Thomson Reuters GFMS Platinum Market News:
Date of Release: 5th April 2013
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
Lonmin workers went on an illegal strike on 5th March at its Marikana mine. It is believed that protests were carried out by miners affiliated with the Association of Mineworkers and Construction Union (AMCU), who were demanding the closure of the offices of the rival of National Union of Mineworkers. Lonmin announced that 6,000 workers returned to work the same day.
Impala Platinum (Implats) warned on 5th March that the government of Zimbabwe plans to compulsory acquire approximately 50% of the mining claims owned by its subsidiary company Zimplats. While Impala agreed earlier to sell a majority stake in its Zimplats unit to local black investors, the agreement remained non-binding and could be changed.
On 27th March, Russia and South Africa, countries that hold about 80% of platinum group metal (PGM) reserves, announced their plan to set up an OPEC-type trading bloc to coordinate PGM exports.
New passenger car registrations in the European Union fell below 800,000 units in February, down by 10.5% year-on-year and its lowest level since 1990. United Kingdom was the only country to post positive growth, while all other significant markets faced a downturn.
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