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lunedì 27 luglio 2015

Lonmin taglia le proprie produzioni di platino sudafricano. Gli altri miners in platino potrebbero seguire a ruota

Si sa che la gran parte delle miniere mondiali di platino sono concentrate fra Sud Africa e Russia. 

Quelle Sudafricane hanno a che fare ancora con degli scioperi... e Lonmin Plc ha annunciato di voler ridurre l'output di 100.000 once l'anno nei prossimi due anni e licenziare 600 dipendenti/contractors. Le altre grosse compagnie minerarie sudafricane, Anglo American Platinum Ltd., Impala Platinum Holdings Ltd., faranno probabilmente lo stesso visto che stanno perdendo soldi su 3 once che producono su 4. 

Il crollo del prezzo viene dato per causato da un aumento del reciclo e delle quantità accumulate in stockpiles in passato.

MineWeb (Bloomberg) - Platinum industry shrinks as Lonmin becomes first to cut output. This may be just the beginning
Andre Janse Van Vuuren, Bloomberg | 25 July 2015 03:52

Anglo American Platinum Ltd., Impala Platinum Holdings Ltd. and Lonmin Plc, the three biggest miners of the metal, resumed wage talks with a labor union representing workers in South Africa to try to end a two-week strike.

The platinum industry is seeing the first big mine closings in two years, and it may be just the beginning.

Lonmin, the third-biggest miner of the precious metal, said Friday that it will reduce annual output by 100,000 ounces over the next two years and eliminate as many as 6,000 jobs.  

Other producers will have to do the same to bring a turnaround in prices, which sank to a six-year low last week, according to Wayne McCurrie, who helps manage $8 billion at Momentum Holdings in Pretoria, South Africa.

“The others will do exactly the same as Lonmin did,” McCurrie said. “They’ve got to cut out the unprofitable production that’s not making money. If everyone caps production, the excess will eventually disappear.”

Platinum has been in a bear market for two years, and South African producers, the world’s biggest, are losing money on three out of every four ounces they mine. 

Prices have plunged 19% this year on a glut of metal from stockpiles and recycled material.

Low prices may drive Lonmin to cut further output, Investec Plc said in an e-mailed note to clients.

“The tough market conditions are clearly prompting the company to accelerate restructuring to cope with the tough market,” Investec said. “We question whether enough is being done, and if more action is required.”

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