Amplats to Sell Union, 3 Other South African Platinum Mines

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Anglo-American Platinum (Amplats) said this week it would evaluate offers for its Union mine in South Africa this month.

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The world’s largest platinum producer put the mine up for sale last year.

Amplats is seeking buyers for 4 loss-making mining operations in its South African operations, including Union, as it prioritizes its Mogalakwena open-cast operation in Limpopo for future growth.

Mogalakwena is the world’s lowest-cost platinum-producing mine, according to the company, and was not affected by a 5-month labor strike that crippled the group’s other operations in the first half of this year.

“We are in the process of finalizing preparations for the sale of Union and will be evaluating the interest in October,” Amplats said on its website on Tuesday. The company had also attracted interest from buyers for the 3 other mines in Rustenburg, South Africa.

US palladium bar saw the biggest price decline of the day, dropping 1.5% to close at $779.00 per ounce on Monday, October 13. Closing out a three-day flat streak, the price of Japanese palladium bar moved up 1.5% to JPY 2,742 ($25.19) per gram. The price of Chinese palladium bar remained essentially flat at CNY 174.00 ($28.33) per gram.

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The price of Japanese platinum bar fell 0.9% to JPY 4,378 ($40.21) per gram. Chinese platinum bar prices inched up 0.8% to CNY 268.00 ($43.64) per gram. US platinum bar finished the day down 0.5% to $1,260 per ounce.

After a 0.9% increase, Indian gold bullion finished the day at INR 27,293 ($445.20) per 10 grams. Chinese gold bullion prices rose 0.8% to CNY 243.88 ($39.71) per gram. Japanese gold bullion saw its price rise 0.2% to JPY 4,240 ($38.94) per gram. The price of US gold bullion ended a two-day climb, settling at $1,223 per ounce.

Indian silver gained 1.1% to finish at INR 39,515 ($644.56) per kilogram. At $17.39, the price of US silver finished the market day up 0.3% per ounce. The price of Chinese silver increased 0.3% to CNY 3,940 ($641.51) per kilogram. The price of Japanese silver held steady at JPY 600.00 ($5.51) per 10 grams.

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