The continuing theft of consignments of precious metals could be the work of a syndicate, with reports suggesting that the gang behind a number of platinum heists could now be nearing its end.

According to the Financial Gazette, a batch of nickel belonging to Bindura Nickel Corporation (BNC) stolen earlier this year has been recovered in South Africa, with investigations leading to a wider ring of precious metal theft.

It is thought that the syndicate has now been broken, with two Indian suspects under arrest.

The recovery of the BNC nickel is being linked to the 34 tonnes of platinum matte taken from Mimosa Platinum Mines in the same area of the country last week.

The syndicate is believed to be responsible for the theft of two platinum trucks belonging to Zimbabwe Platinum Mines and one platinum truck belonging to Mimosa Platinum Mines.

"The net is closing in on the syndicate, which is believed to be well connected," said the Gazette's source.

Theft of pgms has become an increasingly prominent issue, particularly as the price of the precious metals has risen on a number of occasions recently.