DIFFICULT OPERATING ENVIRONMENT
Platinum supply fall set to continue, says world council
The World Platinum Investment Council expects the deficit in the global platinum market to narrow to 65,000oz in 2017 from 360,000oz
Platinum supply from SA is forecast to drift lower in 2017, the World Platinum Investment Council says, and based on comments from a major producer, the fall could continue. The council, set up in 2014 by six platinum miners based in SA to stimulate demand for the metal, said in its quarterly report, timed to coincide with Platinum Week in London, the deficit in the global platinum market would narrow to 65,000oz in 2017, from 360,000oz. Anglo American Platinum CEO Chris Griffith described the platinum market as "incredibly tough", with low prices making the operating environment difficult, leaving 60% of South African production loss-making at rand prices for the basket of metals produced by companies. Sibanye Gold CEO Neal Froneman has said 200,000oz-300,000oz of platinum production from its Rustenburg mines were loss-making and they could be shut before the end of 2017 if Sibanye could not return them to profit. Lonmin and Impala Platinum have reported disruptions to platinum pro...
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