Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
JOHANNESBURG (miningweekly.com) – The long-term fundamentals of South Africa’s platinum mining industry remained attractive, despite labour unrest, increasing electricity prices and high operating costs, research firm Frost & Sullivan has indicated. The growing global vehicle fleet and the improving performance of the US and European Union economies were expected to result in growing demand for platinum in the medium term. Frost & Sullivan stated that a market correction was inevitable in the medium to long term, which would reverse the current trend in the local industry. South Africa accounted for about 70% of global platinum supply, while growth in the jewellery and medical sectors, which currently constituted 40% of total platinum demand, was anticipated to increase, thus elevating the 6.24-million ounces of demand in 2012. “With South Africa responsible for producing a large percentage of global platinum output and key end-markets driving demand for the resource, there are more reasons why platinum has a positive outlook for the future. “The global automotive sector will look to South Africa for the supply of platinum when demand for vehicles increases. It is important, however, that key stakeholders, including government, mineworkers and mining companies, reach a middle ground to mutually benefit from the mining of platinum as a resource,” Frost & Sullivan mining research associate Neelofar Shariff said.
Lonmin’s closure of the Marikana platinum furnace highlights risks to production • Investors should ask, where is new platinum supply going to come from? • Lonmin’s furnace issue is a short term hiccup but the closure and flooding of shafts on the Bushveld has longer term consequences for supply. • Experts reckon it takes around nine years to start production from a new shaft and infrastructure and it could also take some years to make safe and restart flooded infrastructure. • So when demand for platinum picks up, where will the new supply come from.
Im not trading this so as i said just sitting patiently and wait . One day it will go up and keep going IMO and then these prices will seem a distant memory. Im happy topping up at these levels . I did think we would be higher around this set of results but thats the way the cookie crumbles . To the traders who call it right well done but there are plenty who call it wrong also . AQP time will come we are better positioned than others who are running loss making mines it cant continue we have Zim election 1-2 months away and hopefully the back of Mugabe once and for all that would be great news for all miners . I will be very surprised if AAL do not announce the mothballing of at least 2 mines next week which again will boost other miners and the flagging plat price
01 May 13----- Aquarius Platinum...---- Deutsche Bank---- Buy ----41.25 - ---70.00 ----Reiterates
Just following ASX close thats all . Closed overnight at 41.25 in Oz as before results they were @ 38.75 ish so to equal would have needed to be just shy of 10% overnight where we go from this level is the next direction as we are pretty much at Aussie close which always seems to happen roughly unless news market or AQP dictates differently.
On the other hand, strong third-quarter results helped Aquarius Platinum rise 3p to 42.25p. Dealers were pleased to see its cash position has increased to £60m, a big increase of more than £6m on the previous quarter. Read more: http://www.thisismoney.co.uk/money/markets/article-2317249/MARKET-REPORT-Alluring-oil-explorer-Afren-tempts-punters.html#ixzz2S1rkHk8A Follow us: @MailOnline on Twitter | DailyMail on Facebook
In comparison, Aquarius Platinum gained nearly 10% on the back of more promising production news in its third quarter. The counter had been the sector's worst performer so far this year; its shares down 38% to R5.56/share. It narrowed its third quarter net loss to $1.6m from $9.4m in the third quarter of the previous financial year, took down total cash costs nearly a third, and recorded an operating cash inflow of $29m. In fact, the company’s net cash position is the first in 15 months. “Proof of its improving operational performance,” said an analyst. The group cash balance as of the end of the quarter came in at $93m. If anything, the reactions as reflected in the share prices reveal the jitters. Negative surprises are not welcome. Amplats ticked warily down 1.73% after it announced it had still not concluded consultations with the South African government and unions on plans to mothball up to 400,000 ounces a year of productive capacity. This will be an important announcement only if, as BMO Capital Markets remarked in a recent note, government intervention could see less drastic restructuring of Amplats’ output. The cut to productive capacity, in other words, has already been factored into the platinum price. Should it surprise investors and continue to pump more metal into the market than expected, then the all important platinum price is likely to sink further. The main factor influencing the platinum price is European auto demand. It continues to decline falling 8% year-on-year in the 12 months to February. The European auto sector represents a fifth of global platinum demand. At the end of the day, it’s the platinum price that matters. http://www.miningmx.com/page/opinion/columnists/1593380-SA-platinum-shares-flail-against-price-tide
Got some more @ 42.2 before the close . With AAL announcement within a week which should be good news re reduced supply better figures today and a bit of a gamble on a renegotiation of terms with Northam . Lets see where it goes overnight in Oz . Thats my lote here after an initial purchase many moons ago at 83p . Ive added and added 37-39 range and a few at 42 ,45 and 46 . Sit and wait it out GLA
Highs of the day being reached again sitting at 44-44.5
Aquarius Platinum (LON:AQP)– Results to 31 March 2013 • Mine EBITDA increased to $30m for the quarter against $2m in Q3 2012. • Attributable production for the quarter was up 81,471 oz up 20% from the previous quarter. • The improvement in EBITDA against a marginal improvement in PGM prices was due to increased production at Kroondal which up 37% on the previous quarter and closure of loss making mines Everest and Marikana. • Cash cost at Kroondal was down 7% at R8,312/oz compared to the previous quarter. • At Mimosa cash costs were up 9% compared to the previous quarter due to inflationary pressures. • Revenues were down 20% to $100.4m from $124.8m reflecting mine closures. • Platinum prices which rallied in the quarter to the highs of $1.736/oz are back to $1,432/oz. • Group cash stood at $93 m up $10m from the previous quarter. Conclusion: These numbers show good progress on the operational front at Aquarius. http://www.proactiveinvestors.co.uk/columns/sp-angel/12832/todays-market-view-including-metminco-aquarius-platinum-west-african-minerals-corporation-lonmin-and-others--12832.html
Spot on mate like i mentioned earlier the best thing will be an extension and renegotiation of the terms for AQP . All other miners are burying their head in the sands the cuts will come from AAL and Lonmin will have to also IMO . We have made our moves i also think the downbeat tones from CEO are with the upcoming labour negotatitions the last thing you want to be is saying things are looking better. When the upturn comes we will be best placed if you look in the results also Platinum Mile tailings op is also improving and wont be affected by AAL closure as the tailings are from mines they have no plans to close .
Ticking along nicely 43.5-44p live
http://www.miningmx.com/page/news/platinum_group_metals/1592701-Aquarius-R125bn-Booysendal-deal-on-the-brink AQUARIUS Platinum's ambitions of extending the resources of its Kroondal mine seem set to founder after the company said its efforts to secure approval from the South African government for the deal had failed. Aquarius Platinum has until April 30 to win approval for a transaction in which it would buy the Booysendal South property from Northam Platinum. The deal carried a value of $135m and required the support of the mineral resources department (DMR). "Despite our significant efforts with the DMR, we have no visibility as to what their position is or whether or not the approval will be granted," said Jean Nel, CEO of Aquarius Platinum in an e-mailed response to questions posed by Miningmx. "We will put out an appropriate release as soon as is practical," he added. Aquarius Platinum said in its third quarter production results published today that it remained in contact with Northam Platinum and the DMR. "In the absence of the necessary approval being granted on or before 30 April 2013, the agreement will lapse," the company said. Northam Platinum declined to comment. It is understood, however, that it expects to hear from Aquarius Platinum following the former's board meeting. It was possible that the transaction could be extended. Analysts, however, believe the failure of the deal was not a disaster for Aquarius Platinum which, on the evidence of its third quarter results, is showing signs of a recovery following adoption of an owner-operator model on its mines. In fact, delaying the deal might be in Aquarius Platinum's favour as it would be able to renegotiate the terms and timing of the deal, especially as the company also faces the prospect of funding a R2.79bn ($300m) convertible bond (although in theory that could also be rolled over for a further four year period). In its present form, it was likely Aquarius Platinum would have to turn to a capital raising exercise as it would not be able to fund the transaction from cash flows. An adjustment in timing would assist the company's recovery. Booysendal South lies adjacent to Aquarius Platinum's Kroondal mine and contains an estimated 31 million ounces of platinum group metals in both UG2 and Merensky reef formations. Incredibly, the deal was first announced nearly two years ago, on May 4 2011, in which time government approval has been pending. "I don't know of any mining company that has received a Section 11 (change in ownership) from the DMR in the last two years," one mining industry source said.
The hope would be that the deal lapses on the current terms . But is renegotiated as the playing field is now a little different to 2011 . That is the ideal in my books the deal falls at this point but then re-negotiate with Northam on new terms . Northam have borrowed big money to get ahead with this Mine and it will happen either way . With or without AQP Longevity wise we need the deal on the current terms like you Mr Keating not sure . So IMO the ideal is lapses on current terms but re negotiate the deal with Morthiam win win
Northam’s second mine Booysendal, is at an advanced stage of development and construction and is scheduled to be commissioned in the second half of the current financial year. The Booysendal mine is located near the town of Mashishing on the eastern limb of the Bushveld Complex. Booysendal should produce approximately 160 000 oz annually.
Meanwhile there was better news from Aquarius Platinum, which added 3.5p to 42.75p after it reported higher production figures and an improving cash position. Alison Turner at Panmure Gordon said: Aquarius Platinum has released positive third quarter results reflecting a $10m improvement in the cash position to $93m. That marks a very significant turning point for Aquarius and should reassure investors for whom the balance sheet has been top of mind. Continued improvement in the operating performance of Kroondal is also reassuring. On [the potential acquisition of] Booysendal the statement is notes only that if [South Africa's department of mining and resources] does not approve this by 30 April the agreement will lapse – investors must wait one more day for this key piece of news. http://www.guardian.co.uk/business/marketforceslive/2013/apr/30/lonmin-shuts-furnace-incident
Update on the Anglo American Platinum restructuring proposals consultation process Anglo American Platinum Limited ("Anglo American Platinum") is providing an update on the restructuring proposals consultation process. On 28 March 2013, Anglo American Platinum and the Department of Mineral Resources agreed to extend their bilateral consultation process by 30 days to allow sufficient time for the conclusion of the process. Anglo American Platinum had anticipated that the process would be concluded by the end of April 2013. However, the two parties are still in the process of concluding the details of the consultation and its outcome will be communicated during the week commencing 6 May 2013.
43-43.5 live
30 Apr 13---- Aquarius Platinum... Panmure Gordon----- Buy 42.75--- 100.00 ----100.00---- Reiterates
Whats your thoughts on reversing the downward trend ?