PLATIN ! - 500 Beiträge pro Seite

[konradi]

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Platin heute, 16.11.2002 auf Rekordniveau:


600 $ pro Unze !!!





Platin – das Wichtigste:

Nach dem PLATINUM 2002 Interim Report von Johnson Matthey steigt die Platinnachfrage in 2002 im vierten Jahr hintereinander, während der Verbrauch von Palladium ein 8-Jahrestief erreicht.


Getrieben von einer wachsenden Nachfrage und Stärke des chinesischen Marktes wächst der weltweite Verbrauch von Platin in 2002 um 2,9% auf 198,1 Tonnen. Die Käufe der Automobilindustrie, anderer industrieller Nutzer und von Investoren bleiben nahezu unverändert auf dem Niveau von 2001. Erhöhte Lieferungen infolge der derzeitigen Expansionspolitik südafrikanischer Minen wurden durch geringere Lieferungen aus der ehemaligen UDSSR kompensiert, sodaß sich lediglich eine marginale Erhöhung des Angebotes auf 182,9 Tonnen ergibt; es entsteht eine Angebotslücke in Höhe von 15,2 Tonnen.

Der Platinpreis stieg infolge der starken Nachfrage seit Januar 2002 und erreichte Mitte Oktober ein Niveau von $598. Trotz einer ungewissen Entwicklung der Wachstumsaussichten weltweit geht Johnson Matthey infolge der derzeitigen Marktsituation von einem stabilen Platinpreis zwischen $550 und $650 innerhalb der nächsten sechs Monate aus.

Wie Studien führender Brokerhäuser am Kap belegen, haben Platin und sein Schwestermetall Palladium im letzten Jahr zum ersten Mal Gold als Hauptausfuhrgut Südafrikas überrundet. Während sich die Goldexporte auf insgesamt 25 Mrd. Rand (sieben Mrd. DM) beliefen, summierten sich die Ausfuhren von Metallen der Platingruppe auf über 30 Mrd. Rand (8,5 Mrd. DM).

Nach der Einschätzung von Bergbauanalysten sind die Aussichten auf einen Platinboom günstig, Rückschläge sollte man aber nicht ausschließen. Doch damit es zu einer Trendwende käme, müsste sich die Weltwirtschaft schon dramatisch abkühlen. Ein erstes Warnsignal findet sich allerdings in den Verlusten, die Implats und Angloplat im März verbuchten. General Motors will beispielsweise die für Katalysatoren benötigte Menge bis zum Jahr 2006 um 17 Prozent zu reduzieren.

Südafrikas Platinspezialisten Rene Hochreiter vom Finanzdienstleister Barnard Jacobs Mellet und Greg Hunter von Deutsche Bank Securities in Johannesburg sind dennoch optimistisch. Sie glauben, dass beide Firmen bei einem für 2001 geschätzten Kurs-Gewinn-Verhältnis von neun (Angloplat) und sechs (Implats) noch immer sehr niedrig bewertet sind und beide Aktienkurse das Potenzial haben, sich mittelfristig auf 600 bis 700 Rand zu verdoppeln. Begründet wird dies mit dem äußerst festen Platinmarkt und den nachlassenden Lieferungen Russlands, dem einzig echten Konkurrenten Südafrikas.


Größte Platinmine der Welt : Anglo American Platinum
http://www.angloplatinum.com

Angloplat kontrolliert etwa 60 Prozent der weltweiten Platinvorkommen. Um die neue Regierung am Kap versöhnlich zu stimmen, hat das Unternehmen zuletzt jedoch die Hälfte seiner Anteile an Northam, Südafrikas viertgrößtem Platinproduzenten, an eine von Schwarzen geführte Bergbaugruppe verkauft.


Vorkommen :

64% der Platinmengen kommen aus Südafrika (Transvaal) vom Merenski-Riff. Es ist das reichste Platinvorkommen der Welt.

29% aus Russland (Ural).

6% aus Kanada (Sudbury-Distrikt in Ontario)

1% aus Kolumbien (Choco)


derzeitige Anwendungen :

In der Autobranche wird Platin vor allem zur Herstellung von Katalysatoren verwendet. Angesichts der immer strikteren Umweltauflagen dürfte die Nachfrage hier hoch bleiben – auch weil viele Hersteller wegen des stark gestiegenen Palladiumpreises zuletzt wieder auf Platin umgeschwenkt sind


In der optischen Industrie wird Platin als Tiegel zum Anrühren von hochreiner Glasmasse sowie zur Herstellung von technischen Geräten verwendet. Platin hat keinen Abrieb und garantiert somit eine absolut reine Werkmasse.

Aufgrund seiner chemischen Reaktionsträgheit und seiner hohen Schmelztemperatur wird Platin für Laborgeräte verwendet.

Um eine größere Härte und Haltbarkeit zu erzielen, setzt man dem Platin hierfür meist geringe Mengen Iridium zu. Platin setzt man außerdem für elektrische Kontakte und in Instrumenten zum Messen hoher Temperaturen ein.

Feinstverteiltes Platin, so genannter Platinschwamm, dient in der chemischen Industrie sehr häufig als Katalysator.

Beträchtliche Platinmengen, gewöhnlich mit Gold legiert, werden in der Schmuckbranche verarbeitet.

In der Medizin nutzt man Platin auch als Zahnersatz.



Mögliche Zukunft: Brennstoffzellenautos

Immer mehr Autokonzerne bauen Brennstoffzellenautos. Doch der Übergang ins Wasserstoffzeitalter stockt. Der neue Antrieb ist zwar umweltfreundlich und hoch effizient - aber noch viel zu teuer. Trotzdem könnte der Focus FCV Hybrid, das neueste Brennstoffzellenauto von Ford, auf den ersten Blick als ganz normaler Pkw durchgehen. Der Innenraum bietet Platz für fünf Personen, kein Wirrwarr von Bordtechnik wie so oft bei Zukunftsmobilen.

Die technischen Eckdaten des Wagens versprechen uneingeschränkte Alltagstauglichkeit: Der Motor leistet 92 PS und beschleunigt den Wagen in 13,5 Sekunden auf 100 km/h. Mit 1,6 Tonnen Leergewicht ist der Focus FCV Hybrid zwar noch etwas schwer, doch ein VW Phaeton wiegt acht Zentner mehr. Vor allem beim Verbrauch zeigt sich der Ford extrem genügsam. Auf 100 Kilometern benötigt er Wasserstoff im Energie-Gegenwert von 3,1 Litern Benzin - selbst sparsame Verbrennungsmotoren sind bei gleicher Leistung deutlich durstiger. Nichts setzt den Brennwert des Öko-Kraftstoffs effizienter in Vortrieb um als die Kombination aus Brennstoffzelle und Elektromotor. Unter Laborbedingungen erreichen Brennstoffzellen Wirkungsgrade von über 90 Prozent; ähnlich effizient ist dann der Elektromotor beim Umwandeln des Stroms in Vortrieb.

Es scheint mithin, als wäre die Antriebsform der Zukunft gefunden - gäbe es da nicht eine Kennziffer, die noch zu wünschen übrig lässt: Der Herstellungspreis eines Kompaktwagens mit Brennstoffzellenantrieb liegt derzeit bei etwa zwei Millionen Euro!

"Eine vernünftige Infrastruktur sehe ich vor 2025 nicht", sagt Rudolf Kunze, Leiter des Aachener Forschungszentrums von Ford of Europe. Und fürs Erste gibt es auch noch keinen Bedarf. Denn Brennstoffzellenautos sind noch lange nicht marktreif.

Vom ursprünglichen Ziel der Entwicklungspartner DaimlerChrysler und Ford, bereits 2004 die ersten Modelle zu verkaufen, sind die Hersteller längst kleinlaut abgerückt.
Auch Ford-Forschungschef Kunze attestiert dem alternativen Antriebssystem noch immer eine "mangelnde Robustheit". Zwar arbeitet die Brennstoffzelle praktisch geräuschlos. Doch vor Verschleiß ist auch sie nicht gefeit, denn gerade an Bord eines Automobils findet sie sehr harte Bedingungen vor.

Damit die Membranen innerhalb des Bordkraftwerks katalytisch wirken und Strom leiten können, ohne zu korrodieren, werden sie mit Platin bedampft. Im Brennstoffzellenmodul eines Forschungs-Pkw steckt derzeit etwa ein Pfund des Edelmetalls. Das allein kostet derzeit 10 000 Euro. Und dieser Preis könnte noch drastisch steigen, denn die Massenproduktion würde die weltweiten Platin-Reserven rasch schwinden lassen. Zu den wichtigsten Forschungszielen zählt deshalb die Entwicklung eines Ersatzmaterials.


Es gibt mehrere Brennstoffzellen-Typen, die sich durch ihren Aufbau und durch ihre Temperatur unterscheiden. So gibt es Niedrigtempera-tur-Brennstoffzellen bei 50 bis 120 Grad Celsius, Mitteltemperatur-Brennstoffzellen bei 160 bis 220 Grad und Hochtemperatur-Brennstoffzellen, die zwischen 600 und 1000 Grad arbeiten. Logi-scherweise beschränkt die Arbeitstemperatur die Einsatzgebiete der jeweiligen Typen; eine 1000 Grad heiße Zelle könnte wohl kaum ei-nen Laptop antreiben.

Wichtig ist auch die Wahl des jeweiligen Katalysators. Vor allem Zellen mit niedriger Arbeitstemperatur benötigen Platin oder ein ähnliches Edelmetall als Katalysator. Dies trägt zu den hohen Kosten der Brennstoffzelle bei. Außerdem sind die Platinvorräte der Erde be-grenzt.



Aus dem Angloplat Webseiten :


Demand for platinum has grown by an average annual rate of around 6% since 1950 and the encouragement of a greater degree of geographic and application diversity has resulted in more stable market conditions. In the 1950s most platinum was consumed by industrial applications, especially petroleum refining. A buoyant platinum jewellery market dissipated during World War 2 as governments requisitioned platinum to secure its availability for the war effort. After the war, platinum jewellery demand was largely dormant until the 1960s when demand resurfaced in Japan. By 1975, Japan was the largest market for platinum, accounting for over 50% of total offtake, with the majority destined for jewellery. In the 1970s the implementation of emissions legislation for vehicles presented a new opportunity and by the end of the 1970s this sector had grown and accounted for 30% of platinum demand. The strong growth of around 10% per annum in this sector in the 1980s slowed considerably in the 1990s as auto manufacturers turned increasingly to cheaper palladium to meet emissions legislation. However, strong growth in the Chinese jewellery market and industrial uses for platinum, such as in silicone production and the manufacture of hard disks, contributed to steady expansion of platinum demand during the 1990s.

During 2001, resurgence in autocatalyst demand, steady growth from industrial applications and a softening in the jewellery market resulted in a more equitable split between applications. The market`s reliance on the jewellery sector declined from 50% in 2000 to 42% in 2001, whilst the autocatalyst sector regained its strength, accounting for close to a third of platinum demand. Growth in the platinum jewellery markets outside of Japan and further geographical spread of emissions legislation has contributed to greater market diversity. The regional demand split is tending towards an equitable distribution between the four major regions of Europe, Japan, North America and the Rest of the World.

Net demand for platinum is estimated to have grown 5% in 2001 to a record 5,94 million ounces, with weakness in the jewellery sector more than offset by a large increase in purchases by the automobile industry. Despite an estimated 5% increase in supplies as South African expansions came into production the market was in deficit for the third consecutive year.
The platinum jewellery market has diversified in recent years, both geographically and in terms of product.



Jewellery

Higher platinum prices, exacerbated by the differential between the platinum and the gold price, together with weak economic conditions negatively impacted demand for platinum jewellery fabrication in Japan and the USA. Further growth in demand from China was insufficient to counteract weakness in other markets and overall sales of platinum to jewellery fabricators is estimated to have declined 11% in 2001 to 2,52 million ounces.

The platinum jewellery market has diversified in recent years, both geographically and in terms of product. Once dominated by Japan, the market has now grown in other regions and China has overtaken Japan as the world`s leading platinum jewellery market. During the 1990s, platinum was firmly established in the Japanese bridal market, and now close to 100% of all engagement rings are made in platinum. In the 1980s and 1990s, the PGI embarked on successful marketing strategies to extend platinum jewellery demand to a wider target group with the promotion of other items of platinum jewellery. This included platinum at the lower end of the precious metal jewellery market. By the late 1990s, the economic situation had deteriorated; this was exacerbated by a growing platinum/gold price differential and platinum lost market share at the lower end of the market.

China
During 2001, China`s voracious appetite for platinum continued unabated. Demand for platinum from jewellery fabricators is estimated to have exceeded 1,3 million ounces in 2001, an increase of 18% over the previous year. Demand would almost certainly have been higher but for the increase in the platinum price during the first half of 2001 and some disruption to production caused by government fiscal audits. Lower prices in the second half led to an increase in the rate of offtake, which has continued into 2002.

Japan
Sales of platinum to Japanese jewellery manufacturers fell in 2001. The larger differential between the prices of gold and platinum led manufacturers and retailers selling into the lower price segment of the market to produce less in platinum. Furthermore, the recycling of old jewellery was boosted by the relatively high Yen price of platinum, further reducing manufacturers` purchases of new platinum. An increase in the fabrication of platinum jewellery and a reduction in the recycling of old jewellery in the last quarter of the year, resulted in recovery in demand towards the end of the year. Total demand for 2001 is expected to have slightly exceeded the September estimate of 700 000 ounces. Despite weak consumer demand for luxury items, platinum continues to hold its ground in the more expensive bridal and jewellery markets.

Europe
Platinum demand for the fabrication of jewellery in Europe is estimated to have declined 16% to 160 000 ounces in 2001. Growth in the UK market was insufficient to make up for weak demand from Italy and Germany.

United Kingdom
The level of interest in platinum continues to grow in the United Kingdom, with platinum becoming the premium choice for engagement and bridal jewellery. Data from UK assay offices show that the weight of platinum jewellery hallmarked in the United Kingdom increased in 2001 by 10,5%.

Italy
Italy is a major fabricator of jewellery for export markets and is thus affected by economic conditions prevailing in those markets. Weakness in consumer demand in the USA and Japan reduced sales of Italian platinum jewellery, especially chain, in 2001, and Italian fabricators` requirements fell accordingly over the previous year. As in the US market, the PGI`s promotional efforts have established a role for platinum in the bridal market, accounting for around 70% of Italy`s total platinum consumption in the domestic jewellery sector.

Germany
Weaker consumer demand has affected sales of all jewellery, but platinum jewellery the most, due again to the high price differential, which led to a fall in the lower price categories. As in other markets, the bridal sector was less affected by economic conditions.

USA
Sales of platinum for jewellery fabrication in North America declined in 2001.
One of the significant growth areas for platinum demand is for catalysts fitted to diesel vehicles.
The slowdown in the US economy has reduced consumer demand for luxury items such as jewellery. Economic uncertainty, even before the September 11 attacks, coupled with higher prices for platinum, dampened retail demand especially for smaller, less expensive items. However, as a result of PGI`s promotional and marketing campaigns, platinum is firmly entrenched in the upmarket bridal sector, where consumers are not willing to compromise quality for price.

India
The PGI India compaign was successfully launched in September 2000; initially confined to the two major cities Delhi and Mumbai. PGI`s efforts have now extended to other cities. Although small at present, Indian demand is expected to contribute in time to the expansion of the platinum jewellery market.


Autocatalyst

Emissions standards governing vehicle exhaust gases were first introduced in California in 1966 and the rest of the USA followed thereafter. California continues to lead the world in both legislation and technological developments for cleaner air. Initially, limits on hydrocarbons and carbon monoxide (HC and CO) were sufficiently lenient to enable auto manufacturers to achieve them with minor engine modifications and better fuel consumption. In 1975, as part of the Motor Vehicle Emission Control Programme of the California Air Resources Board (CARB), new vehicles were fitted with oxidation or two-way catalysts. These catalysts contained platinum and/or palladium, aiding the oxidation of CO and HC into carbon dioxide (CO2) and water (H2O). In the 1980s, more exacting standards especially for nitrogen oxides (NOx) required three-way catalysts. With rhodium added to the PGM mix and the air:fuel ratio kept near to the stoichiometric point of 14,7 to 1, sufficient oxygen is freed from the NOx to combine with CO and HC to produce less harmful CO2 and H2O.

Japan was the first country to follow the US example, implementing standards for tailpipe emissions in the late 1970s. Although initially in line with standards imposed in the USA, Japan fell behind developments in the USA and Europe during the 1990s, resulting in a lower growth in its PGM requirements for autocatalysts in that period.
The three largest auto manufacturers in the USA have built working fuel cell vehicles and plan commercialisation by the middle of the current decade.

In 1986, Australia adopted emissions legislation equivalent to US 1975 standards and some Southeast Asian and South American countries followed suit in the 1990s.

In the 1980s, Austria, Switzerland, Norway and Sweden adopted regulations based on US 1983 standards. It was only from 1993 that compulsory limits were imposed in the European Community (EC). However, fiscal incentives encouraged buyers to purchase cars meeting the standards ahead of implementation and demand for PGMs grew rapidly in this period.


Japan
2001 sales of new vehicles in Japan eased 1% from 2000, as softening demand for light trucks and mini-vehicles outweighed strong sales of compact cars. Sales for the year totalled 5,91 million units. A decline in exports also weighed heavily on the industry, with production declining 3,6% to 9,78 million units in 2001 and lower shipments to most major markets. Exports to Europe alone fell 21% as Japan lost heavily to domestic manufacturers in the diesel-hungry market.

Despite the decline in vehicle output, Japan`s consumption of platinum in the autocatalyst sector is estimated to have risen 19% to 345 000 ounces for the period. More stringent emissions legislation came into effect in October 2000 for new models sold in Japan and higher PGM loadings were needed in order to meet them. From September 2002, all new vehicles will have to meet the new regulations and further increases in demand for PGMs from this sector are therefore expected.

Europe
Sales of light vehicles in Europe confounded expectations and edged up 0,6% in 2001 to 14,8 million, the second highest level ever. Diesel vehicles continued to gain market share, accounting for 36% of all light vehicle sales, up from 30% in 2000. Diesel growth, combined with more stringent diesel legislation from the beginning of the year, resulted in an almost 30% rise in the use of platinum in this sector alone. The diesel segment of the European market used around 70% of the estimated 980 000 ounces of platinum required for autocatalyst applications.
Platinum content in emission control systems fitted on gasoline vehicles also rose in 2001, as the industry switched away from palladium in favour of platinum-rich systems.

USA
Despite expectations of a dismal year for US car sales in 2001, incentives offered by manufacturers boosted sales in the last quarter; 2001 was the second best sales year ever at 17,2 million units, 1,3% lower than in 2000. The proportion of light trucks has been growing in recent years and reached almost 50% in 2001. The generous incentives offered by domestic manufacturers also helped to stem market share losses to imported vehicles. `Big Three` sales for the model year-end September were 10% lower than for the previous year, but gains in the last three months of 2001 resulted in a 5% decline for the calendar year. Imported vehicles accounted for 17,8% of the market, up from 16% in 2000.

With the palladium price rising to record levels, North American auto manufacturers sought to reduce the palladium content in their emission control systems. Consequently, their platinum requirements were 36% higher in 2001. With some of the metal sourced from stocks built in the previous year, purchases of platinum rose 13% to 700 000 ounces.


Rest of the world
Platinum demand from the rest of the world is estimated to have risen 12% to 335 000 ounces in 2001, as stricter legislation was imposed in some Asian markets. The EURO II equivalent standards (Bharat II), implemented in India in 2000, were extended to cover more cities in 2001, raising demand for platinum. There was an increase in demand for all PGMs in China, as all new vehicles had to comply with EURO I equivalent standards, which had initially only covered new models. A significantly higher demand occurred in Korea, as Korean LEV regulations were applied from the start of 2001.


Diesel Vehicles
One of the significant growth areas for platinum demand is for catalysts fitted to diesel vehicles. These are currently all platinum-based. The growth in this application is expected to contribute some 25% of the expected increase in platinum demand by 2010. Legislation covering emissions from large diesel vehicles has been promulgated in the major regions of the world, whilst diesel passenger vehicles continue to gain market share particularly in Europe.
Portable fuel cell applications for powering laptop computers and mobile phones will make a significant contribution to the growth in demand in the second half of this decade.


Background
Diesel engines operate differently from gasoline engines. Whereas a spark is used to ignite the fuel and air mix in a gasoline engine, fuel injection and compression are used in a diesel engine. The mixture of air and fuel therefore adjusts to the power demand on the engine with little waste. The diesel engine is more efficient in converting the fuel`s chemical energy to automotive power and therefore almost all large, commercial engines are diesel.

Exhaust emissions
On account of diesel engines` greater efficiency and associated fuel economy, they produce around 30% fewer carbon emissions than gasoline engines. Diesel vehicles also emit NOx, sulphur dioxide and particulate matter. The emission of particulate matter, or soot, characterised diesel engines of the past and contributed to their negative image with consumers.

Developments in diesel engine technology
Since the late 1990s significant technical innovations have improved diesel engine technology. The first significant development was direct injection of fuel into each cylinder. Direct injection increased the thermal efficiency which enhances its competitive position with respect to the typical internal combustion engine. Calibration and technological developments also improved noise, vibration, harshness and emissions. More recently, common-rail fuelling systems have been developed, which use a single high-pressure fuel pump that pressurises fuel in a "rail" to which each injector is connected. The fuel is delivered at a constant high pressure irrespective of engine speed and again enhances the engine`s efficiency. The extremely high pressure of fuel injection also results in smaller particles of fuel, which burn more readily with the induction air and thereby improve fuel efficiency and power output. The improved fuel efficiency also results in a reduction of exhaust emissions.

Emissions legislation
Emissions legislation covering diesel light motor vehicles is already in place in the major regions. However the impact is felt mostly in Western Europe where 36% of passenger vehicles sold are diesel-powered. Legislation for heavy-duty diesel vehicles will be phased in from 2004 in North America, from 2005 in Europe and from 2004 in Japan.

Emission control
The use of the three-way catalyst in gasoline engines works very efficiently if the engine operates at a stoichiometric level where air/fuel ratios are controlled. With this control, HC, CO and NOx, are emitted in a ratio that, with the help of a catalyst, is easily transformed into water, nitrogen and CO2. In a diesel engine, however, the surplus of air in the mix results in insufficient HC and CO to react with the NOx and research and development has recently focused on this issue. Diesel engines also produce particulate matter and increasingly more stringent emission controls reflect this. At present, technologies such as selective catalytic reduction systems, cooled exhaust gas recirculation and NOx traps are used in conjunction with oxidation catalysts to reduce emissions. A reduction in the sulphur levels of fuels has resulted in a marked improvement in the emissions of NOx and particulate matter. Further improvements are expected as the major automobile manufacturing regions implement additional reductions from 2005.

Prospects
Light diesel vehicles continue to gain market share in Europe, largely on account of their better fuel efficiency, an important factor in a region where fuel prices are relatively high. The reduction in the negative factors associated with diesel engines, such as driveability, the emission of soot and noise has also contributed to their growing popularity.

In North America, diesel vehicles have until recently been restricted to heavy-duty applications. Americans have enjoyed relatively low-cost fuel and consumption has been a relatively unimportant issue for the consumer. However, attention to fuel economy has increased as more severe standards have been imposed on vehicles. The industry now generally accepts that zero-emission vehicles will be the reality of the future, but until then it must develop technologies that meet interim requirements. There is growing support in North America for the manufacture and sale of more diesel-powered light vehicles that will enable the industry to meet both Corporate Average Fuel Economy levels and federal emission limits. However, US and Californian emission standards are calling for drastic cuts in NOx and particulate matter emissions, a move that some industry watchers believe is specifically targeted at eliminating the diesel engine. Concerns over the USA`s reliance on oil imports, which has intensified since the terrorist attacks of September 2001, may result in a rethink on diesel engines. The Environmental Protection Agency (EPA) denies that the standards are prohibitive and an official representing the EPA predicts a potential 20% diesel light vehicle market share by the end of the decade, without a relaxation of the Tier 2 pollution rules.



Industrial

Investment in new Liquid Crystal Display (LCD) glass plants and construction of new petroleum refining capacity lifted the use of platinum in industrial applications by 3% to an estimated 1,52 million ounces in 2001. However, the use of platinum in the enhancement of memory on computer hard disks was adversely affected by a decline in demand for personal computers.


Platinum`s major applications in the chemical market sector :
The development of the chemical industry is cyclical in nature, with periods of new capacity construction requiring large amounts of platinum followed by periods of excess capacity, when only replacement metal is needed. With a slowdown in the construction of new paraxylene plants after two years of growth, demand for platinum in this application is estimated to have declined in 2001. However, higher demand for platinum in the manufacture of silicones and nitric acid offset the decline and overall demand for chemical applications remained stable compared to the previous year.


Platinum applications in the electrical/electronics sector :
The growing use of platinum to enhance the memory capacity on computer hard disks underpinned significant increases in platinum demand in electrical applications in 1999 and 2000. The rapid increase was due to a rising proportion of disks manufactured containing platinum. With the proportion close to 100% in 2001 and a decline in sales of computers in the same period, platinum demand in the electrical sector fell an estimated 16% in 2001, after seven years of growth.


Fuel cells

Fuel cells use platinum to promote a chemical reaction between hydrogen and oxygen to produce electricity, with the only by-products being water and heat. The principle of the fuel cell has been understood since the nineteenth century, but found practical application only in the 1960s, when NASA used fuel cells to provide power for the Apollo and Gemini space missions.

In 1990, California promulgated legislation that included a requirement for Zero Emission Vehicles (ZEV), which triggered research and development efforts into fuel cell use for powering vehicles. Ballard Power Systems was founded in 1979 to conduct research and development of high lithium batteries. In 1983, it began developing proton exchange membrane (PEM) fuel cells. From 1992, prototype systems were developed to demonstrate the technology and, in 1993, it signed a four-year agreement with DaimlerChrysler, the first major collaboration with a vehicle manufacturer. Today, Ballard has expanded its alliances and a number of vehicles delivered for use in the California Fuel Cell Partnership in 2000 were powered by Ballard fuel cells.

2001 was a significant year for fuel cells. The September 11 attacks in the USA refocused attention on the West`s dependence on the Middle East for fossil fuels. The US imports 65% of the oil it needs for gasoline and diesel fuels, up from 35% in 1973, the year of the OPEC oil embargo. Energy independence would help it avoid economic difficulties and international conflict. In January 2002, the Energy Secretary of the Bush Administration announced a partnership between his department and US automobile manufacturers to promote the development of hydrogen as a primary fuel for cars and trucks, in an effort to reduce US dependence on foreign oil. FreedomCAR`s (Co-operative Automotive Research) long-term goal is to develop technologies for hydrogen-powered fuel cell vehicles that need no foreign oil and emit no harmful pollutants or greenhouse gases. FreedomCAR will focus on the research needed to develop technologies such as fuel cells, sourcing hydrogen both domestically and renewably. The transition of vehicles from gasoline to hydrogen is viewed as critical in reducing both carbon dioxide emissions and reliance on foreign oil.

The government`s involvement in developing a hydrogen-supply network is imperative. The three largest auto manufacturers in the USA have built working fuel cell vehicles and plan commercialisation by the middle of the current decade. Each of them, however, uses a different hydrogen source and none can be refuelled at existing gasoline stations.

The use of proton exchange membrane fuel cells (PEMFCs) as power generators to feed residential electricity requirements carries the earliest commercial promise for this technology. As in the automotive sector, the call for improved energy security following the 2001 terrorist attacks has boosted the development of fuel cells for residential use. The California Power Administration will install several MegaWatts of fuel cell power starting this year. Portable fuel cell applications for powering laptop computers and mobile phones will make a significant contribution to the growth in demand in the second half of this decade.

[Upturner]

zu dem russischem minenwert nr 1 schau mal auf meiner webseite
dort etliches an infos

http://www.nornik.de/

[konradi]

Anglo American Platinum starts Phase 2 of Rustenburg Project

Anglo American Platinum Corporation Ltd said it is proceeding with Phase 2 of the Rustenburg Project to exploit the UG2 reef and produce 400,000 tons of ore per month.

This project and its associated capital expenditure forms part of the suite of projects aimed at maintaining baseline production and expanding to an annual production rate of 3.5 million ounces of refined platinum by the end of 2006.

The company said the project is expected to cost some 3.7 billion rand in 2003 money terms.

It said it expects the development to create approximately 2,300 new jobs in the Rustenburg area, commencing production within 18 months and reaching steady state production in 2008.

In addition, the company said the recently completed UG2 Waterval concentrator will be expanded to process the additional 400,000 tons per month of UG2 ore, increasing total capacity to 800,000 tons per month. The plant expansion will derive synergies from the already established infrastructure and staff.

© AFX News 04.12.2002

[konradi]

Business Day (Johannesburg) 27.11.2002


Fuel Cells Promise Brave New World for Platinum


If projections for success of technology come true, and cost issues are resolved, SA could see a sharp rise in demand

General Motors (GM) now devotes about half of its research and development to it; China and the European Union have announced government backing for it; and Anglo Platinum has just invested R320m in it.

Fuel-cell technology has developed sufficient momentum to make a range of governments and industries particularly the platinum industry start revising their plans. A fuel cell is essentially a new form of battery with enough juice to power anything from a car to a city block, and it has no environmentally harmful emissions. At the moment, the use of platinum for fuel cells is tiny, perhaps a few thousand ounces. SA produces 4,1-million ounces of platinum a year of the global 6,1-million ounces production. Lonmin spokesman Tony Reilly sums up the industry response to the potential in three words: "We love it".

According to Anglo Platinum spokesman Mike Mtakati, over the longer term, fuel cells will be the dominant driver of the platinum industry. Anticipating fuel cell demand is one of the reasons why it plans to lift its production from about 2-million ounces to 3,5-million ounces a year, adding about 13000 employees to its current payroll of 40000.

Fuel cells work by generating power through the combination of hydrogen and oxygen to produce electricity, heat and water. "Because fuel cells use an electrochemical process to produce a direct current, without combustion or moving parts, they provide a means of generating power cleanly, quietly and efficiently near to its point of use," says speciality chemicals group Johnson Matthey. The technology could be used in an extraordinary range of applications. Research is currently being devoted to everything from tiny fuel-cell batteries for use in cellphones and laptops to decentralised, city-sized power plants.

But the technology faces a huge obstacle: cost. HSBC oil analyst Paul Clark says the problem for alternative fuel sources is that oil is so cheap compared to the amount of energy it produces. It is also backed by a massive existing infrastructure that will need to be replaced for any new technology to work. "Alternative fuel sources have tended to be just a little more expensive than the existing systems and the economics just don`t seem to work out," he says.

For example, the cost difference between an internal combustion engine and a fuel cell engine of the same horsepower is about ten to one. But the flip side is that the cost of producing the fuel cell car engines has come down by about ten times in the past decade.

To address the cost question, GM took the opportunities that an electrically powered car would provide to redesign the motor car from scratch. The result is the Autonomy, which looks like an oversized skateboard. The intention is to use this base for a variety of car types, allowing GM to streamline production and cut costs.

The potential of fuel cells is partly seen in Anglo Platinum`s announcement earlier this month that it had bought 17,5% of refiner Johnson Matthey`s fuel cells unit for R320m.

Fuel cells "could be very important for the industry but it is almost a fool`s game to guess the exact timing", says Marcus Nurdin of the International Platinum Association, an industry body. According to one industry research document, the 500000 ounces demand by 2010 for fuel cell use is not impossible.

The most promising form of fuel cell technology is the proton exchange membrane fuel cell, which produces electricity by allowing hydrogen ions or protons to pass through a membrane that redirects electrons through an external circuit. Individual cells are stacked together in what is known as a fuel cell stack to provide a sufficient level of power. The membrane and catalysts are critical parts of the process, and platinum is currently punted as the most effective catalyst. Nurdin says that motorcars might not be the first mass users of the technology because of time vs cost factors. Instead, this role might be played by stationary generators and small batteries.

One issue for platinum producers is the perception that the cost of the metal could cause producers to hesitate in promoting the technology. "One of our problems is that platinum is viewed entirely by its cost and not by its value," says Nurdin.
The secret to ensuring that the cost of using platinum does not inhibit the growth of the fuel cell industry is to maximise surface area while minimising the amount of metal used.
The current fuel-cell system used to propel a motorcar sized engine uses about 100g of platinum. When serious production begins, only 40g will be used. Mass production will start with 20g, while the ultimate target in the US is a mere 9g, Nurdin says.

Big obstacles need to be overcome before fuel cells reach critical mass, but they may be the most important component of the future of the platinum industry. If so, the ramifications for SA could be as significant.

[DBrix]

...und trotzdem bin ich immer noch der Meinung, dass Silber dass nächste dicke Ding wird!

[howling wolf]

In der Autobranche wird Platin vor allem zur Herstellung von Katalysatoren verwendet. Angesichts der immer strikteren Umweltauflagen dürfte die Nachfrage hier hoch bleiben – auch weil viele Hersteller wegen des stark gestiegenen Palladiumpreises zuletzt wieder auf Platin umgeschwenkt sind


Das ist hinfällig, Pd aktuell bei $ 250, daher bietet sich für mich nun schon ( wieder ) eine Spekulation in Palladium an.

hw

[Tsuba]

@ h. Wolf,

Palladium ist momentan zu billig", daß sehe ich ähnlich.

Überlege mir deshalb noch einige
Stillwater 893759 zuzulegen.

(mit Stillwater sollte man sich aber vorher
befaßt haben, da gibt es andere Untiefen.
Also keine Empfehlung)

Gruß
Tsuba

[konradi]

.

New Platinum nanotube could increase catalytic efficiency of natural gas reformers

Researchers at Japan’s Miyazaki University have developed a way to fashion platinum in the shape of hollow nanotubes. Owing to their greater surface area, these have twice the catalytic effect of conventional platinum nanoparticles.

Platinum nanoparticles measuring several nanometers in diameter are already being used in the reformers used to obtain hydrogen gas from natural gas for fuel cells.
However, the new platinum nanotubes, which are several times larger, are reported to be able to double a reformer`s ability to obtain hydrogen from methane.
Research is still at an early stage, but the technology could reduce the quantity of platinum required in a reformer, cutting costs, which in turn will aid commercialisation.

Quelle: http://www.fuelcelltoday.com/index/0,1967,,00.html

- - -


ANGLO AMERICAN PLATINUM CORP LIMITED

Rustenburg UG2 Project; Phase 2

Anglo Platinum is pleased to announce that it is proceeding with Phase 2 of the Rustenburg UG2 Project to produce 306 000 ounces of refined platinum and 167 000 ounces of palladium per annum. This project and its associated capital expenditure forms part of the suite of projects to both maintain baseline production and to expand to an annual production rate of 3,5 million ounces during 2006. Mining authorisations are in place for this project.

The project will exploit the UG2 Reef, firstly using existing infrastructure at the Frank and Townlands vertical shafts to produce 155 000 tons of ore per month, and secondly from two new decline shafts to be established at Boschfontein East and Boschfontein West to produce 245 000 tons per month.

In addition, the recently completed 400 000 tons per month UG2 Waterval concentrator will be expanded to process the additional 400 000 tons per month of UG2 ore, increasing total capacity to 800 000 tons per month. The plant expansion will derive synergies from the already established infrastructure and staff. The expanded plant will have sufficient capacity to process all material from the new UG2 production sources.

The project is expected to cost some R3,7 billion in 2003 money terms, made up as follows:

Rustenburg Shafts R0,7 bn
Boschfontein declines R1,8 bn
Concentrator R0,9 bn
Bulk Infrastructure R0,3 bn
Total R3,7 bn

On 28 November 2002 Anglo Platinum announced that the capital expenditure in 2003 to maintain operations was estimated at R3,6 billion. Capital expenditure on the RPM UG2 Phase 2 project in 2003 is included in this amount. It is expected that this development will create approximately 2 300 new jobs in the Rustenburg area.

The project is expected to commence production within 18 months and reach steady state production in 2008. Overall baseline production at RPM will remain constant over the period as production from the Merensky Reef will gradually be replaced by UG2 production.

Johannesburg, 4 December 2002

- - -


Angloplat buys stake in fuel cell unit

World number one platinum producer Anglo American Platinum had acquired a 17.5 percent stake in refiner Johnson Matthey`s fuel cells unit for £20-million.
Angloplat said in a statement the acquisition of the stake in Johnson Matthey Fuel Cells Ltd would provide the company with exposure to the commercialisation of the jointly developed fuel cell technology.

siehe auch:

http://www.angloplatinum.com

http://free.financialmail.co.za/coulsononair/couldavis.htm

http://www.matthey.com

http://www.eyeforfuelcells.com/ReportDisplay.asp?ReportID=10…

"The development of fuel cells is a logical extension to our strategy of growing the market for platinum group metals. Fuel cells will drive the long-term demand for platinum and this strategic holding will provide commercial returns as well as stimulate demand," said Executive Chairman Barry Davison.

Johnson Matthey has committed many years of effort to developing fuel cell technology and continues to make significant investments in its fuel cell business. In April 2000, Johnson Matthey Fuel Cells was formed as a separate business unit dedicated to the development and manufacture of catalysts, membrane electrode assemblies (MEAs), fuel processors, and catalysed components for low temperature fuel cell systems.

In recognition of the importance of fuel processing to the fuel cell industry, Johnson Matthey Fuel Cells formed a new business - Gas Processing Technology to focus on the fuel processing aspect of Johnson Matthey Fuel Cells’ business. As well as the new products being developed for the fuel cell industry, this business unit is also responsible for Johnson Matthey’s established Hydrogen Purification products.
Johnson Matthey Fuel Cells is expanding rapidly and currently employs more than 150 people across Europe, USA and Japan.

Johnson Matthey is a speciality chemicals company focussed on its core skills in precious metals, catalysts and fine chemicals. It is organised into four global divisions: Catalysts & Chemicals, Precious Metals, Colours & Coatings and Pharmaceutical Materials.






General Motors hydrogen fuel cell vehicle

The group`s principal activities are the manufacture of autocatalysts and pollution control systems, catalysts and components for fuel cells, pharmaceutical compounds, process catalysts and speciality chemicals; the refining, fabrication and marketing of precious metals; and the manufacture of colours and coatings for the ceramic, glass, paint and plastics industries.

Johnson Matthey has continued to develop its technology for almost 200 years, demonstrating the company`s ability to maintain world leadership by adapting constantly to rapidly changing customer needs. Rigorous in its own environmental policies, many of Johnson Matthey`s products have a major beneficial impact on the environment and enhance the quality of life for millions around the world.
Johnson Matthey has operations in 34 countries and employs around 8,000 people. Its products are sold across the world to a wide range of advanced technology industries.

- - -


Platinvorkommen:


PLATIN




In 2001 there was an 11 % increase in world platinum supplies, with a rise of 570,000 oz to 5.86 million oz.

South Africa remained by far the largest supplier of platinum in the world, pushing its supplies to over 4 million oz for the first time ever. This accounted for 70 % of the world`s primary sales of the metal in 2001. Output from the South African platinum mines is forecast to increase a further 10 % in 2002.

All of South Africa`s production is sourced from the Bushveld Igneous Complex, which hosts the world`s largest resource of PGMs. In addition to platinum and palladium, these mines also produce rhodium, ruthenium, iridium, gold, silver, nickel, copper, cobalt, ammonium sulphate and sulphuric acid as by-products.

Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four - iridium, rhodium, ruthenium and osmium - are produced only as co-products of platinum and palladium and are never likely to be mined for their own sake.

It is a capital and labour intensive industry, taking up to six months, and requiring 7 to 12 tonnes of ore to produce one troy ounce (31.135 grammes) of platinum. Companies are investing heavily in exploration and production facilities to ensure the future supply of these vital metals.

Platinum Group Metals (PGM) ore is mined underground and less usually in open-cast pits. It is blasted out of the ground before being crushed and milled into smaller rock particles which are mixed with water and reagents and pumped through with air to form a "froth flotation". PGM-rich particles adhere to the bubbles created by this process. They are then removed at the surface and the remaining material is put through the process a second time. When dried, the flotation concentrate is smelted at temperatures that may be over 1500 °C and a mixture of the metals is separated from unwanted minerals such as iron and sulphur by air being blown through.

Nickel, copper and cobalt are separated and refined using electrolytic techniques leaving rich residues which require the separation and purification of the remaining PGMs, gold and silver. This part of the process is an intricate combination of solvent extraction, distillation and ion-exchange techniques.

Finally, the soluble metals, which dissolve in hydrochloric acid and chlorine gas, are obtained: first gold and then palladium and platinum. The insoluble PGMs (rhodium, iridium, ruthenium and osmium) are the last to be extracted.

Russia, which, with 22 % of the market, is the world`s second largest supplier of platinum, also saw a significant increase in supplies in 2001 - with the figure rising 18 % to 1.3 million oz. The production is concentrated in the Norilsk region.



PALLADIUM




In 2001 there was a 6 % fall in world palladium supplies, with a drop of 480,000 oz to 7.32 million oz.

Russia remained by far the largest supplier of palladium, generating 59% of the world`s primary sales of the metal in 2001. This was despite the fact that its supplies fell 17% to 4.34 million oz - the lowest level since 1995.

Sales of palladium by South Africa rose by 150,000 oz to 2.01 million oz in 2001 - accounting for 24% of world palladium supplies.

North American supplies rose nearly 34% to 850,000 oz in 2001. This currently accounts for 8% of the world market.

- - -


JOHNSON, MATTHEY PLC SHARES ...
WKN 855808




- - -


Anglo American Platinum Corporation Limited

[konradi]

Platin heute wieder auf Rekordhöhe: 602 US$ !


Business Day (ZA)

Anglo Platinum could face JSE delisting after share purchases

Anglo American`s move to boost its stake in its subsidiary company raises some concerns
Resources Correspondent

ANGLO American`s move to boost its stake in Anglo Platinum (Angloplat) has led to worries that, in time, the company may move to a full takeover of its subsidiary and Angloplat could be delisted from the JSE Securities Exchange SA.

The resources giant said on Friday that it had lifted its shareholding in Angloplat to 66,75%.

Anglo has added 2,95% to its Angloplat holding since it last updated shareholders on its stake at its interim results in September.

"At some point they will aim to take it out (to buy 100% of Angloplat), but I don`t think the political climate is right now," said one Johannesburg-based mining analyst.

The analyst, said, though, that any move by Anglo to delist Angloplat from the exchange would further diminish the prominence of the JSE .

On Friday Anglo would not comment specifically on the possibility of any future plans to build up its stake in Angloplat, or about any possible move to delist Angloplat from the JSE .

"We have said that we will continue to buy shares (in Angloplat) when we see value," said an Anglo spokeswoman, Anne Dunn.

However, the analyst said: "Anglo would have to tread very carefully. There are concerns about dividend outflows and this would upset government."

This year the company has increased its stake in Angloplat from 58,39% to 66,75% and invested $767m in Angloplat shares. This is equivalent to Anglo`s firsthalf net profit.

Anglo American moved its main listing to the London Stock Exchange in May 1999, and last year diamond company De Beers, in which Anglo has a 45% stake, delisted from the JSE .

The strength of the JSE has been diminished in the last decade, and last week Business Day reported that research company McGregor BFA said plans to introduce stricter listing requirements on the JSE could lead to a significant number of companies being forced to delist from the exchange.

JSE CEO Russel Loubser disagreed. Since the early 1990`s, though, the number of companies on the exchange has contracted from about 700 to 450, according to McGregor BFA.

Analysts believe that a move to delist Angloplat would be a blow to SA`s primary stock exchange.
Of the companies listed on the exchange, which have their headquarters in SA, Angloplat is the largest with a market capitalisation of R68bn.

Having declared its stake of more than 66%, Anglo can now move to build up its Angloplat stake further.

The company said it had no obligation under London Stock Exchange rules to make an offer to minority shareholders as it was already Anglo Platinum`s controlling shareholder.

[konradi]

The Straits Times (Singapur) 20.12.2002

Chinese ditching gold for platinum


While more are veering towards Western fashion tastes, gold bullion as a form of investment is still a thriving market

By David Hsieh


BEIJING - Pure gold and jade are out for China`s affluent crowd. Instead, they are shopping for platinum, gold and diamond jewellery.

Last year, China imported 40 tonnes of platinum, more than half of the world`s supply, for jewellery and other industrial uses, according to industry sources. Traditionally, well-heeled Chinese have preferred bracelets and necklaces made from pure gold and jade.

Owing to backward smelting techniques, ornament gold contains small amounts of copper that oxidise to produce an orange hue. Traditional gold jewellery are often also poorly crafted by modern standards and cannot withstand the day-to-day wear and tear.

With the rapid opening up of China in the past decade, increasingly sophisticated Chinese consumers have become exposed to beautifully designed and well-crafted jewellery from abroad, that retain their lustre even after many years of use. The Chinese are also attracted to platinum and 14K or 18K gold rings studded with diamonds or other precious and semi-precious stones.

A clerk at Guiyou Department Store in east Beijing said:
`Customers buy platinum for the value. They buy 14K and 18K gold jewellery for the design and for fashion. Now, even farmers come in to buy platinum and low-carat gold.` At Guiyou, platinum rings and necklaces cost 198 yuan (S$40) per gram and 14K and 18K jewellery items are priced according to individual pieces.

Mr Shi Hongjue, vice-secretary-general of the Gemmological Association of China, said it was the high quality of Western jewellery that appealed to the Chinese.
`The romanticism and artistry reflected in modern Western jewellery appeals to Chinese consumers. `Traditional Chinese jewellery no longer satisfies the changing taste of these consumers,` he told The Straits Times.

Mr Hu Songlin, general manager of Shard Box Store, a jewellery store in Beijing, said buying diamonds was also considered a sound investment. `Diamonds maintain and increase in value. `Nowadays, the average Chinese have more money to spend so buying two or three carats is not beyond their reach,` he said. Like gold, the demand for jade - especially feicui or green jade and white jade - has also waned.

Low quality and fake jade, which has flooded the market, has deterred consumers from spending huge sums on expensive jade. The problem is aggravated by the lack of authoritative authentication of the quality of jade.

Although pure gold in the form of jewellery is losing its popularity in China, it has found a new and potentially huge market - in the form of gold bullion for investment purposes.
After a 50-year ban on trading and retail sale, the Shanghai Gold Exchange opened its doors in October this year.

More than 10 tonnes of gold bullion, valued at 880 million yuan, have been traded.
Last month alone, about six tonnes were traded.

Gold ingots ranging from 10 g to 500 g, which went on sale at major department stores nationwide on Wednesday, are selling like hot cakes. At the Guiyou store, the first batch of 200 ingots, priced at 92 yuan per g, were snapped up by noon with the second batch also selling fast.

On Wednesday alone, four department stores in Beijing sold a total of more than 200 kg of gold bullion worth 18 million yuan.


Quelle:
http://straitstimes.asia1.com.sg/home/0,1869,,00.html?

[konradi]

BUSINESS WIRE - Wednesday December 18, 11:48 am ET


Catalytic Solutions Inc. (CSI) has been awarded a program to supply catalysts to Ford Motor Company (NYSE:F - News) for a 2004 1/2 model U.S. vehicle. Catalytic Solutions has developed advanced catalytic coating technology, Mixed Phase Catalyst (MPC®), which provides reductions in the use of platinum group metals, enhanced performance and durability.

In May of this year, Ford and CSI announced an agreement to work together toward the implementation of CSI`s technology for product applications on Ford vehicles. The award of this new contract represents a major milestone in this joint activity.

"The opportunity to work closely with Ford development and vehicle teams has been extremely important for CSI," said Bill Anderson, CEO of Catalytic Solutions. "Winning a major program award is confirmation of the benefits available with CSI`s technology and of Ford`s commitment to drive costs down while meeting ever-increasing emissions requirements."

---

About CSI
Catalytic Solutions, Inc. is a global developer and manufacturer of advanced catalytic coating solutions. The unique and proprietary Mixed Phase Catalyst ("MPC®") catalytic coating technology is fundamentally different from other approaches and enables CSI to produce catalyst formulations with superior catalytic performance, greater durability and cost-effectiveness for a wide range of environmental applications. Precise mass-production methods assure excellent coating control and predictable performance. CSI is a privately held company with corporate headquarters in Oxnard, California and offices in Michigan, United Kingdom and Japan. For more information, visit www.catalyticsolutions.com.

[woernie]

hi konradi,

schöner und vor allem informativer thread!
#6 und #7:
auch ich finde eine spekulation in palladium im moment lohnend. stillwater-untiefen sind zumindest teilweise bekannt. was für alternativen gibt es?
thanx.

gruss woernie

[peter.wedemeier1]

Stillwater Mining halten!
North American Palladium (PAL) wird dir eine gute und lohnende Alternative sein! Bodenbildung abgeschlossen!

Gruß und Frohe Weihnachten!

[cabinda]

zur ergänzung und wiederbelebung deines informativen threads ein paar infos von der homepage von aqarius platinum.


>The unique properties of platinum group metals (PGMs) have resulted in these metals being dubbed “the new millennium metals” by many. The sustained growth in demand has long outstripped predictions and is set to continue as new and innovative “new age” uses for these metals are found.

The group of six metals – platinum, palladium, rhodium, iridium, ruthenium and osmium – are found naturally in close association with one another and, very frequently, along with nickel and copper. These rare metals – known to be the least abundant of the earth’s elements – are found in a few known deposits in the world: on the Bushveld Complex in South Africa; Noril’sk Nickel in Siberia, Russia; Stillwater in Montana, USA; Sudbury in Ontario, Canada; and on the Great Dyke in Zimbabwe. Of these, the deposits in South Africaand Russia are by far the largest, causing a concentration of supply from these countries. In global terms, there are less than 10 significant PGM producers.

Of the PGMs, platinum and palladium are found in the largest quantities and are of the greatest economic importance. Key uses – and consequently markets – for these metals include:

Platinum: Jewellery, autocatalysts, industrial uses (such as in glass, in the petroleum industry, in dental alloys and in biomedical devices), the electrical industry (in computer hard disks) and for investment purposes (in the form of bars and coins).

Palladium: Autocatalysts, dental alloys, electronics (particularly in multi-layered ceramic capacitors – MLCCs).


Creating the energy source of the future
Significant environmental and economic benefits are expected to arise from the development of fuel cells for both vehicle and stationary power sources. Based on the same principle as a battery (silent operation, no moving parts and an electrochemical reaction to generate power), fuel cells produce electricity by combining hydrogen and oxygen over a platinum catalyst in a virtually zeroemission process. Projects to commercialise this vital and environmentally friendly source of power are under way by major manufacturers around the world and it is expected that demand for PGMs will increase markedly in this sector during the next 10 to 15 years.


The jewellery metal of the future
Since it was first used more than 2,000 years ago as a form of adornment in the ancient Indian civilisations of South America, or even further back to the 7th century BC when it was used to decorate ancient Egyptian caskets, platinum has become the metal of choice in jewellery markets around the world, but particularly in Asia. Known for its high purity, prestige and value – and combined with the most modern designs and manufacturing techniques – platinum is a metal that appeals to the new generation of jewellery purchasers, men and women alike.


Catalysis for a cleaner environment
As pollution control legislation for motor vehicles increases in developed countries, such as the United States, Japan and many parts of Europe, so the demand for autocatalysts increases. Usually comprising a fine honeycomb-like cylinder coated with chemicals and a combination of platinum, palladium and rhodium, autocatalysts are used to convert harmful emissions – such as carbon monoxide, oxides of nitrogen, hydrocarbons and cancer-causing particulates – into less harmful emissions.

Implats exchanged the Everest North, Everest South and Chieftains Plain projects for a 24.5% stake in Aquarius Platinum (South Africa) – AQP(SA) – in mid-2000, driving the growth story still further and providing the company with opportunities for expansion.

Following the acquisition of the bulk of the minorities in Kroondal Platinum Mines, it was delisted from the JSE. This was followed by a simplification of the corporate structure,giving Aquarius Platinum Limited a 75% stake in AQP(SA), which in turn owns the Kroondal and Marikana Mines as well as the Everest South, Everest North and Chieftains Plain projects. Aquarius Platinum acquired a 50% direct stake in ZCE Platinum, the owner of Mimosa on 1 July 2002.

With effect from 17 July 2002, Aquarius Platinum Limited moved its listing from AIM to the main board of the LSE.<

zum zahlenwerk - pdf:

http://www.aquariusplatinum.com/quarterlies.htm

gruss
cabinda

[cabinda]

nur als basis für weitere recherchen, ohne meinung , vielleicht mag jemand weitermachen:


January 2003, Volume 47, Number 1
Among items appearing in this issue are the following:

The basic principles of the semiconductor-sensitised photochemistry of water, mainly using titania as the semiconductor photocatalyst, are discussed by Professor Andrew Mills and Soo-Keun Lee of the University of Strathclyde, Scotland. Depositing a platinum group metal or oxide onto the titania surface can often improve the overall efficiency of the photoreactions. Various methods of depositing the platinum metal or oxide are examined, with particular attention being given to a photodeposition process that uses a sacrificial electron donor to mop up the electrons produced in the photoreaction. Semiconductor photocatalysts coated with a platinum metal or oxide are prominent in heterogeneous systems involved in the photoreduction, photooxidation and photocleavage of water. There has been renewed interest recently in this photochemistry but concerns remain over reproducibility, longevity and the nature of the photoreactions.

The European Technical Director of Johnson Matthey Catalytic Systems Division, Martyn V. Twigg, comments on advances in emissions control technology discussed at the 2002 World Congress of the Society of Automotive Engineers (SAE) in Detroit. He describes the continuing progress being made by various companies concerned in the control of exhaust gas pollutant emissions, especially key trends in catalyst emissions control systems that depend upon platinum group metal catalysts.

The Catalyst Life Cycle conference, held at the University of Bath, U.K., in September, 2002, is reviewed by Stephen Poulston and Stephen Pollington of the Johnson Matthey Technology Centre. They report on the talks given at this biannual meeting on platinum metals catalyst deactivation/regeneration and on such diverse areas as large scale industrial reactions, automotive catalysis, fuel cells and fine chemical synthesis.

Palladium carbonyl clusters, where the palladium is in the (+1) formal oxidation state, and derivatives of these clusters are examined by Tatiana A. Stromnova of N. S. Kurnakov Institute of General and Inorganic Chemistry, Russian Academy of Sciences, Moscow. Tetranuclear carbonyl carboxylates of palladium are discussed as a model of key intermediates in various processes, including CO oxidation by a palladium catalyst with molecular oxygen as the oxidant. A second type of cluster, a palladium cationic cluster which contains N-donor ligands, acts as a catalyst precursor for processes such as exhaust gas purification. A third type of palladium carbonyl cluster includes bimetallic compounds which catalyse new reactions, such as the low-temperature dehydration of alcohols.

F. A. Lewis, formerly of Queen’s University, Belfast, Nothern Ireland, has been involved in research on hydrogen diffusion in palladium and palladium alloys for many years. Here, with colleagues, he comments on the interpretation of some ‘uphill effects’ of the hydrogen diffusion coefficient in Pd77Ag23 alloy membranes that can occur due to Gorsky Effect and lattice strain gradient factors.

Donald S. Cameron reviews the first of a new series of biannual European fuel cell conferences entitled "Fuel Cells - Science and Technology 2002" which was held in Amsterdam, in September, 2002. These conferences are to be alternated with the Grove Symposium, giving a balance between the scientific and commercial aspects of the technology. The conference theme: ‘Scientific Advances in Fuel Cell Systems’, was chosen to focus on the scientific challenges posed by the introduction of these novel power generators.

Three short items are typical of the vast range of platinum group metals research that is being undertaken worldwide.

One item reports work by researchers at the University of St. Andrews, Scotland, who successfully used a new ligand, a diphenylphosphine functionalised polyhedral oligomeric silsesquioxane (POSS) dendrimer (with 16 or 48 diphenylphosphine end groups), for the rhodium-catalysed hydroformylation of oct-1-ene. Unexpectedly high regioselectivity to the linear aldehyde (86%) was obtained with a POSS dendritic ligand (with five atoms between the P atoms, and C-Si linkage).

Researchers at the University of Tokyo have developed an efficient heterogeneous ruthenium/alumina catalyst that can oxidise alcohols with 1 atm of oxygen or air, without additives. The catalyst has high activity for oxidising activated and non-activated alcohols, with selectivity of over 97%. Even less reactive primary alcohols (1-octanol and 1-decanol) could be oxidised. The catalyst system is reusable.

The temperature dependence of the light-switching effect in the ruthenium complex, [Ru(bpy)2dppz]2+, has been researched by scientists at the University of North Carolina, Chapel Hill, U.S.A. Excited-state lifetime measurements taken in protic and aprotic solvents suggest that the light-switch effect is a competition between energetic factors (for darkness) and entropic factors (for light) and is not due to a state reversal. The dppz ligand has phz-like and bpy-like states, with the phz being associated with the dark state and the bpy being associated with the bright state.

The issue also contains a selection of abstracts based on recently published patent and scientific literature and ends with another of David Grove’s ‘Final Analysis’ items. Here, David describes how an additive can change the activity of a catalyst and how industrial catalysts become deactivated. He includes some measures that can be taken to improve catalyst performance.

Platinum Metals Review is available on the internet from the publications section of the Platinum Today site or from the host site www.ingentaselect.com.

Susan V. Ashton
Editor

Anyone with an active interest in the platinum group metals and their uses who does not have ready access to a copy of Platinum Metals Review and who may benefit from reading it, is invited to request a specimen copy from:

The Editor, Johnson Matthey PLC, 40-42 Hatton Garden, London EC1N 8EE, United Kingdom; Fax [phone]; Email [e-mail]

http://www.platinum.matthey.com/publications/pdf2002InterimR…

[konradi]

.


HEUTE IN NEW YORK :

EINE UNZE PLATIN 700 $ !!!


Knappes Angebot treibt den Platinpreis

Im Schatten des steigenden Goldpreises ist Platin, das andere große Edelmetall, fast unbemerkt mit knapp 650 $ pro Feinunze auf den höchsten Stand in fast 17 Jahren geklettert. Zuletzt hatte das weiße Metall im September 1986 solche Höhen erklommen. Gestern notierte es knapp unter dem Hoch bei 643 $.

Anders als der Goldpreis, der von der geopolitischen Unsicherheit, der Börsenschwäche und dem schwachen Dollar profitiert, beruht der Preissprung bei Platin auf möglichen Versorgungsengpässen. Zuletzt hat es Spekulationen über einen Streik im russischen Buntmetallkomplex Norilsk gegeben, wo Platin als Nebenprodukt bei der Palladium- und Nickelförderung gewonnen wird. Schon früher hatten Gerüchte über plötzliche russische Lieferungen oder Engpässe immer wieder zu größeren Preisausschlägen bei Platin geführt. Hinzu kommt die Sorge, dass Produktionsstörungen auf einer südafrikanischen Mine des Produzenten Lonmin zu Lieferproblemen führen könnten.

zu Lonmin siehe:

http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6534225…

Die starken Preisschwankungen liegen vor allem darin begründet, dass Platin nur in wenigen Ländern gefördert wird – und somit eine große Abhängigkeit von wenigen Produzenten besteht. Südafrika fördert heute rund 80 % allen Platins und ist damit praktisch Monopolist. Auch von den bis 2010 neu erschlossenen Vorkommen dürften 90 % aus dem südafrikanischen Bushveld kommen.

Die hier um 1920 von dem deutschen Geologen Hans Merensky entdeckten Platinlagerstätten sind groß genug, um den ganzen Weltmarkt für mindestens 100 Jahre allein zu beliefern.

Russland folgt mit etwa 15 % abgeschlagen an zweiter Stelle; der Rest entfällt auf Kanada. Ein weiteres Manko liegt darin, dass sich das nahezu stabile Verhältnis zwischen Angebot und Nachfrage am Platinmarkt verschiebt. Viele Experten sind überzeugt, dass die wegen der schwachen Weltwirtschaft zuletzt stagnierende Nachfrage in den nächsten zehn Jahren das Angebot übersteigen wird.

Für 2012 rechnet Rene Hochreiter, Bergbauspezialist von BoE Securities in Johannesburg, trotz beträchtlicher Produktionssteigerungen am Kap mit einem jährlichen Nachfrageüberhang von fast 1 Mill. Unzen. Das Londoner Edelmetallhaus Johnson Matthey weist zudem in seinem Interimsbericht (November) auf den starken Bedarf des Schmucksektors in China hin (+13 %). Chinas Juweliere verarbeiten bereits jetzt die Hälfte allen Platins in der Branche; der einstige Spitzenreiter Japan nur noch ein Viertel.

Enttäuschend gestaltete sich die Nachfrage jedoch in Nordamerika, wo der Verkauf an Platinschmuck im Jahr 2002 mit +2 % hinter den Erwartungen geblieben ist. Insgesamt stieg die Nachfrage nach Platinschmuck im vergangenen Jahr weltweit um 9 %.Anders
als Gold, mit dem sich Platin jahrelang im Tandem bewegte, ist das härtere Platin aber nicht primär ein Schmuckmetall sondern auch ein wichtiger Rohstoff für die Industrie. Zu den großen Abnehmern gehört die Autozuliefererbranche.

Die international immer härteren Umweltauflagen sorgen für eine steigende Nachfrage nach Katalysatoren, die je nach Fahrzeugtyp zwischen einem sechs Gramm Platin enthalten. Als viel versprechend könnte sich zudem die Verwendung von Platin in Auto-Brennstoffzellen erweisen. Die Zellen haben das Potenzial, eines Tages die Vorherrschaft des herkömmlichen Motors zu brechen. Nach Ansicht von Angloplat- Chef Barry Davison dürften schon im Jahr 2010 allein in diesem Segment rund 500 000 Unzen gebraucht werden.

Doch einen großen Teil ihrer Platinvorräte hat die Autoindustrie 2002 aufgebraucht. Experten prophezeien daher spätestens ab 2005 einen Nachfrageüberhang bei Platin. Hinzukommt, dass dass viele Hersteller wegen des extrem volatilen Palladiumpreises, der von 1 100 $ (Anfang 2001) auf 250 $ pro Unze gefallen ist, wieder auf Platin umgeschwenkt sind.

Unverzichtbar ist das Edelmetall auch bei Mobiltelefonen und Computerfestplatten, die viele Bestandteile der Platin-Metallgruppe enthalten. Wer das Risiko von Einzelaktien scheut und direkt in Platin investieren will, kann dies mit Hilfe eines Open-end-Zertifikats tun wie es z.B. seit neuestem von der Dresdner Bank angeboten wird. Der Kurs bewegt sich in Einklang mit dem Platinpreis und konnte in den letzten Monaten kräftig zulegen. Daneben bieten wegen des Mangels an reinen Platinfonds Edelmetallfonds eine Anlagealternative.

Wolfgang Drechsler, Handelsblatt, 29.01.2003



Mineweb 23.01.2003


Eyes on gold, don’t forget platinum

Tim Wood

Platinum prices are at their best in nearly two decades with the latest spot price racing through $650 an ounce today and already looking capable of breaching $660. A good deal of platinum’s performance has been linked to gold, although it is also benefiting from supply disruptions.

Among global PGM equities, Vancouver exploration firm

Mustang Minerals [YMU] has been the best performer, up 270% since late October alone. The other prominent gainer is US based PGM explorer Trend Mining [TRDM], which has doubled in value over the same period. Australian miner Zimplats [ZIM] and Platinum Group Metals [PTM] have also enjoyed good gains.

There are also good arbitrage opportunities between the thinly traded ADRs and primary listed stock of companies like Anglo American Platinum [AAPTY.PK] and Impala Platinum [IMPUY.PK] among several.

As with gold, it is Tokyo that has been dragging platinum higher, trading on war talk and labour problems at key producers in Russia and South Africa. Technically, ScotiaMocotta expects platinum to target $661, the top end of its recent channel higher.

Platinum is up from $460 per ounce a year ago after bumping against $425 an ounce several times in late 2001. It has quite closely tracked the gold price since then and it is notable that platinum gold and oil are moving nearly synchronously.

Independent technical analyst, Amanda Sells, recently pointed out that a “broad flag-type continuation formation projects a target to $688. Based on the two-year formation, she believes the best case long-term target would be $868, recalling the bubble in palladium that pushed it to $1,100 an ounce for a brief period.

Mitsui analyst, Andy Smith, believes platinum will retain its premium over palladium and rhodium for most of this decade. The metals are literally switching roles – palladium was previously scarce, now it is plentiful and vice versa for platinum.

The platinum deficit comes from Amplats’s revised expansion plans that will undersupply 1.2 million ounces through to 2006 relative to original estimates. To put that in perspective, it amounts to 5% of global supply in each of the next three years and comes on top of an existing three-year deficit.

It’s not all a one way trip up though with several “release valves” potentially easing pressure and with speculators key to balancing industrial consumption.

---

Danke an Cabinda für ihre Recherchen zu Aquarius. Das Problem sehe ich hier wie auch bei Zimplats beim black empowerment, bzw. in der Person Mugabe:

(...)The acquisition by Aquarius Platinum of a 50 per cent stake in the Mimosa platinum mine in Zimbabwe is a bold stroke and a shrewd move. Everyone has their own ideas of how long the ghastly Mugabe can cling on to power, but the last election proved that he does not have the backing of the people and the deteriorating economy will diminish his support even more. (…) -Quelle: http://www.minesite.com/archives/news_archive/2002/june-2002…

Das könnte interessenlanciert sein. Ergänzend dazu ein Interview mit Zimplats CEO Roy Pitchford vom August letzten Jahres (Ausschnitt)


MININGWEB: Now Roy, our papers are full of absolute horror stories, as I am sure you`re aware, about rocketing inflation in Zimbabwe, famine, ongoing farm invasions. How risky is it undertaking an investment in Zimbabwe under these current market conditions?

ROY PITCHFORD: I think, if one looks at things generally, you would obviously conclude that Zimbabwe is a risky place to invest. But when you come to look at Zimplats you`ve got to look at it in the context of the investment incentive and financial regime that the government has put together for Zimplats. For example, we have the ability of offshore banking of proceeds of sales, which enables us to access all the foreign currency that we need to maintain operations. So we are not constrained by the shortage of imports, etc, that the rest of the mining industry is facing at the moment.

MININGWEB: Any chance of those mines being expropriated at any stage?

ROY PITCHFORD: Well, the government of Zimbabwe has given written assurances to investors that there will not be any interference in the ownership of the company, and I know governments are sovereign and have the right to change their minds, but I don`t believe so. The platinum operations are complex, they`re highly capital-intensive, they require a lot of foreign investment, and we process the ore at the moment through to about 80% of the finished product – i.e. we produce a converter mat, which we then have sold to Impala Platinum for further refining.

MININGWEB: And that they do in South Africa?

ROY PITCHFORD: Which is done in South Africa. Now, we do have a base metal refinery that`s also on care and maintenance, and one day we will look at recommissioning that, but we do not have a platinum or precious metal refinery and it will be many, many years before the economics of platinum production in Zimbabwe justify the construction of a platinum refinery. So we are actually dependent on the South African refineries, particularly Zimplats the Impala Platinum one, for the refining of our product. So we don`t have a really marketable product, it has to be further processed in South Africa. And I do not believe that the platinum industry, platinum mining in Zimbabwe, is something that the Zimbabwe Government will focus on in terms of nationalisation.

(…)

Neben Angloplats ist Impala der zweite große Platinproduzent Südafrikas. Dazu berichtet Wolfgang Drechseler vom Handelsblatt:

Der südafrikanische Platinkonzern Impala Platinum hat Investoren viel zu bieten. Der Minenkonzern profitiert zurzeit von einer steigenden Platinnachfrage der Automobil- und der Schmuckindustrie.

Zu den Rohstoffaktien, die sich seit Beginn der Börsenkrise vor drei Jahren besonders gut entwickelt haben, gehören die südafrikanischen Platinwerte. Am besten hat sich mit Impala Platinum (Implats) ausgerechnet ein Unternehmen geschlagen, das manche Experten wegen seiner wenig ergiebigen Reserven und komplexen Besitzverhältnisse bereits abgeschrieben hatten.

In den letzten vier Jahren hat sich der Implats-Kurs mehr als verzehnfacht – von 50 Rand auf derzeit 585 Rand. Trotzdem gelten die Titel des weltweit zweitgrößten Platinproduzenten noch als günstig.

Zwei Gründe haben Implats zu neuem Glanz verholfen. Zum einen schloss das Unternehmen Anfang 1999 eine außergerichtliche Übereinkunft mit dem Stamm der Bafokeng im Nordwesten Südafrikas; unter dessen Boden schlummert ein Gutteil der Platinvorräte von Implats. Der Streit hatte jahrelang die Entwicklung des Unternehmens und den Aktienkurs gebremst. Zudem profitiert Implats von dem stark gestiegenen Platinpreis, der gestern zeitweise mit 673 $ pro Unze auf dem höchsten Stand seit 17 Jahren lag.

Obwohl die Weltwirtschaft spürbar abgekühlt ist und auch die Nachfrage 2002 stagnierte, haben sich die Aussichten für Platin zuletzt merklich verbessert. Die Autoindustrie hat inzwischen offenbar einen Großteil des von ihr gehorteten Platins aufgebraucht und mit Zukäufen begonnen. Daneben erfreut sich Platin auch im Schmucksektor wachsender Beliebtheit.

Angesichts der günstigen Rahmenbedingungen ist das Augenmerk von Implats ganz auf den Ausbau seiner Kapazitäten gerichtet. Die Gruppe plant Investitionen von über 5 Mrd. Rand (550 Mill. Euro), um die Platinproduktion in den nächsten vier Jahren auf jährlich 2 Mill. Unzen zu schrauben. Damit liegt Implats noch ein ganzes Stück hinter seinem südafrikanischen Erzrivalen Angloplat, das bis 2006 rund 3,5 Mill. Unzen fördern will. Doch würde Implats seine Stellung als Nummer zwei ausbauen.

Neben dem Erwerb einiger kleiner Platinproduzenten hat Impala zudem die Exploration in Nordamerika verstärkt und eine strategische Allianz mit der kanadischen Falconbridge-Gruppe geschlossen.

Ein wichtiger Grund für die anhaltend niedrige Bewertung des Unternehmens dürfte in den ungeklärten Besitzverhältnissen liegen. Hauptaktionär von Implats ist noch immer das einst mächtige südafrikanische Minenhaus Gencor, das im Rahmen seiner Zerschlagung zu einer Investmentholding mutiert ist und 46 % an der Platingruppe hält. Gencor wollte zwar seinen Anteil an Impala an die eigenen Aktionäre verteilen, stieg jedoch auf eine Reihe von Hindernissen – z.B. Einzelklagen früherer Mitarbeiter, wegen Erkrankungen durch Asbest. Eine Lösung des Streits würde den Anteil der frei handelbaren Impala-Papiere beträchtlich erhöhen.

Gleichzeitig würde Implats aber zu einem Übernahmekandidaten. Als heißer Anwärter gilt die Rohstoffgesellschaft Xstrata. Nach Angaben von Impala-Chef Keith Rumble will das Unternehmen ein unabhängiger Produzent mit einer weniger komplexen Struktur bleiben.

Kopfzerbrechen bereitete Anlegern lange auch der Versuch der Regierung, mittels einer Bergbau-Charta die schwarze Bevölkerung verstärkt an der Minenindustrie Südafrikas zu beteiligen. Die zu diesem Zweck erlassenen Quoten und Gesetze haben viele Auslandsinvestoren verstimmt und den Kurs vieler Minenwerte gedrückt. Dennoch wird Implats noch immer zu einem Kurs-Gewinn-Verhältnis (KGV) gehandelt, das Experten wie Rene Hochreiter vom Brokerhaus BoE Securities als Schande bezeichnen. Die tiefe Bewertung, die sich auch in einer großzügigen Dividendenrendite äußert, ist für ihn – selbst angesichts des bis vor kurzem schwachen südafrikanischen Rands – in keinster Weise gerechtfertigt. JP Morgan hatte den Wert Mitte Dezember mit neutral bewertet, Schroder Salomon Smith Barney rät halten.

Quelle: Handelsblatt 31.02.2003


Die zweitgrößten Platinvorkommen befindensich in Sibiren. Es gibt dort eigentlich nur einen Produzenten, den man sich merken muß:


MMC NORILSK NICKEL –

Mining and Metallurgical Company Norilsk Nickel

WKN 676683 (ADR) / Ticker: NNIA / Ticker Moskau: GMNK

Kurse und Charts:

http://www.axl.co.uk/LSE/EQUITIES/MNOD.asp

http://www.nornik.ru [/b]



Eckdaten in Kürze:

Norilsk produziert Nickel, Kupfer, Kobalt, Selen, Tellur, Platin,
Palladium, Rhodium, Iridum, Rutherium, Gold und Silber


Nettogewinne:

laufendes Geschäftsjahr 384 MIO US $

geschätzt 2003 779 MIO US $

im Jahr 2004 geschätzt 1.000 MIO US $

KGV 2003e 5,4

EV/EBITDA - Verhältnis 1,9(Branchendurchschnitt von 4 bis 5)

- Exportanteil 98 % (Vorsicht. Abhängigkeit vom Dollar !)

- Anteil an allen russischen Ausfuhren 4,3 %

- 100.000 Angestellte

- Ein englischsprachiger Geschäftsbericht für das Jahr 2002 findet sich unter:http://www.nornik.ru/upload/shareholder/2002/MMC_Annual_2001…

- weltgrößter Nickelproduzent (218.000 t = 20 % der bekannten Weltvorräte)

- Platin: ca. 17 % an der Weltproduktion

- Palladium: ca. 60 % an der Weltproduktion

- Rhodium: ca. 20 % an der Weltproduktion

- Kobalt: ca. 10 % an der Weltproduktion

- Kupfer: ca. 3 % an der Weltproduktion

- Gold:

Im Oktober 2002 erwirbt MMC Norilsk zu 100 % den größten russischen Goldproduzenten ZAO Polyus und hat damit einen 15 % Anteil an der gesamten russischen Förderung.(Pruduktionskosten für 1 Unze Gold 85 $ !!)

"ZAO «Polyus» operates an open-pit mine at the Olimpiada deposit located in the Krasnoyarsk region. The company employs the unique bio-hydrometallurgical (bio-leaching) technology for primary ores processing, which is recognized for its generation of low quantities of waste and ecological cleanliness.

In 2001, ZAO «Polyus» produced 15 tons of gold, with revenues of USD135 million and net profit of USD54 million. After the successful installation of a second production-line at the end of 2001 – beginning of 2002, the current year’s output is expected to reach 25 tons. In addition to the currently exploited Olimpiada deposit, ZAO «Polyus» has licenses to operate the Tyradin, Olen’e and Blagodatny gold deposits. "

Norilsk Nickel said the combined company would be able to produce 100 tons annually, once the mine`s expansion plan had been implemented. If realised, it would lift the company to sixth place in the world, behind AngloGold, Newmont, Gold Fields, Barrick and Rio Tinto

- im Dezember 2002 erwirbt MMC Norilsk eine 51 % beteiligung an Stillwater Mining, dem größten amerikanischen PMG-Produzenten. (einzige bedeutende Primärquelle für Platin und Palladium außerhalb der Republik Südafrika)

Näheres siehe:
http://www.finanznachrichten.de/nachrichten/artikel-1550862.…
http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6538525…
http://www.nornik.ru/upload/presentations/SWC_ENG.pdf

---

Die Entstehungsgeschichte von Norils verweist auf eine traurige Berühmtheit:
1939 ließ Stalin den sibirischen Gulag "Norillag" errichten. Unter unmenschlichen Bedingungen stampften die Gefangenen dieses Konzentrationslagers eine Bergarbeitersiedlung in den Dauerfrost, die 1953 den Status einer normalen Stadt unter dem Namen Norilsk erhielt. Weitere Produktionsstätten liegen im Petschenga-Gebiet (finnisch: Petsamo) in der Nähe Finnlands.

Die gesamte Region wird von Norilsk Nickel geprägt. Heute leben in der Stadt Norilsk 230 000 Menschen. Im Zuge von Umstrukturierungs- und Rationalisierungsmaßnahmen ist die Belegschaft des Konzerns von 126 000 Mitarbeitern 1997 auf 75 000 gesunken. In den Jahren 2002 -05 sollen weitere 20.000 Arbeitsplätze abgebaut werden. Der monatliche Durchschnittslohn beträgt für russische Verhältnisse unglaubliche 740 US-$. Da der Konzern alles beherrscht, verwundert es auch nicht, daß er die Kosten für Wohnungen, die Renten, den Transport, die Lebensmittelversorgung und den ganzen Sozialhaushalt der Stadt übernimmt. Die Energieversorgung und auch das Telekomnetz sind im Besitz von N. Nickel. Der Konzern ist größter Steuerzahler der Region Krasnojarsk.

Auch heute sind sowohl die Arbeitsbedingungen, (es kommt immer wieder – wie gerade auch heute - zu Streiks) – wie auch die katastrophalen ökologischen Auswirkungen des rücksichtslosen Erzabbaus zu kritisieren. Darüber hinaus haben physische und bürokratische Lieferverzögerungen sowie der Vorwurf, durch geschicktes Taktieren die fälligen Exportsteuern zu umgehen viele Investoren verunsichert.


The Urals Deposits

Platinum group metals production in Russia has a history stretching back to the early nineteenth century. Large alluvial platinum deposits were discovered in the Ural Mountains in 1823, and have been exploited continuously up to the present. Once far richer than any known underground sources, these deposits have long since been stripped of the highest grade ore and now account for under one per cent of Russian platinum production. By the early 20th century, Russian pgm production was around 200,000 oz per annum.


The Noril`sk-Talnakh Mines

Production from the Urals placers probably started to decline from the 1920s. But in 1935, exploitation began of pgm-containing copper-nickel deposits on the Taymyr Peninsula in northern Siberia; these remain the most important of Russia`s known pgm reserves. The first to be discovered and exploited was the Noril`sk deposit; this lies just south of the town of that name which grew up to serve the mining operations. Mining was initially via adit operations, but in the 1940s, two open pits were developed; the smaller, Ugol Creek, was closed in the late 1960s, but the Medvezhiy pit is still being mined. By the early 1950s the Zapolyarny underground mine was also exploiting the deposit.

In 1960, high grade copper-nickel deposits were discovered at Talnakh, 27 kilometres north of Noril`sk. Four mines were developed between the 1960s and 1980s, all of which are still in operation. The first, and shallowest at a maximum depth of around 400 metres, was the Mayak mine; production here started in 1965. It was followed by the Komsomol`skiy mine in around 1970, and the Oktyabr`skiy mine about five years later. The last named is the largest of the Tainakh operations, mining at a depth of around 1,100 metres, and accessing the richest ores. The Taymyrskiy mine entered production during the 1980s and is worked to depths of around 1,500 metres.


Processing and Output Levels

Concentrating, smelting and base metal refining are carried out in facilities at the Noril`sk-Tainakh complex. A proportion of the high grade nickel ore is sent directly to the Noril`sk Nickel Combine (NNC) smelter on the Kola Peninsula. Pgm slimes are recovered from the electrolytic refining of nickel and copper and are sent outside NNC to specialist precious metals refineries for the production of pgm.

Peak production at the Noril`sk-Tainakh mines was reached in the late 1980s, at around 4 million oz of palladium and 1 million oz of platinum annually. The decline and fall of the Soviet Union led to a period of falling output, with reductions in essential investment biting deep into productive capability. However, since 1998 the rising price of palladium has encouraged NNC to invest in improving recoveries of pgm and this in turn has resulted in some increase in refined pgm output.

There have long been plans to develop two new mines at Talnakh to access reserves at deeper levels. The first of these, the Skalistiy mine, is close to completion and will be used to exploit ore at around 1,600 metres. The Glubokiy mine is planned to operate at depths of up to 2,000 metres, but development is not believed to have progressed beyond the design stage.


Other Sources

Small amounts of pgm are produced from nickel-copper ores mined on the Kola Peninsula. Over the past ten years significant quantities of platinum have been produced from two alluvial deposits in the far east region of Russia. The first is the Kondyor mine in Khabarovsk region and the second, which started production in 1994, is the Koryak mine in Kamchatka.

Quelle: Johnson Matthey


Zur Zeit wird spekuliert, daß Norilsk mit dem Erwerb von Stillwater den Palladiummarkt cornern wolle. Der Palladiumpreis befindet sich gerade im Keller. Norilsk versucht nun der südafrikanischen Konkurrenz durch cleveres marketing beizukommen:

"Norilsk Nickel, Russia`s leading mining company, and Almazjuvelirexport (Almaz), the state selling agent for platinum group metals, are to create an offshore outlet for palladium, which they hope will revive Russia`s selling strength against competition from SA.

Maxim Finsky, head of commercial sales at Norilsk Nickel, avoided describing the latest Russian marketing move as directly aimed at SA producers. However, the Russians believe that to halt the growth of SA`s share of the world palladium market, they must reduce the delivery risk palladium buyers believe is higher with Russian supplies.

According to Finsky, SA producers also face a limit on the extra amount of palladium they can sell in future. "The quality of ore in SA is such that it is impossible to increase palladium output dramatically, without a simultaneous increase in platinum production. So the platinum output should be either stocked or sold on the market, which may have a very negative effect on platinum prices."

Briefing press and analysts in Moscow, Finsky acknowledged "there is an obvious crisis in the palladium market". But he denied that Norilsk Nickel`s Londonbased sales subsidiary, Norimet, has been buying in order to shore up the spot market price.

Market sources have claimed Norimet started spot-market purchases of palladium shortly after the company announced a deal last month to buy 51% of the USbased Stillwater Mining Company for $100m in cash and 876000 ounces of palladium, then valued at $275 an ounce. Sellers evidently overwhelmed buyers, market sources said.
At a meeting two days earlier in Moscow, Finance Minister Alexei Kudrin agreed to what a ministry press release called "a complex of measures towards gradual liberalisation of the platinum group metals market".

The measure announced was the formation of a joint venture abroad, 51% owned by Norilsk Nickel, and 49% by Almazjuvelirexport. According to Finsky, the new marketing company will not do away with either Norimet which will continue selling Norilsk`s nonferrous metals or Almaz. The one change, he claimed, would be that as an offshore company, the joint venture will "be in a position to disclose information about the volume of its sales, and this will give consumers necessary information about the volume and timing of supplies from Russia". He conceded that creation of the joint venture by agreement with Kudrin would avoid having to seek cabinet approval for a change in the state secrecy regulations.

The Norilsk Nickel executive appeared to concede that opposition continues within the government to changes in Russian law that are required to lift the state classifications on group metal reserves, sales and stocks in Russia. "We think that establishing a joint venture would improve the transparency of the palladium market. Declassification of data on production and exports of group metals from Russia requires changes in the existing laws."

Quelle: Business Day, ZA 18.12.2002


In einem Artikel aus der Moscow Times heißt es dazu:

State-owned Almazyuvilerexport and metals giant Norilsk Nickel have teamed up to circumvent the law on state secrecy and help stabilize the volatile market for platinum group metals.

All information -- from reserves to sales -- on PGMs is classified secret under the 1993 law. "Changing the law is a very long process. To get plugged into the market now, to actively change Russia`s information position right now, we need to take a number of quick steps," Norilsk deputy CEO Maxim Finsky said at a news briefing Sunday.

Norilsk Nickel and Almazyuvilerexport, which runs the country`s single export channel for PGMs, will thus form a foreign-based joint venture company to sell all of the PGM exports.

The new company will be 49 percent owned by Almazyuvelirexport`s U.S.-based subsidiary, Almaz, and 51 percent owned by Norilsk`s London-based trading arm, Norimet.

The decision was made at a Wednesday meeting on liberalizing the PGM market, held by Finance Minister Alexei Kudrin with representatives of Almazyuvelirexport, Norilsk Nickel, the Central Bank and the State Precious Metals Reserve, or Gokhran.

"A stage-by-stage liberalization of PGM export is aimed to ensure transparency and the predictability of Russia`s policies on the PGM market," Kudrin said in a statement.
Since the company will be registered abroad, it won`t be subject to Russia`s secrecy laws and "will disclose full information about the amounts sold this year and how much will be supplied from Russia," Finsky said.

The new company will not have information on production or stockpiles -- the state`s or Norilsk`s, he said.

Market estimates put the government`s stockpiles of palladium as high as 10 million ounces, and Norilsk`s at 1.5 million to 1.7 million ounces. The market has estimated Norilsk`s annual production to be about 2.85 million ounces of palladium, said Rob Edwards, metals analyst at Renaissance Capital.

Unpredictable shipments of palladium from Russia in the 1990s destabilized the market, sending prices sky-high. Confidence and demand then plummeted. Palladium was fixed at $239 an ounce in London on Friday afternoon. Johnson Matthey, a leading metals company, estimated that demand has fallen from a peak of 9.37 million ounces in 1999 to about 6.8 million ounces in 2001 and 4.9 million ounces in 2002.

Finsky said setting up the venture would take about two months. The sides have not begun discussing how much capital each will invest or where the venture will be set up. He said the country would be selected based on its legislative and tax regimes, and proximity to financing. "Switzerland, for instance, is a good country," Finsky said.

A coordination council comprising representatives of the Finance Ministry, Central Bank, Norilsk and Almazyuvelirexport, will set strategic goals for the venture, Finsky said. The Finance Ministry indicated Wednesday that it will initiate changes to the secrecy law aimed at lifting government secrecy on production volumes, sales and exports of PGMs. "It`s a long road to price recovery," Edwards said. "Low prices and steady flow will help demand. ... Distribution, not low prices has hurt them [Norilsk]. "The steps will force consumers to reassess the stigma attached to Russia`s PGM supply."

Quelle: http://www.themoscowtimes.com/stories/2002/12/16/047.html

[macvin]

@konradi

Impala ist seit Jahren einer meiner Favoriten...Norilsk werde ich mir demnächst näher ansehen.

N8 macvin

[konradi]

Platinum hits 23-yr high of $703.50/oz

The spot platinum price touched a 23-year high of U.S.703.50 a troy ounce due to strong demand for the metal and continued supply side problems in matching that demand.
Platinum was fixed in London on Monday afternoon at U.S. $698/oz from U.S. $667/oz on Friday afternoon, the highest London fix since early 1980.

(…)

"Platinum has found increasing support over the past few weeks as supply fears have crept into the market following potential industrial action at Russian metal producer, Norilsk Nickel, and Impala Platinum or Implats (IMP) as well as an explosion at Lonmin`s (LON) smelter, which has put it out of action for the rest of the year," said James Moore, an analyst with TheBullionDesk.com website.

"Fresh impetus was given to the market at the end of last week following U.S. president George W. Bush`s State of the Union speech, in which he pledged fresh funds for research into fuel cell technology," Moore added.

(…)

From a technical perspective, investment bank J.P. Morgan sees little sign of a top for platinum at this stage and the price for platinum could easily see an extension towards U.S. $730/oz or even U.S. $750/oz in coming days.

Aquarius falls foul of exchange rate

AQUARIUS Platinum, the Australian and London-listed platinum producer that has two projects in SA producing platinum group metals (PGM), saw net profit in the six months to December 31 slide as it was hit by foreign exchange losses.

The company, which has been operating in SA since buying the Kroondal Platinum Mine a few years ago, said net profit in the six months was $5,1m.

This compares with net profit of $13,3m in the corresponding period last year.
"The current year has seen the currency strengthen to finish at R8,67 to the dollar, having been R10,37 to the dollar at the end of June and generating exchange rate losses on sales of $6,6m," said Aquarius.

Revenue dropped to $43m from $55m last year.
Aquarius` production of PGMs held steady at 109 000 ounces. The average price for a basket of PGMs in the period dropped $10 to $503/oz.

The company`s Kroondal operation produced 109534 ounces of PGMs in the half year, slightly up on the corresponding half year in 2001. The increase was achieved in spite of a reduction in the grade of ore mined after it hit an area of potholes.
Aquarius said production last month and this month would be affected by these adverse mining conditions.

It said, however, that through increasing mining flexibility and allowing for incremental on-reef development, production should improve towards the end of the third quarter of financial 2003.

Business Day ZA – 04.02.2003

[Culogrande1]

Aha,deshalb der Dreckskurs!!

Die Aussies sind beim hedgen entweder Volldeppen oder Gauner

Culo

[konradi]

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De Grey Mining Ltd - Platin Explorer in Australien

http://www.degreymining.com.au/

Market Capitalization: 6,075,001
Total Shares Outstanding: 48,600,005





De Grey could attract platinum majors

With the platinum price crashing through 23-year highs of over US$700 an ounce, Aussie junior De Grey Mining [ASX: DEG] is set to catch the eye of the international platinum industry.

The Perth-based explorer, who listed in July last year, has made an exciting major grassroots hard rock platinum discovery near Port Hedland in the Pilbara region of Western Australia and is aiming to have an inferred resource calculated in the next 12 months or so.

De Grey’s exploration team has high hopes of another successful round of drilling following very encouraging intersections returned from drilling of two prospects in the December quarter. An RC program designed to test a third prospect and further delineate the known platinum mineralisation at the Indee Three Kings project is expected to commence next month.

Results to date suggest De Grey could have a potentially world-class platinum and palladium deposit on its hands with better assays ranging from 4m to 16m wide along a probable strike length of 4.5 kilometres.

Managing director Denis O’Meara wouldn’t be drawn on guesstimating a possible resource figure for the relatively shallow discovery, but if exploration extends the continuity and predictability of the platinum mineralised horizon then one could fantasise about a one- or two-million-ounce orebody.

“Work planned for the current quarter consists of … mineralogical evaluation and preliminary metallurgical test work so as to better understand the commercial aspects of the mineralisation discovered,” said managing director Denis O’Meara, adding that at the completion of the next phase of drilling De Grey would have tested only around 10 percent of strike potential.

O’Meara said the ratio of platinum to palladium at Indee Three Kings is approximately 1:1, and if that high platinum content is maintained the economics of development would be significantly enhanced given the skyrocketing price of the precious metal, which has jumped almost US$100/oz in the past 10 days.

In their constant search for growth opportunities, platinum giants Lonmin, Impala Platinum and Anglo Platinum may give De Grey’s platinum find the once-over in the event the Aussie junior reaches the stage of defining a viable resource. Lonmin has clearly shown it has a keen interest in platinum projects involving Aussie-based companies including Platinum Australia [ASX:PLA] and Goldstream Mining [ASX:GDM]

While O’Meara told Mineweb De Grey had the required technical expertise to advance the Indee Three Kings project at the exploration level, shareholder value would dictate the asset’s future direction.

Interestingly, O’Meara has quite a long association with the Indee Three Kings area, having been managing director of Bamboo Creek Gold Mines, which pegged the ground in 1969 during the nickel boom era and farmed it out to Canadian miner Inco in the early 1970s. The modern day platinum discovery was partly derived from 30-year-old Inco disseminated sulphides copper-nickel drill results. The ground wasn’t analysed for platinum in those days.

Indee Three Springs also includes several gold targets, and De Grey will kick off a gold exploration campaign this month.

Peter Gonella / mineweb / 04.03.2003

[konradi]

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AURORA PLATINUM CORP. - CANADA

Platin – Gold - Diamanten

http://www.auroraplatinum.com/s/Home.asp

aktueller Quartalsbericht:

http://www.auroraplatinum.com/i/pdf/2002ThirdQuarter.pdf

Symbol: ARP
Börse: TSX





Aurora Platinum Corp. is focusing its exploration efforts on Nickel-Copper-Platinum Group Metals (PGM) deposits. Platinum Group Metals include Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium.



Aurora is also exploring for diamonds through its 58%-held subsidiary, Superior Diamonds Inc., and gold through its 61%-held subsidiary, Lake Shore Gold Corp.

The Company has an enviable land position in Ontario and Quebec, Canada and especially, the prolific Sudbury Nickel-Copper-PGM Mining District.
Several deposit types are being evaluated within various geological environments:

Sudbury-type contact and footwall breccia deposits
Sudbury-type offset dike hosted deposits
Merensky/Stillwater layered complex-type deposits
Low grade-large tonnage disseminated-type deposits
High grade mafic and shear hosted-type deposits

Aurora Platinum Acquires Controlling Interest in Lake Shore Gold Corp.
in Exchange for Mineral Assets

Aurora Platinum Corp. (ARP-TSXV) and Lake Shore Gold Corp. (LSG-TSXV) have completed the transactions set out in the parties` Acquisition Agreement dated September 15, 2002 whereby Lake Shore acquired interests in certain mineral claims and related rights (the "Mineral Assets" ) held by Aurora in exchange for Lake Shore issuing to Aurora 13,000,000 common shares (the "Acquisition Shares" ) and 550,000 share purchase warrants (the "Acquisition Warrants" ). The acquisition of the Mineral Assets constituted a reverse takeover ("RTO" ) transaction for Lake Shore under the policies of the TSX Venture Exchange (the "Exchange" ).

(…)

[Imoen]

Platin ist das bessere Gold
Weißes Metall auf 23-Jahres-Hoch – Experten rechnen aber mit sinkenden Preisen
von Nando Sommerfeldt

Es stimmt tatsächlich. Es ist nicht immer nur alles Gold was glänzt. Im Gegenteil: Derzeit ist Platin die Nummer eins unter den edlen Metallen. Das weiße Gold war am vergangenen Dienstag mit 705 US-Dollar je Unze so teuer, wie seit 23 Jahren nicht mehr. Gestern wurde Platin in London mit 685 Dollar gefixt. „Wir haben beim Platin zur Zeit die beste aller Welten“, sagt Carsten Roemheld, Rohstoff-Fondsmanager der Fondsgesellschaft Adig.


Ausschlaggebend für die Platinrallye ist wie beim Gold zunächst die riskante geopolitische Lage. Das Krisenszenario im Irak treibt die Anleger in sichere Häfen. Vor allem in Asien wird derzeit verstärkt in Platin investiert. Hier ist das weiße Metall sowohl als werthaltiges Investment als auch in der Schmuckindustrie gefragt. Laut einer Studie von Johnson Matthey hat der Schmucksektor vor allem in China 2002 extrem zugelegt.


Getrieben wird der Kurs zusätzlich durch eine Angebotsverknappung in Südafrika. In den Minen des Landes werden fast 80 Prozent des weltweiten Verbrauches gefördert. Momentan sorgt die Regierung aber für Verunsicherung bei den Minenbetreibern. Durch die geplante „Mining Charta“ sollen die „schwarzen“ Minengesellschaften an den großen Förderprojekten beteiligt werden. Gemeint sind die bisher benachteiligten, von dunkelhäutigen Landsleuten, betriebenen Minen. Diese soziale Maßnahme schlägt den etablierten Konzernen allerdings gewaltig aufs Gemüt. Bis die genauen finanziellen Eckdaten dieser Beteiligungen stehen feststehen, liegen erst einmal alle neuen Projekte auf Eis. Deshalb sind die Fördermengen zur Zeit gering, während die Nachfrage ständig steigt.


Dem nicht genug, sind auch aus Russland Störsignale zu vernehmen. Beim dort größten Platin- und Nickelproduzenten Norilsk Nickel gibt es Probleme zwischen Konzern und Belegschaft. Die Arbeiter fordern höhere Löhne und alles läuft auf einen Streik hinaus. Auch das wirkt als Preistreiber. „Sollte sich die Situation in Russland und Südafrika aber wieder normalisieren, wird der Platinpreis deutlich zurückgehen“, ist sich Roemheld sicher.


Langfristig sieht er dagegen die industrielle Nachfrage als Fundament für ein stabiles Preisniveau. „Für die Autoindustrie ist der Rohstoff für die Herstellung von Katalysatoren inzwischen unverzichtbar“, so Roemheld. Durch die immer moderneren Umweltstandards müssen die Pkw alle mit dem Edelmetall ausgerüstet werden. Auch in der Brennstoffzellentechnologie spielt Platin eine wichtige Rolle. Im Antrieb eines Brennstoffzellen-Pkw sind etwa 100 Gramm des Katalysator-Metalls Platin im Wert von über 2000 Euro enthalten. Das spricht Roemheld zufolge für künftig stabile Platinpreise.


Die Automobilbranche war lange Zeit ein Grund für die starken Preisschwankungen beim Platin. Denn als viele Hersteller das günstigere Palladium als Katalysatoren-Metall benutzten, lag der Platinpreis jahrelang am Boden. In den vergangenen Jahren hat sich die Branche jedoch wieder in Richtung Platin gewandt, da der Rohstoff in größeren Mengen vorkommt und dadurch geringeren Preisschwankungen ausgesetzt ist. Außerdem wird Palladium zum großen Teil in Russland gefördert, und die Automobilbranche wollte sich nicht von den unsicheren Bedingungen dort abhängig machen.

Inzwischen befindet sich der Preis für Palladium im Keller, während Platin wieder hoch im Kurs steht – zu hoch, findet Ian Ballington, Analyst von Rice Rinaldi Securities in Johannesburg. „Hohe Preise sind nie gut für die Industrie. Dadurch werden neue Anbieter angelockt, während sich die Käufer zurückziehen.“ Deshalb erwartet auch Rohstoffexperte Roemheld mittelfristig niedrigere Preise. „Fundamental sind 550 bis 600 Dollar je Feinunze ein gesundes Niveau für die Automobilindustrie“, sagt er.


Artikel erschienen am 11. Feb 2003 ( Quelle: die Welt )

[konradi]

Business Standard New Delhi – 18.02.2003

In focus platinum
Looking ahead to further gains


Analysts have picked platinum to do well in 2003, raising price forecasts by 9 per cent to average US$610 a troy ounce. Forecasts for 2004 predict 8 per cent rise in prices to an average US$605/oz.

Globally, the demand conditions for platinum are strong, particularly from the automobile market for catalytic converters that clean up exhaust gases. Platinum’s alternative was the more volatile palladium. However, automakers would like to cut their reliance on Russian palladium supplies.

Strong jewelry demand for platinum in China, together with some delays in the completion date for major capacity expansion in South Africa, have also brightened platinum’s outlook. While onset of war would not be beneficial to precious metals other than gold because they rely on industrial demand, it did not stop platinum from posting a 22-year high at $649.50/oz recently. Currently the price was around around $ 680.
The sharp move upwards had been triggered by concerns over stifled supply in the wake of an explosion at a Lonmin smelter in South Africa and possibility of a strike at Norilsk Nickel.

Speculative buying was also behind the latest gains. Players were concerned that the already tight supply and demand picture would take a turn for the worse. The sharp increase in platinum’s use in the manufacture of catalytic converters and growing demand for platinum jewelry has already provided strong support for the platinum market. Though the latest gains have left the market looking strong, further price hikes were likely to be moderate in nature, said another group of analysts.

Industry watchers said it was difficult to predict the movement of such a speculation-led rally in such an illiquid market. Chinese demand had dried up already at current prices.

The preference of automobile makers for the use of platinum in catalytic converters rather than the equally suitable palladium has been the major reason for much of the gains in the former. The latter’s dwindling demand has been further hit by the fact auto companies have been running down large inventory levels over the last year.

Additional boost was provided to the platinum market by the upturn in the popularity of diesel cars in Europe. This was because diesel engine fittings used only platinum.

Although use of the metal will grow in the automobile sector, auto manufacturers, and particularly those in the US, have been running inventories down. They can be expected to continue doing so in the short term.
Though India has not yet emerged as a major user of platinum in jewelry, it has been in use in industrial processes in a wide range of applications, from fertiliser to automobile units. Platinum prices may have a marginal cost push impact on these industries, but given the sustained demand for automobiles in general, it should not be difficult for manufacturers to partly pass on the expense. Platinum jewelry demand in India was also limited at present.

Since platinum jewelry has continued to be limited in appeal to upmarket customers. Therefore, the rise in price of the precious white metal prices was unlikely to have wide ranging impact.

(…)

India is not a major consumer for the precious white metal platinum as far as jewellery is concerned. However, it has industrial applications in automobile catysts and fertiliser units but not in any significant quantity.
The only listed company which deals in platinum is Parekh Platinum. The stock of the company has been more or less range bound between a low of Rs 8.20 and a high of Rs 11.60 during last three months. The stock which quoted at Rs 8.25 beginning November, closed today at Rs 8.55 on the Bombay Stock Exchange.

Parekh Platinum has sought RBI approval for permission to allow it to hedge in platinum group of metals including palladium and rhodium in the overseas markets. It had introduced the first of its kind range of platinum jewellery in India in 1996 and has entered into the diamond studded segment of both the coloured gold and platinum jewellery segment under Pplatini brand. The company has introduced the Velandi, Contemporary and Platinum collection.

Platinum`s allure for fashion conscious jewellery buyers in China in last couple of years has made up for slump in demand in Japan. China accounted for 51 per cent of total worldwide platinum demand for jewellery in 2001. Demand for platinum in China rose to 1.3 million ounces, firmly establishing the country as the world`s leading consumer of platinum for jewellery.

Platinum demand from jewellery manufacturers in Japan, Asia`s wealthiest country and the second largest economy in the world, fell by 33 per cent to 710,000 ounces in 2001, chiefly due to high metal prices. China accounted for 51 per cent of total worldwide platinum demand for jewellery in 2002

[konradi]

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Platinum price pushed up by US call for hydrogen-powered vehicles

Johannesburg - The recent rise in the platinum price had been "hyped" by buying inspired by US calls for more research into fuel cell technology, top producer Anglo Platinum (Angloplat) said yesterday.

Platinum soared to its highest in 23 years earlier this month on a global supply deficit and fears of output disruption in top producing countries, including South Africa and Russia.

Buying has also been fired by US President George W Bush, who called last month for $1.2 billion to develop hydrogen-powered vehicles that would use platinum in fuel cells.

"We are enormously enthusiastic about fuel cells," Angloplat executive chairman Barry Davison told an analysts` presentation. "But as far as physical demand is concerned, it will be about half a million ounces per annum by 2010.

"The hype has affected the platinum price, but physical demand is some years off."

Platinum demand in 2002 was expected to reach 6.37 million ounces, according to refiner Johnson Matthey.

Angloplat marketing director Sandy Wood said Bush`s call should not be factored into physical demand for the metal. "It`s a number of years ahead and should not be considered."

In November Angloplat said it had bought a 17.5 percent stake in Johnson Matthey`s fuel cells unit for P20 million.

Davison said the strength in the price of the metal had more to do with supply and demand issues than fears of an Iraq war.

"The current firmness is more a consequence of fundamentals than speculation in advance of a war in the Middle East," he told a presentation of the company`s annual results to December 2002. "I am reasonably confident supply and demand will remain firm for the balance of the year." - Reuters

Reuters - 12.02.2003

[konradi]

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Platinum steadier than gold – Angloplat

Platinum had not received a speculative fillip from a looming war in Iraq unlike its sister metal, gold, the dollar value of which gained 24 percent in the last 12 months.

Speaking at the group’s full-year financial results, Anglo Platinum executive chairman, Barry Davison, said the spectacular rise in the platinum price to 23-year highs this month was due to basic economic fundamentals of a market where appetite for the white metal had been steadily robust – a situation he expected would continue in the next 12 months.

“The current firmness in the platinum price is due to the fundamentals of demand and supply rather than speculation of in advance of a possible war in the Middle East,” Davison told a meeting of analysts and reporters in Johannesburg, Cape Town and London.

“We are reasonably confident that the fundamentals of supply and demand will remain firm for the rest of the year,” he said.

The positive market outlook is an opportunity for Anglo Platinum to plough ahead with its expansion programme, which will see it aiming to reach production of 3.5 million ounces by 2006, up from the 2.25 million ounces it produced last year.

The platinum market remains delicately poised, however, with the threat of widening supply deficits - in the face of surging demand - keeping prices volatile and speculators busy. Davison sounded a warning to government and investors that any delays by an increasingly stretched government departments in granting mining licenses for the group’s remaining expansion projects, could cause a disruption to bringing much-needed ounces to market.

He said no delays were being experienced yet, but said once the pace of license renewal applications to the department of minerals and energy gathered pace, the department would be hard-pressed to keep up. He said the country’s mining companies had pledged resources to assist government in keeping pace with the increased demand for efficient administration.


Palladium

Davison said the outlook for sister metal, palladium, remained more mercurial and totally dependent on the vagaries of the Russian market. “We have no idea if they will or will not - and we certainly hope they do - continue with their current policy.”

Marketing director, Sandy Wood, said that if the platinum price remained at current heady levels, demand from the jewellery market would likely take a dip.

Wood described the jewellery market, which in recent years was responsible for around 40% of total world platinum demand, as a “shock absorber”. That is, demand eases when prices rocket but picks up again when they fall back.

“The outlook [for the jewellery market] at current prices…is a challenge,” he said.

On the palladium market, Wood said that the sharp rise in the platinum price had resulted in a rethink by autocatalyst manufacturers on substituting palladium for platinum – a trend in place since the late 1990s when the palladium price surged above $1,000. “The key issue is confidence,” Wood said.


Mineweb 12.02.2003

[konradi]

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NEUES VON IMPALA PLATINUM



Implats expansion depends on Zimbabwe`s political safety

Impala Platinum (Implats) expects to refine 2 million ounces of platinum a year by 2006.

That target excludes plans to boost production by as much as 410 000 ounces at its Zimbabwean associates Zimbabwe Platinum Mines and ZCE Platinum within a decade.

An expansion is "dependent on some form of political certainty", said Keith Rumble, the chief executive.

Rumble expected a dispute between Zimbabwe`s mining industry and the country`s government over a change in foreign exchange laws to be resolved soon. The government raised the amount of earnings firms must convert back to Zimbabwe dollars at the official rate, which is a fraction of the black market rate.

Bloomberg 13.02.2003



Africa`s Impala Sees Zimbabwe As Platinum Jewel


JOHANNESBURG (Dow Jones)--Zimbabwe, a no-go area for most expanding
companies, is shaping up as the future jewel in the platinum production crown
of Impala Platinum Holdings Ltd. (O.IM), Chief Executive Keith Rumble said
Wednesday.

Speaking at a media conference on Impala`s results for the six months to
December 2002, Rumble said Impala could be producing as much as 650,000 ounces
of platinum annually in Zimbabwe in 10 years` time.

Impala earlier Wednesday said net profit for the first half of the 2003
financial year fell 8.2% to 2.01 billion rand ($1=ZAR8.3800) from ZAR2.19
billion in the previous corresponding period.

Rumble said Impala, the world`s second-largest platinum producer, has
invested around ZAR600 million in Zimbabwe, with around half this investment
coming last year at a cost of just ZAR6 per unmined ounce of platinum. Refined
platinum is trading around $691/oz.

In the six months to December, Impala`s joint-venture Zimplats and Mimosa
operations in Zimbabwe accounted for just 43,000 ounces of the company`s
overall platinum production of 773,000 ounces.

But these operations will soon be producing 150,000 ounces a year before
being ramped up to much higher output levels.

"Our investments in Zimbabwe control a resource of about 200 million ounces
of platinum, so we are very excited about the potential there," Rumble later
told Dow Jones Newswires in an interview.

This is despite political and economic turbulence in South Africa`s northern
neighbor, which also has a massive shortage of hard currency.

Until recently, mining companies in Zimbabwe have had to accept the official
exchange rate of $1=55 Zimbabwe dollars (ZWD) for 40% of their revenue. They
have then been able to achieve much higher "black market" rates for the rest of
their sales.

The Zimbabwe government is implementing a plan for an equal sales split
between the official exchange rate and a blended rate expected to be around
$1=ZWD800.

Impala said it believes the upcoming unbundling of Gencor Ltd. (O.GCR), its
major shareholder, will vastly improve the liquidity of its shares and its
deal-making possibilities.

Gencor, which owns 46% of Impala, has offered to pay ZAR460 million in an
asbestosis-related settlement with former employees.

Once this matter has been settled, it intends to distribute its Impala shares
to its shareholders.

Rumble said the launching of a level-one American Depository Receipt (ADR)
program, sponsored by Deutsche Bank AG (DB), will be the first step in
improving Impala`s trading liquidity.

"We`ve seen what secondary listings have done for the liquidity of South
African gold shares in the U.S., and we expect the same to happen to us," said
Rumble.

Rumble said Impala expects its earnings for the full year to June 30, 2003 to
be significantly lower than in 2002, due to the rand`s strength against the
dollar.

At the end of December 2001, the rand was ZAR12, had strenghtened to ZAR10.06
by June 2002, and ended the year at ZAR8.56.

"We`re well on track with our production expansion plans for 2.0 million
ounces of platinum annually by 2006, but profitability will be determined by
the rand`s fortunes," said Rumble.

Queried about Impala becoming an acquisition target for a major global mining
house, Rumble said that "we`d prefer to remain independent and have not
received any approaches."

Angus Macmillan - Dow Jones Newswire 12.02.2003



Implats announces attributable income of R2bn

Impala Platinum Holdings Limited (Implats) (JSE:IMP) (London:IMPLA.L - News) (Other OTC:IMPUY.PK - News) reported turnover of R6.4bn (US$635m) and attributable income of R2.0bn (US$200m) for the six months ended December 2002. This was in line with an increase in production of some 14% to 773 000 platinum oz, a record for the group.

Implats CEO Keith Rumble noted that this reflects another strong performance for the company, and an indication that the company`s growth strategy - which is set to deliver 2 million ounces of platinum by 2006 - remains well on track.

FINANCIAL REVIEW

Compared to the corresponding period last year, which now includes the results of the Zimbabwe operations for the first time:

- Turnover rose by 21% to R6 410.7m (US$635m) on the back of a 13% increase in sales volumes and higher rand metal prices.

- Cost of sales increased by 24% to R3 375.9m (US$335m) as a result of a 15% rise in PGM production and inflation-related increases.

- Unit costs for the Impala Lease Area is a good indicator of the underlying performance of the company, rising by only 9.6% overall, which is lower than CPIX of 12.4% for the same period.

- Exchange translation losses on US dollar-denominated balance sheet items were incurred for the period of R211m versus a gain of R274m the previous six months. At the date of the previous valuation of debtors/advances on 31 December 2001, the rand-dollar exchange rate was 12.00 compared to a corresponding rate of 8.56 on 31 December 2002.

- The cash position decreased to R2.3bn (US$271m) from R3.2bn (US$305m) as at 30 June 2002.

- Capital expenditure for the period was R727m (US$72m) and is anticipated to be R1.2bn in the second half of the year.

- Attributable income declined by 8% to R2 011m (US$200m).

The board has declared a dividend of R9.00 per share for the interim period. This is in line with the company`s stated dividend policy.

THE MARKET

Sales held up well, despite the global economic malaise. Platinum prices rose 23% in dollar terms and by 32% in rand terms compared to the corresponding period under review. However, due to weaker palladium and rhodium prices the dollar revenue per platinum ounce sold was down 1%.

The strength of the market was particularly marked for platinum, where robust automotive sales - which were incentive-driven in the US - belied poor economic conditions in first world markets.

Chinese jewellery consumption grew by nearly 20% in 2002. Should prices remain at the current high levels, this trend could be reversed.

Palladium`s woes continued with ample supply outstripping demand as consumer destocking continued and the full effects of substitution were felt. A swing back to palladium in the automotive industry in the long term has become a reality, as users are encouraged by lower prices and abundant supply.

SAFETY AND HEALTH

Safety efforts at all of Implats operations were intensified during the year, with excellent safety performances recorded at Crocodile River, Marula Platinum and the refineries, and a continued improvement at the Impala Lease Area. Particularly notable was the success of the Fall of Ground safety campaign launched following the voluntary closure of 11 shaft in May last year, after a spate of fall of ground accidents. The incidence of falls of ground has decreased by almost 95%.

Regrettably, and despite the increased emphasis on safety which resulted in a 40% reduction in the lost time injury frequency rate, three employees lost their lives during the period due to mining-related accidents. The Board and management extend their condolences to the family and colleagues of the deceased.

OPERATIONAL REVIEW

Mining operations on the Impala Lease Area progressed well, with tonnes mined up by some 9.6%. Tonnes milled rose by some 5%, with platinum production reaching 545 000oz for the half-year. On-mine unit costs were well-contained, rising by 9.6% per platinum ounce and 7.6% per PGM ounce.

Impala`s processing and refining assets continued to deliver an excellent performance. Not only were recoveries commendable, but unit costs increased by only 4% as gross throughput (which includes throughput through Impala Refining Services (IRS)) rose by 14%. A scoping exercise - to increase refining capacity to 2.5 million ounces - has been initiated.

At Marula Platinum, development is progressing well - on time and within budget. Stockpiles are currently being built up in anticipation of plant construction in September 2003, with the first stoping activities scheduled for October 2003.

Crocodile River Mine turned in a disappointing performance for the period. Shareholders are referred to a separate announcement made by Barplats. Tonnes milled decreased significantly as mining operations encountered difficult geological conditions. Platinum ounces in concentrate fell by 25% to 16 290oz, with a resultant loss in attributable income of R17m (US$1.7m).

IRS produced another good performance for the year, with platinum production rising by 32%. Accordingly, revenue rose to R1.5bn (US$149m). However, translation exchange rate losses of R148m for the six months ended 31 December 2002, relating to dollar advances to customers, had an impact on attributable income.

Implats relationships with and interests in strategic alliance partners remain an important element in the company`s operating and growth strategy. Particularly good earnings continue to be made by Lonplats with a net contribution of R368 m. The group`s interests in Zimbabwe show good growth and operations are proceeding as planned. The Zimbabwean investments remain of strategic importance in the longer term.

PROSPECTS

Looking ahead, Implats anticipates that the platinum market will remain firmly underpinned by continued fundamental demand.

In the longer term, the group`s growth strategy remains on track to deliver 2 million ounces of platinum by 2006. The company remains a high margin, cash generating business and remains well-placed to continue to deliver shareholder value.

Given the current strength of the South African currency and the resulting lower rand product prices, the group anticipates earnings levels significantly down on those of 2002.

Note: The US$ equivalents are provided for guidance purposes only. Balance sheet items have been converted at period end rates. Income statement items have been converted at the relevant average achieved rates per period.

For further information see the Implats website: http://www.implats.co.za




Mineweb Interview mit Keith Rumble: CEO, Impala Platinum

MINEWEB: Well, Impala Platinum, as promised, did release its results today. David Shapiro says those results were disappointing – the market certainly knocked down the share price. Stewart Bailey has some background, which might agree or not.

STEWART BAILEY: Well, Alec, as far as I can gauge, those numbers were broadly in line with consensus once again, and year-on-year earnings per share did feel a pinch from a stronger rand. They came in 8% lower, at R30.42 a share. Impala also declared a dividend of R9 a share. That was down from R11 at the same time last year. The news from Impala was not so much about the numbers as it was about the prospect of corporate action still to come for the company. Impala’s been waiting for Gencor to unbundle its 46% stake in the group before getting into any serious corporate reshuffling. Now that looks like it may happen sometime later this year. Chief executive Keith Rumble said today that one of the strategies he would employ would be to take control of associate companies in which Impala holds minority stakes. He also made a pretty frank admission that Impala would have another crack at a merger with London listed Lonmin. It was first tried in 1996, but competition authorities in Europe turned that down because of supply-side concentration fears. Rumble says he still believes in the merger, but indications are that it will require the sale of some of the assets to a black empowerment company if it gets a nod from regulators.

MINEWEB: Thank you, Stewart, you’ve teed that up really well. Welcome to our studio, Keith. Before we go into all of the strategic big news that Stewart has outlined, platinum production was up 14% in this half-year period. Is that a trend that we’re likely to see continuing into the future? You do have big expansion programmes.

KEITH RUMBLE: Well, we do and our intention is to expand this business at about 10% a year. That means production expansion is slightly better in this period but I think you can bank on a good 10% a year.

MINEWEB: Now, from an operational perspective all is going well. We had Brenton Saunders in the studio earlier this week and he was looking for a dividend slightly higher than the R9 that you have declared. He was looking for R10.50, so that might be a little disappointing.

KEITH RUMBLE: Well, it’s difficult for us to predict the strength of the rand into the second half, Alec, and on that basis we normally declare one-third in the first half at interims, and two-thirds at the finals so, without being able to really pinpoint what our final earnings are going to be, we’ve taken a slightly cautious approach here.

MINEWEB: It doesn’t say anything though – that you might be holding back dividends in future to fund your expansion programme?

KEITH RUMBLE: No, not at all. It’s our philosophy to pay out about 55%, and we think we can sustain that as well as support all of our capital expansion.

MINEWEB: And these big deals that you’re talking about – let’s start off with the biggest of them all, Lonmin. Perhaps some background. Impala Platinum did have a run at Lonmin in the past, which was turned down by the competitions authorities in Europe, of all places.

KEITH RUMBLE: Yes, and I think perhaps Stewart was perhaps reading too much into what I said this morning. I didn’t actually commit to having another go at it, I said the climate and the environment might now be right, given the fact that Gencor’s unbundled. And, given the fact that Lonmin are looking for an empowerment partner, there might be rationale now for us to sit and talk and compare notes, but I don’t think it’s a dead cert that we are going to get together and talk about these things.

MINEWEB: Have you picked up the phone?

KEITH RUMBLE: No, not yet. It needs two parties to do the deal and, until that happens, we’re not talking at the moment.

MINEWEB: So you were just sketching the background situation for the moment, and it’s something that you might like to pursue in the future?

KEITH RUMBLE: Correct. They’ve tested with us our ideas about empowerment in the past, but nothing as specific as the merger.

MINEWEB: Your empowerment programme is going well. You’ve got a lot of stakes in a number of associate companies. Stewart mentioned that you might be looking to do something on that – either buy out your partners or perhaps sell?

KEITH RUMBLE: Well, not necessarily sell. I think the smaller stakes were always phase one of a strategy to at least establish a relationship with those players, such that we can maintain the life of mine concentrate-processing contracts, and that’s been highly successful to us and that’s what we will persist with. Where it makes economic sense we will take controlling positions, and already you’ve seen some moves in Zimbabwe in that respect. In fact, for the first time this year we’re now actually consolidating the Zimbabwean operations into our income statement.

MINEWEB: Anyone who heard this programme last night would be shocked at that. We spoke to Tony Hawkins, who told us the economy is shrinking by another 15% this year in Zimbabwe. He’s at the University of Zimbabwe, the professor at the Graduate School of Management. He also said that the employment figure will go down from total employed 1,050,000 to 900,000, so their total employment will go down by another 10% this year – yet you’re expanding.

KEITH RUMBLE: Clearly the domestic market is a shambles, but in terms of a global product like platinum I think it’s a resource that really will position Impala long term to expand and meet the market for the longest time into the future. It’s a resource that’s something like 150 times our existing resource base in South Africa, so we can’t turn a blind eye to that.

MINEWEB: Oh – 150 times?

KEITH RUMBLE: Sorry, 50 times, it’s 200m platinum ounces and the Impala resource is about 30m ounces.

MINEWEB: But if the government of Zimbabwe – and again what Tony Hawkins was saying last night is they’re putting political imperatives above any economic good sense – realises the value of the asset that you’ve just described here now, are you not concerned that there might be some moves?

KEITH RUMBLE: Well, we think that there’s certainly going to be a period of uncertainty and difficulties politically, but this is an investment for the long run, and we believe this investment will outlast the current regime.

MINEWEB: Well, in the context of Impala, how big are those investments – R209m more into ZimPlats and R130m more in ZDCE Platinum?

KEITH RUMBLE: Correct. Those were the top-up investments we made last year in June. Collectively I think we have invested about R600m into Zimbabwe so far, and it’s secured us a huge resource. So it’s probably the cheapest platinum ounce you can buy anywhere in the world today.

MINEWEB: Can you put a figure per ounce of platinum in the ground that you pay?

KEITH RUMBLE: I think I quoted last time, for the incremental ounces we bought, R6, 60¢ US per ounce, and that’s as cheap as you can get.

MINEWEB: What would it cost you in South Africa?

KEITH RUMBLE: Well, in South Africa, if I remember correctly, some of the acquisitions that were made were probably five times that.

MINEWEB: Keith, how have you settled down in this country? You’ve come back from abroad.

KEITH RUMBLE: Well it seems like a long time ago already, Alec. It’s nearly two years, so I’m delighted to be back in South Africa.

MINEWEB: And the developments that are occurring in the platinum sector in this country? You’re seeing, as you mentioned, that perhaps there’s a deal with Lonmin, and we have the Royal Bafokeng now bringing in one of your predecessors, Steve Kearny.

KEITH RUMBLE: Correct, our industry is extremely sound. I think Barry Davison last night outlined the market fundamentals. I think Impala has positioned itself slightly differently to Anglo Platinum. We have all of these alliances, we have I think a better footing to move forward on empowerment, given the relationship with the Royal Bafokeng and, as far as we’re concerned, our empowerment house is quite in order.

MINEWEB: Looking ahead to the second half of the year – I guess it all depends on the global platinum price and the price of palladium and rhodium, as we also got that lesson last night from Barry Davison – are you as upbeat as he is on those issues?

KEITH RUMBLE: Upbeat on the fundamentals for platinum. I think palladium and rhodium will remain under pressure because of an oversupply. However, the big joker in the pack is really the strength of the currency and that will determine what our second-half earnings look like.

MINEWEB: What do your economists tell you?

KEITH RUMBLE: They’re indicating that the rand is going to remain strong for the next six months and then, once we see some fiscal moves on the part of Mr Manuel, we might see some depreciation thereafter.

MINEWEB: Keith, the big story on Impala has also been the unbundling, or proposed unbundling of 46% of your shares that are held by Gencor. Now, how is that going to affect your company going into the future?

KEITH RUMBLE: Well, clearly it increases the free float by the 46% that’s currently locked up, so liquidity is going to improve dramatically. That will allow us to engage more actively in the North American retail market. The level-one ADR programme we announced four or five weeks ago now is a first step in that direction. We’ve looked on and seen what companies like Harmony and Gold Fields have done in this respect, and we think that we can capitalise on some of those benefits.

MINEWEB: We spoke with your colleague Kathy Marcus a little while ago when you announced the move into North America. Can you update us on any further progress there?

KEITH RUMBLE: No real update in that respect. We’ve seen some interest, we’ve seen obviously more volumes coming through, but it’s not yet anything at a level where it’s going to make a huge difference. The next really big step will have to be a secondary listing.

MINEWEB: And have you designed or put in any poison pills, or any of these other clever things that merchant bankers dream up to protect yourselves from a takeover, remembering now that there’s 46% of shares that were held by one party that have been put into the general marketplace?

KEITH RUMBLE: In terms of takeover protection contracts for management – is that what you’re referring to?

MINEWEB: No, generally for the company as a whole.

KEITH RUMBLE: Well we have a defence strategy. Clearly the corporate bankers have advised us in that respect. We think that we can handle any acquisitor that comes out way, and we have certain steps that will be taken. Obviously the best form of defence is always a strong share price, and we believe that that’s what we’re working on. The corporate activity and the way in which we manage this business should deliver value for our shareholders.

MINEWEB: David Shapiro, are you a shareholder in Impala Platinum?

DAVID SHAPIRO: Oh yes, I am.

MINEWEB: That makes two of us. Are you happy with the results that came through and, in fact, the potential for the company remaining independent?

DAVID SHAPIRO: Sure, I’ve held them for a long time and I still think the outlook is so positive. And what’s going to happen is – I think Kathy mentioned it – about 20% of the shares are now held in foreign hands or offshore; compare that with, say, Gold Fields and Harmony, where it is well over 50%. And I think once Keith lists on the New York Stock Exchange, secondary, you’re going to see, and they start to market platinum – I think you’re going to see a massive increase in the ratings because I think the outlook is so positive and once American investors learn about platinum I think they will come for the share.

MINEWEB: Another one we could term some kind of a sleeper on the global market. We’ve got Sasol’s listing coming up quite soon. Keith, just before you go, what is your timing now of making your shares available more freely to the North Americans?

KEITH RUMBLE: Well that’s entirely dependent on the outcome of the Gencor issue. So until that is behind us we are not moving forward.

MINEWEB: Keith Rumble, the chief executive of Impala Platinum.


Mineweb – 12.02.2003


Implats mulls new R5-billion project

South Africa’s second-largest platinum producer is planning to develop a new deep-level underground shaft.

The R5-billion project, to be known as 16 Shaft, is expected to produce more than 500 000 t of ore after 2008, said Impala Platinum (Implats) CEO Keith Rumble at the company’s preliminary results presentation for the six months ended December 2002, held in Johannesburg yesterday.

This new project is not included in Implats’s expansion projects under way to enable it to reach its goal of producing some 2-million ounces of platinum by 2006, but is planned to come online after the current second-generation shaf’ts life-spans have ended.

The 16 Shaft will be followed by 17 Shaft and 18 Shaft after 2008, said Rumble.

The project is currently at feasibility stage, with the shaft scoping exercise nearly complete.

The last six months was the first period to include the contributions of Implat’s interests in Zimbabwe, which showed good growth and expansion potential.

Described by Rumble as the ‘jewel in Impala’s crown’, production at Zimplats/Makwiro mine has ramped up to some 35 000 oz over the period.

This new project is expected to produce some 95 000 oz this year, with expansion potential of up to 440 000 oz a year, says Rumble.

In terms of financials, Implats reported a rise in turnover of some 21% to R6,4-billion, and a decline in attributable income of some 8% to R2-billion.

This was in line with an increase in production of some 14% to 773 000 platinum ounces – a record for the group. Cost of sales increased by 24% to R3 375,9-million as a result of a 15% rise in platinum-group metals production and inflation-related increases. The firm’s cash position decreased to R2,3-billion from R3,2-billion as at 30 June 2002. Capital expenditure for the period was R727-million and is expected to be R1,2-billion in the second half of the year.

The board has declared a dividend of R9 per share for the interim period.

[konradi]

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PLATINOVA RESOURCES LTD.




Drill core stacks at Platinova`s Citronen Fjord zinc prospect


http://www.platinova.com/

Symbol: PVA.S
Börse: TSX

aktueller Q3 Bericht:
http://www.platinova.com/PDF%20Documents/2002Q3.pdf

Informationen über Minen und Bodenschätze in Grönland:
http://www.geus.dk/minex/ (siehe u.a. Bericht Nr.17 !)

SEDAR Press Releases:
http://www.sedar.com/command_servlet?cmd=DisplayCompanyDocum…

geologische Informationen:
http://www.unileoben.ac.at/~buero62/minpet/andersen/EG-93-4.…
http://www.bmp.gl/E/EC2_periodicals/EC2_10aa_ba10_1998-BMP-…

Grönlands Regierungschef Jonathan Motzfeld hatte im November 1989 schon lange gewusst: "Wir wussten ja, da es dort oben ein bisschen Gold gibt." Erst ein paar Jahre zuvor hatten Wissenschaftler Felder aus reinem Eisen untersucht. Sie hatten vermutet, die besonders reinen Lagerstätten konnten nicht irdischen Ursprungs sein, sondern wären auf einen Meteoritenschwarm zurückzuführen. Forscher am Max-Planck-Institut für Chemie in Deutschland bestätigten auf der Jahrestagung der Geologischen Vereinigung in Mainz, auf der Disco-Insel liege das Eisen im Muttergestein in zwei unterschiedlichen Formen vor: in winzigen Kügelchen und in kompakten Massen. Die Kügelchen überraschten aber auch durch Beimengungen; neben Iridium wurde Gold nachgewiesen.

Kaum war dieses winzige Goldvorkommen bekannt, da überraschten wenige Jahre später Geologen der Kopenhagener Universtität. Plötzlich sprach man in Fachkreisen von einem "Goldfund der Weltklasse", so der Kopenhagener Wissenschaftler Kent Brooks. Sein Arbeitgeber, die kanadische Gesellschaft Platinova, hatte Bohrungen ins grönländische Eis getrieben. Kaum erfasste der Bohrmeiel das Gestein von Kangerlugssuay, da war schon die "grö0te Goldmine der Welt" entdeckt. Aber mit dem Goldrausch im ewigen Eis wird es wohl noch eine Weile dauern, versprach Platinova-Direktor David Owen. Noch stehen etliche Bodenproben aus.

Das Gebiet umfasst etwa 40 Quadratkilometer und liegt an der Ostküste Grönlands. Schätzungen gehen davon aus, hier knnen um die Jahrtausendwende jährlich 10 bis 12 Tonnen Gold gefördert werden. Geschätzter Gewinn: 310 Millionen DM. Dafür müssen in jedem Jahr zwischen 10.000 und 15.000 Tonnen Gestein bearbeitet werden. Im Schnitt enthält jede Tonne nur etwa drei Gramm des begehrten Edelmetalls. Sorgen bereitet das Goldvorkommen insbesondere den Naturschützern. Denn die Lagerstätte liegt zwar in einem unbewohnten Gebiet, dafür im Jagdgebiet der Fänger von Illoqqortoormiut.

(...)

Since the discovery of diamondiferous kimberlites in Canada`s Northwest Territories in the early 1990s, Greenland has experienced a surge in diamond exploration. In the years following 1995, almost the entire Archaean craton of southwestern Greenland was covered by exploration licences that were mainly directed towards the potential for diamonds.

During 1998 and 1999 there has been a gradual focusing on the region between Nuuk, Sisimiut and Kangerlussuaq, based on indicator minerals in stream sediments and till, airborne geophysics, and finds of micro- and macrodiamonds in kimberlitic rocks. Dozens of new occurrences of kimberlitic rocks, some with excellent indicator mineralogy, have been located in this region, some of which have proved to be diamondiferous. The 1999 field season saw continued mapping and sampling of kimberlitic dykes and sills, and mini-bulk sampling of a diamondiferous kimberlitic dyke in the region between Maniitsoq and Kangerlussuaq.
Towards the end of 1999, exploration licences directed towards diamonds covered a total area of about 9,500 km2.

The companies involved include Aber Resources Ltd, Dia Met Minerals Ltd, Cantex Mine Development Corp., Citation Resources Ltd, Fjordland Minerals Ltd, Lexam Explorations Inc., Monopros Ltd, Soft-rock Minerals Ltd, and Platinova A/S.

(…)

Gold

The Nalunaq prospect in South Greenland is a gold-bearing quartz vein system set in Palaeoproterozoic mafic metavolcanic rocks of the Ketilidian mobile belt. Since its discovery in 1992, drilling programmes have been carried out in 1993, 1995 and 1998. A 300 m-long exploration adit was also excavated during 1998, from which a 130 t sample was taken for metallurgical testing. The 1999 summer exploration programme included 2,500 m of diamond drilling and removal of scree cover from the surface trace of the main vein. The Nalunaq project is a joint venture between NunaMinerals A/S of Greenland and Mindex ASA of Norway.
Kangerluluk in southeast Greenland has been another recent gold exploration target in the Ketilidian mobile belt. Goldcorp Inc. began exploring here for gold in 1997, following the discovery of shear zone-hosted mineralisation in metavolcanic rocks.

Gold in Archaean supracrustal rocks has been the main target for NunaMinerals` work in the Nuuk and Disko Bugt regions, the company having drilled gold mineralisation on the island of Storø, east of Nuuk, from 1995 to 1997. At Saqqaq in the northern Disko Bugt area, gold mineralisation has been traced for about 10 km in the steep cliff outcrops of a flat-lying, siliceous shear zone. Two reconnaissance drill holes were completed in 1998. Meanwhile in the Itilliarsuk area, NunaMinerals has drilled five holes with a combined length of 1,482 m on showings of gold associated with arsenic, silver, antimony and lead in quartz veins, and in shear zones.





Company Profile

Platinova, founded in 1986, is a Toronto Stock Exchange listed company with its roots in Canada.

Since 1991, Platinova has concentrated on resource development in Greenland almost exclusively. Over the years, projects in Greenland have focussed on exploration for:

Platinum group metals Precious Metals On-Shore Oil Exploration
Zinc Diamonds Molybdenum
Nickel, Base Metals Rare Metals Zinc Refinery (Pre-feasibility stage)

Platinova established its base in Greenland by building a solid relationship within the Greenland community at both the government and the private sector levels. As a result, Platinova has been the leading resource development company in Greenland over the past decade and more, operating in every geographic and geological region. Platinova has directly and indirectly caused the investment of about $100 million in Greenland. The Government of Greenland continues to be a minority shareholder in Platinova.

Successes have included the discovery of the gold-PGE Skaergaard deposit (43 mill tons at 2.4 g/t gold + Pd) in east Greenland, the Citronen Fjord zinc deposit (approx 20 mill tons at 8% zinc) in northeast Greenland and the diamond prospects in southwest Greenland. Of these, only the Citronen Fjord (Peary Land) property remains in Platinova’s active portfolio.

The founders of Platinova are still major shareholders and continue to take active roles in the strategic direction of the company, in particular, Bob Gannicott, Chairman of the Board and Gren Thomas, Director. Platinova uses a strong network of consultants nurtured over many years to provide specialized technical skills appropriate to each of the company`s projects.

Platinova is currently focussed on completing a business combination with a private Swedish company, Scandinavian Gold Prospecting AB. The basis for the business combination were described in the Platinova press release dated July 29, 2002. In order to complete the proposed business combination, an extraordinary shareholders meeting will have to be called. A detailed Management Proxy Circular will be issued approximately one month prior to such a meeting.


http://investdb.theglobeandmail.com/invest/investSQL/gx.stoc…



.

[konradi]

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Platinaktien sind noch immer ein Schnäppchen

von Wolfgang Drechsler


Die Preise für das Edelmetall steigen, aber der Ausbau der Produktion erfolgt langsamer als geplant.

KAPSTADT. Der Platinpreis steigt und steigt. In der ersten Februarwoche kletterte die Notierung je Feinunze wegen russischer Lieferengpässe gar auf 698 US-Dollar und damit den höchsten Stand seit über 20 Jahren. Kein Wunder, dass der Platinindex der Johannesburger Börse (JSE) seit 1998 um über 250 % gestiegen ist. Zumindest mittel- bis langfristig erwarten Experten, dass der Aufwärtstrend dank der hohen Nachfrage durch die Auto- und Schmuckindustrie anhält.

Kurzfristig ist das Bild indes leicht getrübt. Dies zeigen die in der letzten Woche vorgelegten Jahresergebnisse der Marktführer Anglo Platinum (Angloplat) und Implats. Der Reingewinn von Angloplat ging um 28,4 % auf 5,7 Mrd. Rand zurück, beim Erzrivalen Implats fiel er um 8 % auf 2,01 Mrd. Rand.

Die stabile südafrikanische Währung wirkt sich negativ auf die Gewinne der Platinförderer aus, weil deren Lohn- und Explorationskosten in Rand anfallen, die Erlöse dagegen in Dollar. In den sechs Monaten bis Ende Dezember hat der Rand fast 20% gegenüber der US-Valuta wettgemacht.

Angloplat gehört trotz des Gewinneinbruchs seit langem zu den Favoriten der Anleger im Platinsektor, weil es wegen seiner Größe (Börsenwert: 71,5 Mrd. Rand) und hohen Reserven aus dem Nachfrageboom Kapital schlagen kann. Allerdings hat die Tochter des Rohstoffkonzerns Anglo American wegen ihrer Dominanz besonders stark unter der von Südafrikas Regierung verabschiedeten Minen-Charta zu leiden. Sie soll den Besitzanteil der schwarzen Bevölkerung am südafrikanischen Bergbau deutlich erhöhen. Von Schwarzen geführte Unternehmen sollen spätestens 2012 zu 26 % an allen Minen des Landes beteiligt werden. Pretoria will zudem die großen Unternehmen zwingen ihre brachliegenden Reserven zu nutzen oder sie an kleine Unternehmen unter schwarzer Führung abzutreten.

Kopfzerbrechen bereitet institutionellen Anlegern zudem, dass Anglo American den Eigenanteil an Angloplat kontinuierlich ausbaut. Ein Auskauf der Minderheitsaktionäre würde dem Minenhaus die Gelegenheit geben, Angloplat völlig zu übernehmen und anschließend von der Börse zu nehmen.

Bei Impala dürfte sich der Anteil der frei handelbaren Papiere durch die bevorstehende Auflösung des bisherigen Großaktionärs Gencor beträchtlich erhöhen. Bislang hielt Gencor mit 46% den Großteil der Impala-Titel, deren Marktkapitalisierung zurzeit bei 40 Mrd. Rand liegt. Gleichzeitig wird Impala durch den Rückzug seines Großaktionärs jedoch zu einem möglichen Übernahmekandidaten. Mike Schröder, Edelmetallspezialist beim Finanzdienstleister Old Mutual in Kapstadt, stuft Impala deswegen als attraktiv ein, zumal die Titel mit einem Kurs-Gewinn-Verhältnis von 10 günstig bewertet sind.

Zunehmender Beliebtheit erfreuen sich seit einiger Zeit die Titel des viertgrößten Platinproduzenten Northam, der lange als Sanierungsfall galt. Als besonders attraktiv hat sich erwiesen, dass Northam seine hohen Gewinne in Form einer Dividende von 12 % zuletzt direkt an die Anleger ausgeschüttet hat und dies nach eigenem Bekunden bei anhaltend guten Platinpreisen auch künftig tun wird. Die Aktien weisen damit eine hohe Bruttorendite auf. Northam ist zudem durch den Einstieg des von Schwarzen gemanagten Konglomerats Mvelaphanda nicht von der neuen Minengesetzgebung des Staates betroffen. Dennoch ist eine gewisse Vorsicht geboten: Sollte der Platinpreis wider Erwarten stärker einbrechen, dürfte Northam wegen seiner hohen Kostenstruktur besonders stark leiden.

Craig Pheiffer von der Brokerfirma Sasfin Frankel Pollak Securities in Johannesburg ist davon überzeugt, dass die Platinfirmen am Kap in den nächsten Jahren vom Nachfrageüberhang profitieren werden und die Aktienkurse zumindest mittelfristig weiter steigen.

Südafrikas Platinförderer wollen die Produktion bis 2006 gewaltig ausbauen, doch neue Zahlen zeigen ein anderes Bild. Angloplat hat sein Produktionsziel für 2004 bereits von 2,8 auf 2,4 Mill. Unzen gesenkt.

HANDELSBLATT, Montag, 17. Februar 2003

[konradi]

Die Stillwater Mining Co., der einzige US-Konzern, der Palladium und Platin herstellt, veröffentlichte am Dienstag Zahlen für das abgelaufene vierte Quartal 2002.

Den Angaben zufolge verbuchte der Konzern im vierten Quartal einen Verlust in Höhe von 600.000 Dollar oder 1 Cent je Aktie. Im Vorjahreszeitraum erwirtschaftete das Unternehmen noch einen Gewinn in Höhe von 4,9 Mio. Dollar oder 12 Cents je Anteilsschein. Der Umsatz belief sich im Berichtszeitraum auf 58,6 Mio. Dollar. Im Jahr zuvor hatte der Umsatz bei 59,3 Mio. Dollar gelegen.

Redaktion WO 18.02.2003

[konradi]

aktueller Report zu ANGLO PLATINUM von CANACCORD CAPITAL:

http://www.thebulliondesk.com/reports/canaccord/AAPTY_180203…

[konradi]

dazu ein Interview mit CEO Barry Davison:
http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6538525…

[konradi]

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As predicted, Stillwater knocks on death’s door

by Tim Wood

NEW YORK -- Mineweb has gotten a lot of heat for backing minority analyst opinions warning that Stillwater Mining faced bankruptcy without radical intervention or restructuring. The writing was on the wall early last year and each successive quarter has only served to paint a gloomier picture, with Tuesday’s fourth quarter and calendar 2002 results confirming a looming cash crunch.
If the unpopular acquisition by Norilsk Nickel is not consummated quickly, then Stillwater will be unable to both repay its debts and sustain critical investment in its mining operations, said chairman and chief executive, Frank McAllister during an investor conference call.

The news was greeted by a near panic sell-off of Stillwater stock, which plunged below $4 a share for the first time ever before crashing below $3 a share shortly after 3pm EST. The shares have lost four fifths of their value in the past year and over 90% from their all time high.

As a result of today’s sell-off, Stillwater is now worth less than North American Palladium [PAL], which produced just 52,000 ounces of palladium in the fourth quarter. Stillwater’s market capitalisation is $131 million relative to NAP’s $150 million.

Only two sell-side analysts have consistently applied a sell to Stillwater with target prices that seemed aggressive at the time, but turned out to be prescient. They were David Mallalieu of Scotia Capital and Victor Flores of HSBC. Buy side analyst Borden Putnam, of Eastbourne Capital, is widely credited with being the very first to call Stillwater’s production and credit problems even as its stock made new highs in early 2000.

Key shareholders apparently remain opposed to the highly dilutive Norilsk transaction; assuming it is not first blocked by US or European regulators. However, at the rate the stock was abandoned today, that opposition seems content to sell rather than exercise its influence. Goldman Sachs recently struck Stillwater off its coverage roster and more firms are expected to follow as interest and trust continues to evaporate.

Most key metrics continue to trend negatively with the only bright spot being improved free cash flow. However, that has come at the expense of capital investment which has shown up in low grades and rising costs. Meanwhile, received prices are dipping to produce a massive squeeze on net margins per ounce.

As the controversial East Boulder project increases its production in 2003, it’s stubbornly high costs will only exacerbate the problem unless they can be brought in line with contract prices. Meanwhile, the normally reliable Stillwater mine is misfiring and production is being refocused on more profitable areas of the ore body.

The company has blamed Yahoo message board enthusiasts for raising expectations about a “ballroom” – a swelling of the mineralized zone. This is disingenuous at best since Stillwater management puffed up the ballroom’s potential during the third quarter conference call.

Stillwater will yet again fall short of revised production covenants contained in the firm’s debt Agreement. McAllister predicts the company will produce 615,000 ounces of palladium and platinum in 2003, a 30,000 ounce shortfall relative to the terms of the Agreement.

Likewise, the company will default on its financial covenants. Just the projected capital expenditure of $56 million this year seem incapable of being funded internally, while principal payments of $20.9 million and interest payments of at least $17 million fall due in 2003. The company has just $26 million in cash left, having burned through $16 million during the fourth quarter alone.

The company says it is seeking access to $17.5 million under its Revolving Credit Facility which it believes will provide sufficient cash liquidity until year-end.

Ironically, a further slide in the palladium price would help Stillwater since it has some attractive hedges in place that would allow it to cut costs through reduced mining while supplying its contracts with metal bought in the market at lower prices. That may tempt counterparties to back out of the deal, using Stillwater’s own defaults as a precedent.








mineweb 18.02.2003


---


Hunt is on for platinum substitutes but demand still outstrips supply


Johannesburg - Anglo American Platinum (Angloplat) and Impala Platinum (Implats), which together produce two-thirds of the world`s platinum, said yesterday customers were seeking alternatives to the metal as prices stayed near a 23-year high.

Jewellers, who use 44 percent of the platinum produced, might balk at spending almost $700 an ounce and could turn to gold, now selling for half the price.

Car makers, which coat pollution-control devices with platinum, might substitute cheaper byproducts from mining the metal, such as palladium.

"I would suggest that every white coat working for an automotive company is looking for an alternative to platinum," said Derek Engelbrecht, the manager of global marketing at Implats.

A decline in demand would cut profit at a time when Angloplat and Implats are hurt by a stronger rand. The rand`s 40 percent gain against the dollar last year caused the companies` profits to fall from 2001 records.

For now, Angloplat and Implats are struggling to meet platinum demand. Prices have soared 42 percent in a year, pushed up by tighter pollution controls, delayed expansion programmes, labour strike in Russia and a refinery fire in South Africa. Platinum, which peaked at $706 an ounce on February 3, traded at $668.50 yesterday.

Platinum miners produced 5.88 million ounces last year, compared with demand of 6.37 million ounces, according to estimates by Johnson Matthey, the world`s largest marketer of precious metals. It was the fourth year in which consumers had to draw down inventories to meet demand.

To capitalise on high prices, Angloplat and partners plan to spend R21.3 billion to expand output by three-quarters before 2007.

Implats wants to refine 40 percent more platinum by then.

But sales may be poised to drop. In Japan "end-of-year gift sales were below predictions and I am sure this is price-related", said Sandy Wood, Angloplat`s commercial director. "We expect E a slowdown if prices remain high."

Among car makers "there will be substitution" of palladium for platinum, said Keith Rumble, Implats`s chief executive. "Detroit is already talking about that."

Angloplat and Implats would not benefit much from a switch to palladium, since they produce half as much of it as platinum.

Rivals in Russia and the US mine deposits rich in palladium, which has fallen in price by one-third in the past year.

The companies` profits also may be threatened by the rand, which may gain another 10 percent by mid-2004, according to a forecast by Merrill Lynch.

Angloplat last week posted a 24 percent drop in second-half profit to R3.01 billion as the stronger currency raised costs. Impala said first-half earnings slid 8.2 percent to R2.01 billion. Both companies said profit would probably fall in coming months.

"The biggest thing is the poor exchange story," said David Hall, an analyst at Merrill Lynch. As for a weaker rand, he said: "We don`t think they stand a chance."

The rand`s gain, its first against the dollar in 15 years, came after South Africa`s central bank raised interest rates by 4 percentage points, giving rand investors a better return than offered for holding dollars.

South Africa`s benchmark lending rate is 13.5 percent. The US Federal Reserve on November 6 cut its overnight bank lending rate by a half-percentage point to 1.25 percent, a 41-year low.

The sales and the currency worries probably would not hurt shares of Angloplat and Implats much in coming months, investors said. Platinum producers, with profit margins of about 50 percent, vie with gold producers as South Africa`s most profitable companies, and their shares are cheaper.

Angloplat`s stock has dropped 39 percent, and Implats`s 11 percent, in the past year. Angloplat`s price:earnings (p:e) ratio is 12; for Implats it`s less than eight. AngloGold and Gold Fields have p:e ratios of more than 15. - Bloomberg

Bloomberg – 20.03.2003


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Ballard beats forecast with sales of fuel cells

Ballard Power Systems Inc. has reported better-than-expected fourth-quarter sales after rolling out the first batch of fuel-cell engines for a fleet of buses that will operate in 10 European cities.

Burnaby, B.C.-based Ballard, which reported a loss of $35.3-million (U.S.) or 33 cents a share in the quarter ended Dec. 31 compared with a loss of $36-million or 37 cents a year earlier, has a contract with partner DaimlerChrysler AG to supply 30 bus engines for the European market.

However, after rising 57 cents (Canadian) to close at $15.97 yesterday on the Toronto Stock Exchange, the stock is still trading well below $20.25, the price at which it was sold last December in a bought deal financing that raised $156-million.

One analyst said Ballard beat its internal revenue targets for 2002 partly because the first nine bus engines were shipped in the fourth quarter, leaving the company with another 21 still to ship.

By supplying fuel cells for buses worth $1.73-million each, Ballard was able to double its revenue in the fourth quarter to $29.3-million from $13.3-million a year earlier.
"If they can string together a few more quarters like this one, I`d start to get more positive on the stock," said Gary Holdsworth of Wedbush Morgan Securities in New York.
Ballard is the world`s leading developer of fuel cells, which generate electricity by combining oxygen and hydrogen, and are widely seen as an environmentally friendly option to the internal-combustion engine. The company also said yesterday that it has agreed to acquire Coleman Powermate`s line of portable generators.

Financial terms were not revealed.

Ballard already makes a key component of the AirGen fuel-cell generator, launched in December by Coleman Powermate for commercial and home markets. The division of Delray Beach, Fla.-based Sunbeam Corp. recently decided to focus its efforts on its traditional products, which include air compressors, pressure washers and generators that use more conventional power sources.

During a conference call with analysts, Ballard president Dennis Campbell said the latest results capped an "extraordinary year for the company." He will become chief executive officer on March 1, taking over from Firoz Rasul, who will remain as chairman.
Ballard reported a loss of $147.7-million or $1.40 for the year ended Dec. 31 compared with a loss of $96.2-million or $1.05 in 2001.

The company attributed the increase to losses arising from acquired businesses, business integration and restructuring costs, which were partly offset by other cost reduction initiatives. However, the company beat its own guidance with yearly revenue of $90.9-million, up from $36.2-million.

Ballard said it expects annual revenue to rise to between $110-million and $120-million this year, and for cash consumption to fall to around $80-million from $118-million in 2002. Mr. Rasul said that proceeds of the financing and commitments from partners DaimlerChrysler and Ford Motor Co. mean the company has sufficient cash resources to fund its operations beyond 2007.

Globe and Mail - 20.02.2003


.

[konradi]

a black empowerment mining company:

Matodzi Resources Ltd. : Platin – Gold - Diamanten

- Börse: Johannesburg

- Symbol: MTZ

- Kurse und Charts: http://www.sharenet.co.za/ - Kürzel MTZ eingeben !



Matodzi Resources is a blackowned company that holds 12% of JCI and owns half of Lesotho`s Letseng diamond mine, posted a headline profit of R2,3m for the first half, against last year`s loss of R3,7m.

Headline earnings a share were 1,5c, compared with a loss per share of 2,5c previously.
Net income climbed to R34,9m, from a R3,7m loss, because of the sale of nonmining assets, the company said. Its shares fell 7,4%, or 4c, to 50c, giving it a market capitalisation of R75m on Friday, the day of the earnings release.
Still, the company`s share price has surged 284% this year, benefiting, like other empowerment miners, from anticipation that the coming months will see major firms try to meet mining charter demands.

Matodzi, led by Sello Rasethaba, is believed to be one of the partners Anglo Platinum may select in its drive to develop new mines in the eastern bushveld.



Matodzi well poised, but more news needed

JOHANNESBURG – Finding a new ten-bagger in the South African resource sector is hard work these days, given how hard mining stocks have run in recent years. Making a compelling investment case for a junior miner that has already grown more than tenfold over the past year, is harder still.

Punters have piled headlong into Matodzi Resources since the fourth quarter of last year, driving the share to dizzy heights around 87 cents in mid-January. The buying frenzy was sparked at the end of last year by news of a potential partnership with Anglo Platinum on its Der Brochen platinum project on the Eastern Limb of the Bushveld – those rumours have crystallised somewhat, and word now is that the finer points of an agreement between the two are now being finalised.

Beyond the obvious speculative gains (or losses) to be made on the stock as it benefits from the swirl of rumour and suggestion that is sure to accompany the new legislative regime governing the South African mining universe, Matodzi chief executive Sello Rasethaba remains convinced there is a sound investment case to be made for the company. Aside from its future role alongside Angloplat, the group holds a 50 percent stake in the Letseng diamond mine in Lesotho, which is to be kicked into production over the next two years. Letseng, which counts Matodzi stable-mate JCI as a 40 percent shareholder and “offshore investors” as 10 percent holders, will cost about R150 million to develop. “We’ll contribute our 50 percent and we are talking to banks and the IDC (Industrial Development Corporation) for that funding,” says Rasthaba.

He says Motodzi will give more detail on the project before mid-year, which will allow investors to better value the company. “When we make the announcement, we will give see-through values on which they can value the share price,” says Rasethaba.

In the meantime, though, he says Letseng has a projected life of between eight and ten years and will be fully paid back inside of three years.

Rasethaba says Matodzi may also tackle a gold project before too long. He gives no details on which mine the group might make its gold debut, but the close relationship with Brett Kebble’s who heads gold producer Western Areas – Kebble arranged the finance and sold the 30.1 percent stake in Matodzi to a consortium led by Rasethaba – indicates it may be related to South Deep.

Rasethaba rails strongly against any suggestion that the strong link to Kebble, who is legal battles on several fronts, might scare away institutional investor interest in Matodzi. “First of all, you can’t abandon friends,” says Rasethaba. “And secondly, nobody asks Anglo American why they are partners with Brett, on Morilla and in Western Areas.” To demonstrate the market’s view on Matodzi’s ties, he says recent developments inside the group have piqued the interest of institutional investors, who despite being notably absent from the shareholder register, are starting to nibble at the edges. “I am having dinner with Old Mutual and I have also spoken to ABSA,” says Rasethaba. Funds, meanwhile, remain notably absent from the register.

He also rejects the notion that the close ties with the JCI group, in which it bought a 12 percent stake from Anglo for R63 million, could sterilise its chances of doing a deal with rival resource companies. “We are not sleeping. We have been discussing projects with South Africans and foreign companies who want to come into South Africa and into Africa,” says Rasethaba. He says the prospective partners are unperturbed by Matodzi`s loyalties.

There could not be a better time for a black empowerment mining company to come to the market. The law is heavily skewed in favour of new entrants and if Rasethaba and can realise the dream of building a strong operational portfolio and making it a real contender in the equity financing of fledgling black empowerment mining groups, the company might just have a bright future.

For the meantime though, there looks to be a specualative buck to be made for the hardened punters. For those with less appetite for risk it might be prudent to wait for the company to deliver solid details on its new board, as well as its future operational and corporate plans. Those should provide a good indicator of value.

Stewart Bailey 24.02.2003



Sello Rasethaba: Executive Chairman of Matodzi Mining Resources

Business success on the shoulders of Marx - S`thembiso Msomi
So, you want to be a successful businessman but have no idea where to start? Why not try Karl Marx`s Das Kapital or his collaboration with Frederick Engels in The Communist Manifesto?

That`s exactly what Sello Rasethaba tells aspiring entrepreneurs to do when they approach him for advice.

No, Rasethaba is no red-flag-hoisting anti-capitalist militant whose mission in life is to see to the destruction of an "exploitative" and class-based socio-political system.
The executive chairman of mining group Matodzi Mining Resources is very much a budding capitalist.

His unusual choice of socialist literature as one of the ways of gaining business acumen has much to do with his political past as an activist in the Azanian People`s Organisation.
"Experience has taught me that in order to be a good capitalist you need to have gone through the likes of Marx and understood both worlds," Rasethaba says.
But only time will tell if his grounding in revolutionary politics will indeed give him an edge in the cut-throat world of corporate business.

The former chairman of the State Information Technology Agency earlier this year put together a consortium and successfully staged a bid to acquire a 30.1% stake in New Mining Corporation.

Mining is the current in-thing for empowerment groups , who are aided and abetted by Minister of Minerals and Energy Phumzile Mlambo-Ngcuka`s energetic endeavours to transform the local industry.

However, some industry analysts are warning against a repeat of the 1990s scenario, where black empowerment entitie s were clamouring for stakes in the "sexy" IT industry.
When IT markets crumbled globally, empowerment groups were among those who suffered the most.

But Rasethaba says there are fundamental differences between the scramble for IT deals in the late 1990s and what is happening in the mining sector.
"I think most of the people who are getting involved in this sector now are not doing it for short-term purposes. They are in mining because they are passionate about it. We also have a minister who has done more than any other Cabinet member to ensure economic transformation in this country," Rasethaba says.

The New Mining Corporation came about in the 1990s after restructuring at mining group JCI saw the Kebble family entering into partnerships with empowerment groups. It recently changed its name to Matodzi Mining Resources and disposed of R90-million worth of non-core assets by transferring them to JCI.

Matodzi owns 50% of Lesotho-based mining group Letseng Investment Holdings. It also controls 12% of JCI`s issued shares. Matodzi is named after Rasethaba`s grandfather who, he says, was a major influence on his life.

Rasethaba is open about his relationship with the controversial Kebble brothers.
"If reputable companies such as Anglo American can work with them, who am I to say I will not.

"The Kebble family were the first players in this industry who realised that mining businesses can be successful only if there are meaningful transformation partnerships between mining houses, labour and black entrepreneurs," Rasethaba says.
But, like a good entrepreneur, Rasethaba says the group is looking for deals with other industry players as well.

"Matodzi intends to grow its natural and mineral resources interests and form broad partnerships with government and established resource companies. This is to develop skills and ensure equity participation by previously disadvantaged entrepreneurs in mining, in line with the pronouncements made by government in the Mining Charter."
The group is currently financing a heavy debt and has not paid dividends to shareholders for some time. Rasethaba says his first mission is to enhance profitability as quickly as possible .
When he is not working, Rasethaba spends much of his time playing golf, a sport he readily admits to having dismissed as a "bourgeois game" in the past. His friends say the man has taken to the sport like a duck to water.

Such is Rasethaba`s fascination with golf that he is currently the president of the black golfing club - the Ambassadors Golf Club.

Like many of his generation, it has been a long and difficult road to the top for Rasethaba. The working life of the man schoolmates used to call "Caprivi" - because of his penchant for military gear at a time when the apartheid army was involved in a war in Angola - began in the late 1970s when he secured a job with the then Lebowa Transport.

He used much of his salary from the Bantustan government-owned transport utility to pay for his studies at the University of South Africa. Two years later, he left the company to join an accounting firm as an articled clerk.

Not long afterwards, he was expelled from the firm because of political activism that eventually resulted in detention without trial for six months.
A few years later, Rasethaba left the country to further his studies in the US. He returned to South Africa in 1993 upon a request by a faction of Azapo wanting to participate in the multiparty negotiations in Kempton Park.

As it turned out, the faction, a group inspired by Black C onsciousness, never joined in the negotiations and eventually boycotted the country`s non-racial elections in 1994.
Disappointed by his party`s position, Rasethaba left active politics to join then Coopers & Lybrand Management Advisory Services.

This was to mark his break from active politics, although he says he would like to make a come-back one day - this time as a representative of the ANC, which he joined as a card-carrying member after leaving Azapo a few years ago.

[konradi]

Platinum hits one-month high, supply deficit seen


LONDON, March 5 (Reuters) - Precious metal platinum was fixed at its highest level in one month on Wednesday morning in London after a sharp rise in Asian trading overnight took prices close to a recent 23-year peak, traders said.

Platinum topped the psychologically key $700-an-ounce mark in Asian trade as the Tokyo futures market soared.

"Platinum put on some impressive gains in hectic overnight trade, pushing the metal above $700 to a high of $703/8," James Moore, analyst with TheBullionDesk.com said.
Spot platinum (XPT=) was fixed at $699.00 an ounce, up from the previous day`s afternoon fix of $686.00 and not far from its peak fix in early February of $703.
Prices subsequently fell back to end the European session at $695.00/700.00, unchanged from New York`s close.

Analysts expect the metal prices to be firm due to a forecast supply deficit in 2003 for the fourth consecutive year and against a backdrop for expectations of healthy demand.

Platinum is used in autocatalysts to clean toxic exhaust emissions and is also used in the jewellery industry.

A rise above $705 would take the metal to a peak not seen since March 1980, when platinum hit $1,047.50.

In a recent presentation, Standard Bank London forecast platinum prices to trade in a $580-$720 range in 2003, compared with an average price in 2002 of $540.03.
Prices soared to 23-year highs last month after U.S. President George W. Bush proposed investing $1.2 billion for research on fuel cell-powered vehicles.

Touted as a replacement for the internal combustion engine, fuel cells create electricity with no pollution by combining hydrogen and oxygen. Platinum is used in the electrocatalyst layer of the fuel cell.

Fears of war in Iraq and jitters over North Korea`s nuclear standoff with the United States boosted gold in Asia, helping to inspire platinum`s rise.

However, analysts expected platinum to run into difficulties around the tough $700 and ounce area as jewellery and some industrial demand tapers off around this level.
Traders said that lease rates, the cost of borrowing the metal in international markets, were stable despite the surge in prices. One month forward rates were quoted at around 16 percent, unchanged from Tuesday.

Reuters 05.03.2003

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Plenty of Platinum, Shortage Stories are False

Erroneous Reports on the lack of Platinum for Fuel Cells are destructive and untrue according to a leading association of mining, production and fabrication companies in the platinum group metals industry.

Platinum famously shot to a 23-year high on February 3rd of this year amid fears of a worldwide shortage, industrial action at Russia`s Norilsk Nickel mines and the promised investment of US $1.2 billion, by the Bush Administration in fuel cell-powered vehicles.
However, today the International Platinum Association (IPA) said that platinum resources are abundant enough to meet foreseeable future demand for the commercialization of fuel cell technology.

The Frankfurt, based IPA said recent hysteria, in the platinum group metals market about future demand for fuel cells possibly creating a shortage of the metal, was overblown. The group also said that the rumours have had a negative effect of legislators, scientist, researchers and business people investigating fuel cells or their applications.
"There is more than enough platinum to satisfy the widespread introduction of fuel cells, for automotive propulsion, stationary power generation or other uses," Marcus Nurdin, managing director of the IPA, said in a press release. The comments from the IPA came on the eve of the U.S. Hydrogen Conference in Washington, D.C. this week.

Platinum is used in the electro catalyst layer of a fuel cell. Applied to both the anode and the cathode, it facilitates electrode reactions. To date, no other material has been shown to be as effective as platinum in this application. The IPA were also quick to point out that as fuel cell technology advances they will use less platinum group metals necessary for a proton exchange membrane (PEM) fuel cell, the type of fuel cell being considered for automobile drive lines and residential use.

SRiForum 03.03.2003

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China to allow debut of platinum trade – source


SHANGHAI, March 4 (Reuters) - The Shanghai Gold Exchange has won approval to start spot trading of platinum for the first time, a source close to the exchange said on Tuesday.

Analysts said such trade would bring prices more in line with global markets.
"The exchange has already obtained permission from the State Council to introduce new products," the industry source, referring to China`s cabinet, told Reuters.
China is opening up its precious metal market gradually as it liberalises its financial and commodities sectors.

It began formal spot gold trading on October 30, ending half a century of rigid government control over the domestic precious metal market.

China, the world`s top platinum consumer, imports around 40 tonnes of platinum a year, or about half the world`s output, analysts said. They said China produces about one tonne of platinum a year.

The government had given the exchange a green light to launch trading of platinum as early as this year, the source said. Analysts said the government hoped to introduce platinum trading partly to boost the gold exchange`s volumes.

"There is still a gap between global and domestic prices. China`s prices will be more in tandem with the global market once platinum trade begins at the exchange," a domestic analyst said.

She said domestic platinum prices were now 193 yuan per gramme, higher than global prices of about $683 an ounce, or 182 yuan per gramme.

Reuters -004.03.2003

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TEXT-Moody`s may cut Stillwater Mining ratings

(The following statement was released by the rating agency)

Approximately $280 Million of Debt Securities Affected

NEW YORK, March 4 - Moody`s Investors Service placed the ratings of Stillwater Mining Company SWC.N (Stillwater) under review for possible downgrade due to uncertainty surrounding the company`s efforts to establish adequate near-term and long-term liquidity. In the short term, this depends primarily on Stillwater gaining access to the unused portion, approximately $17.5 million, of its revolving credit facility, which contains production covenants that Stillwater does not believe it will attain at March 31, 2003.

Stillwater is currently working with its banks to obtain amendments or waivers to the bank covenants and to obtain access to additional borrowings under the revolver. Longer term, Moody`s believes the company needs to obtain additional capital in order to fund capital projects at its Montana mines and ensure adequate liquidity while it works to solidify the performance of the company. Its plan to sell a majority interest in the company to MMC Norilsk Nickel (Norilsk) for consideration currently valued at $300 million addresses this longer-term need. This transaction is subject to governmental, shareholder, and bank group approval and the company expects the transaction to be completed by the end of the second quarter of 2003. While successfully concluding the Norilsk transaction could lead to a confirmation of Stillwater`s ratings, the ratings have been placed under review for possible downgrade due to the uncertainty associated with the company`s ability to (1) obtain covenant relief from the credit facility lenders so that Stillwater can access the revolver credit facility and (2) successfully conclude the Norilsk transaction.

Nevertheless, a ratings downgrade is likely should the company be unable to achieve these objectives. The following ratings were placed on review: The Ba2 rating on the company`s $250 million senior secured credit facility, consisting of (i) a $65 million term loan due November 2005, (ii) a $135 million term loan due November 2007, and (iii) a $50 million revolving credit facility maturing November 2005, The Ba3 rating on the $30 million senior unsecured Exempt Facility Revenue bonds, Series 2000, due 2020, The Ba2 senior implied rating, and The Ba3 senior unsecured issuer rating. Moody`s review will focus on the company`s success in gaining access to the undrawn portion of its revolver, which would address near-term liquidity concerns. The review will also assess Stillwater`s ability to secure sufficient capital, either through its proposed transaction with Norilsk or some other form of equity infusion. In addition, the review will consider the company`s long-term potential for increased production, reduced costs, enhanced cash flow, and reduced leverage.

Stillwater`s liquidity position is currently tenuous given its negative free cash flow, low cash balances, 2003 cash requirements, and possible bank covenant violations. At December 31, 2002, Stillwater had about $26 million of unrestricted cash and approximately $17.5 million of availability under its revolving credit facility. Access to the undrawn portion of the revolver requires waivers or amendments, which the lenders are more likely to grant if the Norilsk transaction is also concluded. If the company is able to borrow the full amount remaining under its revolver, management believes it will have sufficient liquidity to fund its cash requirements through 2003. However, Moody`s believes that, even if the company is successful in obtaining waivers under its bank agreement, it will require additional funding to improve operations and meet its obligations over the intermediate term. On November 20, 2002, Stillwater announced that it had signed a definitive agreement with Norilsk, a Russian mining company, whereby Norilsk will acquire a 51% ownership in Stillwater. The Norilsk transaction would provide approximately $300 million of new capital, consisting of $100 million in cash and 876,000 ounces of palladium. At the current spot price of about $228 per ounce, the palladium would be valued at approximately $200 million. Stillwater and Norilsk also expect to enter into a platinum group metals (PGM) agreement, whereby Stillwater will purchase at least one million ounces of palladium annually from Norilsk. If approved, the transaction would provide much-needed funding for Stillwater as well as provide stability to the palladium markets from a supply perspective. According to Stillwater management, if the Norilsk transaction is not completed the company will require some type of restructuring or other equity investment into the company. The companies are currently in the process of receiving approvals from several governmental agencies, both in the United States and Russia, as well as Stillwater`s shareholders and bank group. The company expects the transaction to close in the first half of 2003. The company`s operating performance has been impaired by production shortfalls at its Stillwater mine, reduced ore grades, higher costs, and lower market prices for PGMs, predominantly palladium. Production at the Stillwater mine declined in the second half of 2002 due to lower ore grades, lower average ore thickness, and production disruptions related to labor, health and safety issues. As a result, total cash costs at the Stillwater mine rose to $297 per ounce in the fourth quarter, compared to approximately $260 per ounce in the previous seven quarters. The East Boulder mine operated at around a 1,000 ton-per-day rate and a 0.4 ounce/ton mill head grade in the second half of 2002, which kept its cash costs around $375 per ounce, which is higher than the average market price for Stillwater`s mix of PGMs. However, due to long-term sales agreements and hedges, Stillwater`s average realized price of PGMs was about $440 per ounce for the fourth quarter 2002 and approximately $454 per ounce for the full year, well above average market prices.

Stillwater Mining Company is headquartered in Columbus, Montana. The company is the only U.S. producer of palladium and platinum and the only significant producer of platinum group metals outside of South Africa and Russia.

Reuters 04.03.2003

[konradi]

UK`s Lonmin in the mixer

JOHANNESBURG – Lonmin, the UK-listed platinum producer, looks set to finally resolve its relationship with Impala Platinum, the South African firm that has a 27 percent stake in Lonmin’s platinum business, Lonplats. In the past, there have been attempts to marry Lonmin and Impala Platinum; in other instances, there have been calls for Lonmin to buy back its stake back from Impala - at prohibitive prices. Now, pressure to solve the relationship between the two has been hastened by government’s black economic empowerment (BEE) charter, a document that calls for 26 percent of assets to be sold to black-owned companies within 10 years.


Complicating the relationship is a deadlock provision on the Lonplat’s board. In practice, this means Lonmin directors, and those representing Impala Platinum on Lonplats’ board, have equal votes on important strategic decisions. Were Lonmin to sell part of its platinum interests to meet BEE requirements, it could well find Impala has a board majority. Lonmin will be aware of the risk so there’s little chance of allowing this to happen; in any event, analysts claim an agreement exists to nullify the deadlock provision should there be a material change in Lonmin’s shareholder base.

But even if Lonmin doesn’t stand to lose board control to Impala in the event of a BEE deal, the charter gives Impala unusually strong leverage. Analysts believe, for example, that the pressure is on Lonmin to co-author a transaction with Impala in such a way that Impala’s 27 percent stake in Lonmin is released to a BEE partner for a sizeable chunk of money.

This would provide Impala with significant BEE credits with government in terms of the charter scorecard on BEE mining deals. In such a deal, Lonmin would effectively pay Impala a premium for its 27 percent stake on behalf of a BEE company, possibly the Bafokeng Nation with whom Impala already has a relationship. That’s assuming Impala would want to play ball.

Recent comments from Impala chief executive, Keith Rumble, suggest he couldn’t care less about Lonmin’s situation regarding BEE. According to Rumble, Lonmin has been “late out of the blocks” on BEE: ““I don’t think we need to dilute our stake to make their black empowerment problem go away – it’s a strategic stake for us,” said Rumble. “But we would support them (Lonmin) on carving up some their assets (to facilitate back empowerment transactions) and making that merger a reality in the long term because we still believe in that merger,” he said.

These comments caused some disquiet and Rumble later sought to retract or tone down the statement. But carving up Lonmin sounds a bit like using Impala’s 27 percent stake in the company as a foundation for a wider transaction in which Impala is the primum mobile.

Lonmin director, Ian Farmer, confirms discussions are underway between his company and Impala to find a solution. Intriguingly, all possibilities are on the table, he said. Analysts believe Lonmin will want to find a solution sooner rather than later, but a merger between the two companies could be another drawn out affair. The last attempt to merge the two incurred the wrath of the European Commission Competition authorities – a process which took years to play out.

mineweb – 06.03.2003



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Exchange wants platinum

The Shanghai Gold Exchange is applying to the central government for a license to conduct platinum trading, an exchange official said yesterday.
The exchange also wants platinum trading to be ex-empted from high taxation, as legal transactions will help curb rampant smuggling of the precious metal.


The four-month-old exchange is "actively trying for the platinum trading," which will bring in more transaction fees, said Yin Po, vice president of the exchange`s general office.

"We insisted in our application that our platinum business should be exempted from the high taxation currently levied on gold," said the official of China`s only authorized spot gold exchange.

Another industry source, who asked not to be named, told Shanghai Daily the authorities have verbally agreed to allow platinum trading at the exchange.

In China, circulation of platinum is unregulated. But high tariffs are levied on trading of the precious metal, including a 3 percent import tariff and 17 percent value-added tax.

An tax exemption would not only be crucial for the gold exchange to attract more transactions, but would also aid a crack-down on smuggling of the precious metal, industrial officials said.

China is the world`s biggest consumer on platinum, the Platinum Guild Inter-national said without giving figures. The country relies on imports from Russia and South Africa as there are no big platinum mines in China.
Real platinum sales in China are far higher than imports reported by customs, showing illegal sales to evade taxation are a big problem, industry insiders said.

"In spite of a recent upswing in world platinum prices, domestic platinum jewelry prices are still profitable as many dealers have evaded taxation," said an unidentified official with the Shanghai Gem and Jade Association.
Market quotations show surging on a forecast supply deficit in the precious metal and also partly due to the upswing in gold prices, platinum in London pushed through US$700 a troy ounce on Wednesday, hitting its highest level for the month and approached the 23-year high after a sharp rise in overnight trading in Tokyo.

The spot price for platinum finished at 202 yuan a gram (US$756.9 a troy ounce) in Shanghai Huatong Non-ferrous Metal Wholesale Marketplace - a major legal channel for platinum materials.

EastDay.com 07.03.2003


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Platinum wins hearts of China`s growing rich

By Lee Chyen Yee


SHANGHAI, March 7 (Reuters) - Jenny Zhang marvels at the crowded glass display with its glittering array of platinum necklaces, bracelets and rings, not knowing which to buy first.
"It`s hip and looks really elegant," said the well-dressed a Shanghainese in her early 30s, transfixed by the glittering jewellery as her husband looked on.
"And I can afford it," she said in the bustling store in Shanghai`s perenially packed Yuyuan jewellery district, covered wall-to-wall with precious knick-knacks.
Seven years ago, few Chinese knew about platinum.

Now China is the world`s top market for "white gold", importing about a quarter of global output of 5.88 million ounces, or more than 190 tonnes, key British refiner Johnson Matthey said in its latest report. Analysts say growth in demand for platinum in China -- most of which goes to making jewellery -- would level off slightly in 2003 from last year`s 13 percent jump, although it should remain strong mostly because of the metal`s growing popularity.

But if platinum prices (XPT=) of about $690 an ounce rise further in tandem with gold prices if there is a war in Iraq, that will take away some sparkle from the demand rise.
Consumers like Yang with ever-deeper pockets are increasingly choosing platinum over gold, lifting demand for the silvery-white precious metal known in China as "white gold" and spurring global refiners such as South Africa to produce more.

Platinum prices have risen to near 23-year highs, and it costs 218 yuan ($26.34) per gramme in China, twice as much as gold.

Johnson Matthey put last year`s platinum demand for jewellery making at 1.47 million ounces, up 13 percent year on year. By contrast, Japanese demand for platinum jewellery is expected to rise just 3.5 percent and European demand is seen flat, according to Johnson Matthey.


BRIGHT SPOT

"The market has grown fantastically well over the last six or seven years, because seven or eight years ago, the demand in China was almost zero," Mike Steel, market research director for Johnson Matthey, told Reuters by telephone from London.

Fuelled by China`s galloping economic growth of around seven percent, Chinese customers are looking increasingly to platinum as a status symbol.
Jewellery shops have embarked on aggressive marketing campaigns to win their hearts.
In Yuyuan, huge posters of Hong Kong movie star Maggie Cheung sporting "white gold" in elegant evening wear are displayed in the glass windows of jewellery chains.
The advertising drive appears to be working, especially in China`s wealthier coastal cities, such as Shanghai.

"We see young couples nowadays buying platinum for weddings instead of gold," said Joyce Shi, a spokeswoman for the Platinum Guild International`s Shanghai office.
Still, the trendy metal is nowhere close to taking away gold`s coveted place in China, where it is a centuries-old tradition to wear thick gold jewellery at weddings and other celebrations.

"I don`t think it will ever completely replace gold because gold is a much bigger market, especially for jewellery. Platinum is only looking for a share in the total market," Steel said.

But Wang Junlin, 28, is making up for lost time by buying a platinum ring for his wife.
"My wife and I got married when platinum was not the fashion. We had gold rings instead," he said in a jewellery store where spot prices of precious metals flashed across an electronic screen. ($1=8.277 Yuan)

Reuters – 07.03.2003

[konradi]

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Bright Star Ventures Ltd.
Aggressive Platinum & Palladium Exploration Company Controls
Tulameen River Complex in British Columbia

http://www.brightstar-ventures.com



BÖRSE: TSX

SYMBOL: BSV

KURSE: http://investdb.theglobeandmail.com/invest/investSQL/gx.symb…





Bright Star Ventures Ltd. is aggressively accumulating and exploring potentially significant platinum and palladium properties in a historically productive area of British Columbia. The company controls 85 percent a virtual monopoly of PGM, copper and gold properties that have a well-documented mining and exploration history. Since the 1800s, over 20,000 ounces of placer platinum nuggets and 40,000 ounces of gold were recovered from the Tulameen River placer mining operations. Bright Star began accumulating property in the Tulameen area in 1999 and started exploration activities in 2001, utilizing integrated, computerized exploration techniques. Samples collected so far indicate high platinum and other mineral values.

The Tulameen region, located 12 miles northwest of Princeton and 110 miles east of Vancouver, is one of the world`s few placer platinum deposits and joins the Amur River region in Russia as the only known hosts of both platinum and gold nuggets. Bright Star`s Tulameen properties are within a 64 square kilometer Alaskan-type ultramafic complex, the largest in British Columbia, which intrudes Nicola Group volcanic rocks.







"The Tulameen is a very exciting exploration area. Our helicopter airborne DIGHEM geophysical survey identified many previously unknown magnetic and electromagnetic targets over the entire complex. Follow-up stream sediment surveys, soil geochemistry and ground geophysics (IP), along with detailed mapping and prospecting has identified copper and platinum group metals in bedrock," says Bill Yeomans, Bright Star`s VP of Exploration. More than $300,000 in earlier exploration work identified promising drill targets. Four substantial VLF-EM conductors include two that extend more than a kilometer and have platinum, palladium, copper, nickel and gold soil anomalies.
The east-central conductor contains up to 1.55 percent copper concentrations as well as palladium, gold and silver. The western conductor contains anomalous concentrations of platinum (316 ppb Pt), nickel (over 600 ppm Ni) and cobalt (150 ppm Co).

The northwestern portion of the Tulameen property contains a 600-meter wide Cu-PGE soil anomaly which appears to be similar to the nearby Copper Mountain deposit containing 53 million tons at 0.53 percent Cu and 0.018 oz./ton Au. The DP Zone on Bright Star`s Olivine Mountain property hosts the single largest metallic body in the entire Tulameen Complex and is the present target of extensive drilling exploration.
Bright Star Aggressively Acquires Tulameen Properties

In just a few years, Bright Star has gained control of the historic Tulameen district. It`s properties, all accessible by an extensive network of logging roads, include the headwaters of several platinum-nugget producing streams. Most significantly, these nuggets are often attached to host rock, strongly indicating a local lode source.


The company`s key properties include:


Grasshopper Mountain : Bright Star holds a 100 percent interest in the 36-unit Grasshopper Platinum Claims, which are close to other company platinum properties. The platinum-chromite prospects are in a 5.5 km by 2.5 km area along the southern flank of the mountain. The dunite-rich core of the complex extends southeast for about 5 km to the Olivine Mountain claim group.

Platinum-bearing chromite has been found in a northwest-trending zone, with chip samples yielding elevated platinum values in five larger outcrops (Zones A, B, C, D, and E), as well as in numerous smaller occurrences. The highest platinum values are near Zones C and D, assaying up to 16.0 grams per tonne platinum over 1.8 meters. Exploratory drilling conducted by Newmont Exploration of Canada in the 1980s intercepted 9.26 g/t platinum values over 3.05 meters.

Bright Star has the right to earn a 100 percent interest subject to a 2 percent net smelter return over the next two years in exchange for cash, exploration expenditures, phased property payments and common shares in the company.


J & L Claims : Bright Star also holds 2,400 acres to the south of Grasshopper Mountain. The property is underlain by the same platinum-bearing chromitiferous dunite as the Grasshopper Claims. The J & L Olivine Mountain Claims adjoin other properties held by Bright Star to the north, east and south. The claims are a second potential source for the Tulameen River`s platinum nuggets. Exploration in the late 1980s by Dia Met Minerals identified highly anomalous platinum values up to 1.98 g Pt/t with 1.07% Cr over 7.92 m in a bedrock chip sample.

Bright Star can acquire a 60 percent interest in the J & L property by completing phased payments and issuing three tranches of common stock. It`s interest could increase to 75 percent if production is started before February 2010. The acquisition is subject to a 2 percent diamond production royalty and a C$1.50/t olivine production royalty.


Lodestone Mountain BJP Claims : Located in south-central British Columbia and on a portion of the Tulameen Ultramafic Complex, the BJP claims include six well-developed and confirmed platinum/palladium, nickel, copper and gold targets. Two of four conductors are more than a kilometer long and host metallic, PGE-bearing soil anomalies associated with copper.


Olivine Mountain : Bright Star has an option agreement with Golden Spike Exploration Ltd. to acquire a 60 percent working interest in 4,400 acres on Olivine Mountain. The claims, northeast of other Bright Star properties, include the headwaters of major creeks flowing into the Tulameen River. The British Columbia Ministry of Energy and Mines has reported highly anomalous platinum values in host rocks. Bright Star can increase its working interest by 75 percent by beginning production by 2008.


Buck Claims : Recently, Bright Star entered a 50-50 JV with Network Gaming International Corp. on 150 units in the southeastern portion of the Tulameen Complex. The Buck Claims are contiguous to other Bright Star properties and cover an important contact zone between the Tulameen Ultramafic Complex and the eastern border of the adjacent Nicola Volcanics Group. Stream sediment samples have indicated anomalous gold and platinum values as high as 800 ppb Pt/ton.


Investment Considerations

Bright Star has developed an integrated digital exploration model incorporating historically known mineralization targets, helicopter airborne magnetic and electromagnetic surveys, ground geophysics (IP and VLF-EM-16), stream sediment and soil geochemistry data along with detailed mapping and prospecting. Exploration work and drilling programs begun in 2002 will continue in 2003.
Bright Star`s recently completed $250,000 private placement gives the company the cash necessary for the next year`s exploration activities in the Tulameen area. The company`s acquisition and exploration program has been carefully guided by Yeomans and an advisory board noted for their expertise in British Columbia PGE mineralization.
Pending results from a recently completed six-hole drill program in the promising DP Zone on Olivine Mountain will begin to outline the quality of Bright Star`s Tulameen resource. To date, over 300 soil and rock samples have shown consistent PGE and Cu occurrences. A one-meter bedrock chip sample assayed 2.08 g/t PGE with 0.17 percent copper. Samples from two open strike soil anomalies contain up to 280 ppb platinum, 195 ppb palladium and up to 1.0 percent copper over a combined strike length of more than two kilometers.

"By the end of next summer we will have a good idea of what we`ve got. The zones are very wide and the property has a good potential for surface mining. We have excellent infrastructure with a highly skilled mining labor pool in nearby Princeton, B.C.," says Yeomans. Bright Star has identified exploration targets in the Tulameen Ultramafic Complex, similar to PGE deposits in the Russian Urals and which produced 16 million ounces of platinum since the turn of the century.



Bright Star Initiates Discussions for Gold Projects in Yunnan Province, China

Bright Star Ventures is pleased to announce that its representative is currently in Yunnan, Province, China to evaluate a number of gold projects with various Chinese government agencies.

A meeting was held on February 3, 2003, with the Yu-Xi Geology and Mineral Exploration Bureau ("YGMEB" ) in Yu-Xi City, when a presentation on a behalf of the YGMEB, was made by Professor Wang a senior geologist, (member of the British Royal Geology Association) on the exploration rights in three gold bearing properties located in the southern part of the province close to the Laos and Vietnam borders. The YGMEB has obtained encouraging gold assay results through initial surface drilling and is seeking additional funding to pursue an extensive drilling and exploration program. Currently, there are gold mining operations on the subject properties.
The Company expects to receive a geological summary report next week and subject to our evaluation; a trip is planned within the next 30 days to China for a site visit and discussions for a potential Sino-Foreign Joint Venture Agreement.

The Chinese Central government has granted Yunnan Province the autonomy to approve Sino-Foreign Joint Ventures for mineral exploration and mining. This provision of the law has attracted a number of Canadian public companies that have recently been entering into Sino-Foreign Joint Ventures in Yunnan Province for gold and other precious mineral exploration.

The Company at this time is also preparing its 2003 spring drilling program for the DP Zone, a PGE target identified in the company`s 2002 field season including an exploration program on the newly acquired crown grants immediately North of the DP Zone. Work will commence as soon as weather conditions have improved.

The Company controls over 85% of the Tulameen Ultramafic Complex in Southern British Columbia, which represents one of the largest Alaskan-type ultramafic complexes in North America, and has excellent potential for hosting an economic deposit with significant platinum group metals.

[konradi]

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Platin wieder mit Rekord:





but …


"Don`t forget palladium," says Johnson Matthey

By: Nicole Mordant


World-leading autocatalyst manufacturer, Johnson Matthey, is hard at work extolling the virtues of palladium to car makers in an attempt to alleviate the current demand stress on platinum. The price of platinum hurtled to 23 year highs in February, partly on demand pressure, fuelling concerns in the market that it could mimic palladium’s disastrous rise-and-fall scenario that saw rampant demand wither when car makers switched to cheaper platinum.

“What we are saying to car companies is ‘don’t forget palladium’,” Gordon Bassett, the general manager for Johnson Matthey’s precious metals marketing unit in the United States told Mineweb on the fringes of the PDAC conference in Toronto.

“We are working with car companies to encourage them to have a good mix of platinum and palladium catalysts. We are saying ‘utilise more palladium so as not to put so much strain on platinum’.”

The message was bearing fruit with “some slight movement” back to palladium already evident, Bassett said.

Car manufacturers use palladium and platinum in the manufacture of autocatalysts, components that eliminate harmful gasses from exhaust fumes. Autocatalysts are required by law in vehicles on the roads of North America, Japan, Europe and parts of Asia.

Autocatalyst manufacture is by far the biggest demand sector for palladium, annually using more of the metal than all other applications put together. That said, demand from this sector plummeted by 38% last year to 3.16 million oz, the third year in a row that demand has contracted. Following palladium’s surge to record levels of more than $1,000 in the late 1990s, autocatalyst manufacturers switched to less expensive platinum, sparking a collapse in the price of palladium to around $220.

Bassett said the “use palladium” message was easier to press home in the United States, where gasoline vehicles predominate, than in Europe, where fuel-efficient diesel vehicles are continuing to make deep inroads into vehicle sales. Diesels, which can only use platinum-based catalysts, as opposed to gasoline engines that can also use palladium catalysts, are expected to have made up 40% of passenger vehicle sales in Europe in 2002.

Bassett said the reasons for palladium’s rampant volatility in the late 1990s were a thing of the past. Car manufacturers were no longer dependent on notoriously unreliable Russian supplies and more reliable supplies were forthcoming from South Africa as the palladium-richer UG2 reef began to be mined with greater vigour. The availability of more above-ground stocks, that is, palladium recycled from spent autocatalysts, could also provide car companies with the comfort of uninterrupted supply.

mineweb 10.03.2003

[konradi]

Fuel Cell Today, 10 March 2003

NEC presents Fuel Cell Tablet PC


According to NE Asia, NEC has developed and exhibited a new portable fuel cell to supply power to mobile devices at the International Nanotechnology Exhibition “nano tech 2003” in late February.


The international electronics company has demonstrated the fuel cell driving its notebook PC. This was the first occasion that a notebook PC was operated by a NEC fuel cell. This new prototype could be commercially available in late 2004, beginning of 2005 according to NEC. The external direct methanol fuel cell (DMFC) works similar to the one presented last week by Toshiba. It achieves an output of 19 watt and could therefore run for approximately three to four hours.





A tank with a capacity of 240 ml, is installed on the upper part of the fuel cell for storing the methanol solution. The fuel cell uses an ordinary type of catalyst, made of platinum and ruthenium.

According to NEC, the company has also plans to demonstrate a device (laptop) with a build-in fuel cell.

[konradi]

Fuel Cell Today - 5 Mar 2003


Fuel Cell Market Survey: Niche Transport Applications




Activity in these areas was first explored in a survey published on Fuel Cell Today in January 2002, which this report revises and extends. Both reports also look at the development of fuel cells as auxiliary power sources in different forms of transport, including passenger cars, spacecraft and heavy duty trucks.

mehr dazu hier:

http://www.fuelcelltoday.com/FuelCellToday/FCTFiles/FCTArtic…

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[konradi]

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Die in Frankfurt beheimatete

INTERNATIONAL PLATINUM ASSOCIATION

veröffentlicht regelmäßig Berichte rund um das Thema Platin.


Industrielle Anwendungen (u.a. Brennstoffzellen) : http://www.platinuminfo.net/app.html


Angebot und Nachfrage : http://www.platinuminfo.net/key_cons.html

---

Aktuelle Meldung vom 11.03.2003

European fuel cell research is lagging, warns industry

Under the 5th EU Research Framework Programme (1998-2002), the EU devoted €120 million to hydrogen and fuel cell research. Under the 6th EU Research Framework Programme (2003-2006), the EU has committed a portion of the €810 million (under sustainable energy systems) to include fuel cells. [1] Following the European Commission’s Friday announcement that “the budget for research on fuel cells, including their applications and hydrogen technologies will be increased substantially compared with the 5th EU Research Framework Programme”, the International Platinum Association and Fuel Cell Europe expressed concern that the amount may still not be sufficient. The €810 million also includes clean energy sources, savings and efficiency, alternative motor fuels, carriers/transport storage, renewable energy technologies, capture and sequestration of CO2.

[konradi]

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wird möglicherweise "Nummer 3" in Nordamerika:

PACIFIC NORTHWEST CAPITAL CORP.

Platin – Palladium Explorer

Börse: TSN
Symbol: PFN
News: http://investdb.theglobeandmail.com/invest/investSQL/gx.stoc…
Website:http://www.pfncapital.com/s/Home.asp




Pacific North West Capital Corp is involved in the exploration and development of platinum/palladium properties in Sudbury, Ontario. The Company has partnered with the largest platinum producer in the world, Anglo American Platinum Corp., and is now poised to become the third primary platinum group metal producer in North America

Since inception as a public company in December of 1997, PFN has focused on the acquisition, exploration and development of platinum group metal (PGM) properties.
Today it trades on both The Toronto Stock Exchange (PFN) and The Nasdaq Exchange (PAWEF). At a time when world wide mineral exploration has decreased significantly, PFN is demonstrating that the rich mineral potential of Canada can once again attract international attention. PFN has two principal projects, River Valley and Agnew Lake.
River Valley is a 50-50 joint venture between Anglo American Platinum Corporation Limited (Anglo Platinum) and PFN. Anglo Platinum may earn a 65% in River Valley by providing production financing. PFN`s second major project is the Agnew Lake Project, currently under option to PFN, and in which Anglo Platinum may earn up to a 60% interest by providing production financing.

PFN continues to aggressively explore for palladium and platinum in the Sudbury Area, Ontario. Long heralded for copper-nickel production, the Sudbury Igneous Complex produces platinum-palladium as a by product of copper-nickel smelting. Recent increases in demand and price for platinum and palladium has spurred the search for new stand alone platinum/palladium deposits. Currently there are only two primary platinum/palladium producers in North America






River Valley - poised to become North America`s third primary platinum group metal producer

River Valley is the most advanced bulk tonnage PGM exploration project in the Sudbury district. Initial mineral resource estimates indicate a combined resource of 593,000 ounces (Pd+Pt+Au).

A $2.25 million exploration program will encompass a minimum 20,000m diamond drill program focussed on expanding the initial resource estimate and testing other prospective areas on the property.

A 20,000m diamond drill program is currently in progress and results will be announced as they become available.


Agnew Lake - A River Valley Look Alike

Agnew Lake is PFN`s second Sudbury area, PGM project. The Property covers the prospective Shakespeare Dunlop Intrusion . The approved $1.18 million, 2001 exploration budget included prospecting, mapping, geophysical surveys and diamond drilling.

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aus minesite.com 02.05.2002 :
Pacific North West Capital Hopes For Big Increase in PGM Resource During Summer

Fashions come and fashions go in mining. Last year in Canada attention switched from platinum group metals to diamonds and now gold holds the floor. Underneath it all, however, there are some solid long term projects which will not go away. And the fact that Anglo American Platinum, the biggest platinum producer in the world, committed another C$2.25 million to its joint venture with Pacific North West Capital on the River Valley project, near Sudbury in Ontario, at the beginning of this year confirms that this project should be taken seriously. Amplats has already earned a 50 per cent interest in the project and can increase its interest to 60 per cent by funding a feasibility study. If this proves robust it can earn another 5 per cent by taking it though to commercial production.

The Phase 5 programme, as it is called, will consist of 65,620 feet of diamond drilling and Pacific North West is acting as project manager. It started back in November and ten holes were drilled before Christmas. The aim is to expand significantly the previously reported mineral resources at Dana Lake which amounted to 7.74 million tonnes at 1.60g/t palladium , platinum and at Lismers Ridge, just to the south, where the current resource is 4.97 million tonnes grading 1.24g/t . Significant assay values were obtained from the first nine holes and not only was the mineralised zone expanded at Dana South, but a major I.P anomaly was delineated at Banshee Lake.

Those close to Pacific North West expect that the independent resource estimate of 593,000 ounces of platinum group metals announced last autumn will double as a result of this programme. This will not surprise analysts over much as it is known that this estimate was based on only a small part of the mineralised zone and the drill holes were shallow. This time they are going deeper and the zone is still open to depth. In February two drill rigs were operating on the property and 38 holes had been completed. By the end of May it was hoped that 80 holes would be completed bringing the total number of holes drilled on the property to about 220.

Last month also Amplats approved a C$1.25 million dollar budget for the 2002 exploration program on the Agnew Lake property. Pacific North West can earn a 50 per cent interest in this property from Platinum Group Metals, a company run by Michael Jones, which recently merged with New Millennium Metals Corporation founded by Marek Kreczmer and Frank Hallam of Tan Range. The Agnew Lake property is located 60 kms southwest of Sudbury, covers more than 22,500 acres and overlies the Agnew Lake layered mafic intrusion. This intrusion is a member of a suite of mafic complexes of similar age and composition in the Sudbury area known to host deposits of palladium, platinum, rhodium and gold in association with copper-nickel sulphide mineralisation. The prospective intrusive contact zone is almost twice the length of the contact at River Valley

The Agnew Lake drill programme for this year will comprise 30,000 ft of drilling to test further the 15 kms of intrusive contact for platinum group metals as well as copper and nickel. A deeper hole of around 4,000 feet will also be aimed at intersecting the full geological sequence of the intrusion and testing a significant gravity anomaly, located on the eastern side of the intrusion. In addition to testing the prospective mineralised area immediately above the basement contact, a detailed analysis of the deep hole core should help delineate prospective reef horizons higher in the stratigraphy.

"The best laid plans o` mice an` men gang aft a-gley", as the poet Robert Burns said. It should therefore be no surprise to those who have experienced Canadian weather to find that the drilling on the Phase 5 programme had to be suspended temporarily in mid March due to the spring break-up and in order to eliminate a backlog in assay results. It has now resumed, but the new resource estimate is not now likely to be announced before the end of August. As the date draws closer investors will be taking a closer look at Pacific North West caaapital and its expanding PGM plays.

[manfred1_I]

Platin gestern wieder mit 700 Dollar.
Nicht schlecht.
Palladium findet auch langsam einen Boden.
Stillwater scheint hiervon bald zu profitieren.

[konradi]

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Analysts see AngloPlat delisting



World number one platinum miner Anglo American Platinum (AngloPlat) is likely to be bought out and delisted from the JSE by commodity giant Anglo American (Anglo) as early as 2003 and at the latest 2005, analysts say.

A delisting of AngloPlat would follow on other delistings done by Anglo of Anglo Coal in December 1998 and De Beers - the world`s largest diamond miner - in June 2001.

Anglo currently holds a 70% stake in AngloPlat - up from 50.18% two years ago.



Over the past two years Anglo`s stake has increased fairly rapidly - March 2001 (50.18%), August 2001 (53.12%), March 2002 (59.6%), August 2002 (63.8%), end December 2002 (67.6%) and February 2003 (70%).

During 2002 Anglo spent US $847-million on increasing its stake in AngloPlat to 67.6%.

At Anglo`s recent investor presentation on its final results, Anglo chief executive Tony Trahar said that there was nothing to stop the group buying out and delisting Angloplat other than the group`s strategy and the price of Angloplat shares.

Trahar would not be drawn as to what stake Anglo was targeting in AngloPlat nor whether Anglo would delist AngloPlat.

Since the release of Anglo`s results at the end of February there has been continued buying interest in AngloPlat, which the market has interpreted as Anglo continuing to add to its existing stake in AngloPlat.

"If Anglo didn`t continue to buy up AngloPlat that would be contrary to the trend over the past two years," an analyst said.

"I see Anglo buying out AngloPlat within the next three years - it is inevitable. Anglo has consistently bought up its stake in AngloPlat from about 50% to 70% over the past two years.

"There is likely to be some opposition but if Anglo offers enough to fund managers they should cave in," he added.

"Anglo will, at some point, definitely delist AngloPlat from the JSE and as early as this year," a second analyst said.

Anglo is likely to use debt or paper to buy out minorities at some stage, yet another analyst said.

AngloPlat is the world`s largest platinum miner and in the 2002 calendar year the group`s platinum output was about 2.25 million ounces, just under 40% of total global production.

Justin Brown , INet12 March 2003


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Implatsseeks to stimulate palladium demand



JOHANNESBURG, March 12 (Reuters) - The world`s second-largest platinum producer is anxious to boost palladium use as a platinum boom in South Africa brings with it an increase in production of its sister metal.


Impala Platinum Marketing Executive Derek Engelbrecht said he was less concerned about reports that forecast soaring palladium supplies from the secondary -- or recycling -- market, than he was about primary supply growth.

Standard Bank London`s latest annual Platinum Yearbook sees supplies of palladium from the secondary market rocketing to 3.0 million ounces by 2008, from around 300,000 ounces currently as tough European recycling lawskick in. "There`s close to that amount being recycled anyway. But a lot of it stays in the loop and doesn`t go onto the market," Engelbrecht told Reuters.

"But there`s going to be growth in palladium (from primary sources) and more supply with static demand means lower prices. Unless demand grows it`s going to have an impact."

The price of palladium (XPD=), used to make autocatalysts in the auto industry and components in the electronics industry, crashed to $220 an ounce by December 2002 after reaching a peak of $1,094 in January 2001.

The reverse has been true for platinum, which is used mainly in autocatalysts and jewellery, and has also become attractive as a safe haven for investors` money in times of political uncertainty.

Platinum hit a 23-year high of $710 an ounce in Asia on Tuesday, fuelled by its safe-haven status as well as by a global supply deficit. On Wednesday spot platinum (XPT=) was trading at $695.


FULL SPEED


South African producers, the largest in the world, are expanding at full speed in a bid to meet soaring platinum demand. But the area in the Bushveld complex that they are expanding into produces a higher ratio of palladium than the area currently being mined.

Supplies of platinum from South Africa were seen growing by eight percent to a record 4.4 million ounces in 2002, refiner Johnson Matthey said in its 2002 interim review.
World demand was forecast to climb 2.9 percent to 6.37 million ounces in 2002, while total global supplies were expected to grow marginally to 5.88 million ounces.
Matthey forecast palladium demand to plunge 28 percent to 4.9 million ounces in 2002 -- its lowest since 1994 -- as auto companies and the electronics industry worked off their inventories of the metal.

"The platinum story looks good going forward, but palladium doesn`t. If we don`t expand with palladium, we`ll put more pressure on platinum. We have to find ways to encourage new palladium users," Engelbrecht said.

He said the car-making industry should be enticed to use more palladium, while he had noted a small increase in interest from the electronics industry recently.
Miners fear that platinum could suffer the same fate as palladium. Price spikes would make platinum less affordable and consumers would look for alternatives, which in turn would put downward pressure on the price.
Although palladium is still widely used, its rapid rise and fall has led to deep consumer distrust and it is not likely to easily regain its glory status.

Reuters / Sue Thomas /Wednesday March 12

[konradi]

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WALLBRIDGE MINING COMPANY LIMITED – CANADA

EXPLORER FÜR PLATIN – PALLADIUM – NICKEL – KUPFER

Börse: TSE
Symbol: WM
News: http://investdb.theglobeandmail.com/invest/investSQL/gx.comp…
Shares Outstanding: 28,865,941 (2003/01/01)
website: http://www.wallbridgemining.com/





The Strategy is to position the Company to discover high grade (high value) pollymetalic (Ni / Cu / PGE) ore deposits in two of the three best geological locations in the world (see Figure.)
Wallbridge’s commitment to exploration is pragmatic; building on expertise, advanced geological theory and the company`s proven ability to fully finance projects means that opportunities for discovery are maximized





Lonmin Plc Approves Additional Funding For Joint Venture With Wallbridge
Exploration of Windy Lake Property Proceeding on Schedule


Toronto, Ontario - February 20, 2003

Today announced Lonmin Plc has approved additional funding of US $1.0 million largely to continue exploration of the Windy Lake property. This amount is in addition to Lonmin`s US $4.5 million commitment for the initial exploration period and would form part of Lonmin`s required US $2.0 million expenditure for the second exploration period.

Wallbridge also reports all planned drilling at Windy Lake is now in progress and work has finished on three holes. Continued cold weather over the past several weeks has established a very thick ice base. As a result, Wallbridge does not anticipate any difficulty in completing the drill program as planned.

The drills from holes WL-013 and WL-014 have been moved to holes WL-015 and WL-016 which are now in progress. Results from holes WL-013 and WL-014, the first shallow holes drilled from the lake, have allowed Wallbridge geologists to better understand the shape of the Windy Lake embayment. This knowledge helps the company identify favourable locations for the concentration of nickel-copper-PGE sulphides.

(…)

[konradi]

Wichtig ! - zum Thema Platin-Recycling :


Observers at odds over recycled platinum growth
There is general consensus that the global supply of recycled platinum and palladium is growing.


However, differing views are emerging about the rate and effect of this expansion on platinum-group metal (PGM) producers.

While recyclers of PGMs are confident that soon they will be able to mount a challenge against the world’s main PGM suppliers, some industry experts disagree, saying the growth of the recycling sector has long been anticipated and factored into the equation.

The world’s biggest platinum-group metals recycling firm, A-1 Specialised Services & Supplies, recently predicted that global volumes of recycled platinum and palladium may reach as much as two-million ounces by 2007, with almost all supplies coming from spent motor vehicle catalytic converters.

Speaking to Web publication Marketpredict, the US-based company estimated that worldwide volumes of recycled platinum reached about 720 000 oz last year, with recycled palladium and rhodium coming in at 300 000 oz and 100 000 oz respectively. These figures show a slight increase on 2001.

The firm further estimated that recycled platinum accounts for about 11% of global supply and about 17% of output from South Africa, the world’s biggest producer, and says that, in the long term, PGM supplies from recycling would double, then triple as growing numbers of countries require installation of antipollution catalytic converters in new vehicles.

Taking this into account, and barring any unexpected mine discoveries, A-1 believes it could pass Canada as the world`s third-largest producer of PGMs.

However, Jeremy Coombes, general manager of marketing at UK metals refiner Johnson Matthey, tells Mining Weekly Online that A-1’s estimates are too optimistic.

“Johnson Matthey estimates 2002 recycling of platinum from scrap catalytic converters at 570 000 oz, relative to South African output of 4,44-million ounces and world output of 5,88-million ounces,” he says.

These figures put recycled platinum at 12,8% of South African output and 9,6% of world production in 2002.

Coombes also maintains that the growth of the recycled platinum and palladium business has been factored into the growth expectations of producers and the industry as a whole. Thus, Coombes says, recycling should not be considered a threat to producers.

“It is proving to be an opportunity for some miners to make efficient use of their smelting capacity, by recycling spent converter material. The recyclability of platinum is one of its main advantages over other materials and the high rate of recovery from collected scrap will help to ensure adequate supply as demand increases going forward,” he explains.

He does, however, agree that the recycling industry is set to grow, with recycling from Europe – which is a much younger market – inevitably increasing, assisted by European Union legislation on recycling of end-of-life vehicles.

Until now, the main source of spent converters has been the US, where the demand for PGMs in converters has been significant for over 25 years.

Commenting on a possible move away from platinum and back to palladium, Coombes says price differentials play a part in auto industry choice of materials and, if the current platinum premium persists, a move – to some extent – from platinum to palladium for petrol-engined vehicles can be expected.

Nedcor Securities analyst Rene Hochreiter also tells Mining Weekly Online that A-1’s estimates for recycled platinum’s market share and growth are too high, saying PGM producers are not facing a threat from recycling.

He explains that platinum demand should grow irrespective (unabhängig) of recycling or a possible switch back to palladium.



“Palladium does not substitute for platinum in everything and platinum still does the best job in most applications – also, platinum is the best in diesels, you need much more palladium for diesel catalysis,” adds Hochreiter.

“The supply of spent autocats is not infinite at all; the substitution question is not simple. Certain companies prefer platinum to palladium, others prefer palladium but overload as they are terrified of recalls”.

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[konradi]

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Prognosen zum Platinmarkt 2003
--------------------------------------------------

Stephen Briggs, SG London

Range: $590 – $775

Average: $660


In complete contrast, the platinum
market is, we believe, in chronic
structural shortage, which western
producers appear poorly positioned
to alleviate until at least 2005. Use
of the metal is expected to remain
firm in 2003 and consumer purchases
should rise sharply in the absence of
carmaker destocking on the scale of
last year. Non-Russian production is
set to increase strongly, but not as
rapidly as looked likely a few months
ago. The market will need every
ounce produced by Russia, and
whatever the size of the country’s
remnant stockpile, sales from it are
unlikely to be sufficient to plug the
gap. Thus, the only surprise to us in
the recent price surge was its timing.
Not only do we expect platinum
prices to stay high, spending most of
2003 well above $600/oz, but they
could spike again and to considerably
higher levels than of late.



Jeffrey Christian, CPM Group, New York

Range: $400 – $750

Average: $504

latinum prices will run into a ceiling
created by sharp increases in South
African production. Concerns over
the sustainability of demand in
jewellery, auto catalysts, and other
applications may limit investor
demand.



Kevin Crisp

Dresdner Kleinwort Wasserstein, London

Platinum Range: $550 – $750

Average: $625

Palladium Range: $200 – $280

Average: $240

Palladium’s pain after the price
excesses of the recent past will
continue to play to platinum’s
advantage. Tighter environmental
controls, diesel’s growing market
share and a desire to avoid
palladium’s supply-side vagaries are
all set to help platinum – although a
consumer-led auto-industry
slowdown will temper demand
growth prospects in 2003 as will
further success at thrifting on auto
catalyst metal loadings.
China’s continued love affair with
platinum jewellery and the potential
for a repeat of similar successful
marketing strategies elsewhere will
contribute to expectations for further
demand-side growth in platinum for
jewellery. Even fuel cells appear at
last to be nearing application on a
commercial scale. To meet these
needs, supply-side expansion in
platinum is coming but the pace is
questionable and remains highly
exposed to South African political and
economic factors as much as technical
issues.
After the bursting of the palladium
bubble, 2003 will see Russia taking
further steps to re-establish
confidence in metal supply, with
some degree of success as prices
stabilise above $200. Middle East,
terrorist threats against
the West and Israel, the escalation of
the war on terrorism, and the
concerns over North Korea’s nuclear
capability.
On the supply side, global gold mine
production has reached a plateau, and
is expected to start to decline in
2002.This decline may be attributed
to gold price weakness over the last
five years, which has resulted in mine
cutbacks, closures and constrained
exploration. A decline in mine
production may influence market
perception, and this is likely to put
upward pressure on the gold price.




Tony Dobra, The Bank of Nova Scotia –

ScotiaMocatta, London

Range: $530 – $715

Average: $600

Platinum is going to be caught up in
the battle between the yen and the
US dollar. As the yen weakens against
the dollar, platinum will continue to
climb, helped by continuing strong
demand from China. Once the
economic skirmish between Japan
and the US settles down, platinum
will come under pressure from
increasing and more reliable supplies
later in the year.



Neil Hawkes, CRU International, London

Range: $470 – $710

Average: $590

After making solid progress in 2002,
platinum prices have roared higher in
early 2003, riding on the back of
gold’s bullish wave, but also due to its
own firm fundamentals, aided by
recent supply concerns. But the
buying (both fresh longs and shortcovering)
has been from speculative
funds rather than from well-stocked
consumers. And the spike has been
sharpened by the continuing thin
trading conditions, with no one
prepared to sell, even at multi-decade
high prices. Prices have already fallen
back and we expect an eventual
settling in the high $500s. By the end
of this year, prices should be
supported from the return of
consumer buying and as
manufacturers and fabricators start to
restock at the same time that shortterm
supplies become constrained.
Major producer Angloplats has
revised down its production estimates
for 2002-2004. This, together with
production difficulties and shortfalls
by other companies, will result in
supply shortages. The persistent
market deficit will help maintain
prices in the high $500s, with more
forays into the $600s, and the
concern that Russian metal, required
to help fill the gap between fastgrowing
demand and available
supplies from South Africa and
elsewhere, may not be sufficient.



Philip Klapwijk, GFMS, London

Range: $535 – $700

Average: $592

Current platinum price levels must
be on the high side if, as we do, one
expects little to cheer about on the
economic growth and industrial
production fronts this year.
This is hardly the fuel required for a
rebound in car production. Also, at
the margin, this year could see the
reversing back into palladium of
some auto catalyst demand.
Furthermore, stock mobilisation
should result in a downward bias
to platinum prices. Neither do we
expect jewellery demand to ride
to the rescue in 2003. Finally, doubts
about the growth rate in future
supply from mine production are
not serious enough to guarantee
$600-plus platinum.We envisage
a decline in the price.



Fidelis Madavo, Investec, Johannesburg

Range: $560 – $750

Average: $640

While conflicting economic
indicators, particularly out of the US
and the Eurozone, continue to cap
the upside for most industrial metals
demand, short-term liquidity
concerns, evidenced by the rising
trend in short-term lease rates, mean
that short-position holders in
platinum remain active in the spot
market.The market has been awash
with news of production losses, likely
disruptions to output due to
industrial action as well as deliberate
stockpiling of metal by the Russians.
Jitters over a possible war in Iraq,
deflation, international uncertainty, a
weak US$ as well as equity markets
have supported the recent sharp rally
in gold and have also benefited pgms,
but the main reason for the current
price volatility is fear that there will
be considerable underachievement
from the major South African
platinum expansions. Indeed, the
announcement by Anglo Platinum
that its production in 2003-2005 was
going to be lower than originally
scheduled has left the market
vulnerable to speculators.
One of the main drivers of platinum
demand has been the rampant growth
in Chinese jewellery offtake in recent
years. Despite recent price volatility,
demand remains largely unaffected,
but it appears that it may only be a
matter of time before we see some
reaction.The current situation
mirrors the situation in late 2002 and
early 2001, when platinum prices
were over $600 and Chinese
jewellery fabricators found it hard to
pass on their extra costs to retailers.
If spot prices were to rise over $680
and manufacturers were forced to pay
the 17% duty, many would be
squeezed out of business.



Kamal Naqvi, Macquarie Bank, London

Range: $600 – $750

Average: $640

Platinum continues to have the most
robust set of fundamentals in the
precious metals market. Demand has
been remarkably resilient in the face
of high prices and a lacklustre
automotive sector.That said, we are
concerned that these two factors will
result in a slowdown in both
jewellery and autocatalyst demand in
2003. However, offsetting this, we
still see mine production plans as
being optimistic, resulting in a
market that tends towards a market
deficit in the short- to medium-term.
Speculative interest has moved the
price ahead of its fundamentals,
which suggests 2003 will be another
very volatile year for platinum prices.



Ross Norman, TheBullionDesk.com, London

Range: $580 – $750

Average: $632

There is a gathering consensus that
with robust demand fundamentals,
platinum may be poised to rally.The
counter argument runs that platinum
remains an industrial metal in a
faltering industrial world; on balance
and aided by the elasticity that
jewellery sales bring, we think
platinum will remain close to current
levels with intermittent spikes higher.
Much discussion has centred on the
automaker’s shift to platinum from
palladium and the tightening emission
regulations, but again the counter
argument runs that carmakers are
becoming infinitely more adept at
thrifting PGM loadings and the
outlook for car sales in 2003 looks
dismal. Probably the key issue will be how
efficiently the South African
government manages to smooth
the way for the proposed mine
expansions following the introduction
of the new Minerals Act.The danger
lies to the upside with delays in
granting licences generating
short, sharp price rises with
commensurate spikes in lease rates. In
short, the bias is to the upside.



Martin Squires, JP Morgan Chase, London

Range: $600-$720

Average: $620

We expect the platinum price to be
determined by price sensitivity in the
Chinese jewellery market, which at
around 20% of the total represents
the largest single demand segment.
After this, we expect the application
of relatively inexpensive and
plentiful palladium to return
to favour as a medium in
autocatalysts for petrol
vehicles. Longer-term, we
are concerned about the
implications of a price spike
caused by the reduced South
African (Anglo Platinum) production
profile. Inevitably it would negatively
impact the confidence of consumers
of the metal and stimulate a
propensity for substitution in the
medium to long term.



Matthew Turner, Virtual Metals Research & Consulting,
London

Range: $520 – $695

Average: $610

What is there to say that isn’t already
known about the metal with
everything going for it? Only perhaps
that the price has got a bit ahead of
itself on the back of gold’s rally.
Otherwise the fundamentals are
solid. South African producers have
already admitted their production
targets were too optimistic in light of
the new demands of the Minerals
Act, and given the ‘back-end loading’
of supply, any surprises can only
mean less metal. On the demand
side, platinum-using diesel cars
should continue to take market share,
while Chinese jewellery demand
should stay robust, although there’s
some risk to offtake from the high
price squeezing margins as retailers
find themselves unable to increase
their prices quickly enough. Supply
from catalyst- and electronicrecycling,
boosted by EU directives,
will make headlines, but is probably
palladium’s problem for now.


Zusammenfassung:………………….....….. High...Low... Average

1 Briggs, Stephen SocGen London..................775…590…660
2 Christian, Jeff CPM New York............…........750…400…504
3 Crisp, Kevin Dresdner London.......................750…550…625
4 Dobra,Tony BNS - ScotiaMocatta London.....715…530…600
5 Hawkes, Neil CRU London.............................710…470…590
6 Klapwijk, Philip GFMS London........................700…535…592
7 Madavo, Fidelis Investec Johannesburg.......750…560…640
8 Naqvi, Kamal Macquarie London...................750…600…640
9 Norman, Ross TheBullion Desk.com ..........750…580…632
10 Smith, Andy Mitsui London...........................675…575…630
11 Squires, Martin JP Morgan Chase Lond.....720…600…620
12 Sternby, Ingrid Barclays London..................720…575…610
13 Takai, Bob Sumitomo Tokyo.........................725…500…575
14 Turner, Matthew Virtual Metals London........695…520…610

[konradi]

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Implats seeks to stimulate palladium demand

The world`s second-largest platinum producer is anxious to boost palladium use as a platinum boom in South Africa brings with it an increase in production of its sister metal.


Impala Platinum Marketing Executive Derek Engelbrecht said he was less concerned about reports that forecast soaring palladium supplies from the secondary – or recycling – market, than he was about primary supply growth.

Standard Bank London`s latest annual Platinum Yearbook sees supplies of palladium from the secondary market rocketing to 3,0-million ounces by 2008, from around 300 000 ounces currently as tough European recycling laws kick in.

"There`s close to that amount being recycled anyway. But a lot of it stays in the loop and doesn`t go onto the market," Engelbrecht told Reuters.

"But there`s going to be growth in palladium (from primary sources) and more supply with static demand means lower prices. Unless demand grows it`s going to have an impact".

The price of palladium, used to make autocatalysts in the auto industry and components in the electronics industry, crashed to $220/oz by December 2002, after reaching a peak of $1 094 in January 2001.

The reverse has been true for platinum, which is used mainly in autocatalysts and jewellery, and has also become attractive as a safe haven for investors` money in times of political uncertainty.

Platinum hit a 23-year high of $710/oz in Asia on Tuesday, fuelled by its safe-haven status as well as by a global supply deficit. On Wednesday spot platinum was trading at $695.

South African producers, the largest in the world, are expanding at full speed in a bid to meet soaring platinum demand. But the area in the Bushveld complex that they are expanding into produces a higher ratio of palladium than the area currently being mined.

Supplies of platinum from South Africa were seen growing by 8% to a record 4,4-million ounces in 2002, refiner Johnson Matthey said in its 2002 interim review.

World demand was forecast to climb 2,9% to 6,37-million ounces in 2002, while total global supplies were expected to grow marginally to 5,88-million ounces.

Matthey forecast palladium demand to plunge 28% to 4,9-million ounces in 2002 – its lowest since 1994 – as auto companies and the electronics industry worked off their inventories of the metal.

"The platinum story looks good going forward, but palladium doesn`t. If we don`t expand with palladium, we`ll put more pressure on platinum. We have to find ways to encourage new palladium users," Engelbrecht said.

He said the car-making industry should be enticed to use more palladium, while he had noted a small increase in interest from the electronics industry recently.

Miners fear that platinum could suffer the same fate as palladium. Price spikes would make platinum less affordable and consumers would look for alternatives, which in turn would put downward pressure on the price.

Although palladium is still widely used, its rapid rise and fall has led to deep consumer distrust and it is not likely to easily regain its glory status. – Reuters.

miniung weekly - 14.3.2003

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Press Release Stillwater Mining Company - Thursday March 20


Stillwater Mining Announces Credit Agreement Amendment

COLUMBUS, Mont., March 20 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY announced today that it has received the fifth amendment to the Company`s credit agreement. The amendment allows the Norilsk Nickel transaction to proceed subject to shareholder approval, completion of review under the Hart-Scott-Rodino Antitrust Improvements Act and other conditions. Additionally, the amendment aligns certain of its covenants and other provisions with the Company`s 2003 operating plan and revised long-range plan announced on February 18, 2003. The effectiveness of the amendment also gives the Company immediate access to $17.5 million of undrawn funds under the $25 million revolving credit facility. The revolving credit facility was voluntarily reduced by the Company, from $50 million to $25 million, as provisions under the agreement made the incremental portion inaccessible.

At December 31, 2002 and currently, the Company has $58.1 million and $128.8 million outstanding under the five-year Term A and seven-year Term B loans, respectively, bearing interest at 5.06% and 6.75%, respectively and $7.5 million outstanding as letters of credit under the revolving credit facility bearing interest at 3.375%. In exchange for the production and financial covenant relief and other provisions of the amendment, the Company has agreed to an amendment fee of 50 basis points, or approximately $1.1 million, and a 50 basis point increase in the interest rate payable on the loan. The interest rate on the five-year term loan and the revolving credit facility will be between 3.50% to 3.875% above the London Interbank Borrowing Rate ("LIBOR" ) and the seven-year term loan will be priced at 4.75% above LIBOR.

The credit agreement had previously provided that in the event of a change in control of the Company, the entire facility would immediately become due and payable. The credit agreement now provides for an event of default in the event that the Norilsk Nickel transaction is not consummated by January 2, 2004, unless by such time the Company consummates an alternate transaction which raises certain thresholds of new capital through an issuance of equity or unsecured subordinated debt. In accordance with the provisions of the original credit facility, regarding use of proceeds from the issue of the company`s equity, 50% of the net cash to be realized under the Norilsk Nickel transaction, including any cash realized from the sale of the palladium consideration, must be used to prepay the bank indebtedness.

Francis R. McAllister, Chairman and Chief Executive Officer stated, "The amended credit agreement should facilitate our ability to focus on reducing our operating costs, and will allow us to proceed with the Norilsk Nickel transaction, subject to approval of the Company`s shareholders, completion of review under the Hart-Scott-Rodino Act and other conditions."

"While the new operating covenants remain tight and will require us to closely monitor compliance, the Company`s liquidity needs should be satisfied for the remainder of this year. We are pleased with the continued support from our banking group as evidenced by these amendments," concluded Mr. McAllister.

Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its web site: www.stillwatermining.com .

(…)
---



North American Palladium Ltd. Announces 2002 Results :

http://biz.yahoo.com/prnews/030319/to142_1.html


---


China Daily - North American Edition – 20.03.2003

Platinum trading on the cards


Shanghai Gold Exchange (SGE), China`s only de facto raw gold transaction market, is expected to begin platinum trading this year.

The Ministry of Foreign Trade and Economic Co-operation (MOFTEC) had permitted Shanghai Gold Exchange to open spot transactions of precious platinum, but "we are still waiting for a final approval from the State Council," said Yin Bo, a senior publicity official with Shanghai Gold Exchange.

Some of the detailed policies, especially those concerning taxes, are yet to be finalized, said Yin.

Most of the country`s platinum is imported and the MOFTEC, the country`s top foreign trade authority, is still negotiating with relevant government bodies to decide whether or not to impose taxes on platinum imports via the exchange.

"We still need months of preparation before formally opening the transactions," said Yin.
So far, SGE is conducting trading on gold with purity at 99.99 per cent and 99.95 per cent.

Experts and insiders say the move is aimed at setting the platinum price on the domestic market in line with that on the international market and to meet the nation`s huge demands for the precious metal.

Official statistics show that currently, the international price for platinum is US$683 per ounce, or 182 yuan (US$21.93) per gram. While, the domestic price stands at 193 yuan (US$23.25) per gram.

Lu Wenyuan, secretary-general with the China Gold Association, told China Daily that the price gap increased the operating costs of Chinese platinum processors and left a margin for the speculators.

According to statistics from the China Gold Association, China`s platinum consumption has ranked No 1 around the world for three consecutive years.
China imported 40 tons of raw platinum last year, which accounts for 55 per cent of the world`s output as a whole.

Conversely, the annual platinum output in China was only 1 ton.
Meanwhile, the consumption of platinum, involving jewellery, decorations and industrial usage, reached US$2 billion, a figure which is expected to further increase in the coming years.

"The majority of the platinum was for jewellery brought about by the rapid economic development in China and the Chinese consumers enthusiasm for such products," said Lu.

To date, 108 institutions and enterprises from 26 Chinese provinces, municipalities and autonomous regions licenced to trade in the raw gold market, have registered as members of SGE.

[konradi]

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Palladium Plunges on Reduced Demand From Auto Manufacturers

By Claudia Carpenter

Palladium futures fell for the fourth time in five sessions, as declining auto sales eroded demand for the metal already weakened by a switch to other materials to reduce harmful auto emissions.

Plunging automaker demand has sent palladium prices to a five- year low. German new car sales will fall more than previously expected this year as the war in Iraq disrupts the busiest sales season, consulting company Global Insight Inc. said. In the U.S., auto sales probably slipped for a third-straight month in March, according to J.D. Power & Associates, another industry consultant.

``Nobody is buying,`` said Francis McAllister, chairman and chief executive of Columbus, Montana-based Stillwater Mining Co., the only U.S. producer of palladium. Automakers are ``making fewer cars`` and ``there continues to be inventory that is moving around in the marketplace.``
Palladium for June delivery fell $11.35, or 5.2 percent, to $205.20 an ounce on the New York Mercantile Exchange, the lowest closing price since January 1998. Palladium futures have lost almost half their value in the past year.

Automakers turned to less costly metals such as platinum for use in pollution-controlling catalytic converters after palladium prices soared to a record $1,090 an ounce in January 2001.
Platinum also has been hurt by declining auto sales, with futures falling 10 percent since reaching a 22-year high earlier this month. Platinum for April delivery fell $7.70, or 1.2 percent, to $635.30 an ounce, dropping from a high of $707 on March 10.

In London, palladium for immediate delivery fell $18, or 8.3 percent, to $198 an ounce at 5 p.m. local time, the lowest since December 1997, and spot platinum fell $8, or 1.2 percent, to $645 an ounce.


Auto Sales Slump

German new car sales will fall 1.9 percent to 3.2 million vehicles this year, Global Insight said in a faxed statement. The consulting company had previously forecast a 0.3 percent decline.
In the U.S., auto sales probably will slip to an annual pace of about 15.25 million vehicles in March from 15.4 million in February, according to J.D. Power. U.S. sales slipped for two months after recording their best December on record.

U.S. consumer confidence fell this month to its lowest in more than nine years. The Conference Board`s confidence index dropped to 62.5 during the month from 64.8 in February, the lowest since October 1993 and the ninth decline in 10 months.

Even before the sales decline, analysts were forecasting a plunge in automaker demand for palladium. Automotive use of the metal, including recycled material, was forecast to fall 38 percent to 3.16 million ounces in 2002 from 5.09 million the year before, according to a November report from London-based Johnson Matthey Plc, a refiner of precious metals.


Bloombrg - 26.03.2003

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Wenn schon Edelmetall-Investment, dann Platin

Für ein Investment in Platin bietet sich das Open End-Zertifikat auf Platin v. ABN Amro an


In unsicheren Zeiten wird auch oft ein vermeintlich "sicheres" Investment in Gold ins Auge gefasst. Denn Gold gilt als der sichere Hafen in Krisenzeiten.

Investoren die Edelmetalle weiterhin als die bessere Anlage in schwierigen Zeiten sehen, seien auf ein anderes Edelmetall aufmerksam gemacht: Platin!

Während Gold seit Jahresanfang schon wieder stark an Wert verlor, konnte Platin auf Jahressicht doch deutlich besser abschneiden. Gold dient eben primär der Anlage, während Platin auch als sehr wichtiger Rohstoff in der Industrie verwertet wird (zB.: als Katalysator in der chemischen Produktion). Sicherlich der Grund, warum Platin seit Jahren kontinuierlich steigt, während der Goldpreis schon sehr lange um die 300 Dollar-Marke pendelt.

Beispiel: ABN-Open End-Zert. auf Platin, BV 0,01, WKN 163574, Quote: 5,76 - 5,82 Euro, Ref. Wert: 618 USD
Mit dem ABN-Zertifikat auf Platin partizipiert ein Investor von einem weiteren Platin-Anstieg ohne Laufzeitbeschränkung. Zu beachten ist, dass der Wert für eine Unze Platin in Dollar notiert, während das Zertifikat in Euro gepreist wird. Dadurch ergibt sich ein Währungsrisiko.

Witschaftsblatt 04.04.2003

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Nachtrag zu #50 :

PLATIN / GOLD RATIO :



.

[konradi]

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CLUFF MINING PLC

AFRIKANISCHE PLATIN- UND GOLDMINEN


Börse: AIM ( http://www.londonstockexchange.com/aim/default.asp

Symbol: CLU

website: http://www.cluff-mining.com/Index.asp


Projekte:


South Africa

Blue Ridge PlatinumProject
Sheba`s Ridge Platinum Project
Fonte Verde
Blue Sky North


Gabon
Mabounie niobium deposit

Burkina Faso
Kalsaka gold project

Zimbabwe
Maligreen gold mine

Übersicht:

Cluff Mining PLC was founded in 1996 by Algy Cluff following the acquisition of Cluff Resources plc by Ashanti Goldfields Company Ltd for approximately US$130 million earlier that year. Immediately prior to its takeover, Cluff Resources plc was producing over 140,000 ounces of gold per annum from its mines in Zimbabwe and Ghana and had recently discovered the Geita Mine Tanzania which is currently producing at the rate of 500,000 ounces of gold a year. The majority of the team that turned Cluff Resources plc into a success has reassembled at Cluff. On May 5th 2000 Cluff Mining PLC was admitted to the Alternative Investment Market in London.

During 2001, the Company acquired a number of highly prospective platinum group metal projects in and around the Bushveld Complex of South Africa through the acquisition of Sperrylite Resources (Pty) Limited. Successful exploration results, have led to the decision to focus the Company on developing the platinum properties.

The Company’s two most significant Platinum Group Metal (PGM) projects are the 100% owned Blue Ridge Project on the eastern limb of the Bushveld where a feasibility study is currently in progress and the nearby Sheba’s Ridge Project where a joint venture has recently been agreed with Anglo Platinum.

Cluff Mining also has other earlier stage PGM projects in and around the Bushveld including Fonte Verde, Red Bush Ridge and Blue Sky North which it is actively progressing.

In addition, the Company has various gold and other metal projects elsewhere in Africa. During 2002 a strategic decision was made for Cluff to focus on its South African PGM projects and accordingly these other projects will be brought to a stage where a decision can be made on the best way to bring them to account. The most advanced of these other projects is the Kalsaka Gold Project in Burkina Faso, where a feasibility study is due to be completed by the end of the year.

In July 2002, the Company raised approximately US$29 million net of expenses, which means that it is well funded to achieve its immediate objectives.





Platinum to brighten Cluff outlook

Resources Correspondent
CLUFF Mining, which has two SA platinum projects, may be producing platinum from its SA Blue Ridge project by the end of next year.

Reporting a widening in its net loss of $9,6m for the year ended December 31 last year compared to 8,2m in the 12 months of 2001, chairman and CE Algy Cluff said a great deal of money had been invested in exploration.

"The money has gone into the ground and added value through the discovery of more platinum. We also took a write-down on the Kalsaka Gold deposit in Burkina Faso."

Cluff , listed on the London Stock Exchange, is keen to focus on two SA projects, Blue Ridge and Sheba.
He said the company was considering a number of possibilities for the gold deposit. These included selling the asset or splitting its gold interests off from its platinum ones and operating two companies, Cluff Platinum and Cluff Gold.

The results of the feasibility study on Blue Ridge are expected in June, a few months later than originally planned, after permit delays and additional planning were needed after the company bought more mineral rights.

The company hoped to have finance for Blue Ridge in place by September or October this year.
Exploration is continuing at Sheba`s Ridge, a joint venture with Anglo Platinum in which Cluff has a 65% stake, which could be increased to 87,5%. Sheba`s Ridge is a multireef project and from drilling on one of its levels, the platreef, the company was seeing results which indicated any development to mine these reserves could be a surface operation, said Cluff. This would significantly reduce mining costs.

Last year, mining entrepreneur Mzi Khumalo took part in the Cluff share offer, building a stake in the company of about 15%.

The company said Khumalo`s investment meant that it had already virtually met its black economic empowerment obligations as outlined in the country`s new minerals legislation.
Cluff said that if Khumalo did not increase his stake the company may consider moving to meet the required black economic empowerment through a workers` trust.

Business Day 03.04.2003

[konradi]

Extrachancen - http://www.extrachancen.de/ - 17.03.2003


Impala Platinum kaufen


Die Analysten der "ExtraChancen" bewerten die Aktie von Impala Platinum (WKN 865389) mit dem Rating "kaufen".

Experten würden erwarten, dass der Aufwärtstrend beim Platin mittel- bis langfristig anhalten werde. Denn anders als beim Gold stecke hinter dem Anstieg nicht nur das Sicherheitsstreben der Anleger aus Angst vor einem Irak-Krieg, sondern vielmehr eine steigende Nachfrage aus der Industrie. Schon heute seien die Automobilzulieferer einer der größten Abnehmer. Für den Bau jedes Katalysators würden rund sechs Gramm Platin benötigt. Das steigende Interesse an der Brennstoffzellen-Technologie in den Fahrzeugen sollte zusätzlichen Schwung bringen. Zudem frage die Schmuckindustrie Chinas immer mehr Platin nach. Für 2003 würden Experten mit einem Nachfrageüberhang bei dem Edelmetall rechnen.

Der größte Teil der Platin-Produktion stamme aus Südafrika. Deshalb hätten sich südafrikanische Platinwerte wie Impala Platinum so gut entwickelt - in den letzten vier Jahren habe sich der Kurs mehr als verzehnfacht. Obwohl das Unternehmen im abgelaufenen Jahr einen Rückgang des Gewinns um 8% auf 2,01 Mrd. Rand verbucht habe, würden die Aktien des weltweit zweitgrößten Platinproduzenten immer noch als günstig gelten. Der derzeit feste Rand nage allerdings an den Gewinnmargen des Rohstoffproduzenten - die Explorations- und Lohnkosten würden in Landeswährung bezahlt, der Erlös in US-Dollar.

Ein möglicher Grund für die anhaltend niedrige Bewertung seien die (noch) ungeklärten Besitzverhältnisse. Die Zahl der freihandelbaren Aktien könnte sich durch die bevorstehende Auflösung des bisherigen Hauptaktionärs Gencor in Zukunft deutlich erhöhen. Das einstige Minenhaus halte noch 46% der Impala-Platinum-Aktien. Damit werde das Unternehmen aber auch zu einem Übernahmekandidaten. Ein potenzieller Käufer stehe mit der Rohstoffgesellschaft Xstrata schon in den Startlöchern. Aber auch die britisch-australische Rio Tinto zähle zu den Interessenten.

Branchenkenner seien zudem überzeugt, dass die Gewinne bei Impala Platinum in Zukunft wieder anziehen würden, weil das Unternehmen frühzeitig in den Ausbau seiner Kapazitäten investiert habe - und auch in Zukunft weiter investieren werde. Um die Platinproduktion in den nächsten vier Jahren von derzeit 1,4 Mio. auf jährlich 2 Mio. Unzen zu schrauben, seien Investitionen von über 5 Mrd. Rand (570 Mio. Euro) geplant.

Der jüngste Kursrückgang biete eine günstige Einstiegsgelegenheit - zumal auch aus charttechnischer Sicht vieles auf steigende Kurse deute. Eine Dividendenrendite von über 6% runde das Investment ab. Aufgrund der geringen Umsätze in Deutschland sollte man die Order streng limitieren.

Die Analysten der "ExtraChancen" bewerten die Aktie von Impala Platinum deshalb mit dem Rating "kaufen".




Finanzwoche http://www.finanzwoche.de/Public/home/ - 03.02.2003 :


Die Aktie der Impala Platinum Holdings Limited (WKN 865389) ist für die Experten der "Finanzwoche" eine interessante Depotbeimischung.

Der Preis für Platin habe mittlerweile den höchsten Stand seit 17 Jahren erreicht. Einer der Profiteuere sei der südafrikanische Platin-Produzent Impala Platinum. Mit einer Produktion von 1,4 Millionen Unzen zeichne sich das Unternehmen für rund ein Viertel des jährlichen Weltbedarfs verantwortlich. Die Nettomarge betrage etwa 38 Prozent.

Bilanziell sei die Gesellschaft gesund, werde aber nur mit dem knapp neunfachen des Jahresgewinns bewertet. Zudem biete Impala Platinum seinen Aktionären eine Dividendenrendite von 6,3 Prozent.

Auch wenn sich aufgrund der Besitzverhältnisse der Free-Float in Zukunft erhöhen könnte und das Unternehmen rund 500 Millionen USD in den Ausbau der Kapazitäten investiere, eigne sich der Titel als Depotbeimischung.

Die Experten der "Finanzwoche" halten die Aktien von Impala Platinum für kaufenswert, empfehlen aufgrund der Marktenge hierzulande aber den Kauf an der Heimatbörse in Johannesburg.

[konradi]

.


Norilsk`s plans opportunity for SA producers

Norilsk Nickel, SA`s major Russian rival in world platinum and palladium markets, is planning to concentrate on nickel, instead of platinum group metals, to boost its revenues for several years.
The de facto concession to SA platinum producers` global marketing strength is contained in Norilsk`s Plan to 2015, an abbreviated version of which was made public last week.


The best hope for Russian palladium, sources close to Norilsk claim, is that Stillwater Mining, the Montana-based palladium miner, will go bankrupt alone, or be put out of business after Norilsk takes majority control later this year.

According to an abbreviated version of Norilsk`s new strategy, nickel production is to grow modestly to 240,000 metric tons by 2005, up from 218,000 tons in 2002; copper is to drop to 442,000 tons this year (down from 454,000 tons last year) and fall further to 420,000 tons in 2005.

Palladium will remain almost constant at 3,01-million ounces, with a peak of 3,6-million oz projected for 2010. Platinum will grow slightly this year to 1116,000 oz (up from 1113,000 oz last year), and rise to 1,2-million oz in 2005. By 2010 the projection is for 1,4-million oz.

According to the company statement, "subject to market developments through 2005, the company may further increase its base metals and platinum group metals production through increasing mining volumes and current capacity in the Taimyr Peninsula up to 20-million tons per year in subsequent years and through accelerated processing of stored pyrrhotite and other concentrates".
A $100-million investment in extracting platinum and palladium from tailings has been postponed indefinitely.

Maxim Matveyev, metals analyst at Alfa Bank in Moscow, said: "The published document primarily addresses the development of base metals production, while practically ignoring the prospects for platinum group metals production.

"This suggests that Norilsk Nickel is likely to position itself strategically as a base metals company, and consider platinum group metals as a by-product."

The text of the plan has been controversial within the company for almost nine months. Disagreements among senior management forced the postponement of the release of the plan several times last year; no details have leaked from the company on what the arguments were, nor on how they were resolved.

However, differences over platinum group metals strategy are believed to have been one source of disagreement. Also, even before the plan`s release it was sharply criticised by union leaders for its emphasis on cutting jobs and payroll.

No details of those provisions appear in excerpts officially released last week.
While Norilsk emphasised its cost-cutting approach, the only detail released from the plan referred to energy and infrastructure costs. "Norilsk Nickel will maintain its substantial energy independence and (maintain) low energy costs in the Taimyr Peninsula by putting into operation the Peliatka gas field located near Norilsk," the release says.

"Norilsk Nickel will secure the stability of its whole production cycle by investing in transportation and other infrastructure, where necessary."

The document reports that capital expenditure will average between $300-million and $400-million between now and 2006, and that the company "expects to finance the necessary capital expenditures from internally generated funds".

Silence on the plan to acquire 51% to 56% of the shares of Stillwater, which is under US government review, has not inhibited those close to company executives from predicting an outcome that has been worrying mineworkers and their congressional representatives in Montana.

Sources there said that if the Norilsk takeover was approved, the Russians might close Stillwater`s mining operations and convert the company into a marketing agent in North America for Russian-produced palladium.

Rob Edwards, a Moscowbased analyst close to Norilsk management, says one of Norilsk Nickel`s strategic opportunities is that the "Stillwater deal (is) declined, and (the mine) operation shuts". On the risk side for Norilsk, according to Edwards, there is the possibility that the "Stillwater deal (is) declined, and (the mine) stays open".

Officially, Norilsk says it believes the Stillwater deal will be approved by the US authorities, but no comment has been made publicly on the future of the mining operation.


Business Day ZA – 09.04.2003

[konradi]

.



GM and BMW to jointly support hydrogen cars

General Motors Corp. and BMW AG have agreed to work jointly on developing refueling devices for liquid hydrogen vehicles, which could replace gasoline or diesel-burning cars and trucks in the future, a GM official said late on Tuesday. The two automakers are scheduled to announce the cooperative effort at a trade show in Hanover, Germany, on Wednesday.


GM and BMW will work to establish global standards for hydrogen refueling devices, such as the coupler to connect liquid hydrogen fueling pumps to future cars, Larry Burns, GM`s head of research and development, told Reuters.

"When you`re developing products and you`re looking for ways to be cost-effective, sometimes you can get frustrated by all these subtle differences" in global standards, Burns said.
"Both GM and BMW are stretching to have hydrogen-based vehicles on the road by 2010," he added. However, GM and BMW are taking different routes on the road to replacing fossil fuels.

GM has invested heavily in developing fuel cells to power electric motors in vehicles, replacing the current internal combustion engines. A hydrogen fuel cell acts like a battery, converting hydrogen and oxygen into water and producing electricity to power an automobile motor or other devices.
BMW, on the other hand, is studying burning hydrogen in internal combustion engines as a more practical alternative to developing electric motors and fuel cells.

Burns said GM is also considering the benefits of compressed hydrogen as opposed to liquid hydrogen, which has to be cooled to very low temperatures. Both forms of hydrogen could be used in the future for fuel cell cars, he said.

By working with BMW, GM could speed the arrival of the infrastructure to support fuel cell vehicles, he said. GM would also like to see other automakers and automotive suppliers join their collaboration, he said.

Also on Tuesday, President George W. Bush`s plan to spend $1.3 billion in research over the next five years to develop hydrogen cars and infrastructure took a step forward when the Senate Energy Committee agreed to authorize funding.

Republican lawmakers rejected a Democratic proposal to have 100,000 hydrogen-powered cars on the highway by 2010 and 2.5 million vehicles ready by 2020.

Democrats said goals were needed to spur automakers, arguing the White House proposal stopped short of making the cars a commercial reality.

Reuters 09.04.2003

[gholzbauer]

Hallo, konradi.
Danke für die Infos und Hinweise.
Muß mich demnächst wieder etwas besser in das aktuelle Geschehen in der PGM-Szene einlesen.

Trenne mich z.Z. von Zimplats-Beständen.
Cluff könnten auf tieferem Niveau bald wieder interessant werden.
Evtl. auch erneut ein Zock mit Starfield!?

Bis bald.

[Culogrande1]

Yep,so 3 $ für ZIM sind sehr gut.

Aber man kann auch mal auf einem Berg cash sitzen ohne sofort wefzig zu werden.

culo

[konradi]

@gholzbauer

… Starfield Resources ? – auweia, das ist ja ein ganz heißes Eisen ...
aber es gab ja gerade ein nettes Drillingresultat :

(http://biz.yahoo.com/ccn/030310/b405ec3a31599cce0d958d1c026e…) -

The Company has received a preliminary inferred resource estimate from Independent Consulting Geologist Dr. N.C. Carter, P.Eng. dated March 6, 2003 outlining 5.8 million tonnes in the "119 Zone" which was newly-discovered in 2002.

(…)

The Company now has three newly-discovered, high-grade Palladium and Platinum intersections complementing the 60.1 million tonne* massive sulphide horizon

dazu Cliff Droke – ( allerdings vom 06.Januar !! ) :

http://www.goldseek.com/cgi-bin/stocks/news/BearMarketReport…






@dottore

Jau ! ist ja schon gut abgegangen... - News:

http://www.zimplats.com/pdf/Mine%20Site%20Conf.pdf







AngloPlatinum goes ahead with Zim project

The world`s largest platinum miner Anglo Platinum (AngloPlat, AMS) and Anglo American Corporation Zimbabwe (Amzim) announced that they would proceed with the Unki platinum project situated near Gweru on Zimbabwe`s Great Dyke region.


The project is subject to certain Zimbabwean and South African regulatory and fiscal approvals, which are expected to be granted in the near future. The project involves the development of an 85,000 tons per month mine, which will include an on-site concentrator.
The mine will produce concentrate containing some 58,000 ounces of refined platinum per annum at full capacity and first production from the plant is expected in 2007.
The total project cost is estimated at US$90 million.

The concentrate produced by the mine will be smelted and refined by AngloPlat in South Africa. The project will be implemented on a phased basis and at full production some 1,300 direct employment opportunities in Zimbabwe will have been created.

AngloPlat will hold a majority shareholding in Unki and will also manage the operations.

AngloPlat and Amzim will fund the initial development phase from existing cash resources and borrowing facilities. Amzim is in discussions with indigenous parties with a view to their acquiring an equity interest in Unki.

sundaytimes.za – 11.04.2003





Gruß Konradi

[woernie]

[Culogrande1]

Ich steige auf dem Niveau wieder zum Traden ein.

Die Dividendenrendite dürfte auf 9% laufen,also das Doppelte der Schätzchen und die Reserven werden uach erhöht.

Aber Achtung mit den Schlitzis,die dürfen sich 50 % der Mine immer noch krallen.

Culo

[gholzbauer]

#58
Sicher ist Starfield ein heißes Eisen.
Eigentlich neige ich fast zu glauben, daß die nie eine Mine in Betrieb nehmen werden
Die PGM-Gehalte sind schlecht, das Pd/Pt-Verhältnis ist unter aller Sau. Schon bei einem Pd-Preis von 500-600$ hing das Projekt v.a. an Ni, Co und Cu. Bei Pd 170$ sollte man gar nicht mehr von einem PGM-Projekt sprechen.
s. auch Thread: Starfield Resources (Vancouver: SRU), 32 Mio. Tonnen mit 1,26 g/t PGM Posting #7
Muß die Zahlen bei Gelegenheit neu berechnen.

[konradi]

.


From feast to famine

By Brendan Ryan

Few analysts predicted the sharp decline in platinum share prices this year. If you own platinum shares you have a right to feel paranoid. Everyone is out to get you - labour, JSE analysts, finance minister Trevor Manuel, and the list goes on. If there was a safe bet in the overheated resources sector last year, it was platinum shares.

And Impala Platinum (Implats) was the pick of the bunch. Even when it pulled back from its 12-month high of R720, analysts rated the share a buy as it bobbed around between R600 and R630. The reasons were the firm outlook for the platinum business and the rerating benefits expected from the unbundling of Gencor`s controlling 46,5% stake in Implats.

One dissenting opinion came from JP Morgan analyst Steve Shepherd, who cautioned investors to wait for the group`s interim results in mid-February. His reasoning was that these numbers would reveal how the stronger rand had dented revenues, which might trigger weakness in the share.

It was good advice, as Implats shares tumbled more than a third from about R600 at the time the results were published. The share went as low as R380 before staging a modest recovery to around R420 now. That`s still 42% down on last year`s high.

The rand had the most impact, but Implats has also been battered by other factors, including the proposed imposition of a 4% royalty on gross revenue in terms of the draft royalty bill.

This will hit all platinum producers, but Implats faces a double whammy because it is already paying a 22% royalty on mining taxable income to the Royal Bafokeng Nation. The draft legislation does not address the issue of such dual royalty situations.

Implats is not alone in suffering the effects of the royalty bill. Northam Platinum, at R12,46/share, is now 32% down on R18,40 in early February, and 44% down on its 12-month high of R22 .

Parent Mvelaphanda Resources (Mvela) has tumbled in Northam`s wake, dropping 21% to R19 at present from R24 in early February, and 34% on the 12-month high of R29.
Until the royalty rates were announced, Mvela had stuck stubbornly at levels of around R25. This is, after all, one of the premier black economic empowerment (BEE) groups - chaired by BEE heavyweight Tokyo Sexwale - which stands to gain most from the new mining dispensation.

The problem is that Mvela needs hefty dividend flows from its investments in Northam and diamond miner Trans Hex - which faces an 8% royalty - to service its own debts.

The worst performer is industry leader Anglo American Platinum (AngloPlat), which, at R232, is down 30% on early February levels and is 58% off its 12-month high of R548.

That`s because parent Anglo American is also out to "get" AngloPlat investors. Anglo is engaged in a creeping takeover of AngloPlat and is now above the 70% ownership level.

Which is another reason why Implats was - and is - considered the premier investment in the platinum sector.

As if the rand and the royalty bill were not enough, Implats was then hit by an illegal strike which shut down operations for nearly 10 days and cost the group an estimated R139-million in for gone net profits. The strike action must be worrying for management, which believed the group had a sound relationship with its workforce.

The final salvo against Implats involves agitation by UK financial services company Loeb Aron, which is pushing for a better deal for minority shareholders in Implats` 83%-held subsidiary, Barplats.

Loeb Aron director Jonathan Willis-Richard alleges that Implats has a "cosy" relationship with Barplats and wants the management of Barplats to be reformed to "add value for all shareholders rather than Impala alone".

Implats financial director David Brown says : "As we see it, the main issue is one of timing. They want us to push ahead with a faster start to mining operations at Barplats` Kennedy`s Vale project. We are taking a constructive, measured approach to the development because we believe we should not rush into it."

Gencor is due to unbundle its Implats shares on June 18. The Implats bulls remain unrepentant despite the 33% loss of value since their buy recommendations in February. Hopefully, this time they may be right.

Business Day ZA – 14.04.2003





Interview mit Roland van Kerkhoven:
Anglo Platinum, Finance director

MINEWEB: Big investment news in our top story tonight with Anglo Platinum finally giving the green light to the development of its Unki Mine in Zimbabwe. Now what that will involve is investment of more than $90m in cash. The funds are going to be used to build a 58,000-ounce-a-year platinum mine, which will start producing its first metal in around 2007. Anglo Platinum also reckons Unki will create about 1,300 new jobs in the region. Roland van Kerkhoven, Anglo Platinum’s finance director, joins us on the line. Roland, no discernible let up in political problems in Zimbabwe over the last few months – what’s behind the timing of this deal?


ROLAND VAN KERKHOVEN: Hello, Stewart. I don’t think the timing is associated at all with any political event in Zimbabwe. What we’ve done, and you’ve I think alluded to it, over some time now we’ve examined this particular prospect and we have conducted some trial mining there, we’ve invested some money, we’ve tested the concentration of the product, we’ve looked at the processing of it, and we’ve just reached a point now where we believe we have enough information to go forward with this prospect. It’s a pretty attractive one, and it’s really the culmination of all of those exercises that have determined the timing of the announcement. It’s not related to anything else.


MINEWEB: Now there’s obviously a lot of concern about the political stability in Zimbabwe at the moment – what has your interaction with the Zimbabwean government been like?


ROLAND VAN KERKHOVEN: Well, the interaction with the government has been exceptionally good. The minister of mines there took a very personal interest in the development of this project. He in fact encouraged us to move forward with it, he made people available to assist us to work through the bureaucracy in Zimbabwe. And we worked with those people, we had a team of people up there, he made his team of people available, and together we worked through, as I say, all of the bureaucracy. It’s been an extremely rewarding, quick and helpful enterprise with them.


MINEWEB: Roland, have you managed to negotiate any special tax breaks or concessions?


ROLAND VAN KERKHOVEN: No, in fact the minister was very clear on that, he said that the time for special deals was over, he was looking towards a mining regime which would be the same for all miners, and we’re in fact very happy with that. It levels the playing fields and gives us the kind of security that we were needing.


MINEWEB: To what extent has the success of Zimplats, Impala and Mimosa Platinum informed your decision to finally kick the deal off?


ROLAND VAN KERKHOVEN: Well, clearly there are successful operations over there and, you know, it’s an attractive ore body. But it’s not necessarily the success of their operations that has driven our decision. It’s really the ore body itself, it stands on its own, we did our test wok, we’ve done our homework, and it’s a very economically viable proposition. And we’ve based our decision on that, rather than what other people might be doing.


MINEWEB: Just to clarify one point – this development comes on stream in 2007, that’s five years out. This doesn’t that form part of your broader expansion programme here in South Africa, does it?


ROLAND VAN KERKHOVEN: Well, it does deliver ounces in the build-up to the rate of 3.5m ounces of platinum that we would achieve by 2006. So during the period between now and then there will be some ounces coming from the development of this operation, but they won’t be significant. So that’s not the primary driver for the development here, no.


MINEWEB: Now, 58,000 ounces a year – it might look like small beer next to a lot of your giant South African operations. Is there any scope to increase that beyond 58,000 ounces?


ROLAND VAN KERKHOVEN: Well, yes, this is the first of about four different phases which we will be expanding into in the next couple of years. We will be producing a lot more ounces out of that but we haven’t really done sufficient work to establish exactly how much we would be producing at any one time out of these other phases. It’s going to be pretty much something that says, phase one, then phase two – sequential rather than a combined development.


MINEWEB: Is this an opencast or an underground mine?


ROLAND VAN KERKHOVEN: It’s an underground operation.


MINEWEB: You’ve mentioned that you’ll get a black empowerment partner in on this deal. Are there any legislative similarities between Zimbabwe and South Africa as far as empowerment goes?


ROLAND VAN KERKHOVEN: No. At this point it is really something that’s been driven by our desire to bring in black economic empowerment in Zimbabwe, and I must say Anglo American in Zimbabwe have some very good contacts and they’re very well established and they have the right sort of contacts. We’re working through them on establishing that. The total black empowerment percentage will be about 20%, 15% of which will be an outside investor and about 5% will be existing employees of Anglo American Zimbabwe.


MINEWEB: Now $90m is a pretty chunky capital investment there. Will your partners be required to stump up their portion of that capex?


ROLAND VAN KERKHOVEN: Absolutely. Our share of it is 51%, and that money will be spent over the next four to five years or so.


MINEWEB: Is it very difficult to secure financing, given the current political climate in Zimbabwe?


ROLAND VAN KERKHOVEN: Well, no. Anglo American Zimbabwe already have some substantial funds in Zimbabwe. We ourselves have cash-free sources and quite a strong balance sheet, so I don’t expect us to have much difficulty funding this programme.


MINEWEB: I know that Impala and Zimplats have got a lot of that Great Dyke region tied up. Is there any chance for you to perhaps pick up some of those properties, or are there other prospects around that you might be looking at?


ROLAND VAN KERKHOVEN: No, this is pretty much the involvement, at this stage anyway, that we’re looking at. It is a fairly substantial stake of the Great Dyke as well. I don’t know exactly what percentage now, compared to, for instance, Impala’s stake, but it is a sizeable deposit that we have here.


MINEWEB: And Roland, what Paul Theron mentioned earlier is that you might be stuck between a rock and a hard place in terms of the South African government’s African Renaissance drive, and also the UK reticence to have anything really to do with Zimbabwe. Have you experienced any pressure from the UK government?


ROLAND VAN KERKHOVEN: Well, we directly haven’t, because we’re a South African-listed company. Anglo American itself, if they have been under pressure, then it’s really a question that perhaps should be asked of Anglo American. Our development of this prospect has been really on economics and trial mining, and the timing associated with that – not really very many other considerations.


MINEWEB: That’s very interesting news there from Roland van Kerkhoven. He’s the finance director of Anglo Platinum, just giving us a little bit more information on exactly what was behind the company’s decision to invest $720m into Zimbabwe

mineweb 14.03.2003

[konradi]

.
aktuelle news zu SWC...

http://www.mips1.net/mgplat.nsf/Current/4225685F0043D6538525…
.

[konradi]

.

(...)

Industrielle Käufe verhelfen Platin zu Kurssprung

Der Platinpreis stieg bereits am Dienstag um 20 $. Grund war eine Kombination aus Fondskäufen und dem Schließen offener Verkaufspositionen. Zusätzlich hätten industrielle Käufe zu dem Kurssprung beigetragen. Am Freitag notierte Platin bei 644,50 $ /Unze.


Eine Reihe von Faktoren sprechen nach Meinung von Analysten für einen weiteren Anstieg auf rund 655 $/Unze. So wirke der schwächere Dollar unterstützend, aber auch das Interesse von Fonds, die bisher kaum im Platinmarkt aktiv waren. Auch die hohen offenen Verkaufspositionen an der Tokioter Metallbörse dürften Platin weiter nach oben helfen.

(...)

FTD 12.05.03

[Dallas]

Hi konradi...weisst du was neues zu Zimbabwe Platinum Mining...???...meine kostenlose Depotleiche ist ganz schön munter... wächst und gedeiht...kann es kaum glauben...schau sie mir jetzt des öfteren im depot an...und *grinse*...

gruss Dallas...

[konradi]

Hi Dallas, vermutlich deswegen:

Recently there have been several press articles referring to the
possible purchase by Impala Platinum Holdings Limited ("Implats") of
Absa Bank Limited`s ("Absa") indirectly held 14.84% shareholding in
Zimplats.

Implats and Absa have now confirmed that discussions are taking place
in respect of a possible sale by Absa to Implarts, of this
shareholding.


08.05.03
Mr Roy Pitchford,
CHIEF EXECUTIVE OFFICER,
Zimplats

Gruß Konradi

[Dallas]

THANX konradi...dann geniesse ich weiter den Anblick meiner anspeckenden Mine...


gruss Dallas...

[konradi]

.


Der neue Platinmarktbericht von Johnson Matthey ist erschienen:

http://www.platinum.matthey.com/uploaded_files/Pt%202003/Pt2…

(PDF-Datei, 48 Seiten)


.

[Dallas]

Hi konradi...weisst du was neues zu meiner Platinmine...???...steigt und steigt...wann sollte man/frau die denn verkaufen...

gruss Dallas...

[gholzbauer]

Impala wird demnächst vermutlich den Zimplats-Anteil der ABSA kaufen und muß dann den freien Aktionären ein Angebot machen. Dieses wird mindestens so hoch sein wie in jenem Gutachten aus den letzten Jahr (ca. 3,5 A$) oder höher, falls ein neues Gutachten die jüngsten Expansionspläne berücksichtigt (dann sollen weit über 5A$ pro Aktie drin sein) und/oder falls Impala an die ABSA einen höheren Preis zahlt.
Alle Angaben ohne Gewähr.

[Culogrande1]

Eine neue Platinsau....PPD...Pan Palladium ....wird schon durchs Dorf getrieben....schaut euch das Ding an....könnte eine zweite AQP werden.

Culo

[gholzbauer]

Culo,
schreib doch bitte ein paar Sätze zu PPD.
Hatte ich vor einiger Zeit auf meiner Beobachtungsliste, bin aber aktuell nicht so genau im Bilde.

Was war denn da Ende `01 los?
Nur der Pd-Verfall, oder noch was anderes?

[konradi]

.

... für´s Erste reicht wohl dies hier - Gruß Konradi



PAN PALLADIUM LIMITED
Platin- und Palladium Explorer in ZA und USA

http://www.panpalladium.com.au/




Pan Palladium Limited is a recently listed junior resource company with a strong focus on the PGM sector. The Company has sought to distinguish itself from the rapidly expanding list of exploration hopefuls by securing projects in layered intrusive complexes that already support significant PGM production, being the Bushveld and Stillwater Complex.

Pan Palladium Back In The Land Of The Living After Surviving Legal Action From Robert Friedland’s African Minerals.

Australian listed Pan Palladium is back in the land of the living after a brush in the courts with Robert Friedland. Not many survive this experience, and it certainly put the company into a state of limbo for the best part of a year. During this time financial pressures dictated that it relinquished its Ofex listing . It also nearly lost its chairman Bill Murphy in a horrendous car crash in South Africa, but that is another story.

The saga started last May when Pan Palladium announced that it had entered into a heads of agreement with a private company owned by Mr Friedland and friends called African Minerals. Based on this agreement negotiations took place to decide the terms on which, if agreed, African Minerals would acquire 50 per cent of all Pan Palladium’s interests in the Northern Bushveld region of South Africa. This included 50 per cent of the interest yet to be earned by the company in its joint ventures with Impala Platinum and Randgold Exploration.

One of the vital matters to be sorted out before the deal could be completed was to get a reaction from Implats and Randgold. Off went the Pan Palladium directors to see its joint venture partners and back it came with the answers. One of them advised Pan Palladium that it `objected` and the other that it was `unable to consent` to the proposed joint venture agreement between Pan Palladium and African Minerals. Basically this put a kibosh on the deal, but clearly Robert Friedland did not accept this as African Minerals issued a summons out of the Supreme Court of NSW, seeking a declaration that the heads of agreement entered into between African Minerals and Pan Palladium on or about 17 May 2002 was a legally binding agreement, and seeking a declaration as to the construction of that document.

Pan Palladium’s first reaction was to challenge the proceedings on the basis that the Courts of South Africa were the more appropriate forum for the hearing, but the Supreme Court of NSW was having none of that and gave leave to African Minerals to file an amended summons, seeking a declaration limited only to the question of whether there was a legally binding agreement. Five long months later the Supreme Court handed down a judgement in favour of Pan Palladium. Minews is no legal expert, but apparently the crux of the matter was that the heads of agreement was judged to be an agreement to agree, but not a legally binding contract.

When the proposed deal with African Minerals was announced last year there was a fair amount of speculation about an underlying agenda whereby African Minerals wanted to get control of Pan Palladium and its listing on Ofex as this might be a convenient step towards an AIM quotation for African Minerals. This speculation was bolstered by a some infighting among directors. Peter Wallner represented Boulder Steel’s 35.56 per cent holding on the board and just before the annual general meeting last summer he said that he was going to vote against four existing directors and for their replacements from the Friedland stable. As a reward for his loyalty the board revoked the 250,000 shares due to be issued to Mr Wallner. Subsequently Boulder Steel sold half its holding and the rest may follow as the company has a need for cash and this shareholding is , apparently, its only liquid asset..

The important thing is that Pan Palladium has retained its independence and current drilling on the Grass Valley project, within the northern limb of the Bushveld Complex, continues to deliver positive results. Pan Palladium and African Minerals are the only two juniors with advanced exploration plays there as its geology was poorly understood until recently so most explorers preferred the western and eastern limbs. Anglo Platinum, however, has a profitable open pit operation at Potgeitersrus and Pan Palladium hopes that its Grass Valley jv with Implats will achieve similar success. Previous drilling by Implats and Rio Tinto and an independent scoping study on behalf of Pan Palladium defined a combined inferred resource in the two "separate" orebodies of 59.1 million tonnes @ 1.3 g/t platinum group metals plus gold, 0.14% nickel and 0.04% copper..

Last April, just before the legal battle put a brake on progress, Pan Palladium started to check this resource estimate and it has now progressed to in-fill drilling as part of a pre-feasibility study. The drilling results have already confirmed significant PGM and base metal mineralisation and by June it should be possible to update the resource estimate. A pre-feasibility study will follow with Pan Palladium trying to make up for the time lost when its eye was distracted from the ball by the legal case.

(16.04.2003)



LISTING: ASX

SYMBOL: PPD

CHART:



NEWS ARCHIVE :

http://www.minesite.com/companies/pan_palladium_archive.htm


.

[Culogrande1]

Der Chart zu PPD sagt eigentlich alles.

Aber Wallner ist draussen und diese Nachricht ist saugut.

Culo

Ps: was ist mit Sov...und Go ist niemals Goldhausse...der verbiegt sich nie und lässt sich auch nicht verarschen.

[konradi]

Culo,

Sovereign hat sich zurückgezogen -
ohne Knalleffekt und absolut passend zu seiner Art.
Ich vermisse ihn sehr.

Konradi

[jeffery2]

Sieht im ersten Moment nach schlechter Meldung aus. Ist es aber garnicht. Jetzt kommt der saubere Diesel ?
http://www.bday.co.za/bday/content/direct/1,3523,1356592-607…
J2
Ach ja, Gold hamse auch noch in Ghana

[pisa]

Aquarius Platinum steigt seit einer Zeit. Wer hat Infos?
Im Juni wird wohl ein Vorstand von Implats zu aquarius stossen. Siehe
http://biz.yahoo.com/rm/030513/minerals_implats_1.html

Sind das Vorbereitungen für einen merger o.ä.?

TIA,
pisa

[pisa]

hat denn wirklich niemand eine qualifizierte Meinung zu aquarius

[Culogrande1]

AQP wurde verprügelt..gut,jetzt gegenbewegung...sie sind aber immer besser als die Prognosen und wachsen.

Was bei denen weh tut ist der Pd-Preis..wie bei ZIM ausch.

Und IMP hat hier im Ausland reg. Satelliten......es ist für Kaffern schwierig ein Listing in London zu erreichen.

Culo

@Konradi: ist nur noch Jtwo und Du da????

[konradi]

@ culo

...sieht ganz so aus, aber auch mich dazuzuzählen ist der Ehre zuviel

Viel Glück - Konradi

[konradi]

.



STARFIELD RESOURCES INC.




http://www.starfieldres.com


Börse: TSX.VENTURE

Symbol: SRU

Profil: http://www.starfieldres.com/profile%2007-04-02.pdf

News: http://investdb.theglobeandmail.com/invest/investSQL/gx.comp…






Starfield Resources Inc., publicly traded on the TSX.V (Symbol: SRU) and the United States OTCBB (Symbol: SRFDF), remains focused on continuing to expand its inferred mineral resource tonnage on its 100% owned Ferguson Lake Palladium Platinum Nickel Copper Cobalt property located in Nunavut Territory, Canada.

Since acquiring the property in 1998, Starfield has completed over 43,000 meters of diamond drilling and increased the property’s inferred resource from the 6.4 million tonnes that INCO had reported in the early 1950s to 60.1 million inferred tonnes* currently. The drilling program continues to expand the inferred resource along the West Zone identified geophysical strike length.

The Company has utilized state of the art geophysical survey techniques to trace the geophysical signature associated with the massive sulphide mineralization for over 2 kilometers beyond the identified inferred resource. The geophysical response is intimately associated with a regionally identified magnetic high that has been traced for over 18 kilometers on the Starfield property. Geophysical surveying also detected other zones southeast of the main zones, and drilling has confirmed 100% success ratio of geophysical response caused by sulphides.

The political climate of Canada’s newest territory remains extremely mining friendly, with efforts to continue to improve the area’s infrastructure and exploration technology in this highly prospective mineral exploration region. Last year saw the publication of the first comprehensive geologic survey of the region, which should continue to foster mineral development and exploration.


Mineral Inventory

Starting with the base resource discovered and developed by INCO in the early 1950s, Starfield has steadily built on it in every drilling program it has conducted since acquiring the property in 1998. The resource inferred to date stands at 60.1 million tonnes* grading 0.93% Copper, 0.59% Nickel; the West Zone alone contains 55.1 million tonnes grading 0.95% Copper, 0.59% Nickel, 1.35 g/t Palladium and 0.23 g/t Platinum. Most significantly, the recent deep testing of the continuous geophysical anomaly has intersected higher grades of copper, palladium and platinum. The mineralization remains open along strike to the west and at depth.

Recent Developments

Starfield has commenced its 2002 exploration and drilling program. Drilling will continue to develop the resource on the West Zone of 55.1 million tonnes* as well as defining the higher grade zones encountered to date.

The Company now has three newly-discovered, high-grade Palladium and Platinum intersections complementing the 60.1 million tonne* massive sulphide horizon. The three intersections appear to represent two separate systems. On line 68+00W diamond drill hole FL01-101 intersected 103.0 g/t (3.31 oz/t) Palladium, 26.71 g/t (0.86 oz/t) Platinum and 2.74 g/t (0.088 oz/t) Rhodium over 0.35 meters. A subsequent wedge diamond drill hole FL02-101W5 drilled approximately 1 meter to the west of FL01-101 intersected 42.85 g/t (1.38 oz/t) Palladium, 5.62 g/t (0.18 oz/t) Platinum and .77 g/t (0.24 oz/t) Rhodium over .16 meters. On line 43+20W diamond drill hole FL02-109 intersected 56.79 g/t (1.82 oz/t) Palladium and 5.99 g/t (0.19 oz/t) Platinum over 0.21 meters approximately 30 meters below the massive sulphide horizon. Drill hole FL02-109 situated on line 43+20W is approximately 2,400 meters to the east of FL01-101 and 101W5 and appears to have a different chemical signature which is supported by the absence of elevated Rhodium values as seen in holes FL01-101 and FL02-101W5


Stellar outlook for Starfield Resources

By: Clif Droke, The Bear Market Report

Our feature Canadian junior mining stock of the day is Starfield Resources (SRU on the Vancouver exchange; SRFDF on the OTC bulletin board). Starfield meets the three major technical requirements we laid out in our previous report on Amarc earlier this week. We repeat them below:

1. We want to see that the stock coming off a major low and has been under accumulation. The most common pattern for identifying this bullish set-up is the famous parabolic bowl we`ve seen so much of lately. The deeper and broader the bowl, the more potentially bullish the penny play.

2. We like to see that at least one major downtrend line has been broken. This signifies that a big part of the supply overhang has been absorbed by steady buying, a positive technical indication.

3. The lower the price of the stock relative to its most recent high and the deeper and steeper the parabolic bowl, the great the upside potential it has. Also, it`s important that the price low occurs at or before the mid-point (or "vertex") of the parabola is reached.

All three criteria have been met in Starfield Resources, which not only has etched out a bullish parabolic bowl over the past 8 months with prices just coming up to the "rim" of the bowl (before the ascending phase), but at least two downtrend lines (i.e., supply lines) have been broken by SRU. We therefore rate SRU as a buy at current levels and anticipate that the stock will begin climbing the side of the bowl in coming days.



Fundamentally, the company remains focused on continuing to expand its inferred mineral resource tonnage on its 100% owned Ferguson Lake Palladium-Platinum-Nickel-Copper-Cobalt property located in Nunavut Territory, Canada. Since acquiring the property in 1998, Starfield has completed over 43,000 meters of diamond drilling and increased the property`s inferred resource from the 6.4 million tons that INCO had reported in the early 1950s to 60.1 million inferred tons currently. The drilling program continues to expand as Starfield has steadily built on it in every drilling program it has conducted since 1998.

U.S. traders and investors are urged not to let this enormous profit-potential Canadian stock turn you away. If unable to trade these shares through your current broker, we recommend using a firm in Idaho - www.penntrade.com or phone [phone]. They have some of the best commission rates to trade online or call-in (only $29.95 a trade). An account can usually be opened within a day.

Clif Droke is the editor of the weekly Bear Market Report, a combined forecast and analysis of U.S. stocks and indices and international precious metals stocks, and is the author of numerous books on finance and investing, including most recently "How to Trade Gold & Gold Stocks." Visit his web site for free samples of his analysis at

---


Latest Press Release

Significant palladium+platinum resource identified within the Ferguson Lake copper-nickel deposit


Friday June 6, 5:23 pm ET

Ferguson Lake Nickel-Copper-Cobalt-Platinum-Palladium Project, Nunavut, Canada
SRU - TSX-VEN SRFDF - OTC BB

VANCOUVER, June 6 /CNW/ - An update of the Ferguson Lake Mineral Resource estimates for the copper-nickel-cobalt massive sulphide mineralization and associated platinum group elements (PGE) has been prepared by the Company`s independent consultant, Dr. N.C. Carter, P.Eng (Table I). These revised resource estimates incorporate 2002 exploration results derived from 10,952 meters of drilling completed in 40 holes on the West Zone plus 10,433 meters drilled in 8 widely spaced holes on the newly discovered 119 Zone.

Most of the 2002 work on the West Zone consisted of definition drilling in the eastern portion of the zone where near-surface massive sulphide mineralization is exposed. Thirty-eight infill holes were completed between sections 42+68W and 51+20W ("Pit Zone") where the density of drilling permits an estimate of Indicated Mineral Resources for this part of West Zone. Incorporated in this estimate are those drill holes which intersected combined copper+nickel grades of at least 1% over minimum true widths of 2 metres; these include 31 of the recent holes plus 4 previously drilled Starfield holes, and 25 holes completed by Inco between 1951 and 1955.

More than 62,000 meters of 1999 - 2003 Starfield drilling, coupled with the results of 1950`s Inco drilling, has identified four areas of Inferred Mineral Resources (West Zone, 119 Zone, East Zone I and East Zone II) within, and adjacent to, the 11 kilometres-long gabbro host rock. These estimates are based on the results of drill holes containing combined copper+nickel grades of 1% or greater over minimum true widths of 2 meters, including 22 Inco holes and 57 Starfield holes (51 on the West Zone and 6 on the 119 Zone). The East Zone I estimate incorporates the results of 14 Inco and 5 Starfield holes, while the East Zone II estimate is based on the results of 8 Inco holes.

The revised estimates of Indicated and Inferred Mineral Resources for the four mineral zones identified to date, employing various combined copper+nickel cutoff grades, are summarized in the following table.

(…)

The Company`s independent consultant, N.C. Carter, Ph.D., P.Eng., has
prepared the 2002 revised Mineral Resource estimates which form part of a
"Report on March-December 2002 Exploration Programs West Zone, Ferguson
Lake Nickel-Copper-Cobalt-PGE Property" dated April 8, 2003. These
estimates conform to "Standards on Mineral Resources and Reserves"
proposed by the CIM Standing Committee on Reserve Definitions and adopted
by CIM Council on August 20, 2000 and published in the CIM Bulletin of
October, 2000. The Mineral Resource estimates were calculated for
individual drill hole cross-sections employing the following parameters:
Cut-off Grades - 1.0%, 1.5%, 2.0% and 2.5% combined Cu + Ni; Minimum
Intersection Width - 2.00 meters. Area of Influence for Individual Drill
Holes (down-dip) - midway point between drill holes. Area of Influence
for Individual Cross-Sections - midway point between sections. Assumed
Specific Gravity - 3.80. A total of 167 drill hole intersections of
massive sulphide mineralization were utilized in the resource
calculations. Intervals between holes range from 120 meters on initial
step outs to approximately 40 meters for in-fill drill holes. Some of the
1950`s drill results reported only "PGE" instead of separate assays for
Pd and Pt. As a result the palladium and platinum values for these holes
were calculated from a property-wide ratio of palladium to platinum of
6:1. The Inferred and Indicated Mineral Resources are in situ resources
which have not yet demonstrated economic viability.




The Inferred Mineral Resource for the West Zone, (excluding the "Pit
Area" ), at a 1.0% combined copper+nickel cutoff grade, totals 44.0 million
tonnes and comprises 80% of the total Inferred Mineral Resources identified to
date on the Ferguson Lake property. This update of the Inferred mineral
resource for the West Zone is 20% less than the previously reported 55.1
million tonnes, primarily due to removal of the eastern ("Pit Area" ) from the
West Zone Inferred Resource into the Indicated category. While this category
upgrade shows a modest decrease in mineral resource in the "Pit Area" (8.4 to
6.7 million tonnes), the tighter drill spacing has resulted in a more
definitive, Indicated Resource estimate. It should be noted that the sulphide
lenses on many of the drill sections within the "Pit Area" remain open both up-
and down-dip, and management is of the opinion that good potential exists for
expansion of the current identified resource. The West Zone Inferred Mineral
Resource also remains open to depth and along strike to the west.

The Ferguson Lake Deposit contains a significant quantity of metals, as
shown in the table below, calculated at a cutoff grade of 1.0% Cu + Ni.



Resource Category Indicated Inferred

Million Tonnes 6.7 54.8

Million Pounds - Copper 136 1,200
Nickel 96 713
Cobalt 11 80

Million Ounces - Palladium 0.3 2.4
Platinum 0.04 0.4



Note that the foregoing are estimates of "in situ" contained metal values, which make no allowance for mining or processing costs, or metal recoveries. At current metal prices, nickel accounts for more than 50% of the gross "in situ" value of the resource in both categories.

Preliminary scoping metallurgical studies have been carried out on selected drill core samples. These samples are not considered to be necessarily representative of the entire mineral deposit, as they are limited to three West Zone drill intersections and one from 119 Zone. The test results indicate that acceptable grades of base metals and PGE concentrate can be obtained, but additional work is required to optimize the process and establish the metal recovery parameters.

The 119 Zone, 800 metres west of the limits of previous West Zone drilling, features elevated PGE and copper+nickel grades relative to those of the West Zone Inferred Mineral Resource (Table I). 119 Zone remains open along strike and up-dip. Management believes there is significant potential to increase resources and grades with further drilling in 2003.

Definition drilling in the "Pit Area" of the West Zone in 2002 also resulted in the discovery of a low-sulphide PGE-enriched zone over a strike length of 160 meters between sections 42+90W and 44+50W. This unique style of mineralization, hosted by gabbro some 50 meters below the massive sulphide lenses, is characterized by increased platinum grades and more favourable Pt:Pd ratios compared to PGE values within the massive sulphides. No resource estimate was undertaken for this mineralization, as further drilling up-dip and along strike is required to better define the geometry of the zone. 2002 drilling also identified similar low-sulphide PGE mineralization further to the west on section 48+20W, suggesting that the extent of this style of mineralization remains under-explored.

The proposed first phase drilling program in 2003 is designed to expand the current near-surface mineral resources along the strike length of the exposed massive sulphide mineralization of the West Zone. It will simultaneously test the continuity of the newly identified target of footwall, low-sulphide PGE mineralization, as most of the previous drilling did not test this prospective zone that is some 50 meters below the massive sulphide lens. The 2003 exploration program at a budget cost of $ 5,000,000 is expected to take place over the next six to eight months with up to 4 drills being utilized during the several phases of the program. Management plans funding requirements on a staged basis.



Diamond drill testing of the 119 Zone consisted of inclined diamond drill
holes spaced 200 meters apart along strike for a distance of 400 meters.
Diamond drilling of the Pit Area included inclined drilling on section
lines between the original sections or at spacings of between 30 and 60-
meters along strike

The revised mineral resource estimates for the 2002 program are based on
analytical results obtained from NQ-sized diamond drill core samples.
Sample intervals were generally less than 1 meter in length. Core samples
were sawn in the field by diamond saw where one-half core was retained
and stored and the other one-half core sample was shipped to Acme
Analytical Laboratories Ltd., Vancouver for further processing. As an ISO
9002 accredited facility, Acme crushed, split and pulverized the samples.
Ten-gram samples were digested by aqua regia and geochemical analysis was
determined by ICP-MS methods. Samples containing copper and/or nickel
values greater than 4,000 ppm were routinely assayed for copper and
nickel. All data for copper and nickel resource estimates are derived
from assayed samples reported in percent.

The ICP-MS method routinely identified samples with palladium contents
greater than 500 ppb. All such samples were then fire assayed to provide
more precise determinations using 10 gram to 30-gram sample weights.
Platinum and palladium fire assay results were reported in grams per
tonne. Resource estimates for the 2002 program incorporated platinum and
palladium fire assayed data.

Laboratory quality control is maintained by routinely analyzing a number
of sample blanks, duplicate sample splits, and control reference
standards. Platinum and palladium control reference standards were
routinely fire assayed with the selected higher content PGE-enriched
samples.



On Behalf of the Board of Directors,
Glen C. Macdonald, P.Geo., Director

[konradi]

.


es gibt nix Gutes, außer man tut es ...

Platinum groups seek ways to clear the air

Anticipating new air pollution law, miners clean up Rustenburg refining and smelting operations


PLATINUM companies operating in the Rustenburg area are moving to cut harmful emissions from platinum refining and smelting processes ahead of the introduction of the Air Pollution Control Bill, which is expected to be passed into law by the end of this year.

Impala Platinum showed off its sulfacid plant (the plant is using trademarked technology which is called sulfacid) at its Rustenburg platinum complex last week.

The plant, commissioned in October, halved emissions of sulphur dioxide (SO²) overnight. SO² emissions from Impala`s operations are now down to about 20 tons a day.
The company plans to reduce this further.

Impala CEO Keith Rumble said that having reached its original emissions target of 20 tons of SO² a day, the company was planning to extend the capacity of the plant to capture "fugitive" gases (gases not treated in the original process). Rumble said there were plans to cut SO² emissions to 18 tons a day by 2005 and 16 tons a day by 2008.

North West premier Popo Molefe attended the official opening of the Impala plant, and said: "There is a lot of expansion in the area. One would expect concomitant measures to control the pollution."

Molefe said, though, that the problem of pollution would not be solved overnight. "It is important to get the correct commitment to deal with pollution."

When government started to review its pollution control policy it identified areas where harmful emission from industry would obviously be high.

Durban was pinpointed as an environmental "hot spot", and so was the area around Rustenburg.

In the past decade or so, the number of platinum group metal mining operations in the area has proliferated considerably, and with refining and smelting of ore into metal it was inevitable that pollution would be a problem.
Bomo Molewa, a member of North West`s agriculture, conservation and environment department, said the province had appointed a special environmental officer to monitor emissions in the Rustenburg area.

The opening of Impala`s R65m sulfacid plant cut SO² stack emissions from 52 tons a day last October to 28 tons a day in November. The plant cleans exhaust gases from the concentrate smelting furnaces. Impala is working with proven technology called Lurgi Metallurgie Sulfacid technology. The company said extensive research was carried out into sulphur-removal processes before the project was implemented in SA.

Lonmin Platinum, which also mines the western Bushveld for platinum group metals, plans to have SO² emissions down to 12 tons a day by July.

Not all platinum group metal companies have been as quick to cut SO² emissions.

Anglo Platinum is lagging behind its contemporaries, but is investing R1,68bn in developing a new conversion plant.
The technology, though, is experiencing teething problems, and some residents of Rustenburg have been complaining about the level of SO² and the more harmful sulphur trioxide emissions from Anglo Platinum`s operations in the area.

Emissions of SO² earlier this year were more than 200 tons a day. This has been reduced to nearer 150 tons a day. The company has plans to cut emission to about 20 tons a day over the next two years.

Residents said the emissions were causing respiratory and severe sinus problems, and a local environmental pressure group, North West Eco Forum, has complained to Anglo Platinum about the emission levels.

BusinessDay ZA - 17.06.2003

[konradi]

.

Norilsk Nickel completes Stillwater acquisition

By Aleksandras Budrys


MOSCOW, June 24 (Reuters) - Russian metals giant Norilsk Nickel(GMKN.RTS) (GMKN.RTS) has completed the acquisition of a 51 percent stake in the sole U.S. producer of platinum and palladium, Stillwater Mining Co. (NYSE:SWC - News), the companies said on Tuesday.

In a joint statement, the two sides said Norimet, Norilsk`s London-based trading arm, had acquired 45.5 million new shares issued by Stillwater, equal to around 51 percent of its stock.

Norimet paid $100 million in cash and about 877,000 ounces of palladium for the shares.

The value of the deal went down to around $257 million from $341 million since it was announced last November due to a decline in the price of palladium, a metal mostly used in catalytic converters in cars to clean noxious gases.

Norilsk has said the deal will allow it to use Stillwater`s U.S. facilities to sell palladium produced by Norilsk.

Norilsk stopped selling its palladium on the spot market in the second half of 2001 due to weak prices. But last month it said it would restart spot sales in the near future.

Palladium prices have plummeted on oversupply and soft demand for the product, falling to below $200 an ounce from more than $1,000/oz 2-1/2 years ago. Spot palladium (XPD=) was quoted at $177.00/182.00 at 0700 GMT on Tuesday.

Norilsk sells most of its palladium to end-users including General Motors and Japan`s Mitsubishi. Under the current deal Stillwater will buy at least one million ounces of palladium annually from Norilsk to be resold to Stillwater customers, including major U.S. car makers.

Norimet is obligated to start a cash tender offer within 30 days to acquire up to 4,350,000 shares in Stillwater, which could increase Norilsk`s stake in the U.S. firm to around 56 percent, the statement said.

Stillwater, based in Columbus, Montana, is scrambling to raise cash after the development of two Montana mines boosted debt but failed to produce.

"The investment made by our majority shareholder, Norilsk Nickel, brings much needed additional capital into the company to enable us, among other things, to reduce our debt," Stillwater Chairman and CEO Francis McAllister said in the statement.

The Stillwater board will include five directors nominated by Norilsk and four currently serving directors. McAllister will keep his post.

Last week Russia`s central bank allowed Norilsk to transfer funds abroad to pay for the Stillwater stake, the last endorsement necessary to complete the deal, previously approved by Stillwater`s shareholders and U.S. regulators.

Reuters - 24.06.2003

[konradi]

.


...entnommen der empfehlenswerten website: www.taurosweb.de :

Platin wird immer knapper und wohl auch teurer (21.05.2003)

Platin ist nach einem beachtlichen Einbruch im März und im April zu einem ebenso beachtenswerten Comeback angetreten. Rückenwind hat es dabei, wie die anderen Edlemetalle auch, von der fortschreitenden Dollarschwäche erhalten. Dauert die Baisse des Dollar an, was als sicher gelten kann, besteht eine sehr gute Chance, dass Platin bereits in naher Zukunft sein Anfang März verzeichnetes zyklisches Hoch von rund 700 Dollar je Feinunze nicht nur testet, sondern überschreitet.





Die fundamentale Seite würde einen solchen Aufschwung ebenfalls stützen. Dies ergibt sich recht klar aus dem jetzt erschienenen Bericht „Platinum 2003“ von Johnson Matthey (JM) der ultimativen Autorität, was tiefere Einblicke in die Märkte für Platinmetalle anlangt.

JM legt dar, dass 2002 ein Produktionsdefizit in Höhe von 570 000 Unzen entstanden ist. Damit hat sich die seit 1999 zu verzeichnende Serie von Defiziten fortgesetzt. JM erklärt ferner, das Angebot aus Südafrika werde weiter steigen, und die russischen Exporte dürften stabil bleiben. Dennoch werde auch 2003 ein Defizit entstehen, so dass Platin knapp bleiben dürfte.

Wie hoch das Defizit im laufenden Jahr ausfallen könnte, lässt JM offen. Es ist jedoch klar, dass die sehr schwachen Aussichten für die Automobilproduktion auf einen recht geringen Bedarf an Platin zur Herstellung abgasentgiftender Katalysatoren hindeuten.

Andererseits ist zu bedenken, dass die zurückliegenden und die noch zu erwartenden Produktionsdefizite irgendwie aus vorhandenen Beständen gedeckt werden müssen. Nach der Definition der Statistiker kommt dieses Angebot aus privaten Horten.

Nicht übersehen werden darf, dass Platin vor allem bei der Herstellung von Katalysatoren durch Palladium ersetzt werden kann. Palladium ist nach seiner langen und weiten Baisse trotz jüngster Erholungstendenzen sehr billig geworden. Folglich kann angenommen werden, dass sich die Produzenten von Katalysatoren wieder einmal umstellen und künftig mehr Palladium zu Lasten von Platin verwenden.

Doch zurück zum Platinmarkt. In den vergangenen Monaten hat sich nicht zuletzt auch an den immer wieder emporgeschnellten Zinsen für das Ausleihen von Platin (Lease Rates) gezeigt, dass die Horter nicht ohne weiteres bereit sind, Platin auf den Markt zu geben. Nicht wenige Experten vermuten sogar, dass die von den Hortern gehaltenen Mengen wegen der schon lange herrschenden Defizite fast bis zur Bedeutungslosigkeit geschrumpft sind. Sollte sich diese Vermutung als richtig erweisen, geriete der Platinmarkt in eine explosive Situation.


.

[konradi]

.

Fuel Cells For Vehicles: Market Opportunities And Forecasts 2005-2011

für die, die es sich leisten können:
downloadbarer Report (225 Seiten) unter der unten angegebenen website.
(für € 2059,-- [ ])


Global demand for vehicles using alternative fuels is expected to be 170,000 units by the year 2002 up from 16,900 units sold in 2001. Fuel cells will replace all alternative fuels by 2005, and fleet vehicle markets will evolve first. Vehicle fuel cell markets at $40.5 million in 2005 represent the beginning of commercial introduction of cars that use fuel cell systems. Markets are expected to reach $8.5 billion by 2011. Commercialization challenges for the automotive fuel cell industry relate to making vehicle fuel cells cost competitive with existing gasoline engines. The most difficult challenges are low-cost infrastructure, range, and power density. Other challenges include cost reduction, component integration complexity reduction, and increasing safety.

This series of industry reports focus on opportunities that will expand existing markets or develop major new markets. "Fuel Cells For Vehicles: Market Opportunities And Forecasts 2005-2011" assess new product and service positioning strategies; new and evolving technologies; and technological impacts on products, services, and markets. Market shares are included, leading market participants are profiled, and their marketing strategies, acquisitions, and strategic alliances are discussed.

This study will provide insight into the strategic initiatives that companies are using to respond to changes in the fuel cell market to gain a market edge. Market forecasts and market share analysis is provided when appropriate. Market forecast numbers include both unit and revenue estimates. Company profiles of market participants are also featured.

Companies profiled in this report:

Allied Utility Network
Altair Technologies
Ballard Power Systems
Ceramic Fuel Cells Limited
Dais Analytic
DaimlerChrysler
Duracell
Energizer
Energy Partners Ltd
Engelhard Corporation
Evonyx`s Evictory
Ford
FuelCell Energy
GreenVolt Power
H Power Corp
Honda
Hydrovolt Energy
IdaTech
Impco
International Fuel Cells / United Technologies
Johnson Controls / Optima Batteries
Manhattan Scientifics Inc
Medis Ethanol Fuel Cell
Metallic Power
Millennium Cell
Mitsui
Niagara Mohawk Power Corporation
Nuvera
Plug Power Fuel Cell
PowerTek
Proton Energy Systems
Rayovac
Schatz Energy Research Center
Teledyne
Texaco
Toyota Fuel Cell Cars
Trojan Battery
Ultralife Batteries
Xcellsis
Zevco



Bestellung über die website:

http://www.just-auto.com/store/products_detail.asp?art=17918…

[konradi]

.


Analysts tip an upturn in the US economy to boost platinum demand


The decision by the US central bank to cut interest rates by a quarter of a percentage point to just one per cent may spark a recovery that will boost demand for platinum according to South African-based analysts.

Speculation that the cut in US interest rates would fuel a recovery in the world`s biggest economy, led a number of experts to anticipate a rise in demand for the precious metal, a fact reflected in the recovery of the price of platinum during the last 24 hours.

In a statement announcing the rate cut, the Federal Open Market Committee said it `judged that a slightly more expansive monetary policy would add further support for an economy which it expects to improve over time`.

According to Reuters hopes are rising in South Africa that a recovery in the US economy may spur demand for commodities such as platinum.

The automotive and jewellery sectors in particular are dependent on the strength of the US economy.

Platinum demand in the American autocatalyst industry accounted for 570,000 oz of platinum in 2002 while American jewellery supplies totalled 310,000 oz.

Luxury items such as jewellery rely heavily on a positive economic outlook, a fact underlined by the difficulties posed by the downturn in the hugely important Chinese market as a result of the SARS virus.

DeHavilland Information Services plc. - 27.06.2003

[konradi]

.

aktuelle Links zum Platinmarkt:

http://www.platinum.matthey.com/publications/platinum_review…

.

[konradi]

.


Anglo Platinum`s New CEO, Havenstein, Must Manage Expansion


Anglo American Platinum Corp.`s new chief executive, Ralph Havenstein, inherits the biggest-ever expansion in the platinum industry when he assumes his post today. He has no experience in mining.

The task is to finish the 21.3 billion rand ($2.83 billion) plan to increase output 75 percent by 2007 at Johannesburg-based Anglo Platinum, already the world`s biggest producer of the metal. Platinum prices are rising, threatening to hurt demand, and profit at the company is falling because of a stronger rand.

``The huge expansion program that they have is very ambitious,`` said Alan Miller, chief executive of Stanlib Asset Management Ltd., which oversees the equivalent of $16 billion in assets and owns Anglo Platinum shares. ``If it`s not managed right, they would be blowing billions of rand.``

In addition to falling profit, a sagging world economy is restraining demand for platinum, used in everything from jewelry to car parts. Havenstein, 47, takes over after 24 years at Sasol Ltd., where he ended up running a chemical unit that had sales twice those of Anglo Platinum.

The rand has gained 59 percent against the dollar since 2001, the largest advance out of 59 currencies monitored by Bloomberg. Anglo Platinum sells metal for dollars while paying most costs in rand, so a weaker U.S. currency lowers profits.

The bigger ``threat may come if the rand stays where it is,`` Miller said. ``It could make that expansion a lot less profitable.``

Slumping Shares

As the rand rallied, Anglo Platinum shares have slumped, declining 42 percent over the last 12 months, the second biggest drop on an index of the top 40 companies traded in Johannesburg.

The price of platinum in London has risen 40 percent to $669.50 an ounce since 2001, making it harder for its users to make a profit. If the price stays where it is, analysts say jewelers may turn to gold, while carmakers will step up their search for alternatives to use in their exhaust systems.

Some already are looking to substitute palladium for platinum, Anglo Platinum has said.

Havenstein`s ``main challenge may come from the platinum market itself,`` said Allan Cooke, an analyst at HSBC Securities in Johannesburg.

In February Anglo Platinum posted a 24 percent decline in second-half net income to 3.01 billion rand and said earnings this year may fall because of the rand.

Hevenstein`s Background

A chemical engineer, Havenstein is best known for overseeing Sasol`s largest purchase when it bought RWE AG`s chemical unit, Condea, for 1.3 billion euros ($1.5 billion) in 2000. He relocated to Germany for almost two years to help merge Condea with Sasol`s existing businesses.

Since 1979 his only work away from Sasol has been 18 months of national service in the ceramics division of Armscor, South Africa`s state-owned arms maker. He now lives in Johannesburg with his wife and two teenage sons.

His predecessor, Barry Davison, in contrast has spent almost all of his career working for companies associated with Anglo American Plc, which now owns at least 70 percent of Anglo Platinum.

From 1981 until 1986 he worked as a manager at Anglo-owned chrome miner Consolidated Metallurgical Industries Ltd., now part of Xstrata Plc. In 1988 Davison became managing director of Rustenburg Platinum Mines Ltd., Anglo Platinum`s predecessor. He also sits on Anglo American`s board and is chairman of that company`s ferrous metals unit.

Separate Roles

``I feel more comfortable`` that Havenstein is taking over, said Michael Schroder, head of equity research at Old Mutual Asset Managers in Cape Town, which oversees the equivalent of $30.5 billion of South African assets. Davison ``was wearing both hats`` having roles at both the parent company and Anglo Platinum, he said.

Havenstein said his lack of mining expertise is little disadvantage. How to separate platinum from the copper, nickel, gold, palladium, rhodium, osmium, iridium and ruthenium mined in ore alongside the white precious metal is best left to the engineers.

``At the top of an organization it`s about management and strategy,`` Havenstein said in an interview. ``Mining itself is best left to the experts. The big challenge is going to be fulfilling the strategic plan.``

To meet its expansion target, Anglo Platinum is digging new mines in northern South Africa, across the breadth of the Bushveld Complex, a geological formation that contains 75 percent of the world`s known platinum reserves.

Anglo`s Profit

Last year platinum was the second most profitable business for Anglo American, the world`s second-biggest mining company, which made $351 million before one-time items and goodwill amortization from the unit.

When Anglo American moved its headquarters to London from Johannesburg in May 1999, it owned 45 percent of Anglo Platinum. It has bought shares in the open market since then to reach its current stake above 70 percent, and Anglo American Chief Executive Tony Trahar has said it may buy more.

Davison and Havenstein ``have to be seen very much as Anglo American`s own people,`` said Fidelis Madavo, an analyst at Investec Securities in Johannesburg.

Bloomberg, June 30, 2003 19:02 EDT

[woernie]

http://www.heise.de/tp/deutsch/special/zen/15085/1.html

das könnte platin doch etwas ins hintertreffen bringen. oder?

[bluemoons]

Starker Rand belastet südafrikanische Rohstoffwerte


Angloplats Gewinnwarnung schockt die Anleger


Von WOLFGANG DRECHSLER


Wer vor zwölf Monaten Platinaktien kaufte, wird sich jetzt vermutlich die Haare raufen. In kaum einer anderen Branche ist die Kluft zwischen kühnen Vorhersagen und dem tatsächlichen Abschneiden der Titel so groß wie hier.


KAPSTADT. Obwohl der Platinpreis im Februar mit über 700 Dollar pro Unze zeitweise auf seinen höchsten Stand in 23 Jahren schnellte, sind die Aktien der Produzenten in den vergangenen zwölf Monaten im Schnitt um fast 50 % gefallen.

Die jüngste Hiobsbotschaft erschütterte den Markt Ende der vergangenen Woche, als der weltweit größte Platinförderer Anglo Platinum (Angloplat) davor warnte, dass sein Gewinn im ersten Semester deutlich tiefer als im gleichen Zeitraum des Vorjahres ausgefallen sei. Das Unternehmen erwartet demnach einen Halbjahresgewinn von 1,05 Mrd. Rand (192 Mill. Schweizer Franken) – ein Einbruch von rund 60 % gegenüber den 2,6 Mrd. Rand, die im gleichen Zeitraum des Vorjahrs erwirtschaftet wurden. Obwohl Angloplat in der zweiten Jahreshälfte mit erheblich höheren Einkünften als in den ersten sechs Monaten rechnet, dürfte das Jahresergebnis ebenfalls markant unter dem des Vorjahres liegen. Als Reaktion auf die unerwartet deutliche Revision der Gewinnprognosen fielen die Angloplat-Aktien in den letzten Tagen deutlich.

Für den neuen Konzernchef von Angloplat, Ralph Havenstein, hätte der Einstieg kaum schlimmer verlaufen können. Den Anlegern bereitet vor allem die Frage Sorge, ob Angloplat und die anderen südafrikanischen Produzenten, die weltweit 70 % des weißen Metalls fördern, ihre ehrgeizigen Expansionsziele erreichen oder ob es in den nächsten Quartalen zu immer neuen Korrekturen nach unten kommt.

Sollten die selbst gesteckten Vorgaben nicht erfüllt werden, könnte der Platinpreis wegen möglicher Engpässe weiter steigen und die Verbraucher womöglich zu einem Umstieg auf andere Edelmetalle verleiten. Selbst eine Rückkehr der Industrie zum Schwestermetall Palladium, das derzeit nur ein Drittel so viel wie Platin pro Unze kostet, wird inzwischen nicht mehr ausgeschlossen.

Havenstein, der vor seinem Wechsel zu Angloplat 24 Jahren für den südafrikanischen Öl- und Petrochemiekonzern Sasol arbeitete, bestreitet die düsteren Prognosen: Aller Unkenrufe zum Trotz glaubt der 47-Jährige, die Produktion in den nächsten fünf Jahren von 2,2 auf 3,5 Mill. Unzen steigern zu können. Gegenwärtig gehen rund 30 % des weltweit geförderten Platins auf das Konto von Angloplat. Nach der Expansion dürfte dieser Anteil auf 35 % steigen. Für das laufende Jahr erwartet Havenstein eine Gesamtproduktion des Konzerns von 2,3 Mill. Unzen, was nur wenig unter den ursprünglich veranschlagten 2,4 Mill. Unzen liegt.

Der Sohn deutscher Eltern, der die vergangenen zwei Jahre für Sasol in Deutschland verbrachte, um dort die Eingliederung der Chemiegruppe Condea zu überwachen, ist kein Bergbauspezialist. Doch er wird von Analysten wegen seiner Bescheidenheit und seiner bei Sasol unter Beweis gestellten Kompetenz als Manager geschätzt.

Wie die anderen Rohstoffkonzerne leidet Angloplat unter dem starken Rand, der nach der letztjährigen Steigerung von 40 % dieses Jahr weitere 13 % gegenüber dem Dollar zugelegt hat. Die Minenkonzerne leiden darunter gleich zweimal, weil sie ihre Kosten in Rand abrechnen, ihre Erlöse jedoch in Dollar erhalten. Eine zusätzliche Belastung liegt in der geplanten Royalty Bill, die es den Platinförderern zur Auflage machen könnte, künftig eine Extrasteuer von 4 % auf ihren Umsatz zu entrichten.

Die weitere Entwicklung der Angloplat-Aktien wird in erster Linie davon abhängen, ob das Bergbauhaus Anglo American den bereits auf 70 % erhöhten Anteil am Platinhaus aufstockt oder sich, wie es am Markt heißt, mit einer Obergrenze von 75 % zufrieden gibt. Die Mehrheit der Analysten glaubt an Letzteres.

Die langfristigen Aussichten für Platin sind jedenfalls nach wie gut. Zwar hat sich die Nachfrage im Elektroniksektor zuletzt leicht abgeschwächt, doch halten die Autoproduzenten an dem Metall fest. Ebenso wichtig ist die hohe Nachfrage im Schmuckbereich. Für Anleger, die ihr Kapital eher langfristig anlegen wollen, sind Angloplat deshalb weiterhin attraktiv, zumal die jetzige Bewertung in keiner Weise den noch unerschlossenen Platinvorkommen des Unternehmens und seinem guten Cash-Flow Rechnung trägt.


HANDELSBLATT, Donnerstag, 10. Juli 2003, 07:05 Uhr

[investival]

@woernie,

die Reaktionen auf den Artikel unter zitiertem Link beantworten zwar nicht Deine Frage, aber relativieren sie doch, in mancher Hinsicht.

investival

[HannoHoichler]

Der zitierte Link bezieht sich auf die Hydrolyse, also nicht auf die Brennstoffzelle, bei der ja der umgekehrte Vorgang stattfindet (Wasserstoff unter Freigabe von elektr. Energie zu Wasser).
Die Brennstofzelle (Niedertemperatur für Notebook-Computer) erzeugt ja die Platinphantasie (Palladium kann Platin hier nicht ersetzen).
Eigentlich müsste man das Alles mal richtig recherchieren.
Gruß
Hanno_Hoichler

[Imoen]

PLATIN - "Light" BUY Trigger fast ausgelöst ...
(©GodmodeTrader - http://www.godmode-trader.de)



Die Feinunze Platin kostet 679 US $.

Tageschart Kurzupdate.

Den "Light" BUY Trigger hatten wir mit 690 US $ benannt. In den letzten Tagen ist der Platinpreis aus einer seit Mai dieses Jahres bestehenden symmetrischen Dreiecksformation nach oben ausgebrochen. Kurz vor der 690er Marke fällt Platin heute wieder leicht ab. Indikatorentechnisch fehlt bisher die nötige "Spannungskraft" des ersten zaghaften Ausbruchs. Dennoch gilt. WENN Platin über 690 ansteigt, ergibt sich daraus auf kurzfristige Sicht Potential bis ca. 708 US $.

[konradi]

.


Ich denke die Forschungsergebnisse der University of Wisconsin könnten ein Riesenpotential nach sich ziehen. Allerdings sind die vorgestellten Nickel-Zinn-Katalysatoren wohl nicht für den Kraftfahrzeugbereich geeignet, da es beim Betrieb zur Bildung von flüchtigem, hochgiftigem Nickelcarbonyl kommt. Andere Anwendungen – z.B. bei umweltverträglichen Verbrennungsprozessen liegen da wohl näher.

James Dumesic:

For example, new catalysts are needed for environmental applications, such as treatment of noxious emissions or for pollution prevention. Improved catalysts are needed for new fuel-cell applications. The production of high-value specialty chemicals requires the development of new catalytic materials. In addition, new catalysts may be combined with biochemical processes for the production of chemicals from renewable resources. The catalysts required for these new applications may be rather different from those in current use in the chemical and petrochemical industries.

Natürlich kann zum derzeitigen Zeitpunkt niemand beurteilen, inwieweit sich die vorgestellte Technologie auf die Platinnachfrage auswirkt.

Ich denke, es ist zunächst nur wichtig, daß die Brennstoffzellentechnologie überhaupt in die Gänge kommt. So gesehen ist dann ALLES was diese Technologie voran bringt gut und letztlich dann eben auch für die Platinnachfrage förderlich.

Auch andere Verbesserungen wie jüngst z.B. die CHR-Brennstoffzelle von Inventor Generics Group (siehe http://www.eetimes.com/story/OEG20030415S0011) zeigen, wohin die Reise geht...

Wer sich dafür interessiert kann sich auch mal mit dem dänischen (jaja, die Dänen !! ) Unternehmen Haldor Topsoe befassen. Die haben nämlich u.a. die Forschungen von James Dumesic http://www3.che.wisc.edu/JAD/ gesponsert, sicher nicht ganz ohne Eigennutz ...


...Das finnische Unternehmen Wärtsilä Corporation und Haldor Topsoe A/S - http://www.haldortopsoe.dk aus Dänemark haben einer Pressemitteilung zufolge ein gemeinsames Entwicklungsprogramm für Brennstoffzellensysteme gestartet. Ziel ist die Vermarktung von hocheffizienten und kostengünstigen Produkten für den Leistungsbereich über 200kW für die dezentrale Stromerzeugung und maritime Anwendungen.

Die Kooperation baue auf den bestehenden Kompetenzen der beiden Firmen auf. Wärtsilä bringt sein Know-How aus der Kraftwerks- und Schiffsantriebstechnik ein. Der Hersteller aus Helsinki hat ein Vertriebs- und Servicenetzwerk in 60 Ländern und erwirtschaftete mit 12.000 Mitarbeitern in 2001 einen Nettoumsatz von 2,4 Mrd. Euro.

Haldor Topsoe blickt auf Erfahrungen in der Entwicklung von planaren Festoxidbrennstoffzellen zurück. Die Zentrale des Unternehmens, das mit 1.700 Mitarbeitern 2001 auf Nettoverkäufe in Höhe von 310 Mio. Euro kam, liegt in Lyngby.

Das BZ-Entwicklungsprogramm ist nach Angaben von Wärtsilä Teil einer Strategie, umweltverträgliche Versorgungslösungen für die unterschiedlichen Kundenanforderungen zu bieten. Mit Hilfe der SOFC-Technologie wolle man Strom-Wärme-Erzeugungseinheiten mit extrem niedrigem Schadstoffausstoss bei überdurchschnittlicher Zuverlässigkeit zur Verfügung stellen.



Hydrogen fuel hopes get a boost
Catalyst could offer cheaper way to convert organic waste

By Paul Recer

Organic wastes such as paper mill sludge or cheese whey can be converted into hydrogen using an inexpensive metal catalyst, researchers say, in a process that could boost efforts to replace oil and gas fuels.

Researchers at the University of Wisconsin tested more than 300 metal combinations before finding that a mix of nickel, tin and aluminum could separate hydrogen from a mixture rich in glucose, a sugar common in many organic wastes. A report on the study appears Friday in the journal Science.

Glenn L. Schrader, a National Science Foundation chemical engineer who supervises grants for hydrogen research projects, said the catalyst could be a significant advance in efforts to develop a hydrogen-based energy system.

“We really need to develop fuel cells that use metals cheaper than platinum, and this work provides a very promising lead,” he said.

Many experts believe that hydrogen eventually will replace oil and gas as the energy that drives industry and transportation. Hydrogen burns cleanly and there is an almost unlimited supply. A major technical problem has been finding a cheap way to separate hydrogen from other compounds and to store the fuel efficiently and safely. The most likely immediate application of hydrogen would be in fuel cells, which combine hydrogen and oxygen to make electricity, heat and water. James Dumesic, a professor of chemical engineering at the University of Wisconsin and lead author of the study, said the combination metal catalyst worked as efficiently in laboratory tests as a much more expensive platinum catalyst, and at a lower temperature and pressure.

Platinum is known to be excellent for chemically separating hydrogen, but the rare metal costs about $8,000 a pound, many times more than the tin, nickel and aluminum used in the Wisconsin device, experts said.

Dumesic said the hydrogen catalyst is, in effect, a pressure cooker filled with pellets made of nickel, tin and aluminum. A stream of raw stock rich in glucose and heated to 437 degrees is introduced into the device. The glucose reacts with the metal pellets, and hydrogen and carbon dioxide separate from the mix.

“The hydrogen and carbon dioxide kind of bubble up,” said Dumesic. The gas is piped away and then cooled. Dumesic said the hydrogen-carbon dioxide mix could be used as a fuel in some applications, or the CO2 could be separated out using a second, simpler process. Catalysts made of nickel and aluminum do produce hydrogen, but also methane, an unwanted pollutant. By adding more tin to the combination, the production of methane was halted, while the production of hydrogen was increased, Dumesic said. Dumesic said the Wisconsin device, using the combination of common metals, could reduce the catalyst cost by 10 to 100 times.

In theory, the catalyst could use any organic waste flow rich in glucose as a feed stock. Dumesic said he and his associates are now developing a system that would produce about one kilowatt of power.

He said if the pilot plant works as expected, then the first application may be at dairy processing plant, such as a cheese factory, where dairy wastes could be used as the feed stock. Waste from pulp mill, corn processing plants, or food processing factories could be a source of hydrogen, said Dumesic.

The combination metal catalyst has been patented and is controlled by the Wisconsin Alumni Research Foundation. Dumesic said he is co-founder of a company that has been licensed to the use the patent in developing energy systems. He said he has a personal financial interest in the success of the effort.

ASSOCIATED PRESS - 26.06.2003

[konradi]

.


der neueste (Juni) Johnson Matthey Report ist da:

http://www.kitco.com/reports/jm/jm_pt2003_JunReport.pdf


.

[G29]

Ich denke, es ist zunächst nur wichtig, daß die Brennstoffzellentechnologie überhaupt in die Gänge kommt. So gesehen ist dann ALLES was diese Technologie voran bringt gut und letztlich dann eben auch für die Platinnachfrage förderlich.

Naja, auch ne Meinung...aber keine wertvolle IMO. Ob die Technologie funktioniert oder nicht, kann ich nicht sagen, aber Deine Aussage klingt für mich trotz aller angeführten Argumente wie ein Strohhalm, nach dem Du greifst.

[konradi]

.

@ G29

Wenn du bei Google den Begriff "Brennstoffzelle" eingibst finden sich 59.400 - und unter
"fuel cell" 1.160.000 Webseiten zum Thema. Man könnte daher unvoreingenommen daraus schließen, das die Technik mehr ist, als "ein Strohhalm an den man sich klammert" ...

Na gut, ich verzichte mal auf Zynismus und empfehle Dir zum Einstieg:

http://www.forum-brennstoffzelle.de/

http://www.eva.wsr.ac.at/opet/fuelcell.htm


Zum Thema Wirtschaftlichkeit gibt es hier im Board (siehe z.B -> Ballard Power Systems) hunderte von Threads. Hier geht es primär um Angebot und Nachfrage des Edelmetalls Platin. So interessant und wichtig diee Brennstoffzellentechnik auch ist, es macht wenig Sinn, hier alles doppelt durchzukauen.

Daher nur in Kürze:

In den vergangenen Jahren konnten die Kosten für Brennstoffzellen erheblich reduziert werden. Der Preis für Brennstoffzellen lag im Jahr 1990 noch bei 5.000,- €/kW. - Zehn Jahre später nur noch knapp bei einem Zehntel !


- Der angenommene Grenzwert, um auf dem Markt konkurrenzfähig sein zu können, liegt für komplette BSZ-Anlagen inklusive der Nebenaggregate für BHKW-Systeme bei 1.200,- €/kW.

- Hausenergie-Versorgungssysteme bei 300 - 500,- €/kW.

- Bus-Systeme bei 150,- €/kW.

- Pkw-Systeme bei 50,- €/kW.

Bei PEM-BSZ belaufen sich die Materialkosten auf über 80 %. (!!!) Pro Quadrat-Zentimeter einer Brennstoffzelle sind beispielsweise ungefähr 0,1 mg Platin notwendig.

Das bedeutet, dass für ein Stack mit einer Leistung von 75 kW eine Platinmenge von 112 g und Kosten von 1.800,- Euro anfallen. Die Reduzierung dieser Platinmenge ist unbedingt notwendig, da sie bisher mehr als ein Drittel der Kosten ausmacht.

und genau das meinte ich mit meinem von Dir noch einmal zitierten Satz:
Ich denke, es ist zunächst nur wichtig, daß die Brennstoffzellentechnologie überhaupt in die Gänge kommt. So gesehen ist dann ALLES was diese Technologie voran bringt gut und letztlich dann eben auch für die Platinnachfrage förderlich.

Aus den bekanngewordenen Daten der ersten industriellen Brennstoffzellenfabrik des Markführers Ballard Power Systems setzen sich die Kosten pro erzeugtem Kilowatt in etwa wie folgt zusammen:

- Fertigungskosten von 5 € / kW
- Platin: 2 € / kW (8 bis 10 Gramm pro Modul)
- Sonstiges Material: 3 € / kW

Macht zusammen also 10 € pro Kilowatt.

Interessant dabei aber ist, daß der Edelmetallgehalt in den letzten 7 Jahren um ca. 98% gesenkt werden konnte und das bei gleichzeitiger Steigerung der Leistungsfähigkeit !

Ich werte diesen reduzierten Platinverbrauch für ein Investment in dieses Metall aber eher positiv, denn nur wenn nochmals eine Verringerung der Produktionskosten auf – sagen wir mal 2 € pro Kilowatt – erreicht wird, ist die Technik reif für die Großserie. Und nur die Großserie entscheidet letztlich über die industrielle Nachfrage nach Platin bzw. Palladium.

Im Übrigen ist es einer Brennstoffzelle ziemlich egal, ob sie ihren Dienst im Fahrzeug oder in einem Einfamilienhaus tut.

Gruß Konradi


.

[konradi]

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Diese Woche wieder über 700 USD ?






































.

[konradi]

SOUTH ATLANTIC VENTURES

PGM – Gold - Silber

www.sa-ventures.com

Listings: TSX Venture Exchange und demnächst auch Schweden

Symbol: SAA




South Atlantic Ventures, Ltd., (formerly South Atlantic Resources) is engaged in the exploration and evaluation of advanced mineral projects in Sweden and Finland. South Atlantic Resources owns 38% of North Atlantic Natural Resources AB (NAN). NAN exploration activities are underway, occurring in the Baltic Shield.

South Atlantic Ventures has acquired the Norrbotten Copper-Gold Project after reviewing the geology and distribution of world-class iron-oxide hosted copper-gold deposits. The Kiruna District of Northern Sweden has been identified as an important target area for this type deposit – typified by Olympic Dam in Australia and Carajas in Brazil.


South Atlantic Ventures to Acquire 49% Interest in The Arctic Platinum Partnership

Friday July 11, 12:35 pm ET

VANCOUVER, BRITISH COLUMBIA--South Atlantic Ventures Ltd. ("South Atlantic" ) is pleased to announce that it has entered into an agreement ("the Agreement" ) with Outokumpu to acquire its 49% interest in the Arctic Platinum Partnership ("APP" ) in Finland for an aggregate consideration of US$31 million. Under the terms of the Agreement, South Atlantic has agreed to pay Outokumpu US$23 million in cash and US$8 million in South Atlantic shares. The closing of this transaction will be subject to a number of standard terms and conditions, including, obtaining requisite regulatory and third party approvals and consents, waiver of pre-emptive rights, and satisfaction of other customary closing conditions.

APP is an exploration and development partnership between Gold Fields Limited ("Gold Fields" ) and Outokumpu established to explore an extensive land package in northern Finland. Gold Fields earned into its operatorship and 51% interest in January 2002 when its aggregate project expenditures had reached US$13 million.

To date, APP has completed a large scale drilling program focused on a number of primary Ni-Cu-PGE deposits. A summary of APP`s current resources as reported on August 1, 2002, above a 0.5g/t 2PGE+Au cut off, follows:


Tonnes 2PGE+Au Pd Pt Au 2PGE+Au Cu Ni

Deposit Mt g/t g/t g/t g/t Moz. % %
----------------------------------------------------------------------
Konttijarvi 54.0 1.94 1.44 0.40 0.10 3.4 0.16 0.06
Ahmavaara 99.8 1.47 1.10 0.23 0.14 4.7 0.22 0.09
Ahmavaara
East 29.8 1.12 0.83 0.18 0.11 1.0 0.17 0.06
SK Reef 35.0 4.67 3.55 0.97 0.15 5.3 0.12 0.10
----------------------------------------------------------------------
Total 218.6 2.05 1.54 0.38 0.13 14.4 0.18 0.08


Note: Snowden Mining Industry Consultants undertook the Mineral Resource
estimation study and the estimates have been classified in
accordance with the JORC Code (September 1999)


"The acquisition of 49% of APP further enhances South Atlantic`s position as a growing leader in base and precious metals development and exploration, focused in the Scandinavian region." commented Ted Posey, President of South Atlantic. "The continued exploration and development potential that exists with these and several other deposits in the APP land package makes this acquisition a cornerstone asset for South Atlantic in the years to come", added Mr. Posey.

South Atlantic has engaged Watts, Griffis and McOuat to prepare a technical report on the Arctic Platinum Partnership in accordance with National Instrument 43-101 of the Canadian Securities Administrators.

Macquarie North America Ltd. acted as financial advisors to South Atlantic in connection with this acquisition.

The geologist in charge of the technical work reported herein for purposes of National Instrument 43.101 is Robert Lilljequist, a professional Swedish geologist and member of the International Association of European Geologists, who is a "Qualified Person" under the auspices of the Swedish Mining Association which has formally adopted Canadian National Instrument 43.101.


ON BEHALF OF THE BOARD
Edward F. Posey, President


FOR FURTHER INFORMATION PLEASE CONTACT: South Atlantic Ventures Ltd., Sophia Shane, Corporate Development, [phone], [phone] (FAX), Website: www.scq.com, The TSX Venture Exchange has not reviewed and does not accept, responsibility for the adequacy or accuracy of this release.



---



South Atlantic Ventures buys Outokumpu`s stake in PGE deposit


Vancouver --South Atlantic Ventures (SAA-V) has inked a deal with Outokumpu to acquire Outokumpu`s 49% interest in the Arctic Platinum partnership in Finland.

According to the terms of the agreement, South Atlantic will pay Finland`s Outokumpu US$23 million in cash and US$8 million in shares, for an aggregate consideration of US$31 million.

The Arctic Platinum partnership (APP) is a exploration and development agreement between Gold Fields (GFI-N) and Outokumpu that was established to explore an extensive land package in northern Finland. The APP currently holds three mining licenses and 342 claims with a total area of 305 sq. km.

"The acquisition of 49% of APP further enhances South Atlantic`s position as a growing leader in base and precious metals development and exploration, focused in the Scandinavian region. " commented Ted Posey, President of South Atlantic. "The continued exploration and development potential that exists with these and several other deposits in the APP land package makes this acquisition a cornerstone asset for South Atlantic in the years to come."

"This transaction is a continuation in Outokumpu`s strategy to move further down stream in the metals business. We have found a good home in South Atlantic Ventures for our share in APP. I have all the confidence on the success of this project, and the fact that we will take South Atlantic shares as part of the payment gives us the possibility to benefit from the potential up-side of the project," said Jyrki Juusela, CEO of Outokumpu.

Gold Fields has earned its 51% interest in January 2002 when its had spent a total of US$13 million on exploration. To date, the partners have completed a large scale drilling campaign that focused on a number of primary nickel, copper and PGE deposits. The Suhanko mining license, situated 60 km south of the regional capital city of Rovaniemi, is currently the subject of an ongoing feasibility study and Environmental impact Assessment. Proposed development will initially focus on an open pit mining operation of the Konttijarvi and Ahmavaara deposits. Mining of the SK Reef for supplementary feed to the Suhanko processing plant is also being considered.

As of August 2002, resources above a 0.5 gram per tonne combined platinum, palladium and gold cut off are as follows;


The Konttijarvi deposit hosts 54 million tonnes averaging 1.44 grams palladium, 0.40 grams platinum, 0.10 gram gold and 0.16% copper and 0.06% nickel.


The Ahmavaara deposit host 99.8 million tonnes averaging 1.10 grams palladium, 0.23 grams platinum, 0.14 gram gold and 0.22% copper and 0.09% nickel.


The Ahmavaara East deposit hosts 29.8 million tonnes averaging 0.83 gram palladium, 0.18 gram platinum, 0.11 gram gold, 0.17% copper and 0.06% nickel.


The SK Reef deposit hosts 35.0 million tonnes averaging 3.55 grams palladium, 0.97 gram platinum, 0.15 gram gold, 0.12% copper and 0.10% nickel.


The total combined resource weighs in at 218.6 million tonnes averaging 1.54 grams palladium, 0.38 gram platinum, 0.13 gram gold, 0.18% copper and 0.08% nickel.


PGE mineralization is reported to occur near the base of the late Archean to early Proterozoic-aged layered mafic intrusions dubbed Suhanko, Narkaus and Penikat. Strike lengths of over 2 km and thicknesses of up to 60 metres have been defined in the various deposits within these intrusions. Mineralization is reported to be highly variable an includes disseminated PGE-bearing copper nickel sulphides, massive sulphide lenses near the basal contact at the Suhanko intrusion, PGE reef style mineralization and Offset style copper PGE mineralization in basement gneisses and granites.

South Atlantic reports that it has engaged Watts, Griffis and McOuat to prepare a technical report on the Arctic Platinum Partnership in accordance with National Instrument 43-101 .


The Northern Miner Online 11.07.2003


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und weil´s so schön war gleich noch so ´ne Platingurke ...





PGM UND DIAMANTEN (Marsfontain Diamond Project ZA)

Listing TSX : Symbol SUF
Listing AIM London : Symbol SER
Shares Issued and Outstanding: 61,674,459

Diskussion:

http://www.siliconinvestor.com/stocktalk/subject.gsp?subjec…

Präsentation: http://www.southernera.com/WebShow001.pdf


Chart:




http://www.southernera.com/



Chairman Christopher M.H. Jennings:

I would say that we’re probably the only company that I know of that has focused on and will soon be producing both those commodities in significant amounts. We’ve been producing diamonds now for three years. For the past two years, we’ve been the second largest producer of diamonds (after DeBeers, of course, that is way ahead of us). We have recently completed three feasibilities on three major properties. One — the Messina Platinum mine in the Bushveld Complex of South Africa; this has a large resource of about 16 million ounces to only 1 thousand meters. We have a major kimberlite pipe in Angola. We are the managers and a one-third partner. We’ve done a feasibility on that, and that has a resource of 23 million carats worth US$109 a carat. In the ground it’s worth about $2.5 billion.

SouthernEra has said it is confident that production of platinum group metals (pgm) at its Messina mine will eventually exceed 500,000 oz/y. The claim comes as the company begins to implement a four-phase development strategy, as part of its bid to pursue the expansion of the Greater Messina resource.

In phase one, which is the development of the Voerspoed mine, the company projects production of 80,000 tonnes a month during the third quarter of this year.

During phase two, Doornvlei mine will be developed, with full production expected by 2005. The next phase will then cover the development of the Dwaalkop mine, a joint venture with Mvelaphanda, before the final phase begins some time next year.

SouthernEra says it aims to develop the Zebediela mine during phase four, with some insiders speculating that there is the potential to raise the Greater Messina production to more than 700,000 oz a year.


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Messina’s steeply-dipping reef proves to be a double bonus

By Taryn Leicher / miningweekly 24.01.2003



The steeply-dipping reef at Messina Platinum is a double bonus for SouthernEra in that it offers two important advantages, Mining Weekly can today report.

The first advantage is that the stopes self-clean by the force of gravity, with broken ore rolling down the slope – a cost saver.

The other strong advantage of the dip is that it assists the operational crew to deal with the mining of potholes – a production booster.

Potholing experienced at Messina to date has been turned to positive account with the help of the dip.

The steep dip of the Messina Platinum reef is unique in South African platinum-mining experience.

In this respect, Southern Era’s Messina has no peer, located, as it is 250 km north of Johannesburg, in South Africa’s Limpopo Province.

The mine is characterised by a geological anomaly in that the Merensky reef and upper group two (UG2) reef lie at a steep angle of 60 degrees, 135 m apart.

These reefs contain many base-metal sulphides and very low quantities of chromite – another pair of crucial advantages, as the sulphides in general and the low chrome content of the ore in particular make it possible for metallurgists to blend the ores and process the blend in the same concentrator, without any significant recovery loss.

Fortunately, the uniqueness of Messina Platinum is in hands that have 35 years of mining experience, those of Southern Era COO Mike Eksteen.

The acquisition by SouthernEra also embraces useful earlier investment, the most notable being undertaken by the world’s second-largest platinum-mining company, Impala Platinum, which spent some R120-million between 1988 and 1992, prior to abandoning mining there for strategic reasons.

But Impala’s poison has become SouthernEra’s meat, made up of Voorspoed, Doornvlei, Voorspoed East and Zebediela, the four separate Messina farms that make up the Messina Platinum Mine property.

At present, it is only Voorspoed that is being turned to account, but much more is to follow.

Moreover, Impala Platinum’s withdrawal from Messina has not been total in that all Messina One concentrate is and will be smelted and refined by Impala Refining Services for the life of that operation.

After acquiring the mine, SouthernEra quickly went about extracting an 80 t bulk sample, which it had tested by the State-owned minerals research organisation, Mintek, of Randburg.

The sample revealed Messina’s grade as being between 5,6 g/t and 6,1 g/t total platinum-group metals, with 43% total platinum and 34% total palladium.

Current head grades at Messina One are 4,7 g/t and in situ grades 6,7 g/t for the upper ground two (UG2) reef and 5,7 g/t for the Merensky reef.

Acquired by Southern Era was a 6,2-m-diameter vertical shaft to 350 m depth with sinking headgear now deepened to 440 m, a three-metre-diameter ventilation shaft to 237 m depth, and a 175 m incline shaft on the eastern section.

The company has been stockpiling ore obtained from two levels and is mining a ratio of 60:40 UG2 to Merensky, its UG2 having a higher overall grade and higher palladium content.

The new mechanised mining method being implemented is expected to increase safety and productivity and cut costs by 7%.

C-Mac long-hole drillrigs will be used to drill 13-m-length and 64-mm-diameter stoping blast-holes between sublevels.

Trial mining and milling began at Voorspoed, now referred to as Messina One in August 2001.

The main plant was commissioned in September last year.

Production will be ramped up to 80 000 t/m by the third quarter of this year and to 120 000 t/m by mid-2004.

The 90 000-t-a-month concentrator plant was constructed by DRA, along the modern lines of two mill-float circuits.

Read Swatman and Voigt constructed the headgear in three weeks.

Impala Refining Services (IRS) is scheduled to buy up to 160 000 oz of platinum-group metal (PGM) concentrate a year from Messina One.

In the longer term, Southern Era plans to triple its production from an initial 120 000 t/y to 360 000 t/y, by developing phases two and three on the contiguous ground.

It expects its production to reach three-million tons a year.

Mining will be optimised by first sinking a series of ramp inclines from surface down to 440 m depth.

This will then be followed by uniformly-spaced vertical shafts about five years later.

Even if 500 000 oz were mined a year, Messina would still have a 60-year life, owing to its estimated 32-million-oz resource, to 2 000 m depth.

In early 2000 SouthernEra acquired Impala’s 54% interest in Messina Limited for U$10,5-million.

A further 16,4% in Messina Limited was acquired by SouthernEra subsequent to a standby offer to the minority shareholder.

The South African government’s Department of Minerals and Energy awarded three new platinum properties in the vicinity of the Messina Platinum Mine to the company and its 50% joint venture partner, Mvelaphanda Resources.

The three properties awarded to the SouthernEra joint venture are Rooibokbult 121 KS Turfpan 122 KS and Dwaalkop 455 KS.

These properties are located in the area between Messina’s current phase one (Voorspoed section) and phase two (Doornvlei section).

SouthernEra has entered into a five-year automotive supply agreement with a major automotive company based in Detroit, US, from 2002 to 2006.

The company provided SouthernEra with floor prices of $400/oz for platinum and $370/oz for palladium production.

SouthernEra in return offered the companies ceiling prices of $600/oz for platinum and $658/oz for palladium.

This allows for investors to budget effectively for the future.

The Greater Messina is a 20 km strike and a 24-million-oz resource, which supports four projects: Messina One (Voorspoed), Messina Two (Doornvlei), Messina Three (Dwaalkop), and Messina Four (Zebediela).

SouthernEra moved its operating team into Messina in June 2000, the development of the mine started in January 2001 and the mine plant was commissioned in September 2002.

At the peak of its construction, Messina employed 1 800 people, and now, with a completed mine has created 750 permanent jobs.

The mine has the capacity to support a twin shaft at Messina One, and the potential for three twin decline systems on Messina Two and Messina Three.

Messina One is believed by SouthernEra to have 11 years of full production up to 650 m.

The build-up phase is designated between 2002 and 2004, with full production from 2004 to 2013.

Tons milled are estimated at 1,44 t/y, with an annual metal output of 220 000 oz.

Doornvlei and Dwaalkop have a strike of 10,6 km and are being developed concurrently, with a feasibility test on Doornvlei concluded and a scoping study on Dwaalkop now being concluded.

SouthernEra anticipates having three twin-decline ramps down to 400 m spread across the 10,6 km strike of phases two and three and each twin decline will be producing 80 000 t/m.

This will be followed by two vertical shaft systems down to 1 000 m depth.

Phase two and phase three (Doornvlei and Dwaalkop) are estimated to have 30 years production life up to 1 000 m.

Doornvlei and Dwaalkop are estimated to have 30 years production life up to 1 000 m.

The build-up phase is scheduled between 2003 and 2006, with full production between 2006 and 2007.

The company has signed a mandate with Rand Merchant Bank, which is the lead debt financier. On the people front, many mistakenly assume that SouthernEra chairperson Dr Chris Jennings is Canadian, whereas in actual fact he is very African.

Having graduated from the University of Natal with an honours degree in geology and physics, the nonexecutive chairperson 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, he found the dormant shell of Southern Era – which had previously been owned by a group of South Africans – on the Toronto Stock Exchange.

With two partners, he acquired 49% of it for a cent a share.

SouthernEra then raised capital through the Toronto Exchange and private placements in Europe, which funded its first African foray – the Marsfontein operation, also in Limpopo – in which De Beers eventually obtained a 60% share.

The proceeds from Marsfontein were used for exploration purposes and the acquisition of diamond-mines in Camafuca, Angola, and Klipspringer, near Mokopane (formerly known as Potgietersrus), in South Africa’s Limpopo province.

Although Messina is SouthernEra’s only existing platinum interest, the company is looking at several other projects in the Bushveld Complex.

Meanwhile, at Messina, selective mining on UG2 can be done on the upper side of the grade profiles of South African platinum-mines and if both UG2 and Merensky are mined, then the grade profile is in the middle of the grade profile of South African platinum-mines.

It is worth noting that Messina’s recoveries in the northern limb, the combination of high concentration of coarse sulphides and low chrome content, are at more than 85%.

Both UG2 and Merensky are processed in the same concentrator plant concurrently, thanks to the low chrome content and coarse sulphides.

Generally, chrome levels in the final concentrate need to be lower than 1%, and at Messina this is easily achieved.

Consultants are working together with the management team to establish the most cost-effective way to deepen from 440 m to 730 m to 1 000 m depth.

In this case it is an example of foreign investors bringing an asset that was mothballed to fruition.

A beneficiary of all this is South Africa itself, which is seeing assets being turned to positive account that would otherwise have stood idle.


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July 22, 2003 TORONTO, ONTARIO –

SouthernEra Resources reported today that its subsidiary Messina Limited is to raise approximately R311 million (US$41M) by way of a rights offer of ordinary shares in Messina at a price of R50 per share. SouthernEra Resources has agreed to underwrite the Messina rights issue by exercising rights not taken up by minority shareholders.

The proceeds from the exercise of the rights will be used by Messina to reduce its unsecured debt obligations to SouthernEra, which as of June 30, 2002 totaled R313,740,000 (US$41.5M). SouthernEra advanced these funds to Messina to finance the construction and development of the recently commissioned Phase 1 mine, as well as feasibility and pre-feasibility studies at Phases 2 and 4, respectively.

Commenting on Messina’s announcement, SouthernEra President and CEO, Patrick Evans, said: “By underwriting this rights issue, SouthernEra could increase its ownership in Messina Limited depending on the level of participation by minority shareholders. Given the strong growth profile of Messina, with construction of the next phase set to commence during 2004, SouthernEra expects to provide further financing to Messina over the next year. This could result in further Messina rights issues to convert future shareholder loans to equity.”

The rights issue is subject to South African regulatory approval.

SouthernEra Resources Limited is an independent producer of platinum group metals and diamonds. The Company also has an extensive PGM and diamond exploration program. The common shares of SouthernEra are traded on the Toronto Stock Exchange (SUF) and the London Stock Exchange’s AIM (SER).

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SouthernEra To purchase Messina Holdings 54.17% interest in Messina Limited, which owns 100% of Messina Platinum Mines Limited.

Drilling begins at Messina Platinum

By Justin Brown


Canada`s SouthernEra Resources on Tuesday announced that the in-fill drilling programme at the 7.8 million ounce Dwaalkop Section (Phase 3) of the Greater Messina Platinum Project in South Africa had commenced.

SouthernEra holds a 70.91% stake in JSE Securities Exchange South Africa listed Messina (MES) and also has interests in diamond mining.

Messina Platinum Mines holds three mineral leases, namely Voorspoed, Zebedielas Location and Doornvlei.

The latest development follows the award by South Africa`s Department of Minerals and Energy at the beginning of July of the prospecting permit to the SouthernEra/Mvelaphanda (MVL) joint venture.

The Dwaalkop Section is one of four phases that comprise the Greater Messina Platinum Project.

With two platinum rich reefs striking about 20 kilometres, the Greater Messina has a declared resource of 24.38 million ounces of five platinum group elements and gold.

This resource has been declared to a depth of 1,000 metres.

Drilling at the Greater Messina to a depth of 1,550 metres indicates that the reefs are open to depth, although it will take about 30 years to mine the resource to a depth of 1,000 metres.

The in-fill drilling programme has been designed in conjunction with SRK Consulting, with the objective of establishing an indicated resource on the Merensky and UG2 reefs, to depths of 1,000 metres and 1,200 metres, respectively.

This programme will be undertaken in strict accordance with the standards and guidelines of the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC) and will be conducted under SRK approved operating standards and procedures.

Through the drilling programme, 19 vertical holes will be sunk across the strike length of six kilometres.

The holes are expected to intersect the Merensky reef at depths of 100, 500 and 800 metres, with corresponding intersections of UG2 reef at depths of 400, 800 and 1,100 metres.

Two deflections are planned from each main reef intersection to provide representative coverage.

All reef intersections will be assayed for three platinum group elements and gold using the lead collection method with quality control samples (blank and standard) inserted in a ratio of 1:10.

A further 1:10 sub-set of samples will be analysed for individual platinum group metal elements using the NiS method.

The priority will be to delineate the shallower portion of the resource to 500 metres, following which the bankable feasibility study will be completed.

It is estimated that the resource to 500 metres will be completed by the beginning of the fourth quarter, with the deeper resource completed by year-end.

At the Phase 1 (Voorspoed Section), the 120,000-ton per month mine was commissioned during the fourth quarter of last year.

Underground development to support the 120,000-ton per month production rate is under way, with the 40,000 ton a month target having been achieved at the end of the second quarter.

At full production, the Phase 1 mine will produce about 200,000 oz of platinum group elements and gold at a cash margin of about US$165/oz.

At the Phase 2 (Doornvlei Section), a bankable feasibility study was completed by SRK Consulting in mid-2002.

The mining license for Phase 2 was issued last June.

In view of the uniform continuity of the two platinum rich reefs across the 10.6 kilometre strike of Phases 2 and 3, consideration is being given to their joint development.

A scoping study undertaken by SRK Consulting recommends this.

It is expected that this will be confirmed by the feasibility study currently under way, which will be completed at the beginning of 2004.

Based on the Phase 2/3 scoping study, it is anticipated that a 240,000-ton a month mine will be built to access the combined 15.86 million ounce resource at these two phases.

This should support annual production in excess of 340,000 oz of platinum group elements and gold for about 30 years.

At the Phase 4 (Zebediela Section), a pre-feasibility study is currently underway to upgrade the 3.17-million ounce inferred resource to the measured category.

Following completion of this study at the end of this year, a bankable feasibility study at Phase 4 will commence in 2004.

Once all four phases are commissioned, the Greater Messina is expected to support annual production of about 700,000 oz of platinum group elements and gold.


Sundaytimes ZA –22.07.2003




Press Release vom 03.07.2003:

SouthernEra Subsidiary Messina Platinum Achieves Production Target. -
Mining License and Prospecting Permits issued for Phases 2 and 3
Shares Issued and Outstanding: 61,593,793 TSX: SUF AIM: SRE


TORONTO, July 3 /CNW/ - The Board of Directors SouthernEra Resources Limited announced today that Messina`s Phase 1 Mine, which was commissioned during the third quarter of 2002, has achieved its first production target for 2003. The Phase 1 mine has reported production of 40,015 tonnes for the month of June. Based on progress year-to-date, Messina Platinum has a high level of confidence that the next production target of 80,000 tonnes per month will be achieved by the end of September.

Production at the Phase 1 mine is now coming from three levels, the 200- meter, 275-meter and 350-meter levels. Underground development continues, with the next major project being a decline ramp from the 350-meter level to the 430-meter level. This will support the production build up from 80,000 tonnes per month to 120,000 tonnes per month by the end of the second quarter of 2004. Final grades will be released together with SouthernEra`s second quarter results once all assays have been completed.

In addition to achieving its first announced production target, Messina Platinum also recorded 500,000 fatality-free shifts during June. Messina`s unrelenting focus on safety places the mine amongst the safest underground platinum mines in South Africa. Mr. Patrick Evans, SouthernEra`s President and CEO stated: "We are very pleased with the production performance at Messina Platinum and particularly proud that this has been achieved safely. Although Messina Platinum is a newly commissioned mine, with a newly trained work force, our goal of accident free mining is becoming a reality. This is something our shareholders can be very proud of."

SouthernEra is also pleased to report that South Africa`s Department of Minerals and Energy has awarded Messina Platinum a mining license for the 6.3 million ounce Phase 2 (Doornvlei) Section and has awarded the SouthernEra/Mvelaphanda Joint Venture a Prospecting Permit for the 7.86 million ounce Phase 3 (Dwaalkop) Section. Drilling over the 1.7 million ounce Voorspoed East Section, which forms part of the Phase 2/3 development of the Greater Messina, commenced in June and is scheduled for completion during September. Drilling on Phase 3 (Dwaalkop) Section will commence during July.
The Phase 2/3 feasibility study is scheduled for completion by the beginning of 2004, following which development of the new 240,000 tonne per month mine at Phase 2/3 will commence. Based on a scoping study completed by SRK Consulting during the fourth quarter of 2002, this new mine is expected to produce in excess of 340,000 ounces of 5PGE plus gold per annum.

Phase 4, part of the 20-kilometer strike of the Greater Messina, involves the development of the western portion called the Zebediela Section. Drilling as part of the pre-feasibility study on Phase 4 commenced in May and is progressing well, with intersections of both the Merensky and UG2 reefs. The purpose of this program is to upgrade the 3.17 million ounce inferred resource at Phase 4 to a measured and indicated resource. To date, four boreholes have been drilled, with one hole to a maximum depth of 921 meters. The drilling program will be completed by year-end, following which a bankable feasibility study will commence in 2004.

SouthernEra Resources is an independent producer of platinum group metals and diamonds. The company also has an extensive Platinum Group Metal and diamond exploration program. The common shares are listed on the Toronto Stock Exchange and the London Stock Exchange`s AIM market.


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Norilsk Nickel will weitere Anteile von Stillwater Mining erwerben


Der russische Minenkonzern Norilsk Nickel gab am Mittwoch bekannt, dass er weitere 5 Prozent des amerikanischen Platinproduzenten Stillwater Mining Co. erwerben will. Norilsk, der größte Nickelproduzent der Welt, erwarb im letzten Monat bereits 51 Prozent der Anteile von Stillwater Mining und will nun 4,350,000 weitere Aktien von Stillwater erwerben um seinen Anteil Prämie von rund 50 Prozent. Das Angebot ist bis zum 19 August 2003 gültig. Norils Nickel hatte für die Übernahme des 51 Prozent-Pakets von Stillwater 100 Mio. Dollar in bar sowie 877.000 Unzen Palladium bezahlt.

Durch die Übernahme der Mehrheit an Stillwater Mining kann Norilsk künftig Palladium über die US-Niederlassungen an seine Kunden verkaufen. Norilsk veräußert den größten Teil seiner Palladiumproduktion direkt an Endkunden wie etwa General Motors oder Mitsubishi.

Die Aktie von Norilsk Nickel notiert in Frankfurt aktuell mit einem Plus von 1,02 Prozent bei 29,80 Euro, die Aktie von Stillwater schloss am Dienstag an der NYSE mit einem Plus von 1,41 Prozent bei 5,03 Dollar.
auf insgesamt 56 Prozent zu erhöhen.

Der russische Konzern macht den Kleinaktionären ein Übernahmeangebot in Höhe von 7,50 Dollar je Aktie. Dies entspricht im Vergleich zum Schlusskurs von Stillwater am Dienstag bei 5,03 Dollar, einer

finanzen.net - 23.07.2003

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Der Godmode-Trader zu Platin 30.07.2003 :

Der "Light" BUY Trigger bei 690 US $ ist nach oben durch. Damit wurde ein erstes kurzfristiges Kursziel von ca. 710 US $ generiert. Die 708-710 US $ Marke nimmt eine eminent wichtige Rolle als mittelfristiger Richtungsentscheider ein. Kann der Platinpreis über 710 US $ anziehen, werden dadurch eine ganze Serie bullisher mittelfristiger Kursziele getriggert. Prallt der Platinpreis allerdings an der 708 nach unten ab, neutralisiert sich der übergeordnete Aufwärtstrend zunächst einmal.





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China begins trading platinum


SHANGHAI - The Shanghai Gold Exchange has begun platinum trading amid government efforts to check smuggling of the precious metal, state press reported on Thursday.
Platinum is the second precious metal to be dealt with by the exchange since it began trading gold last October.


To encourage trading and curtail rampant smuggling of the sought-after product, all transactions will initially be exempt from a 17 per cent value-added tax.

Trading on Wednesday opened at its highest price of 193.95 yuan (S$41.18) per gram and closed at 190.69 yuan per gram, higher than the global average of 186 yuan per gram.

Volume hit 373 kilograms (820 pounds), more than one-and-a-half times that of the opening trial phase on July 30.

`The trading volume is relatively high since jewellers are now in great demand of the precious metal,` the Shanghai Daily quoted Sun Changyan, a trader with Shanghai Lao Miao Jewellry Co, as saying.

Platinum is usually imported from Russia and South Africa and is almost exclusively traded by jewellers to hedge production costs.

The China Platinum company is the only importer and supplier to the exchange, but with three per cent import tariffs and 17 per cent VAT, prices tend to drive the metal`s price sharply higher than the world average.

As the world`s biggest consumer of the precious metal, China imported 40 tonnes (44 short tonnes) of platinum last year, accounting for 55 per cent of the world`s total output.

The Business Times (Singapore) –14.08.2003

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Barbican Wants 40% of Zimplats

Ngoni Chanakira


PROMINENT banker and chief executive officer of Barbican Holdings Ltd (Barbican) Mthuli Ncube has made a hostile bid for a 40% stake in Zimbabwe Platinum Mines Ltd (Zimplats), a lucrative mining conglomerate.
The offer counters that made by South African-based Impala Platinum Holdings Ltd (Implats) in June.


The current major shareholders of Zimplats are Implats (50,53%), National Nominees Ltd (8,24%), and Citicorp Nominees pty Ltd (6,73%).

In an interview yesterday Ncube said Zimplats was a "very good investment especially during these days of economic uncertainty".

Zimplats, which is listed on the Australian Stock Exchange, is a lucrative mining venture with huge deposits of platinum and palladium in the world.

"Our bid is between zero to 40%," Ncube said. "If minority shareholders approve of the offer we will get as much as 40% of the stake in Zimplats. If however they do not agree to the full bid we could get as low as 0%."

As at June 30, 89 285 360 fully-paid and quoted shares were on issue at Zimplats.
As a consequence of Implats` shareholding increasing to 50,53% following the acquisition of the shares formerly held by Absa, an arrangement with respect to the advance vesting of employee options had been reached.
Zimplats chief exe-cutive officer Roy Pitchford confirmed the Barbican offer and said more details however were needed to process the lucrative deal.

In terms of the agreement entered into on November 20 last year between Zimplats and Implats, Implats would be making an offer to minorities at Australian $4,08 per share (A$4,08).

However, Ncube said in the interview, this offer was too low.
"We believe it should be in the region of about A$5," he said. Our offer is going through within the next few days as per regulations. We wrote to the management telling them of our intention and now we will be following up with the actual documentation."

He said Barbican would be bidding with some international institutional investors.
"We were asked to provide details on how we would raise the required US$130 million," he said. "This is the value of the total shares."

Barbican made another hostile bid when it swallowed Haddon & Sly Ltd (Haddons) to list on the Zimbabwe Stock Exchange.
Most of this growth was derived from growth in investments.

Zimbabwe Independent (Harare) / AllAfrica.com - 16.09.03

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Platinum Up On Renewed Fuel Cell Interest


Sydney, Aug. 18 (Dow Jones) - Platinum is again flirting with the $700 an ounce mark thanks to renewed interest in fuel cell technology, Australia`s Macquarie Bank said.

After being eclipsed by gold and silver in recent weeks, platinum rose 3% last week, and Monday managed to briefly climb above $700 in Asian trading for the first time since March.At 0915 GMT, platinum had fallen back slightly, and was quoted at $698.50.

Nevertheless, the metal is up more than 16% since early May, when it briefly touched $600. In a note to clients, Macquarie Bank analyst Kamal Naqvi said recent press coverage of a prototype hydrogen fuel cell-powered automobile by General Motors had gotten the market a little more excited about platinum. For years now, platinum has been a component in automotive catalytic converters that are used to reduce pollution caused by exhaust.

However, fuel cell systems, touted as possible replacements for the internal combustion engine, require many times more platinum (or other platinum group metals) than today`s catalysts. General Motors` new Hy-Wire driveable prototype is considered an important step in the automaker`s plan to put commercially viable fuel cell cars into mass production within a decade.

Naqvi also said last week`s power outages in North America "rekindled interest in alternative energy sources, such as fuel cells." In addition, he pointed to the commencement of platinum trade on the Shanghai Gold Exchange as a positive development for the metal.

Nicholas Sinclair, Dow Jones Newswires – 18.08.2003



General Motors sedan model Hy-wire


dazu noch mal ein Bericht vom Automobilsalon in Paris vor genau einem Jahr:


Erstes fahrbares Konzeptfahrzeug der Welt mit Brennstoffzellen und By-wire-Technik


Santa Barbara - Die Opel-Muttergesellschaft General Motors (GM) ist dem Ziel, das Auto neu zu definieren, ein Stück näher gekommen: Das Unternehmen ermöglichte heute einen ersten Blick auf die Studie Hy-wire, das erste fahrbare Automobil mit Wasserstoff-Brennstoffzellen-Antrieb und By-wire-Technologie.


Der GM Hy-wire, passend benannt nach der verwendeten Technologie, verfügt über die visionären Merkmale des Konzeptfahrzeugs AUTOnomy, das 2002 auf der Detroit Motor Show und dem Genfer Automobilsalon gezeigt wurde. Öffentliche Premiere des Hy-wire ist am 26. September auf dem Pariser Automobilsalon.


"Die Tatsache, dass wir das Projekt Hy-wire seit der ersten Vorstellung in Detroit innerhalb von nur acht Monaten zu einem fahrbaren Prototypen entwickelt haben, zeigt unser Vertrauen in diese Technologie und die Geschwindigkeit, mit der wir vorankommen," sagte Rick Wagoner, Präsident und CEO von GM.


"AUTOnomy war eine Vision. Der Hy-wire dagegen ist ein realer Schritt in die Zukunft, weil er die Funktionstüchtigkeit des Konzeptes beweist und somit unser Vertrauen bestärkt, Marktakzeptanz für Produktionsversionen von Brennstoffzellen-Fahrzeugen zu erlangen."


Larry Burns, GM Vizepräsident für Forschung, Entwicklung und Planung, erklärte bei der Präsentation der Studie: "Wir treiben die Entwicklung überzeugender und erschwinglicher Brennstoffzellen-Fahrzeuge mit dem Ziel voran, am Ende des Jahrzehnts auf der Straße zu sein. Für den Hy-wire haben wir die heute verfügbare Technologie genommen und in ein fahrbares innovatives Fahrzeug gepackt, das sich in Gewicht und Größe mit heutigen Luxusautomobilen vergleichen läßt." Alle Antriebs- und Kontrollsysteme des Fahrzeugs befinden sich in einem 279 Millimeter dicken Skateboard-artigen Chassis. Das maximiert den Innenraum für fünf Personen und ihr Gepäck. Es gibt keinen Motor, über den man hinweg schauen müsste, und es sind keine Pedale zu bedienen - nur eine Steuer- und Kontrolleinheit namens "X-drive", die leicht auf die linke oder rechte Fahrerposition gebracht werden kann."


Hy-wire ist das Ergebnis globaler Kooperation. GM-Designer und -Ingenieure in den Vereinigten Staaten entwickelten das Fahrzeug-Chassis und das Karosserie-Design sowie die Systemplanung und die Integration des elektrischen Systems. Ingenieure des von GM und Opel gemeinsam gegründeten Zentrums zur Erforschung der Brennstoffzellen-Technologie in Mainz-Kastel (Deutschland) integrierten das Brennstoffzellen-Antriebssystem. Es ist das gleiche System wie das für das Konzeptfahrzeug HydroGen3 entwickelte. HydroGen3 basiert auf dem Opel Zafira und wurde 2001 bei der Internationalen Automobilausstellung IAA in Frankfurt erstmals gezeigt.


Amerikanische Designer arbeiteten auch eng mit den italienischen Design-Spezialisten von Stile Bertone in Turin zusammen, wo die Karosserie gebaut wurde. Die SKF-Gruppe mit Hauptquartier in Schweden entwickelte die By-wire-Technologie in den Niederlanden und in Italien.


"Durch die Kombination von Brennstoffzelle und By-wire-Technologie konnten wir ein neuartiges Packaging realisieren. Dies eröffnet eine neue Welt von Chassis-Architekturen und maßgeschneiderter individueller Karosserien," sagt Chris Borroni-Bird, Direktor der Integrationsgruppe "Design und Technologie" von GM und Programmmdirektor des Hy-wire Konzeptes. "Es ist ein deutlicher Schritt vorwärts hin zu einer neuen Art Automobil, das wesentlich umweltfreundlicher ist und den Konsumenten Vorteile bei der Fahrdynamik, Sicherheit und beim individuellen Ausdruck bietet."


Für Wayne Cherry, GM Vizepräsident für Design, bietet die Chassis-Architektur den Designern die Freiheit, eine Reihe unterschiedlicher Karosserieformen zu schaffen. "Bislang wurden Brennstoffzelle und By-wire-Technologie so gezeigt, als ob diese ein Selbstzweck seien," sagte Cherry. "Wir aber sehen diese Technologie als etwas, das uns in den Stand setzt, aufregende neue Karosserieformen zu schaffen, aus denen der Kunde wählen kann. Dies ist erst die zweite Version von vielen, die noch kommen werden." Dabei nimmt der Hy-wire seiner Ansicht nach die lange Tradition des großen europäischen Tourenwagens auf und interpretiert sie gleichzeitig völlig neu.


"Der Hy-wire ist ein Luxusfahrzeug in dem Sinne, dass es ein Luxus ist, über so viel Raum und Sicht zu verfügen," sagt Ed Welburn, Executive Direktor im GM Design. "Das Design baut darauf auf, dass es keinen Motorraum gibt, das Fahrzeug ist von vorne bis hinten sehr offen. Das ist Absicht, um die Offenheit des Innenraums und die Vielzahl der Möglichkeiten zu zeigen."


Um die radikal neue Architektur ins rechte Licht zu rücken, sind die Front- und Heckabschlüsse aus transparentem Glas gefertigt. Betrachter können von vorn bis hinten durch das Auto schauen. Die freizügige Verwendung von Glas und das Fehlen einer Motorhaube verschaffen dem Fahrer außerdem eine bessere optische Kontrolle der Straße. Um diesen Effekt zu verstärken, sind sogar die Sitzrücken offen. Es gibt keinen Steg, die sogenannte B-Säule, zwischen vorderen und hinteren Türen. Fahrer und Passagiere haben deutlich mehr Beinraum.


"Den spannendsten Blick auf den Wagen hat man wohl vom Fahrersitz," sagt Welburn. "Stellen Sie sich vor, Sie haben keinen Motor, keine Instrumententafel oder Pedale vor sich - nur ein offenes, aber sicheres Cockpit mit einem Blick vom Boden bis zur Decke. Das ist wie beim Blick durchs Panoramafenster meines Wohnzimmers."
Möglich wurde dies alles durch die By-wire-Technologie, die eine elektrische statt mechanische Kontrolle von Lenkung, Bremsen und anderen Fahrzeugsystemen realisiert und so dem Fahrer größere Freiheit verschafft. Er hat nun die Möglichkeit, entweder mit der linken oder der rechten Hand zu bremsen und zu beschleunigen. Der Fahrer beschleunigt, in dem er den linken oder rechten Handgriff leicht dreht, und bremst, in dem er die Hebel an den Handgriffen zusammendrückt. Die Handgriffe gleiten zum Lenken auf und nieder.


Die X-Drive-Einheit, die außerdem einen Monitor für die wichtigsten Fahrzeugfunktionen umfasst, lässt sich auf einem horizontalen Träger quer durch das ganze Fahrzeug leicht von einer Seite zur anderen verschieben. Das ist ein weiteres Beispiel für die extreme Flexibilität der Fahrzeugarchitektur.


Ein einzelner Verbindungsstecker sorgt für den Kontakt zwischen dem Chassis aus Aluminium und der Fiberglas-Karosserie. Die mechanische Verbindung übernehmen zehn Karosserie-Aufnahmepunkte.


Der Brennstoffzellen-Stack, der eine Dauerleistung von 94 Kilowatt erzeugt, ist im Heck des Chassis installiert. Der größte Teil des Chassis ist 279 Millimeter dick, an den Rändern verschlankt es sich auf 177 Millimeter. Der elektrische Motor treibt die Vorderräder an und ist quer zwischen ihnen eingebaut. Drei zylindrische Tanks, in denen der Kraftstoff Wasserstoff bei einem Druck von 350 bar gespeichert wird, sind zentral im Chassis untergebracht.


Das neue Packaging der Komponenten war eine große Herausforderung und wir sind, was die Kompaktheit angeht, sicher noch nicht auf der Ziellinie," sagt Erhard Schubert, Direktor des Entwicklungszentrums in Mainz-Kastel. "Aber dieser voll funktionsfähige Prototyp macht beeindruckend deutlich, wie flexibel unsere Brennstoffzellen-Technologie ist und welche Möglichkeiten sie bietet."


Der Hy-wire wiegt 1.900 Kilogramm und hat 20-Zoll-Räder vorn und 22-Zoll-Räder hinten. Die Unterbringung aller technischen Elemente im Chassis sorgt für einen niedrigen Schwerpunkt, und gibt der Studie ein hohes Sicherheits- und Fahrdynamikpotenzial. Anforderungen an die passive Sicherheit sollen in einer späteren Entwicklungsphase durch Prallelemente, so genannte Crash-Boxen, erfüllt werden.
"Der größte Teil des Antriebsstrang-Gewichts ist gleichmäßig zwischen Front und Heck des Chassis verteilt, was ohne Einschränkungen bei der Bodenfreiheit den tiefen Schwerpunkt ermöglicht," sagte Borroni-Bird. "Dies trägt zur Sicherheit des Fahrzeugs bei, weil es ein sehr gutes Handling möglich macht und gleichzeitig Kräfte für einen Überschlag vermindert, selbst bei der Montage hoher Karosserien."


Der Hy-wire ändert die Automobilindustrie so gründlich, dass GM im Zusammenhang mit dem Konzept über 30 Patente bezüglich des Geschäftsmodells, der Technologien und der Herstellungsprozesse beantragt hat. Laufend kommen neue hinzu. Nicht zuletzt deshalb ist GM Vizepräsident Larry Burns sicher: "Eines Tages könnte der Hy-wire neben den ersten pferdelosen Wagen von Carl Benz und Gottlieb Daimler oder neben dem T-Modell von Henry Ford im Museum stehen."

(14. August 2002)

mehr zum Thema:

http://www.h2cars.biz/artman/publish/index.shtml
http://www.forum-brennstoffzelle.de/

[konradi]

.


05.09.2003

Platin-Zertifikate aussichtsreich

Nach Aussage der Experten vom Magazin "Focus Money" erlebt der Platinpreis enorme Höhenflüge. Hiervon profitieren dieOpen-End-Zertifikate von ABN Amro (ISIN NL0000255230/ WKN 163574) und der Dresdner Bank (ISIN DE0006846512/ WKN 684651). Außerdem könnten Anleger mit den Mini-Futures (ISIN NL0000299162 /WKN 237650, ISIN NL0000255537/ WKN 237243 und ISIN NL0000312056/ WKN 891951) von ABN Amro den Preisanstieg zusätzlich hebeln.

Mittlerweile sei Platin doppelt so teuer wie Gold. Das Metall sei nicht nur als Schmuck gefragt, auch die Industrie könne auf Platin nicht mehr verzichten. Die Nachfrage aus China steige enorm an. Da von Minen wie Anglo Platinum oder Impala allerdings keine wesentliche Produktionsausweitung zu erwarten sei, könne von einem anhaltenden Preisanstieg ausgegangen werden.

Um an diesem Preisanstieg zu partizipieren, empfehlen die Experten von "Focus Money" die oben angeführten Zertifikate

[TFischer]

Frage: Wie viele Kg Platin müssen für 100 Kg Zertifikatpapier gefördert werden...?

TFischer

[kaffeekatze]

zertifikat oder Minenaktien kaufen? Oder gibt es sonst noch Möglichkeiten, platinverarbeitende Industrie, Fonds mit hohem Anteil an Platinwerten ...?

[Imoen]

@Tfischer

0.

[TFischer]

@Imoen

korrekt!

[konradi]

.

...was treibt Ihr denn hier für einen Blödsinn ... ?

Kauft Euch lieber mal ´ne anständige Platinmine ...
Wie wäre es z.B. mit Aquarius und Southwestern Resources ?

Gruß Konradi


Kleines Chart-update der "gängigsten" Platinminen:


Anglo American Platinum

http://www.angloplatinum.com/







Anooraq Resources

http://www.hdgold.com/arq/Home.asp







Aquarius

http://www.aquariusplatinum.com/aquarius_db1/default.asp







Aurora

http://www.auroraplatinum.com/s/Home.asp







Cluff Mining

http://www.cluff-mining.com/Index.asp







Eurasia Mining

http://www.eurasia-mining.plc.uk/projects/projects.htm







Impala

http://www.implats.co.za/site1/








Lonmin

http://www.lonmin.com/







Norilsk Nickel

http://www.nornik.ru/index.jsp?&lang=E









Southernera

http://www.southernera.com/home/index.html







Southwestern Resources

http://www.swgold.com/s/home.asp







Starfield Resources







Stillwater Mining

http://www.stillwatermining.com/







Zimbabwe Platinum

http://www.zimplats.com/

[konradi]

.


Jubilee Platinum makes progress for exploration in Madagascar

LONDON (AFX) - Jubilee Platinum PLC said it has made progress on its exploration plans for Madagascar.
The group also said it has acquired options on more prospective platinum group metals ("PGM") properties in South Africa.

Jubilee said it is undertaking the next phase of exploration on its concession in the Londokamanana area of Madagascar, some 160km north west of the capital Antananarivo. Jubilee will now initiate a follow up grid oriented geochemical soil sampling programme over the project`s mineralised zone, which the company previously discovered to hold significantly elevated values of copper-nickel and PGMs.

Jubilee`s initial reconnaissance gave positive indications that the zone continues laterally under minimum surface cover for at least a further 400m. The company said the regional disposition of the basic rocks indicates a possible deposit of "significant proportions".

Jubilee chief executive Colin Bird said: "Since listing on AIM last year, Jubilee is now well on its way to achieving its mission of becoming a significant PGM player in southern Africa, including Madagascar, through a strategy of land acquisition and well managed strategic exploration."

In South Africa, after careful evaluation, Jubilee has finalised an agreement for options on prospective PGM ground (2800ha) near Groblersdal, to the west of the eastern limb of the Bushveld Complex. The properties (Buffelsvallei and Zaaiplaats) are situated next to properties owned by Cluff Mining and Anglo American.

Jubilee has also finalised an agreement for the right to prospect on two neighbouring prospective PGM properties (2200ha) north of Marble Hall (north west of Groblersdal).

[e-mail] slm/ 19.09.2003

[crashkommt]

Am Besten gefiehl mir, in den letzten 3 Jahren

der 1000 %er:

Zimbabwe Platinum

Ich hatte mehrfach auf diese Aktie hingewiesen!


MfG

[kaffeekatze]

Das gäbe doch einen geilen Aktienkorb! Kann nicht mal einer schnell ein Basket-Zerti konstruieren?

[konradi]

.

ja, crashi, Du hast ja sooo recht...

ich habe nur vor diesem durchgeknallten Mugabe Schiß gehabt
akzeptierst Du das als Argument ?

Gruß Konradi

[konradi]

.

und hier die good news:

PLATIN 714 USD !!!

Have a look on: Aurora ... Impala ...Norilsk ... !!!






Platinum Price Hits 23-yr High


LONDON, OCTOBER 5 : Platinum hit fresh 23-year highs at $726.00 per ounce in London on Friday as speculation about future production at South Africa’s Anglo American P Latinum (Angloplat) rattled the market, dealers said.

Speculators chased platinum higher, on news that South African platinum producer Anglo American Platinum was not likely to hit its 50 per cent expansion target.

On the other hand, gold prices fell sharply on Friday after a surprise jump in US employment data eased investor concerns about the US economy and pushed money from safe havens back into Wall Street stocks.

Gold bullion ended at $369.35/0.05, down from $382.30/3.05 in New York on Thursday. London’s afternoon fix was $384.25. December silver closed 26.5 cents lower at $4.835 as gold swooned. But at the New York Mercantile Exchange, January platinum closed up $9.00 at $713.50. Cash platinum reached a 23-year high in London and was quoted at $714.00/718.00.

“I think the story in gold is fund liquidation,” said Bernard Hunter, a vice-president at bullion dealer ScotiaMocatta in Toronto. “The dollar is a little stronger after this morning’s figures, but that certainly wasn’t the driving force in gold.”

Last Thursday’s seven-year high was at $394.80, with the weak dollar fuelling the rally helped by underlying geopolitical instability in the post-Sept. 11 world. Big speculative funds were holding close to the largest net long gold position ever on Comex, at 107,668 contracts (335 metric tons) last week. “Maybe this was the straw that broke the camel’s back,” Hunter said.

Worries swirled that the world’s largest platinum producer would follow through with warnings about delaying some projects because a buoyant local currency made them unprofitable.

Analysts said the platinum market was expected to need the 3.5 million ounces that Angloplat planned to produce by the end of 2006. (Reuters

[woernie]

http://www.taurosweb.de/index.php?id=02147

gruss woernie

[konradi]

hi woernie, welche Ehre ...



Bushveld reef

Lawrence Roulston



The platinum price is rising as the mining industry scrambles to keep up with growing demand. Supplies of platinum have fallen short of demand in each of the past four years. As stocks of the metal dwindle, the price has risen to a 23 year high and the outlook remains extremely bullish.
A flat-out effort by the mining industry to boost platinum production from traditional underground mines is failing to deliver enough new output to satisfy the rapidly growing demand for the metal.
Attention is now shifting to a new resource area that can be mined as large-scale open pit operations. One mine is operating profitably in that area, and now two new deposits are headed toward production.

(...)

Demand For Platinum Is Rising…

The strength in the platinum price is not surprising when you consider the astonishing array of consumer products that rely on this metal for their production. The list of uses of platinum and the other platinum group metals continues to grow as more products take advantage of the unique physical and chemical properties of these metals.

Even as the number of products that rely on platinum grows, more metal is being used in existing applications. As a result, demand continues to expand steadily. Few investors have an appreciation of these metals, yet each of us comes across the metals in numerous products each and every day of our lives. The rising commodity price and the steady growth in demand is generating big profits for the platinum industry.

The Platinum Market Update in this issue provides more details, including a special report on fuel cells, an important emerging use for platinum.


…As The Platinum Industry Struggles To Keep Up With The Growing Demand

The mining industry is investing billions of dollars in an effort to supply enough platinum to match the growth in demand. The sharp run-up in the platinum price to nearly $700 is concrete evidence that the industry has not been able to keep pace with the expanding market.
Investors that follow platinum may find it surprising that a shortfall in supply has arisen, in view of the large undeveloped resources of the metal. Simply put, developing new mines based on traditional underground platinum deposits is difficult, expensive and requires a long lead time.





Sources Of Platinum Are Limited

Platinum occurs in a very specialized geological setting with a limited number of occurrences. Platinum is almost always associated with palladium in metal deposits, along with small amounts of four other minor platinum group metals. Although resources of platinum group metals (PGMs) are large, getting enough metal out of the ground is an on-going challenge.

Presently, 67% of the platinum mined in the world comes from the massive Bushveld Igneous Complex in South Africa. The Bushveld is somewhat like a giant saucer, 300 kilometers in diameter, with the rim sticking out of the ground, but the middle portion buried kilometers beneath the surface.
The Bushveld Complex was derived from a massive body of metal-rich molten rock that originated deep in the crust of the earth around two billion years ago. Known as a layered intrusive complex, the Bushveld is by far the largest complex of this type in the world, 20 times bigger than the next largest deposit.

The platinum group metals in the Bushveld are concentrated into thin layers, referred to as "reefs", that dip gently toward the center of the saucer and extend laterally for tens of kilometers. The two main reefs are less than a meter thick, and grade about 4 to 7 grams per ton of platinum group metals, with platinum representing half to two-thirds of the total. No other known complex matches the grade of the Bushveld reefs over any appreciable distance.

The platinum-bearing reefs have been mined since 1925. The miners initially started at surface, but over the past eight decades the mines have followed the reefs deeper into the earth. At present, some of the mines operate at depths of 2 kilometers.

The capacity of an underground mine is constrained by the hoisting capacity of the shaft. That capacity falls as the ore comes from greater depths. Developing new deep shafts is expensive and can require years to complete. Output from underground platinum mines is also constrained by the narrow width. Having only a meter to work in, mechanized mining is out of the question, with the result that the mines are very labor intensive. Increasing the level of output depends on opening up more and more working faces.

All of the platinum production companies in South Africa have expensive programs underway to boost capacity. That country has by far the best geology for platinum. It is also an attractive place to do business. Changes in legislation related to the mining industry have created controversy, but as the new rules are better understood, the mining industry and investors around the world are beginning to understand that the changes are generally positive for the industry. South Africa has a well developed infrastructure and a long mining history.

However, in spite of enormous expenditures by the mining industry, the supply of platinum continues to fall short of demand, as it has for each of the past four years.


www.resourceopportunities.com - 10.10.2003

[ulfur]

Platin erklimmt ein 23-Jahres-Hoch

Auf leisen Sohlen zum neuen Kursgipfel

Von Wolfgang Drechsler, Johannesburg

Während die Börsianer wie gebannt auf den jüngsten Anstieg des Goldpreises starren, markierte Platin in der vergangenen Woche fast unbemerkt einen neuen Rekordstand. Mit 730 $ pro Feinunze ist es so teuer wie seit 23 Jahren nicht mehr. Dies ist umso bemerkenswerter als sich beide Edelmetalle lange Zeit hindurch im Gleichschritt bewegten. Durch den Anstieg von über 30% in den letzten zwölf Monaten ist Platin nun aber fast doppelt so teuer wie Gold.

Obwohl der jüngste Preisschub nach Angaben von Andy Williamson, Edelmetallexperte der britischen Großbank HSBC, vor allem auf Spekulanten zurückzuführen ist, wird der Anstieg aber auch durch eine Reihe fundamentaler Faktoren abgesichert: Ganz obenan steht dabei die Sorge, dass Südafrikas Anglo Platinum (Angloplat), der weltweit größte Förderer des weißen Metalls, wegen des starken Rands womöglich seine ehrgeizigen Expansionspläne zurückschrauben könnte. Wie die Goldkonzerne leiden auch die Platinproduzenten am Kap unter der starken Lokalwährung, weil ihre Erschließungs- und Lohnkosten in starken Rand anfallen, ihre Erlöse jedoch auf dem Weltmarkt in Dollar abgerechnet werden.

Anders als der Goldpreis, der zuletzt vor allem von der unsicheren Entwicklung an den Börsen und dem schwachen Dollar profitiert hat, wird der Preissprung bei Platin von Experten gemeinhin mit den erwarteten Versorgungsengpässen begründet. Die starken Preisfluktuationen bei Platin sind aber auch auf die Abhängigkeit von wenigen Produzenten zurückzuführen: Südafrika fördert heute rund 75% allen Platins und ist damit praktisch Monopolist. Auch die zurzeit neu erschlossenen Vorkommen kommen fast alle aus dem südafrikanischen Bushveld. Die hier um 1920 entdeckten Lagerstätten sind zwar so groß, dass Südafrika den Weltmarkt für mindestens 100 Jahre allein beliefern könnte. Doch müssen die Platinvorkommen dazu erst einmal kostspielig erschlossen werden. Russland folgt weit abgeschlagen an zweiter Stelle; der Rest entfällt auf Kanada.

Ein weiteres Manko liegt darin, dass sich das Verhältnis zwischen Angebot und Nachfrage im Platinmarkt zusehends verschiebt. Für 2012 rechnet zum Beispiel Rene Hochreiter, Bergbauspezialist von BoE Securities in Johannesburg, trotz der beträchtlichen Produktionssteigerungen am Kap mit einem jährlichen Nachfrageüberhang von mehreren hunderttausend Unzen.

Grund dafür ist vor allem die anhaltend starke Nachfrage aus China, dessen Schmuckmanufakturen ihre Platinkäufe um 14% auf 1,5 Mill. Unzen heraufgeschraubt haben. Chinas Juweliere verarbeiten schon jetzt die Hälfte allen Schmuckplatins; beim einstigen Spitzenreiter Japan ist es hingegen nur noch ein Viertel. Inzwischen verbraucht die Schmuckindustrie fast die Hälfte der gesamten Platinproduktion von derzeit 6,6 Mill. Unzen im Jahr.

Hinzu kommt, dass die Automobilbranche die stufenweise Einführung neuer Technologien erwägt, um dadurch die immer schärferen Emissionsauflagen zu erfüllen. Als besonders vielversprechend könnte sich zudem die Verwendung von Platin in Brennstoffzellen für Autos erweisen. Nach Ansicht von Angloplat dürften aber schon im Jahr 2010 allein in diesem Segment der Autoindustrie rund 500 000 Unzen Verwendung finden.

Doch noch ist der Weg des Platins zu seinem Allzeit-Hoch trotz dieser günstigen Rahmenbedingungen weit: Im März 1980 kletterte das weiße Metall kurzzeitig auf fast 1 050 $ je Unze – ein Niveau, an das es trotz des immer größeren Nachfrageüberhangs seitdem nie mehr herangekommen ist.

HANDELSBLATT, Donnerstag, 16. Oktober 2003, 07:14 Uhr
http://www.handelsblatt.com/hbiwwwangebot/fn/relhbi/sfn/buil…
]" target="_blank" rel="nofollow ugc noopener">http://www.handelsblatt.com/hbiwwwangebot/fn/relhbi/sfn/buil…
]

[konradi]

.


Platin bei 800 $ und die weltgrößte Platinmine kommt nicht vom Fleck ...


Platin stößt zur Marke von 800 Dollar vor – AngloPlat gibt seine Produktionspläne bekannt


(04.12.2003) Platin ist und bleibt der Renner unter den börsengehandelten Edelmetallen. Der Preis ist an der Marke von 800 Dollar je Feinunze angelangt. Der Markt scheint in die erwartete Phase beschleunigter Preissteigerungen eingetreten zu sein. Es ist jedoch möglich, dass die Haussespekulation zunächst einmal Gewinne mitnimmt, nachdem Anglo American Platinum (AngloPlat) an diesem Donnerstag seine Produktionspläne dargelegt hat. Sie entsprechen weitgehend den Erwartungen, schüren die Haussestimmung also zunächst nicht unbedingt.

Der fundamentale Hintergrund ist bisher schon klar gewesen: Der Platinmarkt befindet sich seit 1997 mit einer bedeutungslosen Ausnahme im Defizit. Es wird zu wenig produziert, um den stark wachsenden Bedarf vor allem der Hersteller abgasentgiftender Katalysatoren und von Schmuck zu stabilen Preisen decken zu können.

Der Markt hat lange darauf gesetzt, dass die Platingewinnung besonders in Südafrika über die nächsten Jahre hinweg stark genug steigen werde, um Angebot und Nachfrage wieder ins Gleichgewicht zu bringen.

Die Hausse des südafrikanischen Rand hat diese Erwartung in den zurückliegenden Monaten jedoch mehr und mehr in Frage gestellt. Diese Hausse besonders gegenüber dem US-Dollar erschwert die Finanzierung der südafrikanischen Projekte. Der für Platin in Rand zu erzielende Erlös ist zu niedrig, um die Kosten zu decken. Belastend wirken zudem regulatorische Vorschriften in Südafrika.

Nun hat Anglo American Platinum seinen seit längerem mit Spannung erwarteten Ausblick auf seine künftige Gewinnung vorgelegt. Der Konzern senkte sein Produktionsziel für das Geschäftsjahr 2006 um 15 Prozent von bislang 3,4 Millionen Feinunzen auf 2,9 Millionen Unzen. Diese Aussage gilt für den Augenblick, denn AngloPlat behält sich vor, seine Pläne zu gegebener Zeit und aus gegebenem Anlass zu ändern.

Ferner teilte das Unternehmen mit, dass seine Produktion 2003 gegenüber dem vergangenen Jahr von 2,25 Millionen auf 2,3 Millionen Unzen steigen dürfte. Für 2004 wird ein Ziel von 2,45 Millionen Unzen genannt.

Um die Zahlen in der richtigen Perspektive zu sehen, sollten die jüngsten Schätzungen von Johnson Matthey beachtet werden. Der britische Händler und Raffineur erwartet für 2003 ein Weltangebot von 6,11 Millionen Feinunze, dem ein Bedarf von 6,59 Millionen Unzen gegenüberstehen werde. Dies ergebe ein Defizit von 480 Millionen Unzen. Die südafrikanische Produktion soll gegenüber dem vergangenen Jahr von 4,45 Millionen Unzen auf 4,65 Millionen Unzen steigen. Diese Zahlen lassen den gewichtigen Einfluss der Produktionsvorhaben von AngloPlat für den Platinmarkt erkennen.


Arnd Hildebrandt, Taurosweb

---

ANGLO AMERICAN PLATINUM : ISIN US0348551062

http://www.angloplatinum.com/

http://www.angloamerican.co.uk/press/2003/AngloPlatinumInter…

[konradi]

Nachtrag:

das press release vom 04.12.03 befindet sich auf der website des Mutterkonzerns Anglo American unter:

http://www.angloamerican.co.uk/press/2003/04122003.asp

.

[bmann025]

Konradi

...Defizit von 480 Millionen Unzen... ist ganz neu.

Noch am 4.12. war anderswo von einem Überschuß von 199 Mio Unzen die Rede.

"Platinum`s supply in 2003 may reach 214.3 t (6.89 million oz), a 9.9 percent increase from 2002. Demand, though, was only expected to rise by 4.4 percent during the same period to 207.68 t (6.69 million oz), leaving a surplus of 6.18 t (199,000 oz)."

Quelle:

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=4…

Grüß

[Imoen]

Gold und Platin erreichen neue Höchststände

Investoren ordern unbeirrt Edelmetalle

Von Wolfgang Drechsler, Handelsblatt

Die Edelmetalle, allen voran Gold und Platin, erleben bei den Anlegern eine ungeahnte Renaissance: Während der Kurs für das gelbe Metall gestern den dritten Tag in Folge stieg und mit gut 410 Dollar je Feinunze (31,1035 Gramm) auf den höchsten Stand seit acht Jahren schnellte, kletterte der Platinpreis mit 812 Dollar sogar auf ein 23-Jahres-Hoch. Aber auch Palladium, das Schwestermetall von Platin, überquerte wieder die Schwelle von 200 Dollar nach oben.

JOHANNESBURG. Die Gründe für die Kurssprünge der Edelmetalle sind unterschiedlich: Gold hat in unruhigen Zeiten schon immer von seinem Ruf als Fluchtwährung profitiert. Der aktuelle Kurssprung wird deshalb auch mit den jüngsten Anschlägen in Russland und im Irak erklärt. Noch wichtiger für seinen Höhenflug ist jedoch der schwache Dollar, da die fallende US-Währung das Edelmetall für viele internationale Anleger attraktiv macht. Zwischen Dollar und Gold besteht seit Jahren eine enge Korrelation – beide bewegen sich zumeist in umgekehrter Richtung. Gold ist seit seinem 20-Jahres-Tief von 253 Dollar pro Unze im Februar 2001 um fast 60 % gestiegen. Gleichzeitig hat der US-Dollar seit seinem Höchststand zum Euro im Oktober 2000 über 30 % an Wert verloren.

Viele Experten erwarten wie Daniel Chornous von RBC Investments schon wegen des hohen US-Defizits einen weiteren Kursrückgang des Dollar um etwa 10 %, was dem Goldpreis weiteren Auftrieb verleihen dürfte. Für einen weiteren Anstieg des Goldpreises spricht aber auch, wie gelassen der Markt zu Wochenbeginn auf die Nachricht reagiert hat, dass 15 europäische Zentralbanken ihre Goldverkäufe ab September 2004, also nach Ablauf einer Stillhaltefrist, womöglich forcieren werden. Hinter den Kulissen wird seit längerem über eine Lösung für die Zeit nach Auslauf des Moratoriums gerungen.

Im Gegensatz zu Gold haben Platin und Palladium zuletzt weniger von der Dollarschwäche als von Zukäufen durch Spekulanten und Anlagefonds profitiert. Viele rechnen hier offenbar mit größeren Lieferengpässen, die den Preis des weißen Metalls mittelfristig weiter in die Höhe treiben könnten. Das Edelmetallhaus Johnson Matthey beziffert das Platindefizit für 2003 auf fast 500 000 Unzen. Vor allem die Autobranche, die am meisten Platin verbraucht, dürfte dieses Jahr nach Erwartung von Johnson Matthey 20 % mehr nachfragen. Die markante Zunahme erstaunt angesichts der schwierigen Lage des Sektors. Das Edelmetallhaus begründet den Mehrbedarf vor allem mit geringen Lagerbeständen der US-Hersteller. In Europa belebt die anhaltende Beliebtheit von Dieselfahrzeugen die Nachfrage.

Ein Indiz für mögliche Lieferungsengpässe findet sich in der Ankündigung des weltgrößten Platinförderers Angloplat, sein ehrgeiziges Expansionsprogramm bis 2006 um 15 % zu reduzieren. Statt die Produktion wie geplant auf 3,5 Mill. Unzen zu erhöhen, wird der Konzern sie bis 2006 nun nur auf 2,9 Mill. Unzen steigern, was Angloplat 4,3 Mrd. Rand (570 Mill. Euro) an Kapitalausgaben spart. Begründet wurde der Schritt vom Management mit dem starken Rand, der seit Jahresbeginn über 35 % zum Dollar hinzugewonnen hat und erst am Wochenende auf seinen höchsten Stand seit 46 Monaten schnellte.

Das Problem der Gold- und Platinförderer vom Kap besteht darin, dass ihre Explorations- und Lohnkosten im derzeit äußerst starken Rand anfallen, sie aber ihre Erlöse im schwachen Dollar erhalten. Obwohl der hohe Gold- und Platinpreis einen Teil der negativen Folgen ausgleichen konnte, bleibt die Lage bei vielen Konzernen angespannt.


HANDELSBLATT, Donnerstag, 11. Dezember 2003, 07:27 Uhr

[konradi]

.

GORNO-METALLURG.KOMP.NORILSK NICKEL

Die Experten des Börsenbriefs "Finanzwoche" halten die Norilsk Nickel-Aktie (ISIN US46626D1081/ WKN 676683) für eine ausgezeichnete Beimischung. Der russische Rohstoffkonzern sei weltgrößter Produzent von Nickel und Palladium und besitze auch im Bereich Platin neben südafrikanischen Produzenten Bedeutung. Zudem erhöhe man sukzessive den Goldanteil. Die Gesellschaft werde auf Basis 2004 nur mit etwa dem 7fachen Gewinn bewertet gegenüber einem durchschnittlichen KGV von ca. 16 für vergleichbare Rohstoff-Unternehmen. Die Experten von "Finanzwoche" sehen in der Norilsk Nickel-Aktie eine ausgezeichnete Beimischung.

---

Norilsk Nickel steigert Nettogewinn um 925 Prozent

Der Bunt- und Edelmetallschürfer Norilsk Nickel (676683) hat am Freitag die RAS-Zahlen für die ersten neun Monate vorgelegt. So wurde vor allem dank hoher Rohstoffpreise ein Umsatz von 3,143 Mrd. US-Dollar erzielt, was eine Steigerung um 54 Prozent gegenüber dem Vorjahreszeitraum bedeutet. Der operative Gewinn wurde mehr als verdoppelt und stieg auf 1,346 Mrd. US-Dollar. Unter dem Strich steht ein Nettogewinn von 871 Mio. US-Dollar, nach 85 Mio. US-Dollar im Vorjahr. Demnach hat der Nettogewinn um 925 Prozent zugelegt.

Bei den jetzt veröffentlichten Zahlen muss berücksichtigt werden, dass in ihnen die Ergebnisse der Vertriebsgesellschaft Norimet noch nicht enthalten sind und die RAS-Bilanz grundsätzlich weniger Aussagekkraft besitzt als die nach internationalen Standards erstellte Bilanz. Da die Analysten davon ausgehen, dass sich der Preis für Nickel bis Jahresende auf dem jetzigen Niveau halten wird, wird Norilsk Nickel voraussichtlich auch im vierten Quartal sehr gute Ergebnisse erzielen können.

börsenreport - 17.11.03




---

03.12.2003
POLYUS HAS WON THE AUCTION TO DEVELOP TITIMUKHTA GOLD DEPOSIT IN THE KRASNOYARSK REGION


At an auction held on December 3, 2003, the gold mining company Polyus, a 100% subsidiary of MMC Norilsk Nickel, won the rights for geological survey and development of the Titimukhta gold field. The winning bid of RUR 298,850,200 was significantly higher then the starting price of RUR 7,286,200. The Company`s management believes that the winning price was fair and economically justifiable.

The licence to develop the deposit is issued for twenty years. The licence has the following conditions: the geological surveying and prospecting should be completed by 2005, and a full-scale production should be started by 2007. It is projected that, Polyus operating Titimikhta at the full-scale production capacity will produce at least 2 tonnes of gold per annum.

Polyus has all capacity needed to launch production at the deposit in the shortest possible time. The Titimukhta deposit is located nearby the Olimpiadinskoe gold field, one of the largest gold deposits in Russia with estimated reserves of 700 tonnes, developed by Polyus, which also operates enrichment plant in this area.

The Titimukhta gold field located in the Northern Yenisei area of the Krasnoyarsk region, was discovered in 1990, with five ore bodies identified within the boundaries of the field. The reserves are estimated at 34,278 kilograms. The average gold content is estimated at 2.2-9.5 grams per ton. The gold deposit will be developed as an open pit.

---

Norilsk Nickel pursuing stake in regional energy grid

RBC, 26.11.2003, Krasnoyarsk 11:49:24.The mining and smelting company Norilsk Nickel intends to acquire a 2.22-percent stake in Krasnoyarskenergo, a Russian regional energy grid. A related letter was sent to the Krasnoyarsk regional parliament by the Russian Anti-Monopoly Ministry that is now considering Norilsk Nickel`s corresponding query, the press service of the parliament reported to RBC. In its letter the ministry asked the parliament`s commission on property relations and economic policies to give its opinion on the possible deal.

If the deal is concluded, Norilsk Nickel will have a blocking stake of 25.26 percent in Krasnoyarskenergo.

---

Norilsk Nickel will bei der finnischen Werft Kvaerner Masa-Yards den Bau von vier Eisbrecher-Frachtschiffen in Auftrag geben.

Dieser Auftrag, der ein Volumen von über 200 Mio. USD haben soll, wird derzeit noch verhandelt. Mit dem Bau einer eigenen Eisbrecher-Flotte will Norilsk Nickel einem Dilemma entkommen. Dies besteht darin, daß man für den Export der geförderten Rohstoffe auf den eisfreien Hafen Murmansk angewiesen ist. Die Route von den Produktionsstätten Norilsk Nickels nach Murmansk führt jedoch durch das Polarmeer und ist nur mit Eisbrechern freizuhalten. Bisher mußte Norilsk Nickel hohe Gebühren an die Hafenbetreiber-Gesellschaft von Murmansk zahlen, damit deren Eisbrecher den Schiffsweg freihielten. Mit dem Bau von eigenen Eisbrechern will man diese Kosten einsparen. Vor kurzem übernahm Norilsk Nickel bereits die Jenissej-Flußreederei sowie den Archangelsker Seehafen, um langfristig Transportkosten auf dem Seeweg einzusparen.

kreml.net 18.11.03




.

[konradi]

.

tja, wenn nun endlich auch mal die Platinminen steigen würden ...

[borazon]

Hast wohl die falschen?!
Ich kann mich net beschweren ...
http://finance.yahoo.com/q/bc?s=ARQ.V&t=2y

[konradi]

Glückwunsch borazon, von Anooraq habe ich nur eine kleine Position und mit den Marktführern war kein Blumentopf zu gewinnen ... - Gruß K.

[konradi]

.



Platin nippt an der Markt von 900 Dollar – Kein Edelmetall ist fundamental so gut abgesichert wie dieses



Seit 24 Jahren war Platin, in US-Dollar gemessen, nicht so teuer wie heute. Am Montag wurde beim Vormittags-Fixing ein Preis von 894 Dollar je Feinunze ermittelt.

Der jüngste Aufschwung muss jene verwirrt bis bestürzt haben, die noch vor kurzem öffentlich erklärten, diese Hausse sei nun zu Ende. Darunter befanden sich auch durchaus veritable Experten. Offenkundig haben sie unterschätzt, wie stark die physische Nachfrage nach dem Edelmetall ist und wie wenig steigende Preise den Bedarf zu dämpfen vermögen.

Unter den Zweiflern an dieser Hausse befanden und befinden sich viele, die erwarten, dass das optisch und tatsächlich wesentlich billigere Palladium am Platinverbrauch zehrt. Diese Erwartung ist begründet, doch die Erfahrung zeigt, dass viel Zeit vergeht, bis vor allem die Hersteller abgasentgiftender Katalysatoren ihre Anlagen von Platin auf Palladium umstellen. Es ist noch nicht lange her, da hatten sie vor von Palladium auf Platin umzustellen, weil ersteres unerschwinglich teuer gewesen war.

Dass dieser Umstellungsprozess selbst bei krassen Preisdifferenzen so viel Zeit beansprucht, liegt vor allem daran, dass die Verarbeiter traditionell über langfristige Lieferverträge mit den Produzenten verfügen. Da sind Preise festgeschrieben, die in der Regel weit von jeweils aktuellen Marktpreis abweichen. Daher verstreicht einiges an Zeit, bis die Verarbeiter am offenen Markt eingetretene nennenswerte Preisveränderungen zu spüren beginnen.

Der Platinmarkt befindet sich Jahren im Defizit. Im Gegensatz zu Gold und Silber sind die vorhandenen Bestände an diesem Edelmetall minimal. Die industrielle Nachfragebasis ist vor allem wegen des hohen Bedarfs für die Herstellung von Katalysatoren grundsolide. Die einzige, in Zeit größerer Preisveränderungen schwer berechenbare Variable bildet die Nachfrage nach Platinschmuck.

Nach Lage der Dinge wird der Platinmarkt noch mindestens über das Jahr 2005 hinweg im Defizit bleiben, zumal die Ausweitung der Produktion in Südafrika aus Kostengründen bei weitem nicht so rasch voranschreitet, wie es noch bis ins vergangene Jahr hinein erwartet worden war.

Ohne Zweifel haben die Fonds die jüngsten Preissteigerungen entscheidend gefördert. Dies ist aber nicht die entscheidende Nachricht. Wichtig ist hingegen, dass der Markt trotz der Erholung des US-Dollar und des schwachen Goldes nie in Gefahr geriet, nach unten wegzubrechen. Das haben Händler und Verarbeiter, denen die fundamentalen Bedingungen bekannt sind, durch konsequente Käufe in Schwächephasen verhindert.

TAUROSWEB – 01.03.2004

[konradi]

.

900 !!!



.

[Jompahban]

Physisches Platin ist zur Zeit bei ebay recht preiswert zu ersteigern. In den letzten drei Tagen gingen drei ein Unzen Koalas bzw. Nobles zu 711, 731 und 741 Euro über die Theke, wobei der Koala zu 711 von OeÖÖsterreich nach Deutschland verkauft wurde. Hier kommen also sicherlich noch 16 % Mehrwertsteuer bzw. Zoll drauf. Bei Kitco kosten Platin Eagles heute 813,- Euro plus Mehrwertsteuer und Versandkosten. Bei deutschen Banken liegen die ein Unzen Stücke im Verkauf inkl. Mwst. bei ca. 930-950 Euro. Die bei ebay erzielten Preise liegen also etwa im Bereich der sehr niedrigen Bankenankaufspreise, die deutlich unter den Spot Notierungen liegen. Wer sich also überlegt physisches Platin trotz der schon recht hohen Preise zu kaufen sollte mal bei ebay reinschauen. Übrigens hatten alle drei Verkaeufer über 100 ausschliesslich positive Bewertungen.

Anders dagegen sieht der ebay Markt bei Silber und Palladium aus. Gestern gingen zweimal fünf Kilo für durchschnittlich 232,0 Euro ueber den Tisch. Dies war nur 6 Euro unter Bankenpreis inklusiv Mwst.

Ein ein Unzen Palladium Barren, bei dem die Auktion erst in zwei Tagen auslaeuft steht bereits bei 265 Euro. Bei Kitco kosten diese schweizer Palladium Barren 275 Euro, obwohl der Palladiumpreis gerade bei 271 Dollar steht. Also ein Aufschlag von knapp 25 % auf physische Ware plus Mwst. und Versandspesen bei Auslieferung. In der Vergangenheit wurden für diese Barren bei ebay um die 50 Euro mehr bezahlt, als der Bezug (im Kilobereich) über Kitco gekostet haette.

Ich persoenlich traue Palladium das hoechste Steigerungspotenzial zu, zumal die charttechnischen Widerstaende gerade gebrochen wurden und bei dem Preisunterschied zu Platin die Katalysatorenhersteller mehr und mehr auf das physisch viel seltenere Palladium umsteigen werden.

Zum Zocken sind zwar die Transaktionskosten von Papiermetall günstiger, aber ein paar Stueckchen physische Ware sind auch nicht zu verachten, denn früher oder spaeter geht unser Finanzsystem in die Binsen und sei es durch extreme Inflation.

[Jompahban]

Platin 23.3.2004 mit neuem Höchstkurs von 916 $/Oz.
Strong Buy:

http://www.kitco.com/charts/liveplatinum.html

[konradi]

.

http://www.instock.de/Nachrichten/10139908.html

[Imoen]

24.03. 08:04
PLATIN - Kein Ende des Anstiegs in Sicht
(©GodmodeTrader - http://www.godmode-trader.de)



PLATIN: 920 $

Aktueller Tageschart (log) seit Oktober 2003 (1 Kerze = 1 Tag) als Kurzupdate:

Am 27.02.04 brach der Platinpreis regelkonform über die charttechnische BUY Triggerzone bei 860-870 $ aus. Nach 2tägiger Ausbruchbewegung gab es eine bestätigende Pullbackbewegung zurück auf das Ausbruchsniveau, um anschließend charttechnisch regelkonform weiter nach oben durchzuziehen. Heute bricht Platin aus einer zwischengeschalteten 2wöchigen bullishen Flaggung ebenfalls wieder regelkonform nach oben aus. Bei Platin kann man irgendwie nichts falsch machen. Das Edelmetall haussiert seit Oktober 2001.

Mittelfristige charttechnische Kursziele: 925 $, 960 $ und 980 $.

[borazon]

Friday April 2, 01:04 PM

Related Quotes

Cluff Mining PLC
CLU.L
110.00
+37.50


UK`s Cluff Mining soars on nickel, platinum finds

LONDON, April 2 (Reuters) - Shares in Britain`s Cluff Mining (LSE: CLU.L - news) Plc soared more than 50 percent on Friday after the small-cap mining and exploration firm said it had found enough nickel and platinum to transform it into a major producer.

The miner, which focuses on platinum and related metals projects in South Africa, said it found significant nickel and platinum group elements (PGE) reserves at South Africa`s Sheba`s Ridge, and had made progress on a second project at Blue Ridge.

"The announcement of this resource at Sheba`s Ridge is a major milestone for the company," said Chief Executive Terence Wilkinson. "Sheba`s Ridge has the potential to transform the Company into a nickel and PGE producer on an international scale."

Shares in Cluff rocketed on the news, and by 1140 GMT they were up 52 percent at 110 pence, after earlier hitting a high of 122-1/2p, nearly 70 percent above Thursday`s close. The rise lifted the company`s market value to about 28 million pounds.

"I think everything`s just really good news," a trader said. "But I`m very surprised they`re up to where they are. Everyone`s read those figures, and so it`s a bit of credit to momentum buyers."

Cluff said exploration at Sheba`s Ridge, near Groblersdal, indicated it contained 3.2 billion pounds of nickel, and 20 million ounces of combined platinum, palladium and gold.

That would give Cluff projected annual production of 35-40 million pounds of nickel and 200,000 ounces of platinum group elements. It said operating costs were likely to be below $2.50 per pound of nickel, below a long-term forecast price of $3.90.

But Seymour Pierce mining analyst Charles Kernot said he too was taken aback by the scale of the share move, because Cluff said it would now start a "prefeasibility study" that would not finish until late 2005.

"We`ll need to have some further details on the prefeasibility study, and if we`re not going to be getting that until the third quarter of 2005, that really is a pretty long way into the future," Kernot said.

Cluff, listed on London`s junior Alternative Investment Market (AIM), plans to concentrate on platinum-related projects and rename itself Ridge Mining Plc, after selling off its gold mining interests to new company Cluff Gold, formed by mining entrepreneur Algy Cluff, retiring chairman and former CEO.

[konradi]

hi borazon,

Dein Portfolio scheint sich ja z.T. mit dem Meinigen zu decken ...

Viel Erfolg wünscht Konradi

[borazon]

Danke, ebenfalls.

Die 20 Mio oz PGM+Au in Sheba Ridge sind doch schon lange in den Presseveröffentlichungen gewesen (man fragt sich wiederum, ob nur der Cluff-Anteil gemeint ist oder ob der Anteil von Amplats in den 20 Mio mit eingeschlossen ist).
War es heute evtl. der explizit angesprochene Nickelgehalt, der die Zocker in Cluff getrieben hat?

[konradi]

keine Ahnung, aber +55 % heute ist schon der helle Wahnsinn ...

Da scheinen mal wieder ein paar Leutchen mehr zu wissen als wir ...

[borazon]

und wieder unter 90p
kann mir eher recht sein
kauf ich eben noch ein paar

[borazon]

Wednesday April 7, 04:30 PM
Small company round up: Cluff Mining, Charles Stanley, Reliance, Peel, Armour

LONDON (ShareCast) - Cluff Mining (LSE: CLU.L - news) shares took a tumble as it unveiled a placing to raise £12.1m at 70p per share.


Chief executive Terry Wilkinson said the money will meet funding requirements for the Sheba`s Ridge prospect in South Africa. Cluff recently released very promising drilling results from Sheba`s Ridge, which sent its share price soaring.

[konradi]

tja, ich denke das sollte ich auch tun ...

[konradi]

.

Stockbrokers Raymond James Have Started To Cover Platinum Group Metals On Basis Of Highly Prospective Portfolio.


Back in the office after another full house at the 15th Minesite Forum it is difficult to pick out an individual company for comment. After hearing excellent presentations from an array of companies with projects ranging from iron ore and nickel to gold and diamonds in all corners of the earth it is difficult to get the old brain focused again. It was therefore a great delight to find that Raymond James Equity Research of Canada had sent an interesting note on Platinum Group Metals. No prizes for guessing what this company does, but it stands out from the crowd in having a foothold in three platinum/palladium districts – the prolific Bushveld Complex in South Africa, the highly prospective region around Sudbury in Ontario and near the Lac Des Isles palladium mine which is the only primary producer in Canada.

Interesting also to see that Tony Frizelle is a member of the advisory board. He is managing director of Resource Management and Finance which is a natural resources merchant bank based in London. In his earlier career he held several positions as a senior executive in the big South African companies and clearly has a penchant for platinum group metals as he is very close to the board of Jubilee Platinum, an AIM listed company which also has PGM projects in the Bushveld Complex, the Nipigon Plate area of Ontario (Lac Des Isles) which is interpreted to be favourable for Norilsk type PGMs, as well as in Ethiopia, Madagascar and Sierra Leone. This geographical spread of risk is a wise move for those companies committed to PGMs, like Platinum Group Metals and Jubilee Platinum, but who are wary of the political and financial problems of being over-exposed to South Africa.

Mention of South Africa brings us to the points made by the Raymond James analysts on the new Mining Act and Mining Charter which are expected to be in place in a matter of months. The new legislation operates on a ‘use-it-or-lose-it’ basis like the Canadian and Australian mineral rights systems. Under the new system mineral rights that companies simply sit on and do nothing about will revert to the state and can then be granted to new applicants. These applicants will have favoured status if they have black empowerment partners. In February Platinum Group Metals added the War Springs property near Potgietersrus on the northern limb of the Bushveld Complex to its other two properties , Onderstepoort and Tweespalk and became involved in black empowerment.

War Springs is located 17 kilometres along trend to the south of Anglo Platinum`s big PPRust open pit platinum mine and 9 kilometres along trend to the south of Robert Friedland`s African Minerals property along the Platreef Contact of the northern limb. An ideal spot, but the deal is subject to the participation of black empowerment partners for a 30 per cent interest in the project. This resulted from a legal dispute over the property which was settled when black empowerment companies, Africa Wide Mining and Taung Minerals Pty Ltd, each received a 15 per cent project interest carried until the completion of a bankable feasibility study, after which time each partner must participate pro-rata to their working interest in the project. This 30 per cent participation exceeds the ten year target objective of the Government of South Africa so Platinum Group Metals is in a strong political position.

The brokers clearly think that the South African exploration portfolio is a sound one and point out that no drilling has ever taken place on the Tweespalk property until last October when the company got going. Last month the initial results were reported and the first hole interesected 1.09 g/t platinum, palladium and gold over 27.99 metres and this included 4.04 metres grading 4.4 g/t. More results will be forthcoming and the company expects to drill on Onderstepoort later this year. The company is therefore nowhere near production at this stage so the strength of the rand is not a great problem apart from boosting drilling costs.

Back at home in Canada Platinum Group Metals has a 19.5 per cent interest in the Agnew Lake property near Sudbury where Anglo Platinum has to spend a total of C$ 6 million by the end of this year to earn its 49.5 per cent interest. Drilling is being carried out at the moment on two electro magnetic conductors which are in an area near the contact of the Agnew intrusion not yet explored. Recent conductivity and magnetic surveys have also identified four target areas on the Lakemount property which covers the Sunrise Lake mafic intrusion and at Lac des Isles the company is following up on the Stinger zone discovered back in 2001. This discovery is regarded by Raymond James as significant due to the fact that mineralisation was high grade and localised within one specific layer.

The brokers have put out a STRONG BUY on the company and set a C$1.65 target price over the next six to twelve months. As they point out it is a pure exploration play, but it is in the right areas, the platinum price is strong and the palladium price may catch up. The near term growth is anticipated from good exploration results from all the properties and the Raymond James note is entitled ‘ Sailing The Winds Of Change In Elephant Country.’

minesite - 07.04.04

[konradi]

.

The Newly Merged Platinum Group Metals Offers Unique Exposure To PGM Exploration In Canada.

Last year Minews drew attention to a Canadian listed company called New Millennium Metals which had been founded by two directors of Tan Range, a company well known in the UK for its exploration activities in Tanzania. Frank Hallam and Marek Kreczmer had focused their company on large mafic/ultramafic complexes which could host reef style or hydrothermal /contact associated platinum group metal mineralisation. It is the latter which is responsible for the Lac Des Isles PGM mine near Thunder Bay on the eastern side of Lake Ontario and the highly prospective areas around River Valley near Sudbury.
The two founders built up their land holdings in these two areas so that New Millennium became one he largest land holder in the Lac Des Isles Suite covering most of the highly prospective mafic intrusions known to be there at the time. In the Sudbury district New Millenium had a controlling interest in the Agnew Lake property which covers 85 per cent of the Agnew Lake intrusion.

Now it has merged with Platinum Group Metals which is quite a coincidence as it happened almost on the same day that Tan Range acquired a private company , Tanzam, in order to consolidate the interests of the two companies in an area close to Barrick`s Bulyanhulu mine.

Platinum Group Metals was founded by Michael Jones early in 2000. Its focus was on platinum group metals before the price of palladium took a dramatic run to over US$1,000 per ounce in early 2001. The company acquired its Thunder Bay interests prior to the financing of the nearby Lac des Iles palladium mine and it was followed into the area by Teck Corporation and Placer Dome. The prices of PGMs are still well above historic averages and there is now considerable potential in exploring for large tonnage, low grade, PGM deposits.

This was key to the decision for the two companies to merge as the new Platinum Group Metals. Between them they control a dominant position of some 350 square kilometres of mineral rights surrounding Canada`s only primary palladium mine which is operated by North American Palladium. At the end of 2000 it had resources of 7.4 million ounces of palladium and aims to get production above 300,000 ozs this year. This is small stuff compared with the big South African producers, but it should be borne in mind that there is only one other PGM mine in North America - Stillwater in Montana. Not only does Platinum Group Metals have this big land package around Lac Des Iles, but it contains drill ready targets where grades of up to 7 g/t PGM have been encountered during exploration.

Platinum Group Metals also owns significant rights to several properties in the Sudbury, Ontario area. Part of this property, to the east of Sudbury, covers important areas of the River Valley Intrusion which is one of the most active areas of PGM exploration in Canada. Next door to it two of the world`s largest producers of platinum, Impala Platinum and Anglo Platinum, are funding drilling programmes - Implats with Mustang Minerals and Amplats with Pacific Northwest.

Over to the west of Sudbury Platinum Group Metals also has rights to the Agnew Lake Intrusion, located just west of Sudbury. Anglo Platinum and Pacific Northwest Capital are currently earning an interest in this property and drilling results are expected soon.

The merged company therefore offers exposure to exploration in two highly prospective areas. One where there is a mine already - and where better to look for another? - and the other where the world`s two biggest PGM producers are hard at work. The interest in PGMs has waned a bit since the prices fell back, but Platinum Group Metals should benefit from the most modest revival or exploration success.

mehr:

http://www.platinumgroupmetals.net/s/Home.asp


.


.

[konradi]

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Platin heute bei 940 USD

- und der weltgrößte Platinproduzent http://www.angloplatinum.com/kommt nicht vom Fleck
Vor drei Jahren erzielte Amplats noch einen Reingewinn von 8 Milliarden Rand !!!



bzw. "die Mutter" -



und der größte Konkurrent:




Schuld sollen der starke Rand und die Kostenexplosion des Unternehmens sein.
Mag ja alles sein, dennoch begreife ich nicht, weshalb nicht wenigstens ein kleiner Sprung im Kurs zu vermelden ist …


… Daneben wird die weitere Entwicklung der Aktie aber auch davon abhängen, ob Mutter Anglo American ihren inzwischen auf 74 % gestiegenen Anteil an der Platintochter weiter aufstockt oder sich tatsächlich, wie es am Markt heißt, mit einer Obergrenze von 75 % zufrieden gibt. Die von Anglo American unterschriebene Ausgabe neuer Aktien deutet eher auf ein noch stärkeres Engagement des Bergbauhauses hin. Ab einem Niveau von etwa 80 % dürfte die Liquidität der Angloplat-Aktie praktisch zum Erliegen kommt, weil kaum damit zu rechnen ist, dass viele institutionelle Anleger den Platinförderer einfach aus ihrem Portefeuille nehmen…

Handelsblatt 27.02.2004

[konradi]

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jetzt warte ich eigentlich nur noch auf den "wir-haben-es-ja-schon-immer-gewußt-Kommentar" bei godmode:
"Sell Off im Plan"
(vgl.http://www.godmode-trader.de/news.php?show=175458

Wirklich klasse, diese Dummschwätzer:

GODMODE-TRADER vor gerade einem (!) Monat :

...Bei Platin kann man irgendwie nichts falsch machen. Das Edelmetall haussiert seit Oktober 2001. )

Mittelfristige charttechnische Kursziele: 925 $, 960 $ und 980 $.

[Algol]

Die Erwartung, aus einer gezackten Linie, entstanden aus zahlreichen Zufällen und Faktoren, die in der Vergangenheit galten, die Zukunft extrapolieren zu können, ist ohnehin absurd.
Gruß, Algol

[konradi]

.

tja, schöne Scheiße, die haben recht gehabt ... -
der weltgrößte Platinproduzent mit enttäuschendem Kursverlauf.

Immerhin ist er eine Dividendenkuh …


Angloplat pockets R4-bn from `hybrid` issue

Stewart Bailey

Posted: `31-MAY-04 17:07` GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- Anglo Platinum, the world’s largest platinum producer, has announced the results of its rights issue, which allowed it to bag R4-bn to shore up its balance sheet as it enters the final phase of a R21-bn expansion.

The group said earlier this year that it planned to raise the R4-bn, to cover a capital bill that came in R4.2-bn higher than the R17.2-bn originally budgeted to fund the expansion to an annual 3.5 million ounces of platinum production by 2007.

The rights issue gave existing Angloplat shareholders the right to buy a ‘hybrid’ convertible cumulative preference share, which pays a fixed dividend each year and allows holders to convert into ordinary Angloplat shares at any time during the next five years. Thereafter, Angloplat can redeem the shares.

The new preference shares were issued at R100 each and will pay an annual dividend of R6,38, which makes the issue cheaper than conventional debt. Those would be tax-free for South African shareholders, giving them the advantage over their offshore counterparts, who pay tax on dividend income.

Shareholders could elect to convert the preference share into ordinary Anglo Platinum shares at any time during the five years following their purchase. Helmut Engelbrecht, a member of the Standard Bank corporate finance team that structured the share issue, said it would make sense for holders of the stock to convert to Angloplat stock as close as possible to the maturation date. He said R288,43 an Angloplat ordinary share, was the “level at which conversion would make sense”. The share is currently trading at R242.

Brenton Saunders, top-rated analyst at Deutsche Securities, says preference share holders will be faced with three options at the end of five years: first, if the option is in the money, the investor could exercise the option and convert the preference share to an ordinary share; second, if the option was out of the money, Angloplat could redeem the preference share; or thirdly, if the option was out of the money, Angloplat could decline to exercise the option to redeem the share and leave the investor with a perpetual cumulative preference share.

If Angloplat redeemed the preference shares after five years, it would pay R100 a share for the pleasure. Alternatively, if shareholders hang on to the share in perpetuity they would rake in an annual dividend, calculated at 72,5% of South Africa’s prime interest rate.

Engelbrecht says as the Angloplat share price moves up, the preference share will behave as an equity, while it will act as a fixed-income investment as the Angloplat share price drops.

All told, the share issue was 6% oversubscribed, which ensured that Anglo American, Angloplat’s largest shareholder and the underwriter of the issue, did not have to take up a greater proportion of stock. What was telling, however, is that in the three-and-a-half months since Anglo American announced its results, it has continued to creep its Angloplat shareholding by 0,7% to 74.8%.


*Example of conversion, supplied by Standard Bank

Holding: - 1500 x R100 = R150 000 When: - after the ninth dividend payment (ie just after 4.5 years) Share price: - R350
The holder has received dividends throughout the 4.5-year period and wishes to convert his holding into ordinary shares. He will elect conversion and notify Anglo Platinum.
He surrenders his 1500 preference shares and receives 520.05 Anglo Platinum shares (1500 x 0.3467). The value of shares is now R182 000 (520.05 x R350) thereby making a profit or R32 018 (R182 000 - R150 000) PLUS his dividends he`s received in the interim.

The can also be calculated as follows: Market price (R350) less Strike (R288.43) x 520 = R32 016 (there`s some rounding). The holder will therefore enjoy the benefit of share prices greater than R288.43









http://www.angloplatinum.com


.

[borazon]

Na hoffentlich gehts mit ANO/ARQ.V wieder deutlich höher ab jetzt.
Ich will irgendwann die 10 CAD sehen.



Press Release Source: Anooraq Resources Corporation


Anooraq-Pelawan Combination Receives Key South African Approval
Wednesday June 9, 9:00 am ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--June 9, 2004--Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (AMEX:ANO - News; TSX VENTURE:ARQ - News) and Tumelo Motsisi, Chairman of Pelawan Investments (Proprietary) Limited ("Pelawan") are pleased to announce that a significant milestone has been achieved in the transaction with Pelawan, whereby Anooraq will acquire Pelawan`s 50% participation interest in the Ga-Phasha Platinum Group Metals ("PGM") Project (the "Ga-Phasha Project"), a 50/50 joint venture (pursuant to an existing agreement-in-principle) between Pelawan and Anglo Platinum. The Ga-Phasha Project is an advanced-stage PGM prospect located on the Eastern Limb of the Bushveld Complex, approximately 250 kilometres northeast of Johannesburg, South Africa.


The Anooraq-Pelawan transaction is a reverse takeover (the "RTO"), as more fully described in the Anooraq-Pelawan Joint News Release dated January 21, 2004 and Anooraq News Releases dated January 23 and April 20, 2004.

The significant milestone is that Pelawan has now received conditional approval from the Exchange Control department of the South African Reserve Bank ("SARB") to complete the RTO. Pelawan received SARB approval after a lengthy application process to relevant South African authorities over the last five months. SARB approval for implementation of the RTO has been granted subject to certain conditions. The management of both Pelawan and Anooraq have agreed that the SARB conditions are mutually acceptable and look forward to implementing the RTO.

The go-ahead from SARB clears the way for Anooraq to become the first offshore-listed Black Economic Empowerment ("BEE") company, marking a seminal event in the history of the South African mining sector.

The Hon. Minister of Minerals and Energy - Government of the Republic of South Africa, Ms Phumzile Mlambo-Ngcuka in commenting on SARB approval said:

"This is a further milestone for meaningful BEE participation within the South African mining sector. I, together with my department, am very pleased with this announcement and look forward to the development of a new independent BEE operational and sustainable mining house in South Africa, in line with our principal strategy envisaged through the Mineral and Petroleum Resources Development Act and its associated Charter. We wish Pelawan and Anooraq the best of luck in their endeavours, which we will monitor with great interest."

The combination of Pelawan and its Ga-Phasha Project interest on the Eastern Limb with Anooraq and its extensive mineral property interests on the Northern and Western Limbs of the Bushveld Complex will create a PGM company with significant North American and South African mining expertise and PGM assets on the Bushveld Complex, the world`s premier PGM environment. Anooraq will become a qualified BEE company, as required for development of new mines under the Mineral and Petroleum Resources Development Act. Achieving BEE status in South Africa and, at the same time, being solidly tied in with North American financial markets positions Anooraq to become a leading PGM company.

Based on the progress to date, it is expected that the RTO will be successfully completed by no later than the end of the third quarter of 2004. Completion of the RTO is subject to a number of conditions precedent, including but not limited to approvals by the shareholders of both Pelawan and Anooraq and completion of a comprehensive development and operating joint venture agreement and a shareholders agreement with Anglo Platinum for the Ga-Phasha Project. These negotiations are well advanced and anticipated to conclude shortly.

For further details on Anooraq and its properties in South Africa, please visit the company`s website at www.anooraqresources.com or contact Investor Services at [phone] or within North America at 1-800-667-2114.

ON BEHALF OF THE BOARD OF DIRECTORS

`signed`

Ronald W. Thiessen, President and CEO

[borazon]

Na klar, News sind raus, jetzt darf wieder auf den Kurs geprügelt werden

[konradi]

.


Opel schließt Test mit Wasserstoff-Auto ab

Bei einer Fahrt von 10.000 Kilometern quer durch Europa stellte der Rüsselsheimer Hersteller den Langstreckenrekord für Brennstoffzellenfahrzeuge auf





Rüsselsheim/Lissabon - Der Rüsselsheimer Autohersteller Opel hat einen 10 000-Kilometer-Test quer durch Europa mit einem Wasserstoff-Fahrzeug abgeschlossen. Der bisherige Langstreckenrekord für ein Brennstoffzellen-Auto sei damit fast verdoppelt worden, teilte das Unternehmen am Donnerstag mit. Der auf dem Opel Zafira basierende Prototyp HydroGen3 war in Hammerfest im Norden Norwegens gestartet und innerhalb von 38 Tagen bis zum westlichsten Punkt des europäischen Kontinents in der Nähe von Lissabon gefahren.

„Der reibungslose Verlauf der Langstreckenfahrt hat gezeigt, dass die Zuverlässigkeit des Brennstoffzellen-Antriebs im HydroGen3 bereits ein sehr hohes Niveau erreicht hat“, sagte Chefingenieur Udo Winter. Ein Software-Update zu Beginn der Tour, der Austausch von fünf Temperatursensoren und ein zweimaliges Ersetzen der mechanischen Parksperre seien die einzigen notwendigen Reparaturen gewesen.

Opel hatte zuvor bereits angekündigt, bis 2010 ein Wasserstoff betriebenes Brennstoffzellen-Auto auf den Markt zu bringen. Die Brennstoffzelle soll fast doppelt so effizient wie ein Verbrennungsmotor sein. Als „Abgas“ fällt bei der neuen Technik nur destilliertes Wasser an.



Ich habe dazu mal eine Rechnung aufgemacht - man möge mich korrigieren :

Mit 1kg Platin kann man derzeit etwa 50 Brenstoffzellenmotoren mit einer Leistung von 50 kW herstellen. Für die Produktion von beispielsweise 100.000 Fahrzeugen pro Jahr wären also etwa 2 Tonnen Platin notwendig. Wollte man – theoretisch betrachtet - die weltweite Jahresproduktion von geschätzt 60 Millionen Fahrzeugen auf Brennstoffzellenbetrieb umstellen wäre dafür also eine jährliche Förderung von 1.200 Tonnen notwendig. Zur Zeit beträgt die Produktion aber nur etwa 200 Tonnen im Jahr.

Sicher ist kann mein Rechenbeispiel nur die grobe Dimension verdeutlichen, um die es geht. Die Auswirkungen von Recycling und technischem Fortschritt sind derzeit absolut nicht einschätzbar. Eines dürfte allerdings klar sein. Sollte sich die Brennstoffzellentechnik durchsetzen, dürfte der Platinpreis noch kräftig ansteigen – mit entsprechendem Hebel auf die wenigen Platinproduzenten auf der Welt.








zum Thema:

"HydroGen3" - Opel mit Serien-Wasserstoffauto

Der Autohersteller Opel will bis 2010 ein Wasserstoff betriebenes Brennstoffzellen-Auto auf den Markt bringen. Das erklärte Vorstandsvorsitzende Carl-Peter Forster bei der Präsentation des Prototyps "HydroGen3".


"Die Haltbarkeit und die Leistung stimmen bereits, jetzt muss es nur noch bezahlbar werden", erläuterte der Opel-Chef weiter. Zum jetzigen Zeitpunkt koste der Wagen rund 80.000 Euro. Das Testauto prüft seit Anfang Mai auf einer 10.000 Kilometer langen Strecke quer durch Europa die Alltagstauglichkeit der umweltfreundlichen Antriebstechnik und legte am Mittwoch einen Zwischenstopp bei der Technischen Universität Darmstadt (TUD) ein.


Als größtes Problem nannte Forster das Tanken: "Ohne ausreichende Tankstellen lässt sich die neue Technik nicht durchsetzen." Dies zeige das Beispiel der ebenfalls von Opel angebotenen Erdgas-Autos. Hier habe die Nachfrage erst angezogen, seit das Netz mit etwa 1000 Tankstellen enger geworden sei. "Die Wasserstoff-Zapfsäulen in Deutschland lassen sich noch an zwei Händen abzählen", sagte der Opel-Chef. "Die notwendige Infrastruktur zu schaffen, ist eine europäische Gemeinschaftsaufgabe."


Forster forderte die Regierungen auf, sich stärker als bislang an der Entwicklung der Brennstoffzellen zu beteiligen. "Aus der Industrie alleine lässt sich dies nicht bewegen. Wir brauchen die Vorfinanzierung durch öffentliche Forschungsaufträge." Opel habe gemeinsam mit seinem Mutterkonzern General Motors (GM) bislang rund eine Milliarde Euro in Brennstoffzellen investiert. Rund 600 Beschäftigte arbeiteten weltweit für den Konzern an der neuen Technik. "Unser Ziel ist, als erster Autohersteller eine Million Wagen mit Brennstoffzellen-Antrieb zu verkaufen", sagte Forster.


Die Brennstoffzelle ist nach Angaben des Opel-Entwicklers Lars- Peter Thiesen fast doppelt so effizient wie ein Verbrennungsmotor. Wasserstoff könne in jedem Land der Welt aus unterschiedlichsten Rohstoffen gewonnen werden, unter anderem aus Sonnenenergie. Als "Abgas" falle bei der neuen Technik destilliertes Wasser an. Außerdem entstehe so gut wie kein Motorengeräusch. "Damit ist klar, dass wir hier die Technik der Zukunft vor uns haben", sagte Thiesen.


In den vergangenen fünf Jahren sei es gelungen, den Brennstoffzellen-Antrieb auf die Größe eines herkömmlichen Motors zu konzentrieren. Die Reichweite des Tanks betrage etwa 400 Kilometer, erläuterte Thiesen. "HydroGen3" habe eine Leistung von 82 PS und erreiche eine Spitzengeschwindigkeit von 160 Stundenkilometern.




"Rache für Toyota"

Von Frank Wald


Die automobile Zukunft naht leise und unauffällig. Zumindest mit dem Opel HydroGen3. Der seriennahe Brennstoffzellen-Prototyp absolviert zurzeit einen medienträchtigen Dauerlauf. 10.000 Kilometer durch 14 Länder Europas. Beim deutschen Zwischenstopp in Hamburg stiegen wir mit ein.


Das Spektakuläre an dem Auto der Zukunft ist das Unspektakuläre. Kein futuristisches Design, keine exotischen Hightech-Materialien, keine ungewohnte Bedienung. Alles wie bei einem ganz normalen Opel Zafira. Inklusive der Platzverhältnisse, Sicherheits- und Ausstattungskomfort. Nur der Blick auf die Mittelkonsole zeigt Ungewöhnliches. Statt eines Schalthebels gibt`s vier Knöpfe: "P" für Parken, "N" für Leerlauf, ein Pfeil nach oben für vorwärts, ein Pfeil nach unten für rückwärts. Das war`s. Beim Tritt aufs Gaspedal pfeift der Elektromotor wie ein Staubsauger und beschleunigt wie ein Autoscooter. Nur viel kräftiger und schneller. Passanten und Radfahrer blicken ungläubig. Der Wagen ist quasi nicht zu hören. Oder zu riechen.. Und der HydroGen3 schnurrt ohne Probleme durch die Hamburger City.


Wann also wird das Öko-Auto zu kaufen sein? Das wird wohl noch eine Weile dauern. Zwar arbeiten rund 600 Leute im Opel-Mutterkonzern General Motors (GM) an der Brennstoffzellentechnik, und eine Milliarde Dollar hat der US-Autoriese bisher in die Entwicklung des HydroGen3 gesteckt. Doch "so ein Auto kostet zurzeit noch 500 Dollar pro kW", sagt Bob Lutz, GM-Vizepräsident und Europa-Chef. Bei 60 kW, die der HydroGen3 in den Papieren stehen hat, macht das also 30.000 Dollar. "Erst bei 50 Dollar pro kW rechnet er sich." Doch bis 2010 wollen die Amerikaner die Serienproduktion starten.


"Ein sehr ehrgeiziges Ziel, auch wenn ich es GM wünschen würde", meint Josef Düren von der Hamburger Hochschule für Angewandte Wissenschaften (HAW). Der Dekan des Fachbereichs Fahrzeugtechnik und Flugzeugbau, wo ebenfalls seit Jahren an der Brennstoffzelle geforscht wird, sieht neben der Kostenreduzierung für den Alltagseinsatz noch einige technische Hürden zu überwinden. Beispielsweise was Dauerbelastung und Haltbarkeit des Antriebs betrifft. "Da wird sich zeigen, ob der Versuchsträger die durchschnittlichen 200.000 Betriebsstunden eines Verbrennungsmotors erreicht", sagt Düren.

Oder bei der Speicherung des Wasserstoffs, der in der Brennstoffzelle zu elektrischer Energie umgewandelt wird. Der muss in flüssigem Zustand bei minus 253 Grad Celsius oder als komprimiertes Gas bei 700 bar Druck an Bord mitgeführt werden. "Da darf nichts passieren, weder bei 40 Grad plus noch bei minus 20 Grad Außentemperatur", sagt Düren. Und die flächendeckende Versorgung mit Wasserstoff steht ebenfalls noch in den Sternen. Wollte man nur zehn Prozent der derzeit 135.000 Tankstellen in Europa mit einer Wasserstoff-Zapfstelle ausrüsten, würde das zehn Milliarden Dollar kosten, rechnet GM-Vize Bob Lutz vor.


Trotz der vielen Probleme, die einem kommerziellen Erfolg der Brennstoffzelle im Wege stehen, GM will "zeigen, dass diese Technik eine Zukunft hat", verkündet Bob Lutz selbstbewusst. Und das nicht nur weil sich laut Prognose der Vereinten Nationen der weltweite Fahrzeugbestand bis 2030 auf 1,6 Milliarden Pkw und Lkw verdoppelt haben wird und die Ölvorräte ohnehin begrenzt sind. Womöglich könnten sich gerade die Amerikaner mit ihrem riesigen Energiebedarf irgendwann von ihrer Öl-Abhängigkeit befreien.


Und außerdem ist der US-Konzern nicht der Einzige, der sich mit der zukunftsträchtigen und ökologischen Antriebstechnik beschäftigt. Toyota, weltweit die Nummer zwei hinter GM, ist mit der Entwicklung der Brennstoffzelle mindestens ebenso weit. Ausgerechnet in Kalifornien testen die Japaner ihre FCHV-Prototypen auf Basis des SUV Highlander seit längerer Zeit auf Alltagstauglichkeit und Dauerbelastung. "Rache für Toyota" (Lutz) nimmt dafür der US-Kurierdienst FedEx Express, der seit Juli 2003 einen HydroGen3 als reguläres Auslieferungsfahrzeug in Tokio einsetzt.

SPIEGEL ONLINE - 19. Mai 2004

.

[borazon]

Angebotsüberschuss Bei Platin, Preisrückgang Erwartet



LONDON, November 16 /PRNewswire/ --



- Anstieg Der Nachfrage Bei Palladium, Preise Unter Druck Infolge Weiter Anhaltender Überlieferung



Johnson Matthey geht in seinem heute veröffentlichten Interim

Review PLATINUM 2004 davon aus, dass die Nachfrage um weniger als 1% steigen
wird, so dass der Markt sich 2004 im Gleichgewicht befinden wird.



Steigende Nachfrage für Platin in den Bereichen

Automobilindustrie und Glas wird kompensiert durch geringere Verkäufe von
Platin an die Schmuckindustrie. Der Gesamtbedarf wird in 2004 auf 201,3
Tonnen geschätzt, eine Steigerung um 1,6 Tonnen im Vergleich zu 2003.



Die steigende Nachfrage im Bereich der Automobilindustrie ist

auf die strenge und neue Absatzgesetzgebung im Bereich Diesel in Europa und
Asien zurückzuführen. Zusätzliche Nachfrage nach Platin bei der
Glasherstellung in Asien, hervorgerufen durch den Erfolg der LCD
Flüssigkristallbildschirmherstellung wurde durch eine weit geringere
Nachfrage aus China kompensiert. Das hohe Preisniveau für Platin führte hier
im zweiten Jahr hintereinander zu einer Verringerung der Lagerbestände und zu
einer Substitution hin zu anderen Edelmetallen.



Höhere Verkäufe von Platin, kommend aus Südafrika und Kanada,

werden in 2004 durch reduzierte Verkäufe aus der ehemaligen UDSSR
ausgeglichen. Prognostiziert wird, dass das Angebot im Vergleich zu 2003 um
7,2 Tonnen auf 200 Tonnen steigen wird. Dies wird die bisherige
Nachfragelücke nahezu schliessen, man erwartet lediglich ein kleines Defizit
von 1,3 Tonnen.



Der Durchschnittspreis für Platin betrug in den ersten zehn

Monaten des Jahres 2004 $845/Feinunze (+25% im Vergleich zum Vorjahr),
unterstützt insbesondere durch die Zukäufe von Hedge Fonds und anderen
kommerziellen Investoren. Für das Jahr 2005 erwartet Johnson Matthey, dass
das Angebot schneller als die Nachfrage wachsen wird, so dass sich ein
Überangebot an Platin herausbilden wird; das erste innerhalb der letzetn
sechs Jahre. Der Preis für Platin in den nächsten sechs Monaten wird
demzufolge etwas niedriger in einem Bereich von $760 zu $880 gesehen.



Für Palladium wird 2004 trotz ansteigender Nachfrage und

spekulativer Käufe ein weiterer beträchtlicher Überschuss erwartet.
Voraussichtlich wird die Nachfrage nach Palladium um 22,7 Tonnen auf 191
Tonnen steigen. Bereiche des Wachstums in 2004 sind die Automobilindustrie,
da speziell die US Firmen weniger Edelmetall aus Ihren Lägern nutzen und die
Einführung von Palladiumschmuck in China. Letzteres lässt sich seit dem
ersten Quartal 2004 nachvollziehen, als erstmals Lager durch die
Schmuckindustrie in China aufgebaut wurden.



Das Angebot von Palladium in 2004 wird um 21,8 auf weltweit

222,7 Tonnen steigen. Der weitaus grösste Teil des Anstiegs ist auf die
ehemalige UDSSR zurückzuführen, die insbesondere über Stillwater, das 2003
von Norilsk Nickel erworben wurde, grosse Mengen an gelagertem Palladium am
Markt verkauft. Der Angebotsüberschuss, welcher mit 31,7 Tonnen berechnet
wurde, hatte starken Einfluss auf den Preis von Palladium. Abgesehen von
einer kurzen Periode des Preisanstiegs (im April 2004 erreichte der Preis
$333/Feinunze) bewegte sich das Niveau naheszu ständig unter $240/Feinunze.



Da auch in 2005 ein weiterer Anstieg des Angebotes für

Palladium erwartet wird, ist auch, wenn es zu einer Abdämmung der Entwicklung
durch kommerzielle Investoren kommen sollte, ein Ansteigen des heute
existierenden Überangebotes wahrscheinlich. Innerhalb der nächsten sechs
Monate erwartet Johnson Matthey daher eine Zunahme des Preisrückganges auf
ein Niveau von $160 bis $250/Feinunze.



Johnson Matthey PLC

German Winter, Johnson Matthey, Germany, Tel: [phone]

PRN Autor: © PR Newswire, 14:00 16.11.04

[borazon]

Zimbabwe strangles platinum mines

John Robertson: COMMENT

07 March 2005 12:59

Zimbabwe’s prospects of attracting new mining investment inflows have been dealt a crippling blow by the government’s decision to sweep aside international agreements that permitted a major platinum producer to use its current export earnings to help fund its continuing capital developments.

On February 28, platinum producers lost their rights to hold the proceeds of their mining activities in Zimbabwe in offshore bank accounts. Producers have been instructed to transfer all balances held in offshore accounts to foreign currency accounts with Zimbabwean banks. In order to access these foreign currency deposits, they will now have to comply with the country’s draconian Exchange Control Act and function within a slow and erratic payments pipeline.

The new measures have already been declared unacceptable by the larger of Zimbabwe’s platinum producers, Zimplats. To help Zimplats succeed, Zimbabwe’s government agreed to a need for formal agreements that would permit Zimplats to retain direct control over its foreign earnings while even larger expenditures on imports were still needed for the development of the mine.

With this agreement in place, Zimplats’s output of platinum-group minerals has increased Zimbabwe’s production from about a ton to 10 metric tons a year over the past three years. Zimplats’s expansion plans had been fully accepted by the government and are already in operation. But the uncertainty caused by the Zimbabwe government’s abrogation of the financing agreement will almost certainly force the suspension of these plans.

The plans depended upon purchases of an imported plant, equipment and specialised services that would have absorbed the mine’s total current foreign exchange earnings plus additional amounts from Impala Platinum (Implats), the principal shareholder. The revoking will be treated seriously, especially as the South African and Zimbabwean governments were also signatories to the Impala Platinum- Zimplats agreement.

Zimplats is now likely to lose crucial cash flow assistance that it enjoyed from Implats.

Mounting levels of panic appear to be the driving force behind this and other foreign exchange-related measures taken recently by the Reserve Bank of Zimbabwe. It has waged war on inflation in the past year by holding the exchange rate almost constant. Inflation would have been higher without the enforced exchange rate stability, but the country paid a high price in lost exports and lost export capacity.

Falling foreign earnings from tobacco, beef, cotton, sugar and a wide range of consumer goods have badly impacted on an economy that now needs to import more than half its basic food requirements. With an election less than a month away and one of the world’s worst credit ratings, Zimbabwe now has an urgent need for foreign cash to pay for imported food.

Platinum proceeds appear to have been identified as the one significant untapped resource, but instead of offering some relief to a beleaguered government, the decision to capture platinum earnings seems likely to arrest the one significant investment programme that was actually working.

Repercussions are likely to be felt in many directions. Proposals by other companies to go ahead with other mining developments, notably diamond mining, are likely to be put on hold, as will job creation and training opportunities, increased taxable earnings and the higher foreign earnings inflows that would have resulted from the developments.

[Netzer2]

#146

The world`s largest platinum producer has announced an improvement in its earnings during the first half of 2005, compared with the same period the previous year.

Anglo Platinum (Angloplat) has stated in its interim results that total headline earnings jumped by 40.9 per cent, due to higher US dollar metal prices, increased sales volumes and the effects of changes in tax and stocks.

However, the miner also stated that its margins have remained steady, largely thanks to increases in mining unit costs, which rose by 13.3 per cent during the course of the first six months of the year, while refined unit costs climbed 3.2 per cent.

It also reported a tight rhodium market and warned that the continued strength of the rand is likely to dampen future supply.

Overall, demand for pgms remained solid, Angloplat stated, with solid industrial platinum demand, resilience in the important Chinese marketplace and sound palladium consumption.

Angloplat added that future expansion would "continue in line with increased demand", and anticipated that there could be some acceleration in its developments if improved rand metal revenues are sustained.



© 1998-2005 DeHavilland Information Services plc
http://www.platinum.matthey.com/media_room/1122548412.html

[Netzer2]

Anglo American will 2006 1 Mrd. Dollar an Aktionäre zurückgeben

Mittwoch 26. Oktober 2005, 11:35 Uhr

Der britische Minenkonzern Anglo American will im kommenden Jahr insgesamt bis zu 1 Mrd. Dollar in Form von Aktienrückkäufen sowie der Ausschüttung einer Sonderdividende an seine Aktionäre zurückgeben.
Wie der Konzern am Mittwoch bekannt gab, hat das Management im Rahmen einer strategischen Neubewertung verschiedene Maßnahmen bezüglich der weiteren Struktur und Ausrichtung des operativen Geschäfts von Anglo American beschlossen. Demnach will der Konzern weiter verstärkt in Großprojekte in den Kerngeschäftsfeldern investieren und prüft in diesem Zusammenhang auch weitere Akquisitionen. Zum Kerngeschäft zählen unter anderem die Bereiche Platin, Kohle, Diamanten Basismetalle und Eisenerz. Außerdem will Anglo American seine Beteiligung an dem südafrikanischen Goldproduzenten AngloGold Ashanti Ltd. (ISIN ZAE000043485/ WKN 164180) reduzieren.

Die Geschäftssparte Mondi, welche im Bereich Papier und Verpackungen tätig ist, soll im Rahmen der weiteren Konzentration auf das Kerngeschäft möglicherweise ganz vom Konzern abgetrennt werden. Hinsichtlich der weiteren Vorgehensweise bezüglich Mondi will sich der Konzern alle Optionen offen halten. Für die Mineralien-Sparte Tarmac wurde ein Programm ausgearbeitet, um die Rentabilität des Gesamtportfolios durch die Desinvestition unrentabler Bereiche zu stärken.

[Netzer2]

... na sowas ...


Anglo American Platinum: Underweight
26.11.2004 15:20:03


Die Analysten von JP Morgen stufen in ihrer Studie vom 26. November die Aktien des südafrikanischen Rohstoffförderers Anglo American Platinum Corp. Ltd. von "Neutral" auf "Underweight" zurück.

Es sei von einer weiteren Stärkung des Rand auszugehen. Gleichzeit würden stagnierende Edelmetallpreise und eine starke Inflationsrate die Margen für Südafrika drücken.

[Netzer2]

An Angloplats smelter which had been out of action since September is back up and running, the company has confirmed.

The smelter at the Polokwane plant was shut down after a blast at the site in September, lowering Angloplats` production estimates for 2005, but the repair and replacement of the waffle cooler which led to the explosion has now been completed.

"The smelter was heated up and production has commenced already and we`re running through the stockpiled concentrate," announced Angloplats spokesman Trevor Raymond.

In October, the company said it expected to produce 2.51 million ounces of refined platinum, down from its original estimate of 2.6 million ounces before the Polokwane explosion.

Now that the smelter is back up and running, Angloplats will be hoping that it can make up the shortfall last year with an improved performance during 2006.

However, Mr Raymond refused to give any indication on the mining firm`s headline earnings for 2005.

[konradi]

.

Hedge funds drive platinum to 25-year high
January 13, 2006

By Danielle Rossingh

London - Platinum rose to the highest level since 1980 in London as hedge funds and other speculators bought the metal on expectations a supply squeeze will ensure returns that are better than those on stocks and bonds.

Platinum, which is used in jewellery and catalytic converters for cars, has gained for four consecutive years, including 13 percent last year. By contrast, the Standard & Poor`s 500 index of stocks rose 3 percent last year. US notes and bonds returned 2.8 percent, according to Merrill Lynch.

"Prices are being driven up by hedge funds, which are buying platinum because its fundamentals are looking good," Yingxi Yu, a precious metals analyst at Barclays Capital said yesterday. "Platinum has been in deficit for the past six years, and it`s expected it will be in deficit this year."

Platinum for immediate delivery in London rose as much as $9 (R55) to $1 023 an ounce, the highest since March 5 1980. It was $1 017 at 12.15pm London time.

The metal reached a record $1 047.50 an ounce in March 1980, according to Johnson Matthey, the world`s biggest distributor of platinum group metals.
Prices are being buoyed by a shortfall in supplies. Most platinum was mined in South Africa and Russia, Yu said.

He added: "There are a lot of challenges on the supply side in South Africa, while demand for platinum is expected to grow because of rising vehicle sales."
Stricter environmental legislation is forcing car makers to produce lower-pollution vehicles. European laws that take effect this year reduce by half the amount of nitrogen oxide and hydrocarbon, a major cause of pollution, new cars can emit.

- Bloomberg




http://www.angloplats.com/

[Aarondac]

Platin heute 901,50 EURO

[borazon]

Falls sich jemand wundert, warum Zimplats ZIM:AX heute auffallend schwächelt: die simbabwische Regierung möchte scheinbar an den im Land gelegenen Minen 25% direkt ("non-contributory stake") und bis zu 26% indirekt ("balance [to 51%] by way of contribution over a period of time") konfiszieren.
Zimplats verhandelt und verweist auf vorher geschlossene Verträge.

[borazon]

Zimbabwe Government To Participate In Mining Industry


The proposed amendments to the nation`s Mines and Minerals Act have been approved, the Zimbabwe Minister of Mines announced yesterday. A key amendment involves participation by the Government in all mining activities.

With respect to the platinum metals sector, the proposed amendment provides for
51% of all platinum operations to be owned by the State, of which 25% is by way of a non-contributory stake, and the balance by way of contribution over a period of time.

Platinum group metals producer, Zimplats, is in discussion with Government regarding its existing Mining Agreement, which was signed by Zimplats and Government prior to the commencement of operations and has been honoured by both parties to date.

- 07 Mar 2006

[Khampan]

bei Anooraq Resources könnt`s allmählich wieder aufwärts gehen. Zweijährige Korrektur ist jedenfalls beendet.


AMEX: ANO
Vancouver: ARQ
WKN: B00FLW3
http://www.anooraqresources.com

Gruß,
Khampan

[borazon]

Hab Ende letzten Jahres bei Anooraq zu 0,78 CAD nochmal zugeschlagen.
Sind im Vergleich zu den anderen (Amplats, Impala, Aquarius) zu stark zurückgeblieben.
Bei günstiger Konstellation hat die das Zeug zu einigen 100%.
Die Hunter-Dickinson Group im Rücken und der BEE-Status sind auch beruhigend.

[borazon]

Zimbabwe to grab mines
By: Gareth Tredway
Posted: `06-MAR-06 16:02` GMT © Mineweb 1997-2004



JOHANNESBURG (Mineweb.com) --The Zimbabwean government, after
what has been a misleading period of silence, has again pointed out at possible expropriation of a large portion of mining assets in the country.

The latest comment attributed to the country’s mines minister, Amos Midzi points at a 51% government ownership including 25% "non-contributory” or free interest. In other words, the government has no intention of paying for what it grabs.

Talks of 50% ownership, back in 2004, were thought to have been withdrawn, and replaced with what would be indigenous equity ownership requirements of 20% in two years, 25% in seven years, and 30% after ten.

Impala Platinum (Implats), the world’s second largest platinum producer, has a large interest in Zimbabwe’s platinum deposits, and plans to expand production there. It has now received a cabinet-approved proposal relating to ownership of the Zimbabwean platinum industry.

“But clearly political interest is something we have to factor into our plan,” said Implats’s chief executive, Keith Rumble, in a presentation last week, “And the one unknown quantity still remains the requirement for empowerment.”

At the time, Rumble said that his company would continue to go forward using the typical empowerment model of 25% to 30% indigenous ownership. In Zimbabwe, “indigenous ownership” means handing over assets to supporters of president-for-life Robert Mugabe.

Doug Verden, an executive director at the Zimbabwe Chamber of Mines, pointed out how deterring such statements are to foreign investors. “They will be a little more reluctant, to put it mildly, to invest in the country,” Verden told Mineweb.

Implats has slowly boosted construction from its two divisions in the country over the past five years, to the current 150,000oz of platinum a year.

In May the board will decide whether to increase production from Zimplats, the company’s 87% owned Zimbabwean subsidiary, from the current 85,000 oz a year to 145,000 oz per year.

Last month, Rumble told Mineweb Radio that government was happy with Implats’s incremental approach to expansion.

“But nevertheless through our relationships with government we believe we’ve got a formula for working with them and making these incremental investments,” said Rumble.

Implats’s Zimbabwean resources make up a large part of its total resources and in normal circumstances would probably be as large a mine as the company’s current 1.1 million ounces Impala Platinum mine in South Africa.

“Our resource base [in Zimbabwe] is quite phenomenal at 160 million ounces of platinum in the ground,” said Rumble last week, “That can support an operation twice the size of our Rustenburg operation for 50 to 60 years.”

_______________




Geplant also, daß 25% direkt zu Gunsten des Staates enteignet werden, zusätzlich 26% indirekt, wobei Impala für die 26% gewisse Beträge erhält, die womöglich aus dem zukünftigen Gewinn der beschlagnahmten 51% stammen(*), und 25-30% gehen darüber hinaus an Regimefreunde, sicher für Beträge und Zahlmodus nach Gusto der Regierung. Für Impala und die Kleinaktionäre blieben dann 19-24% übrig.

* Überhaupt ein klasse System, meines Wissens teilweise auch in Südafrika bei Black Empowerment angewandt: der neue Aktionär erhält einen Anteil an der Firma und bezahlt für den Anteil mit dem zukünftigen Cashflow aus seinem Anteil. In Europa und in den USA ist sowas verboten.