The sculpture, For the Love of God, is a platinum cast of a human skull inlaid with 8,601 diamonds. The skull was sold for £50-million to a consortium of buyers, including Hurst himself.

The skull, along with 70 other pieces from the artist, will be featured at a show starting this April at the Tate Modern.

Damien Hurst is a contemporary artist who courted controversy in the 1990s. He is known for art that focused on death, dead animals dissected and immersed in tanks of formaldehyde. Hurst is believed to be Britain’s wealthiest artist. The Sunday Times Rich List estimated his wealth at £215 million in its 2010 list.

Hurst also worked with gold when he created The Golden Calf, an animal preserved in formaldehyde with 18-carat gold horns and hooves.

Read more here:
Diamond and platinum skull worth £50-million to be shown at the Tate

Mongolia is land-locked country in East and central Asia, bordered by Russia to the north and China to the south, east and west. With a population of 2.8 million people occupying 1.56 million square kilometers (roughly the size of Alaska), it is the most sparsely populated country in the world.  A fledgling democracy just over 20 years old, when Mongolia opened its doors to foreign investment major mining companies accepted the invitation and the incredible geological riches buried beneath the soil became immediately apparent.  Despite this influx the country’s vast mineral resources remain largely unexplored and undeveloped.

Mongolia currently ranks among the top 10 resource-rich nations in the world. Industrial production mainly consists of coal, copper, gold, molybdenum, fluorspar, uranium, tin, tungsten, and iron ore. According to the NSO, the mining and quarrying sector is among the most important contributors to GDP (16.4% of 2011E GDP), second only to the net taxes on products division (17.7% of 2011E GDP). NSO estimated that 8.7 increases in mining and quarrying products such as crude oil, coal and iron ore in 2011. And it is this base that is fueling the impressive economic growth in Mongolia.

Mongolia’s economy recovered to 6.4% GDP growth in 2010 from -1.3% during world financial crisis in 2009. According to preliminary estimates from National Statistics Office of Mongolia (NSO), the Mongolian economy finished at a furious pace, with real GDP growing by 17.3% in 2011.  This marked the first time Mongolian growth surpassed that of its neighbor – China, the world’s fastest-growing major economy.  In fact, it came close to doubling the 2011 Chinese real GDP growth of 9.2 percent.

Mongolia currently ranks among the top 10 resource-rich nations in the world. Industrial production mainly consists of coal, copper, gold, molybdenum, fluorspar, uranium, tin, tungsten, and iron ore. According to the NSO, the mining and quarrying sector is among the most important contributors to GDP (16.4% of 2011E GDP), second only to the net taxes on products division (17.7% of 2011E GDP). NSO estimated that 8.7 increases in mining and quarrying products such as crude oil, coal and iron ore in 2011. And it is this base that is fueling the impressive economic growth in Mongolia.

Mongolia’s economy recovered to 6.4% GDP growth in 2010 from -1.3% during world financial crisis in 2009. According to preliminary estimates from National Statistics Office of Mongolia (NSO), the Mongolian economy finished at a furious pace, with real GDP growing by 17.3% in 2011.  This marked the first time Mongolian growth surpassed that of its neighbor – China, the world’s fastest-growing major economy.  In fact, it came close to doubling the 2011 Chinese real GDP growth of 9.2 percent.

Factors Driving Economic Growth

Pro- business environment

Since moving from a communist state to a democracy in the early 1990s, Mongolia has been moving toward fully embracing a free-market economy. The Mongolian government facilitates a pro-business environment through:

1) Regulations that provide security to anyone interested in operating a business – it takes less time to start business in Mongolia than the world average

2) Low tax rates – a flat 10% for individual income tax and up to 25% corporate  

3) Foreign direct investment and trade are encouraged by law and there are very few limitations regarding the flow of capital across the border. In 2009, the weight average of tariff rate for all products was 5.1%.

According to the 2010/2011 Fraser Institute Annual Survey, Mongolia ranks 54th out of 79 districts in the world regarding the government mining policy index.  This serves as a report card by which to grade governments on how attractive their policies are from the point of view of an exploration manager. Mongolia’s ranking is higher than Russia (69/79), China (62/79), and is the second highest in Asia. Rather impressive for an emerging market and major ongoing draw on the existing energy supply.

Resource demand from China

According to the Coal Industry Association of Mongolia, almost 100% of Mongolian coal and copper exports went to China, in 2009. Consider the case of coking coal.  During Q1-Q3 2011, China imported 30.38 Million tons of coking coal. Imports from Mongolia increased from 30% to 45% in 2010, marking the first time that Mongolia supplanted Australia as China’s top coking coal supplier.

There are three factors affecting such change:

1)            Competitive price for Mongolia coking coal makes it favored in China – During Q1-Q3 2011, the Average sale price (ASP) for imported coking coal from Mongolia was $75.5/ton vs. Australian coking coal’s ASP of $221.4 /ton.

2)            Severe flooding – In 2011, Australian coking coal exports fell as the result of transportation disruption in Queensland, its majority coking coal supply source on a global seaborne basis.

3)            Proximity to China – Mongolian coal has less delivery time and cheaper transportation cost compared to long distance sea freight rate for Australia competitors.

Internal economic growth has resulted in a dramatic increase in power consumption and forecast for increasing need.

Rising Domestic Power Demand in Mongolia

According to Energy international LLC, electricity demand is expected to increase from 711MW in 2011 to 1375MW in 2015. The two major catalysts are behind this anticipated near-doubling in power requirements:

1) The rapidly developing mining-based economy. Tremendous resource attracts more and more foreign companies to swarm into Mongolia, with ambitious plans to develop the world’s largest copper deposit and one of the largest undeveloped coking deposits, as well as many other large-scale projects.

2) Mongolia is experiencing an accelerating urbanization process as those traditionally living in remote regions continue to pour into population centers.  Nearly half of the people live in urban areas, particularly the capital, Ulaanbaatar, with a population in excess of one million. Semi-nomadic life still predominates in the countryside, but settled agricultural communities are becoming more common.

Current Power Situation

Coal-fired power plants still provide the majority of power generation in Mongolia. According to a recent Asian Development Bank report, there are seven main coal-fired power plants in Mongolia with total installed capacity of 856MW. Due to aged, deteriorated, and unreliable equipment, the actual available power capacity is significantly lower. The Ulaanbaatar TES-4 CHP Power is the largest power plant in Mongolia, with a capacity of 580MW. The first unit was commissioned in 1983 and the last in 1991, many updated and repairs have been made in recent years. The second largest power plant TES-3 CHP Power (capacity of 136MW) was installed in 1968 and the original retirement period were 2011. However, due to the lack of a replacement heating resource, it has to be kept in operation.

According to an agreement between the Mongolia and Russia, it should be possible for Mongolia to import 120-160MW electricity from Russia at any time, in order to cover the peak load and regulate the grid frequency. But the import is expected to be stagnant due to the insufficient throughput capacity of power transmission lines linking the region with Mongolia, as well as the high rate for imported electricity of $.08 /kWh.

Aging infrastructure and barriers to power import have Mongolia facing critical and increasing energy deficits.

Mongolia is perfectly capable of developing new energy sources through exploitation of their own vast resources and this would release that nation from reliance on costly and unstable imports from Russia.

The Case for a New Thermal Coal Power Plant

The figures cited above with respect to coking coal are equally as impressive in terms of thermal coal, which is used in the generation of electricity.  Its demand for power necessitates that Mongolia develop new thermal coal power plants.  Its proximity to China, coupled with Chinese demand, also creates an opportunity for Mongolia to export electricity rather than raw materials – a far more lucrative proposition. A far more geo-politically expedient move as well, considering that Mongolia is currently reliant on foreign sources to power its own domestic needs when it has the internal capacity to be energy independent…even with its rapidly increasing rate of consumption.

It is true that Mongolia is actively developing alternative energy sources. Ulaanbaatar recently approved plans to set up the country’s first commercial wind farm with an initial installed capacity of 50 MW, which is expected to generate 5% of Mongolia’s electricity. Approximately 2 percent of the country’s power needs are currently met with household solar systems and small hydro-electricity projects. Further, Mongolia plans to have its first nuclear power plant by 2020.

However, the development of a new coal-fired power plant should still be a priority for Mongolia in the next decade in order to ensure the dramatic shortfalls forecasted can be offset.  Economically, this is clearly the right choice as, in terms of levelized cost of electricity (LCOE) – which refers to present value of the initial investment and operating costs for the whole life – a coal-fired power plant is expected to have the lowest cost ($74/mWh) compared with other forms of energy (hydro power, nuclear, wind power and solar photovoltaic, etc.).

Furthermore, despite negative sentiment toward coal and other fossil fuels as pollutants, a new thermal coal power plant would actually contribute to a dramatic overall reduction in harmful emissions in Mongolia, with particular reference to Ulaanbaatar.  According to the World Health Organization, the Mongolian capital ranks as the second most polluted city in the world, with 279 micrograms of particulates per cubic meter.  For perspective, the WHO considers anything over 20 micrograms to be dangerous.  Los Angeles, California averages just 25.  The two existing, out-of-date coal-fired power plants described above, operate within city limits, dispensing an inordinately and unnecessarily high level of emissions which tends to hover over Ulaanbaatar’s million plus residents.  During Mongolia’s harsh winters, when the temperature plunges below -40C, people burn raw coal or other materials directly in stoves in order to heat their homes.

The modern technology available drastically improves efficiency, meaning a corresponding reduction of harmful emissions.  Mongolia has massive coal deposits situated hundreds of kilometers from any significant population centers, which would enable a new project to be located in a remote region.  As Mongolia continues to embrace new forms of power to fuel its remarkable growth, it is important to recognize the immediacy of the need as well as the existing state of production.  The people of Mongolia not only face deficits and brown-outs, they live with some of the filthiest, most dangerously polluted air on Earth. They deserve better.

Mongolia as Net Power Exporter

China Electricity Industry – Balanced Supply / Demand With Imbalanced Distribution 

From 2007-2011, the compound annual growth rate (CAGR) for the total electricity consumption in China was 9.7%, in line with the GDP growth rate. According to the China Electricity Council, Chinese power output is expected to reach 5000 Billion Kwh in 2012, while power generated from coal may still make up 81% of all power output. For the past five years, China’s electricity demand was fulfilled by its power output. However, in summer of 2011, eastern China suffered from the largest electricity deficit since 2004, with a maximum deficit 11.6 Million Kwh. More electricity transmission lines are needed to satisfy China imbalanced energy need, which results from an imbalance of regional economy development.

China’s ambitious plan to develop its electricity grid to facilitate economy is well underway. According to the Chinese Electricity Council’s investment plan, by 2015, a total of 2.55 trillion RMB (~390 billion USD) will be spent on grid construction. Aiming for at least three west-east and three north-south long-distance lines across the country, the goal is to build up an ultra-high-voltage network to transmit the electricity generated from coal-rich regions in north and west China to developed regions in east and south China.

Export to China – An Enormous Opportunity for Mongolia’s Power Industry

Due to high and imbalanced electricity demand, mainland China imports vast amounts of electricity and sources of power from its neighbors. According to China Customs, electricity import reached 7503 million kWh from Jan – Nov 2011. Currently, Russia is the third largest electricity supplier to China with the three north-east provinces with intensive heavy industries in China as primary beneficiaries.

With significant enough installed capacity in a new coal fired power plant, Mongolia would be in a position to export electricity to China via existing Ultra High Voltage lines in its Eastern Energy System, which is connected with Erlianthot city, the largest port of China to Mongolia. Erlianhot city is in the north of Inner Mongolia province in China and connected to the Chinese national electricity grid, which would distribute the imported electricity to the north east of china.

Conclusion

Mongolia is a vast country with largely untapped resources and unrealized potential. The transformation it has undergone in the past 20 years is nothing short of remarkable and, with upcoming elections, it is important for the people of that country to recognize and embrace the possibilities.  Foreign investors are becoming increasingly comfortable with the political landscape, with a multitude of new and ongoing projects consistently making headlines.  The time is right for an ambitious plan that will elevate the standard of living for all citizens and enable them to be fully in charge of their own destiny. Embracing the development of their own electricity supply via a new coal-fired power plant facility would enable Mongolia to maintain a furious pace of growth and assume a much more prominent role as a political and economic force within the region.

Leo Liu, MBA, CFA

Leo Liu is a private investor and currently holds the position of Investor Relations Officer with Prophecy Coal Corp. (TSX: PCY) and Prophecy Platinum Corp. (TSX.V: NKL).

Edited by:

Chris Ackerman, B.A., LLB

Chris Ackerman is a private investor, published author, boxing/mma columnist and currently holds the position of Investor Relations Manager with Prophecy Coal Corp. (TSX: PCY) and Prophecy Platinum Corp. (TSX.V: NKL).

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Prophecy Coal Corp. Neither Prophecy Coal Corp. nor the author can guarantee accuracy of all information provided. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Prophecy Coal Corp. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Read more here:
Ethical Coal: Mongolia’s sparkling potential amidst regional energy demand

Sub Sea Research LLC, which made the initial discovery in 2008, posted a video outlining their progress.

“On June 1942, a vessel called Port Nicholson loaded 71.4 tons of platinum en route from Halifax to Boston. She was intercepted by a U-87 and sunk with all of her platinum onboard. It was kind of forgotten through history until the ’90s that [the platinum] was even on board when these documents  were declassified,” states the narrator.

The company is proceeding cautiously, and is investigating debris on the outside of the ship to be sure that they have the right cargo.

Finding a platinum bar would definitively prove the contents of the ship  ”. . . before we risk going into the hull of the ship and risking equipment that is worth 1/2 million dollars.”

Hat tip, Business Insider

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Boston shipwreck contains $3 billion of platinum

Murray laid out a litany of complaints in the company’s 2Q production results that were released on Tuesday.

Aquarius Platinum’s attributable production for the second quarter decreased by four percent quarter-on-quarter to 105,629 PGM ounces.

Average PGM dollar prices deteriorated in the quarter. Platinum and palladium fell 14% and 17% respectively while rhodium fell 16%.

“The December quarter of 2011 was a most challenging one, both for AQPSA and, it seems, the entire platinum industry, which continues to be attacked from many angles,” said Murray.

Murray was critical of the many safety stoppages the company was forced to abide by.

“This issue is making the South African mining industry a difficult place in which to operate and whilst zero-harm is laudable, there must be practical implementation of the law. Not only has the incidence of these stoppages risen markedly, in many cases the time now taken by the regional department to resolve these stoppages has risen from some 2 days to a week or sometimes more.”

Aquarius Platinum also lost two weeks production at its Everest Mine due to a contractor’s strike.

“The mine is now also under an optimisation study as a result of near-term poor ground conditions, lower prices and the significant delays in permitting the open-cast reserves.”

Murray also found many external factors that are weighing negatively on the business.

“The challenges facing the region’s platinum industry at present should not be underestimated. PGM margins are now low in both Rand and Dollar terms, and oversupply (relative to real consumption) coupled with a poor economic outlook is likely to ensure that this remains the case, at least in the short term. Cost and regulatory pressures also continue unabated.”

Aquarius Platinum closed down 4.85% to $170.50 a share.

Image from Second Quarter 2012: Production Results

Read more here:
Platinum industry attacked from many angles: Aquarius Platinum CEO

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA–(Marketwire – Jan. 25, 2012) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE Amex:PLG) (“Platinum Group” or the “Company”) announces the publication of the Company’s financial results for the three months ending November 30, 2011. For more details of the November 30, 2011 Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company’s website at www.platinumgroupmetals.net. Shareholders may request a copy of the complete November 30, 2011 Condensed Consolidated Interim Financial Statements from the Company free of charge.

The Canadian Accounting Standards Board determined that International Financial Reporting Standards (“IFRS”) will replace Canadian generally accepted accounting principles for publicly accountable enterprises for financial periods beginning on or after January 1, 2011. The Company has adopted IFRS as at September 1, 2011 with a transition date of September 1, 2010.

The Company’s cash position at November 30, 2011 was $95.1 million, including $41.99 million in restricted cash held in South African operating company Maseve Investments 11 (pty) Ltd. (“Maseve”). At January 20, 2012 the Company’s cash position was approximately $93.8 million, including restricted cash deposits. All amounts herein are reported in Canadian dollars unless otherwise specified.

Highlights For The Period

• In September 2011 the box cut excavation at the Project 1 Platinum Mine (“Project 1″) in South Africa was completed. In October 2011 underground mining contractor JIC commenced development into the underground for a twin barrel decline system. Site establishment and Phase 1 infrastructure were also completed. On site safety, performance to date has been very good with no lost time injuries to report.

• In September 2011 a joint engineering study on potential synergies with the Jinchuan-Wesizwe platinum mine adjacent to the Project 1 mine site was commenced.

• In November 2011 the Company completed the formal public consultation process and documentation related to its Environmental Impact Assessment for the Project 1. Consultation with Government was subsequently completed in December.

• In November 2011 the Company reported drill intercepts in a newly discovered extension of the North Limb grading 3.47 g/t Platinum, Palladium and Gold (2 PGE+Au) over 3.5 meters and 7.00 g/t 2PGE +Au over 5.0 meters at vertical depth of approximately 660 meters on the Waterberg project. Drilling is continuing in 2012 with five drill rigs. Waterberg is a joint venture project with the Japanese Oil, Gas and Metals National Corporation (“JOGMEC”) (37%) and Black Economic Empowerment company, Mnombo Wethu Consultants cc (“Mnombo”) (26%).

In November 2011 the Company agreed to increase its stake in the Waterberg Project to an effective 49.97%. Platinum Group acquired 49.9% of Mnombo, the empowerment partner in the project, for payments of 1.2 million Rand (US$150,000) and an agreement to fund Mnombo’s 26% share of costs on the Project to feasibility. Platinum Group will therefore hold 37% of Waterberg directly and a further 12.97% indirectly, through Mnombo, for a total effective interest of 49.97%.

Results For The Period

During the three months ended November 30, 2011, the Company incurred a net loss of $5.32 million (November 30, 2010 – $4.34 million). General and administrative expenses during the first quarter amounted to $1.31 million (November 30, 2010 – $1.25 million), losses on foreign exchange were $3.18 million (November 30, 2010 – $189,252 gain) while stock based compensation expense, a non-cash item, totalled $1.91 million (November 30, 2010 – $3.52). Finance income consisting of interest earned and property rental fees in the three months amounted to $1.08 million (November 30, 2010 – $164,937). Loss per share for the quarter amounted to $0.03 per share as compared to $0.03 per share for the first quarter of fiscal 2011.

Accounts receivable at November 30, 2011 totalled $2.95 million while accounts payable and accrued liabilities amounted to $6.09 million. Accounts receivable were comprised primarily of value added taxes repayable to the Company in South Africa. Accounts payable included accrued professional fees, contract construction fees, drilling expenses, engineering fees and regular trade payables for ongoing exploration costs and administration.

Total global exploration and development expenditures by the Company during the period totaled $10.3 million. Of this amount, $9.7 million was for development and exploration on Project 1 and $0.6 million was for other exploration. Other exploration funded by joint venture partners totaled $0.43 million in the three month period, comprised of $0.16 million by Sable Platinum and $0.27 million by JOGMEC.

Of the Phase 1 USD $100 million project budget, approximately USD $52 million has been spent to date on development work and infrastructure. The project is on budget and approximately 55% to 60% complete at present. Phase 1 decline development is estimated to be 10 to 12 weeks behind original schedule. After establishment of procedures and training, development of the two barrel decline system is planned to advance at approximately 100 metres per month and will continue for a planned 1,200 linear metres in Phase 1, to a vertical depth of approximately 140 metres. Phase 1 will continue into Q4 of calendar 2012 as preparations for commencement of Phase 2 continue.

Outlook

Preparation of detailed banking documents for the senior loan facility with the mandated syndicate of banks is ongoing. The completion of this documentation, due diligence, hedging establishment and off take negotiations are expected to be completed during Q1 and Q2 of calendar 2012. The formal mining right record of decision from the DMR is expected before the end of Q1 of calendar 2012.

Phase 2 development at Project 1 will commence subject to completion of project financing, the negotiation and execution of formal off-take agreements and the grant of a formal mining right. Phase 2 will include a second decline access south of the current twin decline development, underground lateral development, a milling and concentrating facility and tailings impoundment area.

Concentrate off-take negotiations are underway. Discussions about the possible sale of early ore have also been undertaken. Anglo Platinum retains a 60 day right of first refusal to match the terms of any off take agreement which the Company intends to execute. The Company estimates that off take arrangements, including Anglo’s 60 day right of first refusal, will be completed by the end of Q2 of calendar 2012.

Following the completion of the Updated Feasibility Study (“UFS”) for Project 1 in October 2009, the Company completed further drilling, metallurgical work, mine design and cost estimation work. The Company has also incurred actual construction and property acquisition costs under the Phase 1 development program currently underway. Initial indicators, based on current implementation cost estimates, are that peak funding requirements for Project 1 have not changed materially from the UFS estimate. Current estimates of steady state production remain unchanged.

During 2011 a final mining right application, a social and labour program and an environmental impact assessment were filed for Project 1 and were officially accepted for processing by the DMR. The Company continues to work with the DMR to obtain a final mining authorization. A record of decision on the Company’s application for a mining right is anticipated in Q1 of calendar 2012.

The Company plans to continue working with joint venture partner funding to conduct exploration on the Waterberg and Sable projects. Exploration drilling is underway at Waterberg with 5 rigs and at Sable with 2 rigs, all funded by joint venture partners.

In 2011 the Company approved a $2.0 million budget for exploration work on its Canadian properties located near Thunder Bay, Ontario. Geophysics, soil sampling, mapping and drilling have been a part of the 2011 work program. This work is now complete. The Company plans to establish a new budget for Canadian exploration in 2012. Compilation work, modeling, budgeting and exploration planning is underway on the newly acquired Providence Nickel, Copper, and Platinum Group Metals Property. Work on the ground at Providence will commence in the Northwest Territories in the spring of 2012.

About Platinum Group Metals Ltd.

Platinum Group Metals is based in Johannesburg, South Africa and Vancouver, Canada. The Company’s main asset is a 74% interest in the Project 1 Platinum Mine, near Rustenburg South Africa, where an initial construction budget of USD $100 million is in progress, including underground development. Project 1 has estimated steady state production of 275,000 ounces per year of platinum group metals based on an October 2009 Updated Feasibility Study.

Platinum Group also has active exploration programs with drilling at the Sable Joint Venture and Waterberg Joint Ventures in South Africa and active exploration in Canada for Platinum and Palladium.

On behalf of the Board of Platinum Group Metals Ltd.

Frank R. Hallam, CFO and Director

This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the timing of any debt/financing for Project 1, the potential to increase the Company’s interest in certain of its projects and further exploration on the Company’s properties. In addition, the results of the feasibility study may constitute forward-looking statements to the extent that they reflect estimates of mineralization, capital and operating expenses, metal prices and other factors. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in market conditions, the nature, quality and quantity of any mineral deposits that may be located, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities, the Company’s ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in he Company’s Form 40-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.

]]> http://www.houstongoldnews.com/platinium/platinum-group-reports-q1-2012-financial-results/feed/ 0 http://www.houstongoldnews.com/platinium/platinum-a-long-term-play/ http://www.houstongoldnews.com/platinium/platinum-a-long-term-play/#comments Wed, 25 Jan 2012 08:34:54 +0000 admin http://www.houstongoldnews.com/uncategorized/platinum-a-long-term-play/ Standard Bank maintains that while platinum prices over the long term are bolstered by a difficult supply outlook, over the short term, its prospects aren’t as good.
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Platinum: a long term play

David Brown will step down June 30, 2012. In a statement made on Wednesday, the company said that Brown is leaving to pursue his own interests. Brown was Chief Executive Officer and Executive Director of the Board.

Impala’s stock was down 2.47% on the Johannesburg Stock Exchange.

Impala says it is found a successor and will be making an announcement in due course.

“David joined the Implats Board of Directors in January 1999 as the Chief Financial Officer and was appointed as the CEO in 2006,” said the company in a statement.

“He was instrumental in the development of Implats’ Zimbabwean assets and was also responsible in securing the Royal Bafokeng Nation as the anchor empowerment partner for the Group, ensuring the development of this partnership to the benefit of all stakeholders.”

Impala Platinum Holdings has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe.

Image from Captains of Industry

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CEO of Impala Platinum Holdings steps down