Despite Strike Losses, South Africa’s Northam Platinum Wants to Acquire New Mines

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South Africa’s Northam Platinum said it wants to snap up platinum assets in a shake-up of the country’s mining sector, after posting a full-year loss due to a protracted strike at it and other South African miners’ main operations.

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The mid-tier platinum producer said it would use its positive cash position and call on shareholders for funds to enable it to acquire assets.

“We do believe that we have good support from our institutional shareholders. If we have got the government right behind us – and we work shoulder to shoulder – we could be able to raise the money,” Northam chief executive Paul Dunne said at a results presentation on Thursday as reported by Reuters Africa.

US platinum bar prices saw a 1.0 percent decline to $1,445 per ounce. Japanese platinum bar finished the day down 0.5 percent to JPY 4,806 ($46.93) per gram. Chinese platinum bar closed 0.3 percent lower at CNY 306.00 ($49.75) per gram.

Closing at JPY 636.00 ($6.21) per 10 grams on Monday, August 18, Japanese silver saw the biggest change at a 1.9 percent. The price of Indian silver fell 1.6 percent to INR 43,510 ($713.63) per kilogram. The price of Chinese silver declined 1.3 percent to CNY 4,210 ($684.53) per kilogram. US silver closed 1.1 percent lower at $19.64 per ounce.

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US gold bullion finished the day down 1.1 percent to $1,298 per ounce. The price of Indian gold bullion closed Monday at INR 28,422 ($466.16) per 10 grams, halting its two-day flat run with a 1.0 percent decline. At CNY 257.43 ($41.86) per gram, Chinese gold bullion fell 0.9 percent on Monday. Japanese gold bullion ended the day at JPY 4,283 ($41.82) per gram, after the 0.9 percent drop yesterday.

The price of US palladium bar increased 1.7 percent to $894.00 per ounce. Following a couple of essentially changeless days, the price of Chinese palladium bar rose by 1.0 percent, closing at CNY 195.00 ($31.71) per gram. Japanese palladium bar stayed flat at around JPY 2,940 ($28.71) per gram.

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