News • Mon, Jul. 21
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Mon, Jul. 21, 4:36 AM
- Anglo American's (OTCPK:AAUKY) subsidiary, Amplats, is planning to sell its Union mine, Rustenburg operations and a joint venture in South Africa.
- The move will reduce the miner's staff count by 20k, and follows a continuous five-month strike against the company by the AMCU union.
- The mine is expected to be sold to Sibanye Gold (NYSE:SBGL), whose CEO Neal Froneman announced a wish for a platinum deal before the end of the year.
- ETFs: PPLT, PTM, PLTM, PGM
Jul. 9, 2013, 9:29 AMThousands of mineworkers at Anglo American Platinum (AGPPY.PK) have returned to work after staging a wildcat strike since Sunday at two mines in South Africa, the company says. Workers were demanding the reinstatement of 19 union leaders who had been suspended following an illegal sit-in last month. | Comment!
Jul. 8, 2013, 11:59 AMPlatinum prices surge as thousands of Amplats mineworkers in South Africa launch a wildcat strike overnight. The country accounts for ~75% of the global platinum supply and has been dogged by labor disputes in the past year. Taking advantage may be Stillwater Mining (SWC +3%), which operates a platinum recycling plant that should help it meet platinum demand without having to produce more. | Comment!
May. 29, 2013, 1:19 PMJubilee Platinum (JUBPF.PK) is selling down its stake in its ferroalloy subsidiary Jubilee Smelting and Refining, for $14M to Global Renewable Energy. The first tranche of the sale includes 65% of ferroalloy group JSR and 40% of power generator PowerAlt. Jubilee, which is in the process of buying Platinum Australia (now scheduled for June 10), intends to use sale proceeds to focus on its core metal. (Platinum ETFs: PLTM, PPLT) | Comment!
May. 10, 2013, 11:28 AMAnglo American Platinum (AGPPY.PK) appeases labor tensions but disappoints investors by agreeing to cut fewer jobs than proposed and to keep more of its production on line as a result. Amplats now estimates 2013 platinum production at 2.2M-2.4M oz. vs. an earlier forecast of 2.1M-2.3M, feeding concerns that supply could exceed demand this year. Platinum -2.5% to $1,479.10. | Comment!
Mar. 27, 2013, 2:25 PMRussia and South Africa, which together hold ~80% of the world’s platinum-group metal reserves, reportedly plan to create an OPEC-type cartel to coordinate exports. Like OPEC, the two countries would want to be able to create a floor under platinum prices, which would help their important domestic mining industries in terms of profitability and allow them to pay poor and increasingly militant miners better wages. | 7 Comments
Jan. 15, 2013, 3:07 AMAnglo American Platinum (AAUKF.PK), which produces 40% of global platinum, intends to suspend output at several mines in South Africa, sell its Union mines, cut 14,000 jobs and slash annual output by 400,000 ounces to 2.1-2.3M ounces. Most of the layoffs will come at Amplat's property in Rustenburg, a region where labor unrest left several dead last year. With its action, the firm hopes to return to profitability. | 3 Comments
Dec. 4, 2011, 4:56 AM
Nov. 1, 2011, 9:47 AMUsually a safe haven on days like this, even gold isn't escaping the general panic as the rising dollar sends futures -2.1% to $1688.90/oz. However, silver is taking a much greater hit, sinking 6.1% to $32.244. The metal is "very much as an industrial metal right now," says one trader. Copper -4.4% to $3.473 and Platinum -2.7% to 1563.50. | 2 Comments
Oct. 4, 2011, 7:17 AM
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