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Mining news: PLATINUMGold inches up on oil, platinum extends gainsSINGAPORE, Nov 19 (Reuters) - Gold edged up to above $738 an ounce on Wednesday to track a slight rebound in oil, while platinum extended gains on bargain hunting following a mine closure in South Africa and a supply and demand report. — Gold was Quick wins in Lonmin’s platinum turn-around plansChief executive Ian Farmer says the company’s restructuring is not defensive action against a bid, but a strategy to repair its health. 2008 Platinum Supply In 240,000 Oz Deficit - Johnson MattheyLONDON (Dow Jones)–The world platinum market will remain in a modest deficit in 2008, but any recovery in prices will likely depend on investor sentiment, leading industry consultancy Johnson Matthey PLC (JMAT.LN) said Tuesday in its annual interim NORTHAM PLATINUM REBUILDING PLAN ON TRACK - Allan SeccombeGOLD FIELDS has appointed Richard (Rick) Peter Menell, an Independent Non-Executive Director of GOLD FIELDS, to the Audit Committee and the Safety, Health and Sustainable Development Committee, with effect from Thursday, 13 November 2008. SWANA JOINS Johnson Matthey forecasts 240,000 ounce platinum supply deficit this yearJohnson Matthey says there are a number of positives for next year’s platinum production from South Africa, but warns against too high expectations for price increases. A “modest” increase in 2009 platinum outputJOHNSON Matthey expects South African platinum output to increase ‘very modestly’ in 2009, but this is an extremely difficult forecast to make, said Alison Cowley, the principal analyst at the leading platinum company. JM forecasts in its 2008 interim ANGLO PLATINUM, IMPALA PLATINUM SURGE - REUTERS, BLOOMBERGSource: Business Report Posted: 18/11/2008 ANGLO PLATINUM and IMPALA PLATINUM increased 1.57% to R457 and 1.15% to R114.55 respectively. POTENTIAL BEE PARTNER FOR PALABORA MINING COMPANY - SENS Source: Finance24.com Posted: 17/11/2008 PALABORA MINING UPDATE 2-Lonmin says year EPS up 19 pct, closes minesBy Eric Onstad LONDON, Nov 18 (Reuters) - The world’s third biggest platinum producer Lonmin said it will close some high-cost mines and cut costs on Tuesday to survive a market downturn after posting a 19 percent rise in annual profit. Lonmin, seeking UPDATE 1-Lonmin says year EPS up 19 pct, closes minesLONDON, Nov 18 (Reuters) - The world’s third biggest platinum producer Lonmin posted a 19 percent rise in annual underlying earnings per share on Tuesday and said it would close uneconomic operations amid falling prices. Lonmin, seeking to reassure Lonmin FY08 Net Pft +45%; Closing High-Cost Ops In 09By Jeffrey Sparshott Of DOW JONES NEWSWIRES LONDON (Dow Jones)–Lonmin PLC (LMI.LN), the world’s third-biggest platinum miner, on Tuesday said it would close high-cost operations and cut back on capital expenditure as it reported a 44.9% rise in UPDATE 1-Lonmin says year EPS up 19 pct, closes minesLONDON, Nov 18 (Reuters) - The world’s third biggest platinum producer Lonmin posted a 19 percent rise in annual underlying earnings per share on Tuesday and said it would close uneconomic operations amid falling prices. Lonmin, seeking to reassure Lonmin fiscal-year net profit up 39%, to pass on dividendLONDON (MarketWatch) — Platinum miner Lonmin (UK:LMI:UK:LMINews, chart, profile, moreLast: Delayed quote dataAnalyst Create alertInsider Discuss Financials Sponsored by:, , ) said Tuesday that fiscal year net profit rose to $566 million, from $408 Northam 4-mth platinum output risesSOUTH Africa’s fourth-largest platinum producer Northam said its smelter rebuild is on track for completion in December and that platinum group metal production in the first four months of its 2009 financial year was 14% higher year-on-year. The Gold ETF holdings remain robust - and silver could outshine gold - ScotiaMocattaDespite the flood of asset liquidations, ScotiaMocatta notes that long-term investors are holding on to their gold holdings and the long term remains bullish for the precious metal, while silver and platinum are also favored. AnooraqA ANOORAQ Resources expected to turn a profit from the first quarter of 2011 — two years after it was due to take 51% in the Lebowa platinum mine, it said. posted a C$10.4m loss for the nine months to end-September against a C$3m loss for the year to IMPALA PLATINUM INCREASES - REUTERSSource: Business Report Posted: 17/11/2008 ANGLO AMERICAN rose 4.7% to R204.17. ANGLOGOLD ASHANTI SURGES - REUTERS Source: Business Report Posted: 17/11/2008 ANGLOGOLD ASHANTI increased 5.39% to R179 on the JSE on Friday. HARMONY, GOLD FIELDS INCREASE - Lonmin shines in weak LondonLONDON (MarketWatch) — Lonmin shares climbed in London on Monday as investors returned to the hard-hit platinum miner a day ahead of the group’s annual results. Lonmin (UK:LMI: news, chart, profile) shares perked up 7.5%, the best percentage gainer in Lonmin shares add luster ahead of update in flattish LondonLonmin shares climbed in London on Monday as investors returned to the hard-hit platinum miner a day ahead of the group’s annual results. Lonmin shares perked up 7.5%, the best percentage gainer in the FTSE 100, though the stock is still down some 71% London Markets: Lonmin shares add luster ahead of update in flattish LondonLonmin (UK:LMI: news, chart, profile) shares perked up 7.5%, the best percentage gainer in the FTSE 100, though the stock is still down some 71% over the last three months. Lonmin shares have struggled both as platinum prices have stumbled and as AnooraqA ANOORAQ RESOURCES and its partner Anglo Platinum are reviewing its Lebowa projects. ‘During the period July 2008 to October 2008, global economic conditions deteriorated significantly, contributing to a material decline in platinum group metal prices |
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