Absa Sells Implats Stake as Platinum Prices Fall, Costs Rise
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Absa Group Ltd.’s money management unit sold all its shares in Impala Platinum Holdings Ltd. after the price of the precious metal fell more than a fifth in 2011 and as prospects for South African platinum miners deteriorated.
“The platinum price just isn’t high enough to sustain cost growth,” Chris Gilmour, an analyst at Absa Investments, said in a presentation to the media in Johannesburg today. “Platinum stocks are looking pricey.”