‘Platinum output not keeping up with cost hikes’

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’

Implats says Q3 output boosted by Zimbabwe

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

Zimbabwe platinum mines seek lower royalty fees amid low prices

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

Zimplats posts US$6 million quarterly profit

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

Lonmin aims for US$400 mln rights issue, proceeds with job cuts plan

A police car escorts a bus outside Lonmin's Saffy shaft mine in Rustenburg May 15, 2014. South African platinum producer Lonmin said on Thursday it was considering going to court to stop a 16-week mining strike, because of the levels of violence faced by workers who want to return. REUTERS/Siphiwe Sibeko (SOUTH AFRICA - Tags: BUSINESS CIVIL UNREST EMPLOYMENT)

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.

Platinum production up

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.