Platinum today: News/Miscellaneous

7th August 2008: Platinum stockpile sales suspended

The Defense National Stockpile Center has announced that it will suspend competitive commercial offerings of six commodities, including platinum.

The suspension comes as a result of an on-going study looking into concerns about the needs for strategic materials within the Department of Defense.

Along with platinum, columbium metal ingot, tantalum carbibe powder, iridium, tin and zinc have all been suspended.

A proportion of some other metals will be held in reserve so that they can be used for defence contracts.

As a result, sales of beryllium, cobalt, ferromanganese, ferrochromium, germanium, tungsten ores and tungsten metal power will be restricted.

An ongoing review of the stockpile may result in additional adjustments to future sales plans.

The results of a review led by the Deputy Under Secretary of Defense for Industrial Policy are expected in late November 2008.

Source:

Stockpile Announces Sale Suspensions and Reductions of Select Commodities, 07/08/08

https://www.dnsc.dla.mil/News.asp?Month=August&Year=2008

7th August 2008: US platinum stockpile sales suspended

The US Defense National Stockpile Center has announced that it will suspend competitive commercial offerings of six commodities, including platinum.

The suspension comes as a result of an on-going study looking into concerns about the needs for strategic materials within the Department of Defense.

Along with platinum, columbium metal ingot, tantalum carbibe powder, iridium, tin and zinc have all been suspended.

A proportion of some other metals will be held in reserve so that they can be used for defence contracts.

As a result, sales of beryllium, cobalt, ferromanganese, ferrochromium, germanium, tungsten ores and tungsten metal power will be restricted.

An ongoing review of the stockpile may result in additional adjustments to future sales plans.

The results of a review led by the Deputy Under Secretary of Defense for Industrial Policy are expected in late November 2008.

Source:

Stockpile Announces Sale Suspensions and Reductions of Select Commodities, 07/08/08
https://www.dnsc.dla.mil/News.asp?Month=August&Year=2008

5th August 2008: Prokhorov to sell 16% of Norilsk Nickel shares to Potanin

Mikhail Prokhorov is ready to sell 16.66 per cent of the shares in Norilsk Nickel to Vladimir Potanin, his former partner.

According to Onexim, a business belonging to Mr Prokhorov, he is ready to sell the offering for $6.5 billion in cash and 35.2 per cent of Polyus Gold - a stake worth $3.5 billion, according to Onexim.

A statement said that the deal should be concluded by November 15th 2008 and it represents a major move in the shares of the world's largest palladium producer.

The news follows reports that Norilsk Nickel appointed Alexander Popov as Deputy Chief Executive.

According to reports from Reuters, the move is the first in a series of reorganisation steps expected to be taken by Sergei Batekhin, the firm's Chief Executive.

A statement from Mr Batekhin said it was part of a plan to develop Norilsk Nickel as one of the world's premier mining giants.

"This is an important preparatory step towards creating one of the largest international mining and metallurgical companies on the basis of Norilsk Nickel," he explained.

Source:

ONEXIM to complete consolidation of 16% stake in MMC Norilsk Nickel to be sold to Vladimir Potanin, 5/08/08
http://onexim.org/pdfs/press-release_MMCsale_eng.pdf

Russia's Norilsk CEO appoints new deputies, 24/07/08
http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKL451750920080724

1st August 2008: Exploration Roundup August 2008

Platinum Group Metals announced that it hopes to produce 235,000 to 271,000 oz of platinum, palladium, rhodium and gold per year for nine years at its Project 1 mine on the Western Bushveld joint venture. Production is scheduled to begin in late 2010 and the mine has a 22-year total underground life.

http://www.platinumgroupmetals.net/main/?investor_news_releases&175

In addition, the firm believe the margin could be greater than the current gold price. Michael Jones, President spoke to Mining Weekly and said the mine would have a margin of 76 per cent or $1 per 335/oz.

http://www.miningweekly.com/article.php?a_id=137446

Marathon PGM Corporation announced the latest results from drilling at the Marathon Project. David Good, Vice President of Exploration said that the holes confirmed that the W horizon was still open to the west. He is also said there was "potential for finding additional high grade shoots".

http://www.newswire.ca/en/releases/archive/July2008/07/c2383.html

Reports from the Angola Press indicated that the government in Angola will conduct a geological survey of the whole country to see what mineral potential can be discovered. One of the metals that could boost the country's mineral potential is platinum. The government hopes to become a market for precious metals and diamonds.

http://www.angolapress-angop.ao/noticia-e.asp?ID=634004

Lesego Platinum had been scheduled to list on the JSE on July 31st but it postponed the listing because of recent volatility within the financial markets. Despite the disappointment of not listing, the firm said it was encouraged by the interest in support of the Phosiri Project on the Eastern Limb of the Bushveld complex.

http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=57977&sn=Detail

Impala Platinum agreed to spend $800,000 in the next two years on its platinum-nickel project in Southern Africa. It is part of an alliance with Impact Minerals Limited. According to Impala Platinum, Botswana, Mozambique, Namibia, Zambia, Madagascar and Malawi are all including in the focus. It made no reference to Zimbabwe.

http://www.miningweekly.com/article.php?a_id=138018

Intellection is set to purchase the QEMSCAN automated mineralogy system for a range of research and development projects in the mining sector in India. Chief Executive Officer Calvin Treacy said that India represented an exciting opportunity. The technology will be bought in by the Institute of Minerals and Materials Technology (IMMT).

http://www.azom.com/News.asp?NewsID=13080

Marathon PGM Corporation has announced further results from its drilling in the Marathon project. David Good, Vice President of Exploration, said that the most exciting development was the bottom 70m penetrated mineralisation below the footwall contact, confirming deep and thick intersection.

http://www.newswire.ca/en/releases/archive/July2008/29/c8041.html

31st July 2008: Rusal denies negotiations with Norilsk Nickel

Rusal has denied a deal is being negotiated for a merger with Norilsk Nickel.

Rumours had suggested that Oleg Deripaska and Vladamir Potanin were involved in negotiations for a deal but this has been dismissed by Rusal.

A statement said that there had been no discussions between the two parties, putting an end to any speculation surrounding a merger.

"Oleg Deripaska is not holding talks with Vladimir Potanin on a potential merger of Rusal and Norilsk Nickel. No confidentiality agreement has been discussed or signed between them," Rusal explained.

Palladium miner Norilsk Nickel is hoping to become a giant on the world mining scene.

"Rusal considers its acquisition of 25 per cent plus two shares as a strategic investment and still intends to pursue all legal remedies to protect its interests as the company's shareholder," the statement finished.

Source:

UC RUSAL's statement, 30/07/08
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL918265420080729?pageNumber=2&virtualBrandChannel=10218

Potanin seeks Putin ally as Norilsk Nickel CEO, 29/07/08
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL918265420080729?pageNumber=2&virtualBrandChannel=10218

31st July 2008: Pan Palladium shareholders against Braemore Grass Valley union

Shareholders in Pan Palladium (PPD) have voted against the issue of shares and options to Braemore in relation to the Grass Valley platinum group metal deposit.

Braemore was set to spend AU$6 million to gain a 50 per cent stake in PPD's project by completing feasibility studies.

It would also have the potential to own up to 43 per cent of the firm's issued capital through the subscription for shares if existing shareholders approved.

Clayton Dodd, Executive Director of Braemore, said he was disappointed at the decision but revealed it would not hit his firm that hard.

"We remain confident - particularly in light of heightened interest in the ConRoast technology following our recent JSE listing - in securing similar arrangements with other emerging UG2 and Platreef PGM and base metals producers," he added.

He said that Braemore would continue to maintain a working relationship with PPD over the future development of the project.

Source:

Pan Palladium shareholders vote against Grass Valley JV with Braemore, 30/07/08
http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=58258&sn=Detail

Previous stories on Braemore Resources

http://www.platinum.matthey.com/media_room/braemore_resources_to_list_on_jse_this_month_18676331.html

http://www.platinum.matthey.com/media_room/1207051223.html

24th July 2008: Platinum and palladium holdings grow at Zurich Cantonal Bank

Zurich Cantonal Bank has seen its stock of palladium grow by 17 per cent to reach 418,000 oz.

The bank holds the palladium to back up its palladium exchange-traded fund ZPAL.S.

Meanwhile, the bank's holdings to back its platinum fund grew by four per cent to 65,500 oz since June 17th.

Exchange-traded funds are used to allow investment into specific commodities without having to receive a physical delivery.

During mid-July last year, platinum exchange-traded funds held about 50,000 oz while palladium funds held about 100,000 oz.

Since then, palladium has benefited from fears over supply following the power shortages that hit South Africa during January and are ongoing.

Buying in the funds was encouraged and by July this year, a total of about 435,000 oz of platinum and 670,000 oz of palladium could be found in the funds.

Source:

Zurich Cantonal palladium ETF holdings rise 17 pct, 23/07/08
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL23100765520080723

The progress of platinum group metal exchange traded funds (ETFs), 23/07/08
http://www.platinum.matthey.com/media_room/11642008903191.html

22nd July 2008: Platinum investment offering different options

Friends Provident is set to offer a new precious metals investment fund that holds platinum, as well as gold bullion and silver.

It will provide a hedge against inflation and insurance against political risk and other conflicts making the fund ideal for investors looking to diversify their portfolio away from equities and bonds.

According to Friends Provident, the fund will give exposure to platinum, gold and silver at about half the volatility of typical gold equity based funds.

"The direct holdings of precious metals in the Fund is a different proposition to long-only commodity based equity alternatives and will be well received given continued uncertainty and rising inflationary pressures in global markets," said Jim Henning, manager of funds marketing and research.

He said that precious metals continued to offer investors the best insurance against the risk of inflation.

Meanwhile, exchange-traded notes (ETN) are failing to attract investors because of credit risk, complicated strategies and uncertainty about tax status.

ETNs offer investors returns tied to listings such as platinum meaning it is easy to launch new ETNs.

But according to reports from the Wall Street Journal, ETNs targeting aluminium, cocoa, coffee and platinum offer a smaller presence in the market.

Source:

New ETNs Fail To Grab Investor Interest, 17/07/08

http://online.wsj.com/article/SB121632801697263153.html?mod=googlenews_wsj

Friends Provident to offer Castlestone Management Precious Metals Fund, 17/07/08

http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=56947&sn=Detail

21st July 2008: Platinum investment offering different options

Friends Provident is set to offer a new precious metals investment fund that holds platinum, as well as gold bullion and silver.

It will provide a hedge against inflation and insurance against political risk and other conflicts making the fund ideal for investors looking to diversify their portfolio away from equities and bonds.

According to Friends Provident, the fund will give exposure to platinum, gold and silver at about half the volatility of typical gold equity based funds.

"The direct holdings of precious metals in the Fund is a different proposition to long-only commodity based equity alternatives and will be well received given continued uncertainty and rising inflationary pressures in global markets," said Jim Henning, manager of funds marketing and research.

He said that precious metals continued to offer investors the best insurance against the risk of inflation.

Meanwhile, exchange-traded notes (ETN) are failing to attract investors because of credit risk, complicated strategies and uncertainty about tax status.

ETNs offer investors returns tied to listings such as platinum meaning it is easy to launch new ETNs.

But according to reports from the Wall Street Journal, ETNs targeting aluminium, cocoa, coffee and platinum offer a smaller presence in the market.

Source:

New ETNs Fail To Grab Investor Interest, 17/07/08
http://online.wsj.com/article/SB121632801697263153.html?mod=googlenews_wsj

Friends Provident to offer Castlestone Management Precious Metals Fund, 17/07/08
http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=56947&sn=Detail

15th July 2008: Production losses hit earnings at Anglo Platinum

Anglo Platinum has revealed that earnings per share increased by 15 per cent in the first half of the year, despite the fact that first-quarter production dropped by 24 per cent to 428,600 oz following power shortages.

The firm said that the expected increase was as a result of higher Rand prices of metals, despite lower sales volumes.

Further details are expected on July 28th, but the company said that earnings per share could be as much as 25 per cent higher in the six months to June 30th.

The price of platinum also gained 57 per cent in the first half of the year following concerns that a power shortage in South Africa may stunt global supplies of the precious metal.

Anglo Platinum also saw its Amandelbult mine flooded and subsequently lose production.

But the firm expects the mine to be back in full production during the second quarter of the year.

Source:

Anglo Platinum trading statement, 14/07/08
http://www.angloplatinum.com/def_main.asp?Id=press/display.asp&Id2=190&Related=true

Angloplat expects earnings growth on higher metal prices, 14/07/08
http://www.miningweekly.com/article.php?a_id=137960

Anglo Platinum Profit Gains 15% on Increased Prices, 14/07/08
http://www.bloomberg.com/apps/news?pid=20601116&sid=ajJ6sfD8FaYg&refer=africa

Anglo Pt earnings forecast on the low side, 14/07/08
http://www.miningmx.com/platinum/660241.htm