Platinum Miner Sees Opportunity in Supply Cuts
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Canada’s Platinum Group Metals Ltd. says its low-cost South African projects will benefit as competitors shut down old unprofitable mines, slashing global output by as much as 35 percent.
South African producers, the source of more than 70 percent of the precious metal, are under pressure to close or sell their least-efficient operations amid the lowest platinum prices in five years, dwindling ore grades and higher labor costs they agreed to during a five-month strike, according to Platinum Group Chief Executive Officer Michael Jones.