Bafokeng scraps contract with Shaft Sinkers

PTM eyes Q4 production start at Waterberg platinum play

By: Natalie Greve Platinum explorer Platinum Group Metals (PTM) continues to advance construction at its 82.9%-owned Western Bushveld Joint Venture (WBJV) Project 1 Platinum Mine, or Project 1, in the North West, in accordance with plan and cost budget estimates.. PTM’s focus for this year would remain on the... 

Industry group warns Energy Minister of reduced mine output 

By: Reuters A South African industry group has told the country's energy minister that further power constraints would lead to reduced mine output and plant closures, according to minutes from the meeting seen by Reuters. The meeting, which took place on Tuesday, was between Energy Minister Tina... 

Industry group warns Energy Minister of reduced mine output
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