South African platinum operations around the city of Rustenburg will face water restrictions soon, created to help mitigate problems caused by a drought.
“This is potentially important. Mines are huge users of water in the processing operations and in some cases the mining operations. It’s a very arid part of the world,” said Jonathan Butler, an analyst at Mitsubishi (Mining Weekly).
“The world’s three largest platinum producers, Anglo American Platinum (Amplats), Impala Platinum and Lonmin all have operations in the area although Amplats’ mines are not producing at the moment because of a week-long strike.”
On Thursday, October 3, the day’s biggest mover was Indian silver, which saw a 4.4 percent decline. Japanese silver prices saw a 2.7 percent decline. Following a two-day drop, the price of US silver increased by 2.6 percent. The price of Chinese silver remained essentially flat.
Japanese gold bullion took a large hit on on Thursday, sliding down 3.6 percent. Following a 2.2 percent rise on Thursday, the price of US gold bullion closed. After dropping for two days, the price of Indian gold bullion flattened. Chinese gold bullion held its value yesterday.
Japanese platinum bar fell 1.9 percent on Thursday. The price of US platinum bar rose 0.7 percent after a two-day drop. The price of Chinese platinum bar held steady.
Japanese palladium bar finished the day down 2.5 percent. Following a two-day drop, the price of US palladium bar increased by 0.1 percent. The price of Chinese palladium bar saw little movement.