Last Updated : 06 October 2012 at 11:15 IST
South African Platinum output losses approaching 400,000Oz: Barclays
Source :Commodity Online
Barclays estimated that some 80,000 ounces of output has been lost to the industry as companies put some mines on “care and maintenance” due to the combination of low prices much of the year and the weaker South African rand.
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LONDON (Commodity Online): Platinum production losses in South Africa are continuing to balloon largely due to the impact of labor-related supply outages, said Barclays Capital in a commodity research note.
According to the British bank, Lonmin and Impala Platinum have reached agreements with unions but Anglo American Platinum has yet to reach a deal at its Rustenburg operations.
Barclays estimated that some 80,000 ounces of output has been lost to the industry as companies put some mines on “care and maintenance” due to the combination of low prices much of the year and the weaker South African rand.
Section 54 safety stoppages also occurred. Impala lost an estimated 120,000 ounces earlier in the year due to labor issues, and the Lonmin strike settled last month meant roughly 100,000 of lost ounces. More losses are occurring as some Anglo American Platinum output remains shuttered.
“Platinum production losses are closing in on the 400koz mark and have tightened the platinum market oversupply…but our estimates imply the market remains within a modest surplus and is closer to a balanced market, rather than a sizeable deficit,” Barclays concluded.
