The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
JOHANNESBURG - Platinum-mining supply was expected to lose its momentum this year due to the shutdowns to control the Covid-19 spread and repairs to the converter plant owned by Anglo American Platinum (Amplats), the World Platinum Investment Council (WPIC) said in a report published on Friday.
WPIC chief executive Paul Wilson said domestic platinum-mining supply would likely fall by 753 000 ounces this year, with at least 500 000 ounces of the reduction due to repair downtime at the Amplats converter plant, and the balance due to Covid-19-?related mining industry shutdowns.
“Mining shutdowns to prevent the spread of Covid-19 are expected to reduce platinum-mine supply by 253 000 ounces in 2020, yet this reduction will be eclipsed by the smelting outage, reducing refined platinum production in 2020 by 500 000 ounces,” Wilson said, adding that primary platinum mining and primary smelting was not affected by the outage.
Wilson said mining output built up during the converter-repair downtime was expected to take nearly two years to be processed at existing facilities.
“In this day and age there are plenty of people who would take some of your posts to their local police. Fortunately for you: a. I imagine there are very few people who even read a board like this any more; and b. most Australians can let that sort of sh*t slide.“
Growup please provide the time and date of this post.
Reuters Reuters13 May 2020
OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund said on Wednesday it was excluding Glencore
MELBOURNE (Reuters) - Australia’s Queensland on Monday ordered an independent enquiry into an explosion at a coal mine run by Anglo American in the state that last week critically injured five workers.
The accident took place 15 months after another Anglo American worker was killed at a nearby mining complex and comes just months after a review called for tighter regulation of the sector that has seen at least 48 deaths since 2000.
The probe will be led by a retired judge or Queens Counsel who will be able to conduct hearings, call witnesses and make broad inquiries relating to the blast, state mines minister Anthony Lynham said.
“An underground gas explosion in a coal mine is simply unacceptable in the 21st century,” Lynham said in a statement.
“This latest board of inquiry is an opportunity to continue this government’s sweeping reforms to protect mine workers.”
Miners remained in critical condition after suffering burns to their upper bodies and airways following the blast, local media reported.
AN explosion at a coal mine run by Anglo American in Australia’s Queensland state has injured five people and halted production, said Reuters citing the UK-listed mining group.
Those hurt in the accident at Anglo’s Grosvenor metallurgical coal mine in central Queensland’s Bowen Basin have been transported to hospital, and all of their families have been contacted, said Anglo American in a statement.
“All remaining on site personnel have been accounted for. The mine is in the process of being evacuated and operations stopped,” it said.
Blast at Anglo American coal mine in Australia injures five
MELBOURNE (Reuters) - An explosion halted production on Wednesday at a coal mine run by Anglo American in Australia’s northeastern state of Queensland, injuring five people just months after a review of the industry called for better regulation.
The incident is the company’s second in 15 months in the area, after a miner died and four were injured at an adjoining complex in February last year in an underground accident that halted operations for four days.
“The mine is in the process of being evacuated and operations stopped,” Anglo American said, adding that those injured at its Grosvenor metallurgical coal mine in the central Bowen Basin had been taken to hospital, and their families told.
Toff it’s time to pack it in, you have the forecasting ability of Michael Fish.
“If there’s one thing I should have learnt from trading stocks - it’s to avoid dividends. Dividends bring nothing but grief. You pay for the dividend 3 or 4 times over with capital loss. Dividends are a reason to avoid a share. especially if it’s over five percent.
With one noticeable exception- Shell
Toff”
ToffAppleton1
Posted in: CNA
Posts: 675
Price: 30.00
No Opinion
RE: Critical Support Level @30p22 Apr 2020 09:26
Another all time low.
And more disturbingly the critical 30p level broken.
I predicted once it broke that support level it would tumble to the low twenties quickly.
And I’m sticking by my prediction
Centrica@20p
Toff
https://www.lse.co.uk/profiles/lamtree/
Lamtree red card.
Australia blasts Chinese ambassador for threatening to ruin our economy in response to backing inquiry into source of coronavirus - before consulate takes extraordinary step of LEAKING the fiery phone call
Ambassador Cheng Jingye slammed Australia's push for an inquiry into the virus
He said the probe could push Chinese citizens to reject Australian exports
The Morrison government stood firm in its decision to back the calls for a review
Trade Minister Simon Birmingham said the nation won't give in to 'coercion'
Mining operations in South Africa are allowed to restart and produce to a maximum of 50% of normal capacity, subject to having COVID-19 health protocols in place. Ellis says that production levels at 50% is a “pie in the sky target”.
This would mean the larger open cast mines opening fully from 1 May, and underground mines resuming 50% of production immediately, she says.
“Such a fast ramp up is unrealistic with social distancing measures and negates the fact that a return to Level 5 restrictions, curtailing mine production, is liable as South Africa approaches the peak of the crisis.”
The country will move from Level 5 to Level 4 lockdown on 1 May, with some businesses allowed to reopen.
Mining industry ‘more exposed’ to pandemic
South Africa’s mining sector is particularly exposed to the spread of Covid-19. According to the Minerals Council of South Africa, the industry employs a workforce numbering almost 420,000, many of whom are underground on any given day. Some mines have thousands of men and women underground, descending into the depths in crowded “cages”. Before and after, dressing rooms are filled with miners preparing for their shifts or cleaning up afterwards. It does not take an epidemiologist to realise that the mining work environment is a catalyst for spreading the COVID-19 pandemic.
In South Africa, this is exacerbated by the fact that the mining labour force remains migrant, with constant movement between the gold fields and platinum belt and Lesotho, Mozambique and the Eastern Cape. In addition, the average age in the industry’s workforce is over 40, increasing their vulnerability to an illness that poses a greater risk the older the infected person is.
The resources sector faces new and different challenges due to the current global crisis. From border lockdowns, new health protocols, falling demand and prices, production pressures, project delays, supply chain and logistics issues, staffing, to declining optimism - like most sectors, the industry has been turned upside down.
Many companies have been significantly affected by COVID-19, and global restrictions to encourage social distancing have seen projects either slowing or shutting down, and operations put on care and maintenance. Global mining giants like Rio Tinto and Anglo American have reported production slowdowns due to coronavirus-related restrictions. And, a study by Deutsche Bank shows that from mid-March virus-related base metal disruptions are hitting commodities operations with significant total output cuts; as an example, global offline capacity numbers show copper mine suspensions are 2.7Mty or 14% of global mine supply, and an estimated 85Mty of blast-furnace capacity has been suspended which equates to a demand cut of 50Mty of coking coal.
Alliance News) - Moody's Investors Service on Friday affirmed its Baa2 long term issuer rating for Anglo American PLC, however changed its outlook to negative from stable.
The credit agency's outlook change reflects its expectation that the miner's operating and financial performance will suffer from the disruption of mining operations and decline in certain commodity prices, caused by the Covid-19 pandemic.