Glencore to Divest Stake in Platinum Miner Lonmin

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Glencore Plc, the mining and commodities trading company headed by billionaire Ivan Glasenberg, said it’s planning to distribute its 23.9% holding in platinum producer Lonmin Plc to its own shareholders, Bloomberg News reported.

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“As we do not trade platinum and have no special insight into the market, we believe that it is better to leave to our shareholders the decision as to how to manage the Lonmin shares,” Glasenberg said in a statement Wednesday.

Shares of Lonmin, the world’s third-biggest platinum producer, slumped 5.6% to 162.8 pence by 1 p.m. in London. Glencore’s stake is worth about $347 million. Glencore was little changed at 271.4 pence.

On Tuesday, February 10, Japanese palladium bar fell by 1.8% to JPY 2,979 ($25.12) per gram, making it the day’s biggest mover. US palladium bar closed 0.6% lower at $777.00 per ounce. After a couple of days of decreasing prices, the price of Chinese palladium bar held steady at CNY 176.00 ($28.17).

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US platinum bar prices saw a 0.4% decline to $1,215 per ounce. Japanese platinum bar ended the day at JPY 4,647 ($39.19) per gram, after the 0.3% drop on Tuesday. Chinese platinum bar held its value yesterday at CNY 262.00 ($41.93) per gram.

After falling for two days, the price of US gold bullion rose 0.4% to $1,239 per ounce. The price of Indian gold bullion is back up, rising by 0.4% on Tuesday to close at INR 27,292 ($439.17) per 10 grams. Following a 0.4% rise yesterday, the price of Chinese gold bullion closed at CNY 250.35 ($40.07) per gram. The price of Japanese gold bullion rose 0.3% to JPY 4,743 ($40.00) per gram after a two-day drop.

US silver finished the day up 1.7% to $16.97 per ounce. Following a two-day drop, the price of Chinese silver increased by 0.6% to CNY 3,575 ($572.16) per kilogram. The price of Japanese silver rose 0.5% to JPY 643.00 ($5.42) per 10 grams after a two-day drop. The price of Indian silver fell 0.3% to INR 37,762 ($607.64) per kilogram.

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