Commodities & Metals
African Platinum Miners Killed by Police (SWC)
Published:
Last Updated:
South African authorities said that 34 “protesters” at a platinum mine were killed after police opened fire on the striking workers. The mine is owned by London-listed Lonmin PLC, the world’s third-largest producer of platinum. The Financial Times reports that the violence began a week ago and that 10 people, including two policemen, had been killed in earlier fighting.
The shocking violence in South Africa has had an impact on platinum prices and on the share price of U.S. platinum miner Stillwater Mining Corp. (NYSE: SWC). Platinum futures for October delivery closed at $1,435.20 an ounce yesterday, up nearly 3% on the day and the highest closing price for the metal in more than a month.
The world’s second-largest platinum miner, Johannesburg-listed Impala Platinum Holdings Ltd., fired more than 17,000 striking workers in February, sending the price to a year-to-date high over $1,600 an ounce. The 12-month high is around $1,900 an ounce.
Platinum prices have been falling as demand for the metal from the auto industry has fallen off. But now that the Lonmin mine has lost a week’s worth of production and faces the prospect of losing even more, prices are rebounding from near-term lows of around $1,400 an ounce. In Johannesburg this morning, platinum prices rose to $1,457 an ounce for immediate delivery.
Shares of Stillwater Mining rose more than 7% yesterday, closing at $9.73 in a 52-week range of $7.31 to $15.95. The shares are up by 0.2% in premarket activity today, at $9.75.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
