Profiteure vom Palladium/Platin Anstieg sind: - 500 Beiträge pro Seite

[manfred1_I]

In erster Linie:
Impala Platinum.
Daneben gibt es in Australien
Aquarius Platinum und die
sensationell niedrig bewertete
Zimbabwe Platinum.

Diese Aktien dürften in den
nächsten Tagen weiter gut
laufen.

[gholzbauer]

Hallo manfred1_I
Nicht zu vergessen Amplats, der größte Produzent; Stillwater(USA) und North American Palladium(CAN), dann gibts noch ein paar Explorateure, deren Namen ich vergessen habe.
Und ich glaube, Norilsk Nickel (RUS) ist für die russ. Produktion verantwortlich, oder?

[manfred1_I]

An gholzbauer

Weißt Du ob der Handel heute unterbrochen wurde,
vorhin soll Palladium bei sensationellen 760 $ ge-
standen haben.
Platin ebenfalls fester.

Falls die Metalle wirklich ausgesetzt werden, dann
stell dir mal die Kursexplosion bei den Aktien
vor.
Danke für deine weiteren Aktiennennungen.
Für größere Geldbeträge ist Impala, Stillwater
geeignet.
Spekulativ sind Zimbabwe Platinum für mich
sehr interessant.
Habe Kaufauftrag nach AUS abgeschickt.
Leider nur Handel in Australien.

[manfred1_I]

Alle bis auf Zimplats super gelaufen.

Schaut Euch mal die Charts oder
Kurse vom Juli und jetzt an.

Impala, Aquarius Platinum, AAP
alle auf Höchstständen.

[gholzbauer]

Bei Zimplats müssen wir die Neugestaltung der Minen(steuer?)gesetzgebung und den Einstieg eines Finanzierungspartners abwarten. Ich frage mich, warum nicht Delta selber von Anfang an dafür feststeht. Mein Neueinstiegskurs ist jetzt 0,28 A$, zu 0,25 A$ ging`s nicht mehr.

[manfred1_I]

Die Euphorie von den Platingruppenmetallaktien
und Ölaktien scheint jetzt auch die Goldaktien
zu erfassen.

Für alle Neueinsteiger:
Platin nicht unbedingt bei diesen Kursen hinter-
herlaufen.
Gold hat noch enormen Nachholbedarf.
Es kann jetzt jederzeit ein fulminanter Goldan-
stieg beginnen. Das heißt: immer wachsam sein
und Goldaktien teilweise noch zu Dumpingpreisen
einsammeln.

[DrLupo]

@Manfred: warum schreibst du manchmal solchen Quatsch?????????

Pgm-Aktien waren immer schon die Sahne auf dem Eis.

Hier gibt es keine Vorräte von Zentralbanken,kaufe PGM physisch oder als Aktie und du wirst reich.

[gholzbauer]

PGM wird laufen, egal was Öl oder Gold macht.
Abgaskatalysatoren + Brennstoffzellen!

[manfred1_I]

Wenn z.B. eine Aquarius von 3 A.$ auf
jetzt 6,8 A.$ in so kurzer Zeit steigt, dann
müssen Neueinsteiger nicht unbedingt
diesen Kursen hinterherjagen.

Langfristig bin ich für alle PGM-Metalle
selbstverständlich positiv gestimmt.

[manfred1_I]

Aquarius ist wieder über 10% auf neues
Allzeithoch 7,66 A.$ gestiegen.
Hoffentlich hält dieses noch weiter an.

[manfred1_I]

Platin hält sich heute wacker mit
608 $ .

Bei Palladium geht es wieder
Richtung Höchststände.
Zur Zeit 742 $ Unze.

[manfred1_I]

Palladium weiter auf 755 $ Unze
zur Zeit.
Platin um das Vortagesniveau.

Aquarius bei rd. 7,20 A.$.

[Quadian]

@ gholzbauer,

Du hast weiter oben mal North American Palladium erwähnt.
Kannst Du mir sagen wo ich nähere Infos zu dem Unternehmen bekomme?

Danke.

[gholzbauer]

Homepage:
http://www.napalladium.ca/

Habe gerade erst festgestellt, daß sie auch seit kurzem in Berlin notiert sind. Aber bisher ohne Umsätze lt. comdirect Kursabfrage.
WKN 858071

[manfred1_I]

Alle Aktien der PGM-Gruppenmetalle liegen
gut im Rennen.
Dabeibleiben.
Soeben Platin knapp bei 600 US $, Palladium
bei 788 US $.

Dabeibleiben.

Evt. MDL in Australien nachkaufen, Kurs ist heute
etwas heruntergekommen.

[manfred1_I]

Bei allen Platinmetallgruppenaktien
auf jeden Fall dabeibleiben. Die Metalle sind
weiter fest.
Rhodium neuer Höchststand.

Mein Favorit: Impala läuft wie geschmiert,
auch die anderen Aktien Aquarius und
Zimplats sind nicht schlecht.

Auch bei den anderen PGM Aktien dabei-
bleiben.

[manfred1_I]

Zimplats heute weiter auf 0,47 A.$
gestiegen.

[manfred1_I]

Zimplats liegen bei 0,48 A.$
weiter auf hohem Niveau.

Dabeibleiben.

[manfred1_I]

Zimplats im Juli noch im Bereich
0,27 bis 0,30 A.$

Heute morgen 0,53 A.$ G, 0,55 B

DAs sind rd. 100% in 4 Monaten.

[manfred1_I]

Alle Platinaktien weiter halten.

Zimplats heute erneut stark auf
0,57 A.$ angestiegen.
Auch meinen anderen Werte wie
Aquarius und Impala halten sich
einfach toll.

Soeben Palladium über 820 $.

[DrLupo]

@an alle seriösen Boardmitglieder.

könnt ihr bitte mal aaaaaaaaaaaaallllleeeessssss

zu NORILSK NICKEL zusammentragen.

Denen müsste doch das Geld zu den Ohren rauslaufen????????

cu DrLupo

[DrLupo]

@an alle seriösen Boardmitglieder.

könnt ihr bitte mal aaaaaaaaaaaaallllleeeessssss

zu NORILSK NICKEL zusammentragen.

Denen müsste doch das Geld zu den Ohren rauslaufen????????

cu DrLupo

[gholzbauer]

Norilsk wegen der Pt/Pd-Produktion zu kaufen (wenn man sie als Nicht-Russe überhaupt kaufen könnte) ist uninteressant, da die Produktion von Nickel und anderen Basismetallen wesentlich mehr Umsatz macht als PGMs. Zudem dürften die Produktionsanlagen ziemlich marode sein, und die Firma ist vermutlich stark den Einmischungen der russ. Bürokratie ausgesetzt.

[manfred1_I]

Spotpreis von Pallaldium rd. 840 $.

Zimplats soeben auf 0,6 A. $
gestiegen.
Es sieht gut aus.

[gholzbauer]

Pd 880$.
Es sieht gut aus, wenn uns nicht abstürzende Börsen einen Strich durch die Rechnung machen. Impala in Frankfurt -3,5E.

[wolfgang2000]

Für alle Interessenten: ich hab mal die PGM-Aktien (PGM = Platingruppenmetalle) vom KGV her verglichen und bin zu dem Schluss gekommen dass North American Palladium mit Abstand die kurz- und langfristig die besten Kurschancen hat! Sowohl fundamental als auch charttechnisch. Kann sein dass unter den kleineren australischen Minenaktien noch einige Perlen sind, die kenne ich aber leider nicht.

North American Palladium

KGV 00: 4
KGV 01: 1-2, da mindestens eine Verdreifachung der Produktion!
Und ein niedriges KUV.

Zum Vergleich:

Amplats: KGV 00 von 9, KGV 01 von 7,8
Impala: KGV 00 von 9,11, KGV 01 von 7,16
Lonmin: KGV 00 von 12,12, KGV 01 von 10,52
Aquarius: habe leider keine Daten, habt Ihr welche?
Stillwater Mining: KGV 00 von 21, KGV 01 von 18
Zimbabwe Platinum: leider auch keine Daten

Wenn ich dieser Perle ein KGV von 10 zugestehe wären das wohl noch einige hundert Prozent Potential bis nächstes Jahr, oder? Selbst wenn die Preise von Palladium nachhaltig fallen sollten, wird das NAP nicht viel ausmachen da sie einen Liefervertrag für die nächsten 5 (!) Jahre mit einem grossen Autohersteller haben, der Ihnen die Abnahme Ihrer Produktion zu einem festen Preis garantiert....

Viel Erfolg mit North American Palladium!

www.napalladium.com

gute nacht,
wolfgang2000


P.S.: Hier noch die Zahlen die meine Analyse untermauern:

North American Palladium Ltd. [PDL]
INDUSTRY: Metals & Minerals - Metal mines
EXCHANGES: TSE
WEB SITE:www.napalladium.com.
E-MAIL: [e-mail]

Company Snapshot

NORTH AMERICAN PALLADIUM LTD., through its wholly owned subsidiary, Lac des Iles Mines Ltd, operates Canada`s only primary PGM mine and is the world`s largest open pit PGM producer.

Date of Balance Sheet: 1999-12-31 1998-12-31 1997-12-31
Total Revenue ($000): 44,972 32,731 19,181
EBIT ($000): 4,588 -8,601 -62,141 nan
Profit/Loss ($000): -5,150 -17,529 -70,248
Earnings per Share: -0.84 -1.90 -6.07 -30.01
Total Assets ($000): 92,202 76,474 63,088
Dividends per Share: 0.00 0.00 0.00


Bisherige Zahlen 2000 (in 1000 kanadischen Dollar)
Q3 Q3 9M 9M
2000 1999 2000 1999

Sales 29,376 11,961 78,036 29,523
Income (Loss) 20,897 919 49,046 (695)
Net Income (Loss) 16,552 (3,159) 37,314 (8,609)
Operating Cash Flow 22,381 198 53,952 5,144
Net Income(Loss)
per Share 1.20 (0.36) 2.65 (1,01)

Ihr könnt ja versuchen auszurechnen was die im Frühjahr 2001 fertiggestellte Vervierfachung der Explorationskapazitäten für Zahlen ergeben wird...
Eure Schätzungen würden mich auf jeden Fall auch interessieren....

Danke!

[manfred1_I]

Zimplats heute wieder einer der
REnner in Australien.
In der Spitze bis 75 cents,jetzt
Kursstand 65 cent.

[gholzbauer]

DrLupo,
zu Norilsk:
http://www.nornik.ru/index.html/english/default.htm

[manfred1_I]

Da an Teilgewinnmitnahmen noch keiner
gestorben ist, könnte man jetzt bei
Aquarius und Zimplats etwas mitnehmen.

In zurückgebliebene Goldaktien tauschen.
Z.B. NHG 874901
auch Domonion Mining, Spinifex als Explorer

und die grossen Werte wie Barrick, Anglogold
sind interessant.

Aquarius standen noch vor einigen Jahren
bei 5 US cents.

[gholzbauer]

Na gut, bei AQP kann man mal verkaufen.
Aber meine Zimplats werde ich noch lange nicht hergeben. Über 1 A$ würde ich mir allenfalls meinen Anfangs-Einsatz wieder reinholen.

[gholzbauer]

Pd 902,5 $ ????!!!!

[schloss]

Bei kitco gerade Anstieg auf 895$/oz
Was ist da los?????

[schloss]

Pd 917 $/oz !!!

[manfred1_I]

Platin steigt auch gerade
auf 612 /$ oz !!

[gholzbauer]

Pd 950$.
Schaffen wir heute die "DAUSEND"?

[Goldhotline]

North American Palladium wird mit Wirkung vom 14.12.2000 in den TSE 300 Index aufgenommen.

Auch wenn die Struktur und der Hauptaktionär sehr suspekt sind, kommen wir um die Gesellschaft bei "Dausend" im Palladium nicht mehr herum und sollten uns den Laden nochmals genauer ansehen.

Die Goldhotline

[manfred1_I]

Ich bin mit allen drei Platin-Aktien
und auch den anderen Platin-Werten
hoch zufrieden.

Palladium Anfang des Jahres bei 1000 US $?
Jetzt liegen wir bei rd. 960 $.

Allerdings ist Zimplats der spekulativste
Wert von allen.
Weiter viel Glück und frohe Weihnachten.

[DrLupo]

@ gholzbauer: Danke für den link ,sollten einige Leute hier mal lesen.

Norilsk macht 43% der Umsätze mit PGM.

Man sollte die Bank kaufen als Grossaktionär aber undurchsichtig.

Hat noch jemand Quellen.

Wo werden die Aktien gehandelt???????

cu ein eine Chance witternder DrLupo

[manfred1_I]

Nochmal etwas zu Aquarius Platinum

Diese Aktie stand vor ca. 5 Jahren noch
bei 5 cts.
Wer zu dieser Zeit DM 6.000 investiert hat,
ist jetzt Millionär.
Aktie hat sich ver-180-facht.

Bei Kursen von 10 A.$ sind Gewinnmitnahmen
ratsam.
In zurückgebliebene Platinwerte oder in
die noch gar nicht gekommenen Goldwerte oder
Explorer investieren.
Nachdem bei meinem Favoriten NHG eine Übernahme
läuft, sollte man

auf: Aurora Gold
Spinifex Gold

im Platinbereich evtl. noch auf Zimplats setzen.
Grosse Werte: Anglogold, Barrick,
Impala, Anglo Am. Plat.

auf jeden Fall weiter halten.

[gholzbauer]

Norilsk will nächstes Jahr ADRs ausgeben. Bis jetzt kann man sie nur bekommen, wenn man ein Aktiendepot in Rußland hat.
Irgendwer aus dem Rußlandforum bei www.uptotrade.de hat Norilsk in RU gekauft, glaube ich, evtl. der User "pipeline". Stellt am besten im dortigen Forum eine Frage, wie man an Norilsk herankommen kann.

[manfred1_I]

Während momentan der Goldpreis schon
wieder leichte Ermüdungserscheinungen
zeigt, kann Platin leicht zulegen.
Palladium korrigiert auch um 10 $.

Zimplats heute bei 0,74 A.$.

Super!

[spekulativ]

Hallo Manfred !
Bist du noch in Magna drin ? (WKN901889)
Bin dabei leichte positionen aufzubauen.
Gruß spekulativ

[berufszocker]

danke

bräuchte das kurzel-kn. von aquarius.

danke

[e-mail]

[manfred1_I]

Kürzel von aquarius ist
AQP

AQP ist heute über 10 A.$ gestiegen.
Das juckt in den Fingern für Teilgewinn-
mitnahmen.
Aber jetzt glaube ich, dass wir auch noch
die 12 oder 13 $ sehen werden.
Wer es nicht mehr abwarten kann, sollte
bis 20% mitnehmen.

Wer neben Platin etwas in den Goldbereich
investieren will, sollte die neuen Übernahme-
kandidaten wählen:

NHG -Übernahme läuft bereits-
Croesus -Übernahme wahrscheinlich, da
NHG ja schon einen ganzen Teil der
Aktien hält.
St. Barbara Mines -Übernahme durch Harmony
möglich, da dann die Übernahme
von NHG Sinn macht.

Spinifex: hier könnte Ashanti Interesse zeigen
(allerdings ist SPX nur ein Explorer)

Bei den anderen Platinwerten noch dabeibleiben.

Viel Glück weiterhin und guten Rutsch.

Ausserdem hat sich AQP i.d. letzten 5 Jahren
ver- 200- facht.
Von 5 cents auf 10 $.

[spekulativ]

Danke für die antwort auf meine frage.
Liebe grüße spekulativ

Wünsche allen einen guten Rutsch.

[manfred1_I]

Zimplats liegen heute bei
0,75 A.$.
AQP bei 10,08 A.$

Palladium weiter Richtung 1.000.

[manfred1_I]

Zimplats liegen zur Zeit bei
rd. 0,88 A.$

[manfred1_I]

Es juckt in den Fingern für weitere
30% Gewinmitnahmen bei AQP.

Die Konjunktur läuft nicht mehr so gut,
Die Autobauer fahren ihre Produktionen
zurück. Nachfrage nach Palladium könnte
dadurch sinken.

Auch bei Zimplats kann man durchaus
50% mitnehmen.

In zurückgebliebene Goldwerte investieren.
Diese haben noch erhebliches Potential vor
sich.

[manfred1_I]

Palladium hat die 1.OOO $ geschafft.

Bei AQP kann man nach den ersten Gewinn-
mitnahmen schnell wieder aufstocken.

Weiter in zurückgebliebene Goldwerte
investieren.

Die BIZ hat heute nachmittag eine außerordent-
liche Pressekonferenz einberufen.
(Quelle Bloomberg TV)

[manfred1_I]

Die ersten Teilgewinnmitnahmen bei AQP
scheinen richtig zu sein.

Bei Zimplats noch den REst auf jeden
Fall behalten.
Kurs steigt heute über 1 A.$.

AQP bricht ein.

Beobachtet auch NHG, SBM, Croesus
als zurückgebliebene Goldwerte.

[gholzbauer]

Pt 633/643
Pd 1051/1081
Rh 1950/2150 (27.12.)
Quelle: kitco.com

[manfred1_I]

Palladium kann am Freitag über
1100 $ springen.

DAs ist derabsolute Wahnsinn.

Rest der Zimplats Aktien auf jeden
Fall halten.
Ich erwarte noch einiges.

KGV dürfte immer noch im Rahmen
von 1 - 2 liegen.
Evtl. Produktionsaufnahme
i.d. 2. Jahreshälfte oder 1. JH 2002.

Regierungsgenehmigung steht noch aus.

[manfred1_I]

Ich würde sagen,

G E W I N N E M I T N E H M E N


Restbestände in Zimplats halten.


Bei dem letzten Anstieg der Platin- und
Palladiumpreise konnten die alten Höchst-
kurse nicht mehr erreicht werden. Dieses
stimmt bedenklich.

An Gewinnmitnahmen ist noch keiner gestorben.

Auf zurückgebliebene Goldwerte:
wie St. Barbara Mines, Goldfields setzen.

Dieses sind die neuen Favoriten bei der
stattfindenden Übernahmeschlacht mit Harmony.
Bei SBM (St. Barbara Mines) leider nur
Handel in Australien.

[Arhaes]

Lieber Manfred,

auf zurückgebliebene Goldwerte:
wie St. Barbara Mines, Goldfields setzen.

Goldfields ist ein zurückgebliebener Goldwert ?????


Verzei mir, aber Du bist ein Dummpusher!!!

MfG

[manfred1_I]

Lieber Arhaes,

Das du keien Ahnung hast ist ja allen
bekannt.

Bitte gehe in ein anderes Board.
Sonst muss ich dich leider sperren
lassen.

Dieses Board ist um Aktien zu besprechen
nicht um deine dummen Sprüche reinzustellen.

[btrend]

Hallo ihr Streithähne: ich denke, dieses Board ist nicht dazu da, um persönliche Animositäten auszutoben.

Dass zur Zeit Platin und Palladium-Aktien schwächer tendieren, ist für jeden evidend, der diese Aktien verfolgt. Sie waren auch schon teilweise phänomenal gelaufen.

Dafür tendieren Goldminen- und Silberwerte fester.

Gruss Btrend

[Arhaes]

Lieber Manfred,

Du bist der Größte...

hier zum nachlesen Deine Threads:


Profiteure vom Palladium/Platin Anstieg sind: 55 manfred1_I 01.02.01 13:53:41

Im spannenden Finish dürfte "St.Barbara Mines" die Hauptrolle spielen 16 manfred1_I 01.02.01 09:26:40

Magna Pacific -ganz klar im Aufwärtstrend- 59 manfred1_I 31.01.01 13:12:58

Adultshop -heute starke Gewinnmitnahmen- 19 manfred1_I 30.01.01 11:49:09

Global Doctor -Glückwunsch allen die für 5 ct. verkauft haben 11 manfred1_I 29.01.01 18:26:38

Bei 4 Pfennige Risiko, 1000% Chance 20 manfred1_I 29.01.01 03:57:39

Überlebensstrategie für "Schwarzen Freitag" 27 manfred1_I 26.01.01 20:57:32

Jumbo Corp. -es geht jetzt so langsam wieder los- 22 manfred1_I 26.01.01 20:53:42

Was ist los mit Spinifex? 9 manfred1_I 25.01.01 19:11:06

Nochmals -unbedingt Chart von MDL 906335- anschauen 12 manfred1_I 24.01.01 06:29:49

Silber ist jetzt für eine Erholung reif. 12 manfred1_I 19.01.01 15:13:33

Neuer Markt -Morgen schon wieder Konsolidierung? 4 manfred1_I 19.01.01 14:06:27

New Hampton Gold 874901 bleibt weiter sehr interessant 18 manfred1_I 16.01.01 18:23:48

Fängt Gold schon heute nachmittag an zu steigen? 6 manfred1_I 08.01.01 22:49:33

Die Tops 2000 waren PGM-Aktien, die Tops 2001 dto. 3 manfred1_I 29.12.00 18:41:48

Rosneftegaz -was ist hoer los, Wahnsinnsumsätze? 12 manfred1_I 25.12.00 02:07:49

Priceline.com von 102 Euro auf 2 Euro gefallen 6 manfred1_I 24.12.00 20:38:21

Für knallharte Zocker: WKN 908664 8 manfred1_I 20.12.00 13:57:47

Herrlich, Herrlich Lets buyit,com 5 manfred1_I 18.12.00 21:06:28

FANTASTIC -Kurs zum Einsteigen einfach fantastisch- 124 manfred1_I 18.12.00 21:02:12

Es soll sich doch jeder sebst ein Bild von Deinen Pushversuchen machen.

MfG

lässt Du mich jetzt sperren???

[Goldhotline]

Hallo Arhaes

Du bist doch sonst als besonnener Poster und Stratege aufgefallen und unser Manfred ist doch wohl wirklich harmlos im Vergleich zu den Dr Dr MyKonkurs Klone, die sich hier schon rumgetrieben haben.

Am besten ist es, einfach etwas gelassener zu bleiben, was auch wir lernen mußten.

Und was zählt, ist der gestiegenen Kurs bei NHG, - und darüber können wir uns alle (Manfred auch?) freuen.

Die Goldhotline

[Arhaes]

Sorry Goldhotline und die anderen Boardteilnehmer
(außer Manfred, boerz, drogo, Bullishbear, srg, babagge, Dr. Kurt Schweizer usw.)

ich habe nur einfach die Nase voll von diesen idiotischen Pushern.

Ich möchte niemanden auf die Nerven gehen (was ich natürlich hiermit tat).

Ich versuche mich zu bessern

Werde ich jetzt geperrt?

Frage an Goldhotline?

Wie bewerten Sie die Dezember Quartalszahlen von RSG, OTR, MEE, DGD?

Vielen Dank

[hbbbh]

Hi !
Auch mir gehen alle auf den Geist , die nichts wichtiger zu haben scheinen, als alle Welt mit ihren super-duper-hyper Aktientips beglücken zu wollen ( Manfred, boerz, drogo, Bullishbear, srg, babagge, Dr. Kurt Schweizer usw. ) Da sieht man schon an der Threadübersicht, welch Geistes Kind die Buben ( und Madels ? ) sind.

Ich finde allerdings, man solte ihre Threads einfach ignorieren, eigene threads aufmachen und sachliche Hinweise ( bestes Vorbild : GOLDHOTLINE und andere ) zu Aktien und anderen wichtigen Fakten zu bringen.

Ausser im / auf "SOFA" sollte man auch persönliche Anmache bleiben lassen und

EINFACH NICHT AUF DUMME THREADS ANTWORTEN, ansonsten wird der doofe thread doch nur wieder nach oben gestellt.

... und tschuesss

hbbbh

[gholzbauer]

Hallo, manfred, Glückskind!
Dein verstärkter Rat zu Gewinnmitnahmen bei AQP war Gold ... äh ... Palladium wert.
Mußte mal gesagt werden.

Friday 2 February 2:43 AM



UPDATE 1-S.Africa`s Kroondal withdraws from Angloplat j/v
(Adds analyst comment, background)
JOHANNESBURG, Feb 1 (Reuters) - South Africa`s Kroondal Platinum Ltd on Thursday withdrew from a joint venture with industry giant Anglo Platinum (Angloplat) that would have tripled Kroondal`s mine capacity.

Kroondal said in a statement that the deal was subject to various conditions, including the completion and approval of a development programme.

"The board of directors...have not approved the development programme and has resolved not to proceed with the joint venture," the company added.

Shares in Kroondal closed up 10 cents, or 0.31 percent, at 32.30 rand on the Johannesburg bourse, off a year high of 36.40 rand reached on January 19.

"I`m not surprised. The noises were there that this may be too expensive," one Johannesburg-based mining analyst said of the collapsed joint venture.

The joint venture between Angloplat unit Rustenburg Platinum Mines, Kroondal and its majority owner Australia`s Aquarius Platinum was announced last August.

It envisaged spending 514 million rand to boost capacity at the existing Kroondal mine to an annual 300,000 oz of platinum and extend the life of the mine by as much as 16 years.

Angloplat was not available to comment on Kroondal`s announcement.

[manfred1_I]

Die Gewinnmitnahmen bei Platin und
Palladium scheinen sich auszuzahlen.

Die Aktien fallen.

Währenddessen steigt SBM so langsam
auf 15 cent Geld und 15,5 cent Brief.

Goldwerte dürften langsam weiter
steigen.

[Arhaes]

Und jetzt die Hammermeldung:

aber nur für diejenigen, die nicht schon Gewinne mitgenommen haben.

Mining News
Fri, 02 Feb 2001, 7:02pm EST
Impala May Bid for Zimbabwe Platinum, Newspaper Says (Correct)
By Michael Hamlyn


(Corrects to say Impala in fifth paragraph)

Johannesburg, Feb 2 (Bloomberg) -- Impala Platinum Holdings Ltd., the world`s second-largest platinum producer, may make a takeover bid for Australia-based Zimbabwe Platinum Mines Ltd., which is 51 percent owned by Delta Gold Ltd., said Business Report newspaper, citing unnamed industry sources.

The purchase will require the approval of the South African Reserve Bank, which often tries to discourage investment outside of the country.

``I can`t deny that (Zimbabwe`s) Great Dyke region is interesting for Impala, as it would be for any other platinum producer,`` Cathie Markus, corporate affairs director of Johannesburg-based Impala, told the newspaper.

Zimbabwe has the second-biggest known platinum reserves in the world after South Africa, though it only produces about 20,000 ounces of the metal from the Mimosa mine, an asset owned by closely held Zimasco Ltd. South Africa produces about four million ounces of platinum a year.

``Delta is reviewing its options with regard to its 51 percent holding in Zimplats,`` Delta Managing Director, Terry Burgess, said in an interview with Bloomberg, without mentioning Impala. He said the company is yet to decide whether to retain or sell at least part of its interest in the company, though Delta will not contribute to any major capital expenditure.

``Zimplats has some funding requirements and obviously Delta does not want to stand in the way of the development of Zimplats,`` he said.


MfG

[gholzbauer]

Impala wär O.K., genauso Amplats oder Lonmin.
Solange sie nicht versuchen, die Minderheitsaktionäre auszubooten, was ich nicht erwarte. Vor allem würden diese Firmen Erfahrung im Untertage-Platinabbau mitbringen. Das wäre für Hartley wichtig.

[gholzbauer]

Aber zurück zur eigentlichen Thread-Überschrift.

*** Harmony & PGM ***
http://www.mips1.net/MGGold.nsf/Current/4225685F0043D1B24225…

*** Inco & PGM ***
Auszug aus dem Mining Journal vom 26.1.2001:
"Extracts from Mining Week:
PGM finds excite Inco
Exploration successes should assist Inco Ltd in its plan to increase its production of platinum-group metals, this year by 21% to 416,000 oz. The company has an ongoing programme to expand its output of PGM and has reported a number of new high-grade discoveries at its Sudbury operations in Ontario. Current prices are providing an added spur - Inco`s PGM revenues soared by 72% last year to US$224 million and the auspices for 2001 are very promising, with palladium trading at more than US$1,000/oz compared with US$450/oz this time last year, and platinum recently trading at a 13-year price high of well over US$600/oz.

Inco`s chairman and chief executive Mike Sopko says that the company`s geologists are having "tremendous success finding high-grade ore deposits ... that have excellent precious metal values, which are predominently palladium and platinum with some gold, and can be developed at low cost". He expects them to be brought into production rapidly using existing mine infrastructure. "



*** Gold Fields, Outokumpu & PGM ***
(Auszug aus einer gestrigen Meldung zu FN.TO bei Yahoo)
...
In a conference call with U.S. analysts, Thompson (Gold Fields) said a decision on whether to spin off a Finnish platinum play into a separate foreign company would not be taken before April.

He said the latest drill results from the Arctic Platinum Partnership, a joint venture with Finland`s Outokumpu , would also be released in April.
...

(Outokumpu gestern/heute mit Kurssprung)

[manfred1_I]

Mein Festhalten an Zimplats hat
sich ausgezahlt.
Siehe heutigen Kursanstieg in
den Bereich von 1,15 A.$.

Weiter bei Zimplats dabeibleiben.

Auch bei St. Barbara Mines wird
es spannend.
Heute über 1,6 Millionen Stück
Umsatz.
Kurs 0,155 A. $.

[Arhaes]

@ manfred

Bla bla bla bla !!!!

und ich dachte (bin mir sicher) Du hast die Gewinne schon mitgenommen??

mfg

[gholzbauer]

Hackt doch nicht dauernd auf dem manfred rum!
Bei AQP hat er berechtigterweise zum Verkauf geraten und bei ZIM hat er geschrieben "Restbestände ... halten".
Beides richtig gewesen. Manfred ist immerhin schon unter 0,30 A$ in ZIM rein, da darf er doch wohl mal bei 1 A$ verkaufen, oder?
Na gut, der "4 Cent Risiko, 1000% Chance"-Thread ist natürlich hardcore, aber warum denn immer alles so ernst nehmen?
Pusher, die diesen Namen verdienen, gibt es in anderen Boards haufenweise, und mir ist schon zu Ohren gekommen, daß manche den Goldpreis auf dausende Dollars pushen wollen . Dagegen ist manfred doch bescheiden.
Gönnt ihmn halt die Freude an NHG, SBM und ZIM!
(fast hätte ich geschrieben "Spielverderber und Miesmacher", aber ich tu`s lieber nicht )
MfG

[gholzbauer]

Mining Weekly
"Prolonged platinum glory is predicted"
http://www.miningweekly.co.za/mineweek2.nsf/news/0B14675F33A…

[manfred1_I]

Es war doch richtig die Zimplats zu
behalten.

Alle die grössere Bestände haben, dürften
noch reich werden.
Kurs heute 1,44 A.$.

Ich denke, 2 - 3 $ könnten noch drinn
liegen.

Auf jeden FAll weiter halten.

[gholzbauer]

"Posted: 2001/02/13 07:00 PM EST
S. African platinums forecast for 50% price gains"
http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6534225…

[gholzbauer]

Shares in AngloPlat take a R25.00 tumble

Anglo American Platinum`s heady run has come to an end. Shares in the group extended their losses today after investment bank Merrill Lynch downgraded its rating from buy to accumulate.

The stock closed around 6.5% weaker at just under R350.00. AngloPlat hit a record high of R405.00 on Monday ahead of its results when it reported a 165% jump in profits for the year 2000.

Analysts say investors sold the share on news that refined platinum production at the company had fallen 7.5% because of a combination of flooding at its mines, a protracted union strike and safety setbacks.

[gholzbauer]

Platinum Market Commentary (Platinum Guild, 14.Feb.01)

According to Bridge News, the decision by the Russian government Tuesday to amend the 2001 budget and

ensure the full payment of Russian debt due this year to the

Paris Club leaves a 24-billion ruble gap in the government budget.. This deficit might widen further, due to the

Cabinet`s overly generous assumptions on privatization proceeds. The upshot of this for the platinum market is

that this shortfall could help to motivate higher exports of platinum group metals.

*As the Japanese are the world`s largest consumers of platinum, the yen / gram price ratio is included in this report. The figure is the retail price less the 5% tax

charge, as quoted by Tanaka Kikinzoku Kogyo KK.

Platinum Guild International makes no representation or recommendation as to the advisability of investing in platinum or other precious metals and is in no way

responsible for any representations made by others. You should consult with your investment advisor before making any investment.

[manfred1_I]

Gewinnmitnahmen bei Zimplats
bis 50% des Einsatzes sollten
jetzt stattfinden.

Nochmals: An Gewinnmitnahmen
ist noch keiner gestorben.

Die 300% bis 400% Gewinn werden
jetzt realisiert.

Im Goldbereich bei allen Werten,
trotz des schwachen Goldpreises dabei-
bleiben.

Im IT-Bereich werden Jumbo WKN850269
langsam aber sicher interessant.
Hier werde ich einen Teil der Gewinne
investieren.
Im Goldbereich weiter auf SBM, SPX,
Goldfields setzen.

[gholzbauer]

Hallo manfred,
ich kann mich des Eindrucks nicht erwehren, du hättest bereits einen großen Teil von ZIM bei ca. 1 A$ verkauft.
Egal.
Ich bleibe weiter dabei. Wie schon an anderer Stelle gesagt, ich will eine Menge Kohle mit Zimplats machen. In drei oder vier Jahren sind wir bei 5 A$. Was denken sich heute diejenigen, die bei AQP damals zu 1 A$ ausgestiegen sind?
Wenn du deine Gewinne mit Jumbo verzocken willst, bitte sehr ... obwohl ich zugeben muß, gar nicht zu wissen, was Jumbo macht ... auch egal.
MfG

[manfred1_I]

an gholzbauer

ich kann dich verstehen, dass du dabeibleiben
möchtest.
Aber wenn man schöne Gewinne hat, warum nicht
mal mitnehmen.
Jetzt habe ich den Einsatz wieder und noch einen
erheblichen Gewinn und noch 50% der Zimplats.
Den Einsatz lege ich in Goldwerte an, den Gewinn
in Jumbo und Global.
DA du Jumbo nicht kennst, schau mal unter
www.jumbozone.com/ hinein.
Diese FA. kommt evtl. dieses Jahr (2.Hbj.)
in die Gewinnzone und kostet ca. 2,5 cents.
Du hast richtig gelesen.

[gholzbauer]

Aus den w:o-Nachrichten:
-----------------------------
Norilsk Mining Company: Zusammenarbeit mit finnischem Metall-Konzern



Norilsk Mining Company unterzeichnet einen Kooperations-Vertrag mit dem finnischen Metall-Konzern Outokumpu. Die Tochtergesellschaft des Edelmetallherstellers Norilsk Nickel möchte mit Outokumpa moderne Technologien entwickeln, die dem Aufbau neuer Tochtergesellschaften dienen soll. Diese werden in der Metallproduktion tätig sein.

Autor: Michael Ahamer, 13:35 07.02.01

[Arhaes]

Lieber Manfred du bist ein erbaermlicher Luegner und solche Typen bekaempfe ich bis zum letzten .....



von Arhaes 16.02.01 16:18:56 2924082 GLOBAL DOCT.

Lieber Manfred, es tut mir leid, dir schon wieder antworten zu muessen, aber ich habe mir erlaubt mir deine Empfehlungen einmal genauer anzuschauen.

Vor ca. 1 Jahr (Mitte Maerz bis Anfang April 2000) bist Du zum erstenmal hier aktiv geworden mit folgenden Empfehlungen:

1. Alcastone
2. Menzies
3. My Casino
4. Western Metals
5. Jumbo
usw....

Du bist einer der wenigen, der es geschafft hat, alle diese Werte zu den damaligen Hoechstkursen zu kaufen. Gratulation

Jetzt willst du uns erklaeren wie die Boerse funktioniert und wie man Gewinne macht. HaHaHaHa

NHG hast du auch zu diesem Zeitpunkt empfohlen der Kurs damals ca. 24cts., dann bei 26 verkauft macht zusammen 200%, OK es gab noch Gratisaktien und Optionen, aber auf 200 % komme ich dabei nicht. HaHaHaHa

Zim hast Du 6.12 geraten zu verkaufen, Kurs damals 0,61 cts.
Danach, am 6.1 nochmals 50% der Kurs lag bei ca. 80 cts.
gekauft hast Du nach deinen Angaben bei 30 cts. macht zusammen 300 bis 400 % Gewinn. HaHaHaHa

Bei Aquarius schreibst du die erste Empfehlung vor 1/2 Jahr und willst jetzt schon seit Jahren investiert sein und deine Position verzweihundertfacht haben. HaHaHaHa

Lieber Manfred so wie wir dich kennen, haettest du uns schon lange genervt mit deinen sinnlosen pushversuchen, haettest Du hier einen Volltreffer gelandet.
Auch hier warst du wieder einmal zu spaet. HaHaHaHa

Also halte uns nicht alle fuer dumm und gehe wieder zurueck zum Neuen Markt.

MfG



von Arhaes 16.02.01 16:26:37 2924152 GLOBAL DOCT.

Oh Mann ich habe noch

Bank Bali,
Lets buyit,com
EM-TV

vergessen


MfG

von Arhaes 16.02.01 16:31:37 2924205 GLOBAL DOCT.


Zu Aquarius und Zimplats, wenn Du dich noch an deinen eigenen Text erinnerst und damit du nicht ganz abhebst, alte Pfeife.

von manfred1_I 19.11.00 19:14:09 3812209403
lt. Bericht der Euro am Sonntag.
Nebenan ein Bericht über Vorstand
hinter Gittern.
Dieses bezieht sich auf Infomatec.

Wo sind wir am NM nur hingekommen.

Meine Favoriten im Platinbereich laufen
seit Juli hervorragend.
Impala, Aquarius oder Zimplats.
Unter Gold nachschauen.

Die neue Chance bietet MDL 906335.
Nähere Infos unter: www.mineraldeposits.com.au

Viel Glück.

[manfred1_I]

Ich bin dabei den Rest Zimplats komplett aufzulösen.

Durchschnittl. Erlös dürfte bei 1,3 A. $ liegen.
(schlappe 400%)
Vielleicht steige ich bei einem Kurs von erhebl.
unter einem $ mit Teilen wieder ein.
Schaun wir mal.

Zuerst wird ein Teil der Gewinne wieder in
Jumbo und Global investiert.
Wenn IT-Werte drehen dürften diese auch stark
profitieren.

Den Kapitaleinsatz geht in die bekannten Goldwerte.

Vorerst wünsche ich allen die noch dabei sind
viel Glück.

Ferner sehe ich gerade dass der Palladiumpreis
schon abnippelt.

[gholzbauer]

20/02/2001 21:25 - (SA)
Russia delays PGM exports

Moscow – The signing of export quotas for Russian platinum group metals has been delayed indefinitely, Interfax news agency said on Tuesday, quoting a Ministry of Finance source.

Representatives of the Ministry of Finance, the Gokhran state precious metals and gems repository and Russia`s major producer of the metals Norilsk Nickel were unavailable for comment.

The source said the quotas had been delayed because unspecified changes were being made to them, according to Interfax.

The Russian government has to approve the draft of a decree granting the quotas on exports of platinum group metals before they are signed by President Vladimir Putin.

Of the four Russian platinum group metal holders - Norilsk, Gokhran, the Central Bank and Vneshtorgbank - only Norilsk has a 10-year export quota for palladium.

The others negotiate all export quotas on a yearly basis, while Norilsk must renegotiate platinum and rhodium quotas.

After Putin signs the export quota decree, the holders of metals still have to obtain licences before they can export through the country`s sole agency, Almazjuvelirexport.

In January platinum jumped to a 13-year high of $645 an ounce, while palladium prices soared to all-time highs near $1 100 an ounce on Russian supply worries.
(http://www.news24.co.za/News24/Finance/Markets/0,4186,2-8-21…

-----------------------------------------------------------------------------

Signing of platinum quotas on hold

THE signing of export quotas for Russian platinum group metals had been delayed indefinitely, a Russian finance ministry source said yesterday.

The ministry, the Gokhran state precious metals and gems repository and Russia`s major producer of the metals, Norilsk Nickel, were unavailable for comment.

The source said the quotas had been delayed because unspecified changes were being made to them.

The Russian government has to approve the draft of a decree granting the quotas on exports of platinum group metals before they are signed by President Vladimir Putin.

Of the four Russian platinum group metal holders Norilsk, Gokhran, the Central Bank and Vneshtorgbank only Norilsk has a 10-year export quota for palladium.

The others negotiate all export quotas on a yearly basis, while Norilsk must renegotiate platinum and rhodium quotas.

After Putin signs the export quota decree, the holders of metals still have to obtain licences before they can export through the country`s sole agency, Almazjuvelirexport.

In January, the platinum price jumped to a 13-year high of 645 an ounce, while palladium prices soared to record highs near $1100/oz on concern over Russian supplies.

Following news of the delay in Russian exports, the platinum price fixed at $605/oz in London yesterday afternoon from 603/oz previously, and the palladium price rose to $968/oz from $965/oz.

The JSE Securities Exchange SA`s platinum index gained 149 points to 27517 yesterday.

Anglo Platinum reversed earlier losses to end 200c firmer at R360 and Impala Platinum rose 700c or 1,7% to R425.

Overall, the JSE ended weaker, with the all share index losing 40 points following losses in financial, industrial and resources stocks.
Feb 21 2001 12:00:00:000AM Business Day Reporter and Reuters Business Day 1st Edition
(http://www.bday.co.za/bday/content/direct/1,3523,796455-6094…

-----------------------------------------------------------------------

Kroondal can`t shake off those pesky minorities

February 21 2001 at 12:06AM
This week spelt the end of Kroondal`s revered status in the local junior mining sector.
Kroondal was sold to investors three years ago as a high-dividend play but the prospects of any payout materialising have all but vanished.

The company has R125 million in cash which it seems loath to part with, and is now saddled with an uncomfortable shareholding structure. While 78,3 percent is held between Aquarius and Impala Platinum, the balance is split between an unholy alliance of nominees and Northam Platinum, thwarting attempts by Aquarius to delist Kroondal.

Just what is the strategy of these hangers-on, given Aquarius` refusal to part with Kroondal, is anyone`s guess.

But by standing their ground, the minorities are forcing Kroondal to contemplate taking a stake in the Marikana project, to give Aquarius the funding it requires to get the project off the ground.

They stand to have their noses put out of joint by the fact that their company is being used to bankroll projects belonging to London-based Aquarius.

Taking equity in Marikana would create a complex crossholding structure, with Kroondal owning a piece in Aquarius` project while Aquarius owns the majority in Kroondal. This is just the sort of tangled web which other mining houses have spent considerable effort eliminating over the past years.

With little liquidity left in Kroondal stock, there is little prospect for capital appreciation, making the outlook for minorities bleak. That may be precisely the message Kroondal is trying to relay.

It has pinned its colours to Aquarius` mast. Getting rid of pesky minorities will be a welcome bonus for both Aquarius and Kroondal.

The growth outlook for Kroondal as a standalone company diminished still further when its proposed joint venture with Anglo Platinum (Angloplat) was ditched.

The deal would have ultimately given Kroondal shareholders a 50 percent increase in attributable production. But it was shelved earlier this month when final feasibilities showed capital expenditure had increased by R100 million, apparently above Kroondal`s pain threshold.

Kroondal would also have had to split its earnings from the mine with Angloplat from July this year, before the production increase had filtered through. Dave Evans, Kroondal`s managing director, said this earnings knock made the deal a no-go for Kroondal.

Barry Davison, Angloplat`s chief executive, sounded hopeful last week that the joint venture could be resuscitated. Evans was less bullish.

Asked how Angloplat could sweeten the terms of the venture, he said: "We are not looking for anything from Angloplat. If Barry (Davison) wants to revive the deal he`ll have to come and talk to us, because we are not talking."
(http://www.businessreport.co.za/general/busrep/br_newsview.p…

------------------------------------------------------------------------------

Russian PGM Export Quotas Said Delayed Indefinitely

MOSCOW, Feb 20, 2001 -- (Reuters) The signing of export quotas for Russian platinum group metals has been delayed indefinitely, Interfax news agency said on Tuesday, quoting a Ministry of Finance source.

Representatives of the Ministry of Finance, the Gokhran state precious metals and gems repository and Russia`s major producer of the metals Norilsk Nickel were unavailable for comment.

The source said the quotas had been delayed because unspecified changes were being made to them, according to Interfax.

The Russian government has to approve the draft of a decree granting the quotas on exports of platinum group metals before they are signed by President Vladimir Putin.

Of the four Russian platinum group metal holders -- Norilsk, Gokhran, the Central Bank and Vneshtorgbank -- only Norilsk has a 10-year export quota for palladium.

The others negotiate all export quotas on a yearly basis, while Norilsk must renegotiate platinum and rhodium quotas.

After Putin signs the export quota decree, the holders of metals still have to obtain licenses before they can export through the country`s sole agency, Almazjuvelirexport.

In January platinum jumped to a 13-year high of $645 an ounce, while palladium prices soared to all-time highs near $1,100 an ounce on Russian supply worries.

(C)2001 Copyright Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the prior written consent of Reuters Limited.
(http://www.russiatoday.com/investorinsight/business.php3?id=…

-----------------------------------------------------------------------------------------
"The real precious metal"
North American Palladium strikes it rich in Northern Ontario
By John Gray
The tiny vial of ground palladium that mining executive Keith Minty holds in his hand is hard to distinguish from a container of common household dirt. And while palladium is a precious metal like gold, it certainly lacks the lustre and myth of gold. There are no movies like The Treasure of the Sierra Madre chronicling the search for palladium. There are no hit records cast in palladium hanging on the walls of pop music stars. And palladium jewelry, however beautiful, doesn`t have the romance of a band of gold. The main difference between the two precious metals, though, is market value. While the price of bullion continues to languish, the price of palladium has been skyrocketing. The ounce of material in Minty`s hand is currently worth about US$980, up from a low of US$285 only two years ago. At this price, palladium has more in common with high-grade cocaine than gold, which is selling in the US$250 range.

Palladium`s rising value has helped to pull Minty`s company, Toronto-based North American Palladium Ltd. (TSE: PDL), back from the verge of financial collapse. It has also touched off a palladium rush in Northern Ontario that mining executives hope will help the junior mining sector emerge from the long, dark shadow cast by the Bre-X fraud. Today, scores of small mining exploration companies have returned to the bush around Thunder Bay and Sudbury, Ont., hunting for feasible discoveries of what they call "the real precious metal."

Palladium may not be a household word—yet. But it is well-known to automakers, who need the metal for use in catalytic converters, which help engines produce less pollution. And its availability has long been a concern of other end users, who fear that Russia, which mines two-thirds of the world`s supply, may clamp down on its exports to the international market. Russian under-supply drove the price of palladium to a record high of US$1,094 per ounce in January. "The No. 1 question about the price of palladium is, What will the Russians do?" says Jeffrey Christian, managing director of the New York-based CPM Group, which tracks platinum and palladium markets. "And that question is not going to be resolved anytime soon."

Sales of palladium are controlled by the Russian central government, and its exact inventory levels are a closely guarded state secret. Russia is the Saudi Arabia of the palladium market. As the single-largest supplier of palladium, the country is a swing producer with the power to send prices soaring skyward or plummeting to earth. Russian metal flooded the market in the mid-`90s, driving prices down to US$115. Since then, Russian exports have been erratic, causing temporary shortages on the international market.

Meanwhile, producers of everything from cell phones to computers to dental fillings are relying more and more heavily on the hard-to-find metal. Environmental legislation, requiring automakers to produce cars that pollute less, has driven demand to new heights. Autocatalysts, which reduce hydrocarbons and other pollutants into carbon dioxide, water and less-harmful gases, work best with large amounts of palladium. Most new cars contain about three grams (about one-tenth of an ounce) of palladium. Globally, the auto industry used 5.88 million ounces of the metal in 1999, up from only 315,000 ounces in 1990, according to London-based Johnson Matthey PLC, which tracks the annual consumption of palladium and other so-called platinum group metals (PGMs). More stringent environmental standards and, ironically, the popularity of gas-guzzling SUVs (which need eight to nine times the amount of palladium that smaller cars do) will likely insulate the palladium market from any short-term downturns in the auto market.

Palladium supplies remain scarce. The metal is usually mined as a by-product of nickel and platinum, with only two mines concentrating on the production of palladium itself. North American Palladium`s open pit Lac des Iles mine, 85 kilometres northwest of Thunder Bay, is Canada`s only primary producer of the metal.

Before Minty took over as the company`s president in 1998, the mine`s continued existence was in serious doubt. North American Palladium was known more for its production of red ink than precious metals. Inefficient mining methods and low palladium prices resulted in the company consistently reporting multimillion-dollar losses and racking up a huge debt. The company reported a record $70.2-million loss for 1997. Minty, who had worked as everything from a shift boss of an underground mine in Botswana to an engineer at the Giant Mine in Yellowknife to a freelance consultant for Vancouver-based junior companies, was given the task of either turning the Lac des Iles mine around or shutting it down. But after his first trip to the mine site, Minty says he could see its profit potential. "There could be a lot of palladium on the property that I thought we could mine inexpensively," he says.

Despite the mine`s dismal track record, Minty convinced the company`s board to ante up another million dollars for additional exploration on the site, while he set about improving the mine`s efficiency. It was not an easy exploration. Palladium is notoriously difficult to find (company geologists refer to "no-see-um zones" because even economically feasible amounts of the metal are hard to distinguish). But ultimately the gambit worked, and exploration uncovered massive mineral deposits, helping the company to increase its resource from 1.3 million ounces of palladium in 1998 to 6.4 million ounces today, of which 4 million ounces are reserves. Those increased resources allowed the company to undertake a $208-million expansion, which is on track to be completed some time in the second quarter. Next year, the mine is expected to produce 333,000 ounces of palladium, up from only 64,000 ounces in 1999.

Investors have responded. The company`s stock bounced from a low of 95¢ in March 1999, to a high of $17.50 in January. A $235-million equity issue last October was fully subscribed, and billionaire George Kaiser, a Tulsa, Okla.-based financier, has raised his stake in the company to 57%. Both of which helped North American Palladium wipe out its looming debt and raise cash needed for expansion. In December, the company joined the TSE 300 Composite Index alongside major international mining companies such as Barrick Gold Corp. and Inco Ltd. In recognition of his efforts, Minty was named Mining Man of the Year in December by The Northern Miner, a weekly publication considered the bible of the Canadian mining industry.

Despite the honors and the remarkable company turnaround, Minty will not be able to completely capitalize on the run-up in palladium prices. His company has negotiated a five-year contract to sell half its production of palladium to an undisclosed automaker for US$550 per ounce. But while the company has limited its upside, it has also limited its downside by negotiating a minimum price of US$325 per ounce on 100% of production, should the Russian bear emerge once again and depress the market.

The sky-high price of palladium has spurred both major mining companies and a host of junior exploration companies into action in Northern Ontario. "It hasn`t been this busy up here since the mid-`80s when gold hit $800 an ounce," says Bernie Schnieders, the Ontario ministry of northern development and mines` regional resident geologist in Thunder Bay. Between 60% and 70% of the active exploration companies are looking for palladium and platinum. Historically, most companies have looked for the more common gold and base metals. "For the first time in a long time, we are seeing mining companies hire teams of prospectors to go out into the bush and break some rock," says Schnieders.

A similar boom is occurring in the Sudbury region and in parts of Quebec. Inco (TSE: N), which is under contract, along with Falconbridge Ltd., to process North American Palladium`s concentrate, announced in January that its exploration program had uncovered new platinum and palladium deposits on its Sudbury properties. The discoveries will allow Inco to increase its production of the metals to 416,000 ounces per year, up 21% from the 344,000 ounces produced in 2000.

There are other Canadian success stories, too. From his Sudbury office overlooking the Inco smokestacks, Ken Lapierre, vice-president of exploration for Mustang Minerals Corp. (CDNX: YMU), is directing the junior mining company`s most extensive search to date. More than two years ago, Mustang abandoned its efforts to find gold in Nevada to concentrate on platinum and palladium. The move has turned Mustang`s fortunes around. The company`s exploration budget is about $3 million, and in the past two years Mustang has signed joint venture agreements worth about $6 million each with Toronto-based Falconbridge (TSE: FL) and Johannesburg-based Impala Platinum Holdings Ltd. to look for platinum and palladium deposits in the Sudbury region.

The run-up in palladium prices, along with the success of North American Palladium, has convinced investors to give junior mining companies a second chance after being burned by the Bre-X fiasco, says Lapierre. "Bre-X created a terrible malaise and hammered all the juniors badly," he says. "If you didn`t already have an existing mine, you couldn`t get anyone to believe in junior mining exploration."

It will still be difficult. Despite the increased activity, none of the juniors has reported finding enough metal to dig a feasible mine. And while many of the junior companies are honestly scouring the terrain, looking for the next big palladium strike, others have merely dusted off old gold and base metal plays that couldn`t attract investor interest and repackaged them as hot palladium properties.

Some of those companies have been knocking on North American Palladium`s door, looking to hitch their wagon to Canada`s biggest recent mining success. But so far, the company is going it alone. North American Palladium is looking to extend production at its Lac des Iles mine beyond its current 12-year estimated life span; it has already optioned more than 15,000 hectares of property around the mine and in the region to expand exploration. And even if palladium prices don`t continue to break records, it costs the company only US$160 to produce an ounce of the precious metal. It seems that North American Palladium shareholders can finally start getting the profit, instead of the shaft.


(http://www.canbus.com/magazine_items/2001/mar05_01_palladium…

[gholzbauer]

Uncertainty boosts platinum group metals
By Adrienne Roberts
Published: February 20 2001 22:32GMT | Last Updated: February 20 2001 22:34GMT



The uncertainty about Russian supply that sent platinum and palladium prices soaring last month may not be over as soon as expected.

Interfax, the Russian news agency, reported that the signing of export quotas for Russian platinum group metals (PGMs) had been delayed "indefinitely", because changes were being made.

This contradicted comments on February 8 from Gokhran, the Russian state precious metals repository, that the quotas might be signed within two weeks.

One reason for the delay has been a lack of clarity on Russia`s debt management operations and its relationship with the Paris Club of lenders and the International Monetary Fund.

These will determine whether Russia`s PGMs are to be sold or used as collateral against debt. If Paris Club debts were repaid in full this year (and there have been some hints at this from Russian officials), Russia would be free to sell.

"That would also leave a current account shortfall, which again suggests that Russia would look to sell, although it might do this selectively in order to try and maintain high prices," said Rhona O`Connell at Cannacord Capital.

This seemed the most likely outcome last week when Alexei Kudrin, Russian finance minister, told his G7 counterparts that Russia would make good on its debts.

But the picture was complicated on Monday when Russia came up with only $577m of the $1.2bn that fell due to Paris Club creditors.

Mikhail Kasyanov, prime minister, blamed "temporary difficulties", but denied Russia was defaulting.

Despite the renewed uncertainty, PGM prices were subdued in late trading in London. Palladium was $968.00 an ounce, down from $974 overnight, while platinum was $605.00 an ounce, up from $602.00.

Palladium futures fell sharply in the Tokyo session, and there was talk of Russian spot sales. Fingers pointed at Norilsk Nickel, which has a 10-year export quota for palladium.

"The market feels as if there has been some strong selling from Russia. We have seen strong selling on the futures market as well," said Ross Norman at Precious Metals Research.

He added, however, that the market remains well supported by "increasingly opportunistic behaviour" by industry. Buyers such as the vehicle manufacturers "have learnt to wait for attractive price levels, and we`re seeing them place orders when the market dips".

Norilsk Nickel signalled a change in production priorities by saying PGM output would account for 55-58 per cent of output within 10 years. Nickel currently accounts for 55 per cent.
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid…
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Russia delays rare metal export quotas
BBC Monitoring Service - United Kingdom; Feb 20, 2001



Text of report in English by Russian news agency Interfax

Moscow, 20 February: The signing of export quotas for platinum group metals (PGMs) for 2001 has been postponed indefinitely, a source at the Finance Ministry told Interfax.

He declined to say what is causing the delay, but said that "some changes might be made" to the final version of the presidential decree on the quotas. He did not specify the nature of the possible changes.

A source in the presidential administration confirmed that the 2001 export quotas for PGMs have not been signed yet. He did not say when this might happen.

Interfax was unable to get any commentary on the delay in the signing of the quotas from state repository Gokhran or the Central Bank

Source: Interfax news agency, Moscow, in English 1124 gmt 20 Feb 01

/BBC Monitoring/ © BBC.

(http://globalarchive.ft.com/globalarchive/articles.html?id=0…

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DJ Russia Platinum Group Metals Quotas Held Up By Kremlin



MOSCOW (Dow Jones)--The issuance of Russian 2001 export quotas for platinum group metals is currently held up by the Kremlin, an official at the Finance Ministry said Wednesday.

Russia is the world`s largest platinum and palladium producer, but shipments of PGMs have often been delayed due to bureaucratic snags over the export quotas.

The exports of PGMs are regulated by a secret presidential decree, issued annually. The presidential administration has been notoriously slow about signing off quotas, resulting in significant export delays.

"The quota issue is now up to the Kremlin," the Finance Ministry official said.

Officials at Russia`s State Treasury Gokhran - the main government agency authorized to sell PGMs - declined to comment on the issue.

The Arctic region-based metals giant RAO Norilsk Nickel (R.NNK) is the only platinum exporter in Russia at present. It also exports palladium under an existing 10-year export quota.

Ministry Web site: http://www.minfin.ru

-By Leos Rousek, Dow Jones Newswires; 7095-974-8055; [e-mail]

(END) Dow Jones Newswires 21-02-01

1420GMT Copyright (c) 2001 , Dow Jones & Company Inc~200102211420
(http://www.thebulliondesk.com/DJNews/4346936.htm)

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21/02/2001 13:01 - (SA)


Russian PGMs on the market mid-March



Moscow - A decree on Russian export quotas for platinum group metals could be signed by President Vladimir Putin by the end of the month, a senior member of the group controlling the country`s major producer said on Wednesday.

Russian platinum and palladium could then be seen on international markets by mid-March, Yevgeny Ivanov, chairman of Rosbank, part of the Interros industrial and banking group which controls Norilsk Nickel, told Reuters.

"I expect the decree to be signed by the end of the month if it has not been signed already," he said.

"It`s a secret document so there is always a delay between its signing and the leaking of the information."

Ivanov`s comments followed a report sourced to the Finance Ministry on Tuesday that signing of the decree had been delayed indefinitely because unspecified changes were being made to it.

"Nothing in principle has changed with the quotas this year, it`s just the usual bureaucratic procedure and delay because so many parties are involved," he said.

Ivanov said there would be no specific changes in the export quotas related to Russia`s attempts to come up with extra funds to pay debts to the Paris Club of creditor nations this year.

Of the four Russian platinum group metal holders - Norilsk, Gokhran, the Central Bank and Vneshtorgbank - only Norilsk has a 10-year export quota for palladium.

The others negotiate all export quotas on a yearly basis, while Norilsk must renegotiate platinum and rhodium quotas.

Norilsk is seeking a five-year export quota for platinum and rhodium, but this would be obtained by a separate decree.

After Putin signs the export quota decree, the holders of metals still have to obtain licences before they can export through the country`s sole agency, Almazjuvelirexport, a process which normally takes one to two weeks.

In January platinum jumped to a 13-year high of $645 an ounce, while palladium prices soared to all-time highs near $1100 an ounce on Russian supply worries.

All the platinum group metals find their major uses in the production of autocatalysts to clean noxious car exhaust fumes.

(http://www.news24.co.za/News24/Finance/Markets/0,4186,2-8-21… bzw.
(http://news.altavista.com/scripts/editorial.dll?ei=2395438&e…

[gholzbauer]

Thu, 22 Feb 2001, 2:05am EST


Palladium Falls as Automakers Use Less in Car Exhaust Devices
Tokyo, Feb. 22 (Bloomberg) -- Palladium fell to its lowest level in six weeks after a unit of Toyota Motor Corp. said it will supply General Motors Corp. with exhaust pollution-control devices that reduce palladium content by more than half.

Automakers want to reduce dependence on palladium, used in catalytic converters to reduce harmful exhaust emissions, after Russia, which controls 70 percent of supply, delayed shipments.

Shortages drove the price of the metal to a record $1,125 an ounce on Jan. 12, or about four times the price of gold. Palladium cost $450 an ounce at the start of 2000.

Besides reducing use of palladium, automakers are turning to its sister metal platinum, which does a similar job, costs about $600 dollars an ounce and Russia doesn`t have a lock on supply.

``Makers of catalytic converters will shift back to platinum, because of high palladium prices and unstable supply from Russia,`` said Koji Suzuki, a precious metals trader at Itochu Futures Corp. in Tokyo.

Palladium for December delivery on the Tokyo Commodity Exchange fell as much as 120 yen, or 3.5 percent, to 3,305 yen a gram ($886 a troy ounce), the lowest intraday price since Jan. 5. Palladium for immediate delivery recently traded at $945 an ounce, up 0.5 percent after losing 4 percent yesterday.

Cataler Corp., the Toyota unit, will supply the world`s No. 1 automaker GM with 1 million catalytic converters a year. The contract will reduce demand for the metal, while supply from Russia, the No. 1 producer, is expected to rise, traders said.
(http://quote.bloomberg.com/fgcgi.cgi?T=finer99_auto.ht&s=AOp…

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1 Mio. Katalysatoren pro Jahr ist ein Tropfen auf den heißen Stein. Die Autoindustrie hofft wohl auf den psycholog. Effekt dieser Ankündigung, um den Pd-Preis etwas zu drücken.

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Russian ministry sums up metals discovered in 2000
Source: BBC Monitoring Former Soviet Union - Economic
Publication date: 2001-02-22


Text of report in English by Russian news agency Interfax
Moscow, 22 February: Russia discovered 1,350 tonnes of gold ore, 500 tonnes of placer gold, 500 tonnes of platinum group metals, 1.1m carats of diamonds, 165,000 tonnes of uranium, 27m tonnes of copper and 35m tonnes of lead and zinc in 2000.

The statement was made at a session of the Ministry of Natural Resources yesterday. The session dwelt on the results of 2000 and the tasks for 2001, a source in the ministry press service has told Interfax.

Publication date: 2001-02-22
© 2000, YellowBrix, Inc.
(http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=1…

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[gholzbauer]

Friday February 23, 6:07 am Eastern Time
Palladium slips further in Europe, gold steady
LONDON, Feb 23 (Reuters) - As gold held steady and tried to hold on to the elusive $260 level during early European trade on Friday, palladium continued to sink on the back of further liquidation.

Palladium fixed in the morning at $870 an ounce, down $23 from the previous fix and carrying on a trend of falls which started last week as market players expected Russian quotas to be signed to release metal to the marketplace.

Steady selling from funds and car companies has compounded the price fall, which has dropped $100 in a month from all-time highs set on January 11 at $1,085 on Russian supply worries.

``There`s been heavy consistent selling from car companies....the style and manner of selling makes us think it`s either the central bank or more likely car companies offloading stock,`` said Ross Norman at thebulliondesk.com.

``It`s likely that the quotas have actually been signed or are in the process of being signed because they`ve already done diamonds and the two usually go hand-in-glove,`` he added.

An official of the group controlling Russia`s major platinum group metals (PGM) producer Norilsk Nickel said on Wednesday President Vladimir Putin could sign a decree on PGM export quotas by the end of the month, allowing the metals on international markets by mid-March.

By 1105 GMT spot palladium was at $855.00/$885.00 from the New York close at $875.00/$900.00.

Platinum has so far managed not to get pulled down by its sister metal`s demise, with traders and analysts attributing its stability to more reliable supply and more demand.

While Russia supplies 70 percent of the world`s palladium, it only accounts for around 20 percent of platinum, with South Africa the main -- and more reliable -- supplier.

In light of the supply worries surrounding palladium, mainly used in autocatalysts, many car makers are substituting cheaper platinum.

``The platinum price resisted the downside pressure...this is in line with our expectations of platinum performing better than palladium in the future as auto manufacturers are likely to prefer platinum/rhodium-based autocatalysts in light of better availability of platinum,`` said Deutsche Bank research in a daily market comment.

Platinum fixed in the morning at $599.50 an ounce, just down from the previous fix at $600. Spot metal was last quoted little changed at $597.00/$602.00 from $597.00/$605.00.


GOLD EYES $260

Gold was struggling to regain $260 which slipped from its grasp during the last session.

The price was garnering some support from a steady euro which was staying away from recent two-month lows set amid Turkey`s financial turmoil.

By 1105 GMT spot gold was at $260.00/$260.50, up from the New York close of $258.70/$259.10, but below Thursday`s European highs.

Silver market sentiment was still bearish.

``The market has not been able to stage any sort of rally from the low $4.40s and with PGM weakness, we believe it will trade lower and break the key $4.40 support level,`` said Frederic Panizzutti at MKS Finance in Geneva.

Spot metal was last up at $4.44/$4.46 from $4.42/$4.44.

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London (Platts)--22Feb2001

Standard Bank, a major trader in platinum group metals markets, forecast prices this year to be $515-660/oz for platinum and $750-1200/oz for palladium at the launch of its Platinum Yearbook for 2001. Trevor Pitts, manager of platinum marketing for Standard Bank, said the wide ranges in the forecasts reflect the volatility of both markets, where prices hover below historic highs reached in January. On platinum, Standard Bank said: "The size and reliability of Russian deliveries will remain a major concern. Exports from production will be made, but inevitably, these will be subject to some disruption. We believe sales from a depleted stockpile will be minimal." On the flip-side, Standard said expansion projects undertaken by South African producers would boost supply.

In palladium, Standard said its forecast of $750-$1,200 reflected the "folly of predicting the price, and no doubt, that our forecast will be out of date even before the ink is dry on the page." It added that the metal would continue to suffer from its fundamental imbalance and this will underpin the price in the near term. "With demand outstripping new mine production, Russian disposals from stocks will again be critical." The supply of palladium, which like platinum, is used in catalytic convertors and other industrial applications, has been disrupted by wrangling between Russia`s Ministry of Finance, the state export agency and Norilsk, the world`s largest producer of the precious metal. European palladium fixed at $893/oz in its fixing Feb 22 afternoon, down $22 from this morning.

[gholzbauer]

Black-empowerment ace of South Africa`s platinum No 4

Anina Immelman
Mining Weekly Special Features Reporter
Appropriately-structured black empowerment is the ace up the sleeve of South Africa`s fourth-largest platinum company.
With this ace, Northam Platinum will be in a position to trump the hand of the new Minerals Development Bill and enter into many joint ventures and alliances as a ready-structured black-empowerment vehicle.
Black empowerment is a crucial demand of South Africa`s proposed new minerals legislation and Northam Platinum, with a 22,5% shareholder in the form of former Gauteng Premier Tokyo Sexwale`s Mvelaphanda Holdings, has a structure which is likely to satisfy the new requirements.
"I believe that any future greenfields mining ventures are going to have to have an empowerment component, an area in which this company already has a distinct advantage," Northam MD Ian Watson tells Mining Weekly.
Watson`s ultimate strategy is to grow Northam, bring it down the cost-curve and turn it into a significant platinum producer.
He says the current good price for platinum-group metals (PGMs) has given Northam, as a high-cost producer, a chance to expand its production.
It has started to mine the Upper Group Two (UG2) reef which, Watson says, presents the most cost-effective way of adding 100 000 PGM ounces to the mine`s annual metal output.
UG2 infrastructure already exists as development was in place to mine the Merensky reef horizon.
The company was also able to conclude an agreement with Anglo Platinum to acquire additional contiguous lease areas for it to mine.
Northam produces some 270 000 oz/y of platinum, palladium and rhodium combined and the UG2 project will increase output by 30% to about 350 000 oz/y when it is running at full production.
With the conclusion of the arrangement with Anglo Platinum, Northam acquired authorisation to mine to the east and west of its own existing operation and effectively extended the mine`s life from five to 23 years.
The substantial mineral resources in the new area are at the same depth as the existing workings and the additional ground will provide more face, leading to enhanced productivity and flexibility which will result in a reduction in working costs in the medium and long term, Watson says.
Previous development constraints have now been turned around and the mine has made progress on its 18-month development programme.
If need be, Northam can mine to a depth of 3 000 m, and feasibility studies concerning this possibility are under way.
The mine`s current head-grade - the proven surface-recovery value of precious metal content per ton of ore - is around 6 g/t.
Watson does not believe that large amounts of capital expenditure are required for the Merensky expansion programme.
"The beauty of this ground-acquisition is that infrastructure to gain access to these areas is in place because Northam has already invested in an established shaft and tunnel system, which can now take us into the future," he says.
Development is the company`s biggest expense at the moment, costing an extra R6-million a month.
Last year, revenue exceeded R1-billion and total costs were in the order of R630-million, giving a healthy 40% margin of profit at current high PGM prices, but Watson refuses to have his eye taken off the low-cost challenge.
Although he does not foresee a collapse in metal prices, he suggests that it may come down from the record levels achieved in the recent past and says that significant progress in cutting costs must be made to deliver real and measurable productivity improvements while high prices prevail.
Northam is interested in investing in shallower mines within the South African environment to bring it in line with Watson`s strategy of expansion, as manifested by the company`s unexpected interest in Kroondal when it indicated that it would offer up to R40 a share.
Watson is studying several joint-venture possibilities, confident that Northam is the ideal vehicle for such transactions with a balance
sheet that will enable it to raise the necessary money.
Legislation, in the form of the proposed new Minerals Development Bill, is likely to make mineral rights owners more eager to enter into ventures which remove the risk of not being adequately compensated for their asset.
Turning to mining challenges, Northam traditionally suffered from a dearth of face length, which is now set to change.
Though currently practising scattered mining on 3 400 m of Merensky face, its new accelerated development programme will give it 6 000 m of face.
Northam, as a high-cost and low-productivity mine, needs that amount of face to give it the flexibility to facilitate daily blasts and thus more output from each miner.
Current output is 20 m per miner, but a productivity level of 35 m per miner is being sought.
Since its inception, Northam has mined the Merensky reef horizon and not the UG2 40 m below it.
The high chrome content of the UG2 reef requires that Merensky and UG2 ore be processed separately, which is now achievable with the construction of the company`s UG2 plant
With the operation`s extended life and the availability of infrastructure, Watson estimates that costs can be reduced by 35% as a result of more tons being hoisted and more PGMs being produced.
The UG2 concentrator plant has been constructed by Dowding Reynard Associates of Sandton, Johannesburg, and the first 45 000 t was produced during December, 2000.
Northam`s total shaft capacity is some 300 000 t a month and total mill throughput is set to increase from 150 000 t a month to 220 000 t a month.
Northam is considered to be a deep-level platinum mine with an average depth of 1 600 m and a current maximum depth of 2 000 m below surface, on average about 1 000 m deeper than most other platinum mines.
As a deep-level mine, it has heat and strata-control challenges which have been engineered out.
The mine runs on hydropower, a state-of-the-art system used to power equipment and also to cool the underground environment.
The refrigeration plant chills water to about 5˚C and pumps it underground to drive machines such as tunnel loaders and rock drills.
"At the moment, we`re breaking an average of 200 000 t of rock a month and this is planned to increase to about 260 000 to 270 000 t a month in the near future, which is all achieved through water-power."
Also, water jets are used to move the bulk of broken rock into gullies.
Sixty per cent of the worked-out area is backfilled with tailings, which reduces the potential for seismic activity and lowers cooling costs by limiting the area that has to be cooled.
This technology thus allows Northam to mine at depth while maintaining an environment similar to that of a shallow mine.
Watson estimates that, were it not for the use of hydropowered equipment and backfill, cooling costs would be three times higher than they are now.
The effectiveness of the hydropower system was re-emphasised when the mine became operational again after the festive-season break when officials went underground before the workers started their shift, and found that the environment had heated up significantly in their absence.
Within hours of starting work and activating the hydropower system, the temperature levels came down much faster than they would have
had air and not hydropower been used to cool the area.
The average temperature of Northam workings is 28˚C wet-bulb, assisted by hydropower cooling and the use of backfill systems.
At present, Northam refines offshore.
Watson says he would like Northam products to be branded and more marketing emphasis to be placed on the company`s precious-metals range.
Northam does its own marketing by liaising directly with customers in Europe, Japan and the US, and it is a member of the International Platinum Association and the Platinum Guild.
Since its unbundling out of the 100-year old Gold Fields of South Africa, Northam has a new board of directors chaired by Sexwale.
Anglo Platinum, which also has a 22,5% shareholding in Northam, is represented by Barry Davison, Eric Ford and Roeland van Kerckhoven; and Mvelaphanda by Sexwale, Mark Willcox and Eric Molobi.
Other directors are Simon Malone, Michael Beckett and Bernard van Rooyen.

Name: Northam Platinum Limited
Age: 14 years
Listings: Johannesburg (primary) and London (secondary)
Main shareholders: Anglo Platinum Limited (22,5%), Mvelaphanda (22,5%)
Employees: 6 000
Market capitalisation: R3,6-billion
Operations: Mining operations on the Bushveld Complex, Northern Province
Management: Acting mine manager Dave Betton, financial manager Graham Fraser, metallurgy
manager John Derbyshire, production manager Pieter Badenhorst, production manager (UG2) Jonathan Buckley, acting manager human resources Richard Viring, chief safety officer Theodor Jansen van Rensburg
Main products: Platinum, palladium, rhodium, gold, ruthenium, osmium, iridium, silver, copper, nickel
Smelting capacity: 10 000 t/m feed
Refinery: None, refined by Heraeus of Germany
Platinum production: 190 400 oz for 2000
Palladium production: 89 850 oz for 2000
Underground output: 1 860 370 t for 2000
Shafts: Two
Underground productivity measures: 18,8 centares a person a month for 2000
Surface projects: Base-metal refinery and UG2 concentrator
Measured resources: Merensky: 14 million metal oz; UG2: 11,3 million metal oz
Measured reserves: Merensky: 7,5 million metal oz; UG2: 2,1 million metal oz

©Martin Creamer Media

[gholzbauer]

COMMODITIES & AGRICULTURE: Low US oil stocks push futures higher
Financial Times; Feb 23, 2001
By ADRIENNE ROBERTS



Oil futures were jolted higher in early trade as US oil stocks were shown to have fallen to their lowest since 1976.

The American Petroleum Institute (API) reported a draw of 12m barrels, with the Energy Information Administration (EIA) putting the fall at 11.9m barrels.

Both agencies confirmed, however, that dense fog on the US Gulf coast had played a large part in the supply squeeze, preventing oil tankers from loading at inland ports and terminals.

This, and more bearish elements of the API data - such as the fact that gasoline stocks are now 8.9m barrels higher than a year ago - slowed the rally.

By the close in London, April Brent was 9 cents higher at Dollars 26.46 a barrel. In late trade in New York, the April Nymex contract was 29 cents up at Dollars 28.82.

Traders were sanguine about news that the US had attacked air defence targets in northern Iraq. This came shortly after a senior Iraqi oil official said Iraq had no intention of changing its export policy after last week`s air strikes.

Iraqi crude exports for the week ending February 16 rose sharply to 1.54m barrels a day, from 229,000 barrels a day the previous week.

Palladium fell to a 2 1/2-month low of Dollars 893 an ounce at the London Metal Exchange`s afternoon fix.

This was the metal`s second day of steep losses. Comparing afternoon fixes, palladium fell Dollars 33 on Wednesday and Dollars 42 yesterday. Selling at the twice-daily fixes has been so heavy that one trader described it as "dumping". There has been talk in the market that Russian producers are selling, but Ross Norman, at TheBullionDesk.com, said there may be other factors involved.

"The Russians have long gone beyond that approach to selling. They don`t get the best price that way," he said.

Cataler, a unit of Toyota Motor, said yesterday it would supply General Motors, the world`s biggest palladium buyer, with pollution-control devices that reduce palladium content by more than half.

It said the deal was for 1m catalytic converters a year.

"It`s quite likely, in light of this contract, that GM is able to make some adjustment to its inventory," said Mr Norman.

A spokesman for General Motors in Detroit confirmed the company had a contract with Cataler but declined to comment on whether the company was selling palladium. Traders said they had seen good two-way volume, but even strong buying interest had failed to outweigh the selling.

Copyright: The Financial Times Limited

[Dottore Lupo]

Na, Aquarius hat jetzt 90% in Kroondal,wird sie Zwangsdelisten

und den Gewinn dieser schuldenfreien Gesellschaft in den

Ausbau des Marikanaprojects stecken.

Sieht gut aus,AQP der einzige schnellwachsende PGM- Wert.

cu DL

[gholzbauer]

23 February 2001
PLATINUM & GOLD
THE GLOW OF WHITE METAL
By Brendan Ryan

There are several reasons why platinum-group metals will remain the mainstay of SA`s mining industry for years to come

If mining in SA is a "sunrise industry", as the Chamber of Mines maintains, then it is a platinum dawn because gold`s importance to the country is being steadily eclipsed by the white metal.

That`s because of rock-bottom dollar gold prices and declining production from SA`s ageing gold mines while the prices of platinum and its sister metal, palladium, have rocketed, spurring unprecedented expansion in the platinum sector.

Platinum industry leader Anglo Platinum (Angloplat) last year declared platinum the metal of the new millennium and, so far, every market indicator backs that claim.
The platinum business is not just about platinum itself. It is the best-known of a complex of six metals referred to as platinum-group metals (PGMs). They are mined and extracted together with minor amounts of gold and substantial quantities of two base metals, copper and nickel.

The most important of the metals are platinum, palladium and rhodium (the others being iridium, ruthenium and osmium). Last year, for the first time, SA`s export earnings from the three main metals alone eclipsed those of the country`s gold industry (see graph, "How White Clipped Yellow").

SA gold production, in decline since the mid-Eighties, reached an estimated 430 t (13,8m oz) last year, which the Chamber of Mines estimates earned US3,6bn (R27,5bn). By the same standards of calculation, the three main PGMs generated 3,8bn (R29bn). This could reach $5bn (R39bn) this year if PGM prices remain constant through the 12 months.

SA produces about 3,9m oz of platinum annually, worth $2,3bn at 600/oz, as well as 1,9m oz of palladium, worth $1,8bn at $950/oz and about 400 000 oz of rhodium, worth $900m at the current price of 2 200/oz. These impressive figures are generating stunning profits for the platinum producers - Angloplat made record earnings of more than $1bn for the year to December - and have triggered huge expansion drives by existing producers and a rush to enter the industry from a string of newcomers.

In fact, things look so good for the platinum producers that you have to ask: what could possibly upset the apple cart? The short answer appears to be: nothing in the next three years, short of world economic Armageddon. And that, of course, would clobber everybody.

The idea that "nothing can go wrong" does not sit comfortably with any commodity business, and platinum has a boom-bust track record dating back to the discovery of SA`s vast reserves by geologist Hans Merensky in 1924.

But there are fundamental differences that make the outlook far more solid than in 1988, when the platinum industry last boomed amid predictions that the good times would last.

Those proved to be premature; the motor industry promptly opted for more palladium and less platinum in its auto catalyst mix to control vehicle emissions because of high price and political risk. This harmed SA but benefited Russia.

SA produces about 72% of the world`s platinum and Russia about 20%, but the equation reverses itself in palladium, where Russia controls 66% of supply to SA`s 25% market share.

The automakers must now be regretting that call. Palladium in 1988 sat around 55/oz and platinum at about $600/oz. Nowadays, platinum is still around 600/oz but palladium has soared to above $1 000/oz. The reason is Russia cannot meet the auto industry`s vastly increased demand for palladium from its dwindling stockpiles.

The response in the early- and mid-Nineties was a slump in the platinum business, aggravated by the Russians who flooded the market with palladium and platinum from their stockpiles. They did so because they needed hard currency to make up for the low prices of their other main exports, oil and gas.

In 2001, neither of those factors applies, which is why Angloplat CEO Barry Davison is upbeat about platinum`s future.

Davison pushed the button on the first stage of Angloplat`s expansion programme two years ago, based on an assessment that Russia was rapidly depleting its inventories of platinum and would not be able to continue supplying the market at levels well above its annual, new-mined production.

There are no official figures on Russian sales and stockpile levels, but best industry estimates are that Davison was right. The jump in oil and gas prices also helps.

"I don`t think the Russians can cause further big disruptions to the platinum market," says Davison. "They are also marketing platinum to optimise revenues because higher oil and gas revenues have taken the pressure off them to generate hard currency."

The SA platinum producers believe the car manufacturers have no choice but to substitute more platinum and rhodium for palladium in their auto catalyst mix.

"The use of platinum in auto catalysts will continue to grow because of more stringent emission legislation for diesel vehicles and concern over long-term supplies of palladium," says Angloplat commercial director Dorian Emmet.

Impala Platinum (Implats) senior marketing manager Derek Engelbrecht says these trends will offset any losses from lower car production in the US and Implats is forecasting a 10% rise in total auto catalyst demand for platinum over the next five years.

Another concern is possible oversupply from SA. But analysts don`t see that happening soon. Angloplat intends pushing annual platinum output from 2m oz now to 3,5m oz by 2006. Implats intends going from its present 1,1m oz/year to 1,8m oz by 2005. Lonplat, the third-largest producer, plans to hit 870 000 oz by 2007 from its current 670 000 oz.

In addition, a string of newcomers are already entering the business or wanting to get in: Aquarius, Kroondal, Southern Era, Cluff Mining, African Rainbow Minerals, Mvelaphanda Platinum, Harmony Gold and Avmin.

"Even if I assume every known planned expansion or likely new project comes on stream according to schedule - which is highly unlikely - then platinum supply would just balance demand by 2005," says Barnard Jacobs Mellet analyst René Hochreiter.

There are bound to be delays and setbacks to projects and worries over the availability of skilled staff, which already concerns the big platinum groups.

Gold industry executives would love to be facing that kind of problem, but their priority is survival with a gold price at 20-year lows and little sign of improvement.

SA gold production halved from a peak of nearly 1 000 t in 1970 to 494 t in 1996 and has continued the inexorable downward slide to 450 t in 1999 and an estimated 430 t last year. That trend will continue, says Chamber of Mines chief economist Roger Baxter. He hopes SA can keep gold production above 400 t for the next two years, if the gold price holds. It may, with the consolidation of SA`s ageing gold mines. Major producers like AngloGold and Gold Fields Ltd are disposing of high-cost shafts and mines to leaner operators like Harmony and Durban Roodepoort Deep, which can keep them going, usually at lower production.

"The gold producers are totally focused on their bottom-line profits rather than overall gold output," says Baxter. "The only replacement production that will come in at current price levels is from the South Deep and Target/Sun developments."

The fall in the rand has provided some protection but gold mines are not going to look at new projects unless the dollar gold price recovers.

" It is going to take gold prices of $350 and above before anyone looks at a new, greenfields project in SA," Baxter says.

That is because SA`s remaining gold orebodies are all deep, requiring outlay of billions of rand and delays of up to seven years before they can expect a return on the investment. That`s why the SA gold companies are scouring the world for deposits such as the Morila mine in Mali. These can be mined by open-cast methods, delivering the first gold in less than two years from initiation.

As for the gold price, producers are following the lead of the platinum and diamond producers in focusing on growing demand through greater promotion, marketing and advertising. The World Gold Council, representing producers, has just doubled its annual promotion budget to $50m because, until now, it has been outspent by the platinum industry`s promotional body, Platinum Guild International (PGI) . Yet world platinum demand is only about 177 t compared with world gold demand of 3 280 t.

PGI has been hugely successful in opening up a new platinum jewellery market in China which, in just five years, has grown to rival major consumer Japan. It hopes to replicate this success in India through a campaign that kicked off last year.

Ten years ago the platinum and gold mines` message to financial analysts and media was all about costs, production levels and recovery efficiencies. That is still important, but precious-metal producers now project conspicuous consumption and fashion with svelte models dripping gold and platinum jewellery at exhibitions and competitions to promote jewellery design and demand.

Davison says Angloplat`s strategy is to grow demand for platinum and then expand production. In this, platinum producers have the edge on gold, being smaller and more focused. Gold miners are plagued by huge, above-ground stocks of the metal held by central banks, some of which no longer value its investment merits.

SA dominates the world platinum scene because it hosts the world`s greatest known deposits of platinum. The gold miners were in a similar position until competitors using new mining and treatment technologies successfully opened up in North and South America and Australia.

There is no sign yet of a serious competitor to SA`s platinum riches - a situation all South Africans should hope will last for many years to come.


(http://www.fm.co.za/01/0223/cover/coverstory.htm)

[gholzbauer]

METALS
Palladium dives on Russian talk
Posted Mon, 26 Feb 2001

New York palladium futures plunged for the fourth straight day on Friday, hitting a two-and-a-half-month low amid optimism that the long wait for the necessary Russian material appeared to be nearing an end.

On the NYMEX, March palladium ended $39.75 (R309.00) lower at $855 (R6 651) an ounce, bottoming at $841 (R6 542), which was the lowest price since 1 December and marked a 23% decline from January`s record high near $1 100 (R8 558).

Dealers said most of the impetus came from London, where Russian sales were reportedly percolating through the spot market. That facilitated fund profit-taking and carmaker selling, though scepticism remained earlier on that the top producer might sign export quotas by the end of February, paving the way for licenses to ship platinum group metals to supply-starved international markets by mid March.

(http://business.iafrica.com/news/sabusinessnews/221712.htm)

[Goldhotline]

Zitat aus "Der Goldmarkt" vom 24.01.2001, Ausgabe 2/01: "Ein weiteres Anzeichen für das kommende Ende der Hausse der Platingruppenmetalle ist das Auftauchen von Glückrittern, Betrügern und Verbrechern im Platinsektor. Begleitet von Hymnen der Massenblätter (z.B. FAZ vom 10.12.00:"Zur Weihnachtszeit glänzt nur das Platin", Handelsblatt vom 11.01.01 "Palladium durchbricht Preisschwelle", "Analysten sehen weiteren Anstieg") wurde ein Treffen des russischen Oligarchen Potanin, dem Chef der Norilst Nickel und dem Chef der britisch-russisch-israelischen Trans-World-Group (am 13.12.00 schrieb das Handelsblatt von der Londoner Trans-World-Grouß, vgl. Meldungen vom 13.12.00, Ausgabe 26/00 und 17.01.01, Ausgabe 02/01) bekannt. Bei dem Treffen soll es darum gegangen sein, das staatliche russische Exportmonopol für Platingruppenmetalle zu unterlaufen, um die Gewinne privatisieren zu können."

Ein kostenloses Muster von "Der Goldmarkt" kann unter [e-mail] angefordert werden.

Die Goldhotline

[gholzbauer]

Automakers` commitment to fuel-cells augurs well for SA

Jill Stanford
Mining Weekly Contributing Editor
Barry Davison, Anglo Platinum CEO, painted a rosy future for platinum at the Investing in African Mining Indaba this month.
"The jewellery industry is the largest consumer of platinum, with demand growing every year since 1983," he said.
Jewellery accounts for 47% of platinum demand, the autocatalyst market 28% and industrial use, including chemical, electrical, glass and petroleum, 25%.
Driving industrial demand is platinum`s use as a homogeneous catalyst in the manufacture of speciality silicones for the aerospace, automotive and
construction industries and its use in hard disks in the high-growth computer market.
Its application as a constituent of an alloy coating enables computer data-storage disks to retain more information.
The outlook for autocatalyst demand is bright.
Platinum has preferred status in diesel technology and there is continuing growth in the diesel market.
In the US, legislation governing emissions on heavy-duty vehicles is to be phased in from 2003 and by 2008 all of these vehicles will have to be fitted with autocatalysts.
The predominant catalyst technologies are platinum-based and, with the expectation of growth in sales of diesel vehicles in Europe, platinum offtake is forecast to increase.
Production of direct-injection petrol vehicles is expected to increase in Europe over the next few years as a result of pressure on the European Union to reduce the limit on sulphur content of vehicle fuels significantly.
Direct-injection petrol vehicles are expected to use platinum-predominant catalyst technologies.
There is a growing awareness in the auto industry of the reliance on Russian sales from stocks to meet palladium demand.
The anticipation of a shortfall in supply is encouraging manufacturers to substitute palladium with platinum-based autocatalyst technology.
"The long-term kick-off for platinum demand will be fuel-cells," says Davison.
Fuel-cells are being developed as an alternative to rapidly-diminishing fossil fuels and to nuclear power generation.
These cells produce negligible pollutants - their primary effluent is drinkable water.
Fuel-cells use platinum as a catalyst in converting fuel to electricity.
"By 2004 DaimlerChrysler, Ballard, General Motors and Ford have committed to have fuel-cell cars commercially available," said Davison.
Ballard, a leading supplier of proton-exchange membrane fuel-cells for transportation, is to supply Nissan with $2,4-million-worth of power packs for Nissan`s fuel-cell programme.
Subsidiary Ballard Generation Systems has delivered its fourth 250 kW stationary fuel-cell generator for field testing.
General Motors plans a production-ready fuel-cell vehicle by 2004; Ford has announced that a fuel-cell version of the Ford Focus (TH!NK FC5) will be in mass
production by 2004, while DaimlerChrysler is to deliver its first fuel-cell commercial vehicle into service this year.
"By 2010, 500 000 oz of platinum will be being used in fuel-cells," said Davison.
There are 1,530-million ounces of platinum resources worldwide, with 75% of these in South Africa.
At current demand this is a resource of 250 years.
"Platinum has a great future and we intend to be part of it," said Davison.
Anglo Platinum is expanding its production from 2-million ounces at present to 3,5 million ounces in 2006 at a cost of R13-billion.
©Martin Creamer Media
(http://www.miningweekly.co.za/mineweek2.nsf/news/B6123A51D08…

[gholzbauer]

SA PGM group has drilling success in Canada

Terence Creamer
Mining Weekly Deputy Editor
South Africa`s second-largest platinum producer, Implats, which began drilling a platinum-group metals (PGM) prospect in Canada late last year, has announced the first results.
The $6,2-million exploration at the River Valley property, which is being conducted in joint venture with Mustang Minerals, is viewed as a way for Implats to diversify the geographic mix of its production portfolio.
The property, 50 km east of Sudbury, in Ontario, and alongside similar exploration work being conducted by Anglo Platinum, comprises more than 600 mining claim units and 28 km of prospective horizon along the north and south margins of the River Valley layered intrusion.
CEO John Smithies describes the programme, which should span five years, as the group`s first tentative step into the international environment, revealing that the exploration target was picked up at a Prospectors and Developers Association of Canada gathering.
Smithies adds, though, that Implats`s policy of avoiding `pure exploration` remains, pointing out that the company would not have proceeded without the involvement of Toronto-based junior exploration company Mustang.
Consulting geologist Les Paton reveals that the exploration is targeting shallow deposits that will support a bulk-tonnage opencast operation, and will involve some
17 000 m and about 60 boreholes over a mapped strike-zone of four to six kilometres.
The holes themselves will range from 300 m to 400 m. Implats reports that the first 12 holes have been successful in establishing the presence of a distinct mineralised system and local zones of high-grade mineralisation.
Drill-holes have targeted the `chaotic layer`, a stratiform gabbroic rock unit running parallel to the 4,5 km north contact of the intrusion.
The widely-spaced holes were drilled along a kilometre-long strike length, with two holes every 200 m, in the south-east part of the north grid. The dip of the zone varies from 70° to 45° north.
The core is being assayed at XRAL Laboratories at Rouyn-Noranda, while check assays were submitted to ALS Chemex and analysed at its lab in Vancouver.
Implats states that all the holes intersected PGM-enriched sulphide mineralisation, while rhodium assays on the higher-grade intervals are pending.
An additional 13 000 m or about 50 boreholes will be drilled soon in order to complete the first and second phases of the drill programme.
In mid-February a second drill was added to the programme.
"The River Valley project has made substantial progress in the last year" says Mustang vice-president exploration Ken Lapierre.
"The joint venture has the financial and technical expertise to continue to explore a very large and highly-prospective land position in an aggressive yet systematic manner.
"Our objectives will continue to be to expand the known horizons identified and to find areas with greater PGM enrichment."
©Martin Creamer Media
(http://www.miningweekly.co.za/mineweek2.nsf/news/B69D8A1D0F9…


Mustang Minerals
http://finance.yahoo.com/q?s=ymu.v&d=t

[gholzbauer]

Northam Platinum - Termination of LSE Listing
RNS; Feb 26, 2001



IMPORTANT: IF YOU HAVE SOLD YOUR SHARES IN THE COMPANY, YOU SHOULD SEND THIS
CIRCULAR TO THE PURCHASER OF THE SHARES OR TO THE PERSON THROUGH WHOM THE SALE
WAS EFFECTED

NORTHAM PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1977/003282/06)
("the company")

TERMINATION OF LISTING OF ORDINARY SHARES
ON THE LONDON STOCK EXCHANGE

The company has maintained a secondary listing on The London Stock Exchange
("the LSE") since 1 February 1990.

Shareholders holding 1,503,139 ordinary shares (equivalent to 0.65% of the
total issued ordinary share capital) appear on the current United Kingdom
share register. Since listing, very few transactions have been and are
conducted on the LSE.

In view of the relatively small volume of shares traded through London and the
high costs and time constraints involved in complying with the requirements of
the LSE for, inter alia, the issue of new shares, it is considered that such a
listing is no longer of benefit to the company. Accordingly, the directors of
the company have requested the United Kingdom Listing Authority to remove the
company from the Official List and the LSE to cancel dealing, with effect from
the close of business on 16 March 2001.

The United Kingdom register will be maintained and all matters relating to the
company`s shares dealt with through the company`s United Kingdom registrars,
Courtney Road Services, will be dealt with as before.


For and on behalf of the board


St James`s Corporate Services Limited
London Secretaries

23 February 2001

[gholzbauer]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[gholzbauer]

Platinum-Palladium Claims Acquired by NovaWest Resources: Extensive Raglan Property Expansion Adds 507 New Claims
Source: Business Wire
Publication date: 2001-02-27



VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 27, 2001--NovaWest Resources Inc. (http://www.novawest.com) (CDNX:NVE) (Canadian Venture Exchange) announces that the Company has acquired 507 additional claims in the Raglan PGM-Ni-Co-Cu Camp, Quebec. The Raglan Cape Smith Belt, known for its large nickel-copper-PGM deposits, is the focus of NovaWest for PGM-Ni mineralization in Canada.

The new claims encompass approximately 55,000 acres and strategically join the Company`s existing DeltaEast, DeltaWest, Sub, Lac Nuvilik, EastBridge and Checkmate property. NovaWest`s extensive Raglan properties now total approximately 149,000 acres.

NovaWest personnel staked four hundred and ninety-eight of the new claims and a 100% interest in nine claims was purchased for one thousand dollars and fifty thousand NovaWest shares (no royalties are applicable and the purchase agreement is subject to CDNX approval with shares being subject to any hold periods that may apply under CDNX or BCSC policy).

It is estimated that the Raglan Belt contains 40 to 100 million tons of Ni-PGM-Cu-Co mineralization in approximately 7 deposits which have much greater potential. Falconbridge`s nearby Raglan Katiniq mine is presently an important world source of Nickel, Palladium, Platinum, Cobalt, Osmium, and Copper. Significant Palladium and Platinum values have been reported from the Raglan Camp, with NovaWest itself reporting Palladium values up to 26.76 g/t and Platinum values up to 9.3 g/t from 1997/1998 samples of hard-rock surface outcrops.

Mineral values worth noting from the Raglan Camp were reported from a Falconbridge Limited property adjacent to NovaWest`s claims where drilling yielded values including 6.45 g/t Palladium, 6.42 g/t Palladium, 5.8 g/t Palladium, 3.9 g/t Palladium, 2.7 g/t Palladium, 5.48 g/t Platinum and 2.26 g/t Platinum. It is understood that these drill holes were approximately 200-300 metres from NovaWest`s boundaries and indications are that the deposits trend westward towards NovaWest`s Raglan properties.

NovaWest plans to undertake exploration on these new claims in conjunction with its planned 2001 Raglan drill program to be announced soon.


On Behalf of the Board of Directors:

Patrick D. O`Brien - Chairman


NovaWest Resources Inc. S.E.C. Exemption 12(g)3-2(b) File No. 82-3822 Standard & Poors Listed

The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.


Publication date: 2001-02-27
© 2000, YellowBrix, Inc.

[gholzbauer]

Wednesday February 28, 8:01 am Eastern Time
Press Release
SOURCE: Falconbridge Limited; Impala Platinum Holdings Limited

Falconbridge and Implats announce strategic alliance on platinum group metals
TORONTO, Feb. 28 /CNW/ - Falconbridge Limited and Impala Platinum Holdings Limited (Implats) are pleased to announce the formation of a strategic alliance to jointly explore for platinum group metals (PGMs).
Under the terms of this five-year agreement, Falconbridge will conduct grassroots exploration for new high quality PGM projects worldwide. Implats will participate by contributing early stage project funding. After the earn- in phase for each project, a 50/50 joint venture will be formed.

Falconbridge and Implats will take advantage of their extensive technical and processing capabilities to evaluate and advance exploration projects as rapidly as possible. The agreement is intended to focus specifically on deposits which have PGMs as their main value and does not cover projects for nickel, with PGM by-product credits, or for other commodities.

"Our goal is to grow our platinum group metals business," said Tony Green, Manager of Exploration for Falconbridge. "Our alliance with Implats - one of the world`s major platinum producers - supports this strategy and will allow us to combine our expertise and our resources in the pursuit of high quality PGM projects worldwide."

"This alliance with a major player compliments our growth strategy and gives us access to exploration expertise outside South Africa," said Les Paton, Senior Consulting Geologist for Implats.

Implats is a major producer of PGMs from its mines and processing facilities in South Africa. Falconbridge produces significant PGMs as a by- product from its nickel mining and processing activities in Canada and Norway.


For further information

Falconbridge Limited: Tony Green, [phone], [e-mail], www.falconbridge.com
Impala Platinum Holdings Limited: Les Paton, 27-11-481-3900, [e-mail], www.implats.co.za

[GOLDONLY]

@Manfred

NHG heute in Sydney ziemlich abgeschmiert.

Solltest Du vielleicht doch ...

Nehme unter Umständen also alles zurück und behaupte
das Gegenteil.
Nur bei MYC werden wir nie auf einen gemeinsamen Nenner kommen.

Gruß

GO

[manfred1_I]

Bei NHG hatte ich vielleicht doch den
richtigen Richer, ebenso wie bei
Zimplats und AQP.

Fällt alles.

An Gewinnmitnahmen kann man nur gewinnen.

[gholzbauer]

manfred,
bei Zimplats hast du seit 0,61 A$ zu Gewinnmitnahmen geraten.

C U @ 3 A$

[gholzbauer]

STOCKBROKERS PREDICT FALLING DEMAND AND PRICE FOR PALLADIUM

http://www.minesite.com/archives/brokers_archive/feb2001/pal…

[gholzbauer]

NY Precious Metals Review: Palladium Dn 5% on Russia Sales Talk


By Deborah Kinirons, BridgeNews

New York--March 1--NYMEX Jun palladium futures settled down $42.45, or 5%, at $799.55 per ounce, after falling to a three-month low of $792.0 per ounce, after Russian selling was again seen on the AM and PM London fixes. COMEX Apr gold settled down $1.6 at $266.2 per ounce, as open interest declined Wednesday, showing that the recent climb was a matter of short-covering, rather than any fresh buying interest.

"This market is in full-retreat mode," a trader said. "We are at the total other end of the spectrum from where we were a month ago," he said.

Liquidity has come full circle, and the borrowing rates are "dirt cheap," the trader said. Lease rates are now 6%, down from 25% one month ago, he added.

On Jan. 26, active month palladium climbed to an all-time high of $1,090 per ounce. Thursday`s settlement is $290.45 below that level--a more than 25% decline.

The Russians have probably sold upwards of 500,000 ounces in the last three weeks, a trader said.

Leonard Kaplan, president of Prospector Asset Management, said there is still much more downside for both platinum and palladium.

"I would think that within six months you`ll see platinum and palladium at $550," he said.

NYMEX Apr platinum Thursday settled down $11.4 at $598.6 per ounce.

Apr gold was down as total open interest fell by 8,080 contracts to 135,093.

Gold saw a little more retracement and profit-taking off the recent run higher, said David Meger, senior metals analyst, Alaron Trading.

Kaplan said the gold market has held up very well despite significant selling and lending.

Major support for gold lies at $265.0 and $262.0, he said.

Gold fell in sympathy with silver, Kaplan said. COMEX May silver settled down 8.0 cents at $4.435 per ounce, after falling to a four-session low of $4.425. Silver saw good trade selling all day, he said.

[gholzbauer]

Volatility tests palladium`s mettle
By Adrienne Roberts
Published: March 1 2001 22:50GMT | Last Updated: March 1 2001 23:05GMT



The price of palladium,the world`s most expensive metal, began taking steep steps down last week that brought it to a three-month low of $787.50 on Thursday.

Only a month ago the white metal, which is mainly used in car exhaust systems, electronics and dentistry, was trading at a record $1,090 - more than four times the price of gold at the time.

The peak occurred after Russian supply, which usually accounts for about two-thirds of world consumption, dried up in December.

Since that spate of panic buying, it is clear that someone is now selling the metal, but this is the most opaque of the precious metals markets. Every analyst has his or her own theory about who the biggest seller is.

Russian palladium is believed to be returning to the market, but analysts are also watching the car companies, which are believed to have accumulated large palladium inventories.

"I think it`s a combination of speculators liquidating long positions, some producer selling and possibly a motor company," said Trevor Pitts, chairman of the London platinum and palladium fixing, at which almost all spot trade is presently taking place.

"But it`s a nervous, erratic, illiquid market. It doesn`t take a lot to move the market dramatically."

In these conditions, a minor transaction of 10,000 ounces can move the price by $20.

Industrial users are losing patience with the metal`s volatility. One by one they have started announcing plans to reduce reliance on it.

The automotive industry accounts for about 57 per cent of global demand. Its biggest producer, General Motors, said recently it expected to reduce the amount it uses in catalytic converters by 40-50 per cent by 2003.

David Andres, purchasing director for commodities at General Motor Purchasing, says he expects his rivals are planning similar cuts.

In electronics, which account for about 22 per cent of demand, some of the leading companies are sending the same signals.

Murata, the world`s biggest producer of multilayer ceramic capacitors, with about half of the global market share, says it has an intensive programme to move into other metals, such as nickel.

"Palladium use varies for different products. But for our main product, ceramic capacitors, we have shifted more than 90 per cent to non-palladium materials," said Walter Huck, quality and environmental manager for Murata, Europe.

Martin Baker, marketing manager for Murata UK, said: "It has been difficult to live with the volatility of the metal.

"Customers want technical reliability, but they also want price stability, so the move to nickel has been of benefit."

Even without the drive to find substitutes for palladium, economic cooling is likely to depress demand for the metal. US demand figures paint a bleak picture.

GM sales fell 5.1 per cent in January, Ford sales were down 11 per cent and Chrysler sales fell 16.2 per cent, year on year.

GM said recently it planned to suspend production intermittently at 14, or almost half, of its North American plants until the end of June in an attempt to run down inventory levels. And this week DaimlerChrysler said it would shed about 20 per cent of Chrysler`s workforce and cut manufacturing capacity by 15 per cent.

"When you adjust your factory schedules, it affects raw materials. The first thing you do is stop buying," said Mr Andres.

"When a carmaker has three- to four-month stockpiles to make sure they don`t have any supply disruptions, and their factory schedules drop, what you thought was going to last you three months is now going to last you six."

Some analysts believe there are industrial users lending out their stock instead of selling it.

There may be some support for this in the fact that palladium lease rates have eased in recent weeks, from as high as 15-20 per cent at the beginning of the year to less than 10 per cent this week.

"If I were a car company, I`d be lending palladium into the backwardation [because the nearby price is higher than the forward price] rather than selling it," said Rhona O`Connell, analyst at Canaccord Capital.

"At some point they`re going to have to up it again, and they know the market is subject to highly variable rates of supply."

But some say they are simply sitting on their stocks. "We`re not leasing and we`re not selling," said an executive at a big motor manufacturing group.

"Lease rates are not nearly as attractive as they were," he added.

The executive argues that once the risks involved in leasing are factored in, a single digit lease rate is not worth the trouble.

Much as it rankles, industry`s reliance on the scarce white metal is not going to disappear overnight.

"The Russian economy is not the most stable. The government seems to make the rules up as it goes along," says the executive.

"Right now South Africa is the stable force. But if something were to happen in one of those two countries there would be a big problem. If you don`t have platinum group metals, you don`t sell cars."
(news.ft.com)

[manfred1_I]

Stürzt Palladium jetzt auf 300 bis 400 $.

Es ist möglich.

Gut waren die Gewinnmitnahmen bei Zimplats
und AQP sowie die kompletten Gewinnmitnahmen
bei Palladium und Platin.

Von den Polstern habe ich mir einige Jumbos
sowie einige Goldwerte ins Depot gelegt.
Mal sehen, ob Gold dem Abwärtstrend stand-
halten kann.

Mit den flüssigen Mitteln abwarten und Wein trinken.

Sollte Platin und Palldium weiter so
abschmieren, dann dürfte das mit Zimplats
auch nichts werden.
Bei Preisen von 300 $ sind die KGV`s nur
Makulatur.

[gholzbauer]

Kremlin stalls platinum, rhodium quotas

--------------------------------------------------------------------------------
The delay is due to technical and legal reasons rather than rivalry between bidders for the quotas, sources claim
MOSCOW Russian action to finalise export quotas for platinum and rhodium has been stalled at the legal department of the Kremlin, Moscow sources say.

The new source of the delay, sources claim, is technical and legal, rather than continuing rivalry between bidders for the quota among Russian platinum producers, banks, and the state stockpile agency Gokhran.

Larisa Brycheva, the powerful head of the presidential legal department, declined to respond to questions. Brycheva provides legal clearance of all presidential documents before signing; her judgments can involve important policy issues, and shift the balance of influence in the Kremlin between contending interest groups, such as the platinum producers, the Central Bank and Vneshtorgbank, and state stocking and selling agencies like Gokhran and Almazjuvelirexport.

Nikolai Kozin, vice-president of Koryakgeoldobycha (KGD), the leading alluvial platinum producer, said he believes all the necessary approvals were given to the quota authorisation documents by the last week of February. KGD has been seeking its own export allocation to relieve the pressure it felt last year from Gokhran to deliver its platinum at a deep discount to the spot market price.

The mining company can produce between 130000oz and 200000oz of platinum a year, depending on the delivery, price, and financing terms it can negotiate. Last year, rather than sell to Gokhran, the company decided to stock metal itself, and wait for this year`s quota decision.

Kozin said he is certain "it is not Gokhran that postpones the signing of the quota documents. Probably the delay is due to the purely technical reasons." He said he does not know when the quotas will be approved, or this year`s shipments begin.

International market speculation that the quota signing for platinum is imminent halted the rise of spot-market prices for platinum last week the price peak was just under $615/oz , with resistance reported by traders at $625.

It fell to just below $577, with support reported at $560.

According to Yevgeny Ivanov, chairman of Rosbank, the quota documents may be signed "any day now". Rosbank is part of the Interros group, which controls Norilsk Nickel, Russia`s largest producer of platinum group metals.

The group has lost influence and fallen afoul of several branches of the Putin administration in recent months.

Norilsk Nickel is delivering palladium to contract customers without delays, on the authorisation of a 10-year quota. Norilsk Nickel has asked the Kremlin this year for a five-year quota for platinum and rhodium, but Ivanov says he does not know if this will be granted.

He said the delay is "due to the lack of final decision of the state bodies on the volumes of quotas for state sales of platinum group metals".

He could not say whether it is Gokhran or the Central Bank that is the stumbling block. Last year, the Central Bank was not allowed to export any platinum, and it lost control of the bulk of its palladium stock to the Finance Ministry and Gokhran`s chief, Valery Rudakov.

A substantial volume of this palladium is reportedly sitting in German bank vaults, where it was deposited by Rudakov as collateral for loans. Industry sources expect to see another tranche of up to 1-million oz of palladium released from this source to Switzerland by the end of March. The Russians and their German bankers performed a similar manoeuvre at this time for the past two years. The Central Bank has said it wants to resume buying of domestic platinum, in conjunction with the state-owned Vneshtorgbank. Vneshtorgbank received export authorisation last year for 161000 oz of platinum, and it applied for a larger quota this year.

Regarding Russian shipments of rhodium this year, Ivanov said he is confident that rhodium will be placed on a 5year quota, eliminating firstquarter delays in 2002. According to Johnson Matthey`s interim review of the trade, last year Russian rhodium shipments jumped to 280000oz, a record for the decade.

Ross Norman, of The BullionDesk.com in London, said he expects this year`s sales to be much closer to his estimate of annual production at 115000 oz. Other analysts have put the annual output figure for Russian rhodium at between a low of 70000 oz and a high of 118000 oz. "We believe Russian stocks (of rhodium) will be in a similar state to their platinum ones not big, six to nine months` production at best. So rhodium prices may, like its sister metals, remain pretty steady."

Russian production and stockpile figures are state secrets, and there are wide divergencies between the published estimates.

The state stockpile of platinum is believed to be between 500000oz and 1-million oz.


Mar 07 2001 12:00:00:000AM John Helmer Business Day 1st Edition

(http://www.bday.co.za/bday/content/direct/1,3523,806030-6094…

[gholzbauer]

SOUTHERNERA RESOURCES LTD - Messina to Commence PGM Production in August 2001

--------------------------------------------------------------------------------

Story Filed: Tuesday, March 06, 2001 7:50 AM EST

Toronto, Ontario, Mar 06, 2001 (Market News Publishing via COMTEX) -- The Board of Directors of SouthernEra has approved the immediate implementation of a new Accelerated Production Initiative ("API") on the Voorspoed portion of its 70.4% owned Messina platinum group metals ("PGMs") project in South Africa. The API is expected to generate saleable PGM concentrate as early as August 2001, approximately one year earlier than originally planned. Financing for the API has been obtained by way of an unsecured loan from a major South African public company. This loan is independent of the project financing being arranged by South Africa`s Rand Merchant Bank for the full-scale operation as set out in the February 2000 feasibility study.

The API was designed by SouthernEra`s engineering team to take advantage of the current robust market for PGMs while continuing construction of the full-scale operation scheduled for commercial start-up in early 2003. The Initiative will make use of an existing second shaft to mine approximately 20,000 tonnes of ore per month without interfering with the completion of the full-scale operation focused on the main shaft. The API financing will be used to purchase a concentrator capable of processing this volume of material. The API is expected to produce approximately 2,300 ounces per month of payable PGMs plus gold which at current prices is estimated to generate approximately US$1.0 million per month in cash flow before debt service.

Upon completion of the full-scale operation at Voorspoed, the API concentrator will be used to process bulk samples from the adjacent Doornvlei property where an existing shaft provides access to an indicated resource of 2.8 million ounces of PGMs plus gold not included in the February 2000 feasibility study. As announced on February 8, 2001 an independent audit of Messina`s properties to a depth of 1,000 metres confirmed a total measured resource of 5.4 million ounces of PGMs plus gold, an additional 2.8 million ounces in the indicated category and a further 7.7 million ounces in the inferred category.

SouthernEra`s newly appointed President and CEO Patrick Evans said the API "is a testament to the ingenuity of SouthernEra`s engineering team. The economic impact of this Initiative should substantially reduce the equity required to complete the financing of the full-scale operation. Negotiations on the larger financing are progressing favourably. Our current focus in these negotiations is to maximize the SouthernEra shareholder`s participation in Messina`s cash flow."

SouthernEra Resources Limited is a diamond mining and exploration company and an emerging platinum group metals producer. The common shares of SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange. SouthernEra owns 70.4 percent of Messina Limited, which is listed on the Johannesburg Stock Exchange under the symbol MES.

CONTACT: TEL: [phone] SouthernEra Resources Limited
FAX: [phone] Patrick C. Evans, President and CEO
TEL: [phone] Rudi P. Fronk, Director
EMAIL: [e-mail]
MarketbyFax(tm) - To get the NEWS as it happens, call [phone].

(C) 2001 Market News Publishing Inc.


KEYWORD: Toronto, Ontario


Copyright © 2001, Market News Publishing, all rights reserved.

[gholzbauer]

North American Palladium boosts reserves massively
http://m1.mny.co.za/MGPlat.nsf/Current/4225685F0043D65385256…

[manfred1_I]

Manni ist schon wieder auf der
Käuferseite.

Mann muss sich verdammt beeilen,
dass man noch rein kommt.

Neben allen PGM-Aktien können auch
das Metall selber und vor allen Dingen
Gold und Goldaktien noch günstig
erworben werden.


Ich lese gerade: Japan vor dem Kollaps.

[gholzbauer]

Wer mit einem Japan-Kollaps rechnet, sollte die Finger von PGM lassen.

---------------------

Wednesday March 7, 7:20 am Eastern Time
Russian Norilsk board approves ADR issue
MOSCOW, March 7 (Reuters) - Russian metals giant Norilsk Nickel said on Wednesday that the board of its core unit, Mining and Metals Company (MMC) Norilsk Nickel, had approved a programme for issuing American Depositary Receipts (ADRs).

The board has appointed the Bank of New York (NYSE:BK - news) to act as the depository, it said in a statement.

It said the ADR issue would help the liquidity of the company`s shares during a planned restructuring under which currently traded Norilsk Nickel shares are to be swapped for an equal number of shares in MMC Norilsk Nickel.

``It is also aimed at optimising the future swap of the company`s shares for those in Norilsk Nickel, at promoting of the company`s brand name on foreign stock markets and at increasing the attractiveness of the company to investors.``

The Level One ADR programme will be launched after it is coordinated with U.S. regulatory authorities.

ADRs are usually issued by banks in the United States to facilitate trading in foreign shares. The original shares are held by the bank and the ADR certificate can be bought and sold as a bearer document.

Level One ADRs can be traded over the counter abroad, but are less attractive than Level Two and Three ADRs which require meeting tougher demands on financial accounting standards.

Norilsk plans to complete its share swap at the end of June and the Russian Federal Securities Commission (FSC) is expected to register the results of the swap at the beginning of July.

The FSC has already registered the placement of an additional share issue, which Norilsk distributed on January 25 among its current shareholders.

Last month, shareholders approved another additional share issue to be placed by closed subscription among all Norilsk shareholders, except for shareholders of MMC.

But the FSC has filed a lawsuit challenging the purchase of a metals trading company, Norimet, carried out at an early stage of the restructuring, which was announced last September.

It says if it wins the case all share issues by Norilsk or its subsidiaries would have to be annulled.

Norilsk Nickel shares were unchanged at $9.90 in Moscow at 1200 GMT on Wednesday.

[gholzbauer]

Tuesday March 6, 10:22 am Eastern Time
Press Release
SOURCE: SouthernEra Resources Limited; Messina Limited

Messina to Commence PGM Production in August 2001
Financing Secured for New Accelerated Production Initiative
TORONTO, March 6 /CNW/ - The Board of Directors of SouthernEra has approved the immediate implementation of a new Accelerated Production Initiative ("API") on the Voorspoed portion of its 70.4% owned Messina platinum group metals ("PGMs") project in South Africa. The API is expected to generate saleable PGM concentrate as early as August 2001, approximately one year earlier than originally planned. Financing for the API has been obtained by way of an unsecured loan from a major South African public company. This loan is independent of the project financing being arranged by South Africa`s Rand Merchant Bank for the full-scale operation as set out in the February 2000 feasibility study.
The API was designed by SouthernEra`s engineering team to take advantage of the current robust market for PGMs while continuing construction of the full-scale operation scheduled for commercial start-up in early 2003. The Initiative will make use of an existing second shaft to mine approximately 20,000 tonnes of ore per month without interfering with the completion of the full-scale operation focused on the main shaft. The API financing will be used to purchase a concentrator capable of processing this volume of material. The API is expected to produce approximately 2,300 ounces per month of payable PGMs plus gold which at current prices is estimated to generate approximately US$1.0 million per month in cash flow before debt service.

Upon completion of the full-scale operation at Voorspoed, the API concentrator will be used to process bulk samples from the adjacent Doornvlei property where an existing shaft provides access to an indicated resource of 2.8 million ounces of PGMs plus gold not included in the February 2000 feasibility study. As announced on February 8, 2001 an independent audit of Messina`s properties to a depth of 1,000 metres confirmed a total measured resource of 5.4 million ounces of PGMs plus gold, an additional 2.8 million ounces in the indicated category and a further 7.7 million ounces in the inferred category.

SouthernEra`s newly appointed President and CEO Patrick Evans said the API "is a testament to the ingenuity of SouthernEra`s engineering team. The economic impact of this Initiative should substantially reduce the equity required to complete the financing of the full-scale operation. Negotiations on the larger financing are progressing favourably. Our current focus in these negotiations is to maximize the SouthernEra shareholder`s participation in Messina`s cash flow."

SouthernEra Resources Limited is a diamond mining and exploration company and an emerging platinum group metals producer. The common shares of SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange. SouthernEra owns 70.4 percent of Messina Limited, which is listed on the Johannesburg Stock Exchange under the symbol MES.


For further information

SouthernEra Resources Limited, Patrick C. Evans, President and CEO, at Telephone: [phone], Fax: [phone]
or Rudi P. Fronk, Director, at Telephone: [phone], or e-mail: [e-mail]

[gholzbauer]

Sorry wegen der doppelten Meldung von SouthernEra.

-----------------------------

Rhodium Prices Slide as Russian Selling Resumes

LONDON, Mar 8, 2001 -- (Reuters) Rhodium prices slumped this week, reflecting weakness in the rest of the platinum group metal (PGM) complex, as Russian selling drove the price down. "There`s been some offering out of Russia, although they haven`t been as insistent as last week," one trader said on Wednesday.

"No one ever knows when the Russians have finished but I suspect they still have some more selling to do," said another.

Spot rhodium was indicated at $1,985/2,100 a troy ounce this week, down from $2,200/2,300 last week.

"Fundamentally we believe rhodium looks attractive as automakers` minds focus upon (car) emissions reductions but in the short term the price may well come under some pressure first," said analyst Ross Norman of thebulliondesk.com.

Rhodium reached a peak of $2,525 an ounce in February this year as buoyant demand from catalyst manufacturers was met with a dearth of metal as the Russian government withheld supplies.

Russia is the world`s leading supplier of rhodium and palladium, both of which are vital components for vehicle catalysts which cut down noxious engine fumes.

The signing of the necessary quotas to export platinum and rhodium in 2001 was delayed until the end of Feburary, leaving the country`s three exporters, Norilsk Nickel , the Central Bank and Vneshtorgbank unable to make deliveries.

Spot palladium recently fell back from around $900 an ounce to a four-month low of $750 when it became clear that Russian selling had resumed.

Analysts at London-based investment bank Deutsche Bank said in a research note last week that many catalyst manufacturers were turning to platinum/rhodium-based catalysts rather than palladium because of the wider availability of platinum metal.

Traders said that this was providing some support for the price, which looked vulnerable to more downside pressure.

"There is a trend at the moment among car manufacturers to take in more rhodium than palladium, but this could be just a brief spell of buying before the price goes up again," noted one UK trader.

[gholzbauer]

Big platinum spin-off for South African business

Terence Creamer
Mining Weekly Deputy Editor
The world`s largest producer of platinum, Anglo Platinum, is planning to spend a whopping R5-billion a year over the next five years on a range of new expansion projects as well as ongoing capital programmes at its existing operations.
This should provide a big spin-off for businesses that supply services and equipment to the mining sector.
The primary aim of the expenditure is to boost platinum output to the 3,5-million-ounce-a-year level by 2006, thus allowing the company to expand into anticipated demand-led market growth.
At present, Anglo Platinum is able to produce some two-million ounces every year across its operations.
A number of expansion projects have already been announced and are expected to absorb some R3-billion a year of the capital budget until 2006, while ongoing capex will require some R2-billion.
It is understood, too, that Anglo Platinum has a further multibillion-rand plan to add a million ounces to its production profile between 2006 and 2010, should the fundamentals for the precious metal remain intact.
Underpinning this growth plan is the fact that the group has access to a significant number of mineral rights on the well-exploited western limb of the Bushveld complex, as well as the high-potential but less-developed eastern limb.
A recent deal with the Department of Minerals and Energy on the eastern limb has also significantly lowered the threat of expropriation, an issue many feared would affect the company, given pending changes to the mineral-rights legislation in South Africa.
Six mining projects, with a combined value of nearly R5-billion (in 2000 rand terms) are already in play and will add more than a million ounces to production over the next few years.
Meanwhile, Anglo Platinum is putting the final touches to a few additional projects to make up the other 500 000 oz required to meet the 1,5-million-ounce growth target. It is anticipated that these additional projects will arise primarily on the eastern limb and will be made known during the course of this year.
During a recent facilities visit, operations director Eric Ford provided an update as to the status of the expansion projects.
Ford reported that the R1,4-billion Merensky-reef Bafokeng Rasimone mine project would produce 250 000 oz/y and should reach full production in 2002.
He reported that the underground development, delayed initially by flooding, had been accelerated and that the build-up to the 200 000-t-a-month mining level would be achieved by the end of the year.
The R240-million Amandelbult UG2 expansion, meanwhile, has been commissioned and achieved full production in the last quarter of 2000 - the project was designed to increase UG2 experience as well as add 72 000 oz.
The R110-million Middelpunt Hill project has also been completed and has added 35 000 oz.
Anglo Platinum`s R1,35-billion joint venture with black-empowerment firm African Rainbow Minerals (Arm), at Maandagshoek, was initially held up by regulatory approvals.
However, surface works and the south and north portals of the twin-decline UG2 project have been undertaken. And, during the course of this month, shaft-sinking will begin.
Ford says rescheduling is being implemented so as to accelerate tonnage build-up and meet the original plan of attaining full production by the second half of 2002.
Meanwhile, it is understood that Patrice Motsepe is making progress on raising Arm`s portion of the funding for the project.
Ford also reports that the Rustenburg Waterval project to open up new UG2 production at Rustenburg, Bleskop, Brakspruit and Paardekraal shafts as well as to introduce a new twin-decline mine at Waterval, as approved last year, should reach full production towards the end of 2002.
The R1,4-billion project, which is designed to add 395 000 oz to Anglo Platinum`s production profile, experienced a slight hitch when the joint venture with neighbour Kroondal fell through.
It appears unlikely that the joint venture will indeed proceed, and Kroondal has announced a R160-million 50% brownfields expansion of its own, which should add 20 000 oz a month to its profile, but decrease the mine`s life to around eight years from 14. However, Ford says the total project is progressing within plans.
The R453-million UG2 expansion at Union, meanwhile, received final approval late last year and is designed to come into full production at the end of 2003.
A project team has been appointed for the expansion, which will embrace increased mechanisation of mining operations and involve an expansion of the concentrator.
In addition to the mining programmes, Anglo Platinum has announced plans for the new R1,445-billion Waterval Converter project in the, North West Province, as well as a new R1,31-billion smelter to be erected at Pietersburg, in the Northern Province.
The converter is being installed to improve the company`s environmental performance by reducing sulphur dioxide emission levels, but it should also reduce the cost of production.
All major contracts have been awarded and civil work is in progress.
Ford reports that the project will be complete by the end of 2003.
It is far earlier days for the Pietersburg smelter, where the environmental impact assessment started only recently and where final design is still in play.
The project will embrace a 69 MVA furnace with the capacity to smelt 650 000 t/y of concentrate.
Alternative sites have been identified should the project fail to receive regulatory approval.
"We realise that these plans are ambitious, but we are convinced we have the management capacity in place to meet our targets," Ford concludes.
©Martin Creamer Media

[gholzbauer]

Thu, 08 Mar 2001, 12:49pm EST


Palladium Rises to 1-Week High on Buying by European Carmakers
By Vladimir Todres

London, March 8 (Bloomberg) -- Palladium rose, rebounding from a 25 percent drop since January, as European carmakers bought metal to replenish stockpiles.

Palladium, used mainly by the automotive industry to reduce car pollution, has plunged from a record high of $1,125 an ounce in January, spurring demand.

``European industrial users (of palladium) stepped in to buy the metal,`` said Ross Norman, an analyst at a metals research company TheBullionDesk.com. ``It appears as if the selling program may have run its course.``

Palladium for immediate delivery rose $63.50, or 8.2 percent, to $838.50 an ounce, posting the biggest one-day gain in a year and continuing its recovery from a four-month low of $745 an ounce. Today`s price is the highest since Feb. 28.

An unidentified seller, possibly a car manufacturer or the Russian government, has sold about 200,000 ounces since mid- February, knocking 20 percent off the metal`s price in 10 days, Norman said.

Such sales seem to have ended, said John Reade, an analyst at UBS Warburg.

Concern that deliveries from Russia, which supplies two- thirds of the world`s palladium, might be delayed again had driven the metal to the record in January. The nation`s exports have been unpredictable in each of the past four years.

The country`s main palladium producer, RAO Norilsk Nickel, continued shipments, even though its other two suppliers -- the central bank and the state precious metals reserve -- are awaiting export quotas.

High prices and falling vehicle sales cut demand from carmakers and may have forced some to sell part of their stockpiles, analysts and traders said.

[gholzbauer]

Release Date: Mar 8 2001
NYMEX To Lower Palladium Margins
NEW YORK, NY, March 8, 2001 -- The New York Mercantile Exchange, Inc., will decrease the margins on its palladium futures contract for all but the March 2001 contract at the close of business on Wednesday, March 14.
For the April 2001 palladium contract and beyond, clearing member margins will be decreased to $5,000 from $50,000, member margins will be decreased to $5,500 from $55,000, and customer margins will be decreased to $6,750 from $67,500.
--INO--

[gholzbauer]

DJ US DNSC Sold 65,945 Oz Palladium For $65 Mil In February



NEW YORK (Dow Jones)--The Defense National Stockpile Center of the U.S. Defense Logistics Agency said Thursday it sold 65,945 troy ounces of palladium in February for an overall value of approximately $65 million under the Basic Ordering Agreement, DLA-PGM-001.

The companies that were awarded material are dmc-2, L.P. in South Plainfield, N.J., Engelhard Corp. in Iselin, N.J., and Johnson Matthey Inc. in Wayne, Pa.

The DNSC sells excess strategic materials used by the defense industry on behalf of the U.S. on a monthly basis.

(END) Dow Jones Newswires 08-03-01

1416GMT Copyright (c) 2001 , Dow Jones & Company Inc~200103081416

[gholzbauer]

Mar. 8-MAR--

By Darcy Keith
New York, March 8 (BridgeNews) - NYMEX Jun palladium futures surged to
a two-week high of $860.0 Thursday on short-covering in thin market
conditions.
At 1129 ET, Jun was up $41.35, or 5.2%, at $838.00. Dealers said there was
no news to account for the move, and locals were the aggressive buyers.
* * *
"We`re seeing some extreme volatility. Some shorts were caught on
yesterday`s run and it shot it up. Now the longs are selling it off. We`re
just seeing the shorts and longs moving it back and forth," said one
dealer.
The move Thursday extends gains from Wednesday, when the Jun contract
rose $24.50 to $796.65 an ounce. End

Copyright 2001 Bridge Information Systems Inc. All rights reserved.

The bridge.com ID for this story is BPYGFHB

[gholzbauer]

http://www.platinumguild.org/PtMarkets/Demand/Automotive/CPM…

[gholzbauer]

Monday March 12, 9:38 am Eastern Time
Press Release
South Atlantic Resources Ltd.: SCQ Acquires Nordic Platinum Project In Northern Finland
VANCOUVER, BRITISH COLUMBIA--(SCQ - CDNX) South Atlantic Resources Ltd. (``SCQ``) is pleased to announce that it has acquired a 100% interest in the Nordic Platinum Project in northern Finland. The Nordic Platinum project encompasses over 300 square kilometres and is directly adjacent to and on strike with the recently announced Gold Fields/Outokumpu Platinum Group Metal (``PGM``) discoveries.

The project is located within the Kemi-Penikat-Portimo (``KPP``) layered intrusive belt that extends 135 kilometres ENE over the Archaean-Proterozoic terrain boundary from the northern extreme of the Gulf of Bothnia in Finland. Three major layered complexes of mafic-ultramafic rock occur along this belt (the host rock for most major PGM deposits in the world). This belt hosts the Kemi chromite mine (the largest chromite mine in Europe) and several significant platinum group metal prospects. Several of these prospects are being actively investigated by the Arctic Platinum Partnership, a joint venture between Gold Fields Ltd. and Outokumpu Oyj.

Gold Fields and Outokumpu have announced a 3 million ounce PGE resource delineated to date at their Ahmavaara and Konttijarvi deposits in the Portimo complex. Preliminary analysis suggests that substantially all of the resource may be extractable by open pit mining methods. Resource modeling at other deposits in the Portimo complex are in process. These deposits are immediately east of SCQ property. At the Penikat Intrusion, immediately south of SCQ property, Gold Fields and Outokumpu are drilling the high grade SJ reef. Please see attached map. The SJ reef has been defined over a strike length of 23 kilometres to date. Past drilling yielded average grades of 8.0 g/t 3PGE + Au (platinum, palladium, rhodium, gold) over widths of 1 metre, with some northern sections increasing to 2.4 metres in average width and grading greater than 15 g/t 3PGE + Au. This style of mineralization is comparable to reef structures at the Bushveld (2 billion ounces) and Stillwater (50 million ounces) layered complexes in South Africa and Montana.

An airborne electromagnetic survey over SCQ`s property shows at least 15 significant anomalies similar to those over known deposits in the area. SCQ is organizing an exploration program that will include reconnaissance geochemical sampling and prospecting, ground geophysics (mag, IP and EM) to be followed with preliminary scout drilling.

SCQ`s claims cover a total strike length of 60 kilometres along the KPP layered intrusive belt - from the Kemi chromite mine to the Portimo complex. This highly desirable land package is considered very prospective with potential for world class PGM mineralization.

SCQ has acquired the Nordic Platinum Project from North Atlantic Natural Resources AB (``NAN``). Pursuant to the agreement with NAN, SCQ will reimburse NAN for exploration expenditures to date which amount to approximately US$50,000 and a 1% NSR royalty on new mines found up to US$2.5 million. The foregoing is subject to all requisite regulatory approvals.

Mr. Ted Posey, President of SCQ will be giving a presentation on the Nordic Platinum Project at the PDAC in Toronto on Monday, March 12th at 4:40 p.m. SCQ would like to invite everyone to attend and learn more about this exciting new project.

ON BEHALF OF THE BOARD

Edward F. Posey, President

[gholzbauer]

http://www.platinumguild.org/PtMarkets/Demand/Jewelry/Jewelr…

[gholzbauer]

Russia Assigns Export Quotas for Palladium and Platinum

MOSCOW, Mar 12, 2001 -- (Agence France Presse) The Russian government has given annual approval for exports of palladium and platinum, the financial agency Prime-Tass said on Monday, quoting a source at Gokhran, the official reserve.

The report, eagerly awaited by global commodities markets, could not be immediately confirmed.

Gokhran is one of three Russian exporters of the two precious metals, along with the Russian central bank and mining giant Norilsk Nickel.

Although the latter has a 10-year export license, the others are assigned quotas each year by the Russian government, which thus oversees 70 percent of the world`s palladium production, and around 20 percent of platinum. ((c) 2001 Agence France Presse)


------------------------------------------

Confusion and secrecy over Russian precious metal quotas
BBC Monitoring Service - United Kingdom; Mar 13, 2001



Text of report in English by Russian news agency Interfax

Moscow, 13 March: The Russian government will not disclose information about the signing of annual resolutions on the export of platinum-group metals, or PGMs, Aleksey Kudrin, a deputy prime minister, told Interfax.

"Information about the size of the quotas and whether they have been signed or not are state secrets, therefore I will not be saying anything," Kudrin, who is also Russia`s finance minister, told Interfax.

A highly-placed official in the Russian president`s staff - it is the president who endorses the PGM export quotas - said he had "seen this document during its approval stage" but he did not confirm whether or not anything had been signed and sealed.

Meanwhile, a number of officials from the presidential staff`s legal department who work on presidential decrees of an economic nature told Interfax that no document on PGM export quotas had been through their department.

On Monday [12 March] some media reports quoted an unspecified source at the Gokhran, or State Repository, as saying the Russian president had actually signed the PGM export quotas. But neither the Gokhran nor the Central Bank have officially confirmed that this is true.

Norilsk Nickel, the world`s biggest PGM producer, reckons the signing of the annual export quotas will have no effect whatsoever on world PGM prices.

Yuriy Kotlyar, the company`s board chairman, told Interfax that "it is mainly Russian palladium, of which Norilsk Nickel is the biggest producer, that is of universal interest. Norilsk Nickel has a ten-year quota for palladium and we will go on supplying this metal as we have always done."

"Russia`s share of platinum and rhodium production is far smaller, so even if it transpires that the quotas have not in fact been signed, world PGM prices will not alter," Kotlyar continued. "But I can say that we have not received any documents whatsoever on the signing of the quotas," he said.

Kotlyar added that as far as he knew Norilsk Nickel would not be receiving the five-year quota that it had asked for to export rhodium. All of the quotas allocated this year will be one-year quotas, he said.

As reported, at the end of 2000, Russia`s three holders of PGMs applied for new export quotas. Norilsk Nickel asked for a five-year quota for rhodium and a one-year quota for platinum.

The Gokhran and the Central Bank asked for one-year quotas, Gokhran to export platinum and rhodium and the Central Bank for platinum, palladium and rhodium.

Russia supplies about 70 per cent of the world`s palladium, 20 per cent of its platinum and a large amount of its rhodium.

Information about platinum stockpiles and exports is classified and is not for publication.

Source: Interfax news agency, Moscow, in English 0909 gmt 13 Mar 01

[gholzbauer]

Canadians targeted by scam artists: Mining convention: Industry cannot shake smell of Bre-X
Financial Post - Canada; Mar 12, 2001
BY PAULA ARAB



A new wave of phony mining exploration companies -- this time in the hot platinum and palladium market -- are targeting Canadian investors, who have been traditional suckers for speculative ventures, an industry expert says.

Jeffrey Christian will touch on the "critical issue" in a speech at Canada`s largest international mining convention and trade show in Toronto, which began yesterday and ends Wednesday.

"I`m not going to name names," the managing director of New York-based commodities consulting firm CPM Group said recently about the paper he will deliver to about 5,000 mining-industry delegates at the annual convention of the Prospectors and Developers Association of Canada.

"I`m going to say that investors have to be careful. They have to do their homework. They have to, for a change, pay attention to the fundamentals of the individual companies."

Canada, a significant producer of platinum group metals, is no stranger to mining scams. In 1997, Calgary-based Bre-X shocked the world when its gold mine in Indonesia turned out to be one of the biggest mining frauds ever.

Investors, many Canadian, lost billions of dollars.

"Investors in Canada have traditionally gone after some wildly speculative things, like Bre-X. They don`t seem to mind getting burnt from time to time," said Mr. Christian.

The industry is still feeling the effects of the Bre-X scandal, making it increasingly difficult for legitimate junior mining exploration companies to get financing, said Dave Comba, director of mining issues at the Prospectors and Developers Association.

"Bre-X branded the whole industry as being not reputable, but we`ve made tremendous strides," he said recently.

"We`ve gone through a dramatic change in regulations, securities, reporting requirements. We`ve really raised the bar. Let`s face it, one company that tarnishes a thousand companies really isn`t a fair process."

The conference comes amid renewed hopes that Canada`s biggest mining project, Inco Ltd.`s Voisey`s Bay nickel project in Labrador, will proceed this year now that Newfoundland`s new premier wants to reopen negotiations.

Premier Roger Grimes recently met with officials from Inco for the first time since negotiations were suspended in January, 2000. Brian Tobin, the former premier, had insisted development of the massive mineral deposit wouldn`t occur unless Inco agreed to build a nickel smelter in Newfoundland.

"Canada has a big black eye over that, the fact that Inco spent over $4-billion and still doesn`t have the right to proceed," said Mr. Comba. "It puts Canada in a bad light."

The booming PGM market is expected to be a hot topic among the 170 mining companies at this year`s convention, said Mr. Comba.

[gholzbauer]

=DJ Russian Red Tape, Lobbying Seen Behind PGM Quota Delays
By Leos Rousek
Of DOW JONES NEWSWIRES

http://www.thebulliondesk.com/DJNews/4491949.htm

[McNugget]

Habe das bei stockhouse gefunden

Platinum/Palladium Glitters in the PDAC Spotlight

By Craig Stanley ([e-mail])
Wednesday, March 14


Forget gold and diamonds. At the Prospectors and
Developers Association of Canada (PDAC) convention
in Toronto, participants have only one group of metals
on their mind: platinum group metals.

About 7,000 people from 70 countries are expected to
attend the 2001 PDAC conference, which runs from
March 11 to 14 at the Toronto Convention Centre. The
annual jamboree plays host to prospectors touting the
potential of their properties, junior miners showing off
projects to investors and brokers and top brass from
the senior producers patting each other on the back.

Slumping metals markets over the past few years have
cast a melancholic shadow over the industry. The
slowing U.S. economy is also adversely affecting base
metals such as nickel, copper and aluminum as
companies cut back on their consumption. Yet
platinum group elements (PGEs) have significantly
bucked this trend.

Prices of PGEs such as
platinum, palladium and
rhodium have soared as
demand continues to rise for
these metals in
pollution-controlling catalytic
converters, and
manufacturers fret over a
restricted supply from
Russia, which supplies the bulk of the world`s
production. Palladium has jumped from under US$200
an ounce in 1997 to a record high of US$1,100 in
January. Platinum has climbed from just over US$300
in 1999 to over US$600 earlier this year.

Only two North American companies produce PGEs in
significant quantities: Canadian-based North
American Palladium [T.PDL] and Stillwater Mining
[SWC]. This means more attention for companies
exploring for PGEs. Firms such as SouthernEra
Resources [T.SUF], Pacific North West Capital
[V.PFN], Mustang Minerals [V.YMU] and Geomaque
[T.GEO] are only a few among a plethora of
companies exhibiting their projects at this year`s
PDAC.

One of the better-attended sessions at the conference
was a talk given by Jeffrey Christian, head of New
York-based CPM Group. The analyst said demand for
platinum and palladium will continue to stay strong
longer than most people think, and the recent pullback
of the prices is purely speculative and not linked with
new shipments from Russia or weakening sales by
auto manufacturers.

Christian did have somewhat
of a warning to investors. He
said while CPM Group was
following only nine junior
miners exploring for PGEs,
the total is now over 35. "I
think you have a real bubble
here and investors have to be
careful," said Christian. Nevertheless, the analyst
forecasts palladium to be in the US$800 to US$1,100
price range in one year, and platinum to trade between
US$550 and US$600. These prices are significant
since they will continue to make PGE explorers`
attractive investments, causing these firms to swallow
the majority of venture capital presently available and,
perhaps, cutting off financing for some juniors with gold
and base metal projects.

Gold bugs were not presented with an optimistic
outlook from Martin Murenbeeld of Murenbeeld &
Associates, a metals and financial markets
consultancy. The publisher of the Gold Monitor
newsletter said central bank selling will offset a decline
in mine production, keeping gold prices relatively low at
around US$276 an ounce this year and US$294 in
2002. Murenbeeld believes the current strength in gold
over the past week marks a short-covering rally, and
unless the U.S. dollar falls significantly against other
major currencies, there is no hope of a sustained bull
market for the yellow metal.

Matt Manson, director of marketing at Aber Diamond
[T.ABZ], told PDAC attendees that 2001 is not shaping
up to be a great year for the diamond industry due to
the slowdown in the U.S. economy. But Manson is
optimistic about the future. He feels a tight supply for
high-quality gems, along with attractive demographics
among American consumers, will benefit producers. In
addition, the concern over `conflict` diamonds, gems
mined by oppressive regimes to fund civil wars and
other quarrels, will further open opportunities for
branding by Canadian diamond miners.

The slowing U.S. economy and weakness in Japan will
also put a cap on base metal prices in the near future,
according to Neil Buxton, research director at
London-based Metal Bulletin Research (MBR).
Focusing on copper, the analyst notes previous
warnings about a decline in the use of the red metal
were incorrect. As an example: although less copper is
used in plumbing fixtures of new houses, more is
consumed in wiring. He also said despite a decline in
use in telephone wires due to growing fiber-optic cable
demand, copper is becoming more prevalent in
consumer electronics. In addition, Buxton pointed out
that future supply from Iran, Congo and Zambia could
be unreliable as a result of political instability in those
countries. However, MBR is still only forecasting a
3.8% growth rate a year in copper use over the next
few years.

[gholzbauer]

Falls wer kurzfristig mal ein paar Unzen braucht ...
http://www.dnsc.dla.mil/PGM/

[gholzbauer]

(http://m1.mny.co.za/MGFin.nsf/Current/4225685F0043D37A42256A…

>Beware the platinum group metal bubble!

By: Tim Wood


Posted: 03/14/2001 08:00:00 AM | © Miningweb 1997-2001


TORONTO -- Beware that PGM bubble! That was a common phrase to be heard at PDAC 2001 with commentators and conversationalists alike sceptical of a continuation of the boom that has seen palladium topping $1,100 an ounce. It was a mixed story for other metals and minerals.
Gold
Pessimism is the rule of thumb in private, but optimism is the public virtue. There was little to be said beyond the obvious overhang of supplies and the need for more marketing and producer attention to supply side management. Price forecasts were equivocal in nearly every instance with a heavy emphasis on the US dollar and central bank sales. Worst-case scenarios hover around $250 an ounce, while best cases approach $350 an ounce over the next two years. Not once did I hear mention of the gold price conspiracy, at least not in serious conversation.

Silver
Jeffrey Christian of CPM group described the silver market as "dying on the vine". Events in China have dominated the metal, mostly as a result of Kodak closing plants there that produced silver nitrate for photographic film. With silver prices low and lacking volatility, new production is expected to decline but will be offset by a steady flow of supplies from "old" investors. A six-month outlook of $6 per ounce is the consensus number.

PGMs
Few see palladium maintaining its incredible run which has assumed the dimensions and characteristics of a classic bubble. Bill Belovy of BMO Precious Metals Fund thinks a sticky end awaits incautious investors and the 150 odd Canadian explorers looking for the next big strike. Jeffrey Christian doesn`t quite see a train smash predicting, 6 months hence, a price between $800 and $1,100 and ounce. In 3-5 years, Belovy thinks palladium producers will need to master a price of $180 or go belly up. The primary threat to palladium is platinum substitution.

Platinum projections are upbeat with Christian predicting a six-month price of $550 an ounce, a figure similar to the results from Belovy`s modelling.

Diamonds
Destocking by De Beers during the Millennial season has removed the a large proportion of the inventory overhang although Matt Manson of Aber Diamonds notes that American polishers are saddled with $1 billion in excess stones. Not unexpectedly given De Beers`s new strategy, branding is expected to dominate industry development over the next few years.

The American market will continue to exert the greatest influence by virtue of its command of 49 per cent of all retail sales. That market is hungry for high quality stones (VS1) which are in short supply. The deficit in those stones is expected to worsen as the baby boomers reach the peak of their affluence and propensity to buy expensive diamonds.

Copper
Copper prices are off their peaks and the market`s primary concern is whether or not Phelps Dodge will remove 300,000 tonnes of metal as a result of the knock-on effects of the California power crisis. Then, the health of the US economy is also a worrisome issue. A protracted downturn or full-blown recession would do serious harm to the industry in the near term. A price of $2,000 per tonne is expected in 2000 and $2,050 in 2001.

Positively, long-term consumption is looking healthy with the industrial substitution problems of the last 30-years apparently drawing to a close.

Although new production is coming on stream in Zambia, the Congo and Iran, those projects carry a considerable risk according to Neil Buxton of Metal Bulletin Research.

Buxton also noted that heavy Chinese buying had "rescued" the market in 2000 and it remained to be seen if that would be repeated in 2001.

LME inventory levels appear to have shifted to a permanently lower level as a result of improved IT systems and more widespread just-in-time scheduling.

Nickel
The best of the base metals over the last half decade is now cooling. Santo Ranieri of Falconbridge says nickel prices were quite accurately foretold by world industrial production although this relationship has been disrupted by improved information technology applications that have reduced metal consumption.

High prices also automatically attract stainless steel scrap to the market which effectively creates a floor and ceiling pattern for prices over the long term. Nickel will also be very sensitive to cobalt prices, but the key issue is the large deficit projected by 2004 unless stalled dry laterite projects are commissioned.

[Dupre]

Hallo,

ich bin mir zur Zeit recht unsicher, ob ich meine
Impalla Platinum, gekauft zu 22,10 noch behalten soll oder sie verkaufen soll.

Was meint Ihr?

Grüße
Dupre

[xiangqi]

@dupre
Mir ging es da aehnlich, ich hatte sogar das Glueck, zu
14 Euro zu kaufen, zusammen mit den Dividenden ist da
schon ein erklecklicher Gewinn zusammengekommen. Einerseits
halte ich die Aktie weiterhin fuer aussichtsreich, die
Gewinne werden weiter nicht schlecht sein, KGV recht
niedrig, hohe Dividenden kann man weiterhin erhoffen.
Einen Teil der Verluste der letzten Wochen haengen
sicherlich auch mit dem Ausstieg von Dividendenjaegern
zusammen, so gesehen gibt es keinen grossen Grund zur
Sorge, hoffe ich jedenfalls.
Andererseits ist ja kaum zu erwarten, dass sich die Gewinne
so dynamisch weiterentwickeln koennen wie in den letzten
beiden Jahren. Es haengt sehr viel vom Palladium- und
vom Platinpreis ab und da hat wohl niemand eine Glaskugel,
die ernstzunehmende Prognosen ermoeglicht.
Mein Schluss war: Haelfte der Aktien verkaufen, bei anderer
Haelfte Stoppkurs etwas nach unten schieben. Die Zeit wird
zeigen, ob das falsch war

Xiangqi

[gholzbauer]

Trashed metal is Russian bonanza All that glitters is not gold -it`s palladium, and that`s worth a lot more.
Source: Des Moines Register
Publication date: 2001-03-19
Arrival time: 2001-03-20

Rustavi, Georgia - With its crumbling prefabs and legions of unemployed workers, this industrial center in the Caucasus Mountains resembles hundreds of other washed-up factory towns in the former Soviet Union.
But there`s a whiff of hope in the air, noticeable ever since mysterious visitors with a bulldozer unearthed a cache of palladium in an old dump outside town last month. The silvery metal, related to platinum, is more valuable than gold, and its discovery has brought a stampede of fortune seekers armed with shovels and hoes.

"People have gotten a chance to work," said Zurab Gotsadze, a local environmental official who gave the go-ahead for the prospecting.

It`s a small but needed piece of global business for Rustavi.

With supplies tight, world prices for pure palladium have skyrocketed for four years on metals markets. Scavengers can make a quick $1,000 mining the Georgian dump -not bad in a nation where pay averages $50 a month.

They sell their finds to middlemen from the former Soviet bloc and elsewhere, who in turn peddle to German and other Western refineries for eventual use in car catalytic converters, dental equipment and consumer electronics such as TV sets and computers.

The business is a rare bright patch in an economically depressed city where unemployment stands at 50 percent, its big factories idle because of a lack of orders from former Soviet customers.

The Azut Fertilizer plant dumped an unknown number of small, metallic pellets -each less than one-half-inch long and containing very thin wafers of palladium -in a ditch in the 1980s.

In pure form, the metal is used in tiny quantities as a catalyst in the making of fertilizer and in other chemical processes.

Its biggest use is in catalytic converters in automobile exhaust pipes. At about $800 an ounce on metals markets -more than three times gold`s value -palladium can add $80 to the cost of a car.

The former Soviet Union contains the world`s largest supply of palladium, and for many years Soviet bosses found it easier to mine new supplies than to recycle. One reason was a lack of equipment for recovering scrap palladium.

The Rustavi dump rush contrasts with practices in the West, where businesses have long recycled anything containing scrap precious metals, said Ovid Abrams, an industry expert and editor at Platts Metals Week, a trade publication.

"I`ve never heard of anything like this," Abrams said of the dump phenomenon.

It isn`t clear how much palladium is buried in Rustavi. The plant itself closed in the mid-1990s, amid the general collapse of the former Soviet industry in Georgia.

It`s a mystery who first struck on the idea of digging up the palladium, but whoever it was came at night on Feb. 7 and lifted the concrete planks that had covered the dump with a bulldozer. They dug up a large amount of palladium-containing filters from the plant, and carried them away in a truck, local residents said.

The very next day, some more visitors came from Adzharia, the Georgian region bordering Turkey, and they offered the equivalent of $225-$240 for every kilogram (about 2.2 pounds) of filters.

PALLADIUM SUPPLY: The former Soviet Union contains the world`s largest supply of palladium. The silvery metal, related to platinum, is more valuable than gold.

Russian palladium rush: Amid dozens of fellow prospectors, a man uses a trowel to dig for small cylinders that contain palladium, a metal more valuable than gold, discarded near a fertilizer factory in Rustavi, in the former Soviet republic of Georgia.

Publication date: 2001-03-19
© 2000, YellowBrix, Inc.
(http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=1…

[gholzbauer]

An eight-fold boost for platinum productivity?

Terence Creamer
Mining Weekly Deputy Editor
There is wide-ranging consensus that the introduction of leading-edge technology at South Africa`s hard-rock narrow-vein mines has met with more failure than success - particularly in the gold-mining sector.
However, platinum colossus Anglo Platinum (AngloPlat) appears to be on the brink of some exciting breakthroughs, which could result in significant productivity leaps.
Indeed, technophiles at the company have calculated that, by using new, as well as proved, technology, stoping efficiency could surge by as much as eight times when compared to traditional drill-and-blast mining techniques.
The rationale for taking the techno route is simple. In the long term, Anglo Platinum cannot continue to rely on a team of ageing drill operators (the average age of these individuals is approaching 50 years) to drill 30-million-plus holes a year in order to sustain output.
This is dangerous, back-breaking work, which is also becoming less and less sought-after.
Even after significant investment in training, efficiency levels appear to have plateaued.
So, although pilot sites have been introduced to optimise this way of mining - which all acknowledge will be a big part of mining in the future - it is becoming more and more critical that entirely new approaches are developed.
Add to this the company`s serious expansion ambitions - designed to lift platinum output from 2-million to 3,5-million ounces a year - and the rationale for technology is obvious.
Therefore, the group is pursuing an operations-based research and development (R&D) initiative focused on four areas:

stope drilling, blasting and cleaning;
stope mechanisation;
stope-face rock-cutting; and
rapid development advance.

Mining technology R&D manager Garth Harrison reveals that a number of the techniques being introduced have been borrowed from the coal and chrome mining environments, where significant innovation has taken place.
He adds that the aim of the programme is to achieve better than more incremental improvements in productivity and to position the company for `quantum leap`
efficiency gains.
Harrison admits that the roll-out will be slow, stressing, too, that there is no intention of foisting new technology on to miners who will not accept it or to introduce new
technology for technology`s sake.
"We will be taking a `horses for courses` approach at existing, as well as at new, operations."
On the stope drilling, blasting and cleaning front, pilot sites have been introduced to test a range of innovations.
These include stope drillrigs and sequential firing systems, continuous mechanised rock-splitters and stope gully ore-removal systems.
All this is really attempting to achieve is to introduce `best-practice` mining systems into a conventional mining environment.
Taking drilling, blasting and cleaning to a mechanised state is the next big step.
In this area, Anglo Platinum is introducing continuous mechanised rock-splitting and cleaning systems.
The rock-splitting operation is performed by low-energy explosive or propellants and the objective is to crack the rock and displace it over a short distance.
This allows for continuous operations on a 24-hour basis 30 days a month. "The major benefit of this is that face advances of more than 50 m can be achieved in a month, employing three shifts," Harrison explains.
In the area of stope mechanisation, Anglo Platinum is also focusing on bord-and-pillar stoping, adopting techniques that are similar to those that have been employed in chromium mines.
It is also experiencing considerable success with longhole stoping at its Boschfontein operation in Rustenburg, where drillrigs are employed to drill 15 m face parallel holes on strike.
These are then blasted in sections of four or five. The objective is to have mnier-free, support-free stoping environment.
In the rock-cutting environment, meanwhile, Anglo Platinum is engaged in two separate projects: an activated disc cutter, in which the company is the sole sponsor of the R&D; and the Australian oscillating disc cutter, where the company is one of ten sponsors.
The first system is in the process of being installed at the Townlands shaft, where it will operate on a 30 m panel. The machine will be mounted on a face conveyor and will cut about 50 mm at a time with activated disc cutters moving up and down the face at a rate of about six metres a minute.
The overall objective is a 100 m face advance a month on the panel.
The cost of the system is about R10-million and has been developed by Long Airdox in collaboration with CSIR.
Meanwhile, Harrison says the Australian oscillating disc cutter also shows promise, but that its development is about a year behind that of the activated disc cutter.
He reports that Anglo Platinum is likely to have a test rig in action before the end of the year.
In order to keep pace with the rapid face advances offered by the cutting system, the company is looking at a range of options to increase the pace of development advance.
Technologies being assessed include drillrigs, multipurpose machines and even tunnel-boring machines.
An electrohydraulic development rig at Union section is achieving a 3,8 m face advance each blast, creating a challenge to develop cleaning systems that can keep up.
Its 1972 tunnel-borer, meanwhile, is also proving itself a valuable development tool.
It has achieved more than 60 m at the Bafokeng-Rasimone mine, at a rate of around five metres a day.
"We could probably increase that to 15 m a day with a purpose-designed machine, which is the equivalent of 400 m a month, to serve four gullies for an activated cutter machine."
Harrison summarises the progression path until 2005 as being a movement from conventional drill-and-blast to drillrigs and electronic denotation, through to bord-and-pillar operations, then to rock-splitting and, ultimately, to rock-cutting.
Progressing down the technology will move operations from the 10 m face advance under conventional drill-and-blast to 50 m using bord-and-pillar technique to 75 m employing rock-splitters, and, ultimately, to 100 m using rock-cutting technology.
"It will be a mix-and-match type technology approach and will be governed by conditions," he explains, adding that in some cases advances of more than 1 000% could be possible.
The technologies will also have a positive effect on stope efficiency, while reducing shaft-head costs and the need for stope labour.
Harrison indicated that stoping efficiency in a rock-cutting environment, for instance, could be eight times better than conventional drill-and-blast, while costs, along with labour, would reduce substantially.
©Martin Creamer Media
(http://www.miningweekly.co.za/mineweek2.nsf/news/7FCC5F0700D…

[gholzbauer]

SURVEY - AFRICAN MINING: Share price and profit records shattered again: PLATINUM by Gillian O`Connor: South Africa`s miners are rushing to meet demand for the white metal, which is used in jewellery, autocatalysts and computer disks
Financial Times; Mar 19, 2001
By GILLIAN O`CONNOR



Things can only get worse for miners of platinum group metals - platinum, palladium and rhodium. The past couple of years have been staggeringly good, with metal, share price and profit records being shattered again and again. Even the miners agree that the fizz must eventually go out of metal markets.

Indeed, the price of palladium, used in autocatalysts, electronics and dentistry, fell by around a quarter in the first two months of this year. The uncertainty over supplies from Russia, the main source of palladium, which had driven the price upwards, was overshadowed by worries about the effects on consumption of the economic slowdown and car and electronics customers turning to other metals.

But South Africa`s miners are more interested in platinum, which is used in jewellery, autocatalysts and for various other industrial purposes, than in palladium. The rock they mine produces roughly twice as much platinum as palladium.

So what matters to them is whether the rot spreads to platinum, how quickly and where the price stabilises in the long term. It can go much lower before any of them feel even the faintest financial pain. Meanwhile, they are all using their bonanza profits to improve their own market positions.

Their strategies throw some light on their expectations for metal prices. All have been planning to expand as fast as they can and back new exploration ventures. Their main justification for expansion is that they expect platinum demand to continue to be strong.

As yet, jewellery buyers appear not to have been unduly deterred by the price rises that have made platinum a very expensive alternative to gold. In the short term, platinum should benefit from the carmakers` disenchantment with palladium, a switch to diesel engines where platinum is already the metal of choice for catalysts, and continuing growth in the computer disk market.

In the longer term, fuel cells, which should use more metal than autocatalysts, remain the great white hope. "We expect them to be using around 500,000 ounces by 2010," says Barry Davison, chief executive of Anglo Platinum, the industry giant, which plans to increase its platinum output by 75 per cent by the end of 2006.

Given what happened in the last platinum price boom at the end of the 1980s, when several companies expanded just in time to be hit by the subsequent price collapse, some outsiders are surprised by Anglo Platinum`s expansionary fervour this time round. Cynics question whether the company would have been quite so keen but for "use it or lose it" clauses in the impending mining legislation.

Platinum and manganese miners are thought to be most vulnerable to hoarding charges. South Africa`s platinum resources are sufficient to supply the whole market for a century or so at current demand levels, and Anglo Platinum owns most of the unexploited mineral rights and leases.

Seven months after it revealed its big expansion plan, Anglo Platinum announced that it had cut what looks like an exceedingly good deal with South Africa`s Minerals Department over mining rights in the substantially undeveloped north-east limb of the platinum-rich Bushveld complex. Its claims to the area had previously been bedevilled by ownership wrangles with the locals.

The December deal cut the Gordian knot. The new agreement divides the land, with Anglo Platinum retaining some leases and some reverting to the state. But the company kept the rights to mine all the easy ground, where metal can be extracted through relatively shallow mining. The ones that have reverted to the state are those needing expensive deep mining operations.

Mr Davison is exultant because this secures for the company the ground it needs for its next expansion phase. But Jacinto Rocha, director of Mining Rights, says that the department is perfectly aware that Anglo Platinum has kept all the easily mined areas. What the department wants to do is to encourage companies to develop the country`s mineral wealth and Anglo Platinum would now be doing this in this area. The situation there had been so uniquely tangled that a one-off arrangement had been the only way to free up the resources.

Mr Davison`s expansionary enthusiasm may not be entirely due to a belief in the robustness of the platinum price. At the other end of the size league, Kroondal, a small newcomer, has shown a firm conviction that it is sensible to grab today`s prices because they may not be around tomorrow.

Kroondal, which has a South African listing, but was set up by Australian and UK Aim-listed Aquarius, has spent the past year battling to determine its own future.

The company`s emblem is the club-tailed dragonfly, "a quiet achiever which goes about its business with minimal fanfare and fuss, and whose size belies its skilful predatory nature". Certainly, the complications of the past year`s corporate manoeuvrings are out of all proportion to the company`s size.

Kroondal`s ore is refined by Impala, South Africa`s number two platinum miner, which has spare refinery capacity and equity links with Acquarius. Early last year, Acquarius started working on two deals. It wanted to set up a deal for Kroondal similar to the Impala one with Anglo Platinum - taking over Anglo Platinum land adjacent to Kroondal and sending the ore to be refined at Anglo Platinum. And it wanted to take over Kroondal.

In the event, the takeover met a lot of opposition. First, local investors suspected they were being short-changed. Then another small company, Northam, backed by Anglo Platinum and Mvelephandra Holdings, a black empowerment company run by former freedom fighter Tokyo Sexwale, suggested it might make a counterbid.

And earlier this year, the Anglo Platinum/Kroondal joint venture collapsed. Acquarius and Kroondal pulled out of the joint venture agreement mainly because they thought that the terms, which would have meant an immediate increase in capital investment and drop in earnings for Kroondal, in return for longer term benefits, were no longer commercially advantageous.

They want to be able to enjoy the benefits of the sky high metal prices today.

The Financial Times Limited
(http://globalarchive.ft.com/globalarchive/articles.html?id=0…

[gholzbauer]

Platinum jewellery venture advances

Lani Holtzhausen
Mining Weekly Senior Staff Writer
The corporate social arm of Impala Platinum (Implats), Impala Community Development Trust (ICDT), has signed a memorandum of understanding with prospective partners to establish a platinum-jewellery production venture.
While details of the project and names of the partners remain under wraps, ICDT CEO Pierre Lourens reports negotiations are going well and that the project is on schedule.
"We have the best possible partners we could hope for and, at present, we are busy finalising the business plans for the project," he tells Mining Weekly.
As South Africa does not have a platinum-jewellery market, it is envisaged that the jewellery will be manufactured in Gauteng for export globally.
Such jewellery manufacture would take place within the high-security precincts of Implats` enhanced precious-metals refinery.
It has been proposed that the platinum will be processed by mainly black South Africans under expert supervision, beginning with unskilled personnel
fabricating chains and bracelets.
The international jewellery industry is the largest consumer of platinum, with demand growing every year since the 1980s.
Over the past 20 years, demand for platinum wedding and fashion jewellery has surged.
In 1980, for example, total demand for platinum in the jewellery sector was around 560 000 oz, climbing to nearly three-million ounces in 1999.
Japan is the largest consumer of platinum jewellery - accounting for more than half of the platinum used in jewellery manufacture.
Other significant markets include China, the US and Europe.
It is reported that, in Japan, platinum is used in high-priced and more affordable jewellery, underpinning demand for the metal throughout cyclical
economic swings.
Effective market development projects and promotional activities are raising consumer awareness of the metal, resulting in steadily increasing demand.
In South Africa, platinum beneficiation in the form of jewellery is also receiving more attention, with Anglo Platinum, Implats and Lonmin jointly funding the
country`s first platinum-jewellery workshop at Pretoria Technikon last year.
©Martin Creamer Media
(http://www.miningweekly.co.za/mineweek2.nsf/news/57305945FDB…

[gholzbauer]

Tuesday March 13, 10:16 am Eastern Time
Press Release
Engelhard Awarded Catalyst Contracts From General Motors
Continues Trend Of Aggressively Reducing Precious Metal Content While Meeting More Stringent Emissions Requirements
ISELIN, N.J.--(BUSINESS WIRE)--March 13, 2001--Engelhard Corporation (NYSE:EC - news) has won two new contracts that expand its supply of emission control catalysts for catalytic converters on the General Motors GMT800 truck platform.

The contracts award two additional segments of GMT800 business to Engelhard, which first began supplying the platform in 1997. One contract is for 2500- and 3500-series heavy-duty trucks, and the other is for light-duty trucks certified to National Low Emission Vehicle (NLEV) standards beginning with the 2003 model year. GMT800 light-duty trucks include the Chevrolet Silverado, Tahoe and Suburban, the GMC Sierra and Yukon, and the Cadillac Escalade.

``These awards not only represent new business for Engelhard but also continue the trend of using advanced catalyst technologies to aggressively reduce precious metals on current platforms,`` said Edmund A. Stanczak, vice president and general manager of Engelhard`s Environmental Technologies Group.

``Engelhard`s catalyst systems for the heavy-duty trucks, for example, reduce precious metals to less than one third of the previous system`s content, providing substantial savings for General Motors,`` Stanczak said, ``and the NLEV systems significantly reduce precious metal content while simultaneously meeting much more stringent emissions standards.``

Engelhard Corporation is a surface and materials science company that develops technologies to improve customers` products and processes. A Fortune 500 company, Engelhard is a world-leading provider of technologies for environmental, process, appearance and performance applications.

Engelhard pioneered auto-emission catalysis, commercializing the first automotive three-way catalyst to drastically reduce carbon monoxide, hydrocarbons and oxides of nitrogen emissions. The company remains the world`s largest developer and manufacturer of automotive catalysts, supplying more than a third of the vehicles on the road.

[gholzbauer]

SURVEY - AFRICAN MINING: Succession issue is priority: IMPALA PLATINUM by Nicol Degli Innocenti: Although its expansion plans are in place, it is still without a chief executive
Financial Times; Mar 19, 2001
By NICOL DEGLI INNOCENTI



It has been six months since Steve Kearney, chief executive of Impala Platinum (Implats), unexpectedly resigned for health reasons. So far, his successor has still not been named.

For most companies, such a long power vacuum would damage market and investor confidence. That the succession issue has not yet become a problem for Implats just shows the strength of the company and of the platinum sector in general, analysts say.

"Implats has a strong team and can get away without a chief executive for some time," says Greg Hunter, head of resources research at Deutsche Securities in Johannesburg. "The strategic plans are in place and the expansion programme has been decided."

The revenue cushion also helps. The world`s second largest platinum producer last month announced record interim results, reporting a 188 per cent rise in net income to R2.2bn and a 70 per cent increase in sales revenue to R4.3bn.

Five years ago, the company had no money in the bank, while now it finds itself with R3bn in cash, which it has decided to redistribute to shareholders. Last month, it announced an interim dividend of R14.20 a share as well as a special dividend of R30.

As market fundamentals remain positive and demand seems to take care of itself, Implats` main focus is on supply. The group has announced a R5bn capital expenditure programme and plans to increase production by 50 per cent in the next five years, bringing it to an annual 1.5m ounces.

The recent acquisition of Platexco is expected to add 200,000 ounces of platinum a year from 2002. Anglovaal, the South African mining group, has just come on board as a partner for the Winnaarshoek development, which analysts have described as "very promising". The Crocodile River mine, closed 10 years ago, at a time of low platinum prices, has just reopened.

Implats is also busy with exploration activity, especially in North America, and has announced a strategic alliance with Falconbridge, the Canadian mining group, to explore jointly for platinum group metals.

Impala Refining Services (IRS), created in 1998, has more than trebled its contribution to the group`s bottom line. It has a refining capacity of 2m ounces a year which is under-utilised. "IRS has enormous scope for growth and it is a great opportunity to leverage from," says Robert Edwards, mining analyst at HSBC.

Unlike its larger rival, Anglo Platinum, that battled with strike and labour disruptions last year, Implats has built a good relationship with the unions.

Despite its success, Implats is still trading at a modest price:earnings ratio. "It is the most lowly rated platinum share," says Mr Edwards. "It is totally unjustified as the company is so lean and mean."

Whatever the reason, it makes the group a possible takeover target. "Implats is up for sale, there is no doubt," says Johan Odendaal of Merrill Lynch. "It cannot continue as a standalone operation and there is the possibility of a cheap entry through Gencor, which has a 46.3 per cent stake in the company." Falconbridge has been named as a possible suitor, as it is seeking to expand into PGMs.

Meanwhile, John Smithies, who has been acting chief executive for the past six months, bravely stepping in for Mr Kearney, makes no secret of his wish to retire as soon as possible. Implats has done remarkably well so far, but the growth imperative demands a new chief executive with strategic vision to take the company forward.

The Financial Times Limited
(http://globalarchive.ft.com/globalarchive/articles.html?id=0…

[gholzbauer]

LONMIN AND IMPLATS APPEAR DEEP IN CONVERSATION

Rumours are circulating the market that Lonmin is about to make a bid for Aquarius Platinum. It is not the first time such stories have surfaced and it is interesting to note that the share price of Aquarius has had a bit of a dip since the recent publication of its interim results, whereas Lonmin has been fairly strong. If there was a real likelihood of a deal the share movements would be exactly the opposite - Aquarius up and Lonmin down. In fact the whole thing smells more like a share push than a share tip.

The Aquarius results were good, but pretty much in line with expectations as the 262 per cent jump in after tax profits to US$9.96 million came from its 44 per cent holding in Kroondal Platinum Mines. Since the end of December this holding has leaped to 87 per cent as a result of its successful cash bid for its South African listed subsidiary, so the full year results will look very different.

The important fact is that Aquarius is on track for its target of producing 500,000 ozs of platinum group metals in 2003. Kroondal is doing all that is expected of it and will have paid off all debt by the end of this month. Marikana is poised at start-up and the feasibility study at Everest South has just started. The relationship with Implats is still blooming and Cathy Marckus has taken over as its representative on the Aquarius board from Steve Kearney who retired as chief executive of Implats last year and was responsible for bringing the two companies together.

Mention of Implats serves as a reminder that a contact in South Africa reckons that Ed Haslam, the new chief executive of Lonmin has been spending time with John Smithies who took over from Steve Kearney until a younger replacement was found. Maybe they are talking mergers, bids or whatever. If they are, the atmosphere must have changed a lot. In the last Implats annual report its chairman , Michael McMahon said "The relationship with Lonmin plc formed by our 27 per cent holding in Lonmin Platinum has been characterised before as "unfinished business". It may be sub-optimal, but it is highly profitable at present. Any change to this uncomfortable status quo, would have to demonstrate better returns and growth prospects."

Make of that what you will, but it hardly looks like an invitation to dance. Ed Haslam, however, comes without the Rowland and Bock baggage which weighed down his predecessor Nick Morrell, so maybe the door has opened a fraction. Certainly a deal would make a lot of sense in terms of size and it could bring Implats to the London market, depending on the terms. For good measure Implats has a 16 per cent holding, or thereabouts, in Aquarius, so maybe it would be gobbled up as well, but afterwards.

21 March 2001
(http://www.minesite.com/archives/news_archive/mar2001/lonmin…

[manfred1_I]

Bei Zimplats habe ich tatsächlich
ab 8.3.2001 nur einige Tage gewartet
und dann lagen wir unter 1 A.$.
Die Kaufkurse waren doch gut.


Heute sehe ich mit Erstauen, dass wir
schon wieder bei 1,39 A.$. liegen.

Einfach toll.

[crashkommt]

Hallo Manfred,

ich moechte mich fuer deine rege Mitarbeit bedanken.

Dein Ausstieg bei den Platinwerten zeigt mir, dass du viel Erfahrung mit Aktien hast.

Welche Werte sollte man derzeit im Depot haben.

Vielen Dank und alles Gute.

[gholzbauer]

Russian platinum producer receives export quotas

--------------------------------------------------------------------------------
MOSCOW — Russia`s Koryakgeoldobycha vice president Nikolai Kozin confirmed on Thursday the company had received a quota for export of platinum this year.
This confirms earlier reports that the quotas for the platinum group of metals (PGM) had been signed by the government in early March. Koryakgeoldobycha is a relatively small Russian platinum producer and received the quota for the first time.

Kozin said the company planned to conclude an export contract with the state agent Almazyuvelirexport within the next few days but provided no further details, the Prime-TASS news agency reported.

Earlier this month, BridgeNews reported that the export quotas had been signed at the beginning of the month. The information was confirmed by unofficial reports but government officials refused to comment with Deputy Prime Minister and Finance Minister Alexei Kudrin saying that even the fact of signing of the quotas, to say nothing of the details, would be a state secret from now on.

The PGM quotas are said to have been issued to the State Depository for Precious Metals (Gokhran), the Central Bank of Russia and Vneshtorgbank. Norilsk Nickel, Russia`s major PGM producer, reportedly received an annual quota for platinum and rhodium.

Currently, Norilsk holds a 10-year quota for palladium and is able to make the exports without interruptions caused by delays in the signing of the annual quotas at the beginning of each year.

Along with Koryakgeoldobycha, another smaller PGM producer Amur had applied for a quota, but it is not clear if it got it.

Before starting exports, exporters are required to obtain the necessary licences, which usually takes about one to two weeks. — BridgeNews

[gholzbauer]

Thu, 22 Mar 2001, 5:54am EST


Honda Partner Develops Low-Metal Emission Devices (Update2)
By Dan Hart

Torrance, California, March 22 (Bloomberg) -- Honda Motor Co. and a U.S. partner said they have developed an anti-emission device for exhausts that cuts the use of precious metals such as palladium by as much as 70 percent, which should lower costs.

The partner, Catalytic Solutions Inc., is using mixtures of metal oxides in crystal form called perovskites that allow catalytic converters in automobiles to remove harmful gases while using less palladium, platinum or rhodium, the companies said in a press release.

The perovskites are cheaper to develop and use because they are made from readily available metals, said Catalytic Solutions spokeswoman Kristina Calkins.

Automakers are trying to develop vehicles that pollute less and have better fuel efficiency as governments around the world set tougher air-quality standards. Honda and its rivals also aim to reduce their dependence on palladium and platinum, as prices for the metals have surged in recent months.

Palladium rose to a record high of $1,110.5 a troy ounce on Jan. 26. Though prices have since fallen, to an average $837.50 in February, they are still six times more than the level four years ago, because of delays in shipments from Russia, the world`s biggest producer. Palladium recently traded at $775.

Platinum, a related metal mostly mined from the same deposits as palladium, rose to an average $615 an ounce in February from $346 in January 1999. It recently traded at $580.

Seeking Alternatives

Makers of catalytic devices for automotive industry last year used about two thirds of the palladium produced worldwide, one third of all platinum produced and about three quarters of all the rhodium produced, according Johnson Matthey Plc, a U.K.-based catalyst maker.

``I don`t see any impact on the impacts yet,`` said Hisaaki Tasaka, a precious metals trader at Ace Koeki Co., a commodity brokerage in Tokyo. ``It`s a question of when and how much they`ll cut the precious metal`s usage, and how fast will the new technology spread.``

General Motors Corp., the world`s largest automaker, last month said it would purchase catalytic devices from auto-parts maker Cataler Corp., a Toyota Motor Corp. subsidiary, which Cataler estimates can cut palladium usage in half.

The ``multimillion``-unit supply contract is worth 15 billion yen ($121 million) and begins in 2003, the companies said.

Catalytic Solutions

Honda said it will use the technology devised by Catalytic Solutions in conjunction with adjustments to the air-fuel mixture for the first time on a new Honda StepWGN model, which will be introduced in Japan next month.

The Tokyo-based automaker has been working with closely held Catalytic Solutions to evaluate the technology since 1999.

Honda has a 10 percent stake in Oxnard, California-based Catalytic Solutions, which was founded in 1996 by Steve Golden. Golden studied catalysts and high-temperature superconducting materials at the University of California at Berkeley. Honda`s U.S. unit is based in Torrance, California.

In Tokyo, Honda shares closed at 5,500 yen, a 5.6 percent decline. Honda`s American depositary receipts, which each represent two ordinary shares, rose $3.66 to $84.66 yesterday in New York.

[gholzbauer]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[gholzbauer]

Platinum-Palladium, Exotic Metals And Diamonds...Potential For Big Returns

,

Posted Wednesday, March 21, 2001 at 08:43 AM EST

By Lawrence Roulston
Resource Opportunities

Some of the areas in the mining sector look very hot, with potential for big returns over the next year. I especially like platinum- palladium, exotic metals and diamonds.

There is a critical shortage of palladium, which is an essential material for making automobiles. That shortage has boosted the price from under $300 per ounce to over $1,000 per ounce in the past two years. The producing companies have already enjoyed big price gains. For example, Aquarius Platinum Limited (ASX AQP), an Australian company with a mine in South Africa, was up more than five-fold since it was recommended here a year ago.

Investors are now beginning to look at the exploration and development companies. I recommend holding a few of these companies to diversify the risk. Any hint of success will increase the price of these companies to a multiple of the current levels. Many of the companies will do well just on the basis of the increasing investor awareness of platinum and palladium.

My favorites are Pacific North West Capital (CDNX PFN), Idaho Consolidated Metals (CDNX IDO), Freewest Resources (ME FWR), Mustang Minerals (CDNX YMU), New Millennium Metals (CDNX PGM), Anooraq Resources (CDNX ARQ), Rockwell Ventures (CDNX RCW) and SouthernEra (TSE SUF).

Avalon Venutres (CDNX AVL), which is also involved in palladium, is a world leader in the search for exotic metals. Its current focus is on tantalum, a critically important metal in many electronic components. The explosion in demand for electronics has led to a shortage of this metal, and a 7-fold increase in price in the past few months.

The diamond market is also about to get very hot. There are a few little known diamond producers that will soon be enjoying big price gains.

Source: Resource Opportunities
3389 Radcliffe Ave., West Vancouver, B.C., Canada V7V 1G7


(http://www.tfc.com/syndication/TFC/Mavens-IndustryOutlook.ht…

[gholzbauer]

ATON Capital Group über Norilsk
RAS=Russian Accounting Standards
Datum ergibt sich jeweils aus der URL

---------------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010116.asp)
16.1.2001
Norilsk Nickel HOLD Plans to list on international markets in April - May $8.35

Norilsk Nickel held a meeting with analysts yesterday, where the main discussion topic was restructuring; highlights follow.

a) Currently restructuring is two months behind schedule and is due to end at the beginning of August 2001. One won`t be able to say the restructuring is final until the Federal Securities Commission announces its ruling in regards to alleged violations of minority shareholders` rights. This should happen at the end of January - beginning of February.

b) The restructuring delay and the temporary cancellation of dividend payments during revision of laws governing public companies will be responsible for low Norilsk dividends for 2000. It is possible that Norilsk will not pay dividends at all.

c) The company plans an ADR issue in April - May. The restructuring plan calls for a decrease in the liquidity of Norilsk Nickel shares. This is supposed to occur from 29 June - 6 August. During this time, the Norilsk ADRs will remain liquid. Afterward, Norislk ADRs will be converted into ADRs of the Norilsk Mining Company (NMC).

d) Norilsk has hired the McKinsey consulting company to work out a development strategy. Preliminary results will be published in February - March.

Adjusted RAS Market capitalization $1,578mn
1999 / 2000F / 2001F
P/E 1.4 / 0.7 / 1.2
P/CF 1.4 / 0.6 / 1.1
EV/EBITDA 0.8 / 0.5 / 0.7


Alexander Agibalov


----------------------------------------------------------

(http://www.aton.ru/en/daily/20010126.asp)
26.1.2001
Norilsk Nickel HOLD anticipates 24% decrease in 2001 revenue $8.90


The deputy general director of Norilsk Nickel announced a preliminary revenue figure for 2000 yesterday and made a forecast for 2001.

Despite a 7% decline in ore extraction last year, revenue was very strong at $5.4bn, the deputy director said. This year, low world nickel prices are likely to reduce revenue by 24% to $4.1bn.

Comment: It`s worth noting that 2000 was the most successful of the past five years for Norilsk. We estimate net profit to be approximately $2.4bn for 2000 and $1.4bn for 2001.

Adjusted RAS Market capitalization $1,682mn
1999 / 2000F / 2001F
P/E 1.5 / 0.7 / 1.3
P/CF 1.5 / 0.7 / 1.1
EV/EBITDA 0.9 / 0.5 / 0.8


Alexander Agibalov

----------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010201.asp)
Norilsk Nickel HOLD FSC resubmits suit $9.00


The Federal Securities Commission (FSC) has resubmitted its suit against Norilsk Nickel to a Moscow Arbitration Court, according to a report in Vedomosti. The suit seeks to overturn Norilsk`s acquisition of Norimet, a trading company. The FSC first filed the suit last week, but the court rejected it, citing procedural discrepancies.

Comment: If the court rules in FSC`s favor, there is a good chance that the Norilsk restructuring will be annulled. Until the court issues its decision - Hold.

Adjusted RAS Market capitalization $1,701mn
1999 2000F 2001F
P/E 1.5 0.7 1.3
P/CF 1.5 0.7 1.1
EV/EBITDA 0.9 0.5 0.8


Alexander Agibalov

----------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010212.asp)
Norilsk Nickel HOLD Hopes for several large-scale joint ventures $8.85

Norilsk Nickel hopes to launch several joint ventures (JV) with major foreign companies within the next few years, Alexander Khloponin, the former general director recently elected governor of the Taimyr Autonomous District, said last week.

Planned projects include one with Thyssen-Krupp; a project to smelt nickel in Australia and Papua - New Guinea; and a plan to manufacture automotive catalytic converters with either Ford or Anglo-American.

-------------------------------------------------------------------------


(http://www.aton.ru/en/daily/20010215.asp)
Norilsk Nickel HOLD Despite pending lawsuit, FSC registers share issue $9.44

While insisiting that it will continue its lawsuit against a Norilsk Nickel (NN) acquisition last year that began NN corporate restructuring, the Federal Securities Commission (FSC) yesterday registered a share issue of NN`s subsidiary, the Norilsk Mining Company (NMC). The share issue is for 122.3mn shares with a par value of R1 (3¢). The shares, according to management, are intended to be swapped for NN shares in subsequent step of restructuring.

Thus while the NN asset transfers are being challenged in court, on a technical level, the restructuring is proceeding.

Currently pending in court is the FSC suit, challenging NMC`s acquisition of the trading company Norimet last year, which resulted in Norimet shareholders owning 37.8% of NMC. An Arbitration Court is scheduled to take up the matter in April.

-----------------------------------------------------------------------


(http://www.aton.ru/en/daily/20010220.asp)
Norilsk Nickel HOLD Norilsk Mining Company to hold EGM on 21 February $9.50

The Norilsk Mining Company (NMC) is scheduled to hold an EGM on 21 February. The main items on the agenda is a 135mn share issue through which the Norilsk Nickel (NN) shares will be converted into shares of the NMC with a 1:1 share conversion ratio. NN shareholders should receive an official conversion offer at the beginning of June.

Comment: There is no doubt that the share issue will be approved. Although the NN restructuring is proceeding slowly but surely, but there is still a chance that it could be annulled by the courts.

-------------------------------------------------------------------------


(http://www.aton.ru/en/daily/20010221.asp)
Norilsk Nickel HOLD Approval of platinum metals export quotas postponed $9.45

Approval of platinum metals export quotas, originally slated for mid-February, has been postponed indefinitely, it was learned yesterday, and the final presidential decree, under which the quotas are to be assigned, will be subject to amendment. Sources at the Finance Ministry could neither cite the reason for the delay nor speculate on how long it may last.

Comment: Delays with platinum metals export quotas have become standard practice in Russia - last year, for example, they weren`t announced until the middle of 2Q00. For Norilsk Nickel, this year`s delay will only affect platinum and rhodium, which account for only about 10% of Norilsks` revenue, since Norilsk already holds a 10-year quota for palladium exports.

It`s possible that the delay is a result of the government scramble to gather extra cash to pay off its Paris Club debt. If this hypothesis is true, then the government could place export restrictions on companies and tap into its platinum reserves, the exact size of which are guarded as state secrets, to raise extra revenues. Under this scenario, neither the quota restrictions nor the decrease in income resulting from lower world prices would bode well for Norilsk`s financial standing.

---------------------------------------------------------------------------


(http://www.aton.ru/en/daily/20010226.asp)
Norilsk Nickel HOLD Norilsk Mining Company EGM approves share conversion $8.95

Norilsk Mining Company`s shareholders decided at a 21 February EGM to rename the company to the Norilsk Nickel Metallurgical Company (NNMC); increase the number of BoD seats to 9; and convert 1.35bn NNMC shares into Norilsk Nickel shares via a closed subscription in March 2001.

We expect the company to issue Level 1 ADRs in April and reiterate our Hold recommendation until the Federal Securities Commission decides whether to approve the Norilsk Nickel restructuring.


----------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010314.asp)
Norilsk Nickel Hold Anti-Monopoly Ministry approves a restructuring phase $9.87


The Anti-Monopoly Ministry has granted the request filed by the GMK Norilsk Nickel (formerly known as the Norilsk Mining Company) to acquire 70% of Norilsk Nickel shares. The planned buyout will give GMK a 100% controlling interest in Norilsk Nickel`s voting shares. The buyout will be carried out under the auspices of Norilsk Nickel restructuring. We expect to see registration of the GMK share emission prospectus in the near future.

Alexander Agibalov

----------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010315.asp)

Norilsk Nickel HOLD Increases NLMC stake to 29.98% $9.69

GMK Norilsk Nickel (GMK NN, formerly the Norilsk Mining Company) has increased its stake in the Novolipetsk Metallurgical Conglomerate (NLMC) from 9% to 29.98%, according to a press release issued by the Interros holding company. Interros has wanted to acquire 34% of NLMC to take over the company for some time.

Separately, Alexander Khloponin, the governor of the Taimyr national district and former head of Norilsk Nickel, said yesterday that Norilsk will issue ADRs soon, though he declined to specify the date. He also said that at the current $2bn market capitalization, Norilsk is undervalued and that the company`s market cap would reach as much as $8bn - $10bn within the next two years.

-----------------------------------------------------------------------------

(http://www.aton.ru/en/daily/20010320.asp)
Norilsk Nickel HOLD Individual shareholders to get two opportunities
to swap their shares $11

Norilsk Nickel (NN) said yesterday that its employees and Norilsk region residents who hold NN shares will get two chances to convert NN shares into shares of the Norilsk Mining Company (NMC), a subsidiary. The first share swap for these individual shareholders will take place from 23 March through 15 May 2001 and the second swap will take place in June - July of this year. The swap will be executed at a 1:1 ratio. (Legal entities will not be allowed to swap until the end of May.)

The main reason for the two-stage swap is to allow for the maximum number of individual shareholders to convert their shares, since individual shareholders with small equity holdings are usually not very active and thus may not bother with the swap. Our estimates show that there are approximately 150,000 small shareholders that own about 1% - 8% of NN`s total equity.

In order to insure fair treatment for all investors, individual shareholders who swap in the spring will not gain actual possession of their NMC shares until the summer, when the bulk of the shares is expected to be exchanged.

Alexander Agibalov

-------------------------------------------------------------------------

[SilberSchatz]

@manfred_1: Kannst Du mir mal erklären ob man bei IMPALA ADR
865730 die Dividende bekommt, oder bei 865389 oder bei beiden?

[SilberSchatz]

@manfred_1: Also genauer gesagt meine ich folgenden Absatz
in einem Artikel weiter oben:
"Five years ago, the company had no money in the bank, while now it finds itself with R3bn in cash, which it has decided to redistribute to shareholders. Last month, it
announced an interim dividend of R14.20 a share as well as a special dividend of R30. "

Dies wären zusammen umgerechnet 6,25 Euro! Also 14 % vom derzeitigen Kurs der ADR`s.
Wäre doch nicht schlecht.

[gholzbauer]

Impala sind doch schon xD. (?)
Deshalb der starke Ein-Tages-Rückgang vor ein paar Wochen.
Div. bekommt man bei ADRs evtl. ein bißchen weniger als bei den Original-Aktien wg. Verwaltungskosten der ADR-ausgebenden Bank.

[gholzbauer]

Russia`s platinum sector set back again


State-owned agency accused of insider trading by producer
MOSCOW Russia`s shrouded but keenly observed platinum industry has suffered another setback with one of the country`s leading palladium producers accusing the government of insider trading.

Sergei Aleksashenko, a senior executive of the Interros group and leading figure in Russia`s precious metals industry, has accused Almazjuvelirexport, the precious metals trading agency, of insider dealings in platinum.

He accused the governmentowned agency yesterday of a commercial interest in manipulating information, which should be open, in order to profit from precious metals transactions.

"I think information about the timing of the signing of the quota resolution was used as insider information, especially given the fact that Almaz is a 100% finance ministry-controlled company.

"I`m of the opinion that Almaz is the strongest and probably the sole advocate of keeping the export quotas for platinum, as it is able to make money on its functions as an intermediary."

Aleksashenko`s company, Interros, is the controlling shareholder of Norilsk Nickel, Russia`s leading producer of platinum group metals, and the world`s leading producer of palladium.

Aleksashenko was a deputy chairman of the Russian Central Bank until 1998, when he supervised the accumulation of the central bank`s stockpile of both palladium and platinum.

He said he did not know what export volume Norilsk Nickel received in this month`s quota authorisation. Industry sources believe the quota was less than it had asked for, and less than its annual production of about 700000 ounces.

Sergei Gorny, who heads trading in platinum group metals for Almaz, was asked to comment on the allegation of insider dealings. He replied through a spokesman that he was prohibited from speaking to the press by the finance minister.

Another influential figure in trading platinum group metals in Moscow is Dmitri Ignatiev, a senior executive of state-owned Vneshtorgbank, which received its first quota to export 160000 ounces of platinum a year ago. This year, the bank had been seeking a larger quota. "The information on the quotas is confidential," Ignatiev said, "but basically the bank got almost what it had asked for."

Responding to a report that claimed the platinum quota had been authorised at the beginning of this month, Ignatiev said this was inaccurate.

President Vladimir Putin, he said, signed the quota authorisation "later than the very beginning of March".


Mar 23 2001 12:00:00:000AM John Helmer Business Day 1st Edition

(http://www.bday.co.za/bday/content/direct/1,3523,816920-6094…

[gholzbauer]

(http://www.platts.com/stories/pr1.html)
London (Platts)--22Mar2001

Platinum and palladium prices barely moved in reaction to news Thursday that Honda would be cutting back between 50-70% of platinum, palladium and rhodium use in its new catalytic exhaust control systems. Industry analysts said the statement was misleading in that it did not explain on what basis the percentage change had actually been calculated from. "With the very strict emission standards set in Japan, carmakers are under pressure to develop new, more efficient systems," said one industry insider. "The newer systems inevitably require higher percentage levels of PGMs, so I believe that the percentage cut Honda talks about is based on the amounts they originally thought would be required in the new converters--not, as it might suggest, as 50-70% less than current consumption," he said.
"It is not feasible that they would be using 50% less than before," he added. General Motors recently announced that it planned to cut palladium content by 30-40% in catalytic converters by increasing platinum content, or switching technology. "It`s part of an ongoing trend," said one market analyst. "When we look at global consumption figures we allow for cost efficiency. On the flip side we have to remember that tightening emmission standards require greater PGM usage. The two tend to balance out," he added. Honda said the new device would be installed for the first time on a new version of the Honda StepWGN minivan to be introduced in Japan in April and will be applied to other Honda vehicles later. Platinum saw an afternoon fix at $578/oz and palladium at $774/oz. (Ends)

[gholzbauer]

Platinum Group Metals: Rutledge Lake, NWT Drilling Program at 55 g/t Platinum Showing Scheduled to Start March 28, 2001
Source: Business Wire
Publication date: 2001-03-23



VANCOUVER, B.C.--(BUSINESS WIRE)--March 23, 2001--Platinum Group Metals Ltd., (CDNX:PTG.), has announced that exploration drilling at the Rutledge Lake platinum Property is scheduled to start on March 28, 2001. The property is located 210 kilometers south east of Yellowknife, NWT and covers 18,700 hectares (46,360 Acres).

PTG holds a 100% option interest in the Rutledge property, subject to a 2% NSR royalty. Impala Platinum Holdings Ltd., listed on the Johannesburg Stock Exchange as IMP, has acquired a right of first offer on this property.

Based on the previous mapping, sampling and geophysical survey work completed in the 2001 program, a minimum of six holes are planned on the initial target of the drilling in the area of a 55g/t platinum surface channel sample over 0.4m. This area contains the geologically favorable ultramafic rocks and disseminated suphides.

There are three other target areas planned for initial drill testing including a platinum occurrence of 1.2 g/t platinum over 0.5m. A minimum 1200 meters of drilling has been contracted with a budget of $ 450,000 including geophysical surveys and logistics. The proposed 2001 season program for Rutledge Lake involves 1800 meters of drilling, geophysical surveys, regional and detailed sampling with a budget of $ 900,000.

Exploration programs carried out by PTG will include the use of quality control procedures including lab checks, check assays, inserting standards and blind duplicates into sample assay stream.

PTG is involved in platinum and palladium exploration at Rutledge Lake in the Northwest Territories, in the Sudbury-River Valley, Ontario and in the Lac Des Isle area near Thunder Bay, Ontario.

On behalf of Platinum Group Metals Ltd. R. Michael Jones, President


The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release, which has been prepared by management.


Publication date: 2001-03-23
© 2001, YellowBrix, Inc.

[gholzbauer]

Exploration commences on Bushveld PGM Projects


Document date: Fri 23 Mar 2001 Released time: Fri 23 Mar 2001 12:23:57
Document No: 193688 Document part: A
Market Flag: Y
Classification: Progress Report
PAN PALLADIUM LTD 2001-03-23 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Pan Palladium Ltd is pleased to announce that it has commenced
exploration on is highly prospective platinum group metal projects
located in the Bushveld Complex of South Africa.

COMMENCEMENT OF DRILLING ON THE PHOSIRI PROJECT

This week drilling has started on the Company`s Dwarsrand property
which is part of its Phosiri project located on the eastern limb of
the Bushveld. He property is situated in the vicinity of SouthernEra`s
Messina mine which is 30 kilometres to the northwest and Amplats Atok
mine which is 30 kilometres to its northeast. Attached is a map
showing the local geology and location of the farm Dwarsrand. The
current drilling that is underway on Dwarsrand will consist of six
diamond drill holes with up to four wedges off each with the aim of
confirming the geological mode for the project and to allow resources
estimates to be made. The total programme is expected to be concluded
within six months with the first hole anticipated to be completed by
the end of April.

DRILLING PROGRAMME OBJECTIVE

The primary objective is to define a resource based on the
mineralisation identified by previous explorers. The potential for
defining such a resource is high as indicated by the Company`s
independent consulting geologist, Mr Phil Snowden of Snowden Mining
Industry Consultants Pty Ltd. In his report included in the Company`s
current prospectus, Mr Snowden states "... the information currently
to hand does suggest that there is potential for a significant
resource of Merensky Reef on the property in the depth range 200m -
1000m below surface." Mr Snowden also says in the report "The
exploration target on Dwarsrand is, therefore, substantial and in
Snowden`s opinion worthy of exploration. If the exploration should
prove successful and meet expectations, then Dwarsrand, on its own,
could support a medium depth underground mine with a mine life of at
least twenty years assuming an ore treatment rate of 1 to 2 million
tonnes per year."

In addition, it is probably the UG2 Reef will be present beneath
Merensky Reef and this will also be targeted by the Company`s current
drilling programme.

GEOLOGICAL CONCEPT

A geological model supporting the potential for a significant resource
of Merensky Reef in the depth range 200m - 1000m below surface has
been formulated based primarily on drill hole data and surface mapping
data previously carried out by BHP on the property.

Attached is a geological section (north-south) across Dwarsrand and a
diagram indicating the previous location of drill hole collar
positions on the property.

AURORA PGM PROJECT

The Company`s Aurora Project consists of properties located on the
Potgietersrus limb of the Bushveld Complex. Work will be commencing
here shortly which will include field mapping and geochemical soil
sampling. It is anticipated that drilling will then shortly follow.
The target in respect of the Aurora project is the Platreef which has
the potential for significant tonnages of open pittable PGM ore.

For further information on these projects and on the Company please
contact the undersigned on 08 9240 2836. Alternatively, investors
should refer to the Company`s website at www.panpalladium.com.au

W Murphy
MANAGING DIRECTOR

[gholzbauer]

COMMODITIES & AGRICULTURE: Palladium analysts review forecasts
Financial Times; Mar 28, 2001
By ADRIENNE ROBERTS



The platinum group metal market took Honda`s comments with a pinch of salt last week when the vehicle group said it was introducing technology that would cut the use of precious metals by 50 to 70 per cent.

But many analysts are taking the news more seriously. John Reade, precious metals analyst at UBS Warburg in London, says he is reviewing his medium-term forecasts.

"We had expected palladium prices to decline over the coming years (but) the news from Honda and subsequent research into the technology leads us to believe the palladium market will return to balance faster than we expected," he said.

The emissions control technology, supplied by Catalytic Solutions Incorporated (CSI), went into production on Honda`s new Stepwagon range last December.

CSI, which is based in California, says the technology can be adapted for use worldwide and meets European requirements that catalytic converters last at least 80,000km (50,000 miles.)

Bill Anderson, chief executive of CSI, said: "The key to CSI`s technology is that our ceramic oxide coatings are based on mixed metal oxides that contain inexpensive and widely available materials, in combination with small amounts of PGMs (platinum group metals). This produces very stable mixed structures that are thermally durable and continue to work under extreme conditions."

CSI is "in discussions with other major automotive manufacturers".

Crude oil futures moved higher in London, with May Brent closing up 49 cents at Dollars 25.89 a barrel. In afternoon trading May Nymex was up 27 cents at Dollars 27.75.

Copyright: The Financial Times Limited

[gholzbauer]

SouthernEra Sees Final Credit Committee OK In April

(MORE) DOW JONES NEWS 03-28-01

04:32 PM*DJ SouthernEra To Sell 3M Units At C$2.75 Each >T.SUF


(MORE) DOW JONES NEWS 03-28-01

04:33 PM Proceeds To Total C$8.25M >T.SUF

TORONTO (Dow Jones)--SouthernEra Resources Ltd. (T.SUF) said that "significant" progress has been made in securing the full amount of the financing required to complete construction and start-up of its 70.4%-owned Messina platinum group metals project in South Africa.

In a news release, SouthernEra said final credit committee approval is expected in April from Rand Merchant Bank, which has been given the mandate by Messina Ltd. (O.MES) to arrange non-recourse project debt financing.

SouthernEra said it has accepted a bought deal equity financing proposed by a syndicate led by Haywood Securities Inc. SouthernEra will issue to Haywood a total of 3 million units at a price of C$2.75 a unit for gross proceeds of C$8.25 million, it said.

Each unit consists of one common share and one common share purchase warrant exercisable at C$3 for 12 months and C$3.50 for a further six months, SouthernEra noted. Until closing, which is expected by April 11, Haywood will have the right to purchase an additional 500,000 units under the same terms and conditions, the company said.

SouthernEra is a diamond mining and exploration company.

Company Web Site: http://www.southernera.com

-Wendy Tsau, Dow Jones Newswires; 416-306-2100

(END) Dow Jones Newswires 28-03-01

2152GMT~200103282131

[gholzbauer]

Russia Norilsk Picks Outokumpu For Ore Plant >R.NNK Y.OUT



MOSCOW (Dow Jones)--Russian metals giant OAO NMC Norilsk Nickel said Thursday it selected Finland`s Outokumpu Oyj (Y.OUT) and ZAO Mekhanobr Engineering to build a new ore processing plant at Norilsk`s Arctic base.

The companies are expected to complete the $130 million plant by 2003, Norilsk said.

MMC Norilsk Nickel, formerly known as Norilsk Mining Co., is currently conducting a controversial restructuring, unveiled last September.

Under the plan, the parent company Norilsk Nickel will be taken over by MMC Norilsk Nickel and cease to exist.

At 0900 GMT, Norilsk Nickel shares traded at $12.05, unchanged from Wednesday`s close.

Russia supplies about two thirds of the world`s palladium and about a fifth of the world`s platinum. Norilsk Nickel accounts for most of the country`s output of the metals.

Company Web site: http://www.nornik.ru

-By Leos Rousek, Dow Jones Newswires; 7095-974-8055; [e-mail]

-0- 29/03/01 09-34G (END) Dow Jones Newswires 29-03-01

0934GMT Copyright (c) 2001 , Dow Jones & Company Inc~200103290934

[gholzbauer]

(http://www.miningweekly.co.za/mineweek2.nsf/news/83F1EC09D81…

New platinum ore equation

Martin Creamer
Mining Weekly Editor

The first 75 years of South African platinum mining have belonged largely to Merensky reef, the undisputed king of the Western Limb of South Africa`s platinum-rich Bushveld Complex, by far the world`s largest layered intrusion.
But the next 75 could well belong to Upper Group Two (UG2) reef, which is fast wresting the crown from Merensky on the Bushveld Complex`s Eastern Limb.
This is because UG2`s Eastern Limb platinum-group-metal (PGM) grades are better than those of Merensky, the exact reverse of the Western Limb mineralogy of the complex which spans 400 km from the Rustenburg area in North West Province to Steelpoort in Northern Province.
The UG2 basket of PGM value is higher than that of the traditionally-mined Merensky, Barnard Jacobs Mellet mining analyst René Hochreiter tells Mining Weekly, owing to UG2 having greater palladium and rhodium content - important current factors given that palladium is still more than $100/oz above the $600/oz platinum price and rhodium is continuing to soar beyond the $2 000/oz level.
The Eastern Limb`s Maandagshoek, Winnaarshoek, Kennedy`s Vale, Twickenham, Dwarsrivier, Der Brochen and Aquarius lease areas and even the Western Limb`s Crocodile River and Pandora are all destined for UG2 dominance, Hochreiter reports.
In addition, UG2 is also the rage in parts of the mature areas of the Western Limb, with world leader Anglo Platinum, UG2 pioneer Lonmin, which is 70% UG2, and UG2 newcomer Northam, all commissioning modern UG2 concentrators.
UG2 and Merensky invariably occur together, with UG2 lying between 20 m and 400 m vertically below Merensky.
Anglo Platinum`s Maandagshoek - site of Dr Hans Merensky and Andries Lombaard`s far-reaching discovery in 1924 but only now beginning to be exploited - is the biggest revenue prospect, owing to the UG2`s high rhodium and palladium presence.
Hochreiter stresses the importance of the 8% to 9% rhodium content in UG2 versus only 4% in Merensky, as it translates into a nigh 10% of metal mined fetching prices of $2 000-plus/oz, autocatalysis consuming 85% of the rhodium, a metal also used in plating for its brilliant tarnish-resistant shine.
Potential profit margins on the horizon remain ultra attractive, a current 400%-plus level reflected when one computes the South African basket-price peak of R208 000/kg on January 8, 2001, against the working-cost average of only R55 000/kg.
Amazingly, this margin could even be bettered on the Eastern Limb because the current R55 000/kg working cost takes into account mining at depth, whereas the future cost calculations have to reckon with initial low-cost mining of UG2 outcroppings on the Eastern Limb in ultra shallow areas.
The major drawback of the Eastern Limb, however, is poor transport, water and power networks which will have adverse cost implications.
But the big plus is that PGM resources on both limbs total four-billion ounces at up to 3 000 m depth versus the rest of the world`s mere 600-million.
©Martin Creamer Media

[gholzbauer]

Stillwater Mining Price Target Cut at TD Securities

4/3/01 11:28 AM
Source:Bloomberg News
Toronto, April 3 (Bloomberg Data) -- Stillwater Mining Company (SWC US)
was maintained ``buy`` by analyst Chris Kwan at TD Securities. The 12-month
target price was reduced to $32.00 from $50.00 per share.

[gholzbauer]

PAN AUSTRALIAN RESOURCES NL 2001-04-04 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
Pan Australian is pleased to announce that it will commence
exploration for platinum and palladium at its wholly owned Hawkwood
Project in Southeast Queensland.

Previous channel sampling from a costean identified a 40 metre wide
zone of mineralisation with the following peak interval:

* 9 metres at 0.7 g/t platinum and 0.5 g/t palladium; including
* 4 metres at 0.9 g/t platinum and 0.7 g/t palladium.

In the light of recent increases in the price of both of these
precious metals these initial results are outstanding representing 9
metres at 3.0 g/t and 4 metres at 4.0 g/t in gold equivalent terms.

The Company has commenced preparations for a channel sampling program
to confirm the previous results and to gauge the extent of the
anomaly.

The Hawkwood Project is located in the Mundubbera District of
Southeast Queensland, 280 km northwest of Brisbane and 180 km west of
Bundaberg (Figure 1).

The property is secured by a single exploration licence (EPM 10299)
covering the whole 150 square kilometres of the Hawkwood Gabbro
intrusive complex, one of the numerous precious metal bearing
intrusions of the Triassic aged Rawbelle Batholith, which is part of
the New England Fold Belt.

Exploration at Hawkwood, although originally acquired by Pan
Australian in 1996 for its platinum group metal potential, has
focused on the Project`s base metal potential through a joint venture
with Rio Tinto and a recent review of the iron potential of the large
magnetite deposits within the Project area.

The platinum and palladium mineralisation detected by the sampling of
the original costean was not followed up.

During this period, the Company`s understanding of the regional and
structural geology has substantially improved by the re-logging of
drill core from a 1968 program conducted by the Queensland Department
of Mines to evaluate the magnetite potential and re-evaluation of
geophysical data.

This work defined the principal layering of the Hawkwood Gabbro and
hence the potential strike and continuity of any platinum and
palladium rich layers within the intrusion.

This month, Pan Australian will commence a detailed field sampling
program to confirm the results from the earlier channel sample and
then step-out trenching to gauge its strike and continuity before
drill testing the true width, grade and attitude of the
mineralisation at a shallow depth.

The present data-base on the strong magmatic layering within the
Hawkwood Gabbro, its extensive anomalous platinum and palladium
background geochemistry and the mineralisation intersected by
costeaning, clearly indicate that the Project has the potential to
host a platinum-palladium deposit.

Whilst Pan Australian remains focused on progressing the Feasibility
Study at the Puthep Copper Project in Thailand and the evaluation of
the projects within the Phu Bia Contract Area in Laos, the Company
will continue to seek additional value from its Australian portfolio
of projects.

For further information, please contact:

Gary Stafford
MANAGING DIRECTOR
Pan Australian Resources NL
Tel: [phone]
email [e-mail]
website: www.panaustralian.com.au

[gholzbauer]

PLATINUM AUSTRALIA LIMITED 2001-04-04 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Platinum Australia Limited ("PLA") is pleased to announce that a new
mineral resource estimate has been completed by Snowden Mining
Industry Consultants, on it`s 100% owned Panton Platinum-Palladium
Project. The new estimate combines data from PLA`s recently completed
drilling program with that from the drilling done in the 1980`s.

The new resource totals 33.6 million tonnes at 2.0 g/t 3E (Platinum +
Palladium + Gold) PGE containing 2.2 million ounces of PGE.

The resource has two distinct parts, a high-grade portion hosted in
two chromitite layers (the "A" and "B" chromitites), that are about
15 metres apart and enclosed within dunite; and a lower grade portion
hosted in dunite, mainly between the "A" and "B" chromitites with
lesser amounts below the "B" chromitite and above the "C"
chromitite.

RESOURCE STATEMENT

The higher-grade resource within the "A" and "B" chromitites is
9.4 million tonnes at an average grade of 4.9 g/t 3E PGE, (Table 1).
This resource is geologically constrained and has no numerical cut
off and is reported to an elevation of 10 mRL, that is, between 450
to 500 metres below surface.

The lower grade, dunite hosted resource, totals 24.2 million tonnes
at 0.9 g/t 3E PGE (Table 2) with a 0.7 g/t 3E PGE cut-off, to an
elevation of 300 mRL, that is, between 150 to 200 metres below
surface.

TABLE 1

CHROMITITE TOTAL BY CLASS (A and B seams from surface to -10 mRL)
A CHROMITITE

CLASS MILLION TONNES 3E PGE Pt Pd Au
g/t g/t g/t g/t

Measured 1.0 5.6 2.4 2.8 0.5
Indicated 2.2 6.1 2.6 3.1 0.5
Inferred 3.9 5.0 2.1 2.4 0.5
Total 7.1 5.4 2.3 2.7 0.5


B CHROMITITE

CLASS MILLION TONNES 3E PGE Pt Pd Au
g/t g/t g/t g/t

Measured 0.3 3.1 1.7 1.3 0.1
Indicated 0.6 4.1 2.3 1.7 0.1
Inferred 1.4 3.0 1.6 1.3 0.1
Total 2.3 3.3 1.8 1.4 0.1


TOTAL CHROMITITES

CLASS MILLION TONNES 3E PGE Pt Pd Au
g/t g/t g/t g/t

Measured 1.3 5.0 2.2 2.4 0.4
Indicated 2.8 5.7 2.5 2.8 0.4
Inferred 5.3 4.5 2.0 2.1 0.4
Total 9.4 4.9 2.2 2.4 0.4


TABLE 2
DUNITE TOTAL BY CLASS
(above 0.7 g/t 3E PGE and from surface to 300m RL)

CLASS MILLION TONNES 3E PGE Pt Pd Au
g/t g/t g/t g/t

Measured 6.6 0.9 0.4 0.4 0.1
Indicated 11.1 0.9 0.4 0.4 0.1
Inferred 6.5 0.9 0.4 0.4 0.1
Total 24.2 0.9 0.4 0.4 0.1

The resource estimates were carried out by independent mining
consultants, Snowden Mining Industry Consultants and are reported in
accordance with the JORC Code (September 1999).

The resource is based upon assays of samples from split cores from 46
diamond drill holes, and split samples from 14 reverse circulation
holes drilled by PLA in the previous 4 months. Assaying was carried
out by an independent analytical laboratory with qualifications and
PGE assay expertise accepted by the PGE industry, PLA and its
consultants. The assaying was subjected to normal precision and
accuracy checks. In addition to the PLA holes, assays from diamond
drill core from 36 holes drilled in the 1980`s were also used, after
checks showed they were reliable. Individual assays within the
resource show little variation with a maximum grade of 17.5 g/t
3E PGE.

The geological interpretation of the mineralized zones was carried
out by Snowden Mining Industry Consultants in conjunction with PLA.
Dip and strike continuity of grade and lithology of the Chromitite
Resource zones is well developed.

FURTHER DRILLING PLANNED

The resource occurs over a strike length of about 3200 metres. A new
drilling program is planned to evaluate extensions of the identified
resource, along a further 1500 metres of strike of the approximately
12 kilometres of chromitites mapped around the Panton synclinal
structure. The new drilling is planned to start in late April.

In addition, the anomaly (reported in our December Quarterly Report)
at the base of the Panton Sill, 350 metres north of the known
resource, will also be drill tested. This anomaly was identified by
surface magnetic lag sampling and has similar platinum-palladium
geochemistry to the drilled "A" and "B" chromitites comprising part
of the Panton resource. However, unlike the anomaly over the "A" and
"B" chromitites, the 2.6 kilometre strike length northern anomaly
also shows continuous high nickel, copper and cobalt geochemistry,
peaking at 0.63% Ni, 0.26% Cu and 310ppm Co.

FEASIBILITY STUDIES

This new resource which will continue to be developed with the
results of further planned drilling, will form the basis of the
current feasibility studies. The near surface, wide lower-grade
dunite resource identified, allows a low cost bulk open pit mining
option to be considered. Mine design, metallurgical testing, market
studies, and economic and engineering studies are all under way as
part of the feasibility study process.

STATEMENT OF QUALIFICATION

The information in this report that relates to Mineral Resources is
based on a resource estimate compiled by Craig MacDonald who is a
Member of the Australian Institute of Geoscientists. Craig MacDonald
is employed by Snowden Mining Industry Consultants. Craig MacDonald
has sufficient experience which is relevant to platinum
mineralisation and resource estimation to qualify as a Competent
Person as defined in the 1999 Edition of the "Australasian Code for
Reporting of Mineral Resources and Ore Reserves". Craig MacDonald
consents to the inclusion in this report of the matters based on the
information in the form and context in which it appears.


P D Allchurch
EXECUTIVE CHAIRMAN

[gholzbauer]

Tuesday April 3, 7:50 am Eastern Time
Russia Norilsk to ship platinum, sees profit up
(UPDATE: adds details, background, paras 9-16)

By Dmitry Zhdannikov

MOSCOW, April 3 (Reuters) - Russian metals producer Norilsk Nickel said on Tuesday it had approval to ship platinum and rhodium to world markets, and that its 2000 net profit could rise to $1.7 billion from $531 million in 1999.
ADVERTISEMENT



Russian President Vladimir Putin has signed a long-awaited decree approving exports of the metals, used to make autocatalysts to clean car exhaust fumes.

Delays in signing the decree sent platinum to 13-year highs and palladium to all-time highs in January.

``We received a quota in a general decree of the Russian President giving quotas for this year for all exporters,`` Norilsk`s First Deputy CEO Dmitry Zelenin told a news briefing.

Norilsk needed to wait for approval only for the one-year export quota for platinum and rhodium because it has a 10-year export quota for palladium.

Russia`s other exporters of palladium are the state precious metals and gems reserve Gokhran and the central bank. Both bodies sell their metal through the country`s sole export agency Almazjuvelirexport.

Zelenin told Reuters Norilsk was ready to fight against the secrecy surrounding the signing of the quota, and that he hoped the situation would be more transparent by the end of the year.

Secrecy and confusion surrounding the signing of the decree has caused sharp price rallies in all of the platinum group metals in the past few years.

Zelenin said there would be no change in Norilsk`s platinum metals output this year.

Figures on production and export of the metals are regarded as state secrets because of their strategic uses, but UK refiner Johnson Matthey (quote from Yahoo! UK & Ireland: JMAT.L) estimates Russia supplied 161.1 tonnes of palladium in 2000 and and 540,000 ounces of platinum.


2000 PROFIT COULD RISE SHARPLY

Zelenin said Norilsk`s 2000 net profit, calculated to International Accounting Standards, could rise sharply to $1.7 billion from $531 million in 1999.

``According to our very preliminary estimates, the holding`s net profit for 2000 amounted to $2.0 billion to Russian Accounting Standards and somewhere around $1.7 billion to international standards,`` Zelenin said.

He added the company planned to propose to its shareholders converting all existing shares into Level One American Depositary Receipts (ADRs) in April or early May. Level One ADRs are issued on existing capital.

``The ADR issue programme is created to simplify the swap of RAO Norilsk Nickel into Mining and Metals Company (MMC) Norilsk Nickel for large, primarily international investors,`` he said.

Natalya Loginova, head of Norilsk`s shareholder relations deparment, said after the Russian Federal Securities Commission had registered the swap and its completion in August, holders of RAO Norilsk Nickel ADRs would receive MMC Norilsk Nickel ADRs.

The share swap is taking place as part of a complicated company restructuring plan.

Russia produces around two thirds of the world`s palladium and a third of its platinum.

[gholzbauer]

Tuesday April 3, 10:19 am Eastern Time
Press Release
NORMABEC Acquires a Palladium-Platinum Prospect
ST-BRUNO, QUEBEC--NORMABEC Mining Resources Ltd announces the signing of an agreement for the acquisition of 40 contiguous mining claims located in the Timiscaming region, east of Aurora Platinum`s (ARP-CDNX $4,00) Midrim nickel-copper-PGM Property.

The Property, acquired by NORMABEC covers an area of 2,490 hectares and is located in Latulipe township. A regional airborne magnetic survey shows an elongate 3 km magnetic anomaly in the the south central part of the Property. The pattern and moderate intensity of this anomaly are similar to the magnetic anomalies (same airborne survey) which correspond to the gabbros that host Ni-Cu-Pd-Pt sulphide mineralization on the Midrim and Alotta prospects. Principal sulphide mineralogy in these prospects consists of pyrrhotite, pyrite, pentlandite and chalcopyrite. This assemblage is typical of what occurs on these properties and is interpreted to exist on the Property.

Under the terms of the agreement, NORMABEC has the right to earn an undivided 70% interest in the Latulipe Property over a 4 year period. The terms include a $20,000 payment plus 150,000 shares upon signing and on each of the next 4 anniversary dates for a total of $100,000 plus 750,000 shares. Additionnally, NORMABEC agrees to a work commitment of $75,000 in the first year, $150,000 in the second year, $275,000 in the third year and $500,000 in the fourth year. The vendor will retain a 30% carried interest upon completion of the above terms.

The current strong demand for palladium and platinum is likely to continue. The recent drilling results on the Midrim and Alotta Properties by Aurora have demontrated good potential for Ni-Cu-Pd-Pt in a similar geological environment.

NORMABEC is an exploration company with an objective of exploring and developing its mining assets. The company has currently 19,7 million shares outstanding and trades on the Montreal Exchange under the symbol NMB.

[gholzbauer]

Stillwater Mining Price Target Cut at RBC Dominion

4/4/01 9:58 AM
Source:Bloomberg News
Toronto, April 4 (Bloomberg Data) -- Stillwater Mining Company (SWC US)
was maintained ``outperform`` by analyst John K. Barker at RBC Dominion
Securities. The 12-month target price was reduced to $41.00 from $43.00 per
share.

[gholzbauer]

Nur Zocker im Minensektor?


Stillwater Mining put option saves New York portfolio from disaster
By: Tim Wood
Posted: 04/04/2001 08:00:00 AM | © Miningweb 1997-2001
http://www.mips1.net/mgsp.nsf/Current/852569A70054F82285256A…

[gholzbauer]

Norilsk-Kurs 11.35$, Gewinn pro Aktie Gescäftsjahr 2000: 8$ !!!


-------------------------------------------------------------
(http://www.aton.ru/en/research/daily.asp?y=2001&m=4&d=4&tmon…

Norilsk Nickel $11.35 — HOLD


Releases preliminary net profit for FY00, set to launch ADRs
The company`s IAS net profit should come in at about $1.7bn ($2bn under RAS), according to NN general director Dmitry Zelenin. Norilsk Nickel is making plans to pay out 2000 dividends, he added, the amount to be disclosed at the company`s AGM slated for the end of May.

The $1.7bn figure is positive news, implying an EPS in 2000 of nearly $8. Moreover, it is over three times the 1999 IAS EPS of $2.81. We do not expect quite such a stellar performance this year, in view of the ruble`s strength in real terms. Moreover, Zelenin`s announcement certainly underscores the company`s low valuation on the reported financials. But it remains unclear to us what basis for financial consolidation might apply here. Over half of the NN productive assets were swapped out of the company over the course of 2000, so shareholders ended the year without a clear claim to these earnings.

In any event, however, the share swap into Norilsk Mining has apparently started. The company reports that as of April 3, 18,000 out of the 42,000 shareholders resident in the Norilsk industrial region had completed their swaps. As we have written previously, NN shareholders are being given the opportunity to swap into shares of the Norilsk Mining Company (NMC) on a 1:1 basis from the end of March through the middle of May 2001. The ADR program is designed to aid larger shareholders in making the conversion.

Research department


-----------------------------------------------------------------------

Norilsk Nickel $12 — HOLD


Set to tap new deposit
Norilsk Nickel has submitted for approval a report to the government that calculates the reserves of the MS Gorizont platinum group metals deposit at the Zapolyarny mine in the Taimyr Peninsula. According to the report, the concentration of platinum group metals is commercially feasible (approximately 10 grams per ton), while nickel and copper concentrations hover around 0.1% - 0.15% (below the usual 1%). Annual ore extraction is expected to be in the range of 120 tons to 240 tons.

Research department

Norilsk Nickel $12 — HOLD


Plans to sell Krasny Vyborzhets stake
Norilsk Nickel announced in a press release yesterday that it plans to sell its 19.9% equity stake in Krasny Vyborzhets (KV), based in St. Petersburg. Company sources said the reason for the sell-off is that the KV plant failed to comply with preliminary business transparency requirements. To our knowledge, the KV stake will be put up for sale to InterRoss affiliates, which will essentially make the equity transfer a related-party transaction. We will provide a more comprehensive assessment of KV`s management structure after the company holds its AGM on 25 May.

Research department

[gholzbauer]

(http://www.telegraph.co.uk/et?ac=003100565149417&rtmo=qxJ9bx…

Sunday 8 April 2001

Aquarius Platinum goes up for sale
By Edward Simpkins

Aquarius Platinum
Franco-Nevada Mining Corporation
Barrick Gold

AQUARIUS Platinum, the Australian-based platinum miner which listed on Aim two years ago, is in talks with two North American mining giants, Franco-Nevada Mining Corporation and Barrick Gold, about a possible sale of the business.
Any sale is likely to fetch more than twice its market value of close to £200m. Its shares have raced from a listing price of 50p up to 350p in January before falling back over the past two months to close at 258p on Friday. Bids are unlikely to come in at lower than 500p per share. Franco-Nevada, which is capitalised at around C$675m, and Barrick, one of the world`s largest gold miners with a market value of US$6bn, are believed to be in South Africa examining Aquarius`s mining operations.

Aquarius has recently pulled off a deal giving it full control of its Kroondal subsidiary and is on course to produce 570,000oz per year of platinum group metals within the next three years. Analysts point out that Lonmin, the platinum miner that separated from Lonrho, produces 900,000oz of PGMs per year and is valued at £1.5bn. Sources close to the company say that Aquarius`s management has appointed Endeavour Capital Corporation, a specialist mining finance house based in Vancouver, to find a buyer.

One industry insider said it would be wrong to assume that Endeavour was conducting an auction of the company. "It is part of a strategic review of how to grow the company." But he added: "One solution might be that someone comes along and makes a bid. I would think that a big North American company could take it out."

Barrick has been purely a goldminer since the sale in the mid-1980s of oil and gas interests and a coal mine. But the falling gold price, which last week touched $255 per oz, compares poorly with platinum, worth around $600 per oz, and palladium, a common PGM, which last week traded at $692 per oz. PGMs have extensive industrial applications and their value is underpinned by the demand for platinum in jewellery.

Barrick has come under attack from investors from its heavy dependence on derivative products to protect itself from adverse movements in the gold price. A substantial exposure to platinum may form a more effective hedge. Franco-Nevada is more diversified and already owns oil and gas royalties in Canada, nickel in the Dominican Republic and a 20 stake in Normandy, the Australian-based mining company.

Its recent attempt to merge with Gold Fields of South Africa was stamped on by the South African authorities, leaving it with $700m in the kitty for acquisitions.

[gholzbauer]

(http://www.minesite.com/archives/news_archive/april2001/nori…

STAKING RUSH COMMENCES AT NORILSK LOOKALIKE IN NORTHERN ONTARIO.

A staking rush is starting ever so quietly up by Lake Nipigon - the name brings back memories of Hiawatha - in northern Ontario above Lake Superior. Two of the first companies on the scene are Inco and Falconbridge and the geology is said to be a dead ringer for the Norilsk mine in Siberia. Other small companies are also grabbing ground and not a word has yet appeared about it in the Canadian newspapers or mining publications.

The area is near the north west shore of Lake Nipigon and is known as the Vale Lake PGE ( platinum group element) prospect. A couple of geologists, Arpad Farkas and Ernie Gallo, have recently published a paper on it in which they point to similarities with Norilsk including the presence of a regional fault structure which may control the location of ore bearing mafic intrusions.

The prospect straddles a deep seated regional fault structure related to the Nipigon plate and the potential host rock for the deposit is said to be a continental tholeiite enriched with platinum group elements. It helps, of course, that the property is located within an area where the most extensive PGE and copper lake sediment geochemical anomalies have been found north of Lake Superior. These anomalies are reckoned by Messrs Farkas and Gallo to be at least comparable to, if not better than, the anomalies which lie around the Lac Des Isles deposit.

North American Platinum`s open pit Lac des Iles Mine, mid way between Lake Nipigon and Thunder Bay, has emerged as a progressively improving ore body worthy of serious attention. In 1998, palladium resources were a rather insignificant 1.3 million ounces of palladium. That has now risen to 7.4 million ounces on the completion of the 2000 drilling program. Combined platinum and palladium indicated resources increased 46 per cent to 8.2 million ounces. It is expected that proven and probable data will be released this month.

On this measure it is not surprising that the big boys are taking Vale Lake seriously. The argument that it has high potential for the discovery of an even larger Norilsk type deposit is compelling. In its day Norilsk was one big mother of a deposit producing around 2.5 million ozs of palladium and 800,000 ozs of platinum a year. Output is now falling as it moves from massive ore-body formations to disseminated and cuprous ore grades, but the possibility of such a discovery is bound to attract the attention of a host of companies.


9 April 2001

[gholzbauer]

S Africa Impala Platinum Shrs +8% On Takeover Target Talk



JOHANNESBURG (Dow Jones)--Shares in South Africa`s Impala Platinum Holdings Ltd. (O.IM), the world`s second biggest producer, rose over 8% Monday on market speculation that the company could be a takeover target.

The speculation comes after comments Friday by a company director who said Impala was undervalued at its current share price. He added, however, that the company wasn`t in talks with a possible suitor. Impala wasn`t available for comment Monday.

On the JSE Securities Exchange South Africa, Impala ended up ZAR25.40, or 8.3%, at ZAR330.

Justin Pearson-Taylor, a mining analyst at Standard Bank Equities based in Johannesburg, said the company is susceptible to a takeover from an international mining company because of its low forward price/earnings ratio.

Impala, which has a market capitalization of around $2.6 billion, operates at a forward price/earnings ratio of 4.2 and has a dividend yield of 12.9%. This is considerably lower than nearest rival Anglo American Platinum Corp. (O.AAP), with a P/E of 6.5 and a dividend yield of 9.1%, and Lonmin PLC (U.LMI), with a P/E of 6.5 and dividend yield of 8.3%. Junior platinum miner Northam Platinum Ltd. (O.NHM) operates on a forward P/E of 5.1, and a dividend yield of 20%.

Dividend yield - the dividend per share divided by the share price - represents the annual cash return for the shareholder as a percentage of the value of his investment.

"Impala is a very cheap acquisition with a P/E of 4.1," said Standard`s Taylor. "And with metals prices remaining firm, strong earnings growth going forward, solid cost controls and a good management team, the company is ridiculously cheap," he added.

Pearson-Taylor said possible suitors include newly established resources giant Billiton-BHP (U.BIX) and Rio Tinto PLC (RTP).

Another possible suitor could be Canada`s Falconbridge Ltd. (T.FL), he said, in which Impala recently announced a strategic alliance to explore for platinum group metals. As part of a five-year agreement, Falconbridge will conduct grassroots exploration for new high quality PGM projects worldwide.

Impala is 46.3% owned by South African investment holding company Gencor Ltd. (O.GCR).

-By Adam Aljewicz, Dow Jones Newswires; [phone], [e-mail]

(END) Dow Jones Newswires 09-04-01

1516GMT Copyright (c) 2001 , Dow Jones & Company Inc~200104091516

[gholzbauer]

(http://www.news24.co.za/News24/Finance/Companies/0,4186,2-8-…

06/04/2001 13:57 - (SA)


Implats not in talks



Johannesburg – World number-three platinum producer Impala Platinum (Implats) on Friday said its shares were seriously undervalued but that it was not in talks that could lead to a possible takeover of the firm.

Implats Finance Director David Brown told Reuters that while the investment community had undervalued the firm, it was not actively talking to a potential suitor.

"We are seriously undervalued. If you look at the fundamentals we are an attractive take-over target...But we are not in any talks or discussions," Brown said.

"If you look at our neighbours Lonmin and Stillwater Mining, the undervalation has something to do with our listing in Johannesburg," said Brown.

Brown was referring to lack of international investor appetite for South African listed stocks.

Standard Equities analyst Justin Pearson-Taylor told clients on Thursday Implats was "very susceptible" to a takeover from any international mining firm because of its forward price-earnings (PE) ratio of only 4.1, which made the firm cheap.

Other analysts agreed that Implats was undervalued by investors and that the consolidation in the industry could see a bid emerge at some stage.

"Implats is a prime platinum asset that could easily fit into the consolidation going on. Billiton-BHP don`t have major platinum assets," said one Johannesburg-based analyst.

An important platinum miner

Any take over move for Implats, which has a market capitalisation of $2.6bn, would be the Johannesburg bourse`s second most important bid behind a current $17.1bn bid for De Beers by Anglo American and the wealthy Oppenheimer family.

Implats trails only industry giant Anglo American Platinum and Russia`s Norilsk in the supply of platinum which is used in jewellery and auto-catalysts.

Implats has a 27.1% stake in Lonplats, the platinum mining division of London-listed Lonmin, and a 25.5% interest in Aquarius Platinum.

Implats` low PE compared favourably with its mining peers Anglo American with a PE of 10.4, Billiton at 14.7, BHP at 13.2 and Rio Tinto at 13.1, Standard Equities said.

The South African miner, which supplies some 18% of world platinum, tripled interim headline earnings per share to R33.98 in six months to December, 2000 on the back of surging metal prices and a weaker rand.

Nine analysts polled by agency Barra expect Implats to post full-year headline earnings of R75.07 for the year to June, 2001, a 129% rise from the year earlier.

Shares in Implats were unchanged at R304 by 12:41, off a year-high of R430. The Johannesburg bourse`s all-share index was down 0.55% at 8 130.7.

Pearson-Taylor has a target price of R350 for Implats.

Gencor holds key stake

South African investment holding company Gencor holds a 46.3% stake in Implats. Major Gencor shareholders include local insurers Sanlam, Standard Bank nominees and Rembrandt.

"Gencor could unbundle and distribute its Implats shares and cash or, more likely, Implats could be incorporated, either partialy or wholly into a major international mining house," Pearson-Taylor said.

Potential suitors would be attracted by Implats strong cash position, which stood at R2bn by mid financial year, and by expectations that the rand would continue to depreciate against the dollar.

[gholzbauer]

Stillwater Mining Price Target Cut at BMO Nesbitt Burns

4/9/01 6:30 AM
Source:Bloomberg News
Toronto, April 9 (Bloomberg Data) -- Stillwater Mining Company (SWC US)
was maintained ``outperform`` by analyst Geoff Stanley at BMO Nesbitt Burns.
The 12-month target price was reduced to $38.00 from $45.00 per share.

[gholzbauer]

DJ S Africa Platinum Co Shares End Up; Strong Gains Seen



JOHANNESBURG (Dow Jones)--Shares in South Africa`s platinum stocks ended mostly higher Wednesday and analysts expect further gains going forward as investors refocus on the market`s glittering fundamentals.

On the JSE Securities Exchange South Africa, Anglo American Platinum Corp. (O.AAP) - the world`s biggest platinum producer - ended up ZAR16.00, or 5.4%, at ZAR314.00. Impala Platinum Holdings Ltd. (O.IM) - the world`s second-biggest producer - ended unchanged at ZAR338.00.

Elsewhere in the sector, Lonmin ended 80 cents higher, or 0.8%, at ZAR101.20 while junior miner Northam Platinum Ltd. (O.NHM) ended 10 cents higher, or 0.8%, at ZAR13.20.

Shares in the local platinum sector were sold off in February on the back of negative news stories surrounding uncertainties over growth in market demand, and despite the companies releasing record earnings results.

Analysts, however, say strong demand from the auto-catalyst industry and jewelry market, and historically high metals prices going forward, will likely provide the sector with enough impetus to move higher in the future.

"A lot of emerging market funds found themselves overweight of platinum stocks going into the reporting season," said Rob Edwards, platinum mining analyst at HSBC based in Johannesburg.

"Add to this fears of a global slowdown and expectations of a pullback in commodity prices, and investors baled out," he said.

The selloff in February was prompted by a number of negative news items which investors interpreted as being negative for the future of the platinum group metals, or PGM market.

News in February that Russian president Vladimir Putin may sign quotas and licenses for platinum group metal exports, and speculation that Russian producer RAO Norlisk Nickel was selling material onto the spot market added to the negative tone for platinum. Add to this Honda`s announcement in March that it would begin using an oxide coating in its catalytic convertors in place of PGM`s, and investors could be forgiven for thinking that the bull run on PGM`s was coming to an end.

But metals prices haven`t weakened as much as people thought, says HSBC`s Edwards, as industrial demand from the auto catalyst industry remains as strong as ever, he added.

Around 1430 GMT, spot platinum was trading at $591.50 a troy ounce, down from its 13.5-year high at $644.00/oz on Jan. 11. Palladium was at $665/oz, down from it`s all time high at $1,110/oz.

Analysts say the sector`s high dividend yields and scope for further upside gains means there`s still a lot of value to be had in the sector.

"There is definitely upside in the platinum sector," said Justin Pearson-Taylor, mining analyst at Standard Bank Equities.

"The fundamental demand for metal is still strong and prices will remain firm," he said.

Impala operates at a forward price/earnings ratio of 4.2 and has a dividend yield of between 13.0% and 15.0%, which excludes any special dividend, while Angloplats has a forward P/E of 6.5 and a dividend yield of between 8.0% and 9.0%.

Dividend yield - the dividend per share divided by the share price - represents the annual cash return for the shareholder as a percentage of the value of his investment.

Analysts have pegged Angloplats` fair value at ZAR350.00, while Impala`s fair value is around ZAR380.00.

-By Adam Aljewicz, Dow Jones Newswires; 27-11-726-7903, [e-mail]

-0- 11/04/01 14-53G (END) Dow Jones Newswires 11-04-01

1453GMT Copyright (c) 2001 , Dow Jones & Company Inc~200104111453

[gholzbauer]

Tuesday April 10, 2:21 pm Eastern Time
Press Release
Diadem Tests Potential Kimberlite And Platinum/Palladium Targets In Ontario
TORONTO, CANADA--DIADEM RESOURCES LTD. (DIR.ME) announces the conclusion of an initial program of diamond drilling on the KAP property, 345 km south west of Kapuskasing, Ontario.

Consultant, Robert J. Dillman, B.Sc., Geologist, reports that two drill holes, KAP 3b and KAP 7, drilled 250 metres apart intersected porphyritic lamprophyre dikes containing abundant (25 - 30%) bright green chromo diopside. Results of microprobe analyses of the chrome diopside indicate a potentially favourable chemistry for diamond association. Similar results were obtained in drill hole KAP 6 which intersected a number of dikes and two of which appear to be lamprophyre. Samples of core from each of these holes have been sent for diamond analyses by caustic dissolution.

Dillman reports that KAP 4 tested a strong positive magnetic feature situated in the vicinity of heavy mineral sites, and a mobile metal ionization (MMI) survey which detected elevated concentrations of nickel, chrome, rubidium and palladium directly over the target. KAP 4 intersected what is believed to be a peridotite. The unit is approximately 50 metres wide. Samples were sent for platinum/palladium analyses.

Sample results may be expected from the four holes in about four weeks time. The remaining three drill holes didn`t intersect any mineralization. Further work is recommended consisting of heavy mineral sampling, ground magnetometer and electromagnetic survey in preparation of a second phase of diamond drilling.

Diadem regrets to announce the resignation of director, Warren MacLeod, due to business commitments and personal move to overseas.

As a result of economic constraints, Phelps Dodge closed its offices in Mexico and consequently has withdrawn from exploration of Diadem`s Bilbao property in Mexico. Diadem is engaged in ongoing discussions with other companies interested in developing the zinc/silver potential of Diadem`s properties in Zacatecas, Mexico.

Diadem has completed two private placements; one for 1,000,000 common shares at $0.20 with 1,000,000 warrants attached exercisable at $0.25 until April 30, 2002 and the second for 125,000 common shares at $0.20 per share. An aggregate of 850,000 common shares were issued to Gemcal Prospecting Syndicate and CaliGem Resources Inc. as part of the acquisition costs of the Kapuskasing, Ontario properties. A total of 500,000 options were recently exercised at $0.20 pursuant to the company`s stock option plan. Recently 187,5000shares were issued at a conversion rate of $0.20 to pay a corporate debt.

Diadem Resources Ltd. is a Toronto-based mineral exploration company with a principal objective to discover, enhance and develop known mineral properties to production potential.

Diadem has a diamond discovery in California; diamond exploration in Ontario; three zinc, copper, silver projects in Mexico; an advanced zinc project in Indonesia; zinc, copper-nickel-cobalt properties in Quebec; and interests in gold properties in Nicaragua.

[GOLDONLY]

@Gholzbauer

Was ist denn eigentlich aus Herald Res. geworden.
Hat sich Deine Begeisterung gelegt ?

Naja, Kleinstfunde in 150 m Tiefe können eben doch nur temporär begeistern, oder ??

Gruß

GO

[gholzbauer]

http://www.herald.net.au/Announcements.html

[schloss]

Weiß jemand, warum die Lease Rates für Platin so explodiert sind???

Sie stehen jetzt zwischen 14,6% (1 Jahr) und 20,1% (1 Monat)
Das ist doch krass!! Wer leiht sich denn zu solchen Zinsen Platin?? Oder
wer verleiht es jetzt nicht mehr??


mfg
Schließer

[gholzbauer]

Habe keine Ahnung, warum die Lease Rates für Pt steigen.

------------------------------


Riphean Platinum Corporation to focus on platinum and palladium exploration
Riphean Platinum Corporation today announced that effective March 30, 2001, the corporate name of LIBRA GOLD CORPORATION had been changed to RIPHEAN PLATINUM CORPORATION to reflect management`s decision to focus its primary efforts on the exploration and development of platinum group metals (``PGM``), while maintaining its current exploration holdings in gold and other precious metals.

Riphean Platinum has entered into an agreement with Geoprospects International, Inc. to acquire the 50% interest of Geoprospects in licenses to explore two PGM properties, Svetloborsky and Pavdinsky, and license applications made for two additional PGM properties, Volkovsky and Ashkinsky, in the Urals region of Russia. To acquire the interests in the projects, Riphean Platinum has agreed to issue to Geoprospects 2,075,000 treasury common shares, to be released over a three year period. Geoprospects will be issued 1,000,000 additional common shares when a commercial orebody is established (with a minimum reserve of 1,000,000 oz of PGM) and a bankable feasibility study is prepared. A further 1,000,000 common shares will be issued when commercial production is achieved at a rate of at least 100,000 oz PGM per year.

All of the PGM properties are located within the Platinum Belt of the Ural Mountains in the Sverdlovsk region of Russia, north of the City of Ekaterinburg, and north or west of the palladium-gold and platinum Boronsky and Soloviev Hill projects being developed by Eurasia Mining plc of London. The Ural Mountains have been a major source of minerals for over 250 years. The Urals Platinum Belt, extending over 1,000 miles (north-south) in central Russia, contains more than 15 mafic-ultramafic intrusive complexes as well as numerous high-grade platinum placer deposits. Several small high-grade hard rock platinum operations were in production in the early 20th century, one of which (Gospodskaya) processed 50,000 tonnes of ore at an average grade of 443 g/t platinum to produce 22.15 million grams (approximately 700,000 oz.) of platinum. Alluvial platinum was first discovered in the Urals in 1819-1824 and total Urals production is estimated to have been about 10% of the world`s known platinum production to date. Although overshadowed by the discovery of huge platinum deposits in the Noril`sk area, management believes that, based in part on early progress by Eurasia Mining in the area, the Urals hold great potential for discovery of additional PGM deposits.

Previous geochemical sampling on the Pavdinsky property indicates that the concession includes five layered ultramafic intrusions which carry disseminated copper sulfide-titanomagnetite and ferro-platinum-chromite mineralization, similar to the Boronsky deposit, with combined platinum-palladium values of 0.2 to 1.0 ppm coincident with strong magnetic anomalies. Grab samples of copper-rich sulfide zones (copper greater than1%) returned palladium values of 1 to 3 ppm. The Svetloborsky property encompasses two major layered dunite-pyroxenite-gabbro complexes as well as several smaller gabbroic intrusions. Chromite-rich dunites contain visible course-grained ferro-platinum associated with chromite. Grab samples from these zones assayed at up to 240 ppm platinum. Pyroxenitic rocks contain lower-grade platinum mineralization, but assay at 1 to 3 ppm platinum.

The initial exploration budget for 2001-2002 for the Svetloborsky and Pavdinsky properties is US$175,000, plus US$50,000 for technical supervision and administration. The proposed budget would increase when additional properties are acquired. Riphean`s 50% partner in the Urals platinum projects is the Uralian Geological Survey Expedition, majority-owned by the Sverdlovsk regional government. Once Riphean Platinum`s exploration expenditures reach US$300,000, its interest will increase to 60%. Riphean Platinum has the option to increase its interest to 75% by expending an additional US$500,000 on exploration of the properties. The geological program will be under the supervision of Thomas Skimming, P.Eng, Dr. Pavel Kepezhinskas and John Thompson, P.Eng. In conducting its due diligence on the acquisition, and planning its exploration program, Riphean Platinum has received the preliminary report of Prof. A. J. Naldrett, Senior Associate Geologist of Watts, Griffis and McOuat Limited, consulting geologists and engineers.

In addition to the Uralian PGM properties, Riphean Platinum continues to maintain its interests in four permitted gold exploration projects in China and in the Easter gold project in Nevada. In light of the current gold price, activity on these projects continues to be curtailed. Management currently is considering the economic viability of establishing a small open pit, vat leach mine at the Dafang property in Hunan Province, China, as a means of maintaining some active presence in that country, pending better conditions for gold exploration and development generally.

Riphean Platinum proposes to effect an equity financing by way of a rights issue to all current shareholders to provide the financing for the Urals exploration program and for general corporate purposes.

Currently, Riphean Platinum has 11,530,817 common shares outstanding, before giving effect to the 2,075,000 common shares to be issued for the acquisition from Geoprospects. In addition, Riphean Platinum will issue up to an additional 2,000,000 common shares to Geoprospects when a mining reserve is established and commercial production is achieved. Riphean Platinum also has granted options to management and the directors to purchase a total of 2,400,000 common shares at $0.10 per share up to March 30, 2006, and there are options outstanding to former management to purchase up to an additional 526,000 common shares at prices ranging from $0.003 to $0.203 per share expiring between April 26, 2001 and September 27, 2004.

Contact: Paul A. Carroll, Chairman, [phone] or Thomas Skimming, President and CEO, [phone] or Pavel Kepezhinskas, Executive Vice-President, [phone].

[gholzbauer]

Wallbridge Mining Exploration results indicate further mineralization at Parkin Property
Wallbridge Mining Company Limited (TSE: WM - news), a base metals exploration company, today announced results from its ongoing exploration program at the Parkin Project in the Sudbury area. The data indicate further evidence of mineralization previously reported from the property.

The results are derived from diamond drilling aimed at establishing width and continuity of near surface mineralization, to a maximum depth of 150 metres. Wallbridge has advanced the exploration program on the Parkin property with a series of drill holes that step out from a newly recognized mineralized zone. Wallbridge identified this new zone in a news release dated March 5, 2001.

Ten bore holes totalling 1,388 metres have been drilled and assayed. Significant mineralization was intersected in eight of these holes. Assay results are set out in the following table.

The results achieved to date in this newly explored area of the property indicate the promising extent, continuity and attractive grade of this mineralization. This mineralized zone is open down dip and along strike to the north and south.

A substantial geometric change in the host dyke has been identified in hole PX-01-115. It is well established that such geometric changes in the offset dykes can be associated with the deposition of concentrated sulphide mineralization.

The exploratory diamond drilling (PX-program) is continuing at Parkin. Wallbridge will continue to provide timely updates on this project as it progresses.

Wallbridge Mining Company Limited was established in 1996 to explore and develop properties in the Sudbury area and in Minnesota. The Company is focused on nickel, copper and platinum group elements. Wallbridge has assembled property holdings in the Sudbury area totalling more than 150 square kilometers. The Company is actively exploring these properties and is also engaged in four joint venture agreements with Falconbridge Limited.

For further information: Wayne Whymark, President, [phone].

[gholzbauer]

Vielleicht haben die steigenden Pt Lease Rates etwas mit Shorteindeckungen zu tun.
Von gestern:

------------------------------

In the PGM complex, palladium saw thin volumes amid some long liquidation, said a dealer, attributing the latest drop to mild sales out of Switzerland which was joined by thin commercial selling.

Platinum, meanwhile, was reportedly tracking gold amid fund short covering but no fresh buying.

Leonard Kaplan, president of Prospector Asset Management in Chicago attributed the gains to speculative purchases that triggered short covering.

"But I still think platinum`s price is very high. I have no trouble finding platinum in the market," he said.

Looking ahead, traders expect trading to remain in range for the rest of the week amid quiet dealings ahead of the Eastern Holiday. London`s financial market will extend the holiday through Monday, when the market will also be closed.

-By Marvin Perez, Dow Jones Newswires; 201-938-2208;
[e-mail]
(END) Dow Jones Newswires 04-11-01
1625EDT~200104111945

-------------------------------------------

Die Standard Bank meint heute:

----------------------------------

Market Commentary 12/04/2001: Precious metals finished mostly higher on Wednesday. Gold closed at $258.70 bid, gaining $1.30 on the day after trading between $257.00 and $259.50. Silver rose 4 cents to close at $4.3700 bid, after ranging between $4.3250 offered and $4.3950 bid. Platinum closed over $10 higher with fixings of $588 (AM) and $588 (PM), whilst palladium closed lower again, with fixings of $665 (AM) and $663 (PM). The gold price swung backwards and forwards yesterday on light trading activity ahead of the long weekend. After a quiet morning in Asia where gold hovered around $257.50, the yellow metal started to seesaw in thin trading conditions during the London session. Currency watching was yet again the theme for the day with the AUD under the microscope. Light borrowing was also noted in the short dates, maybe as a little protection over the Easter period. After a brief dip lower on the Comex open gold headed higher on the back of trade buying. Gold managed a high of $259.50 bid before drifting lower on the close. Gold can expect similar trading conditions today as dealers continue to book square. Support is evident between $255 and $257 from the physical market, with technical resistance located at $260 and $262. Silver initially headed lower but fund short covering supported the market and encouraged further buying from locals on the Comex. Silver managed a high of $4.3950, but failed to overcome technical resistance at $ 4.40 and drifted slightly lower to close just off the highs. $4.28 to $4.40 continues to be the active trading range. The PGM’s finished mixed in New York. Platinum’s rise was contributed to strong consumer buying whilst palladium recorded another contract low as longs liquidated stockpiled material.

[manfred1_I]

Die steigenden Leihraten, lassen einiges
erahnen.
Schieflagen etc..
Auf jeden Fall bei Platin, Palladium
in jeder Form dabeibleiben.

[Goldhotline]

Das Handelsblatt berichtete vor einigen Wochen von einem Treffen des Norilsk Nickel-Chefs Potanin mit der britisch-russisch-israelischen Trans-World-Group (Sitz in London).

Leider wurden keine Ergebnisse des Treffens gemeldet, die sicherlich für eine Prognose der Preise für Platingruppenmetalle entscheident sind.

Die Goldhotline

[schloss]

Ist die Trans-World-Group nicht die Geldwäschefirma, die Schwarzgeld aus Rußland, aber auch aus illegalen Geschäften in ganz Europa, in der Schweiz gewaschen hat.

mfg
Schließer

[gholzbauer]

South Atlantic Resources: Nordic Platinum Project Ground Geophysical Program Underway

--------------------------------------------------------------------------------

Story Filed: Wednesday, April 11, 2001 2:20 PM EST

VANCOUVER, BRITISH COLUMBIA, APR 11, 2001 (CCN Newswire via COMTEX) -- South Atlantic Resources Ltd. (the "Company") is pleased to announce that a ground geophysical program over key target areas within the Company`s Nordic Platinum Project is underway. The ground H.L.E.M. (horizontal-loop electromagnetic) geophysics is a follow-up program to the airborne E.M. survey conducted by the Geological Survey of Finland which identified numerous anomalies over the project area. The ground H.L.E.M. survey will assist in designing a scout drilling program which is scheduled to commence within the next few weeks. SCQ holds a 100% interest in the Nordic Platinum Project located within the Penikat-Portimo Layered Complex in northern Finland. The project encompasses over 300 square kilometres in an important new platinum-palladium district and is directly adjacent to and on strike with the recently announced Gold Fields/Outokumpu platinum group metal discoveries (3 million ounces).

Geological Overview

The geology of northern Finland is composed of pre-Cambrian shield similar to that of Canada, offering excellent exploration potential for platinum-palladium mineralization in several layered mafic complexes. These layered mafic complexes are geologic environments which host the world`s major platinum-palladium deposits.

Layered mafic complexes refer to deep-seated igneous rocks which have intruded vertically and horizontally into the shallow crust of the earth and crystallized. The original shape of the intrusive body can often be characterized as having the shape of a "champagne glass" in cross-section. Ore-forming minerals concentrate in the cooling rock by gravitational settling, usually at the base of the intrusive ("marginal series"), but may also be injected as ore into surrounding country rock. In many cases, multiple injections of igneous rock form layers which repeat mineralized horizons ("reefs") on top of each other. Geologic events such as faulting and folding can subsequently break-up the intrusive body into complicated, offset blocks.

The class of ore deposit found in layered complexes include the largest ore-forming systems known. The best examples being the Bushveld Complex of South Africa (2 billion ounces), the Great Dike of Zimbabwe, the Sudbury Complex of Canada, and the Stillwater Complex of Montana (50 million ounces). Ore deposits in these rocks constitute major sources of platinum-palladium ("PGE" or platinum group elements), copper, nickel, chromium, titanium, iron and vanadium.

Penikat-Portimo Complex - Northern Finland

One of the most important layered complexes discovered in recent times is the Penikat-Portimo Complex located in northern Finland. This complex hosts a number of PGE deposits and occurrences along a 135 kilometre northeast trend which divides Proterozoic volcanic and sedimentary rocks on the north from older Archean basement to the south.

South Atlantic`s Nordic Platinum Project covers 300 square kilometres of the Penikat-Portimo Complex. The rest of the ground in the area is held by the Gold Fields/Outokumpu joint-venture which is known as the Arctic Platinum Project ("APP").

The two most important intrusions in the APP area are the Penikat and Portimo.

At the Penikat intrusion, over 700 drill holes have defined three "reef-type" mineralized layers in the gabbro complex. These mineralized reefs are very similar to those found in the Stillwater and Bushveld complexes.

In the Portimo area, the number and types of platinum-palladium occurrences exceeds that reported anywhere else in the world. Four principal types of PGE mineralization have been identified:

1. PGE-bearing Cu-Ni disseminated sulphides at the base of the layered complex - "marginal series".

2. PGE-bearing massive pyrrhotite deposits located close to or within the marginal series.

3. Reef-type mineralized layers in the layered gabbro.

4. Cu-PGE mineralization offset in the basement below the contact with the layered gabbro complex.

Types 1, 2 and 4, and in some cases, reef-type mineralization, contain conductive sulphide mineralization of pyrrhotite, pentlandite and chalcopyrite which can be detected by geophysical methods at shallow depths - an exploration advantage in an area overlain by glacial till. To date, South Atlantic has detected at least 15 significant anomalies within its project area.

Other types of PGE mineralization known to exist in the Portimo area are located in dikes in the basement and pegmatite bodies within the layered complex.

Gold Fields/Outokumpu have announced a PGE resource estimate of approximately 3 million ounces on two areas within the Portimo complex - the Ahmavaara and Konttijarvi disseminated sulphide deposits. These deposits are immediately adjacent to and on strike with South Atlantic claims.

The Konttijarvi deposit is reported to contain 23.6 million tonnes grading 0.43 grams platinum, 1.57 grams palladium and 0.11 grams per tonne gold, with credits of 0.09% nickel and 0.14% copper.

The Ahmavaara deposit is reported to contain 25.6 million tonnes grading 0.26 platinum, 1.25 palladium and 0.12 gram per tonne gold, plus 0.11% nickel and 0.24% copper. Gold Fields/Outokumpu have announced that scoping studies are underway for the development of these deposits.

Private Placement

The Company has completed the previously announced private placement of 3,000,000 units at a price of CDN$0.26 per unit for total gross proceeds of CDN$780,000. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant shall be exercisable into one common share over a 2 year period at a price of $0.30 per share. Net proceeds of the private placement will be used for general working capital purposes. The private placement has received regulatory approval and the securities have now been issued to the investors.

ON BEHALF OF THE BOARD

Edward F. Posey, President

CONTACT: South Atlantic Resources Ltd.
Sophia Shane
Corporate Development
[phone]
Website:
www.scq.com

[gholzbauer]

April 12, 2001 14:52

Short covering buoys NY gold before holiday, PGMs mixed
NEW YORK, April 12 (Reuters) - COMEX gold firmed with no apparent
conviction behind it Thursday, as positions were adjusted in dull trade
before the Good Friday holiday in New York and a four-day Easter weekend
for London bullion dealers.
June gold ended up $1.30 at $260.90 an ounce, traveling from
$259.50 to $261.70.
"Because of the fact that London is closed Monday as well as Friday,
we`re seeing some holiday short covering in the gold," said floor broker
Donald Tierney of Pell Brothers Trading. "There doesn`t seem to be a lot of
selling here in the books on the upside."
An initial run-up met bullion bank selling. A second attempt by funds
to run stops above $261.50 succeeded, but did not draw follow-through
buying, leaving gold spinning quietly in a well-worn range.
The euro and Australian dollar moved higher after a mixed
morning, providing some support by making gold cheaper to European
consumers and less attractive for Australian producers to sell.
Short-term gold lease rates have hovered between 3.0 and 2.0 percent
for days, historically tight but showing little of the volatility that had
whipsawed gold prices in recent weeks.
Spot bullion fetched $259.90/0.40, versus $258.70/9.20 at
Wednesday`s close and the late fix in London Thursday at $259.25.
May silver eked out a 0.50 cent gain, settling at $4.368 an
ounce, after trading $4.35 to $4.385. Spot silver was last at
$4.37/39, compared to the close at $4.38/40 and the fix at $4.365.
The platinum-palladium spread continued to narrow as June palladium
fell another $10.15 to end at $657.85 an ounce. In London, spot
palladium last fixed at $650, its lowest since June 27, 1999. It was
quoted late at $645/655.
July platinum rose $3.90 to end at $577.30 an ounce.
Platinum and palladium prices have converged significantly in the last
month, with some analysts predicting price parity somewhere between $600
and $700. Some investors and consumers of the metals used in automobile
anti-pollution systems have been selling palladium for platinum.
Palladium has fallen from all-time highs around $1,100 set in January
as a slowing global economy cooled demand for automobiles.
Stockpiles of palladium are being reduced, now that top-producer Russia
has started selling, after depriving an overly dependent market of exports
early in the year.
At the same time, big palladium buyers like Honda and General Motors
are developing technology that will use less of the scarce material in
catalytic converters.
Platinum hit a 13-year high near $640 earlier this year and now seems
bent on regaining a foothold in the $600s after a downward correction,
dealers and analysts say.
The platinum market is very tight, with one-three month lease rates up
5 or 6 percent since the morning, ending at around 25 percent, dealers
said.
That deepens the market backwardation, where futures prices are trading
at a discount to spot, making it more rewarding to buy forward against
cash.
"There is a little bit of borrowing around," said one dealer. "It`s
because of the shorts on the NYMEX."

http://www.newsalert.com/bin/story?StoryId=CoTuOqb9DtJeYntmW…

[gholzbauer]

http://www.commodities-now.com/cnonline/mar2001/article4/a4-…



Platinum to 2010 – Buy it or Borrow it ?

Cheap platinum borrowing rates during the 1980s and early 1990s encouraged a number of industrial users to sell the metal in their plants and borrow it back, thereby providing them with a discounted source of off balance sheet funding. Unhappily, platinum prices have risen to a thirteen year high while lease rates soared to a high of 70% in the last year, leaving them with two pretty uncomfortable choices: continue to borrow and suffer the elevated borrowing rates or buy back the platinum and pay for it at record highs. In this article, Ross Norman of TheBullionDesk.com considers the options.

Platinum borrowers in the industrial sector fall largely into two camps. There are those users that need to borrow on an irregular basis and there are those that have chosen a more permanent exposure following their decision to sell the platinum in their plant and borrow it back, raising cash in the process and paying an interest rate on the platinum.

For the former, the borrowings are typically short term leases and might, for instance, cover the manufacture of a new platinum catalyst or gauze by their fabricator prior to changing out the existing one. For these players, the exposure to platinum lease rates is relatively small and infrequent and a worst case spike in rates is unlikely to detrimentally impact the economics of these operational imperatives.
For the latter however, they are fully exposed to the vagaries of the PGM markets on an evergreen basis and they will need to roll their leases upon maturity or alternatively buy the metal and close out the loan. In the benign environment when many of these deals were struck in the 1980s, the risk appeared small. Fund activity was prominent and they had a tendency either to buy platinum futures and lend it into the market or vice versa, giving rise to an inverse relationship between lease rates and prices - good for the borrower insofar as he always had an attractive exit. However, in more recent years Hedge Fund activity has diminished and the landscape is very different. Periodic supply side shortages of metal have induced price spikes coupled with rising lease rates - bad news for borrowers as they are likely to find themselves trapped. As we have come to see, PGMs are hazardous for industrial companies and analysts alike.

So who are these companies? Mostly blue chip household names from a broad cross section within industry such as the oil refining, glass manufacturing, chemical and pharmaceutical sectors. Fifteen years ago such deals probably appeared to make sense -platinum borrowing rates were consistently 1% to 2% below the cost of borrowing dollars and platinum liquidity was plentifully available in Zurich (Russian deposits on account) and also from investors who had bought metal on the Japanese futures market, TOCOM. In this article, we shall attempt to offer possible solutions to those contemplating whether it is better to buy or borrow platinum. For those not in that unhappy situation, you might be interested in our blue sky predictions for the platinum market to 2010. Our approach has been as follows :

First, to provide a long range price forecast to 2010, based upon the known market fundamentals derived from probable supply/demand interaction;

Secondly, to provide a statistical long range price forecast for comparative purposes.

Thirdly, armed with our two forecasts, we map these together with a forecast on lease rates onto a chart which delineates the buy option from the lease option and with some luck, the choices should be clear.

For illustrative purposes, our hypothetical client has a platinum lease and he wants an evaluation on whether to continue borrowing or buy the metal assuming a 9% discount rate (or cost of capital) over a period of 10 years.


Fundamental Forecast - Supply Side
Periods of turbulent prices are actually not uncommon for platinum. During the late 1970s the price spiked above $1,000 per ounce when Russia halved its normal export volumes but this was quickly rectified by the release of stocks from South Africa. The late 1980s saw prices hold above $600 as new demand came in for catalytic converters but it slumped again in the early 1990s as automakers shifted to its cheaper sister-metal palladium and as Russia commenced the wholesale release of its state-owned stockpiles to near depletion, pushing platinum into the mid $300s.

A sharply rising palladium price has encouraged automakers to revert to platinum in catalytic converters although this time South African production is being raised in anticipation of this fresh demand as shown below. In the meantime, platinum jewellery demand in China has proved more robust than many had anticipated, hence prices remain steady at $600 again. Jewellery growth in India is at an incipient stage setting the scene for a period of firm prices until new production finally arrives in the period 2003 to 2008.



The world`s growing appetite for platinum is largely satisfied by the mining activities in two regions: the Bushveld Complex located just north of Pretoria where approximately 8 tonnes of ore must be mined to produce just one ounce of pure platinum. The mines in this area produce more than two thirds of the 5.4 million ounces of platinum currently produced.

The other major site is in the Norilsk-Talnakh region in the extreme north of Siberia in Russia which, together with the alluvial producers in the Russian Far East, generates roughly 850,000 ozs platinum per annum. Uncertainty of supply from this important producer has created great nervousness amongst consumers thus, in the palladium market (which are more closely geared to Russian supplies), there are signs that industries such as the electronics and dental sectors are at best thrifting their demand and at worst developing substitutes and moving out.


Unlike South Africa where the ore body is predominantly platinum, in Russia it is principally palladium, with the exception being the alluvial platinum mines of eastern Siberia in the Kondyor and Koryak areas. These deposits are believed to contribute a significant 250-300,000oz each year to the total Russian platinum production.

Given the positive outlook for platinum demand and, bearing in mind, that Russian platinum stocks are widely thought to be depleted, it will come as no surprise to learn that there is a rush to bring new capacity on-stream. Looking to 2010 it is clear that significant mine expansions are in the pipeline and should adequately cater for the increases in demand from the jewellery and autocatalyst sectors that are also yet to come. With world production starting at 5.4 million ounces in 2000 we would expect this to rise to about 8.5 million ounces by 2010.
Much of the additional production has already been staked out and some of the key expansions are listed on previous page.


Fundamental Forecast - Demand Side




Demand side forecasts are tougher to predict principally because a large part relates to jewellery which in turn is determined by fashion trends and as yet, undeclared marketing spend. We would therefore urge great caution with the figures in the table on the right and ask readers to regard them less as a forecast and more as a suggestion. On the Indian jewellery side the Platinum Guild International advise that they expect to convert about 2% of the current gold market by 2003, or about 500,000 ounces of sales - it is our belief that by 2010 they may well have achieved similar success in India as they have in China and more so. China has exhibited phenomenal growth rising from close to zero to 1 million ounces in under 4 years - to 2010 we have suggested a relatively modest growth. We have used the figures of the Fuel Cell Council who report that fuel cells should consume about 500,000 ounces by 2008 and extrapolated to 2010. Our autocatalyst figures remain cautious and by 2010 we would have expected the figure to have risen and then subsided as technological developments allow thrifting much as it has in almost every other industrial application - we would also anticipate higher recovery levels from scrapped cars. If our figures are in the right ballpark then the table above is happy news for industrials - the slightly higher proportion of demand from jewellery introduces increased levels of price elasticity, preventing the runaway prices that we have recently seen in palladium.


The other key point is that platinum supply is essentially demand driven and large sections of the Eastern Bushveld remain entirely undeveloped and lie ready and available once the demand presents itself. It is also clear that it is within the gift of the producers to stimulate fresh demand if appropriate and thereby match production to anticipated demand ensuring the market is roughly in balance … not easy mind you, a little like landing a jumbo jet from seat 86J - a window seat hopefully.

South African producers take a long term view of things and are fully conscious of the need to maintain an orderly market. We believe it isunlikely, barring any unpleasant political developments in the country, that we might experience the roller-coaster price action that users have had to endure in palladium. Taking the foregoing into consideration, our view is that to 2010 platinum prices should be about $700/oz or within a range of $500 and $920. It is quite likely we shall see variances around this figure as a result of shifts in the business cycle and the ability of producers to accurately match production to demand.


Statistical Forecast
Having provided a `fundamental` forecast for platinum prices, we now offer two statistical ones predicated on their being a correlation between historical prices and future ones. Some might argue that making a price forecast out to 2010 has little validity simply because there are too many imponderables. The counter argument runs that over the long term, producers are likely to respond to over-supply and under-supply situations in the future in a consistent fashion to that adopted in the past.

In other words, we accept that there will be periods of over and under-supply but we assume that, over time, producers will respond rationally and adjust production to adequately cater for anticipated changes. Platinum production, unlike gold production, is highly concentrated with just four major mining houses controlling output and they therefore have the means to respond to shifts in demand as circumstances dictate. Trendlines are used to analyse problems of prediction based upon regression analysis. Here we employ two forecasting methods using a so-called `power trendline` and a `logarithmic trendline` to forecast future rates and prices.

Logarithmic trendlines use the formula y = c Ln x + b where c and b are constants and Ln is the natural logarithm function. This chart predicts a lower platinum price in 2010 of $465 to which we have added in our summary a 20% range on the upper and lower levels.
Our power trendline (not shown) was calculated on the basis of the least squares fit and produced an expected price in 2010 of $510 to which again we have added a 20% range.




Lease Rates
Platinum lease rates held around 3% (or 2% below the cost of dollars) for most of the 1980s and early 1990s with much of the liquidity provided from Russian stockpiles that were held in Zurich vaults and that were lent through the interbank market to the industrial sector.
This liquidity disappeared in the mid-1990s when the Russians withdrew these deposits and subsequently sold it into the spot market. Shortly afterwards we saw borrowing rates rise sharply from levels of 10% to 70% in May 1997 and 60% in early 2000. This rise in the cost of borrowing has already prompted some to buy back their leased metal which in turn has contributed to the rise in platinum prices, while others watch and wait. TOCOM remains a good source of liquidity given the consistently large long position being run by the `general public` and this enables the Japanese traders to provide some of the most competitive rates available.

If predicting lease rates for next year is a hazardous affair what can be said for doing so ten years out?

Platinum lease rates are currently about 10% for all periods out to one year. The decision to buy or borrow platinum is highly sensitive to platinum lease rates and the general feeling amongst some market members is that we are likely to remain in backwardation for quite some time. Over the long term, the key issue is whether there will be a new pool of liquidity available which will lead to an easing of rates. Supporting this view, we believe that the automakers will increasingly seek to earn revenue from their stockpiled metal by lending it back to the market which in turn will find its way through the interbank market to the industrial sector. In addition, we believe that the South African producers will increasingly see merit in fostering an investment market for platinum which will provide greater price elasticity and will ease volatility - both essential to encourage the growth of jewellery markets and in providing attractive levels of funding for stock holding. Thirdly, given the parlous state of the gold market, it is possible we shall see increased competition from within the trading community who may look upon the PGM market as a more attractive target and thus lease/deposit spreads may come under pressure. These three factors combined suggest lower longer term lease rates and thus favour staying with platinum leases in the long term.



On the other side, delays by producers in bringing their planned expansions to fruition may see them in the market as borrowers in order to satisfy their contractual commitments to their clients. Such situations are not altogether unknown. Secondly, one should perhaps be cautious concerning the General Public long on TOCOM bearing in mind the dreadful pickle they found themselves in last year with palladium. A repeat of the squeeze in platinum could conceivably undermine this valuable source of liquidity.

My inclination is to vie on the side of caution and go with the latter and hence we estimate a rate to 2010 of 15%, allowing ourselves a rather generous spread of 5% and 25% at either end. We have also generated statistical lease rate forecasts in the same manner as for the prices.


Forecast Summary


We have created a `map` on the right that graphs our summary forecast, recording those points where the NPV is zero. We have then placed the above fundamental forecast plus the two statistical forecasts onto the map to provide us with a decision. You will see two curves on the map. The uppermost one is basis using a 9% cost of capital on a compound basis while the lower one is the 9% cost of capital on a simple basis.


Conclusions
We have derived the table below by comparing the cost of buying at the attractive level of $550 and then contrasting this with the ongoing cost of leasing over 10 years, using an opportunity cost of capital of 9% to create a discount factor. The line represents those points where the NPV is zero - in other words, the border between the buy and lease option. We have then dropped our fundamental and our two statistical forecasts on top.


All three forecasts favour buying the platinum over continuing to borrow it, although the case is not strongly made. On the other hand, the current platinum price of $600 and lease rates of about 10% support staying with the lease, although our long term forecast of a 15% lease rate and $700 price would put us into the `buy` camp. Interestingly if one accepts our long range forecast of $700 then the differentiator is whether long term average lease rates exceed 11% on a simple basis or 12% on a compound basis.
For those of the persuasion that liquidity will ease thanks to lending by automakers and by the development of an investment market, then clearly this would put you into the lower part of the three boxes shown above and hence be inclined to stick with the lease... it`s a pretty close call.


--------------------------------------------------------------------------------

Ross Norman works as an independent adviser on precious metals following on from positions with Johnson Matthey in the UK, N M Rothschild & Sons and later as Senior Dealer for Credit Suisse First Boston. He is a regular contributor to Commodities Now and is also Director and founder of TheBullionDesk.com which provides live online precious metals prices, news and charting facilities at
www.thebulliondesk.com
Tel: + 44 (0) 1787 278685
Email: [e-mail]

[gholzbauer]

Da auf der genannten Site noch ein paar Grafiken und Tabellen zu finden sind, hier der anklickbare Link:

http://www.commodities-now.com/cnonline/mar2001/article4/a4-…

[gholzbauer]

Platinum lease rates indicated at 36% for 1 month
17 Apr 11:55

[gholzbauer]

http://www.bday.co.za/bday/content/direct/1,3523,831596-6094…


Russian metals stocks seen to be running out

Platinum group cache depletion good for market`
The report adds that further recentralisation of Russian exports is likely, which will lead to more stable supply patterns from the world`s biggest supplier of palladium and reduce the importance of the stockpile equation.

Standard Equities analyst Justin Pearson-Taylor concedes that actual volumes of Russian PGM stockpiles are a closely guarded state secret. But his research estimates the platinum stockpile to be just less than 1-million ounces and palladium around 12-million ounces. However, Pearson-Taylor notes that the Russian government will not allow the sell-off of the country`s "family silver", and he believes about 600000 ounces of platinum and 5-million ounces of palladium will be kept as strategic reserves. "This will result in a further two years of platinum supplies that are in excess of current mine production. After which platinum supplies of between 0,9 and 1million ounces a year can be expected," the report says. As for palladium, Pearson-Taylor says supplies over the next four to five years will be around the levels of about 5-million ounces.

"After this heavy drawdown of palladium stocks, supplies will return to levels of Norilsk mine production of less than 3-million ounces a year," PearsonTaylor said. I-Net Bridge.


Apr 17 2001 12:00:00:000AM RUSSIAN stockpiles of platinum group metals (PGMs) could be depleted in five years, which bodes well... Business Day 1st Edition

[gholzbauer]

Monday April 16, 10:10 pm Eastern Time
Press Release
SOURCE: Geomaque Explorations Ltd.(Toronto:GEO)

Positive Drill Results Continue at Geomaque`s Marathon Palladium Project
Program results exceed expectations, identify areas for further exploration
TSE Symbol: GEO
TORONTO, April 16 /CNW/ - Geomaque Explorations Ltd. today announced drill results from the final three drill holes in its 15-hole, 3,000 metre exploration and infill drilling program at the Marathon Palladium Project, located 10 kilometres north of Marathon, Ontario.
Hole G13 extended by 250 metres to the south the near-surface zone of oxide mineralization identified in hole G7, which was previously released. Holes G14, an infill hole, and G15, collared outside the known mineralized zone, both returned wider intercepts than expected based on previous results. A drill hole location map is available on the Company`s website at www.geomaque.com, as are all past press releases regarding the Marathon Palladium Project. Significant assays from holes 13 through 15 are:




-------------------------------------------------------------------------
Interval True
Hole From-To Thickness Palladium Platinum Pd+Pt Copper
No. Section (m) (m) (g/t) (g/t) (g/t) (%)
-------------------------------------------------------------------------
G13 5575 7-13 6 0.44 0.08 0.52 0.06
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G14 5250 192-306 114 0.55 0.14 0.69 0.25
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Incl. 192-200 8 0.98 0.18 1.16 0.26
-------------------------------------------------------------------------
Incl. 204-216 12 0.79 0.21 1.00 0.20
-------------------------------------------------------------------------
Incl. 264-306 42 0.73 0.18 0.91 0.39
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G15 5350 129-183 54 0.71 0.17 0.88 0.29
-------------------------------------------------------------------------
Incl. 133-151 18 0.98 0.22 1.20 0.35
-------------------------------------------------------------------------
Incl. 169-183 14 0.92 0.21 1.13 0.45
-------------------------------------------------------------------------

"Overall, the results from this round of drilling have been positive," said Phillip Walford, Vice-President, Exploration. "Through this work we`ve greatly increased our understanding of the deposit, knowledge which will be a great help with modeling of the deposit and future drilling, both exploration and infill."
With the completion of the initial drill campaign, Geomaque plans to follow up with a spring exploration program. Activities will include ground geophysics, mapping and prospecting, principally to evaluate areas to the west and south along strike where only preliminary work has been done by past operators.

A Preliminary Assessment of the Marathon Palladium Deposit`s economics under current market conditions has been completed. The results of this study will be released on Wednesday April 18, 2001. A presentation to discuss the findings of the Preliminary Assessment will be held on April 18 at 4:00 p.m. in the Engineers` Room of the Ontario Club, 5th Floor, Commerce Court Tower South, Toronto, Ontario. Joining Geomaque will be Vanessa Motto, Associate Director of Marketing and Research at CPM Group, who will discuss why stronger demand and higher prices for platinum group metals are likely to persist longer than the market currently expects.

Geomaque Explorations Ltd. is an international mining company that is producing gold from its Vueltas del Rio Mine in Honduras and San Francisco Mine in Mexico, and exploring for precious metals in the Americas.


To view maps pertaining to this release, visit:

http://www.geomaque.com/2000/Marathon.htm

For further information

please visit our website at www.geomaque.com, or contact: Sean Stokes, Manager, Investor Relations, [phone], e-mail [e-mail]
To request a free copy of this organization`s annual report, please go to www.newswire.ca and click on reports@cnw.

[gholzbauer]

http://www.thetimes.co.uk/article/0,,5-115543,00.html

TUESDAY APRIL 17 2001

Cluff hopeful over platinum prospect

BY PAUL ARMSTRONG

ALGY CLUFF’S mining renaissance is gaining pace amid speculation that Cluff Mining has hit platinum on its recently acquired acreage in South Africa.
Cluff is in the throes of a £500,000 exploration programme in one of the country’s most promising platinum belts. It is believed that the first batch of drilling results, which are expected to be released at the end of this month, will point to the existence of a body of platinum ore that offers good prospects.

Cluff has a 20 per cent interest in the property but holds an option to acquire the rest.

The company has declined to discuss the exploration until after the release of the first rounds of results. However, analysts believe that it has the potential to be a so-called company maker, particularly in the light of the continued buoyant outlook for platinum and palladium prices.

Shares in Cluff Mining, of which Mr Cluff owns 10 per cent, have risen from 114p to 141p since Christmas, helped by progress at the company’s Kalsaka gold project in Burkina Faso. Resources of 670,000oz have been outlined at Kalsaka and production is expected to begin next year at an annual rate of 85,000oz.

Cluff hopes that its 35 per cent-owned niobium project in Gabon will come into production at about the same time. The rare industrial mineral has a variety of uses, including as a hardening agent in stainless steel.

The projects will give Cluff — which has about £3.5 million cash — the cashflow to pursue its platinum prospects.

[gholzbauer]

DJ MARKET TALK: Spot Platinum Up On Strong Fund Demand

Contact us in London on 44-20-7842-9358 or in New York on 201-938-4435.

1027 GMT (Dow Jones) Spot platinum stays close to 3-mo highs following Mon`s rally in New York on strong fund demand, short-term lease rates as high as 35%, a trader says. Thin trading exacerbates price moves, he adds. At $624/oz. (MRL)

[gholzbauer]

*
http://finance.yahoo.com/q?s=arp.v+arq.v+avl.v+dir.m+fl.to+f…
*

[schloss]

35% Leih-Zins für Platin!! Das ist doch der Wahnsinn. Platin steigt jedoch nur leicht, im Gegensatz zu Palladium




mfg
Schließer

[manfred1_I]

War das heute ein Tag mit Palladium.
Der helle Wahnsinn.

Alle Platin- Palladiumwerte weiter halten.

Auch die guten Goldwerte:
wie Barrick, Anglogold

Durban Deep als Spekulativen Wert

und bei den kleinen Werten: St. Barbara Mines
unbedingt halten.

[gholzbauer]

http://www.newsalert.com/bin/story?StoryId=CoTU_Wb9DtJe3ntG2…

April 17, 2001 16:32

NY palladium soars $100 as platinum cools jets
NEW YORK, April 17 (Reuters) - NYMEX palladium vaulted the
$700 an ounce level Tuesday, snapping a one-month decline as
speculators bought back short positions they had taken as part
of a price convergence play versus platinum, a more affordable
substitute in motor vehicle catalytic converters.
Platinum futures, which have absorbed much of the outflow
from palladium in recent weeks, were capped by surprise spot
offers by Russia, the second largest platinum producer and
unreliable supplier of two-thirds of the world`s palladium.
"A lot of people were shorting palladium, buying platinum,"
said James Pogoda, a trader at Mitsubishi International Corp.
"People were anticipating a further shift by auto makers as far
as autocat demand and so far that trade was working pretty
well."
June palladium ended up $99.50 at $763.50 an ounce,
touching an 18-day high at $765. It was the biggest one-day
rise since February 21, 2000. New York palladium trade is
famously illiquid and volume was barely one-seventh of the
turnover in platinum Tuesday.
London spot palladium closed at $720/750.
The rebound derailed a correction from palladium`s record
highs near $1,100 an ounce hit in early January. It set back
progress toward palladium-platinum price parity, dealers said.
"That is the kind of convergence that should take place
over time, rather than on such a short-term basis," said a
dealer at a PGM refinery. "I think these guys who may have put
on that ratio, may have said `this is quick, easy money, let`s
take a profit and run.`"
Many forecasters were predicting that palladium prices
would fall back under those of platinum, restoring the normal
relationship that broke down last year amid erratic Russian
palladium exports and heavy demand by car companies, which
preferred to use efficient palladium in anti-pollution
devices.
After an early slip, July platinum ended up $1.20
at $606.10 an ounce, cooling from a $27.60 rally on Monday.
Spot last was quoted $624.10/639.10.
Checking its headway was word from dealers that Russian
platinum group metals export agent Almazjuvelirexport had
offered to sell spot platinum to Japanese trade houses to take
advantage of the run up in prices.
But support was solid because the market is very tight at
the moment. One-month platinum lease rates were offered around
30 percent late in London, up from around 12 percent at the end
of March, making it extremely expensive to finance short
positions and attractive to buy forward.
On the COMEX, June gold fell $2.30 to $261.80,
paring Monday`s $3.20 short-covering gain in a range of
$264.70-$260.80. Spot bullion closed at $260.80/1.30,
off from Monday`s close at $263.60/4.10. It`s afternoon London
fix was at $260.55.
Dealers said a weak euro and strong dollar helped
undermine gold after London reopened from a four-day Easter
weekend. A steady stock market and benevolent March U.S.
consumer price and industrial production data also reduced
interest in the yellow metal.
May silver fell 7.2 cents, exactly what it gained
on Monday, ending at $4.368 an ounce. It traded $4.44-$4.36.
"Silver attempts to recover but it doesn`t appear to have
any staying power outside of its short-covering rebounds," said
David Rinehimer, head of commodities research at Salomon Smith
Barney.
Spot silver fetched $4.37/39, down from the close at
$4.44/46 and Tuesday`s fix at $4.405.

[gholzbauer]

ZIM und AQP konnten heute nicht sehr stark profitieren von den Preisanstiegen der Metalle, auch SWC und PDL waren eher verhalten. Offenbar wird der Anstieg nicht als nachhaltig angesehen.

---------------------------------------------


Barplats deal is possible

IT MIGHT be more than the rebound in the platinum price that is driving Barplats`s share price higher.

The counter, 80% owned by Impala Platinum, shot up 14% yesterday to 420c. Barplats is generally seen as another entry to Impala. Why has Impala not bought out Barplats minorities, given the fashion for simpler corporate structures?

One answer could be that Impala intends to keep Barplats listed and use it as an empowerment vehicle. The Bafokeng nation comes to mind as a possible partner. Whether or not that is the plan, expect some corporate activity.

More generally, platinum shares surged yesterday as local players scrambled to cover short positions.

Convergence was the buzzword in the metals market, as talk centred on the possibility that the prices of platinum and palladium would converge. That means a fall in the palladium price and a rise in the platinum price.

Yet the rally might run out of steam soon. The short sellers have been shaken out, and the sustainability of convergence as a theme driving the market has yet to be proved.

As usual, the wild card is the Russian-held stockpile of the metal.

...
Apr 18 2001 12:00:00:000AM Ilja Graulich, Greta Steyn and Dave Marrs Business Day 1st Edition



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Messina rights issue to raise R50m


PLATINUM mining company Messina said yesterday it would raise about R50m via a rights issue to complete the financing for its Messina Platinum Mines project in the Lebowakgoma area of Northern Province.

Messina said SouthernEra Resources, which owns 70,4% of Messina`s shares, intended to follow its rights and was considering underwriting the rights offer.

Messina said the R50m was required to complete the equity funding required for its accelerated production initiative. The initiative, which was announced at the beginning of March this year, will see the mine produce platinum group metals concentrate by August this year, about 12 months ahead of schedule.

The accelerated production initiative was expected to facilitate production of 2300 ounces of platinum group metals plus gold, generating about $1m a month in cash flow at current prices, Messina said.

Construction of the full-scale operation, scheduled for commercial start-up in early 2003, was continuing uninterrupted.

The company urged shareholders to exercise caution when dealing in its shares, which closed 70c or 2,88% higher at R25 yesterday.


Apr 18 2001 12:00:00:000AM Hilton Shone Business Day 1st Edition

------------------------------------------------------------------------


>Platinum liquidity squeeze ups price
By: Stewart Bailey
Posted: 04/17/2001 06:00:00 PM | © Miningweb 1997-2001
http://m1.mny.co.za/MGPlat.nsf/Current/4225685F0043D65385256…


-----------------------------------------------------------------------

So why did Impala sell Messina stake?


IT WILL probably never officially be known whether Impala, SA`s secondlargest platinum producer, suffered any twinges of regret at having sold its partially developed Messina Platinum mining interests to Canadian junior miner SouthernEra.

Regrets might have sprung up as prices of platinum group metals (PGM) soared. Impala, though, had rid itself of its 54% shareholding in what had seemed to be becoming something of a mining headache. And it will, importantly, be responsible with a life-of-mine contract for the refining and marketing of everything the Messina venture produces. However, after an underground shaft accident John Smithies, Impala`s present acting CE, ceased to be the project`s champion inside Impala, opening the way for withdrawal.

The three separate sections of the Messina property are located on the eastern rim of the platiniferous Bushveld igneous complex (BIC), remote from Impala`s principal refining and processing operations near Rustenburg in the far west. And transporting mineral concentrates over that distance detracted from the value Impala placed on Messina.

As it was, Impala had mothballed its developing Messina operation in 1992 after spending R136m on shaftsinking, infrastructure and development when PGM prices were in the pits. Reopening flooded workings was simply not on while Impala was concentrating on its other operations.

The mid-1999 sale of Impala`s 54% controlling shareholding for R65m to SouthernEra was significant for several other reasons. It introduced another Canadian mining company into SA, spread the exploitation of minerals beyond the domestic majors and may have helped Impala avoid falling foul of looming "use it or lose it" legislation.

Much now, of course, depends on the progress of PGM prices, but Messina is hoping it will be in the lowest quartile of production costs, which will help ensure profitability.

The Merensky and UG2 reefs that Messina will exploit are comparatively steeply dipping at 58°, which is an advantage, and a minor disadvantage. An advantage if stoping widths need to be reduced to improve grades it is easier for men to move through narrow stopes if they are steep than if they are fairly flat and if potholes have to be exploited.

This is where consulting engineer Mike Eksteen`s experience in mining the near-vertical stopes at the Venterspost gold mine will be important as, too, will his experience at Northam platinum mine.

Payable Merensky reef on the Voorspoed property runs at 5,71g/t over a 120cm diluted mining width, but 6,24 g/t over the in situ channel width. On the UG2, lying below the Merensky reef, a diluted mining width of 150cm will yield 6,66g/t against a grade of 7,24 g/t over the 120cm in situ channel width. So, with a steeply dipping ore body, recovery grades can be increased if prices fall simply by reducing the stoping width.

Metallurgical considerations mean that the Merensky and UG2 reefs have both to be mined.

Just when Messina will pay dividends is another matter. The property comprises three distinct areas and the idea is to start working the central Voorspoed or Phase 1 area first with PGM production originally scheduled for mid-2002 and a monthly milling rate of 80000 tons. However, limited production of concentrates is now scheduled for July this year.

By mid-2002, output is planned to be at an annual 160000oz in concentrates 69030oz platinum, 54550oz palladium, 8460oz rhodium, 17700oz ruthenium, 3950oz iridium and 5450oz gold. They will contain a further 1111 tons of copper, 1860 tons nickel and 31 tons cobalt. This will be based on Voerspoed where grades are higher than on Doornvlei (phase 2) and Zebediela (phase 3).

The next step will be to raise PGM output to an annual 300000oz with the introduction of phase 2. And Impala is contractually bound to smelt, refine and sell all Messina production.

If all the reserves available to Messina are mined simultaneously, the monthly milling rate is slated to rise to 450000 tons.

And based on 86,6-million tons of reserves available down to 1000m, the company is looking at an operating life of 20-odd years. In fact, mineralisation seems to continue unchanged down to at least 2000m.

Initially, though, the planning has been based on an operating cost of 147 for every combined ounce of PGM and gold, well less than a third of the $526 revenue per ounce.

So why did Impala sell?


Apr 18 2001 12:00:00:000AM Jim Jones Business Day 1st Edition

--------------------------------------------------------


New York (Platts)--17Apr2001

Russia, the world`s leading source of palladium and second largest producer of platinum, could boost its PGM output by more than 40% in the next few years, according to a recent US Geological Survey (USGS) study. The study considered the PGM resources and development plans of Norilsk Nickel Mining in Siberia. Norilsk produces almost all of Russia`s PGMs.
Doubts about Russian PGM supply have driven up prices lately. Richard Levine, co-author of the study, noted that PGMs play a major role in the development of catalyst technology used to reduce pollution, mainly from internal combustion engines. "The future supply and price of PGMs will affect the production and development of pollution reducing technologies," Levine said.

The US, which is the world`s second largest consumer of PGMs, depends mainly on imports to supply its needs. The Stillwater mine in Montana is currently the only domestic source of PGMs (except for recycled material). USGS statistics show that domestic mine production of PGMs in 2000 was 13,000kg and imports were 110,000kg.

"Plans to expand production at this site and to open a second mine should reduce the domestic shortfall," said Levine.

[gholzbauer]

Geomaque Gets Positive Marathon Palladium Assessment


TORONTO (Dow Jones)--The results of a preliminary assessment of Geomaque Explorations Ltd.`s (T.GEO) Marathon Palladium Project indicates that the project would generate "significant cash flow" based on recent metal prices.

In a news release, the mining company said it intends to move forward as quickly as possible with a bankable feasibility study on the project, which is near Marathon, Ont.

It said the study indicates that the project is forecast to generate undiscounted cash flow after capital recovery of C$508.2 million, giving it a net present value of C$152.3 million at a 10% discount rate. Payback would be expected in the third year of operation, and the study indicates a pre-tax internal rate of return of 24%, Geomaque noted.

It said the economics of the study are based on the following metal price assumptions: palladium: US$700 an ounce; copper: 80 U.S. cents a pound; platinum: US$600 an ounce; gold: US$265 an ounce; and silver: US$4.50 an ounce.

Over a 15-year mine life, the Marathon Palladium Project would be expected to produce 949,000 ounces of palladium, 267 million pounds of copper, 215,000 ounces of platinum, 146,000 ounces of gold, and 1.7 million ounces of silver, Geomaque said. The average operating cost of palladium over the life of the project would be US$237 an ounce, after by-product credits.

The company said the total capital cost of the project is estimated at C$185.2 million, including C$120.5 million for mill facilities, C$33.5 million for mining equipment, C$8.0 million for a tailings dam, roads, infrastructure and working capital, C$16 million as a contingency and C$7.2 million for pre-stripping of the deposit.

It noted that resource estimates are based on data generated by Lakefield Research Inc. from the assay results of 114 diamond drill holes completed by past operators Anaconda Canada Explorations Ltd. and Fleck Resources Ltd.

Geomaque holds an option to earn a 60% interest in the Marathon Palladium Project.

Company Web Site: http://www.geomaque.com

-Wendy Lampert, Dow Jones Newswires; 416-306-2100

(END) DOW JONES NEWS 04-18-01

04:41 PM Copyright (c) 2001 , Dow Jones & Company Inc~200104182041

[gholzbauer]

INTERESTING RESULTS ANTICIPATED FROM STEP-OUT HOLES TO BE ANNOUNCED SHORTLY BY PACIFIC NORTH WEST.


The race is on to be the third company in North America with a platinum group metal mine behind Stillwater in Montana and Lac des Isles up in northern Ontario. Well placed in the early chase is Pacific North West Capital, a Canadian listed company, which has properties in the River Valley close to the famous Sudbury mining camp. This is an important point as both Inco and Falconbridge have smelters there.

Back in 1999 it formed a joint venture with Amplats, which is Anglo`s pgm arm, whereby it was agreed that Amplats could earn a 50 per cent interest in certain properties by spending C$4 million in the course of four years. In the event the results from Phase 4 of the drilling have been particularly good and consulting geologist Scott Jobin-Bevans explained to Minews, when passing through London recently, that he was on his way to Johannesburg to get the go-ahead for a further commitment to Phase 5 which is due to start in the summer

The C$4 million is expected to be spent by June 2001 and thereafter Amplats can earn a 60 per cent interest in the River Valley project by completing a feasibility, and up to 65 per cent by financing through to production. As the work continues it becomes ever clearer that the target is a mineralised belt of magmatic breccias extending several kilometres along strike and to depths of 200 metres or more. Pacific Northwest has good positions along the northern margin of the intrusion with open pittable possibilities.

In the early days much was heard of Dana Lake, but Pacific Northwest`s River Valley project has now been broken up into segments to include South Zone, which is part of Dana Lake, and Lismer`s Ridge. Lismer`s Ridge and Dana Lake, which are about 1.5 kilometres apart are the primary targets. At the beginning of March results from the first seven holes of the 11,000 metre Phase 4 programme confirmed the presence of rich pgm sulphide associated mineralisation and a hole at Lismer`s Ridge assayed as high as 28.1 g/t of platinum, palladium and gold, though only over a 2 meter intersection.

The results from a further four holes were announced towards the end of the month and mineralisation intersected in widely spaced drilling at Lismer`s Ridge confirmed the high potential of this area with high grade values interspersed over a much broader lower grade envelope. So far thirty one holes have been completed and the results from the next batch are said by those close to the company in Canada to include some step out holes which will have some very interesting values. Initial resource calculations are not far away, but in the meantime the results from the remaining holes in Phase 4 should focus attention on the company.

18 April 2001

www.minesite.com

[gholzbauer]

Marathon palladium project in Ontario to move ahead on strength of preliminary assessment
Geomaque Explorations Ltd. is pleased to announce the results of a Preliminary Assessment ("the Study") of its Marathon Palladium Project, located 10 kilometres north of Marathon, Ontario. The Study indicates that the Marathon Palladium Project would generate significant cash flow based on recent metal prices, and Geomaque intends to move forward as quickly as possible with a bankable feasibility study.
Economics

The Study shows that the Marathon Palladium Project has very favourable economics. The project is forecast to generate undiscounted cash flow after capital recovery of Cdn$508.2 million, giving it a net present value of Cdn$152.3 million at a 10% discount rate. Payback would be expected in the third year of operation, and the Study indicates a pre-tax internal rate of return of 24%.

The economics of the Study are based on the following metal price assumptions: palladium: US$700/oz; copper US$0.80/lb; platinum: US$600/oz; gold: US$265/oz; and, silver: US$4.50/oz.

Over a 15-year mine life, the Marathon Palladium Project would be expected to produce 949,000 oz of palladium, 267 million lbs. of copper, 215,000 oz of platinum, 146,000 oz of gold, and 1.7 million oz of silver. The average operating cost per ounce of palladium over the life of the project would be US$237, after by-product credits.

Total capital cost is estimated at Cdn$185.2 million, which includes Cdn$120.5 million for mill facilities, Cdn$33.5 million for mining equipment, Cdn$8.0 million for a tailings dam, roads, infrastructure and working capital, Cdn$16 million as a contingency and Cdn$7.2 million for pre-stripping of the deposit.

Resource

Resource estimates are based on data generated by Lakefield Research Inc. from the assay results of 114 diamond drill holes completed by past operators Anaconda Canada Explorations Ltd. (Anaconda) and Fleck Resources Ltd. (Fleck). The geostatistical data review was completed by Geostat International Inc.

The pit design was optimized using a US$600 per ounce palladium price. Price assumptions for other metals are the same as those used in the economic evaluation.
Operations

The Study envisions mining the Marathon Palladium Deposit through conventional open pit mining methods, using front-end loaders, hydraulic shovels and 136-tonne haul trucks. A 3.5 million tonne-per-year flotation mill would produce a bulk concentrate containing palladium, copper, platinum, gold and silver. The approximately 41,000 tonnes of concentrate produced annually would be transported offsite for smelting.

Over the life of the project, metallurgical recoveries are projected as follows: palladium: 77%; copper: 84%; platinum: 68%; gold: 60%; and, silver: 80%. Metallurgy is based on work completed by Anaconda and Fleck. The metallurgical data review, process design and mill cost estimate for the Study was carried out by SNC Lavalin Engineers and Constructors Inc.

"This Preliminary Assessment shows just how attractive the Marathon Palladium Project is," said John Paterson, President and CEO. "With production costs of US$237/oz, this Study indicates that the Project provides the margin we need to push forward with feasibility and development. Optimization in future studies will certainly further enhance the economics of the Project."

Geomaque signed an option agreement to earn a 60% interest in the Marathon Palladium Project with a subsidiary of PolyMet Mining Corp. (CDNX: POM, OTCBB: POMGF) in November 2000. All past Geomaque press releases regarding the Marathon Palladium Project are available on the Company`s website at www.geomaque.com.

The economic evaluation is based on the 40.4 million tonnes of measured and indicated resources and 11.8 million tonnes of inferred resources, with grades as noted in the table above, incorporated in an open pit design. National Instrument 43-101 requires that the following disclaimer accompany disclosure of a Preliminary Assessment that includes an economic evaluation which uses inferred mineral resources: The Preliminary Assessment is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Assessment will be realized.

Geomaque Explorations Ltd. is an international mining company that is producing gold from its Vueltas del Rio Mine in Honduras and San Francisco Mine in Mexico, and exploring for precious metals in the Americas.

For further information contact: Sean Stokes, Manager, Investor Relations, [phone].

[gholzbauer]

http://www.miningweekly.co.za/mineweek2.nsf/news/E32D2858952…

R486m Messina mine project

Anina Immelmann
Mining Weekly Special Features Reporter
The world`s major platinum producers are not the only ones who are readying themselves for the exploitation of the Eastern Bushveld`s rich UG2 deposits.
As the area opens up, smaller operations are also manoeuvring into position to glean value from the mineral rights areas that are becoming accessible.
Southern Era Resources, a Toronto-listed company, is developing the R486-million Messina project, 250 km north of Johannesburg, in South Africa`s Northern Province.
An 80 t bulk sample tested by Mintek shows Messina`s grade to be between 5,6 g/t and 6,1 g/t total platinum-group metals, with 43% total platinum and 34% total palladium.
The area where the mine is located is a geological anomaly, with the Merensky and UG2 reefs lying 135 m apart at an angle of 60°, and containing many base-metal sulphides and very low chromite, which will make it possible for the operation to blend the ores and process the blend in one concentrator plant without significant loss in recoveries.
South African-born Southern Era chairperson Chris Jennings tells Mining Weekly he believes the steep angle of the reef to be an advantage.
"Broken ore will run at a 40º dip, which means that faces will be gravity cleaned, saving costs.
"The other strong factor in favour of the dip is that it assists us in negotiating potholes, unlike in the less steeply dipping platinum-mines," he says.
In case any mining challenges arise, Jennings is delighted to have former Northam mine manager Mike Eksteen on board as chief operational officer: "I am very happy to have him, he is a very experienced mining man and brings about 35 years of wisdom to our organisation."
Previous owners, including Impala Platinum, spent some R120-million between 1988 and 1992 on the Messina property, which consists of four separate project areas on the farms Voorspoed, Doornvlei, Kafferskraal East and Zebediela.
Existing infrastructure includes a 6,2-m-diameter vertical shaft to 350 m depth with sinking headgear, and a 3-m-diameter ventilation shaft to 237 m depth, which is currently being deepened to 425 m.
A 175 m incline shaft also exists in the eastern section, which will be started up in phase two of the mining plan.
Development has started at Voorspoed on the western side of the property, where the feasibility study was conducted.
The company is already stockpiling ore obtained from two levels and will mine a ratio of 60:40 UG2 to Merensky, its UG2 having a higher overall grade and higher palladium content than its Merensky.
The vertical shaft has levels at 150 m, 200 m, 250 m and 300 m, where a new down-dip shrinkage mining method is being tested.
Production is scheduled to start on the Voorspoed portion in September 2002 and full production six months later.
In addition, an accelerated production initiative has been approved for the Voorspoed portion, which will yield favourable concentrate in August this year, and concentrate in slurry form will be sent to Impala for smelting and refining as part of the purchase agreement.
To optimise its mining, Southern Era has applied for the mineral rights to the area which divides its property, and is interested in four of the 12 farms released to the Lebowa Minerals Trust by Anglo Platinum late last year.
"We are in competition with others, but think that our social responsibility programme is unique and will truly benefit the local area.
"We are prepared to plough a large percentage of our profits back into the community, and will, in addition, seek true black partnership," says Jennings.
Southern Era plans to triple its initial production from some 100 000 t/y to 300 000 t/y, and should it acquire contiguous ground, expects its production to reach three-million tons a year by 2012 through mining optimisation and the sinking of a series of uniformly-spaced vertical shafts.
Jennings calculates that, even if 500 000 oz/y were mined, Messina would still have a 60-year life, owning an estimated 32-million ounces of resources up to
2 000 m deep.
Southern Era bought Impala Platinum`s 54% interest in Messina in March 2000 for $10,5-million and acquired another 20% of shares, currently owning 70,4% of Messina, while leasing the ground from the Mphalhlele tribe in return for 6% of the net profit interest.
It has also acquired some 16-million oz of resources from Prof. Danie Kruger.
The company has invested R65-million of its own capital into the Messina Project and has signed a mandate with Rand Merchant Bank who will be the lead debt financier.
It is still in the process of raising equity, but expects a swift resolution of financing arrangements.
Jennings, who graduated from the University of Natal with an honours degree in geology and physics, began his career as a geologist in Botswana, and later completed his MSc and PhD at the same university.
In 1992, failing to rouse the interest of the Canadian gold-mining Corona Corporation, he resigned as senior vice-president to pursue diamonds in Canada`s North West Territories.
Later that year, Jennings found the dormant shell of Southern Era, which had previously been owned by a group of South Africans, on the Toronto Stock Exchange and, with two partners, acquired 49% of the company for a cent a share.
It raised capital through the Toronto Stock Exchange and private placements in Europe, which funded its Marsfontein operation with De Beers in South Africa`s Northern Province.
The proceeds from the mine were used for exploration purposes and the acquisition of diamond mines in Camafuca in Angola and Klipspringer near Potgietersrus.
Although the Messina project is Southern Era`s only existing platinum interest, the company is looking at several other projects in the Bushveld Complex.
©Martin Creamer Media

[gholzbauer]

http://www.btimes.co.za/00/0213/comp/comp12.htm

Race on for `white gold` as prices go into orbit

Julie Walker
Diagonal Street

As prices for platinum group metals soar to their highest levels since the 1980s, two mines will be resuscitated in SA, one more will be looked into by Impala, and a handful of other prospects will receive attention in the Northern Province`s Bushveld complex, Zimbabwe`s great dyke and even in Finland.


Messina Platinum, the JSE listed company, control of which is to pass from Impala to Canadian company Southern Era, intends to announce the establishment of a 159 000oz-ayear mine near Potgietersrus. The Messina site is next to Southern Era`s Klipspringer diamond mine. Messina was halfway to completion several years ago when the fall in the platinum price made the project unviable. Implats bought 54% of Messina, closed shop and sat on it for a rainy day.


Last year, Southern Era offered 10-million or R9.20 a share for Messina, a sum that would be wholly inadequate today, as Southern Era`s president Chris Jennings points out. Jennings was speaking at the three-day Investing in African Mining Conference held in Cape Town this week. Messina`s share price was at a low of 400c last April and hit R15 last month before easing to R10.


The team has identified 54million tons of ore averaging 6.2g/t to a depth of 1000m. The cost of reopening the mine is estimated at 64.9-million, including working capital and development costs. A SA bank will fund it. The project should start next month and full production will be reached by June 2003. A five-year payback period is expected; revenue is forecast at 83-million a year.


Jennings says the sulphide content of both the UG2 and Merensky reefs is the same, meaning only one concentrator is required and giving rise to more nickel credits.


The concentrate will be shipped to Impala`s refinery in Rustenburg. Impala`s Steve Kearney says his group`s growth policy is to enter joint ventures and strategic alliances - Impala does not have endless ground of its own.


Following a feasibility study, Impala is to reopen the Crocodile River mine near Brits. This mine started life in 1987 under Cypriot miner Loucas Pouroulis as Lefkochrysos (Greek for white gold). The mining plan was flawed and pioneering recovery techniques from UG2 ore fell short. The cash-strapped Lefko, which traded as high as R25, was rescued by Rand Mines and renamed Barplats. Barplats` other operation is at Kennedy`s Vale. Shortly afterwards, Rand Mines was dismantled and Impala bought its shareholding in Barplats at a bargain price. Both mines were mothballed. Barplats, 86c a year ago, peaked at 400c this week before softening to 330c.


Implats now has 83% of Barplats. Kearney says Crocodile River will operate like a small Impala shaft with opencast mining at the Maroelabult section to commence in January when the existing concentrator circuit has been rejigged. Crodcodile River should produce 75 000oz a year for 10 years. Kearney expects the peak funding to be R200-million .


The Kennedy`s Vale mine has a twin-shaft system, all costs sunk, and is to be investigated.


Impala has also formed a strategic alliance with the Australian group Aquarius, the principal party in the Kroondal Platinum Mine. Kroondal is close to completion and will use Impala Refinery Services. Impala will help Aquarius to fast-track the development of Marikana, which should produce 80 000oz a year. Kearney understands Aquarius will take over the Everest North and South prospects.


Impala also has a 20% participation in Trojan-managed Platexco, which has ground at Winnarshoek and Buffelshoek.


Kearney says Impala has an opportunity to participate in a lateritic nickel/cobalt project at Mindanao in the Philippines. Nickel is the only one of Impala`s nine-metal suite not to pay its way. "We treat about 8 000 tons a year from our own mining and another 7 000 tons is toll-treated. We have competence, but volume needs to be 50 000 tons a year. It could reduce our total costs by 2% to 3% a year - significant money." He cannot yet disclose the partner`s name; perhaps Billiton?


As expected, Impala showed much-improved earnings for the six months to December 1999 even without the benefit of current prices.


Sales rose by 36% to R2.55billion and headline earnings a share by 70% to R11.83 - in spite of the million shares issued to the Bafokeng and extra royalties. The interim dividend was doubled to 340c. Prospects look good for the second half: Impala jumped to a record high of R295 this week, having been under R100 a year ago.


Several companies including Anglo American and Delta Gold of Australia are looking at Zimbabwe`s platinum potential and Gold Fields Ltd announced it was exploring for platinum in Finland - early days here.


A three-day conference has its share of repetitiveness . All the financiers promise good service; every mining company aims to unlock value for shareholders while meeting social requirements; each government proposes an investor-friendly environment.


However, opening speaker David Williamson captured the buoyance of the conference (helped by gold`s opportune uptick). The last decade was marred by the collapse of the Soviet Union and the collapse of internal metal demand, leading to metal gluts and low prices. The Asian crisis came next, then the Bre-X scandal hit the junior mining sector. Williamson wonders why banks didn`t collapse following the Nick Leeson affair that ruined Barings.


Looking forward, Williamson believes metal prices will rise strongly - even gold - propelled by sustained economic growth across the world. He expects a serious shortage of many metals, especially if China and India grow as forecast. Even Russia is coming back from the dead.


He paints a perfect scenario for South African prospects. I believe South African commodity prices are in for a great year and our companies are geared for growth. My favourites remain Metorex (300c), Avmin (R51) and Impala (R287).

[gholzbauer]

?!?!?!?!?!?!?!?!?!

Moscow (Platts)--20Apr2001

The text of a new presidential decree, approved by the Russian government and awaiting signature by President Vladimir Putin, will require increased sales of platinum group metals to the state stockpile, Platts has learned from a well-placed Moscow source. The policy document makes it almost certain that Russian deliveries to the market of platinum and palladium will begin to dwindle, while stocks will grow.
The new decree, the source told Platts, has already been signed by Prime Minister Mikhail Kasyanov after an inter-ministerial review approved its provisions. It is expected that Putin will sign the document in May.

The decree remains a closely guarded secret, because it sets out for the first time the policy that the state stockpile of precious metals should be replenished by annually required volumes of platinum and palladium, supplied by Norilsk Nickel and other producers. Although production figures are a state secret, Norilsk Nickel produces about 2.8-mil oz/year of palladium; about 700,000oz of platinum. Alluvial miners in the Russian Fareast, including Koryakgeoldobycha, produce another 320,000oz/year of platinum.

The size of the state stockpiles has been one of the few state secrets to have survived the collapse of the Soviet Union. A new report by Justin Pearson-Taylor of Standard Equities, Johannesburg estimates Russia`s platinum stock at 950,000oz and palladium at about 11.9-mil oz.

The new Russian policy proposes to end the annual export quota process for platinum group metals, which has pitted producers against each other, and against the state stockpile agency Gokhran, the Central Bank of Russia, and other banks with platinum holdings. Their rivalry has triggered lengthy delays in export shipments from Russia, and intense speculation by international dealers on future Pgm prices.


The inside source told Platts that the new export quotas for producers "will be smaller than at present, because of the need to sell to the state fund. Commercial banks will get what is left after distribution of quotas between the state and producers." The source implied that the Central Bank will no longer be permitted to conduct platinum or palladium transactions abroad.

There is active opposition to the new policy from the miners and the banks. Norilsk Nickel and its affiliated Rosbank are especially anxious to persuade Putin to accept amendments to the decree, before it is enacted. Until now, when asked if they are being obliged to sell platinum and palladium to the state stockpile at a discount to the London fix, Norilsk Nickel officials have claimed they are not.

Other sources have told Platts that Norilsk Nickel`s quota for this year`s export of platinum has been reduced to allow for this, and also to permit Koryakgeoldobycha to export on its own account for the first time. If the new decree is adopted, it will supersede and annul the 10-year quota for palladium exports which Norilsk Nickel obtained three years ago from President Boris Yeltsin.

[gholzbauer]

Monday April 23, 9:12 am Eastern Time
Press Release
Consolidated Jaba Inc and Southwestern Gold Corporation - Rapid Advancement of the Tecka Platinum-Palladium Project, Argentina
VANCOUVER, B.C.--(BUSINESS WIRE)--April 23, 2001--Consolidated Jaba Inc. (CDNX:JBA) and Southwestern Gold Corporation (TSE:SWG) are pleased to announce that an aggressive exploration program has been initiated on the Tecka Ultramafic-Mafic Layered Complex located in Southern Argentina.

The Tecka Joint Venture, which is 55% JABA and 45% Southwestern is located in Chubut Province, about 1,500 kilometres Southwest of Buenos Aires and is comprised of 191,800 hectares of exploration concessions (Cateos) and 87,500 hectares of exploration concession applications. Southwestern can earn 71% of the Project Area by spending U.S. $3 million over three years.

The Tecka Ultramafic-Mafic Complex is the largest unexplored layered complex known in the world and mapping by the Joint Venture has shown that the Tecka complex is similar to the Bushveld and Stillwater Complexes which host large primary platinum-palladium deposits.

At present, a total of 600 soil samples and 140 rock chip samples have been collected and sent to Bondar-Clegg in Canada for multielement analyses. Detailed geological mapping by the Joint Venture has shown that the Complex is at least 100 kilometres long and more than 3,000 metres thick. In general, the Complex dips at a low angle to the east and is comprised of abundant cumulate rocks made up of a basal ultramafic zone, a transitional zone, and a more mafic upper zone. Ultramafic rocks include peridotite and pyroxenite with the mafic complex dominated by gabbro and subordinate anorthosite and norite.

Significant sulphide concentrations have been discovered and appear to be widespread with the most significant zone found in the transition between the ultramafics and mafics within the central portion of the Complex. At this locality, layered fine-grained sulphides include chalcopyrite and pyrrhotite. A second area characterized by blebby sulphides (mainly chalcopyrite) has also been discovered. The sulphide mineralization has been trenched and samples sent for assay. The lateral extent of the above mineralization is not known.

The Joint Venture partners are pleased with the rapid progress of the Tecka Platinum-Palladium Project and the potential of the area. The exploration team presently consists of five geologists and three groups of soil samplers. With the positive results in the program to date the scope of the ongoing exploration will be expanded.

Quality Control

Southwestern has implemented a quality control program to ensure exploration best practice in sampling and analysis. All of the rock and soil samples are shipped in security-sealed bags to the Bondar-Clegg sample preparation facilities in Mendoza, Argentina and the pulps are shipped to Vancouver for analyses. Platinum, palladium and gold analyses are by fire assay with an ICP finish. A partial digestion and 35 element ICP analysis will also be conducted on each sample. The Bondar Clegg Vancouver laboratory is an ISO 9002 certified lab that is preparing for ISO 17025 certification. It has participated successfully in the CANMET PTP-MAL round robin program.

Some of the statements contained in this News Release contain forward-looking information which involves inherent risk and uncertainty affecting the business of the Company. Actual results may differ materially from those currently anticipated in such statements.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

[gholzbauer]

Monday April 23, 5:15 pm Eastern Time
Press Release
Cusac Gold Mines Ltd.: Drilling Progresses At Clearwater Platinum Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 23, 2001-- Guilford H. Brett, Director, President & CEO (TSE:CQC. - news; OTCBB:CUSIF - news) -- is pleased to report that the Company`s previously announced program of 5,000 feet of diamond drilling on its Clearwater Platinum Project, Kamloops Mining District, BC began on March 25, 2001 (see also Cusac News Release, December 6, 2000).

To date, six of the ten proposed holes into the Southeast Mineralized Area have been completed by Core Enterprises Inc., comprising approximately 3,000 feet of NQ-size core drilling under the direction of Dr. Bruce Perry, P. Geo., FGAC (PRO-GEO Exploration, Kamloops, BC). All of the core obtained from these initial drill holes is presently being logged, examined in detail and sawn in half at the Company`s facility in Kamloops. The splits are being composited into samples representing 5 m intervals and will be analyzed for Platinum, Gold, Nickel, Cobalt and other metals and geochemical pathfinder elements normally associated with various styles of PGE, Gold and base metal mineralization.

The current, initial drilling program tests targets within the Southeast Mineralized Area of the extensive ultramafic magmatic stratigraphy wholly contained within the Company`s mineral claim holdings. Each specific drilling target was indicated by combinations of favorable data resultant from the Company`s recent work and that of previous operators, including:


-- geological mapping;
-- surface occurrences of Platinum, Gold, Nickel, Cobalt and
Chromium;
-- induced polarization chargeability and resistivity, magnetics and
vlf-EM geophysical surveys (Delta Geophysics, Delta, BC); and
-- soil geochemistry surveys.

An ultramafic bedrock outcrop sample (No. 5021) collected within one of the high chargeability zones being drilled currently was examined by Dr. J. F. Harris (Vancouver Petrographics), who reported that cream colored sulphides are present randomly throughout the rock, apparently mainly as pentlandite, an ore mineral of Nickel. Pentlandite is a complex sulphide of Iron and Nickel (Fe, Ni)9S8 and is a primary constituent of the ore-grade portions of the J-M reef (Stillwater Mine, Montana) where it is intimately associated with Platinum Group Elements mined there.

On behalf of the Board of Directors:

``GUILFORD H. BRETT``

Monday April 23, 5:15 pm Eastern Time
Press Release
Cusac Gold Mines Ltd.: Drilling Progresses At Clearwater Platinum Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 23, 2001-- Guilford H. Brett, Director, President & CEO (TSE:CQC. - news; OTCBB:CUSIF - news) -- is pleased to report that the Company`s previously announced program of 5,000 feet of diamond drilling on its Clearwater Platinum Project, Kamloops Mining District, BC began on March 25, 2001 (see also Cusac News Release, December 6, 2000).

To date, six of the ten proposed holes into the Southeast Mineralized Area have been completed by Core Enterprises Inc., comprising approximately 3,000 feet of NQ-size core drilling under the direction of Dr. Bruce Perry, P. Geo., FGAC (PRO-GEO Exploration, Kamloops, BC). All of the core obtained from these initial drill holes is presently being logged, examined in detail and sawn in half at the Company`s facility in Kamloops. The splits are being composited into samples representing 5 m intervals and will be analyzed for Platinum, Gold, Nickel, Cobalt and other metals and geochemical pathfinder elements normally associated with various styles of PGE, Gold and base metal mineralization.

The current, initial drilling program tests targets within the Southeast Mineralized Area of the extensive ultramafic magmatic stratigraphy wholly contained within the Company`s mineral claim holdings. Each specific drilling target was indicated by combinations of favorable data resultant from the Company`s recent work and that of previous operators, including:


-- geological mapping;
-- surface occurrences of Platinum, Gold, Nickel, Cobalt and
Chromium;
-- induced polarization chargeability and resistivity, magnetics and
vlf-EM geophysical surveys (Delta Geophysics, Delta, BC); and
-- soil geochemistry surveys.

An ultramafic bedrock outcrop sample (No. 5021) collected within one of the high chargeability zones being drilled currently was examined by Dr. J. F. Harris (Vancouver Petrographics), who reported that cream colored sulphides are present randomly throughout the rock, apparently mainly as pentlandite, an ore mineral of Nickel. Pentlandite is a complex sulphide of Iron and Nickel (Fe, Ni)9S8 and is a primary constituent of the ore-grade portions of the J-M reef (Stillwater Mine, Montana) where it is intimately associated with Platinum Group Elements mined there.

On behalf of the Board of Directors:

``GUILFORD H. BRETT``

[gholzbauer]

Fuel cells & platinum
http://www.platinumguild.org/PtMarkets/Demand/FuelCells/Fuel…

[gholzbauer]

http://www.miningweekly.co.za/mineweek2.nsf/news/5F97CE61F73…

Autocat developments no threat to platinum

Keith Campbell
Mining Weekly Contributing Editor
South African-based Lonmin Platinum does not believe that developments in catalytic converter technology pose a serious threat to the platinum-group metals (PGMs) mining industry.
"I don`t believe that substitution of PGMs in catalytic converters will happen soon - we believe that the demand for PGMs in this application will continue, even if new technology means less PGM per converter is needed," affirms company MD Peter Ledger.
This follows a recent fall in the platinum price, provoked by the news that Japanese technologists had developed an improved catalytic converter which will use fewer PGMs in its manufacture.
"Even if PGMs are completely replaced in converters, they are increasingly being used, for example, in fuel-cells and in the manufacture of Ram compact discs for computers, and this market will grow even if, again, improving technology requires fewer PGMs per computer," he asserts.
"And one must never forget the still-growing platinum jewellery industry," he adds.
"In fact, all three large PGM producers are spending reasonable sums of money every year to find new uses for these metals," he assures.
When it comes to evaluating new projects, the company uses very conservative - almost `worst-case` - assumptions about PGM prices in determining the economic viability of such developments.
This was, for example, the case with regard to the Pandora project, the recently-announced 50:50 joint venture (JV) with Anglo Platinum, located near Brits, in the North West Province.
Pandora will take seven years to reach full production, will involve a capital cost of R1 419-million, and will have a cash cost of $215 a PGM ounce.
It would thus be profitable even if the platinum price fell to between $300/oz and $350/oz.
At full production, the mine should yield 230 000 oz/y of platinum, 110 000 oz/y of palladium, 51 000 oz/y of ruthenium, 36 000 oz/y of rhodium, 13 000 oz/y of iridium and 2 000 oz/y of gold.
These will be extracted from Pandora`s UG2 reef, with mineable reserves totalling 136-million tons.
The operating margin will be 53%.
In addition to Lonmin and Anglo Platinum, the JV will, in due course, also include a black economic empowerment partner, which will receive a 10% to 20% stake.
"With this particular JV, it was a condition from government - in return for granting Anglo Platinum mining leases on State land - that a black-
empowerment partner be included, but no specific requirements, such as the size of such a stake in the JV, were imposed," reports Ledger.
"But government did indicate it would like this to be achieved within two years, and we don`t think this will be a problem," he adds.
At publication, it was widely reported that the JV partners were in negotiation with empowerment company Northam Platinum in this regard.
"Our company accepts the concept of black economic empowerment, but not as a `freebie`," he explains.
"The previously disadvantaged have to participate much more in the South African economy," he concludes.
©Martin Creamer Media

[gholzbauer]

s. auch 17.4.01

http://infoseek.yellowbrix.com/pages/infoseek/Story.nsp?stor…

Cluff Mining reports encouraging exploration results at Bushveld project
Source: AFX
Publication date: 2001-04-30

LONDON (AFX) - Cluff Mining PLC said it received encouraging initial results from its exploration programmes on the platinum group metal projects held by Sperrylite Resources (Pty) Ltd, particularly at the Bushveld complex.

It said the BB-TBM project in Bushveld has encountered PGM grades ranging from 1.4 g/t to 15.7 g/t over a width of 2.5 metres.

Cluff recently completed the acquisition of 20 pct of Sperrylite, which holds rights to four PGM exploration properties: BB-TBM, LS-DD, Fonte Verde and Blue Sky North located in and around the Bushveld complex in South Africa.

The exploration programmes have been designed to provide Cluff with sufficient additional information for it to decide whether to exercise its option to acquire the remaining 80 pct of Sperrylite by Oct 3.

Cluff Mining chairman and CEO J G Cluff said: "Although we are only part way through our exploration programmes on our PGM projects, results to date are in line with expectations and costs within budget.

"I believe we are on course to exercise our option to acquire the remaining 80 pct of Sperrylite later this year."

He said the company will report further news in the form of assay results from the three projects it is currently drilling during May.

ak/
Publication date: 2001-04-30
© 2001, YellowBrix, Inc.

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>Messina may be platinum hit for gold majors
By: Stewart Bailey
Posted: 04/29/2001 07:00:00 PM | © Miningweb 1997-2001
http://m1.mny.co.za/MGGold.nsf/Current/4225685F0043D1B242256…

[gholzbauer]

Cantex Mine Development Corp. provides update on Wadi Qutabah nickel-copper-platinum project, Yemen
In its press release dated March 1, 2001, the company reported that a major gossan formation had been identified in a wadi (dry stream bed) some 24 km north of the Suwar nickel-copper-cobalt deposit. It also reported that strongly anomalous platinum group elements had been found in drainage sediments nearby.

Dr. Peter Gregory, who is managing the Yemen follow-up work, has shown that this gossan horizon reflects a zone of massive and disseminated pyrrhotite and pyrite; and that this zone occurs as a conformable geological unit within a layered gabbroic complex. In addition, several other gossan/sulfide bands have been discovered and the collective strike length, as determined by reconnaissance mapping, is more than 5 km. The thickness of the gossan varies from 2 metres to more than 7 metres. Its width is difficult to estimate but, where seen in section, it is at least 500 metres. There are several other gossans in the area that are presently being followed up.

Systematic sampling of the gossans for nickel, copper and platinum group elements is in progress. There are no results to date for this systematic program but sulfide float, downstream from one gossan, has reported 0.23% nickel, 0.05% copper and 0.1% cobalt with anomalous gold, platinum and palladium. Systematic soil sampling down slope from another gossan horizon has yielded anomalous platinum, palladium and rhodium. Twenty two composite grab and continuous chip rock samples of gossanous material, and sulfide bearing norite collected from the general area have geochemically analysed up to 850 ppm nickel, 1145 ppm copper, 500 ppm cobalt and anomalous palladium. Cantex is excited about this discovery because if the sulfides contain commercial grade mineralization, there is potential for a Nickel-Copper-Platinum metal resource of very large tonnage.

Sadah Platinum-Nickel-Gold Project, Yemen

Drainage sampling in the Sadah area, 150 km north of Wadi Qutabah, has yielded 1200 ppb platinum accompanied by anomalous copper, nickel and cobalt from a heavy mineral sample collected over gabbroic rocks. These gabbroic rocks are thought to represent part of a gabbroic complex and the platinum discovery is important because it suggests that the complex is prospective for platinum as well as for nickel-copper-cobalt mineralization.

The anomalous platinum site is located approximately 3 km north of the company`s previously reported Sadah gold project where up to 146 ppm gold were found in heavy mineral drainage concentrates and up to 11 g/t gold found in quartz veins in acid to basic metavolcanic rock outcrops.

The company has also discovered anomalous nickel concentrations, up to 2700 ppm, in heavy mineral samples collected at several locations within the Sadah project area. A drill hole completed in the 1980`s within the Cantex Sadah license encountered a one meter core intersection of 7.6% nickel and 1.2% copper bearing massive sulfides, therefore the strong nickel anomalies are considered high priority targets.

During 2000, a team of geologists working for a major international nickel company examined the area and unanimously stated that the geology is similar to that of the Thompson Manitoba nickel mine area. The anomalous platinum and nickel values are currently being followed up with drainage sampling, prospecting, reconnaissance geological mapping and soil sampling.

Suwar Tantalum Anomaly, Yemen

A group of anomalous tantalum values, of which the best result is 1440 ppm tantalum, has been found in heavy mineral drainage sites some 7 km southwest of the company`s Suwar nickel-copper-cobalt deposit. These anomalous tantalum values occur in rivers that drain intrusive granitic rocks and may be derived from mineralization within these rocks. Follow-up work of these outstandingly anomalous tantalum values is in progress.

Ongoing Exploration

In addition to the above work, the company has also identified anomalous nickel and/or copper and/or platinum group elements in 9 other major project areas. An aggressive and dynamic follow up of these anomalous values is scheduled during the coming months.

For further information: Cantex Mine, call: [phone] or 1-800-997-8582, fax [phone].

[gholzbauer]

http://www.miningweekly.co.za/mineweek2.nsf/news/BA75E8FD91A…

There`s gold in them thar PGM deposits

David Poggiolini
Mining Weekly Staff Writer
Local gold miner Harmony Gold Mining is considering various options to turn to account its Stella platinum-group metals (PGM) asset, in the North West Province, says CEO Bernard Swanepoel.
He reports that the company has now demonstrated that the platinum discovery contains a multimillion-ounce resource, with 25 undisclosed platinum parties having already expressed an interest in the project.
He elaborates that detailed technical presentations and site visits will be undertaken during the next quarter, and that the company is prepared to assess any offers made by these parties.
Evaluation work on the Stella PGM project continued in the beginning of this year on properties close to the company`s Kalgold operation along the Kraaipan belt.
A total of 355 (3 500 m) rotary-air blast; 230 (12 900 m) reverse-circulation percussion; and 11 (1 760 m) diamond-core boreholes have been drilled to
date, representing 1 860 m of drilling.
An additional 30 boreholes will be completed during the next month.
The company believes that there is potential to increase resources below 150 m and from strike extensions to the known mineralised zones.
Several targets for new discoveries have been identified from geochemical anomalies.
"We could drill more holes to upgrade the ounces into a reserve category.
"However, we are not sure if this is the path we should take, and will keep our options open to see what the platinum-miners are interested in doing," maintains Swanepoel.
"Without taking the depth extent below 150 m and without drilling some of those clear anomalies, we are talking about a 2,5-million-ounce resource."
Preliminary metallurgical test work using standard mill-float procedures indicates that PGM recoveries for fresh ores at 60% to 65%, with concentrate grades of about 150 g/t to 200 g/t may be achieved.
Near-surface weathered material, on the other hand, returned recoveries below 50%.
However, Swanepoel maintains that much additional test work is required to determine the best metal recoveries.
He stresses that the company still has no intention of developing the deposit by itself, which would be a risky move considering that it
has no experience in the PGM sector.
"Building a platinum-mine is an unlikely scenario and I will be very surprised if we take the project forward in a way which will cost us money."
Swanepoel says that, despite the impressive find, the company`s main activity will remain gold-mining, with proceeds made from the project being ploughed back into the gold business.
The six PGM deposits are located across six separate zones of mineralisation over lengths varying between 500 m and 1 000 m.
The mineralised widths range from 25 m to 45 m, with average grades ranging from 1 g/t to 2,5 g/t of platinum and palladium.
©Martin Creamer Media

[gholzbauer]

http://www.minesite.com/archives/features_archive/may2001/pa…

Aussie Listed Pan Palladium Presents Its PGM Assets to London Brokers and Fund Managers.


When Aquarius Platinum first started to reconnoitre the London market with a view to listing on AIM back in 1997 its only asset was the Kroondal project on the Bushveld Complex in South Africa which it was planning to turn into a mine. Tony Mahalski, then in charge of the mining sales desk at SG Securities remembers the visit well. It was only capitalised at around £8 million and the shares could be bought in Australia at around half the 50p price at which it listed in London the following year. Since then, of course, it has been one of the successes of the London AIM market as it caught the surge of interest in platinum group metals and is now capitalised at around £200 million.

Now Mahalski , as boss of investor relations outfit LM Associates, is introducing another Australian pgm hopeful around London - Pan Palladium. This company only listed in Australia last year with the well known mining entrepreneur and financier Warwick Grigor at the helm. In his early days Warwick was senior mining analyst with County NatWest Securitiees in Oz, but he gave that up in 1991 to found Far East Capital which is a specialist research-based resource industry corporate adviser and financier. He therefore knows his way around the stockbroking jungles at both ends of the world.

Pan Palladium only listed in Australia last November as a company called Rox Limited. It then set its sights on pgms and following two significant deals in Decmber changed its name to signal what it was about. These deals involved the purchases of advanced exploration ground in the Bushveld and around the Stillwater mine in Montana which are the two areas which between them produce most of the platinum group metals of the western world.

It has a balanced portfolio of PGM assets in Suth Africa acquired from Bill Murphy who is now managing director or Pan Palladium. The Phosiri project is located in the north of the Eastern Lobe of the Bushvel Complex midway between two oprating platinum mines, Messina owned by Implats and Southern Era and Atok owned by Amplts, the world`s biggest producer. A lot of work was done in the area by Implats, Harmony Gold and BHP in the 1990s and drawing on this Pan Palladium reckons that the Merensky Reef is in place at mineable depths and an inferred resource of 1.2 million tonnes at an average grade of 4.12g/t pgm and gold and 980 ppm nickel. The area involved is only a small part of that owned by Pan Palladium and further drilling will tell the full story. It could be big, in which case Pan Palladium will seek a major partner.

The Aurora project, on the other hand, has potential to be open pittable, exploiting the platinum rich Platreef as Amplats is doing to the south. Exploration is startting with sampling and will move on rapidly to drilling. It is early days but platinum enriched reef intersections have been reported all around it and if drilling comes up with the goodies a mining operation could be installed quickly with the concentrate being trucked to nearby refining facilities.

Pan Palladium has also acquired Boulder Steel`s interest in the Stillwater jv with Idaho Consolidated Minerals. Boulder is going to concentrate on its engineering interests and says that it is going to list on AIM in the fairly near future. The pgm interests surround the Stillwater mine on the Stillwater Complex which is the major pgm-hosting structure in North America with similarities to the Bushveld Complex, but much less explored.

Pan Palladium has the three essentials to take it to the next stage. It has the assets; it has money - A$5.3 million ; and it has good management. Colin Patterson, the boss of Emperor Mines who fought off the approach from DRD so vigorously has just joined Warwick Grigor and Bill Murphy on the Board. Boulder is represented by Dr Peter Wallner and Alistair Turner, the chief geologist, is known as Dr Stillwater for the work he has done in the area since 1977. Quite a team and well worth watching.

4 May 2001

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(AFX-Focus) 2001-05-08 08:43 GMT: Tertiary Mineral gains control of potential palladium-platinum area in Norway
LONDON (AFX) - Tertiary Minerals PLC said it has gained control of high potential palladium-platinum areas in the county of Finnmark in northern Norway after signing a deal with the county council to acquire 12 pre-claims covering the Porsvann and Karenhaugen platinum group metals (PGM) prospects.
Under the deal, Tertiary must pay 14,000 stg and a net smelter returns royalty of 1.25 pct on any production from the 45 pre-claims (Blocks A and B) that cover and surround the Porsvann and Karenhaugen prospects.

The company said it has built up land holdings in the surrounding area, which also contain PGM prospective ultramafic intrusions. In its most recent quarterly report the company announced that it had been granted 179 pre-claims in 10 blocks. Two of these blocks overlap and surround the pre-claims held by Finnmark county council, which will be surrendered to give first priority to the company`s pre-claims.

Tertiary said the drilling results at Porsvann and Karenhaugen highlight the potential of the several other ultramafic intrusions which occur within the company`s pre-claims, none of which have been evaluated for their PGM potential.

ak/

[gholzbauer]

Leader Mining options Cogburn nickel deposit to evaluate platinum / palladium potential
Leader Mining International Inc. is pleased to announce that it has entered into an option to acquire the Cogburn Nickel deposit, located 100km east of Vancouver, near Hope, British Columbia, from John Chapman and KGE Management Ltd.

The Ni - Cu mineralization is contained within ultramafic rocks composed primarily of altered pyroxenite and peridotite. Previous drilling demonstrated that the pyroxenite is strongly uralitized and contains widespread finely disseminated pyrrhotite / pentlandite, with minor magnetite and traces of pyrite and chalcopyrite that grade consistently around 0.2% Ni. The George Cross Newsletter of September 1, 1971 reports, "The mineralization is over a length of 2000 feet, a width of 800 feet and a vertical surface range of 700 feet. Present indications are in the order of 200,000 tons per vertical foot, which gives 100 millions tons per 500 feet of depth. The mineralized area is open to possible extension to the south and east... All of the samples from within the discovery area have presented a remarkably consistent value between 0.19% and 0.25% Ni. The consistency of the values as much as the grade is the outstanding feature...A number of samples from the property have been subjected to carefully controlled ascorbic acid tests which indicate that between 90% and 95% of the nickel is in sulphide form."

Previous operators did not analyze for Platinum Group Elements (PGE). Leader believes that the potential for a bulk mining Ni-Cu-PGE development scenario is very good; particularly since the nearby past producing Pride of Emory Mine is reported to have contained significant platinum - palladium values (up to 7.79 gram/tonne PGE).

Under the terms of the Option Agreement, Leader will make an initial cash payment of $10,000 and invest up to $65,000 in the first phase of evaluation, starting in the first week of June 2001 to be followed by more detailed geophysics and drilling, as results warrant.

Pending favorable results, Leader can earn, subject to regulatory approval, up to 100% interest in the property by performing $1.5 million of exploration work and making cash payments to the vendors totaling $345,000 over 5 years; issuing 200,000 shares of LMN over 3 years; and providing 100,000 warrants exercisable @ $1.00/warrant upon completing a positive production feasibility study. The vendor will retain a 3% NSR, of which Leader may acquire 1.5% for $1.0 million.

The Cogburn Project provides Leader a high potential low cost mining opportunity in strategic metals, that is consistent with Leader`s exploration philosophy of acquiring high quality exploration targets in under-explored geologically favorable terrains within politically stable jurisdictions for commodities of the future.

* Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-26447 available from us at Suite 810, 400 - 5th Avenue SW Calgary, AB T2P 0L6. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

The Canadian Venture Exchange has neither approved nor disapproved of the information contained herein.

For further information please contact: Mr. Jasi Nikhanj at: Tel: [phone], Fax: [phone].

[gholzbauer]

http://www.nothing-ventured.com/news/scnews.asp?StoryID=1341…

Cluff seeks funding in push for platinum
By Kam Patel
Wed 9 May 2001

LONDON (ShareCast.com) - AIM-listed Cluff Mining is believed to be seeking to raise £5m-£10m within the next few months to help support development of its portfolio of platinum, gold and niobium projects. Cluff Mining


In a few weeks the company is likely to declare promising exploratory drilling results from three platinum prospects that it is developing in South Africa in collaboration with Sperrylite, the South African mining company.

Cluff has taken up a 20% stake in Sperrylite with an option on the remainder. Encouraging drilling data from the projects make it virtually certain that Cluff will take up the remaining 80% by September in return for a $3m investment in Sperrylite`s development.

Drilling at one of the projects, at Blaaubank, has uncovered platinum grades ranging from 1.4 grams per tonne to 15.7g/t. The other two drillings are at Loskop and Fonte Verde. Another platinum prospect, at Blue Sky North, is at an earlier stage of development. All are located in and around Bushveld, a region which generates 75% of the world’s platinum.

A full feasibility study on Cluff’s 670,000-ounce, 1.5g/tonne gold deposit at Kalsaka, Burkina Faso, is likely to be completed within the next few months.

Capital costs for Kalsaka are estimated at £5m-£10m, most of which Cluff is likely to want to borrow from banks. A promising study and success in getting banks to back the project should see Kalsaka into production late next year.

Cluff has a 35% stake in a world–class niobium project in Gabon. The deposit is said to have the potential to be the second-largest niobium deposit in the world with 21.6m tonnes of niobium oxide, suggesting an annual production potential of 4,000 tonnes. A shallow, open-cast operation for the deposit should keep mining costs low, something that will be vital if the project is to be competititive.

The company’s full-year results for 2000, declared yesterday, show a pre-tax loss of $8.5m, compared with a $6m loss in the previous year. The company said the loss was in line with expectations, with the majority resulting from operating difficulties at its Agnes Gold Mine. Cluff has about £3.5m in the bank.

Cluff shares closed up 1.5p at 165.5p yesterday, valuing the company at £22m.
----------------------------------------------------------

http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid…

Losses rise at Cluff Mining
By Sarah Ross
Published: May 8 2001 20:14GMT | Last Updated: May 9 2001 00:32GMT
Cluff Mining on Tuesday reported that annual pre-tax losses had increased 42 per cent.

The mining and exploration group also announced plans to raise $15m-$20m through a rights issue later this year.

Terence Wilkinson, operations director, said Cluff would use the funds to finance exploration at its platinum projects in the Bushveldt complex in South Africa. The issue was expected in the third quarter.

Meanwhile, Algy Cluff, chairman and chief executive, attributed the sharp rise in pre-tax losses, from $5.99m to $8.54m in the year to December 31, to the reopening of its Agnes Gold Mine in South Africa, higher administration costs, and charges on historic exploration costs.

The company reported sales up from $595,000 to $2.3m.

The shares, which floated on Aim in May 2000 at 220p, rose 1½p to 165½p. Losses per share rose from 66p to 98p and there is no dividend.

Current cash reserves are $3.5m ($1.4m) and total debt is $7.4m ($6.8m). Of this, $4.5m is convertible debt that falls due at $3.45 a share in 2002.

The company`s three main projects are the Kalsaka gold mine in Burkina Faso, of which it owns 78 per cent, a 35 per cent interest in a niobium project in Gabon, currently in its pre-feasibility stage, and the platinum projects in South Africa.

[gholzbauer]

Fri, 11 May 2001, 4:08am EDT


Helix in Talks to Develop Australia`s First Platinum Mine
By Dudley White

Perth, Australia, May 11 (Bloomberg) -- Helix Resources NL, which wants to build Australia`s first platinum mine, said it`s talking to the world`s biggest producers of the precious metal about developing a deposit in Western Australia state.

Anglo American Platinum Corp., Impala Platinum Holdings Ltd. and Lonmin Plc may all be interested in helping develop the Munni Munni site, located south of Karratha, analysts said.

Perth-based Helix wants to tap into buoyant consumption of platinum, which has seen prices rise by more than half during the past five years. That`s compared with a one third slump in the price of gold during the same period.

``There`s been a fairly high level of interest from all that have visited the project,`` Helix Company Secretary Rick Vittino said in an interview. ``Discussions have been going on with major industry players.``

He declined to name the companies or say when an agreement on Munni Munni might be reached. Helix may make an announcement at its annual general meeting on Monday or at a platinum conference later this month, analysts said.

Drilling at Munni Munni began in February and a feasibility study on the mine is expected to take between 12 and 16 months, Vittino said.

Helix has a market value of A$27.2 million ($14.3 million), less than 1 percent the size of Johannesburg-based Anglo American Platinum, known as Amplats, the world`s No. 1 miner of the metal. Helix shares have almost tripled in the past year.

Best Potential Mine

``It`s definitely Australia`s best (potential) platinum mine,`` said Keith Goode, an analyst at Bell Securities in Sydney. Amplats and Impala have ``got spare capacity to treat the ore. They don`t have to do expansions so there they must be the most logical`` partners, he said.

The company has said it intends to produce 160,000 ounces of platinum from the Munni Munni deposit over 10 years. The only platinum currently produced in Australia is mined as a by-product of nickel, also in Western Australia state, Vittino said.

Platinum prices in January reached 13-year highs because of erratic supplies from Russia, the second-biggest producer. The precious metal is used to make auto catalysts in cars, as well as in jewelry and electronics.

Demand for platinum rose 51 percent in the past ten years ended 1999, according to figures from Johnson Matthey Plc.

``The beauty about the platinum group metals market is that demand is still very strong and supply is not that great,`` said Vittino. ``The uses of platinum group metals are more on an industrial sense than for gold.``

[gholzbauer]

11 May 2001
NORTH-WEST MINING
THE PLATINUM PROVINCE
By Brendan Ryan

North-West Province owes its platinum boom to the metal`s discovery in a rival province, Mpumalanga.


The first deposits were found near Lydenburg, in what was then the eastern Transvaal. But subsequent exploration showed the richest deposits near Rustenburg, in what is now North-West.


The geological quirk has placed North-West at the front of SA`s mining industry because platinum is now the country`s largest foreign revenue earner. Platinum eclipsed gold last year for the first time and North-West is by far SA`s largest producer of platinum.


The economic spin-offs are huge. The major platinum producers, Anglo American Platinum (Angloplat) and Impala Platinum (Implats), employ nearly 67 000 workers on their mines in North-West. A further 19 000 employees work for the country`s third-largest platinum producer, Lonplat.


Aside from "multiplier benefits" from mine and worker purchases of goods and services in the province, the boom has benefited one community above all: the Royal Bafokeng Nation (RBN).


The RBN - a tribe with about 300 000 members settled around Rustenburg - owns the mineral rights to the section of Implats` workings known as "The Deeps" lease area. It is entitled to a royalty from Implats of 22% of mining taxable income from that lease, subject to a minimum annual royalty of 1% of gross revenue from platinum-group and associated metals from the Deeps lease.


The RBN also has a seat on Implats` board of directors and was issued 1m Implats shares in February 1999 as part of the settlement of a long-running dispute over the terms of the royalty agreement. Those shares were worth about R95m at the time of issue but are now worth about R358m because the Implats share price has soared with the platinum business boom.


The RBN`s royalty income has taken off in line with Implats` burgeoning profits. In the past five years the RBN earned R756m in royalties, R406,4m of that in the year to June 2000. In the subsequent six months to end-December 2000 the nation received R447m in royalties, so it could receive about R1bn for the current year to June if platinum prices hold up, which they appear likely to do.


SA produces annually about 3,9m oz of platinum, 1,9m oz of palladium, 0,4moz of rhodium and three other precious metals known collectively as platinum-group metals (PGM).


The country`s PGM output was worth R29bn last year and could be worth R39bn this year, depending on price movements for the three main metals. Virtually all that revenue was generated from North-West as there are only two working platinum mines elsewhere - Potgietersrust Platinum and Lebowa Platinum in Northern Province.


A big expansion programme by the platinum producers is now under way, headed by Angloplat, which intends investing R12,6bn to grow its production from the current level of 2m oz/year to 3,6m oz/year by 2006.


Implats and Lonplats also have large expansion programmes while newcomer Aquarius Platinum, which developed the Kroondal mine, near Rustenburg, intends developing another mine at the nearby Marikana project.


North-West looks set to dominate the SA platinum business for the foreseeable future, but attention will swing towards Northern Province and Mpumalanga, where at least five new mines are in development or planned. Those ore reserves are shallower and more advantageous to mine as the older operations in North-West become deeper and more expensive.

[gholzbauer]

http://www.news24.co.za/News24/Finance/Companies/0,4186,2-8-…
11/05/2001 15:12 - (SA)

Angloplat sees platinum shortage

Aya Takada Tokyo - The global platinum market will likely face a supply shortage this year with demand growth outpacing a rise in output, the world`s top platinum producer, Anglo American Platinum Corp (Angloplat), said on Friday.

Healthy demand from the global auto industry should offset a decline in demand caused by lingering economic problems in Japan, the world`s largest market for platinum jewellery, Angloplat CEO Barry Davison told Reuters in an interview.

"Overall, we still expect growth in platinum demand for this year, but production won`t increase much," he said.

"The deficit (between supply and demand) this year, we think, will be at least as big as last year."

While Davison declined to give a specific figure for the market deficit, British platinum refiner Johnson Matthey has estimated there was a platinum supply shortage of 280 000 ounces in calendar 2000.

China market booming

Davison said Chinese platinum demand for jewellery last year approached that of the Japanese market, which Matthey estimated at 1.15 million ounces. China could overtake Japan this year to become the world`s largest platinum jewellery market, he added.

He said there was still ample room for growth in the booming Chinese market, with more and more consumers viewing platinum as a fashionable alternative to gold.

"We have a relatively small share of the total jewellery market in China. I don`t think we are near to the saturation point," Davison said.

India, the world`s largest market for gold jewellery, is another arena for future growth, he said.

"There is a great potential in India. If we can get a very small%age of the Indian gold market, we can add a very big%age to total platinum demand," Davison said.

He said Platinum Guild International, a miners-funded organisation that promotes platinum jewellery, aimed to clinch the equivalent in tonnes of 2% of the Indian gold market in five years, or 16 tonnes of platinum demand a year. That would be nearly 10% of global platinum demand last year.

Davison said there was limited potential for growth in demand for platinum jewellery in Japan as long as the nation`s economy and jewellery industry remain in the doldrums, because the use of platinum in jewellery had already surpassed gold.

Demand from auto industry growing

Davison said demand for platinum used in automobile catalysts this year would be larger than last year because of higher sales of the metal for use in diesel-engine vehicles.

"Platinum is a favoured metal in diesel. In gasoline vehicles, it`s palladium," he said.

But in calendar 2000, 96% of the newly produced palladium was used by the automobile industry, and demand from other industries such as electronics and dentistry was met by Russian palladium stocks and through recycling, he said.

One day, he said, the Russian stocks will dry up.

"Nobody knows what the size of the Russian stock is. The automobile companies are using more platinum than they did before to help reduce their dependency on palladium."

Davison added that automakers will need more platinum in the long term because they are aiming to produce vehicles powered by fuel cells.

Fuel cells are environmentally friendly generation devices that produce electricity through an electrochemical reaction between oxygen and hydrogen, rather than through combustion.

Davison said 550 000 ounces of platinum could be used in fuel cells for automobiles and other applications in 2010. That volume would be about 10% of current global demand for platinum.

"If the technology is successfully commercialised, we certainly believe it could grow very quickly after that," he said.

[SilberSchatz]

HILFE!!

Betrifft : Impala Platinum (ADR) WKN 865730
HIER : DIVIDENDE

Kann mich irgendein anderer Besitzer o.g. Aktie aufklären,
wann er die Dividende gutgeschrieben bekam, und wann der
Stichtag der Zuteilung war ? Habe den Verdacht, daß da etwas
verkehrt läuft. Immerhin müßten dies pro Aktie ca. 6 € sein!
(Halte Impala seit Anfang Dezember 2000)

Vielen Dank für alle Antworten.

[Ismiregal]

@AgSchatz
Depotbestand per 6.3.2001
ZAR 44,2 Dividende pro Stück
für Geschäftsjahr 1.7.2000-30.6.01 Zwischendividende
(enthält ZAR 30 Sonderausschüttung)
zahlbar ab 20.4.2001
Gutschrift am 3.5.2001 erhalten, Valuta 24.4.2001
Würd auf jeden Fall mal deine Bank befragen.
Schönen Sonntag noch.

[SilberSchatz]

@ Ismiregal : Vielen Dank für die Antwort, werde nachfragen.

[gholzbauer]

Mining News
Mon, 14 May 2001, 3:44pm EST
Lonmin, Helix Form Australian Platinum Joint Venture (Update1)
By Dudley White


Perth, Australia, May 14 (Bloomberg) -- Lonmin Plc, the world`s third-largest platinum producer, agreed with Australia`s Helix Resources NL to form a joint venture aimed at building the nation`s first mine for the precious metal, Helix said.

London-based Lonmin will spend A$15.8 million ($6.1 million) on a 12 percent stake in Helix and on conducting a study into developing the Munni Munni platinum deposit in Western Australia, Helix said in a statement to the Australian Stock Exchange.

Helix wants to take advantage of platinum prices that have risen by more than half in the past five years as demand from jewelers and automakers outstripped supply. Lonmin rivals Anglo American Platinum Corp. and Impala Platinum Holdings Ltd., which also mine in South Africa, were also interested in the deposit.

``It gives them (Helix) credibility,`` said Keith Goode, a resources analyst at Bell Securities in Sydney. ``If you`re bringing a South African company in that`s going to complete the feasibility study it tells you (Munni Munni) is viable. Now it`s a case of when it`s going to be in production.``

Shares in Perth-based Helix were suspended earlier pending the announcement.

Lonmin agreed to buy 6 million shares in Helix at A$1.30 a share, Helix said in the statement, costing a total of A$7.8 million. Helix will issue a further 2 million shares to Lonmin by Oct. 30, 2002.

Lonmin will also spend A$8 million on a feasibility study at Munni Munni covering the first 15 months of the project. Munni Munni is located south of Karratha in northwestern Australia.

``For the Helix shareholders, they`ve done a really, really good deal,`` said Bell Securities` Goode.

Looking for More

The geology of Munni Munni is similar to that at Lonmin`s mines in South Africa, Helix said in the statement. Lonmin will also have the right to buy and refine ore from the proposed mine and will look for other reserves with Helix.

``Helix`s profile in the exploration business will be significantly enhanced by an association with one of the big three South African platinum producers with a London domicile and a London Stock Exchange listing,`` Helix Managing Director Rob Mosig said in the statement.

Lonmin produces about 600,000 ounces a year of platinum from mines in South Africa, Helix said. The company, which also owns gold mines in Zimbabwe and a third of Ghana`s Ashanti Goldfields Co., has sold coal mines, hotels and insurance companies during the past four years as it narrowed its focus on mining.

In November, Lonmin indicated second-half profit almost quadrupled as platinum and palladium pries surged.

[gholzbauer]

Monday May 14, 12:04 pm Eastern Time
Press Release
SOURCE: Pinnacle Resources, Inc.
Pinnacle Enters Negotiations on Platinum Property
ENGLEWOOD, Colo., May 14 /PRNewswire/ -- Pinnacle Resources, Inc. (OTC Bulletin Board: PNRR - news) announced it has initiated negotiations with a variety of drilling and exploration companies as well as major mine developers and operators to farm out its 50% holding in Plateau Resources (Pty) Ltd., its South African subsidiary. Plateau holds Prospecting Rights to several farms in South Africa`s famed Bushfeld Complex, which hosts the Platreef, a resource of proven platinum and palladium mineralization.

The company`s expertise and contacts will enable it to find the most appropriate mining industry partner, which will benefit the company and enhance shareholder value. Additionally a strategic placement of Pinnacle interests will attract keener interest from the financial community as well as from the principal participations in the world`s platinum industry.

Glen Gamble, President of Pinnacle, said that a properly structured placement of Pinnacle`s platinum interest should generate increased liquidity for the company and enable management to pursue other endeavors. We have been ambitious to engage oil and gas opportunities, such as the company`s option on the Caspian Sea prospect in Kalmykia, an independent federated republic of Russia. The Caspian Sea Field represents an opportunity to involve the company in one of the hottest oil and gas plays in the world.

Additional information on Pinnacle Resources, Inc. is available on the company`s Web site at http://www.pnrr.net.

[gholzbauer]

http://www.smh.com.au/news/0105/15/biztech/biztech11.html

Helix soars as Lonmin backs platinum plans

By Barry FitzGerald

The big South African platinum producer Lonmin has thrown its weight behind development plans by Perth`s Helix Resources for its Munni Munni platinum project near Karratha in Western Australia.

The entry of Lonmin, one of the big three of South Africa`s platinum industry, yesterday prompted a 33 per cent spike in the Helix share price to 81c.

Lonmin`s presence also means that, after decades of investigation, the local mining industry might finally get a stand-alone platinum project across the line and capture a share of the fancy prices now commanded by the boom metal because of its use as a pollution controller in car engines. Under the deal announced at the Helix annual meeting in Perth yesterday, Lonmin will pump $7.8 million into Helix through a share placement at $1.30 a share, a 60 per cent premium to yesterday`s closing quote.

That will give Lonmin an initial 11.8 per cent of Helix. Lonmin will also acquire a 50 per cent interest in Munni Munni in return for an $8 million contribution over 15 months to the cost of completing a full feasibility study on the project`s development.

Share price spikes are nothing new for Helix shareholders. Back in 1997 the stock peaked at $5 a share when its Tunkillia/Area 23 gold prospect in South Australia`s Gawler Craton was meant to be world-class. It was not.

The entry of Lonmin means that this time around, share price spikes for Helix could be of a more lasting nature.

Munni Munni was discovered by Hunter Resources in the mid- 1980s. It has long had an inferred resource base estimate of 20-30 million tonnes grading 2.9 grams a tonne palladium plus platinum and gold. The slide in the dollar and the surge in the prices of platinum group metals has radically improved project economics.

That was enough to prompt Helix, led by managing director Mr Robert Mosig, to launch a scoping study into a two million tonne-a-year operation producing more than 150,000 ounces of platinum group metals and gold in concentrate. Lonmin produces more than 600,000 ounces of platinum annually from its mines in South Africa, the world`s biggest producer of the metal. Diversity of supply has become an issue in recent years for the world`s car makers.

The Age

[gholzbauer]

Thursday, May. 17, 2001. Page 5

Floods Swamp Norilsk Nickel, Alrosa

By Igor Semenenko
Staff Writer
A flooded village near Yakutsk in eastern Siberia.

The full effect of global warming on Russia is not yet known, but annual flooding in Siberia has already left tens of thousands of people homeless and is now taking a toll on some of the country`s largest businesses.

Metals behemoth Norilsk Nickel said Wednesday it was tentatively suspending its exports for seven weeks, and diamond monopoly Alrosa said it would revise its annual budget as the ports of Dudinka in the Far North and Lensk in the Far East are inundated with water and melting ice.

"The flood will not have any effect on our operations, but it will cut into the company`s profits," said Alrosa spokesman Yury Beskakotov.

At Almazdortrans, Alrosa`s logistics subsidiary, headquartered in Lensk, three-quarters of the ground floor was covered by a tide of water that began to flood the town Monday night.

Lensk, in the south of the Sakha republic, is the main port for Alrosa`s diamond mines located some 230 kilometers to the north, close to the town of Mirniy. Ninety-eight percent of the town is under water.

After a flood that destroyed part of Lensk in 1998, Alrosa dolled out 240 million rubles (some $24 million) to repair the town`s infrastructure and relocate its inhabitants.

The figure should be lower this year because the company built a dam that stopped ice blocks advancing on the town, but company managers will have to ask shareholders to approve emergency expenses at the upcoming annual meeting, Beskakotov said.

In 2000, Alrosa reported profits of $405 million on revenues of $1.54 billion.

Four Su-24 military bombers landed in Komsomolsk-on-Amur in the Far East earlier this week to drop 250-kilogram bombs on the ice fields. The flooding was staunched after military engineers blew up ice some 100 kilometers down the river Wednesday afternoon.

Several thousand kilometers to the northwest of Lensk, Norilsk Nickel is also struggling with water and ice.

The company has put all operations on hold at its export gateway at Dudinka on the Yenisei River, some 400 kilometers from the Kara Sea.

Exports may be halted until July, company officials said.

Every year, Dudinka`s port facilities are evacuated to the Yenisei`s right bank to keep them safe from the tide, which has an average crest of 16 meters.

But last year, when the tide was 21 meters high, even the right bank of the river, where the port`s storage facilities are located, was flooded.

Norilsk officials refused to disclose the scope of potential damage.

Its stock slipped 1.5 percent to close at $12.80 Wednesday.

Although Lensk and Dudinka are extreme cases, other territories in Asian Russia are not immune to natural disasters.

In Sakhalin in the Far East, the tides destroyed 800 kilometers of highway linking the coastal areas separated by Piltun Bay, which dents into the northeastern part of the islands like a big lake.

In the Irkutsk region, the town of Ust-Kuta, a logistics point for oil supplies to Sakha and Lake Baikal, was covered with 2 meters of water from the Lena River.

Across Russia, some 52,000 people lost their homes in the flood — more than half in Lensk.

Weather experts say floods are hard to predict because they depend on a number of factors.

"Earlier this year, the Emergency Situations Ministry forecasted floods in European Russia, but we were proved right by saying nothing would happen because the earth was not frozen," said Gennady Yeliseyev, deputy director with Gidrometsentr.

The snow level was 50 percent above usual in European Russia this winter.

Yeliseyev said the effects of global warming on a regional level are not investigated properly due to a lack of funding.

"The best calculations are made in the U.S.," he said. "Local research centers are underequipped and understaffed, so the quality of their predictions is lower."

However, he said the global warming trend may fizzle out before it materializes, so it is too early to panic.

"Scientific forecasts never materialize completely," he said. "In the case of global warming, our knowledge allows us to see probably 30 percent of the picture."

[gholzbauer]

Golconda Resources Ltd. - Drilling to Start on Palladium Anomaly at Wapawekka Project - Saskatchewan

Calgary, Alberta - Thursday, May 17, 2001, 8:30 AM EDT

On the 22nd of May drilling will start on the Wapawekka Project.

In March 2001, Golconda Resources Ltd. had drilled three holes to
test a magnetic anomaly in the northern part of the Wapawekka
intrusive complex. All three holes encountered gabbroic intrusive
rocks.

Hole #1 which was drilled at the edge of the anomaly encountered
a gabbro which contains up to 5% blue quartz and several
anomalous palladium intersections. Hole #2, drilled 640 meters
further west encountered a gabbro with a higher magnetite
content. In the upper part it also intersected blue quartz and
anomalous palladium values. The lower part of the hole #2 and
hole #3 located another 200 meters west showed no blue quartz or
palladium values indicating a possible mineralized source between
hole #1 and #2.

Blue quartz has been observed in the Sudbury -, Lac des Iles -
and River Valley intrusions and seems to occur peripheral to any
mineralization in gabbroic rocks.

The elevated palladium values in holes #1 and #2 seem to be
related to thin sills and fractures in the gabbro and this could
be part of a halo from a mineralized zone between the two drill
intersections.

A detailed ground magnetometer survey detected a depression in
the centre of the anomaly which could have a width of up to 300
meters and might outline an intrusive dike or breccia zone with
higher palladium mineralization. The first hole will test this
possibility.

On behalf of Golconda Resources Ltd.

Guenter J. Liedtke,
President

For more information, please contact:
Guenter Liedtke, President
Phone: [phone] Fax: [phone]
e-mail: [e-mail]
http://www.golcondaresources.com

[gholzbauer]

http://www.busrep.co.za/html/busrep/br_frame_decider.php?cli…

Putin decree will ease Russia`s precious metals` exports
Marta Srnic
May 22 2001 at 12:14AM
Moscow - RAO Norilsk Nickel, the world`s largest palladium producer, expects Russian President Vladimir Putin to sign a decree this year easing rules that delayed Russian precious metals` exports at the start of each of the past three years.

Russian export delays in the past three years pushed up platinum and palladium prices. The country, which supplies 70 percent of the world`s palladium and a fifth of its platinum, didn`t grant quotas before January 1 those years; Putin signed this year`s licences in March. Russia classifies information about precious metals as a State secret and the industry is tightly regulated.

The decree would make the granting of quotas easier and might delegate decisions now made by Putin to a government ministry, Yuri Kotlyar, the board chairman of Norilsk, said.

Norilsk hopes to get a long-term platinum quota, after winning a 10-year palladium quota in 1999.

"Any liberalisation or even just clarity would be positive," Alexander Andreev, an analyst at Brunswick UBS Warburg, said. "The negative could be if the government would demand Norilsk or anyone else to sell to them first."

Russian supplies of the metals come from Norilsk`s production and stockpiles and from stocks at Russia`s precious metals reserve and the country`s central bank. Norilsk produces 40 percent of the world`s palladium and 20 percent of its platinum.

"Palladium prices are stable now and there is no reason for them to go down and there will be no such madness as there was in January this year when prices reached $1 000 an ounce," Kotlyar said. "Over the next five years, demand will meet supply."

Yesterday palladium rose $3,50, or 0,2 percent, to $655,00 an ounce, while platinum advanced $2, or 0,3 percent, to $616,50.

It was in Russia`s interests as well as Norilsk`s for Putin to sign the decree, which had been approved by the government and was now with the presidential administration, Kotlyar said.

"The quota system contradicts Russia`s desire to join the World Trade Organisation (WTO)," he said.

Putin said last year that joining the WTO by 2003 was a top priority. The government estimated export restrictions, often arising from antidumping cases against its metals industries, had cut export earnings by about $2,5 billion a year.

WTO membership would give Russia an avenue to get restrictions lifted.

Separately, Norilsk said it submitted a new share issue for approval on April 28, as it moved to complete a reorganisation in which the company would be taken over by a subsidiary, OAO GMK Norilsk Nickel. The authorities are expected to register the issue mid-June and the reorganisation could be finished by the end of this year.

Norilsk also plans to sell American Depository Receipts, backed by existing shares. These would be convertible into stock proxies for GMK Norilsk Nickel, Norilsk`s main production unit.

"American Depository Receipts will be interesting for foreign shareholders, who own 20 percent of the company," said Dmitry Zelenin, Norilsk`s first deputy general director.

-----------------------------------------------------------


COMMODITIES & AGRICULTURE: Russia to ease platinum regime NEWS DIGEST
Financial Times; May 22, 2001
By ROBERT COTTRELL



Russia is preparing a change in its export regime for platinum group metals (PGMs), Yuri Kotlyar, chairman of Norilsk Nickel, the country`s biggest metals producer, said yesterday.

Speaking after Norilsk`s annual meeting, Mr Kotlyar said the change would amount to an easing of the export regime, but gave no further details.

It would require a decree from President Vladimir Putin, which was in preparation, he said.

Analysts said the main issue was whether Russia intended eventually to abolish the quota system for PGM exports, or whether it was seeking only to make the system more transparent and predictable.

Russia supplies about 70 per cent of the world`s palladium and about 20 per cent of its platinum. Sales are carried out by state export monopoly Almazy-uverlirexport.

Supplies come from Norilsk, the central bank and Gokhran, the state precious metals reserve.

Unpredictable delays in Russian deliveries have been blamed for causing volatility in world PGM prices.

The group also said it expected approval next week from the Russian authorities for an issue of American depositary receipts. The issue will go ahead once US regulatory approval has also been received.

Norilsk reported net profits of Rbs61bn (Dollars 2.1bn) for 2000, using Russian accounting standards. Robert Cottrell, Moscow

The Financial Times Limited

[gholzbauer]

23/05/2001 21:18 - (SA)


Russian ruling won`t shake PGMs

Sara Marani



London - News that Russia may simplify platinum group metals (PGM) exports and so avert price spikes caused barely a ripple in the market this week as analysts said overall volumes and longer-term prices would not be affected.

Valery Rudakov, head of Russia`s state precious metals and gems repository Gokhran, said on Tuesday that President Vladimir Putin was likely to sign a decree soon allowing PGM holders to obtain multi-year export permits instead of yearly ones.

"It won`t really affect the market that much because it won`t affect the volume. What it will affect is the smoothness of supply in the first few months of the year," said Merlin Marr-Johnson, analyst at HSBC.

Under the current system the President signs a new decree approving the quotas every year and holders then have to obtain licences before they can export the metals.

Delays in the signing at the beginning of this year sent prices for platinum to 13-year highs at $645 an ounce, while palladium shot to all-time records of $1094.

In European trade on Wednesday, by 12:45 the prices were $610 for platinum and $635 for palladium.

"The spikes we saw in the first few months of the year were caused particularly as Japanese players speculated on when the Russians were going to release the metal. So that element would be missing (after the passing of a decree)," said Marr-Johnson.

"It wouldn`t have any impact in terms of volume, just continuity...It shouldn`t fundamentally affect the price."

Confusion over decree`s scope

But there remained some confusion among analysts as to what the decree would cover.

Rudakov - who is also deputy finance minister - told Reuters in Moscow the forthcoming decree would cover both raw materials and finished goods.

Main producer Norilsk Nickel also interpreted the decree as covering both, but an official at Almazyuvelirexport, the country`s sole precious metals export agency, said he thought there was a decree that referred only to jewellery.

"Of course there`s a certain element of confusion, but then there`s always confusion over news from Russia, so in that sense I`m not confused," said another analyst.

In Russia - which supplies some 70% of the world`s palladium and around 20% of its platinum - holdings of PGMs remain a state secret.

Of the four Russian PGM holders - Norilsk, Gokhran, the central bank and Vneshtorgbank - only Norilsk has a 10-year export quota for palladium. The others negotiate all export quotas on a yearly basis, while Norilsk must renegotiate platinum and rhodium quotas.

"The trouble is that the Russians have always played games with the market and they keep a firm grip on who says what....so I think people are a bit sceptical as to whether or not this is going to happen, and also when," said a third analyst.

Rudakov said he expected the decree to be signed this year, but gave no details on timing.

"If it does happen before next year, things will be a lot calmer in the first few months (of next year)," added the analyst.

Platinum, palladium and rhodium all find key uses in the production of autocatalysts to clean noxious car exhaust fumes.




--------------------------------------------------------


Platinum Supply/Demand
http://www.platinumguild.org/PtMarkets/charts/Q201%20CHARTS.…



----------------------------------------------------------

http://www.minesite.com/archives/features_archive/May-2001/t…

Tertiary Minerals Could Be Third Success On Trot For Patrick Cheetham.


The name of the company says it all - Tertiary Minerals. Officially it is named after the Tertiary geological time period, but it could well reflect the fact that this one could be the third success on the trot for geologist Patrick Cheetham, or so he hopes. The first was Dragon Mining for which he obtained seed capital in the UK, but listed in Australia in 1989, and negotiated a joint venture on its main asset with Sons of Gwalia in 1993. Cheetham then started Archaean Gold with backing from Dragon. It also listed in 1994 and was taken over by Lachlan Resources after making a big zinc- silver discovery outside Kalgoorlie.

The original company had been capitalised at A$4 million and was taken out at A$50 million so Cheetham had a number of eager backers for his next venture which was Tertiary. This time he was back in the UK and focussed his attention on the Nordic countries where the company now has a number of projects at the drilling stage. They were chosen as the countries are geologically prospective, have a good infrastructure and a sensible mining code and an established history of mining. In Finland, Outokumpu was king of the mining world and explorers from other countries had not been encouraged until recent years and the same applied to Sweden with Boliden. They had therefore been overlooked and underexplored.

A dedicated exploration company such as Tertiary evaluates prospects swiftly and ejects as many as it pursues. The Windfall zinc-silver project is still on the agenda, however, and it has a database of 114 diamond and RC drill holes from its days with Boliden . Unfortunately Boliden took some time to hand over most of the data which is now undergoing detailed re-evaluation. In the interim results, just released, Patrick Cheetham admits the overall results have been no better than mixed and a decision now has to be made on whether to continue funding exploration or seek a joint venture partner.

Since its listing on AIM in September 2000 Patrick Cheetham has decided that the two main targets are to be tantalum and platinum group metals. There has been a lot of noise about tantalum with a number of companies jumping on the bandwagon, but as he points out, if demand is rising at 20 per cent a year a new mine the size of Sons of Gwalia`s Greenbushes is needed every year to keep pace. Various provisional development options are therefore being considered for the Rosendal tantalum resource in Finland where 1.3m tonnes of tantalum-mineralised pegmatite to a depth of 100 metres has been identified by the Geological Survey of Finland.

He is equally optimistic about pgms and has just pulled off quite a deal when gaining control of the Porsvann and Karenhaugen prospects in Finnmark in northern Norway. Previous drilling by the Norwegian Geological Survey returned wide intervals of platinum and palladium mineralisation in ultramafic intrusions and Cheetham reckons that the area has potential for a new province of pgm mineralisation. Tertiary has built up its land holding and now has 179 pre-claims (the Norwegian equivalent of exploration permits) covering several similar ultramafic intrusions with PGM potential.

Exploration companies should always have a supply of blue sky. Tertiary offers this in plenty and there is also the Djuragruvan project in Sweden which has yielded numerous surface boulders containing high-grade zinc, lead and silver mineralisation. The company is now seeking the source of these boulders which are believed to have originated from within the company`s exploration permits. Results from all these exploration projects will be worth monitoring.


23 May 2001

[gholzbauer]

Implats And Falconbridge Put A Lot Of Faith In Mustang`s Exploration Expertise.


It is always worth keeping an eye on junior exploration companies which have special relations with one of the big boys. In the case of Canadian listed Mustang Minerals it is involved in rather more than just a joint venture with Implats; it is the Implats exploration arm in Canada. And Implats, which is the world`s second biggest producer of platinum group metals, is not as promiscuous as some of its peers who negotiate a joint venture with a junior one minute and dump it the next.


It is a pretty open relationship, however, as Mustang also has a joint venture with Falconbridge at East Bull Lake in the same area, but the interesting fact is that both Falconbridge and Implats accept the junior as operator on these two projects which says a lot for its management. Both of them lie in the enriched suite of layered intrusions near Sudbury, Ontario where pgm mineralisation in both cases occurs over kilometre scale strike lengths. Fortunately for Mustang it has cash in the kitty as well as these two major joint venture agreements so is in an ideal position to carry out systematic yet aggressive exploration programmes.


The River Valley project covers 10,272 hectares of the River Valley gabbro-anorthosite intrusion located northeast of Sudbury. Implats can earn a 60% interest in the property by spending C$6 million over 5 years starting back in December 1999, in addition to making cash payments of $255,000 prior to March 1, 2002. So far 85 line kilometres of I.P. surveys have been completed and a distinct I.P. anomaly with a strike length of 3 kms was outlined in the southwest part of the intrusion.


Mustang has now identified primary pgm mineralization in at least three different stratigraphic positions along the north contact of the River Valley intrusion over a strike length of 2.6 km. An additional 2.0 km of the intrusive contact is presently being drilled to test for the presence, grade, and continuity of the pgm mineralisation along the 5 kilometre north contact of the intrusion as well as to test geophysical targets and stratigraphy along the 20 kilometre south margin.


The latest results from twelve drill holes were collared across a strike length of 1.2 kms and intersections graded up to 2.18 grammes of pt/pd/au per tonne. The most interesting was hole MR01-33 which could represent a third discrete pgm horizon previously undetected in drilling. Values obtained in the hole were platinum/copper dominant and hosted in a massive gabbronorite-a layer not previously noted to carry significant pgm mineralization. The I.P. response associated with hole 33 has an apparent untested strike length of over 1,000 meters so it has plenty of potential. Part of the Mustang/Implats property abuts that of the Anglo/Pacific North West Capital joint venture so they will also be keeping a close eye on Mustang`s progress.

25 May 2001

[gholzbauer]

Quelle für den Impala/Falconbridge/Mustang-Text:
http://www.minesite.com/archives/features_archive/May-2001/m…


---------------------------------------

http://www.miningweekly.co.za/mineweek2.nsf/news/8875ED0E7EE…


Australians searching for platinum

Keith Campbell
Mining Weekly Contributing Editor
An Australian junior mining company, Pan Palladium, is undertaking exploration drilling for platinum-group metals (PGMs) on a property south-east of Messina, in the Northern Province.
Pan Palladium is domiciled in Balcatta, Western Australia, and has a market capitalisation of A$24-million and reportedly has A$5,5-million in the bank.
At present, it has two properties in South Africa, both on the Bushveld Igneous Complex, and one in the US, in Montana.
Drilling is under way at the company`s Phosiri project, on the farm Dwarsrand, which is 30 km south-east of SouthernEra`s Messina mine and 30 km south-west of Anglo Platinum`s Atok mine, and is located on the `eastern lobe` of the complex.
The drilling programme involves diamond-drilling six holes; it started in March and is scheduled to finish in August.
The purpose of this programme is to confirm the validity of the geological model developed by the company.
Late last month, samples from the first drill-hole were interpreted by the company`s consultants as showing that it had intersected with the Merensky Reef, although it will be a few weeks before a full assay is available.
Nevertheless, the company believes that the interpreted sample conforms with its geological model.
Meanwhile, drilling of the first hole continues, to intersect with the UG2 Reef.
The geological model developed by the company is based on the idea that extensive doming and stratigraphic upliftment brings the Merensky Reef to economically-mineable depths in areas where, hitherto, the PGM ore was considered to lie too deep for exploitation.
Should the company be correct, hitherto disregarded territory could become highly prospective ground.
The Phosiri project covers 1 200 ha and is sited on the southern flank of the Phosiri dome, which is an uparching of the layered mafic and ultramafic rocks of the Bushveld Complex, thus bringing the PGM mineralisation much closer to the surface than would normally be the case.
Exploratory drilling and mapping carried out so far by Pan Palladium and other companies suggests that half of the property could be underlain by Merensky Reef, at depths ranging from 200 m to 1 000 m.
Prior to the Australians, the area was probed during the 1990s by Lydenburg Exploration, Impala Platinum and BHP.
Taken together, Pan Palladium argues, these earlier suveys show that an economically-viable section of the Merensky Reef lies at mineable depths under the property.
Based on the limited drilling undertaken so far by all these companies, the Australian junior argues that an inferred resource of 4,12 g/t PGM plus gold, and 980 parts per million of nickel, can be estimated, totalling some 160 000 oz of PGM and gold and 1 180 t of nickel.
The company`s second South African project is Aurora, on the `northern lobe` of the Bushveld Igneous Complex, some 45 km north of Potgietersrus, in the Northern Province.
Here, the property is partially underlain by the Platfreef, which is being extensively mined by Anglo Platinum in their Potgietersrus operation, some 30 km south of Aurora, with a series of open pits.
The Platreef has a high palladium content - generally, 50% palladium, 30% platinum.
Pan Palladium has designed an exploration project for Aurora, which will include geochemical soil sampling and high-resolution magnetic surveys, followed by resource drilling.
Should an economically viable orebody be found, it would probably be exploited with an openpit operation, although it is too soon, the company points out, to talk of mining plans.
©Martin Creamer Media

[gholzbauer]

Das ADR-Programm von Norilsk Nickel geht langsam vorwärts, u.a.



http://www.aton.ru/en/research/daily.asp?y=2001&m=5&d=22&tmo…

Norilsk Nickel $14.050 — HOLD


Announces ambitious investment program
Norilsk Nickel announced Monday its investment program with R18.5bn ($640mn) earmarked for upgrades in 2001, up from R9.8bn ($350mn) in 2000. The company also issued its annual report, which showed an increase in export revenues to R125.76bn ($4.5bn), up from R67.6bn ($2.7bn) in 1999.

In other news, at the company`s AGM yesterday shareholders approved the company`s annual report, dividends of R1.55 ($0.05 at today`s exchange rate) and appointed Rosekspertiza as the firm`s auditor. It also approved a board of directors consisting of representatives of Norilsk Nickel and Interros. The attempt by Alexander Ikonnikov, of the Investor Protection Association, to get on the board failed. Last week, two candidates from NAUFOR, Ivan Tyryshkin and Oleg Fyodorov, withdrew in support of Ikonnikov, but Norilsk officials refused to remove them from the ballot.

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http://www.aton.ru/en/research/daily.asp?y=2001&m=5&d=23&tmo…

Norilsk Nickel $14.40 — HOLD


FSC appeal may delay Norilsk Nickel ADRs
Legal challenges may delay the Norilsk ADR following Tuesday`s decision by the Federal Securities Commission to appeal the Moscow Arbitration Court`s ruling from 5 April 2001 dismissing the FSC`s lawsuit against Norilsk Nickel and its affiliates.

The FSC is challenging transactions that were carried out on April 20, 2000, most importantly one wherein Norilsk swapped 37.9% of its shares in the Norilsk Mining Company (Norilsk MMK) for 100% of Interros-Prom (Norimet). The FSC alleges that minority shareholders should have been consulted.

Norilsk management, for its part, has maintained that the swaps (part of an ongoing consolidation plan) were necessary to streamline its holding structure, making possible higher dividend payments and metal sales and trading.

Despite its attempts to challenge Norilsk`s restructuring, the FSC in February registered a Norilsk MMK share issue, which is key to the consolidation



---------------------------------------------------


http://www.aton.ru/en/research/daily.asp?y=2001&m=5&d=24&tmo…
Norilsk Nickel $14.500 — HOLD


FSC clears share issue, Kommersant reports
According to the Kommersant newspaper, the Federal Securities Commission (FSC) has approved the share issue of Norilsk Nickel, which represents the final stage of the company`s restructuring. The irony is that it is the FSC itself that has been disputing the legality of the Norilsk share issue in court. The paper has attributed the FSC`s unexpected surrender to the fact that its Chairman Igor Kostikov has lately come under fire for alleged "favors" to one of the firms established by Kostikov prior to his appointment as FSC Chairman. It was not clear from the article whether the FSC has actually withdrawn its lawsuit against Norilsk, but, if it has, this would effectively remove the last obstacle in the way of completing the company`s restructuring.

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http://www.aton.ru/en/research/daily.asp?y=2001&m=5&d=25&tmo…

Norilsk Nickel said yesterday that it expects the Federal Securities Commission to approve its ADR program by 30 May. Earlier, the FSC suspended consideration of the Norilsk ADR request on the grounds that the submitted documents were incomplete, a charge that Norilsk denies.

[gholzbauer]

http://www.busrep.co.za/html/busrep/br_frame_decider.php?cli…

Assmang to pick platinum bidder
Anthony Sguazzin
May 30 2001 at 12:03AM
Johannesburg - Assmang, a producer of the ferroalloys used to make steel, will choose a bidder this week to develop a South African platinum deposit that could produce $124 million worth of the metal a year.

The Dwarsrivier deposit will raise between R300 million and R500 million for Assmang, said Phil Crous, the technical director for Assore, which owns about 45 percent of the company. Most of the rest of Assmang is held by Anglovaal Mining (Avmin).

"We hope to make an announcement tomorrow evening or Friday evening," Crous said. He added the choice had been narrowed to other South African companies.

The two potential winners are new entrants to platinum mining, drawn by prices that have risen 60 percent in the past two years.

Avmin, which owns no platinum mines, has submitted a joint bid with Impala Platinum Holdings, while Metorex has bid with Lonmin.

The deposit could produce between 100 000 and 200 000 ounces of platinum a year, claimed Assmang. Platinum in London rose $1 yesterday to $619,50 an ounce.

[gholzbauer]

Die nächste Zeit sieht für die PGMs nicht so rosig aus.
Verstärkte Recycling-Anstrengungen, Rückgang der Palladiumnachfrage in der Autoindustrie, Rückgang der Platinnachfrage in der Schmuckindustrie, andererseits starke Anstrengungen in der Produktionsausweitung durch die Produzenten lassen das Produktionsdefizit schrumpfen.
Bei Impala, Lonmin und Amplats sehe ich das Ende der Fahnenstange langsam erreicht. Meine Platin-Favoriten sind nach wie vor Zimplats (trotz des großen Risikos), Idaho Consolidated (sollten von guten Bohrergebnissen in nächster Zeit profitieren, sind aber für einen Explorateur nicht mehr ganz billig nach dem Anstieg von 0,60C$ auf 1,5C$), daneben neu Anooraq Resources (Mini-Mkp.<10Mio$ bei hoher Trefferwahrscheinlichkeit in Südafrika), Mustang Minerals (kleine Mkp.<10Mio.$, gute Kooperationen mit Impala und Falconbridge) und Tertiary Minerals (Mkp. 5 Mio GBP, neben PGM noch Tantal- und Zinkprojekte). (s. auch "Sammelthread
Minenempfehlungen und -analysen").


---------------------------------------------

Japan`s Jan-April palladium imports plunges on weaker demand

By Mari Iwata
Tokyo, May 29 (BridgeNews) - Japan`s palladium demand fell sharply in
January-April due to reduced consumption by information technology-related and
automobile sectors, buyer sources said Tuesday. Japan`s palladium imports in
the first four months in 2001 fell sharply by 30.2% from a year earlier to 17.8
tonnes, according to figures from the Ministry of Finance.
* * *
Although shipments under 2001 contract from Russia to Japan started in
January compared with the startup of 2000 contract in September last year, the
imports in January-April were still lower than a year before.
Rising production of less-costly recycled palladium has reduced Japanese
buyers` imports of primary metal, the sources said.
In the past few years, some major platinum group metals (PGM) buyers have
paid efforts to increase the production of recycle palladium and platinum in
Japan following rising environmental concerns, the sources said.
They said palladium shipments under long-term contract from Russia have
maintained stable since the beginning of the year.
Palladium is used in emission catalyst for automobiles and various kinds of
electronics devices used in IT-related products. End

[gholzbauer]

Thursday 31 May 12:22 PM

Lonmin eyes Platinum Australia stake
SYDNEY, May 31 (Reuters) - South Africa`s Lonmin Plc has proposed investing up to A$52 million in Platinum Australia Ltd to acquire up to a 55 percent fully diluted stake in the outback prospector, Platinum Australia said on Thursday.
The proposed investment would be in two tranches, Platinum Australia said.

The first tranche of 23.08 million shares at A$0.52 per share would inject A$12 million into the company to fund a A$10 million bankable feasibility study for the company`s Panton Prospect in the Kimberley region of Western Australia.

After the completion of the study and financing requirements, Lonmin could subscribe for a second tranche of up to 66.75 million shares at A$0.60 per share.

Platinum Australia shares were eight cents higher at A$0.60 by 12:20 p.m. (0220 GMT).

The major assets of UK-listed Lonmin, capitalised at around US$2.7 billion, are its platinum group metals operations in South Africa.

Lonmin is the world`s third largest miner of the metal, used chiefly in auto catalytic converters.

Platinum Australia said it hoped to move to production as soon as possible to capture current high world prices for platinum and palladium.

Exploration work to date has indicated a resource totalling 2.2 million ounces, it said.

The cost of the project would run at around A$80 million, Platinum Australia said.

Australia miners produce about 300 tonnes of gold a year, but platinum mining is in its infancy.

(c) Reuters Limited 2001



----------------------------------------------------


Thursday 31 May 5:13 PM



UPDATE 1-Lonmin doubles H1 profit, sees further expansion
(Adds details, background throughout)
By Rex Merrifield

LONDON, May 31 (Reuters) - South Africa`s third-biggest platinum producer, Lonmin Plc, reported a doubling in half-year profits on Thursday and said it was on track to produce a million ounces of platinum annually by 2007.

The company also said its cash pile was growing and it planned to use some of it to expand its international portfolio of platinum group assets.

Lonmin reported pre-tax profits of $252 million for the six months ended March 31, in line with analyst forecasts, driven by increased production and strong platinum group metals (PGM) prices.

The company, which resulted from the demerger of the pan-African Lonrho conglomerate, has focused on PGMs and said strong prices for platinum, palladium and rhodium had increased its cash inflow, boosting its cash pile to $447 million.

Chief Executive Edward Haslam said the company planned to take advantage of that to boost its international presence.

"This strategy is well supported by an extremely strong balance sheet and we are actively exploring other acquisitions and joint ventures in both South Africa and elsewhere," he said in the results statement.

First half production of PGMs totalled 568,289 ounces and the company said that adding its Pandora project took its production target to one million ounces of platinum and two million ounces of total PGMs by 2007.

It said the construction of a new smelter was well advanced and that its capital investment programme announced last year was on track and on budget. That programme aims to increase production by an initial 43 percent.

The Pandora project is being carried out in a partnership with rival South African platinum miner Anglo American Platinum (Angloplat).


PGM DEMAND ROBUST

Haslam said the high platinum price, along with the weaker yen/dollar exchange rate, had hit jewellery demand in Japan, but that this was more than compensated for by increased demand in other areas.

The development of new technologies using PGMs, including fuel cells, and emission control legislation in India -- likely to boost demand for catalytic converters -- would help to ensure the market for the metals remained robust, Haslam said.

The company also announced plans to invest up to A$52 million ($27 million) in Australian prospector Platinum Australia Ltd, which would give it a 55 percent fully diluted stake in the outback firm.

That follows its recent deal with Australia`s Helix Resources NL to back the development of the Munni Munni PGM project in Western Australia.

Lonmin increased the interim dividend to 24 U.S. cents from 14 cents per share.

Its shares hit an all-time high of 11.70 pounds last week, buoyed by firm PGM prices which ensure strong revenues, and weakness in the South African rand, which accounts for most of its input costs.

And rival platinum producers Impala Platinum Holdings (Implats) and Angloplat have seen their shares at new record highs this week.

The rand has lost about 25 percent of its value against the dollar since the start of last year, cutting Lonmin`s costs.

Platinum has soared from around $440 per ounce to $600 because of disruption to key supplies in Russia, which accounts for about 20 percent of world platinum.

The average price Lonmin received for its platinum was $586 per ounce over the half year -- about 30 percent higher than in the previous year. (c) Reuters Limited 2001

REUTER NEWS SERVICE

[gholzbauer]

Avmin, Implats in R551m platinum deal


Diversified SA resources group Anglovaal Mining (Avmin) and local platinum miner Impala Platinum Holdings (Implats) have jointly acquired the platinum group metals (PGM) rights on the farm Dwars River in SA`s Mpumalanga province for R551m.
The deal, announced on Wednesday night, includes the associated surface rights.

The rights, to both the UG2 and Merensky reefs, were acquired from the Associated Manganese Mines of SA (Assmang) in a competitive bidding process initiated by Assmang last September.

The acquisition will lead to the development of a new mine with an annual run-of-mine output of about 1,4-million tons, producing between 160 000 and 170 000 ounces of PGMs a year, over a life of about 20 years.

It is estimated that the capital cost for the new mine will be between R500m and R700m.

Avmin and Implats have formed a joint venture, Two Rivers Platinum (Pty) Limited (Two Rivers), to develop, manage and operate the new mine. Two Rivers is 55% held by Avmin and 45% by Implats and has appointed Avmin to manage and conduct future development and operating activities.

An exploration drilling programme is expected to commence on the property within the next few months to confirm the preliminary evaluation, which indicated a resource of 50-million tons of UG2 reef.

Dwars Rivier is located on the eastern limb of the Bushveld complex, near the town of Lydenburg. Nearly 200 new jobs could be created by the mine, with further job creation prospects in supportive industries in the broader community.

Avmin CEO Rick Menell said: “The conclusion of this transaction achieves an Avmin objective of entering the PGM market. When the Two Rivers operation is producing at the anticipated production levels, the expansion at our Nkomati nickel, copper, cobalt and PGM operation could be well advanced, pending a decision to be made in September 2001. The Nkomati expansion would add about 100 000 PGM ounces to Avmin’s portfolio.

“The Dwars Rivier acquisition, which was done on an arms-length basis with our partners in Assmang," Menell added, "will benefit the Assmang balance sheet tremendously because of the debt this company has taken on for its own exciting new developments in manganese, chrome and iron ore. Avmin has a direct and indirect interest in Assmang totalling 58%.”

Implats CEO John Smithies said: “This acquisition is in line with Implats’ overall strategy of attaining growth through key partnerships. Implats is well on track to deliver cost-effective growth to shareholders.

Our view of the PGM market remains bullish, with an anticipated deficit in supply in the medium term. Even at extremely conservative PGM prices going forward, this project more than meets Implats’ financial hurdle rates and will supplement the ongoing payback to shareholders in years to come.” — I-Net Bridge

------------------------------------------------------------

Top Financial News
Fri, 01 Jun 2001, 8:34pm EST
Investors Look to Platinum Shares to Fill Void Left by De Beers
By Robert Brand


Johannesburg, May 30 (Bloomberg) -- Anglo American Platinum Corp. Ltd. and other South African platinum shares may extend recent gains as local investors, flushed with $3.3 billion from the sale of De Beers, look to hedge their holdings against a drop in the rand.

Trading in De Beers shares ceased at close of business today following the purchase of the world`s biggest diamond company by a group led by the Oppenheimer family. The company will be removed from the exchange Thursday.

``The interest in platinums is largely because there`s not much else on the market after De Beers,`` said Bruce Anderson, chief investment director at Fairheads International Asset Management in Cape Town, which oversees about 800 million rand, including de Beers shares. If the price of the metal holds up, ``platinums have still got some way to go.``

The bid from the Oppenheimer family, Anglo American Plc and the Botswana government values De Beers at about $17 billion, 50 percent more than Anglo American Platinum, the next most valuable company on the JSE Securities Exchange. De Beers represented 8.5 percent of the value of the 526 companies in the Johannesburg All- Share Index, and about 7 percent of trading.

Platinum shares were the first to attract investors new found wealth as they sell their output in dollars, providing a hedge against a weaker rand, analysts said. The South African currency has fallen 4.7 percent to the dollar this year after dropping 18 percent in 2000.

``Probably the average guy who had De Beers shares is just buying other rand-hedges`` such as platinum companies, said Peter Major, a fund manager at HBD Asset Management.

Records

The Johannesburg Platinum Index of eight platinum miners has climbed 18 percent this month to a record 30,397 today. That is more than four times the 4.3 percent increase in the Johannesburg All-Share Index.

World No. 1 platinum producer Anglo American Platinum has gained 20 percent since May 1 to a record 414.20 rand today. No. 2 platinum miner Impala Platinum Holdings Ltd. soared 25 percent to a record 472.60 rand in the same period.

The rally in platinum stocks is likely to continue if the price of the metal remains high, said Anderson. Platinum recently traded at $618.5 an ounce after falling as low as $557.5 an ounce on April 2.

Other stocks attracting investor`s attention before the De Beers de-listing were Industrial companies, especially those with substantial foreign earnings.

``Some of the better-quality industrials have been re-rated in anticipation of De Beers disappearing,`` said Andre Crawford- Brunt, a trader at Deutsche bank Securities in Johannesburg.

Among those are Bidvest Group Ltd., one of South Africa`s top ten diversified industrial companies whose businesses include freight and travel services, said Crawford-Brunt.

Sasol Ltd., the biggest maker of motor fuel from oil, climbed 1.7 percent to a record 78.50 rand today, while Sappi Ltd., the largest producer of glossy magazine paper, gained 1.4 percent to 78.60 rand, near its record 79.50 rand set two weeks ago. Both are seen as rand-hedge stocks, said Major.

Some investors may look outside the equities market to invest their De Beers windfall, said Anderson.

``Some people may switch into the bond market, which may be a good bet with the interest rate outlook,`` he said.


-----------------------------------------------------


International Freegold: Union Bay PGM Project Exploration to Commence



Story Filed: Thursday, May 31, 2001 5:09 PM EST

VANCOUVER, BRITISH COLUMBIA, MAY 31, 2001 (CCN Newswire via COMTEX) -- International Freegold Mineral Development Inc. (ITF-TSE). reported today that joint venture partner Quaterra Resources Inc. (QTA-CDNX) plans to mobilize field crews by June 5th to commence the 2001 summer season exploration program on the Union Bay, Alaska platinum group elements project.

International Freegold and joint venture partner, Quaterra Resources Inc. have previously reported high grade outcrop sample values ranging to 18.4 grams per tonne platinum and palladium plus elevated pan concentrate values from stream-bed sampling over a widespread three-by-five mile area, all of which has now been covered by staking.

Quaterra president, Dr. Thomas C. Patton, said analysis of all available data suggests that the Union Bay project is a zoned ultramafic intrusive complex that appears to be a lopolith folded along a later trending axis.

"The high grade outcrop sampling coupled with preliminary petrographic analysis suggest that the project may have potential for stratiform mineralization similar to the world class Merensky Reef and Stillwater deposits in South Africa and the US." Patton said.

The early June start to the exploration season is expected to advance the Union Bay "North" zone to the drill stage by August when an initial l,500 to 3,000 feet diamond drill program is scheduled to commence. Concurrently, Quaterra plans to conduct a reconnaissance-scale rock sampling program over the remainder of the extensive holdings, and complete preliminary auger evaluation of alluvial PGE potential.

Both companies are highly encouraged by the alluvial potential due to pan concentrate results in excess of one gram per tonne platinum from four separate drainages that have been reported by the US Bureau of Mines. 42 Federal placer claims were staked as part of the joint venture covering an alluvial fan which returned values up to19,440 ppb(0.57oz/ton) platinum and 3,135ppb gold from a 16-pan (0.1 cubic yard) composite sample. Dr. Patton noted that Ural-Alaska type complexes similar to Union Bay have produced alluvial platinum in a number of locations world-wide.

Quaterra has the option to earn a 50% interest in the Union Bay PGE property in the Alexander Platinum Belt in southeastern Alaska. To earn its interest, Quaterra must spend US$ 1.0 million on exploration and development and make staged cash payments to International Freegold totaling US$100,000 over the next four years. Quaterra will also issue International Freegold 200,000 shares of its common stock, 100,000 shares upon approval of the transaction by the Canadian Venture Exchange and 100,000 shares on May 1, 2002. Quaterra will be the operator during the earn-in period, with work directed by its Alaskan -based consultant Avalon Development Corporation, to whom a finders fee will be paid. All agreements are subject to regulatory approval.

Freegold is a diversified precious metal company focusing on acquiring and developing platinum, palladium, rhodium and gold projects in North America and has projects in Alaska, Idaho and the Sudbury Mining District. Freegold is committed to enhancing shareholder value by directing the existing projects through all phases of development from exploration to production, as well as continuing to seek new opportunities by acquiring selected projects of merit.

Freegold is listed both on The Toronto Stock Exchange and The Canadian Venture Exchange, and has received 20F clearance in the United States.

On behalf of the Board of Directors

Harry Barr, Chairman & CEO

DISCLAIMER

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company`s expectations are disclosed in the Company`s documents filed from time to time with the Canadian Venture Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission

CONTACT: International Freegold Mineral Development Inc.
Harry Barr
Chairman & CEO
[phone] or Toll Free: 1-800-667-1870
[phone] (FAX)
Email: [e-mail]
Website:
www.augoldgroup.com



---------------------------------------


Cluff Mining Exercises Option on Bushveld Projects Following Encouraging Exploration Results.
Cluff Mining is on the move with the market clearly appreciating progress achieved on its platinum group metals projects in South Africa and pumping up the share price by a goodly 15 per cent in a day to a peak of 194p compared with a low this year of 113p. This must give a strong signal to retail brokers still blubbing over their losses on IT, computer and telecom stocks that the mining sector offers real opportunity. If they want to know more Terence Wilkinson, formerly head of Lonmin`s platinum arm and now chief operations officer at Cluff, will be speaking at the 1st Minesite Mining Forum at the Great Eastern Hotel on Monday 11 June.

Just before Christmas Cluff acquired 20 per cent of Sperrylite Resources which brought to the table a portfolio of four platinum group metal properties which have been assembled by five of the most experienced geologists operating on the Bushveld Complex. This is the region in South Africa which produces 75 per cent of the world`s platinum and 25 per cent of its palladium. A certain amount of exploration had been carried out on all of them, but it was done at a time when platinum was only US$100/oz so it was left to the Sperrylite team to follow up, re-analyse the results and all other applicable data and build the portfolio.

In the intervening period Cluff has carried out an exploration programme on three of the pgm projects; acquired more data on all of them from previous exploration by major platinum producers; and increased Sperrylite`s mineral rights holdings to cover the extensions to the original properties. The result have been so encouraging that Cluff is now exercising its option to buy the outstanding 80 per cent of Sperrylite.

At the LS-DD project a pre feasibility study has already been given the go-ahead following some drilling which intersected all three of the local mineralised units , the Merensky Reef, the Platchro Layer and Platreef type mineralisation with good grades. This study will decide whether an open pit operation is possible or whether it will have to be mined underground via a decline. The total depth favours an open pit in which case early cash flow is a distinct possibility as the ore would be transported to a recovery plant and refiner owned by one of the big producers such as Amplats which owns 50.1% of the area covering the original portion. Since Christmas Sperrylite`s mineral rights options covering the mineralised units on the LS-DD project have been extended from five to approximately nine kilometres along strike.

The presence of the Platchro unit has also been established in two areas of the BB-TBM property by drilling and surface geological mapping. Assay results with grades of 2.55 g/t Pt+Pd+Au have been obtained from oxidised surface samples and the recently acquired database from a major platinum producer will be analysed in detail and correlated with the results from the recent programme. A comprehensive phase II exploration programme will then be put together to define the resource bases of Merensky Reef and non-depleted Platchro.

The Fonte Verde project also has potential to be developed as a stand-alone open pit sulphide operation with an extensive resource. Work on the Cu-Ni-PGM sulphide deposit has ratified the grade and extent of the mineralisation obtained from previous exploration, but it is more of a base metal than a platinum group metal deposit. Nevertheless, as Terence Wilkinson points out, the high sulphide concentrate from Fonte Verde could be an important addition at the refining stage of concentrate from BB-TBM and LS-DD.

The speed with which Cluff has carried out this work and come to a decision on exercising the option is commendable . The disappointing listing last year will soon be forgotten now investors have something to get their teeth into, and the potential of the Mabounie niobium deposit and the Kalsaka gold project should not be overlooked.

1 June 2001

[gholzbauer]

Tuesday June 5, 6:55 am Eastern Time
Press Release
Anooraq Accelerates Platreef Acquisition
VANCOUVER, B.C.--(BUSINESS WIRE)--June 5, 2001--Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (CDNX:ARQ. - news) is pleased to announce that Anooraq has agreed to accelerate the buy-out of 100% of the balance of its South African subsidiary Plateau Resources (Pty) Limited from Pinnacle Resources Inc., Plateau`s other principal shareholder.

The acquisition of the remaining outstanding shares of Plateau by Anooraq represents a re-structuring of prior agreements with Pinnacle and will allow Anooraq to focus its PGM exploration work in the Platreef region entirely through Plateau. Anooraq will issue to Pinnacle 7.5 million Anooraq shares and 4.5 million Anooraq share purchase warrants to complete the acquisition of Pinnacle`s remaining interest in Plateau. Anooraq currently has 14.1 million shares outstanding and this issuance will effectively represent a 30% equity interest (undiluted) in Anooraq. Pinnacle has also agreed to enter into a share resale and voting trust arrangement with Anooraq. These agreements will help ensure an orderly market for Anooraq and continuity of its current management. Pinnacle will nominate two additional members to the Anooraq Board of Directors. The new agreement with Pinnacle is subject to Canadian Venture Exchange (CDNX) acceptance.

Over the last two years Anooraq has funded extensive exploration work on Plateau`s 9600 hectare Platreef property which is located on the northern limb of the prolific Bushveld layered mafic intrusive complex. The Platreef property covers 12 kilometres of strike length of the PGM-bearing Platreef horizon and lies immediately adjacent to Anglo American Platinum Corporation`s property which hosts eight deposits totalling 55 million ounces of PGM resources, including the Sandsloot open pit mine (47 million tonnes grading 4.8 g/t PGM(plus)Au). Anooraq is also negotiating to acquire other strategically located parcels in the region.

Platinum group metals (PGM) are hosted in the Platreef horizon, which is stratigraphically equivalent to the Merensky reef located on other limbs of the Bushveld. However, Platreef mineralization is considerably thicker (up to 50 metres) than Merensky reef mineralization which is typically 1 to 3 metres thick. Compared to the Merensky Reef, which is mined by labour intensive underground methods, the Platreef is amenable to low-cost large-scale surface mining methods. For PGM explorers, this feature makes the Platreef one of the most attractive exploration targets in the world and the northern limb of the Bushveld has seen a dramatic increase in exploration activities over the past year. With announced plans to increase company production by an additional 2 million ounces per year, expectations are that Anglo Platinum will place other deposits on its Platreef ground on stream. African Minerals, a privately held affiliate of Ivanhoe Capital, is active on its ground which abuts Anooraq`s southern farm Rietfontein. Falconbridge acquired farms immediately to the south of African Minerals in October 2000 through an agreement with Thabex Exploration Limited. To the north, Australian junior, Pan Palladium Limited is planning an exploration program on their property.

Furthermore, Anglo Platinum has announced the planned construction and development of a PGM smelting and refining complex near the city of Pietersburg adjacent to the Platreef developments. With this obvious interest and development focus the Platreef is set to become one of the world`s major centres of PGM production. With the acquisition of 100% of Plateau Resources, Anooraq is positioned to be a prime player in one of the world`s premier PGM camps.

ON BEHALF OF THE BOARD Ronald W. Thiessen, President, CEO and Director

No regulatory authority has approved or disapproved the information contained in this news release.



Contact:

ANOORAQ RESOURCES CORPORATION
Investor Services, 604/684-6365 or 800/667-2114
Website: www.hdgold.com

[gholzbauer]

Gestern 0.65 C$.

[gholzbauer]

http://www.busrep.co.za/html/busrep/br_frame_decider.php?cli…

Acquisitive Harmony lays plans to get out of platinum
Staff Reporter
June 07 2001 at 06:31AM
Johannesburg - Harmony Gold, South Africa`s third-largest gold producer, wants to get out of platinum mining at a time when most other mining houses are just beginning to catch on to the platinum rush.

Ferdi Dippenaar, the commercial director at Harmony, said the group would examine the prospect of selling its platinum assets as soon as next month.

Harmony has been developing a prospect in the exploration area of its Kalgold division and says 32 parties, including some of the major mining houses, have expressed an interest in the asset, which could fetch up to R400 million.

Harmony said yesterday it had sold R1,2 billion worth of five-year bonds in debut bond issuance and planned to tap shareholder funds through a rights offer aimed at raising a further R800 million.

Dippenaar said the capital raised between the two would wipe out Harmony`s debt and leave some change for acquisitions.

It has confirmed an interest in AngloGold and Gold Field`s assets in the Free State. AngloGold`s Free State assets alone would double Harmony`s annual gold production to 3,2 million ounces.

The group expects restructuring to be completed by the end of June, when it intends to take the next step on its platinum prospects and its Australian investment.

"The all-important aspect of the potential issue is that Harmony positions itself to fund transactions without resorting to a hedging agreement, which locks in gold at a certain price.

"It`s slightly higher than what others are paying but it`s still lower than the current interest rate," said Dippenaar.

JP Morgan Chase, which managed the sale with BoE Merchant Bank, said the whole purpose of the bond was to restructure the company`s debt.

Harmony`s debts stood at R2 billion on March 31, most of it due in 2004.

Harmony closed R1,35 firmer at R44,95 yesterday.


----------------------------------------------------------


Morgain Minerals Inc. stakes 1 of the world`s largest ultramafic intrusive in Mexico - with palladium and platinum values
The Company is pleased to announce the staking of about 8,000 hectares covering the layered Puerto Nuevo platinum group metal (PGM)-chromite-bearing mafic-ultramafic, intrusive complex (``PNC``) located in the Vizcaino Peninsula, Southern Baja, California, Mexico. This layered PNC, held until recently in a Mexican National Reserve, covers an area 35 kms by 15 kms and is over 1,500 metres in thickness. PNC is the only layered PGM-chromite-bearing intrusive in Mexico, the fourth largest in North America and the eighth largest in the world.

The PNC consists of an upper sequence of layered mafic intrusive rocks and a lower sequence of layered ultramafic intrusive rocks. Within this lower sequence of rocks exist highly deformed economic grade chromite (45.47 to 57.78% Cr203) lenses. The El Tigre chromite mine is part of the PNC.

A thesis by the University of Sonora,, Hermosillo, Mexico on the PGM geochemistry of the El Tigre chromite mine within the PNC was carried out in 1992.

The above PGM values are higher in palladium, followed by platinum and gold. The above localized study in the only exploration work completed to date on the PGM potential of the layered PNC and holds much promise for the remaining complex.
Placer gold deposits are known to overlie the southern portion of the PNC. These gold placers may actually be PGM placers whereby the platinoids were not recognized. The possibilities of outlining both PGM-rich horizons within the PNC as well as PGM placers are excellent and exploration will proceed in this area as soon as possible The Company is seeking a joint venture partner.

La Sauceda Silver Vat Leach Plant, Zacatecas, Mexico - An Up-Date

A total of 4,000 tonnes of tailings have now been transported to the ponds. Upon the completion of an additional 1,000 tonnes this week the plant will begin leaching the precious metals tailings for a period of about 10 days followed by 2-3 days of washing/tailings removal with the precious metal concentrates shipped to a refiner. This process is then repeated.

A Company Investor Relations representative can be contacted via: Joe Maire Tel : [phone] Fax : [phone].

Shares Outstanding: 23,576,560

The information contained herein was authorized for media release by Company President Raymond J. Mongeau and includes ``forward looking statements`` that express expectation of future events or results. Such statements are based upon future expectations rather than ``historical facts``. Therefore, a number of risks and uncertainties are involved and the Company cannot extend assurance that such statements will prove to be correct.

No regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of the statements made herein.

SOURCE: Morgain Minerals Inc.

[gholzbauer]

http://www.busrep.co.za/html/busrep/br_frame_decider.php?cli…

Platinum theft could cost SA billions
Lloyd Coutts
June 10 2001 at 12:03AM
The theft of platinum group metals costs the country at least R100 million a year in the Rustenburg area alone, according to the police.


Phuti Setati, the head of communication for detective services and crime intelligence, told Business Report on Sunday recent thefts and robberies had been highly organised and it appeared that a sophisticated syndicate was behind the crimes.


The most recent victim was Northam Platinum near Thabazimbi, where armed robbers escaped with "concentrate-in-process" worth R3 million.


The company said between 15kg and 20kg of concentrate (the stage before base metals are separated from precious content) was taken by 15 heavily armed men who had broken into the plant.


On May 10, liquid platinum valued at R3,6 million was stolen during an armed robbery on the East Rand.


Setati said the theft or robbery of concentrate-in-process was commonplace, and there had been at least 15 incidents. Nearly 13kg of platinum valued at almost R3 million had been recovered.


"A further 10 cases of theft and possession of platinum with fairly high value below R40 000 (were) reported in which recoveries were made. Arrests have been made in all instances," Setati said.


"Platinum (is) a highly lucrative commodity because of its many uses. There is a huge black market for platinum the extent (of which) is immeasurable."


He said "refineries" were to be found in informal residential areas around the platinum mines as refining concentrate into a precious metal bar was a simple process. All that was required to produce bars of platinum metals were "an ordinary cutting torch with a booster of oxygen E together with acid (and) crucibles".


In one incident, concentrate (or matte because of its matt black colour) worth R10 million was recovered in Durban harbour. According to a source, the concentrate was seized two days before being shipped out of the country.


The source told Business Report that platinum group metals were smelted in backyard refineries and shipped out of the country "by air, land and sea", and that actual losses to the economy could amount to billions of rands.


Until recently, he said, workers at plants had been stealing matte virtually at will, collecting bags on site and tossing them over perimeter fences. However, because of increased security by the platinum industry, criminals appeared to have turned to armed robbery and theft in bulk.


While platinum melts at 2 600¼C and gold at 1 060¼C, platinum, at R162 a gram, was far more lucrative on the black market. On concentrate worth R2 million, a thief could earn R90 000, he said.


"One night he`s living in a makoeka (shack), and the next he`s building a three-storey house. As long as platinum is produced, there will be robberies and people are going to die," the source added.


Platinum is a dense, hard silvery metallic element closely related to palladium, ruthenium, rhodium, osmium, and iridium, which are together known as the platinum group metals.


Platinum is used in jewellery production and palladium in the manufacture of catalytic converters for cars.


Producers declined to comment on the issue. - Johannesburg

[Rrocky]

erzähl das mal deiner Großmutter, aber nicht mir!!!

[gholzbauer]

http://www.minesite.com/archives/features_archive/June-2001/…

New Millenium Metals Tales A Close Look At An Ofex Listing in London.


You have to admire a company exploring for platinum group metals whose website address is http://www.pgmexplore.com. This is the address of New Millennium Metals Corporation, a Canadian listed company which has managed to get strong ground positions not only in the River Valley region near Sudbury, but also around North American Palladium`s open pit palladium mine at Lac des Isles near Thunder Bay.

The company is focussed on large mafic/ultramafic complexes which could host reef style or hydrothermal /contact associated PGM mineralisation and it is the latter that is responsible for Lac des Isles and River Valley. It is the largest land holder and reckons that it covers all, or nearly all of six highly prospective mafic intrusions in the Lac des Isles Suite. In the Sudbury district New Millenium has a controlling interest in the Agnew Lake property which covers 85 per cent of the Agnew Lake intrusion. Agnew is the best preserved of the four large intrusions which comprise the East Bull/River Valley Suite and New Millennium also controls a significant part of the May Tonwship Intrustion which is the least explored part of the East Bull Suite.

The two movers and shakers behind New Millennium are Frank Hallam and Marek Krekzmer of Tan Range, a gold explorer which has, or has had, joint ventures with Newmont, Ashanti, Anglo and Barrick on its properties in the Lake Victoria Goldfield of Tanzania. They have had plenty of experieince, therefore in dealing with major companies and these skills may come in useful as Amplats, Implats and Falconbridge are on the hunt for Canadian pgm properties. They also know more than a bit about raising money having found more than C$25 million for Tan range and Derek Resources in the last five years and they are supported on the exploration side by Roger Eckstrand and Darin Wagner.

Work by New Millennium`s exploration crews has discovered significant pgm mineralisation at all its properties and drill testing of these discoveries at Agnew Lake and Lac des Isles is due to start at any moment. In March the company announced that a
recently completed diamond drilling program had intersected an open-ended, stratabound, magmatic (reef-style) zone of Pt-Pd-Au-Cu mineralisation on its Lac Des Iles River Property where it has an option to earn a 60per cent interest from
East-West Resources and Maple Minerals.

More news of this sort when the first results from the next phase of drilling start to filter through should attract a fair bit of investor attention to New Millennium. And if Canadians continue to ignore it the Ofex market in London would be considered.

13 June 2001

-----------------------------------------------

http://www.theage.com.au/business/2001/06/13/FFX06M1KUNC.htm…

Strong prices may help Australia enter platinum market

By BARRY FitzGERALD
Wednesday 13 June 2001

A combination of factors is fuelling expectations that Australia might finally be able to break into the lucrative platinum group metals market, at present controlled by South African and Russian producers.

Not the least of those factors has been the sustained price strength of platinum and, more particularly, of palladium, underpinned by strong environmental-driven demand from the auto catalyst market.

Platinum left behind its metal cousin gold a long time ago in the price stakes, averaging $US576 an ounce in 2000, up by 43 per cent on its 1999 average. Palladium averaged $US765 an ounce and reached a high of $US972 an ounce in December.

Both metals remain strong, with platinum edging higher in recent days to $US596 an ounce, while palladium has settled around the $US625 an ounce level; still more than six times its average of just five years ago. Those fancy prices in themselves have prompted a rethink on the possibility of bringing Australia`s known PGM deposits into production, particularly when the impact of the low dollar on future revenue streams is taken into account.

But the very fact that the Australian resources industry has yet to produce a stand-alone platinum mine (WMC produces some by-product platinum at its nickel operations) tells you that more than fancy prices are required.

Perhaps the missing ingredient in the local industry is PGM expertise, not in the mining and processing into the concentrate stages, but in the refining and smelting stages.

BHP lacked that expertise when it tried to break into the PGM industry in Zimbabwe with the Hartley project. It blew more than $500 million before beating a humiliating retreat.

BHP made the mistake of ignoring the friendly advice of the South African industry on how best to tackle Hartley. Now that advice is on tap to the the Perth-based Helix Resources and Platinum Australia. They own Australia`s most advanced PGM projects, respectively the Munni Munni project near Karatha and the Panton project in the southern Kimberley region of Western Australia.

Those projects have been on the books for decades. The big difference now for them has been the entry of South Africa`s third-biggest PGM producer, the London-listed company Lonmin plc.

Lonmin has struck strategic alliances with both Helix and Platinum Australia (14 per cent owned by Helix), which, if all goes according to plan, could lead to the development of separate 100,000-ounce-a-year PGM projects at a combined cost of more than $160 million within a couple of years.

Like its South African counterparts, Lonmin is flush with cash from its PGM operations. Turning some of that cash into ensuring a long-term role in the PGM business is a priority.

That means diversification away from the reliance on South Africa`s Bushveld Complex. The Bushveld Complex will long remain the dominant source of PGM in the Western world. However, there are some particular issues it faces, with Lonmin itself forecasting that 45 per cent of its South African employees will carry the HIV virus for AIDS by 2005.

Heavy investment by the South African PGM industry in smelting and refining capacity in recent years has made the diversification of mine concentrate supplies doubly important.

-------------------------------------------------

http://www.mbendi.co.za/a_sndmsg/news_view.asp?P=0&PG=11&I=2…

Ressources Appalaches and Marum Resources join forces in the search for platinum on the Baie-des-Sables property
A surface showing that returned 3.9 g/t platinum, 2.3 g/t gold, 1.50 % copper and 0.16 % nickel (GM 54909) prompted Ressources Appalaches to stake the Baie-des-Sables property (33 claims, 18 square kilometres) near its B-20 property (100 % Appalaches).
Ressources Appalaches (APP-ME) granted Marum Resources of Calgary (MMU- CDNX) the option to acquire a 50% interest in the property by incurring $300,000 in exploration expenditures. This amount, to be distributed over a period of three years, includes a firm commitment of $100,000 during the first year. Ressources Appalaches will act as project manager as long as it retains an interest equal to or greater than 50 %. This agreement is subject to approval by the regulatory authorities.

The Baie-des-Sables property and the platinum showing are located within the Rivière-Pentecôte anorthositic complex, a region considered to be geologically favourable for major mineral discoveries. The emplacement of the Rivière-Pentecôte anorthositic complex was contemporaneous with that of the Nain igneous complex in Labrador, host to the magmatic Voisey Bay nickel- copper deposit (2.83 % Ni, 1.68 % Cu).

Ressources Appalaches staked the Baie-des-Sables property in response to the discovery of platinum and the presence of several electromagnetic conductors similar to those on the adjacent B-20 property (nickel-copper- cobalt).

Ressources Appalaches is a mining exploration company listed on the Montreal Stock Exchange under the symbol APP. Appalaches has 18 756 826 outstanding shares, a working capital of 1.1 million dollars, and is debt- free. Its main objectives are to define and develop its precious metal (gold and platinum) and its nickel-copper properties in the Gaspésie and North Shore regions.


-----------------------------------------------------

http://www.e-newsservices.com/en/document.html?document_id=5…

Hucamp Mines Limited - Second Zone Yields Improved Platinum-Palladium Results

Toronto, Ontario - Thursday, June 14, 2001, 8:30 AM EDT

Hucamp Mines Limited ("Hucamp") (YHU:CDNX) is pleased to announce
more high grade nickel and improving platinum-palladium values in
the remaining assays from drilling on the Dundonald Beach portion
of the Dundonald South deposit of the Alexo-Dundonald Property
near Timmins, Ontario.

Hucamp completed four holes on two sections, separated by 25
metres, under the known surface exposures of the Dundonald Beach
high grade Ni-PGE mineralization. High-grade nickel
mineralization was intersected in all 4 holes. These holes
confirm and expand on the high grade drill results obtained by
Falconbridge in the 1960`s and 1970`s in the immediate area.
Falconbridge hole 1965-29 intersected a 29-foot section which
assayed 5.87% Ni, including a 9.8 foot section of 12.8% Ni (no
PGE assays). The assay results are summarized as follows:

HUF-7-01
---------------------------------------------------------------
From To Width Ni Cu Co Pt Pd Pt+Pd
(m) (m) (m) (%) (%) (%) (ppb)(ppb) (gpt)
---------------------------------------------------------------
140.55* 141.25 0.70 2.76 0.09 0.06 262 392 0.65
---------------------------------------------------------------

HUF-8-01
---------------------------------------------------------------
From To Width Ni Cu Co Pt Pd Pt+Pd
(m) (m) (m) (%) (%) (%) (ppb)(ppb) (gpt)
---------------------------------------------------------------
132.70 134.00 1.30 4.13 0.07 0.07 722 976 1.78
---------------------------------------------------------------
173.25* 174.50 1.25 2.20 0.06 0.06 152 592 0.74
-------------------------------------------------------------------

HUF-9-01
---------------------------------------------------------------
From To Width Ni Cu Co Pt Pd Pt+Pd
(m) (m) (m) (%) (%) (%) (ppb)(ppb) (gpt)
---------------------------------------------------------------
135.6* 143.25 7.65 3.30 0.13 0.06 227 384 0.61
---------------------------------------------------------------
Inc.
---------------------------------------------------------------
141.1* 143.25 2.15 10.15 0.42 0.17 659 1012 1.67
---------------------------------------------------------------

HUF-10-01
---------------------------------------------------------------
From To Width Ni Cu Co Pt Pd Pt+Pd
(m) (m) (m) (%) (%) (%)(ppb)(ppb) (gpt)
----------------------------------------------------------------
189.6 191.15 1.55 4.95 0.11 0.08 545 890 1.44
---------------------------------------------------------------
*announced in press release May 30, 2001

These results verify that both sulphide zones intersected in the
4 holes drilled within the Dundonald Beach zone contain high
grade nickel (Ni) copper (Cu), cobalt (Co) and platinum group
element (PGE) mineralization. Of particular interest to Hucamp,
a down hole pulse electromagnetic (EM) survey has identified
significant off-hole EM anomalies associated with these zones
indicating that the sulphide mineralization extends along strike
to the west and down-dip for an undetermined distance.

Several other horizons of lower grade nickel mineralization were
also identified within the 4 Hucamp holes. Anomalous values of
between 0.5% to 1.5% Ni associated with komatiitic flows,
indicate that these horizons have the potential to host more
extensive, higher grade zones along strike and down-dip.

The overall drilling program recently completed by Hucamp on the
Alexo-Dundonald Property was designed to test three separate
targets being, the Alexo Deposit, the Dondonald South Deposit, in
the south part of the property and the Dundonald Sill. The
results from the Alexo Deposit and the Dondonald Beach zone are
very encouraging in terms of defining potentially economic bodies
of shallow, easily exploitable nickel-platinum group element and
cobalt mineralization. A major diamond-drilling program is being
planned for this summer.

The results from the three diamond drill holes to test the
Dondonald Sill are pending. The drill holes on this sill were
designed to test the potential for a large tonnage, open pittable
PGE deposit similar to those in the Bushveld Complex in South
Africa.

Analytical and assay work was conducted by Chimitc-Bondar Clegg
at its facilities in Val D`Or, Que. Platinum, Pd and Au were
determined by fire assay-DCP methods, and Cu, Co, and Ni by
atomic absorption techniques.

The qualified person in charge of the fieldwork is Paul Davis,
MSc, with the overall program being managed by MPH Consulting of
Toronto on Hucamp`s behalf.

Hucamp Mines Limited is a junior mining company with nickel,
platinum-palladium and diamond projects in Northern Ontario. Its
shares are listed on the Canadian Venture Exchange under the
trading symbol "YHU" with the USA clearing symbol "HUMCF".

For further information, contact:

Stafford Kelley or Peter Serck
Medallion Capital Corp.
Tel : [phone] or [phone]
Email : [e-mail]
www.medallioncap.com

Elizabeth Kirkwood, President
Hucamp Mines Limited
Tel : [phone]
Email: [e-mail]
www.hucampmines.com

Jerry Frear, Jr.
InvestorsCare Inc.
Tel: [phone]
Email: [e-mail]

-------------------------------------------------------


Thursday June 14, 9:31 am Eastern Time
Press Release
Anooraq Resources Corporation: $3,200,000 Private Placement Financing Arranged
VANCOUVER, B.C.--(BUSINESS WIRE)--June 14, 2001--Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (CDNX:ARQ. - news) is pleased to announce that the Company has reached agreement in principle with certain private investors comprising sophisticated purchasers and accredited financial institutions in Canada, the United States and Europe to privately place 4,923,077 Units at a price of $0.65 per Unit.

Management and associates have subscribed for approximately 27% of the total financing. Each Unit will comprise one common share and a share purchase warrant exercisable to purchase an additional share at a price of $0.70 for a one year period from the date of issuance. Anooraq will pay placement fees in accordance with CDNX Policies on a portion of the private placement. Proceeds from the placement will be used to further develop its existing South African Platreef PGM properties, continue assessing additional properties in the area and working capital. The financing is subject to regulatory approval.

ON BEHALF OF THE BOARD OF DIRECTORS Ronald W. Thiessen, President and CEO

No regulatory authority has approved or disapproved the information contained in this news release.

Contact:

ANOORAQ RESOURCES CORPORATION
Ronald W. Thiessen, 604/684-6365 or 800/667-2114
Fax: [phone]
www.hdgold.com

[gholzbauer]

NORILSK NICKEL SHS (SPONS. ADRS) RL 0,25
WKN 676683
Seit heute in Berlin, noch ohne Handel.
bid/ask 20,25/20,50 E vorhin

[gholzbauer]

"noch ohne Handel" stimmte nicht. War nur eine falsche Anzeige bei mir. 150.000 Euro Umsatz offenbar heute, gar nicht so schlecht.

[gholzbauer]

Cluff hatte ich etwas unterschätzt. Heute schon 218p.


Dafür freuen wir uns über Norilsk.
NORILSK NICKEL SHS (SPONS. ADRS) RL 0, 25 Berlin 676683
24,80 +2,41 +10,76% 193.472,50 14:26/22.06.

[gholzbauer]

Friday June 22, 4:32 am Eastern Time
Russia Norilsk shares jump, Alfa ups target
MOSCOW, June 22 (Reuters) - Shares in Russia`s Norilsk Nickel jumped almost nine percent in opening trade on Friday as a new crowd of investors scooped up the stock after the metals group launched American Depositary Receipts.

Norilsk, which launched its ADR programme last week, had risen 8.65 percent to $20.10 by 0825 GMT, the latest in a string of year highs.

Alfa Bank meanwhile raised its target price on the share to $25.1 from $19.4, citing Norilsk`s plans to increase output and its capital expenditure forecasts.

Alfa Bank analyst Maxim Matveyev said a decrease in corporate governance risk had also been a factor in the upgrade. United Financial Group equity salesman Michael Stein said gains in the share were unlikely to collapse barring sharp drops in metals prices.

``The ADR program is making the stock more accessible to institutional investors and global commodities funds,`` Stein said.

``The downside in the stock, unless metals prices -- particularly nickel prices -- move sharply lower, will be protected by the stock`s still-attractive valuation,`` he said.

[manfred1_I]

Am Platinmarkt scheint es eng zu werden.
Anders ist der Kurssprung nicht zu
erklären.
Oder verzögert Rußland wieder die Lieferungen??

[gholzbauer]

Hallo manfred,
ich seh keinen Sprung bei Pt oder Pd.
Norilsk haben auch schon deutlich korrigiert (zusammen mit dem russ. Gesamtmarkt).

[manfred1_I]

DAs Aussteigen bei Zimplats nahe am
Höchstkurs .Seihe Berichte 15.2. und
21.2.2001 war doch goldrichtig.

Der Einstieg bei Jumbo zu 0,016 A.$
auch nicht verkehrt.
Der Einstieg bei den anderen Goldwerten
noch besser.

Jetzt habe ich kein Platin und Palladium mehr.

Aber umsomehr Gold.

Gold dabeibleiben.

Bei Platin und Palladium kommt man noch erheb-
lich preiswerter wieder zum Zuge.

[manfred1_I]

Bei Palladium sehe ich weiter Spielraum nach
unten.

Bei Platin könnte der Abwärtstrend bald aus-
laufen.

AQP und ZIM im Auge behalten, evtl. vorsichtig
anfangen einzusammeln.

AQP im Bereich 7,5 A.$,

Da die Autoindustrie wider Erwarten besser läuft
als ich dachte (wenn die Zahlen stimmen), dann
wird weiterhin der Industrierohstoff Platin ge-
braucht.

AQP bringt auch in 2002/2003 neue Projekte ans
Laufen, dies dürfte die Förderung erheblich
erhöhen.

[gholzbauer]

http://www.mips1.net/mgfin.nsf/Current/4225685F0043D37A42256…

Cluff aims to be big ticket platinum play
By: Stewart Bailey
Posted: 2001/09/18 Tue 15:00 ZE2 | © Miningweb 1997-2001


LONDON – UK-listed Cluff Mining is to be South Africa`s latest mid-tier platinum miner, according to Terence Wilkinson, the company`s chief executive and former boss of Lonmin`s [LSE:LON] operations. He says his company has the ambition, the reserves and the access to capital to become a 500,000-ounce-a-year platinum producer with first metal expected to hit the market in late 2003.
Cluff has assembled an attractive suite of assets to which Wilkinson adds the business nous. The Cluff board is also well heeled: directors include Sir Patrick Sheehy (former chairman of tobacco conglomerate, BAT), investment touchstone Oliver Baring and Donald McAlister (the finance director of Reunion Mining). Reunion is the outfit that found the Skorpion zinc deposit, a prospect which Anglo American subsequently bought and is now currently developing.

Cluff intends to mine at least two Merensky and UG2 deposits in partnership with South African heavyweights, Anglo Platinum [JSE:AMS] and Impala Platinum {JSE:IMP]. The most attractive of the two at this stage is the 50 per cent Anglo Platinum-owned Sheba`s Ridge reserve. Wilkinson says the prospect has an average grade of about five grams a ton, and a conservatively judged strike length of nine kilometres.

The other is the Blaaubank property, about 20 kilometres away from Sheba`s Ridge, which Cluff owns with Impala Platinum. In both cases, Cluff is likely to operate the mines; the majors will toll treat the concentrate and bag the attributable ounces.

It all sounds neat enough. Yet Wilkinson says the progress of the venture is being impeded by South African Reserve Bank`s "looping" exchange control regulations. This prevents South African citizens and local companies from investing in offshore companies in order to gain access to southern African assets. If the government remains inflexible on the issue, Cluff will request a secondary listing on the Johannesburg Stock Exchange, Wilkinson says.

He should, however, look to the experiences of Cluff`s peers, Aquarius Platinum [LSE:AQP]. It unsuccessfully tried a similar effort to ease through a paper offer for the now delisted South African counter, Kroondal Platinum Mines, last year. They were welcomed by the South Africans, except for the fact that the state would not allow full fungibility of its share between London and Johannesburg.

Wilkinson is to lobby the South African government next week. If successful, he could open the way for a slew of corporate activity in the platinum sector. This could unravel the complex web of cross-holding between South African and London-listed platinum producers. It will also open the way for South African miners to join the queue of interested groups casting an eye over Cluff`s business.

[gholzbauer]

http://www.minesite.com/archives/news_archive/2001/july-2001…

Cluff Announces Gross Inferred Resources for its Sperrylite PGM Projects Of 22 Million Ounces.


A few days ago Minews was trying to get a tail on the possible inferred resource figures for Cluff Mining`s Bushveld complex assets which were expected to be announced at its AGM. They were clearly going to be good - one source had described them as eye watering - but how good? That was the question put to an adviser to the company in a very brief conversation when he surfaced from marching the company round the City as part of the roadshow for its proposed £5.3 million placing.

At the time Cluff had just announced that it had made arrangements for the conditional placing with institutional and other investors of 3,039,474 new ordinary shares at 190p per share to raise approximately £5.3 million (after expenses). It was therefore basically done and dusted though the shareholders , who are required to approve it at any EGM on August 16th, had not been told it was in progress, were not offered any, and could well have dealt at the wrong price. So much, as Minews said at the time of the Navan funding, for the level playing fields of the City.

At the time of asking just how big the inferred resources might be, Gold Fields, the huge South African gold producer, had just announced that the inferred resource for its platinum group metal joint venture with Outokumpu in Sweden had just doubled to 5.8 million ozs. This attracted a lot of attention at the Diggers`n`Dealers so in a naïve way, and it give substance, the question put was `will Cluff`s resource top 5 million ozs?`

The answer left Minews in now doubt that it could be several times that amount - five to be exact. But realism suggested that this did not seem likely. In the event Algy Cluff announced at the company`s Annual General Meeting today that the inferred resource at the Sheba Ridge platinum project totalled totalling 17.4 million ounces, including gold with the three platinum group metals. Moreover the resource at Blue Ridge was 3.8 million ounces and at Fonte Verde the inferred resource was 700,000 ounces of pgms and gold plus 110,000 tonnes of copper and 60,000 tonnes of nickel.

In the light of these figures it would be an unnecessary quibble to point out that this totals 22 million ozs, not 25, and that only 8.5 million ozs at Sheba Ridge is attributable to the company. The plain fact is that these are big figures and both Amplats and Implats, the two biggest platinum producers in South Africa are fully aware of them as confidentiality agreements were signed with both to allow previous drilling at Sheba`s Ridge and Blue Ridge to be analysed.

The other participant at Sheba`s Ridge is, in fact, Amplats with 50.33 per cent and this is the project which is being prioritised. Further drilling is underway in order to define the continuity of the mineralisation and estimate indicated resources by the end of the first quarter of 2002. In addition, detailed mineralogical and metallurgical testwork will be undertaken with a view to commissioning a feasibility study targeted for the second half of 2002. It is currently envisaged that this feasibility study would examine an open-pit mining option for the low grade Platreef and shallow Platchro layer together an underground option for mining the Merensky Reef and down dip extension of the Platchro layer.

As Algy Cluff pointed out at the AGM, the process of advancing mineral resources from the inferred to the indicated category involves the definition of continuity of mineralisation and therefore carries a degree of risk. Fair enough, but this whole project was nothing more than a glint in Algy`s eye at the end of last year. It is now in a race with the next Cluff offspring which must have been conceived at about the same time.


27 July 2001

[manfred1_I]

Bei Platin und Palladium sollte die Korrektur jetzt
dem Ende zugehen.
Das heisst vorsichtige Rückkäufe können nicht schaden.

Aber wer auf der sicheren Seite sein möchte, sollte
mit Gold und evtl. Silber sein Glück versuchen.
Wenn das mit den riesigen Short-Positionen stimmt,
dann gute Nacht mit den Shortern.
Silber soll schon total knapp sein, obwohl der Preis
unten liegt.

Die in den USA Richtung 0 % Zinspolitik stärkt die
Angelegenheit.

[gholzbauer]

Ich bin wieder etwas skeptischer für Norilsk. Die Aussichten könnten allerdings mit KUV 0,5 und (adjusted RAS-)KGV unter 2 schon im Kurs enthalten sein.


http://www.aton.ru/en/research/daily.asp?y=2001&m=11&d=8&tmo…

Norilsk Mining Company $12.300 — Hold


9M01 net profit down 23% y-o-y on lower prices, rising costs
The Norilsk Mining Company announced 9M01 RAS results Tuesday, showing a net profit of $935mn, down about 23% y-o-y in dollar terms. Most of the change resulted from lower nickel and copper prices during the period, which caused sales to fall 11%, from $2.96bn to $2.63bn. Average palladium and platinum prices were largely unchanged for the periods under consideration.

Cost of goods sold increased just 8.5%, y-o-y, showing that the company`s cost growth has slowed from the 61% in 1Q01. SG&A expenses also seem to be stabilizing, growing just under 14% y-o-y after soaring by 77% and over 130% y-o-y in 1Q01 and 1H01, respectively. The past quarter`s slowdown in the real appreciation of the ruble seems to be helping the company, whose costs are over 90% ruble-denominated.

Sales in 4Q01 will likely be even lower in light of continued declines in both base metal and PGM prices. Going forward, the company`s operating costs can be expected to increase drastically due to the need to process increasing amounts of ore to maintain stable nickel and copper output.
In $ mn 3Q00 3Q01 % change
Sales 2,955 2,629 -11.0%
COGS (1,015) (1,101) 8.5%
Operating profit 1,940 1,528 -21.2%
Operating margin 65.7% 58.1% -
SG&A (247) (281) 13.9%
Pre-tax profit 1,693 1,247 -26.4%
Pre-tax margin 57.3% 47.4% -
Tax (475) (312) -34.2%
Net profit 1,219 935 -23.3%
Net margin 41.2% 35.5% -


Source: Company

[gholzbauer]

Ich sollte mir die ganzen Sudbury-Klitschen genauer ansehen ...
6,15m mit 2.26%Ni 17.49%Cu 19.57g/t Pt 26.34g/t Pd 20.49g/t Au !?!

Jedoch "nahe am Erdmittelpunkt"

---------------

Wednesday November 28, 10:42 am Eastern Time
Press Release
SOURCE: Falconbridge Limited

Falconbridge announces encouraging drill results in the Sudbury basin
TORONTO, Nov. 28 /CNW/ - Falconbridge Limited today announced that surface exploration drilling, approximately 2.7 kilometres north of the Sudbury airport, has discovered significant mineralization on the main contact of the Sudbury Igneous Complex and in the underlying footwall rocks that consist of brecciated granodiorite and Sudbury breccia.
The assay results from hole MAC-100A, a wedge cut from hole MAC-100, are summarized in the following table. The intervals quoted are core length since true thickness cannot be estimated with any degree of certainty at this time.




-------------------------------------------------------------------------
Depth Depth Length Ni% Cu% Pt g/t Pd g/t Au g/t
From (m) To (m) (m)
-------------------------------------------------------------------------
Contact zone
-------------------------------------------------------------------------
1439.65 1446.05 6.40 2.36 1.79 Pending Pending Pending
-------------------------------------------------------------------------
Footwall zones (5 zones)
-------------------------------------------------------------------------
1577.10 1583.60 6.50 0.52 7.12 1.24 0.42 0.29
-------------------------------------------------------------------------
1597.60 1607.25 9.65 3.43 12.13 3.84 3.13 8.30
-------------------------------------------------------------------------
1619.50 1625.85 6.35 4.94 10.12 8.50 11.70 2.90
-------------------------------------------------------------------------
1631.65 1636.55 4.90 1.75 12.73 6.06 11.32 0.96
-------------------------------------------------------------------------
1638.75 1641.25 2.50 6.48 7.43 11.31 17.12 1.91
-------------------------------------------------------------------------
1656.85 1663.0 6.15 2.26 17.49 19.57 26.34 20.49
-------------------------------------------------------------------------


Borehole geophysical surveys have been completed in this hole. The data from both the contact and footwall zones provide encouraging indications for the potential of additional mineralization to the north, east and south of the hole.
The original hole, MAC-100, intersected 1.89% nickel and 0.71% copper over 0.1 metres, at a depth of 1443 metres and a chalcopyrite vein in the footwall at a depth of 1561.2 metres that assayed 0.26% nickel and 20.30% copper over 0.3 metres. MAC-100A was wedged due east at a dip of 75 degrees beginning at a depth of 800 metres in MAC-100. The mineralized intersections in MAC-100A are located 75-124 metres away from MAC-100. Previous drilling in the immediate area is located at a distance of 340 to 700 metres away.

This mineralization is located approximately 2 kilometres southeast of Falconbridge`s Nickel Rim deposit that consists of an inferred resource of 1.6 million tonnes of 1.6% nickel, 10.1% copper, 4.2 g/t Pt, 3.5 g/t Pd and 2.5 g/t Au.

The number of diamond drills working on this project will be increased from one to three by January 2002.

Although this is a very encouraging intersection, it is not possible to predict the potential size of this zone. Additional diamond drilling will be required and is planned for 2002.

The assays were determined by Lakefield Research and the assay results have been compiled and verified by Scott McLean, P.Geo, Regional Geologist, a member of the Association of Geoscientists of Ontario with 16 years of experience as a geologist.

[gholzbauer]

Ford explains precious metals loss
United States (01/16/2002 - 07:10)

DEARBORN, Mich. (AP) -- Ford Motor Co. F lost US$1 billion on a precious metal used in catalytic converters because of a combination of improving technology and plummeting prices.

"Frankly, we saw palladium spiking in price, we bought palladium, and at the same time, our research labs did a magnificent job in reducing our dependence on palladium," Ford COO Nick Scheele said at a dinner during the annual Automotive News World Congress Tuesday night.

He said the price for palladium -- a soft metal used as a catalyst or in alloys with other metals -- dropped from the roughly US$1,500 per troy ounce Ford paid to about US$400.

The loss exacerbated a declining financial position for the automaker, which on Friday announced a US$9 billion turnaround plan that included the closing of five plants in North America and the elimination of 35,000 jobs worldwide.

Speaking to reporters, Scheele said more cuts might be considered in the future.

"Clearly this thing is a global issue. There are certain things that are taking place around the world. We`ve got to have discussions. We`ll announce when we`re ready," Scheele said.

He refused to elaborate or give a timetable for any further announcements.

Scheele reviewed the reorganization plan he and company chairman and chief executive William Clay Ford Jr. revealed, reiterating the themes of returning to the "basics" of building quality automobiles, rebuilding relationships with employees, customers, dealers and suppliers -- and "distractions."

"The most serious was Firestone, and this was of course more than a distraction, it really is a tragedy in Ford Motor Company history," Scheele said.

Ford was hit hard by a self-inflicted financial wound in 2001 when it launched a US$3 billion program to replace 13 million Firestone tires that were not recalled in the original recall that began in August 2000.

Scheele said another significant distraction was the decline in relations with employees and dealers.

One of cornerstones in Ford`s revival will be an increasing focus on the automaker`s Premier Automotive Group, which encompasses its luxury brands, Lincoln-Mercury, Jaguar, Aston Martin, Land Rover and Volvo.

Scheele said the group would introduce 25 new models in the next five years, "and by the middle of the decade, we expect PAG to contribute more than a third of Ford`s global profits."

The struggling Mercury brand remains part of the group, Scheele said, because dealers who sell the brand also sell Lincoln, so the brands are "co-mingled".

[gholzbauer]

http://m1.mny.co.za/MGPlat.nsf/Current/4225685F0043D65385256…

$1-bn loss on platinum metals
By: Tim Wood
Posted: 2002/01/16 Wed 11:58 EST | © Miningweb 1997-2002

PRINCETON, NJ -- It seems Ford is a lot better at making cars than trading in metals after taking a $1 billion loss on its platinum metals horde. The company`s precious metals loss amounts to a quarter of the total after tax write-down being taken after a dismal year.
The Associated Press reports that Ford COO Nick Scheele says the company bought palladium, used in its catalytic converters to reduce engine emissions, for around $1,500 an ounce only to see it drop to $400 an ounce less than a year later. He was quoted speaking at the Automotive News World Congress in Dearborn

Middlemen who sold Ford its stash pocketed the best profit in the entire platinum metals value chain since the metal peaked at a spot price of $1,100 early last year. "Frankly, we saw palladium spiking in price, we bought palladium, and at the same time, our research labs did a magnificent job in reducing our dependence on palladium."

The size of the loss suggests that Ford bought at least a million ounces of platinum group metals and most likely considerably more. Given that producers supply less than 8 million new ounces of palladium to market each year, it`s easy to see how such competitive bidding between the global auto makers drove prices up so far, so fast. But had Ford paid the going rate its pain might be quite different.

The indicative stockpile will weigh on pgm producers valuations for at least the next two years. As a rough estimate the gross auto industry palladium stockpile could be as high as a year of new production. There risk of the stockpile being fed to the market in the absence of a dramatic catalyst technology breakthrough is minimal, but not implausible.

Ford has already significantly reduced its palladium dependency through substitution and efficiency, and that technology will eventually filter through to the other vehicle manufacturers. The cumulative impact of the savings could be ruinous for producers in the short term.

There is little doubt that the numerous global pgm expansion plans announced in the last two years will be re-examined in some detail. They are unlikely to be cancelled outright, but development could be slowed sharply to ensure the supply-demand balance is not entirely disrupted.

South African mines can be expected to be the last to announce any revisions since they prefer a strategy of subduing competitors with their market power. They are content with lower prices provided they continue to dominate global output and keep new projects on the marginal list.

[gholzbauer]

Prompt kommen die Anwälte aus ihren Löchern gekrochen.


Washington (Platts)--29Jan2002

Ford Motor Co`s failure to hedge its purchases of platinum, palladium and other precious metals is the basis for a class action lawsuit filed Tuesday against the automaker by common shareholders of record from Dec 1, 1999, through Jan 12, 2002. The suit was brought by the law firm of Lovell & Stewart LLP in the US District Court for the Southern District of New York.
The complaint alleges that Ford "violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934...by issuing a series of material misrepresentations to the market before and during the class period, thereby artificially inflating the price of Ford common stock."

According to the complaint, Ford misled the shareholders by failing to disclose that Ford`s management purposely had made and failed to hedge large commitments to purchase platinum, palladium, rhodium or similar commodities at very high prices and that the price declines of these commodities were not helping Ford but instead were hurting Ford`s business and prospects. In addition, the complaint alleged that Ford failed to disclose that "these large unhedged purchase commitments had placed Ford at a disadvantage to, for example, General Motors, and/or...that the large unhedged purchase commitments by Ford`s management were exposing Ford to potentially in excess of $1-bil in losses from price declines that would have been favorable to Ford."

The suit alleges that "only after defendants Jacques Nasser and Henry DG Wallace had departed the employment of Ford did defendants, on Jan 11, 2002, belatedly disclose the foregoing material adverse facts in Ford`s `write-off` of $1-bil of charges (or losses) relating to such unhedged commodity exposure."

The shareholders are seeking to recover unspecified damages; an attorney at the law firm was not immediately available. The law firm`s track record includes a $145.35-mil recovery in 1999 in regard to Sumitomo copper litigation, a class action against the various parties who conspired to manipulate the worldwide copper and copper futures markets. Any investor who bought or otherwise acquired Ford stock during the period may apply to be part of the class.

[gholzbauer]

http://www.aton.ru/en/research/daily.asp?y=2002&m=3&d=21&tmo…

Norilsk Mining Company $21.300 — Buy


Rumored to be buying palladium from Ford`s reserves
Prime-Tass reported yesterday, quoting a source at Almazyuvelirexport, the Russian state trader responsible for export sales of precious metals, that the Norilsk Mining Company (NMC) was negotiating the purchase of palladium from Ford`s stockpile.

In January Ford reported that it was taking a $1bn loss on palladium stockpiles due to low current market prices for the metal. The company`s stockpiles are believed to amount to 2 million oz, roughly equal to Norilsk`s annual output of the metal.

The terms of the purchase were not reported and NMC refused to comment. The only real upside for Norilsk is that a purchase of some or all of the stockpile would keep it from flooding the market and further depressing prices.

[manfred1_I]

Am 18.7.01 habe ich von Platin in den Bereich
Gold gewechselt.
Schaut euch mal den Goldminenverlauf seit dieser
Zeit an.

Jetzt nehme ich bei den grossen Goldminen Teilgewinne mit,
und setzte teilweise auf Exploreraktien.

Wie z.B. Metex WKN 892696 oder Climax 871591

Die kleine Jumbo WKN 850269 im IT-Bereich gefällt
mir immer noch und das dürfte auch noch so bleiben.

Wenn der Platin-, Palladiummarkt noch etwas fällt,
dann erfolgt hier wieder der Einstieg.
Aber dem Konjunkturfrühling ist noch nicht zu
trauen.

[Liebi_de]

@manfred1_l und
@gholzbauer

Hallo,

was meint Ihr im Moment zu SA-Platinminen auch im Hinblick auf die Situation bei den Förderrechten?

Danke und Gruß Liebi

[manfred1_I]

Platin dürfte noch etwas fallen. Die Trendwende ist
leider noch nicht in Sicht (Weltwirtschaft).

Sicherer ist zur Zeit Silber und Gold.
In der Reihenfolge.

Grosse Goldwerte wie Newmont, Anglogold, Durban
sind wieder interessant.(Nach der Korrektur)
Silber: Hecla, Coeur und die anderen Minen.
Silberexplorer: Macmin

[fondsharry]

hallo,


wo kann ich zertifikate oder os auf palladium ,rhodium etc.finden
danke im voraus

servus

[Culogrande1]

@GO:hast du den Sräd raufgeholt?

Alte Pfeife, unseren guten Manni in #250 und#252 so der Lächerlichkeit preiszugeben.

Das tut man nicht...den brauchen wir noch als 100-igen Kontraindikator.Der Mann ist sensationel.

Culo....stirnrunzelnd uber POG und Minen

AAAAAAAAAAAAaahhh...ZIM eine Uraltempfehlung des Dottore heute 10 % plus auf High von 2.25.