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Mining news: PLATINUMNew Zimbabwe mining law will lead to re-evaluation of all mining contractsZimbabwe will re-evaluate all mining contracts and introduce a ‘use it or lose it’ policy for its mining industry under a proposed law, Finance Minister Tendai Biti told Reuters on Friday. The vetting of mining contracts by Zimbabwe’s unity government of Juniors unhappy with newly released codes of good practice for the mining sectorThe South African Mining Development Association (Samda) states that it finds the recently released Codes of Good Practice for the South African Minerals Industry ?alarming?, noting that it is likely to have a negative impact on the development of Labour, Eskom to load 10 pct on Pt costs[miningmx.com] — I had to respond to a recent e-mail which I think is from a US-based shareholder of platinum junior stocks(s), possibly Anooraq Resources. Here was the question: ?A double whammy of strong rand and weak PGM [platinum group metal] South Africa: Grim Outlook for Mining EmploymentSA’s mining sector could shed about 100000 jobs in the next year as mining output is expected to fall 20% in the wake of the global financial crisis, according to a report by Southern Africa Resource Watch (SARW). Mitsubishi withdraws from SA exploration projects – CaledoniaJapan-based trading company Mitsubishi Corporation has withdrawn from its proposed participation in two South African exploration projects being developed by TSX- and Aim-listed Caledonia Mining. Investment on platinum metals to remain healthyNEW YORK: Commodities market research, consulting, asset management and investment-banking firm CPM has forecast that the three major platinum group metals (PGMs) are expected to remain as dynamic this year as they have been for the past 18 months. Rukki and Sylvania merger makes mine to metals PGM and ferrochrome companyRuukki Group, an industrial refining company, and mining company Sylvania Resources have entered into a merger implementation agreement pursuant to which Ruukki will acquire all of the issued and to be issued share capital of Sylvania. The combination of Ruukki and Sylvania will create an integrated, mine to metals platinum group metal (PGM) and ferrochrome [...] Lonmin a deal too far for XstrataXSTRATA CEO Mick Davis, pursuing a 23,7bn merger with Anglo American, said yesterday his attempt last year to acquire Lonmin was â??one deal too manyâ?. Xstrata said on October 1 it had raised its stake in Lonmin, the third- largest platinum Platinum in a tough casinoWith the exception of listed stocks specialising in oil and oil sands, no substantial subsector of global resources has been less wanted and more battered over the past 12 months than listed names that populate the platinum sector, dominated by production SA construction major sees big growth in Zimbabwe miningThe Zimbabwean division of South Africa’s top construction and engineering company Murray and Roberts’s said it saw the mining sector as a key area for growth. Zimbabwe has huge mineral deposits, including the second largest platinum reserves after South South African mining union willing to bargain with Anglo PlatinumSouth Africa’s mineworkers union said on Tuesday it would be willing to lower its 15 percent wage increase demand for its members at Anglo Platinum (AMSJ.J: Quote) as a trade-off for the company coming close to meeting its other demands. The National Xstrata green light for Tampakan Copper-Gold project boosts Indophil ResourcesXstratas businesses maintain a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to platinum group metals, gold, cobalt, lead and Platinum discovery from North American PalladiumTORONTO: North American Palladium has announced the discovery of a new underground platinum group minerals (PGM) zone at its Lac des Iles mine near Thunder Bay, Ontario. The new zone, named the Cowboy Zone, was discovered during a pre-feasibility study. Eskom Wins 31% Tariff Gain, Spurring Inflation, CostsEskom Holdings Ltd., South Africa’s state-run power supplier, won an average 31.3 percent interim tariff increase from the regulator, pushing up electricity bills for miners and smelters, and adding to the country’s inflation. South African union in clash with Implats over wagesThe union rejected a 6.5 percent wage offer by Impala Platinum. Miners bruised, but standing firmSince 3 June, when global mining stocks touched eight-month highs, the heaviest net selling has been seen among listed primary silver miners, followed by specialists in nickel, copper, potash, gold, and platinum. Lonmin cautions on platinum sales target‘As a consequence of the shutdown, it is estimated that at Sept. 30, 2009, there could be an increase in metal in process of up to 20,000 ounces of platinum,’ the miner said. . LONDON -(Dow Jones)- Lonmin PLC (LMI.LN), the world’s third-biggest platinum Lonmin furnace shutdown to leave 20 000 oz unprocessed by SeptemberJOHANNESBURG (miningweekly.com) ? The world?s third-largest platinum producer Lonmin?s metal in process could increase by as much as 20 000 oz of platinum by September as a consequence of a matte run-out at its No 1 furnace earlier this month. The Furnace shutdown costs world No. 3 platinum miner $4 millionLonmin’s latest furnace shutdown may leave it with 20,000 ounces of platinum unprocessed at year end and cost the company $4 million. Furnace shutdown may hit FY sales- Lonminounces may be left unprocessed due to the shutdown… LONDON (Reuters) - Lonmin Plc, the world’s third biggest platinum producer, said up to 20,000 ounces may be left unprocessed at the end of its fiscal year due to a furnace shutdown, but the impact on |
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