Scandinavian iron ore miner Northland Resources SE has filed for bankruptcy with more than $650 million in debt. Kumba, whose Sishen mine in South Africa is the continent’s largest iron ore operation, will reduce stay-in-business capital expenditure 20 percent and
The Platinum strike is barely over that already 220,000 members of the National Union of Metalworkers of South Africa are seeking wage increases above 10 percent. Employers are offering as much as 8 percent in the first 12 months of
About 70,000 AMCU members downed tools in January at platinum mines run by Amplats, Implats and Lonmin to demand that their basic wages be more than doubled to 12,500 rand ($1,200) a month. Marred at times by violence, the strike
Early April, we reported that HSBC’s James Steel and his team were bullish on palladium prices where global supply is constrained. Steel was expected palladium average prices to reach $825/oz in 2014. This limit was reached last Wednesday and again today.
Palladium prices soared to nearly $800 per ounce, their highest for two and a half years, last month. After staying in the $770~$790 range, it fell today with June futures last trading at $768.75, down 2.8% on the day and recovering
Palladium touched 785 dollars per ounce last Thursday in London, the highest level for an most-active contract since March 8, 2013. Investors are concerned about the consequences of tensions between Russia and Ukraine on the supply of the precious metal,
Despite a recovery on the demand side and a major strike in South Africa, mining companies inventory is preventing prices to rise. Platinum futures for April delivery gained 0.9 percent to $1,441.40 an ounce which is a 5% increase since January 1st.
Of all the LME-listed metals, palladium is the only one not to have decreased since the beginning of the year. Gold and platinum dropped 26% and 10% respectively, copper 14% and aluminum 15%. The London Metal Exchange Index, the composite