Platinum, Palladium, etc.

South Africa’s mining output fell sharply in volume terms in February, reflecting the impact its government safety drive, which has slowed production and a crippling strike at the world’s biggest platinum mine.
According to Statistics South Africa, production of platinum group metals (PGMs) fell 47.6% while gold output dropped 11.5% in volume terms in February. Total mineral production was down 14.5% compared with the same month last year.
An illegal and deadly six-week strike at the massive Rustenburg operations of Impala Platinum, the world’s second largest producer of the precious metal, was the main cause of the sharp PGM decline. With a reported 120000 ounces loss in output, it effectively cut 15% of global supply for several weeks.
Also, SA’s government drive to reduce mining deaths has led to more inspections which translated to shutting shafts and a cut in production.
In a trading statement on Tuesday, AngloGold Ashanti declared that the South African safety stoppages cost the company 76000 ounces of lost production in the first three months of 2012, more than for the whole of last year.
South Africa is the world’s top platinum producer and remains a major gold player.

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Modikwa Platinum loses 21,000 ounces to strike .
April 10, 2012, 6:00 pm
JOHANNESBURG, APRIL 10 - Modikwa Platinum Mine, which is a joint venture between Anglo American Platinum and African Rainbow Minerals, on Tuesday said it had lost up to 21,000 platinum group ounces to a three-week strike at the operation. This equates to 6 percent of the mine's 350,000-ounce annual platinum group metal production. The strike by about 3,000 mineworkers at the mine, located along the border between the Mpumalanga and Limpopo provinces of South Africa, has now been called off. African Rainbow Minerals said the legal strike over wages had been resolved with a two-year pay agreement with the National Union of Mineworkers. Details of the agreement were not immediately disclosed. Striking employees are expected to return to work on Wednesday. Impala Platinum, the world's second largest producer of the precious metal, lost 120,000 ounces earlier this year to a six-week illegal strike at its Rustenburg operations. Shares in Amplats closed 3 percent lower at 515 rand while African Rainbow Minerals' shares ended one percent down at 175.74 rand, both underperforming the JSE's All Share Index, which closed 0.35 percent lower on the day. Spot platinum was trading at $1,583 an ounce after the Johannesburg market close.

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Impala Platinum below full output six weeks after strike
April 11 (Bloomberg) -- Impala Platinum Holdings Ltd.’s Rustenburg site, contributing half of its production, is running below full output almost six weeks after South African workers struck for higher pay at the world’s largest platinum mine.
The company is seeking dialogue with rockdrill operators’ leaders and the National Union of Mineworkers to resolve some issues that prompted the strike, Chief Executive Officer David Brown said in an e-mailed response to questions today.
Johan Theron, an executive at Impala involved in the issue, said on March 2 the company may take two to three weeks from March 5 to bring the mine back to full output. BMO Capital Markets said a day before it may take three weeks or longer.
Impala dismissed workers after about 5,000 participating in an illegal strike on Jan. 20 expanded to about 17,200 by Jan. 30, bringing the mine to a halt. The Rustenburg site, northwest of Johannesburg, produced 941,200 ounces of platinum in the year ended June 30. The figure is 12 percent of Impala’s estimate for the global supply of the metal for 2011 of 7.88 million ounces.
Rockdrill operators assaulted and intimidated NUM members and are preventing the union’s leaders from meeting with members, Eddie Majadibodu, a negotiator for the labor group, said by phone today. Rockdrill operators forcibly took the keys to both of NUM’s Impala Rustenburg offices, he said. Four people have been killed and more than 50 injured during the strike.
“Operational discipline and interaction between management and workers remains good,” Brown said. “Management are trying to ensure no further industrial action takes place as the cost to workers, company and the country is significant. The real issue is, as we have said before, an element of frustration between the workers and the NUM leadership.” The NUM has seen “large-scale” resignations among members working for Impala.
Impala rose 0.2 percent to 150.22 rand by 3:16 p.m. in Johannesburg, paring its loss for the year to 11 percent. Anglo American Platinum Ltd. fell 5.4 percent this year.

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ancona said:

When I think about South African mines, and striking workers, I can't help but think they probably have legitimate complaints. For decades, SA mine workers were forced to work under inhuman conditions, leading to one of the highest death rates amaong miners in the industrialized world. Now, the mining companies resist any and all changes to operating rules that cost even a small amount of money. For them, it is never about safety, it is about money. The more money they spend to help the safety of workers, the less cash for them.

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DoChenRollingBearing said:

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I received some nice replies re my recent gold facts article:
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DoChenRollingBearing said:

Last night I put up my new article on platinum and platinum group metals at my blog. While researching for this piece, I did not know that osmium is the rarest stable (I presume that means non-radioactive) element in the world as well as being the metal with the highest density. And apparently you can buy osmium for $940 / oz. Only 2000 oz are used in the USA per year, and it is thought that the whole world produces less than 1000 kg (one metric tonne) per year. Read all about platinum and its cousins!

http://robertmixblog.blogspot.com/2012/04/basic-facts-platinum-and-platinum-group.html

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I received some nice replies re my recent gold facts article:

(http://robertmixblog.blogspot.com/2012/04/gold-basic-facts-for-99.html)

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If you did not see this one, maybe you would like it too:

http://robertmixblog.blogspot.com/2012/03/marginal-utility-and-gold.html

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ancona said:

VERY COOL! I like the coin sets Benjamen......a bit spendy, but very, very cool! The one element I would like to have simply to play with was not there. Sodium is particularly dabgerous to fool around with, which makes me want to play with it even more. ;-)

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