Platinum – Bloomberg reported that at their latest meeting, Northam Platinum Ltd. (OTCMKTS:NMPNY) and South Africa's National Union of Mineworkers (NUM) failed to reach an agreement regarding wages. The NUM has been leading a strike at the miner's operations for over a month now.
Articles Tagged "South Africa"
Diamond – DiamondCorp plc (LSE:DCP) announced that it has completed its first sale of diamonds recovered from tailings retreatment at its South Africa-based Lace mine.
Platinum – South Africa is the world's largest platinum producer and also holds the largest reserves of platinum-group metals. However, the country's influence on the platinum sector looks like it is beginning to fade.
Platinum – Reuters reported that according to Zimbabwe's mines minister, the country will allow foreign-owned platinum mining companies to own majority shares in their operations as long as they build a refinery in the country. The norm is for companies to send mined material to South Africa for processing.
Platinum – Bloomberg reported that Northam Platinum Ltd. (OTCMKTS:NMPNY) may need to cut jobs as a result of a strike at its Zondereinde division. The strike began on November 3 and since then the company has lost over $20 million.
Diamond – Writing for Times LIVE, Sean Clinton reported that the Kimberley Process, which was set up to stop the trade of blood diamonds, has failed to do so and likely will keep failing to do so unless its definition of what constitutes a "conflict diamond" is opened up to "include diamonds that fund human rights violations by government forces."
Platinum – BDlive reported that while South Africa is the largest source of platinum in the world, supply from other locations — as well as from recycling — has lessened the country's influence on the platinum market.
Platinum – Bloomberg reported that platinum futures for January delivery rose 0.5 percent, to $1,418.10 per ounce, on the New York Mercantile Exchange. Earlier in the day, the price hit $1,405.10.
Palladium – Bloomberg reported that today, palladium futures for December delivery rose 0.4 percent, to $719.50 per ounce, after earlier sinking to $713.30, their lowest price since October 17.
Platinum – Bloomberg reported that according to Investec plc (LSE:INVP) and Stanlib Asset Management Ltd., the outcome of the wage dispute currently taking place between Northam Platinum Ltd. (OTCMKTS:NMPNY) and South Africa's National Union of Mineworkers (NUM) is likely to set a precedent for the largest producers in the industry.