Platinum today: News/Production

Northam Platinum workers 'to strike on Monday'

Thu, 02 Sep 2010 00:00:00 GMT

Northam Platinum could face strikes at its South African operations next week as a result of a wage dispute, it emerged yesterday (1st September).

The National Union of Mineworkers (NUM) revealed that 8,000 workers have voted for industrial action following the collapse of discussions about pay increases.

Northam has offered its employees an eight per cent rise in a new two-year deal, but the union is holding out for a 15 per cent hike.

"The strike begins on Monday, and we are going to cause havoc at Northam Platinum," said NUM spokesman Lesiba Seshoka in an interview with Reuters.

According to the NUM, it represents about 7,000 of the workers who have "overwhelmingly" voted for the strike.

Wage disputes are viewed with great interest by the platinum industry in South Africa as production levels are likely to suffer if miners decide to down tools.

Northam Platinum, which owns the world-class Booysendal asset on the western limb of the Bushveld Complex, recorded pgm output of 321,475 oz in the year to 30th June.

Source:

S.African miners to strike at Northam from Monday (01/09/10)

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Impala aiming for platinum output rise in FY11

Fri, 27 Aug 2010 00:00:00 GMT

Impala Platinum is hoping to boost its platinum output at its eponymous mines by almost 70,000 oz in its next financial year, it has been confirmed.

The world's second-largest platinum producer revealed this week that it produced 871,000 oz in the 12 months to 30th June at the various operations.

However, the company expects this total to rise to about 940,000 oz in FY11, with overall annual output expanding from the latest figure of 1.74 million ounces to 2.1 million ounces by 2014.

In an interview with Moneyweb, Chief Executive David Brown revealed that Impala is hoping to bounce back from a number of safety-related incidents which occurred in the previous financial year.

There were 15 fatalities at the 14 Shaft at the company's section of the Rustenburg mine, which resulted in closures and an output loss of 80,000 oz, while a two-week strike also affected production.

Mr Brown told the news provider: "We are seeing Zimplats and Mimosa growing.

"We are seeing Two Rivers growing, and we are also going to see a claw-back of some of those ounces we lost as a result of those incidents come back in 2011. So overall the growth profile is very positive going into 2011."

Impala is planning to invest R20 billion over the next four years to reach the 2.1 million ounces target, having already completed the Phase 1 expansion of the Ngezi project in Zimbabwe.

Mr Brown revealed that the company is taking a "modular expansion" approach to its operations in the country and that Ngezi could offer about 300,000 oz of platinum per year by 2014.

"We put in relatively smaller amounts of capital with good payback periods and very positive NPVs, even on the risk-adjusted basis," he added.

"I think it's also that having been operating there for ten years one builds up a bit of confidence and certainly our dialogue and our interactions are generally very positive."

The Phase 2 expansion at Ngezi is now underway and will take Impala's spending in Zimbabwe to more than $1 billion, despite concerns about the government's empowerment regulations.

At present, all foreign-owned companies must ensure that local businesses have a 51 per cent stake of their equity within five years.

Mr Brown, who believes that the firm's Zimplats vehicle could eventually offer one million ounces of platinum per year, wants to receive 'empowerment credits' in exchange for giving up some of its reserves.

"It is our firm belief that at this time, Zimbabwe's greatest need is for increased levels of foreign direct investment to create more employment in the country," he said.

"We therefore urge the authorities to implement this law in a way that does not compromise Zimbabwe's desire to be seen as a preferred investment destination."

Mr Brown also dismissed criticism that Impala is falling behind in expansion plans for South Africa, telling MiningMX that the delivery dates are now "cast in concrete".

Impala Platinum is second only to Anglo Platinum in terms of annual production of the precious metal.

Sources:

Implats plans R20bn upscaling (27/08/10)

Mining Interview: Implats full-year results: David Brown -CEO, Impala Platinum (26/08/10)

Zimplats commits US$1bln to Zimbabwe (26/08/10)

Impala defends tardy expansion, risks (26/08/10)

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Impala Platinum posts pgm production rise for FY10

Thu, 26 Aug 2010 00:00:00 GMT

Impala Platinum saw its pgm output increase during its latest financial year, it was confirmed today (26th August).

The company revealed that production of platinum, palladium, rhodium and other associated metals rose from 3.43 million ounces to 3.69 million ounces.

In addition, the latest figures show that gross platinum output in the 12 months to 30th June 2010 was up by two per cent to 1.74 million ounces.

This improvement was registered despite nine workers dying in a fall-of-ground incident at the 14 Shaft of Impala's section of the Rustenburg mine early in the year.

With strikes and a further six fatalities at the operation over the course of the year, approximately 80,000 oz of output was lost as a result of the subsequent temporary closures.

"Not only did [we] have to contend with the global economic crisis, but also the impacts of both the tragedy at 14 Shaft and industrial action at the beginning of the period," said the company.

The world's largest platinum producer also announced that refined platinum output totalled 871,000 oz, representing a year-on-year decline of eight per cent.

Impala claimed that the platinum market posted a small deficit in 2009 and suggested that this trend will continue in 2010 and beyond as heavy-duty diesel demand combats a "challenging" supply environment.

"Despite demand levels for our major metals remaining subdued through 2009 following the global economic crisis, prices did manage to recover somewhat from their heavily oversold positions," read one section of the financial statement.

Impala Platinum currently has a number of pgm operations in both South Africa and Zimabwe.

Sources:

Impala Platinum's Full-Year Profit Slumps by22% on Share-Related Payments (26/08/10)

Impala profits down (26/08/10)

DJ Implats Expects Platinum Market In Deficit This Year (26/08/10)

UPDATE 1-Impalats FY profit falls, sees slow recovery (26/08/10)

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Aquarius Platinum expects pgm output rise in FY11

Wed, 25 Aug 2010 00:00:00 GMT

Aquarius Platinum is looking to boost its attributable pgm production by more than 100,000 oz in its next financial year.

The world's fourth-largest platinum producer recorded output of 422,645 oz for the 12 months to 30th June, but hopes to push this figure to 530,000 oz for fiscal 2011.

Chief Executive Stuart Murray revealed that the total will be comprised of 220,000 oz from the Kroondal mine, 120,000 oz from Everest, 80,000 oz from Marikana and 100,000 oz from Mimosa in Zimbabwe.

Furthermore, he predicted that Everest, which was reopened in May after being closed in December 2008 due to flagging pgm prices, could push output to a steady state of between 190,000 oz and 205,000 oz.

The projections have been made despite Mr Murray conceding that the South African platinum industry as a whole could witness a decline in production during the financial year.

Aquarius Platinum, which has its headquarters in Bermuda, is currently listed on the London Stock Exchange, the Australian Stock Exchange and the Johannesburg Stock Exchange.

Source:

Strong rand hits mid-tier platinum mines (22/08/10)

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Wesizwe Platinum gets further funding for SA pgm project

Tue, 24 Aug 2010 00:00:00 GMT

Wesizwe Platinum has secured $12.5 million (£8.01 million) in funding to help advance plans for its flagship pgm project, it was confirmed yesterday (23rd August).

The South African firm has struck an interim financing deal with the Bank of China to help develop the Frischgewaagd-Ledig site, which could offer 350,000 oz per year.

A statement from the company revealed that the facility was "agreed at very favourable terms and will be repaid once the full funding for the project has been secured".

The news comes after Wesizwe revealed in May that it had agreed to sell 51 per cent of its shares to Chinese firm Jinchuan Group and the China-Africa Development Fund for $227 million.

As part of the arrangement, the consortium will also contribute $650 million in order to help bring Frischgewaagd-Ledig to full pgm production by 2018.

However, the project is unlikely to see Wesizwe compete with Anglo Platinum and Impala Platinum, the world's two top producers of the precious metal, in terms of output.

South Africa currently supplies about three-quarters of the world's platinum.

Sources:

SAfrica's Wesizwe gets project funds, shares jump (23/08/10)

Chinese bank provides R91m interim funding for Wesizwe mine (23/08/10)

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Impala Platinum avoids wage dispute strike in South Africa

Mon, 23 Aug 2010 00:00:00 GMT

Impala Platinum has averted industrial action at its South African facilities after reaching an agreement over a wage dispute.

The world's second largest platinum producer had been at loggerheads with the National Union of Mineworkers, which represents 24,000 of the company's 30,000-plus workforce.

However, a deal was struck on Saturday (21st August) which will see the highest-paid workers receive a 7.5 per cent pay rise and the lowest-paid staff getting an eight per cent increase.

The union had demanded a 15 per cent rise across the board in mediation talks with the firm and later lowered this to ten per cent, before settling on Impala's original offer.

Reports suggest the two parties will now hold further discussions via a task team to find common ground over workers' concerns in relation to housing and transport allowances.

Impala Chief Executive Bob Gilmour has dismissed the union's claims that a R900 housing allowance is automatically deducted from employees' wages, even if they did not stay at the company's hostels.

"If you don't stay in the hostel there will not be a deduction," he said in an interview with Business Report.

"We do encourage people to live in their own accommodation. We promote home ownership."

Impala currently relies on the platinum-rich Bushveld Complex in South Africa for the vast majority of its production of the precious metal.

Sources:

Settlement averts strike at Implats (23/08/10)

Impala Platinum Reaches Wage Settlement With Mineworkers, Union Says (21/08/10)

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Northam Platinum posts pgm output rise in latest financial year

Mon, 23 Aug 2010 00:00:00 GMT

Northam Platinum recorded a small increase in pgm production during its latest financial year, it has been confirmed.

The company announced that output for the 12 months to 30th June reached 321,475 oz, which was a rise of 6.3 per cent in comparison to the previous yearly total.

In addition, the firm's operations - which currently revolve around the Zondereinde mine - saw pgm sales increased by 18.8 per cent on an annualised basis to 395,879 oz.

Chief Executive Glyn Lewis revealed that smelter issues during the second quarter, due to an incident in the precipitator, had a negligible impact on production.

"Following the installation of a temporary bypass around the precipitator the smelter is back in operation while the final repairs should be completed in the second quarter of the new financial year," he said.

However, Mr Lewis warned that production could be affected in the upcoming financial year as the challenge of mining the Merensky reef at the facility intensify.

As a result, Northam is now considering various avenues to raise funds for its Booysendal project, which could add 162,000 oz of pgms to its annual production levels.

The company may sell a R2 billion convertible note early next year, while also seeking a R500 million rand revolving credit facility as it begins work on the world's deepest platinum mine.

Mr Lewis added: "We now have board approval for the development of our Booysendal project, which promises to be more robust than the initial feasibility work suggested.

"We are also optimistic about the feasibility of establishing a ConRoast smelting facility in Mpumalanga province, which provides us with more smelting optionality, while also reducing our reliance on Eskom."

Northam Platinum has a combined resource base of 133 million ounces pgm, with more than 50 years' life of mine.

Sources:

Northam boosts FY sales, sees further costincreases for 2011 (20/08/10)

Northam Platinum May Sell 2 Billion-Rand Bondin 2011 (20/08/10)

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Amec process plants 'perfect' for platinum mining projects

Fri, 20 Aug 2010 00:00:00 GMT

An international engineering firm has claimed that its small, cost-effective process plants are ideal for junior mining companies and platinum projects.

Amec Minproc has explained that the plants are particularly suited to companies exploiting pgm deposits with limited life-of-mine and financial capital, Mining Weekly reports.

Technical manager Steve Amos told the news provider that the majority of new platinum studies contain operational and funding challenges which could be eased by his firm's technology.

The company has already installed one of its plants at Platinum Australia's Smokey Hills project, which located on the eastern limb of the Bushveld Complex in South Africa.

It is also currently compiling a scoping study on Ivanhoe Nickel and Platinum's Platreef project in Limpopo, with a three-year target likely for construction.

Furthermore, Amec has completed bankable feasibility studies for Platinum Australia's Kalahari Platinum Project, the Sheba's Ridge project and a Western Bushveld project owned by Platinum Group Metals.

Mr Amos revealed that the company could be involved in all three projects at a later date.

The Kalahari pre-feasibility study suggested that it could produce over one million ounces of pgms 4E (platinum, palladium, rhodium and gold) over a nine-year life of mine.

Sheba's Ridge, which is operated by Aquarius Platinum through its subsidiary Ridge Mining, plus Anglo Platinum, is expected to offer 390,000 oz of pgms per year.

Source:

Cost-effective plants for platinum mines (20/08/10)

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New cap lamp for South Africa's platinum mining industry

Fri, 20 Aug 2010 00:00:00 GMT

Workers in South Africa's platinum mining industry could soon benefit from a new cap lamp, it was confirmed yesterday (20th August).

Mine Safety Appliances (MSA) Africa is developing the new product and is now awaiting approval from South African standards boards after revealing a sample design, Mining Weekly reports.

A major part of the lamp is the colour rendition index (CRI), a spectrum which ensures that all natural colours are included on the output light and that they do not overshadow each other.

"Platinum underground mining requires a light with a CRI of not less than 30. This helps miners underground to easily identify different rock patterns," Emmanuel Manaka, Product Manager for Instruments at MSA Africa, told the news provider.

"This new cap lamp will provide more than 3,000 lux of lighting, compared with the previous cap lamp, which only provides 1,600 lux of lighting."

The lamp has been introduced to improve safety as the Department of Minerals and Energy has determined that a lack of light is a major cause of accidents at mines.

Among the new features is the use of LEDs in the main beam, which should improve the 13-hour run-time duration offered by the previous lead acid cap lamps.

"It has been two years since the R&D for this cap lamp started and it will probably be launched by the first quarter of 2011, as we are still awaiting approval," added Mr Manaka.

"As soon as we are granted the South African standards rating, the product will be rolled out globally because South African standards are high and are internationally recognised."

South Africa is currently responsible for about 75 per cent of the world's platinum production.

Source:

Cap lamp developed for platinum-mining industry (20/08/10)

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NAP announces second-quarter production figures

Mon, 16 Aug 2010 00:00:00 GMT

North American Palladium (NAP) has revealed that it produced 27,839 oz of palladium in the second quarter of 2010.

The company restarted operations at its flagship Lac des Iles mine in Ontario in April after placing it on care and maintenance in October 2008 due to declining metal prices.

According to Chief Executive Bill Biggar, the facility is now meeting its production expectations and the company hopes to post output of 70,000 oz in the second half of the year.

NAP is currently building a 1,500m ramp from the Roby zone into the new Offset zone, which should be completed by the end of 2010 and will offer exploration potential.

The firm announced that the results of a scoping study on the Offset zone - which is also set to have a new surface shaft in the near future - should be released later this month.

Meanwhile, gold production at NAP's Sleeping Giant mine in Quebec reached 4,237 oz, although the average gold grade was 5.71g/t, much lower than the overall average of 9.3g/t.

New higher-grade zones are currently in the pipeline which should improve gold output and lower costs in 2011, with the company posting a full-year target of 50,000 oz.

Sources:

North American Palladium Ltd posts net loss of CAD11.6m for second quarter 2010 (13/08/10)

NA Palladium misses targets at Sleeping Giant, LDI study out soon (14/08/10)

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South African pgm production slides in June

Fri, 13 Aug 2010 00:00:00 GMT

PGM production in South Africa fell by almost a fifth on a year-on-year basis in June, according to new figures published yesterday (12th August).

The latest report by Statistics South Africa revealed that industry-wide output declined by 19.3 per cent during the month, partly as a result of seasonal maintenance of smelters.

However, Kgotso Radira, of Investec, told Mining Weekly that the outlook for the pgm sector is positive, due to the global move towards lower-carbon automotive emissions.

"Rising production costs, rand strength and the slowdown in the global economy remain the key risks for the sector," he added in an interview with the news provider.

The data also showed that overall mining production in South Africa declined by 6.7 per cent in the second quarter, with a 4.9 per cent drop in June following a 7.6 per cent fall in May.

Mr Radira explained that growth will continue to be boosted by industrial demand, despite noting that the weak production figures should be addressed with an interest rate cut.

"We expect a further slow down during the second half of the year, in line with Investec's forecast of growth averaging 2.8 per cent this year," he concluded.

"With the recovery still frail, an interest rate cut would help boost confidence and provide some relief to highly indebted households."

Source:

South Africa's Q2 mining output drops 6,7% (12/08/10)

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Aquarius sees full-year platinum production fall

Fri, 13 Aug 2010 00:00:00 GMT

Aquarius Platinum posted a small platinum production decline for its latest financial year, it was confirmed yesterday (12th August).

The world's fourth-largest producer of the precious metal saw output reach 422,645 oz in the year to 30th June, compared with the 455,676 oz recorded in the previous 12-month period.

According to the company, the fall can be largely explained by the 17-month closure of the Everest mine following a subsidence event in December 2008.

Aquarius announced that it now intends to boost its production levels by 100,000 oz in the upcoming year, not including output at Blue Ridge, which will be incorporated at the end of 2011.

The new 530,000 oz total will be split between Marikana (80,000 oz), Kroondal (between 220,000 oz and 230,000 oz), Everest (120,000 oz) and Mimosa (100,000 oz).

A statement read: "The production increase is linked to recovery in auto industry in western Europe, the US and Japan.

"China is a longer-term prospect - as their car industry develops they will be wanting cleaner fuel in the next three to five years."

Aquarius also suffered three employee deaths during the year, while five workers were killed at its Marikana project last month following a rockfall.

The company revealed recently that its attributable production for the final quarter of its financial year rose by seven per cent on a quarter-on-quarter basis to 110,474 oz pgm 4E (platinum, palladium, rhodium and gold).

Sources:

Aquarius Platinum to boost output (12/08/10)

Aquarius Platinum targets 530 000 oz in FY2011 (12/08/10)

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Platmin continues to ramp up pgm production at Pilanesberg

Fri, 13 Aug 2010 00:00:00 GMT

Platmin is hoping to produce 12,000 oz of pgms per month at its Pilanesberg Platinum Mine by December 2010, it emerged yesterday (12th August).

The company revealed that sales and dispatches for July reached 6,375 oz pgm 3E (platinum, palladium and rhodium) plus gold, which was impressive in comparison to the Q2 total of 10,548 oz.

However, Chief Executive Tom Dale announced that a target of 80,000 oz for the 2010 financial year has been set, with a planned annualised output of 144,000 oz being reached by the end of the calendar year.

Although this represents a decline from a previous estimate of 120,000 oz for 2010, the firm is still aiming to dispatch and sell 200,000 oz during the following year.

Mr Dale said: "We strengthened the team further during the second quarter, specifically in mineral resource management and planning.

"We continue to make sound decisions for long-term production and these will begin to show results during the second half of the year."

The latest Platmin figures also showed that 551,673 tonnes of ore were delivered to the run-of-mine pads in the second quarter, with ore milled totalling 608,182 tonnes.

According to the company, a number of short-term issues affected its performance during the three-month period, such as unseasonal high rainfall in April.

In addition, concentrate deliveries were impacted for a month following damage to the precipitator at Northam Platinum's metallurgical plant, while the Merensky mill was closed in June to re-build the pinion foundation.

Platmin is based in Canada but its main interest, Pilanesberg, is located on the western limb of the platinum-rich Bushveld Complex in South Africa.

Source:

Production build-up continues at Platmin's Pilanesberg Platinum Mine (12/08/10)

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Lonmin resolves mineral sales dispute with SA government

Thu, 12 Aug 2010 00:00:00 GMT

Lonmin is now set to receive approval to sell non-pgm base metals gleaned from its operations in South Africa, it has been confirmed.

Last week, the company revealed that it had been instructed by the government to stop sales of 'by-product' metals, such as copper, nickel and chrome, in the country.

The Department of Mineral Resources (DMR) has revealed that the rights to the associated minerals will be granted in due course, as an application was only made at the end of 2009.

However, the body also expressed its surprise at the exclusion of an area over which black economic empowerment firm Keysha Investments 200 has received prospecting rights.

"Decisions for Lonmin's applications for the inclusion of associated minerals as part of its converted mining rights are imminent," said the DMR.

"(The DMR) is puzzled by the fact that Lonmin chose not to apply for the inclusion of these minerals earlier. It only sought to do so once the Keysha application process was well underway."

Lonmin had been outraged at apparently being given the sales ban in a letter from the DLR, responding with strongly-worded statements and the threat of legal action.

But with the DMR now set to confirm all the company's Section 102 applications, the world's third-largest platinum producer has adopted a conciliatory tone.

"Lonmin would like to thank the DMR for its cooperation in expediting the approval of these Section 102 applications," read a statement.

"The disputed prospecting right granted to Keysha covers a small area of Lonmin property where only UG2 is currently mined."

Lonmin also revealed that sales of associated minerals from the Keysha area reached $11 million in 2009, rather than the previously stated figure of $80 million.

Holgoun, the parent company of Keysha, has complained about Lonmin's "onerous and impractical" conditions as it tries to implement a court order in relation to minerals mined in its area.

"A court order is currently in operation, in terms of which Lonmin has to account for its disposal of the minerals awarded to Keysha under its prospecting right," said the DMR.

Lonmin confirmed last month that its pgm production in concentrate increased by 10.9 per cent in the third quarter.

Sources:

S.Africa says Lonmin base metals rights 'imminent' (11/08/10)

Conciliatory Lonmin thanks South Africa's DMR for ‘clarification' (11/08/10)

Lonmin settles South Africa dispute (11/08/10)

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Lonmin banned from selling pgm 'by-product' metals in SA

Fri, 06 Aug 2010 00:00:00 GMT

Lonmin has been banned from selling a wide range of metals in South Africa by the country's government, it emerged yesterday (5th August).

The company revealed that a letter from the Department of Mineral Resources has ordered it to stop selling nickel, copper, chrome and any other non-pgm minerals.

Officials at the world's third-largest platinum producer have suggested that the ruling arrived "out of the blue" and have vowed to contest it "vigorously".

"Lonmin has taken comprehensive legal advice on this matter and believes that the action taken by the [mines ministry] is wrong and the company will defend its interests robustly," read a statement.

An article in the Financial Times has speculated that there was no explanation for the directive within the letter.

However, it is believed that the order is linked to a different dispute over the prospecting rights of a separate company on Lonmin's licensed mining area in South Africa.

Holgoun was awarded permission to prospect for minerals such as nickel and chrome in May 2009, prior to owner Sivi Gounden's departure from the Lonmin board five months later.

Lonmin appealed the decision and has not yet received a formal response, although some commentators are suggesting the letter may constitute the government's answer.

The ban is particularly problematic for the company, as it is often impossible to mine pgms without mining chrome because the latter occurs in platinum ore bodies in South Africa.

Miners can generate significant alternative revenues through the by-products, such as when gold and silver is collected during the extraction of copper.

Indeed, the decision represents a major financial blow to Lonmin, as the alternative minerals added about $63 million to its sales during its last financial year.

Chief Executive Ian Farmer revealed that the news could place its chrome-sales deal with diversified Swiss miner Xstrata in major jeopardy.

"If we are obliged not to sell any of our associated metals, that affects our contracts with all our customers to which we sell the metals, and Xstrata is one of those customers," he told the news provider.

"We would argue that you cannot economically extract associated metals in their own right. The concept of property titles is enshrined in the South African constitution."

Historally, South African laws have allowed miners automatic rights over their extraction plans, but new legislation in 2002 does not cover a conclusive appraisal of the issue.

As a result, mining analysts at Bank of America Merrill Lynch suggested that the ban could soon be applied to other companies, which would impact the whole pgm industry.

"At present we do not know if other pgm miners have applied for rights over associated minerals at their properties," they told the Financial Times.

"Combined with power tariffs and risks to power supply, above-inflation wage increases and safety-related regulations, this adds to negative sentiment towards the South African mining sector."

Neither Holgoun nor the Department of Mineral Resources were available for comment.

Sources:

Lonmin told by SA to stop selling some metals (05/08/10)

Lonmin says South Africa halts its nickel sales (05/08/10)

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Anooraq enjoys second-quarter pgm production rise

Fri, 06 Aug 2010 00:00:00 GMT

Anooraq Resources saw its pgm production rise by 12 per cent on a quarter-on-quarter basis during the three months to the end of June 2010.

The company announced that its Bokoni Platinum Mines facility in South Africa yielded 29,926 oz pgm 4E (platinum, palladium, rhodium and gold).

A breakdown of the total reveals that platinum production increased by 13 per cent to 16,091 oz, while palladium output rose by 12 per cent to 11,044 oz.

Rhodium output was up nine per cent to 1,769 oz and gold production jumped by 11 per cent to 1,022 oz, with tonnes milled surging by 24 per cent to 283,637 tonnes.

Anooraq explained that the higher production volumes can be largely attributed to efficiency improvements and a recent labour restructure.

However, a disappointing performance at the Bokoni concentrator plant during its upgrade commissioning saw built-up head grade slump by six per cent to 3.8g/t, with delivered grade unchanged at 4.1g/t.

"We now have a full year of management control at the Bokoni operations under our belt and I believe we have used the experience to full effect by implementing the key changes required to begin bringing the best out of this world-class pgm asset base," said President and Chief Executive Philip Kotze.

"The focus on productivity improvement within our mining operations in the coming months is a key objective to ensure stability and volume growth going forward, and I am confident that we will achieve this goal in the second half of 2010."

Anooraq Resources currently controls the third-largest pgm resource base in South Africa, according to its official website.

Source:

Anooraq Announces Results for the Period Ended June 30, 2010 (05/08/10)

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Metalico posts pgm unit volume rise in Q2 2010

Fri, 06 Aug 2010 00:00:00 GMT

Metalico has revealed that its pgm unit volumes increased considerably during the second quarter of 2010.

The company sold 39,042 oz of pgms in the three months to the end of June, representing an improvement of 165 per cent from the 14,690 oz sold in Q2 2009 and a quarter-on-quarter rise of nine per cent.

In addition, average selling prices increased for all metals, both sequentially and year-on-year, apart from lead selling prices, which dipped by three per cent on a quarterly basis.

"We anticipate market conditions will remain choppy for the remainder of the year as domestic consumers grapple with erratic order books and foreign consumers who enter the US only when they see opportunistic buying conditions," said President and Chief Executive Carlos Aguero.

However, Mr Aguero expressed his satisfaction at the "significant improvement" during the quarter, despite being happier with the "excellent" results of the first quarter.

Metalico is a ferrous and non-ferrous scrap metal processor operates in New York, New Jersey, Pennsylvania, Ohio, West Virginia, Texas and Mississippi.

Source:

Metalico Reports Continued Improvement in Second Quarter (05/08/10)

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Nokomis could become 'one of the world's largest copper-nickel-pgm mines'

Thu, 05 Aug 2010 00:00:00 GMT

A proposed exploration project in Minnesota could yield sizeable pgm resources, it was confirmed yesterday (4th August).

The Nokomis Deposit plan, which is valued at between $1.5 billion and $2 billion, forms part of the Twin Metals Minnesota joint venture between Duluth Metals and Antofagasta PLC.

Estimates suggest the site has indicated resources of 3.11 million ounces of platinum, 6.93 million ounces of palladium and 1.63 million ounces of gold.

In addition, it is believed to offer 2.43 billion lb of nickel and 7.75 billion lb of copper, meaning it could become one of the largest copper-nickel-pgm mines in the world.

Minnesota Governor Tim Pawlenty has expressed his excitement at the project, although he emphasised that it "needs to be done in accordance with our environmental laws, regulations and expectations".

Nokomis, which could create thousands of jobs in the region for years to come, has a potential initial 22-year mine life and 40 per cent of the site is yet to be explored.

Antofagasta, which will provide $130 million funding to the project to begin with, has an option to acquire an extra 25 per cent stake in the joint venture when the bankable feasibility study is completed.

Source:

Minnesota Gov. 'excited' about huge Nokomis copper-nickel-pgm project (04/08/10)

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Wesizwe Platinum takeover 'nears completion'

Thu, 05 Aug 2010 00:00:00 GMT

Wesizwe Platinum is on the brink of being taken over by a Chinese metals producer, it was confirmed yesterday (4th August).

Jinchuan has enlisted the support of the China-Africa Development Fund for a deal which would see it purchase a 51 per cent stake for $227.5 million.

Speaking in Johannesburg, Wesizwe Chairman Dawn Mokhobo revealed to Bloomberg that the transaction is now in its "final stages".

The move would also see $650 million in loans provided to fund development of the Frischgewaagd-Ledig mine, which has a pgm output target of 350,000 oz per year.

Wesizwe announced that the new ownership structure would see Finance Director Arthur Mashiatshidi replacing Michael Solomon as Chief Executive at the end of September.

Mr Solomon was reinstated by a shareholders' vote after the company decided to sack him and former Chairman Robert Rainey in November 2009.

After his departure, he will be on hand in an advisory capacity for a further six months, while also remaining as a non-executive director.

The Frischgewaagd-Ledig mine is located on the western limb of the platinum-rich Bushveld Complex in South Africa.

Sources:

Wesizwe Platinum's in `Final Stages' of Takeover Talks With Junchuan Group (04/08/10)

Mike Solomon steps down as Wesizwe CEO (04/08/10)

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