The global demand for raw materials essential for the energy transition and climate change initiatives has surged, yet the extraction rates are declining due to the unprofitability of new mining projects. This dynamic is creating a significant investment opportunity in commodities as prices have notably increased across the board. In a remarkable two-month span, the price of silver on international...
Platinum news
Zimplats to Trim Workforce by 1% Amid PGM Price Slump
Zimplats, Zimbabwe’s leading platinum producer, is set to reduce its workforce by 1% as part of comprehensive cost-reduction measures in response to a significant decline in platinum group metal (PGM) prices, according to CEO Alex Mhembere. The move follows the company’s announcement in March about offering voluntary job cuts to mitigate falling revenues. The downturn in PGM prices, attributed to...
Zimplats Faces Retrenchments Amid PGM Price Decline
Zimplats, part of the Impala Platinum group, is confronting severe financial strain due to plummeting prices for platinum group metals (PGMs) on the global market. This downturn has compelled the Zimbabwe-based mining giant to extend voluntary retrenchment packages to all employee classes as a crucial step in its cost-reduction and cash-preservation efforts. Initially targeting management, the retrenchment offer has now...
Job Cuts at Zimplats and Mimosa Mine Amid Challenging Platinum Market
In a challenging period for the platinum group metals (PGM) industry, Impala Platinum’s Zimbabwean unit, Zimplats, alongside Sibanye-Stillwater’s jointly owned Mimosa mine, are implementing workforce reductions in Zimbabwe. This development echoes a trend of retrenchments within the PGM sector in South Africa, prompted by a persistent downturn in platinum prices. Zimplats has introduced a voluntary retrenchment scheme for its employees,...
Zimbabwe’s Platinum Sector Achieves Record Production Amid Global Challenges
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....
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...