Hi DJ, we learn more ... Besides IMPAY, Aurion Gold of Australia, soon to be part of Placer, also owns a chunk of ZIM. South African, Australian and Canadian interests will hopefully keep Mugabe honest, for the benefit of Trinidadians in Hong Kong:0)
Chugs, for today may not be a DDGU day, Jay
miningweekly.co.za
Zim platinum miner's stock rises
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Shares in Zimbabwe Platinum Mines (Zimplats) rose more than 10% on the Australian stock market on Monday as more investors took a shine to rising platinum prices, brokers said.
Zimplats closed up 14 cents, or 10,7%, at A$1,45 in a weaker overall share market.
Zimplats, which expects to produce about 100 000 oz of platinum next year from its deposits in Zimbabwe, is 21% owned by AurionGold.
July platinum futures traded to a contract high of $572 an oz on Comex last week before recoiling by $6.40 on Friday.
"Platinum is looking good and that has to be a benefit for Zimplats," said a broker.
Zimplats also expects its mines to yield around 100 000 oz of sister metals palladium and rhodium.
Globally, the jewellery industry consumed 2,55-million oz of platinum last year, industry figures show.
Platinum is also widely used in pollution-controlling catalytic converters fitted to diesel and gasoline-engined vehicles.
Platinum demand hit a record 6,15-million oz in 2001, led by a one-third increase in demand from catalytic converter manufacturers and greater use of the metal in the glass, petroleum and dental sectors, metals refiner Johnson Matthey said.
Canadian gold miner Placer Dome last month launched a hostile take-over bid for AurionGold, but said at the time AurionGold's stake in Zimplats was peripheral to the offer.
– Reuters. |
