1. South Africa’s gold industry has been dying slowly for years. The outlook doesn’t support such spending over the next decade, said spokesman Theron.Anglo American Platinum Ltd. has delayed a decision until the second half of next year on whether to spend as much as $1.5 billion on expanding output at its key Mogalakwena mine.Vancouver-based Ivanhoe Mines Ltd. said it’s still evaluating finance for its new Platreef project, which could require about $1.5 billion of investment.Still, notwithstanding the investment hiatus, the platinum sector remains in better shape than South Africa’s gold industry.
Anglo American Platinum. South Africa (110,000 kg, 68.32% of world's platinum) South Africa is the world's largest platinum producer, producing more than twice as much as every other country on Earth combined. Platinum, and platinum group metals, are produced in Zimbabwe and South Africa. Platinum Giant South Africa Forced by Virus to Look Into Abyss. Shunning capital spending leaves one in every of South Africa’s largest export industries in limbo, simply because the demise of the nation’s gold mines enters its remaining section. The platinum deposits discovered by Hans Merensky in the 1920s contain about three-quarters of the world’s known resources, but were only exploited in the 1950s with a surge in demand from carmakers using the metal to cut exhaust pollution.“The sun is definitely starting to set over some of the conventional, deep, high-grade, western limb areas,” said Johan Theron, a spokesman for Impala Platinum Holdings Ltd. “It’s exactly like gold: there is more gold, but it’s deeper and requires more capex and prospects of making a return are slim.”Platinum output peaked in 2006, and the lack of investment in deep-level western limb shafts will result in a further sharp contraction in production over the next 10 years.The windfall from surging palladium prices -- another platinum-group metal produced at South African mines -- refilled the coffers of local producers over the past 18 months but hasn’t been enough to justify large capital expenditure projects. admin Palladium News 0 (Bloomberg) — South Africa’s gold industry has been dying slowly for years. The virus is accelerating that trend, damping demand for the catalytic converters that are the largest users of the metal, while stimulus packages push automakers to speed a shift to electric vehicles.A series of mega open-cast projects risk being shelved -- depriving a recession-hit economy of essential investment -- but the toughest blow may land on the so-called western limb, the traditional heartland of the nation’s platinum belt.“The western limb region has been the bedrock of South African platinum and that is in decline,” said Mandi Dungwa, an analyst at Kagiso Asset Management Ltd. “It is the end of an investment cycle in those type of mines.”Shunning capital spending leaves one of South Africa’s biggest export industries in limbo, just as the demise of the nation’s gold mines enters its final phase.
JOHANNESBURG (Reuters) - South Africa’s total mining output fell 28.2% year-on-year in June compared to a revised contraction of 27.6% in May, Statistics South Africa said on Thursday. South Africa has three major platinum bearing areas, the Merensky Reef, the Upper Group 2 … As the coronavirus undercuts the already fragile case for investment, its platinum mines may be next.Beset by power and water shortages, alongside whipsawing government policies, South African producers have cut spending over the past decade on mines responsible for 75% of global platinum supply. Implats.
That’s delaying the construction of the next generation of mines on the northern limb of the platinum belt, and hastening reserve depletion.In June, Implats balked at investing about 12 billion rand ($680 million) on building a new mine at Waterberg on the northern limb of the platinum belt. Beset by power and water shortages, alongside whipsawing government policies, South African producers have cut spending over the past decade on mines responsible for … The assets of Anglo American Platinum Limited (Amplats) consist of 11 managed mines across South Africa and in Zimbabwe that together produce nearly 2.4 million ounces of platinum annually, worth more than $2.2 billion in fall 2017 prices. As the coronavirus undercuts the already fragile case for investment, its platinum mines may be next.
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