Anglo American Plc reported profit more than doubled last year amid a recovery in commodities, leading the mining giant to say it no longer needs to sell assets to reduce debt.
PLATINUM miners are cautious on the outlook for prices of the precious metal, which analysts say could rise to around US$1 125 by the end of next year. South African producers however continue to be haunted by cost increases, which they say are not keeping up with production. South Africa is the world’s biggest producer… Continue reading ‘Platinum output not keeping up with cost hikes’
ZIMBABWE could double annual platinum production to more than 900 000 ounces in the next decade and become the nation’s top export earner but current producers need US$2,8 billion in new investment to do so, the industry association said on Friday.
SOUTH Africa’s Impala Platinum posted a 17% rise in production in the quarter to the end of March thanks to a 71% rise in output at its Zimbabwe unit Zimplats, the company said on Tuesday. Despite a fire at its Rustenburg operation, Implats’ output was steady at 142 000 ounces compared to 143 000 ounces… Continue reading Implats says Q3 output boosted by Zimbabwe
A MINEWORKER died on Monday at one of the country’s platinum mines in Zvishavane, the company announced as government continues to raise the red flag on occupational safety and health.
ZIMBABWE should reduce the royalty fee levied on platinum producers from the current 10% to help mining firms offset the impact of low prices, the country’s mining chamber has said. Zimbabwe has the world’s second largest known deposits of platinum after South Africa but mines have struggled with low prices, a black empowerment law forcing… Continue reading Zimbabwe platinum mines seek lower royalty fees amid low prices
THE parent company of local platinum miner Unki, will sell more assets, suspend dividends until the end of 2016 and whittle down its business divisions to three from six in the face of severe commodity price falls, the mining company said on Tuesday.
THE local unit of South Africa’s Impala Platinum has reported a US$6 million operating profit for the quarter ending September from a loss of US$35 million recorded in the preceding quarter driven by growth in sales and cost cuts. Zimplats said revenue, at US$108 million was up 67% from previous quarter’s figures. This came on… Continue reading Zimplats posts US$6 million quarterly profit
PLATINUM producer Lonmin plans a US$400 million rights issue of new shares and will proceed with a planned restructuring to cut 6000 jobs in the face of depressed prices, it said on Wednesday.
ZIMBABWE’S platinum production went up 19,6% in the first nine months of 2013 to 9 838,61 kg compared to 8 224,35kg in the same period last year.