Posts Tagged ‘platinum’

President Jacob Zuma squashed more than two years of talk on Friday about the nationalisation of South Africa's massive mining sector, saying state control or ownership of the mines in the world's biggest platinum producer could not work. Full story

Platinum miners in South Africa have 20 days to provide ideas on lapsed and revoked mineral rights as the government looks to drive forward exploration in the country, reports Mining Weekly. A Government Gazette notice inviting comments on the... Full story

Monday morning stocks dropped slightly in response to Greece dragging its feet on accepting the terms of a new bailout deal. The S&P five-week rally – based on better-than-expected U.S. data – along with rallies in other indices took a breather. Full story

According to South Africa’s National Planning Minister, Trevor Manuel, the country will not be hitting mining companies with any surprise new taxes. While Manuel hesitated to leave his statements at that, he did hint that there may be adjustments  to existing codes on the industry, and reiterated he importance of sensible taxation to extract rent from the industry and direct that investment back into ... Full story

South Africa’s ruling party, the African National Congress, appears to be moving away from nationalization of the mining industry to reassure foreign investors but is considering other plans to increase state involvement in the sector, particularly with regard to platinum. According to the New Age paper the ANC report stressed that nationalization would be unaffordable, as the government would need to raise R1 trillion ... Full story

After marching steadily higher early in the week, gold and silver saw their biggest one-day losses in more than a month on Friday as hopes for more Fed money printing were dashed after the better-than-expected labor report. Full story

The stresses that have afflicted South Africa's platinum miners for the best part of a year appear to be coming to a head. Full story

Treasure hunters are working to recover cargo on a World War II merchant ship, which was sunk by German u-boats just off Boston, that was carrying 71.4 tons of platinum, estimated to be worth $2.5 to $3 billion. Sub Sea Research LLC , which made the initial discovery in 2008, posted a video outlining their progress . Full story

Aquarius Platinum CEO, Stuart Murray, announced frustration with the platinum industry due to strikes, regulatory hurdles and PGM oversupply. 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. Full story

After a tough year in 2011, there is definitely a good selection of underpriced junior resource stocks available for astute investors to focus on before the rest of the herd finally wakes up and smells the gold. In this exclusive interview with  The Gold Report,  Matthew Zylstra, mining analyst at Northern Securities, reviews the gold, silver and PGM markets and tells us why he ... Full story