“Significant amounts of real value have been destroyed by this dispute and, in Barrick`s view, this proposal will allow the business to focus on rebuilding its mining operations in partnership with their respective stakeholders, and most importantly long-suffering investors, including Barrick,” said Mark Bristow, president and chief executive officer of Barrick.
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The current turbulence in the mining industry in South Africa has its roots in several different factors. First, the fall in global demand for platinum and other minerals due to recession; second, the consequences of the Marikana disaster in destabilising labour relations; and third, the structural character of our mining industry.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
“The resource thickness, and its shallowness makes the deposit amenable to bulk mechanised mining allowing the operation to move away from conventional, high-cost narrow reef mining where deposits are usually between 1 m and 2 m thick, and where economic and safety pressure in recent years has been forcing the closure of these types of mines,” says Jones.
The Company believes that its resources are better utilized advancing the bulk mineable, large-scale project at Waterberg, a project that represents a significant shift in South African platinum mining away from narrow reef underground mining. The recent rising palladium price is also a significant factor as it is the dominant metal at Waterberg.
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Platinum mining in South Africa, or mining for Platinum Group Metals (PGM), is widespread on the African continent, and South Africa holds over 80% of the world’s reserves. For investors interested in the PGM sector in Africa, South Africa seems to be the logical starting point.
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Mining allows you to find and mine minerals, ores, and stones from resource nodes and certain mobs (see Ore skinning) scattered throughout the world. It is one of the primary professions. Materials from mining and the items miners can create from them are reagents needed for …
An album has gone platinum, platinum wedding anniversaries, and highly prized platinum jewellery such as rings and Rolex watches. Platinum is a very different substance to a chemist. Platinum metal is silvery white and does not oxidise, properties that make it highly appealing for jewellery.
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