Platinum Futures Hold Near Record in Tokyo as Anglo Shuts Rustenburg Mine

(Bloomberg) -- Platinum futures held near a record
high in Tokyo after Anglo Platinum Ltd., the world's largest
producer, said yesterday it would shut its biggest mine for as
long as seven days.

The disruption may cut output at the mine in Rustenburg,
South Africa, by as much as 15,000 ounces this year, Anglo
Platinum said. The Johannesburg-based company said the closure is
to improve safety after 12 workers were killed at the mine this
year, including five in the past two weeks.


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Anglo Platinum Closes Biggest Mine for a Week After 12 Workers Killed

(Bloomberg) -- Anglo Platinum Ltd., the world's
largest platinum producer, will cut production at its biggest
mine after the death of 12 workers this year prompted the
largest shareholder to call for improved safety.

Cynthia Carroll, who on March 1 became chief executive
officer of London-based Anglo American Plc, which owns 75
percent of Anglo Platinum, said in a statement today a
``dramatic improvement'' in safety is an ``overriding
priority.'' All of Anglo Platinum's mines are in South Africa.


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Platinum Gains as Anglo Platinum Halts Rustenberg Mine; Palladium Advances

(Bloomberg) -- Platinum rose the most in two weeks
after South Africa's Anglo Platinum Ltd., the world's biggest
producer, halted output at its largest mine following the deaths
of five workers in the past two weeks. Palladium also advanced.

The Rustenburg mine will be closed for as long as seven
days, reducing annual production by between 10,000 and 15,000
ounces, Johannesburg-based Anglo Platinum said in a statement
today. Platinum supply fell short of demand in seven of the past
eight years, helping prices to more than triple since 1998.


Read more at Bloomberg Commodities News

Platinum Futures Gain in Asia as African Mine Wage Talks May Push Up Costs

(Bloomberg) -- Platinum futures gained in Tokyo for
a third day in four amid speculation wage negotiations at mines
in South Africa, the world's biggest producer, will lead to
higher costs to make the metal.

Pay talks are in their fourth week since Johannesburg-based
Anglo Platinum Ltd., the world's largest producer, offered a 5
percent raise. Workers have demanded a 15 percent increase.
Three miners drowned last week in a mudslide at Anglo's
Rustenburg platinum mine, and Lesiba Seshoka, a spokesman for
the National Union of Mineworkers, on June 8 said safety issues
would be ``prominent'' in talks with mining companies.


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Platinum Rises on South African Strike Speculation; Palladium Also Climbs

(Bloomberg) -- Platinum gained in London on
speculation extended wage talks will lead to a strike in South
Africa, supplier of almost 80 percent of the metal used in
jewelry and systems that control car pollution. Palladium rose.

Talks are in their fourth week since Anglo Platinum Ltd.,
the world's largest producer, offered a 5 percent pay raise.
Workers want a 15 percent increase. Global supply beat demand
last year, the first surplus since 1998, London-based metals
trader and manufacturer Johnson Matthey Plc said last month.


Read more at Bloomberg Commodities News

Platinum Rises in New York on Risk of South Africa Strike; Palladium Falls

(Bloomberg) -- Platinum rose in New York on
speculation that miners may strike in South Africa, the world's
biggest producer of the metal. Palladium fell.

South Africa's National Union of Mineworkers rejected an
initial wage offer from Anglo Platinum Ltd., analyst James Steel
of HSBC Securities (USA) Inc. said in a report dated May 31.
South African companies last month started biennial wage talks
for agreements expiring in June.


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Angloplat's R10bn capex plan

The world's biggest platinum producer, Anglo Platinum Ltd, plans capital expenditure of R10bn for its expansion programme this year, parent Anglo American plc said on Tuesday.

The spending is part of a programme planned to boost Angloplat's annual output from 2.7-2.8 million ounces this year to around 3.3 million ounces by 2010, Phillip Baum, the acting chief executive of Anglo's South African unit, said.

Read more at FIN24.co.za

Angloplat failing on black empowerment - Minister

ANGLO Platinum has not shown enough commitment to SA’s black empowerment programme, Minerals and Energy Affairs Minister Buyelwa Sonjica said today. The minister said she raised the issue during talks with incoming Anglo American CE Cynthia Carroll.

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