In defiance of global economic pressures affecting the platinum industry, Zimbabwe has reported a significant increase in its platinum production, marking a notable achievement in the sector. According to the latest findings from the World Platinum Investment Council (WPIC), the country’s platinum production in the fourth quarter of 2023 escalated by 8% year-on-year, reaching an unprecedented high of 133,000 ounces....
Platinum news
Southern Palladium Cautions on PGM Price Volatility Affecting Bengwenyama Project Sentiment
Southern Palladium expressed concerns yesterday that fluctuating prices of platinum group metals (PGM) could potentially dampen investor interest in its prominent Bengwenyama project, currently at an advanced exploration stage in South Africa’s Bushveld Complex. This revelation comes despite a 6.58% increase in the company’s share price, closing at ZAR 5.99 (USD 0.32) on the Johannesburg Stock Exchange (JSE). The company...
Zimbabwe Achieves Record Platinum Production Amidst Global Price Challenges
Zimbabwe has made an achievement in its platinum production, surpassing half a million ounces for the first time in 2023, as reported by The Sunday Mail Business. This milestone of 507,000 ounces represents a 6% increase from the previous year, thanks to strategic investments that have enhanced operational stability. Positioned as the world’s third-largest holder of platinum group metals (PGM)...
Global Platinum Supply Dwindles Amid Rising Demand, South African PGM Miners Face Challenges
Despite a surge in demand for platinum group metals (PGMs), the global supply of this crucial metal, essential for the automotive industry, is anticipated to decline this year. This downturn is partially attributed to mining companies, including prominent South African firms, shuttering unprofitable shafts and downsizing their workforce. South Africa, together with Zimbabwe, boasts the world’s most extensive platinum reserves....
Weekly Metals News Digest (Feb 26-March 8)
Nickel Market Innovation Proposal for Environmental Classification of Nickel Andrew Forrest, the visionary behind Australia’s Fortescue Metals Group, has put forward a transformative proposal aimed at redefining the global nickel market. He suggests the London Metal Exchange introduce a system to classify nickel supply contracts based on their environmental impact, distinguishing between “clean” and “dirty” nickel in terms of production...
Impala Platinum Anticipates Ongoing Challenges in the Platinum Group Metals Market for 2024
Impala Platinum (Implats) has disclosed its financial results for the second half of 2023, revealing an 88% plummet in profit due to declining platinum group metals (PGM) prices. The company, one of the world’s largest PGM producers, is bracing for continued market difficulties in the current year, with little expectation of significant improvement. The drop in profit from $692 million...
Anglo American Platinum Announces Job Affects Due to Restructuring Amid Market Pressures
Anglo American Platinum, a leading precious metals company in South Africa and a subsidiary of Anglo American, has disclosed that its restructuring efforts could impact approximately 4,300 jobs. This announcement comes in the wake of the company grappling with declining prices, escalating costs, and an uncertain market outlook. For the past year, the company reported revenue of 124.6 billion South...
Rimfire Pacific Mining Embarks on Significant Scandium Drilling Effort at Murga Prospect
Rimfire Pacific Mining has launched a 4,000-metre aircore drilling program at its Murga Scandium Prospect, located within the company’s Fifield Project, roughly 70 kilometres northwest of Parkes in the Lachlan Orogen region of central New South Wales. The drilling at Murga aims to delineate the extent and continuity of scandium mineralization, following on from previous successful reconnaissance drilling that identified...
South Africa’s Platinum Miners Face Steep Losses Amid Price Plunge
South Africa’s leading platinum group metals (PGMs) miners have reported significant losses throughout 2023, following a sharp decline in mineral prices and escalating costs. According to Oilprice.com, the downturn has severely impacted the profitability of major companies in the sector. Impala Platinum Holdings Ltd (Implats) experienced a dramatic profit drop of over 85% in the latter half of 2023, further...
Anglo American Platinum Faces Potential Inventory Challenges Ahead of Q4 Report
Ahead of its fourth-quarter earnings report this Thursday, Anglo American Platinum, a leading Johannesburg-based platinum miner, is anticipated to announce a production decrease consistent with its yearly forecasts, according to analysts at Citi. A point of concern highlighted by Citi is the potential for inventory write-downs, as the company’s current stockpile is valued at approximately ZAR30,000 per ounce in contrast...