Mining of miners of South African platinum

The spot price of troy ounce platinum rose sharply on August 2nd
the announcement that the South African platinum Impala Platinum
it would significantly reduce the production of precious metals, closing five of its 11
mines in the next two years.

BullionVault.com reported that platinum prices rose 2.5%
The London trade within two hours from the announcement.

"The price of platinum started to rise higher at the start
of the New York trade, earning $ 20 per ounce – about 2.5% – within 2 hours
while gold, silver and palladium are kept flat ", according to
Bullionvault.com. "Speculators on platinum futures traded in New York e
the options have recently built a short record position, betting against
the metal recovers from its recent dive at the minimum of 14 years under $ 800 an ounce. "


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Impala's move, the world's second largest platinum miner, will be
annual production decline to 520,000 ounces from current levels of
750,000 in the year. Production cuts will push Impala's output below
that of Lonmin, another troubled platinum mining operation, which
produces 650,000 ounces annually

Lonmin, a producer of platinum group metals operating in the
Bushveld Complex of South Africa, is currently the subject of a
purchase offer from Sibanye-Stillwater. Sibanye-Stillwater is the largest
individual producer of gold from South Africa and is one of 10
the largest producers of gold globally. Sibanye-Stillwater is also the third
the largest producer of palladium and platinum.

Sibanye acquired Stillwater's mining operations in Montana in 2017.

Impala is ceasing mining in locations that are eventually
of their productivity or where operations are currently unprofitable
but future production may still be available.

According to precious metals consulting Metals Focus, South
The production of platinum in Africa in 2017 was losing $ 27 an ounce based on
the average price per ounce of $ 1,080.

Platinum prices have fallen another 15 percent so far in 2018,
an average of $ 913 an ounce.

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