Platinum Price Jumps as Nymex Bears Wake Up to Mining Output Cut

 

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These help us understand how visitors use our websites so we can improve them. January 4 December 28 November 39 October 38 September IMP announced steep output and job cuts in a bid to reduce costs and return to profitable production of the beaten-down precious metal.

Reuters broke the story late Wednesday , reporting one source as saying that "up to 1, jobs could be affected. South African media covered the official news release at 9am in Johannesburg, with international refining giant Heraeus then alerting its client-base with a quick analysis of the news at lunchtime in Europe. Such " extreme [bearish] positioning suggests scope for short-covering activity if prices stabilize or demand data picks up," said bullion market-making bank Standard Chartered's Suki Cooper last week.

Impala's revised plan looks to cut 's platinum output by , ounces per year versus previous expectations, says the Heraeus note. Impala's projected drop in output will move it behind current No. Sibanye's proposal would cut 12, of Lonmin's 32, jobs. Predicting a "small deficit" of supply to demand, "We think this will be fuelled It was known by the Spanish in , when the navigator, explorer and Spanish astronomer Antonio de Ulloa arrived in South America.

In , it was taken to China. For several centuries it was used to forge gold, because of its similarity of density. Charles Wood, a metallurgist, found several samples of Colombian platinum in Jamaica, where he sent William Brownrigg for investigation. Antonio de Ulloa, also named as the discoverer of platinum, returned from Spain after the Geodesic Mission of France in , serving an eight year journey. It is said that during this expedition, he described the platinum calcination process is irreplaceable, anticipating the findings of the platinum mines.

After publishing this study in , he stopped researching this new metal. In , he was sent to superintend mercury mining operations in Huancavelica. Chabaneau succeeded in removing various impurities in platinum ore, including gold, mercury, lead, copper and iron. He believed he was working with a simple metal, but trusted that the rock contained some unknown chemical element of PGMs.

This led to inconsistent results in their experiments. At the time, he noted that platinum seemed pliable, but when mixed with iridium, it became much more fragile. Occasionally the material underwent a complete combustion, but when called with osmium, he noticed that it became a more volatile material. After a few months, he managed to produce 23 kilograms of pure, malleable platinum, by pounding and compressing by way of a sponge with rubrobranca colouring.

This started what is known as "Platinum Age" in Spain. In , it was found in large numbers in Russia Urals , becoming commercialized. In , Gerhard Ertl won the Nobel Prize in Chemistry for determining In detail the molecular mechanisms of carbon monoxide oxidation in a catalytic platinum converter. The rest, about Introduction Platinum is a precious metal that, when pure, has a white-opaque gray colour.

Characteristics Platinum the Spanish platinum, diminutive of plata, silver has a chemical element symbol of Pt, atomic number 78 78 protons and 78 electrons and atomic mass of u. History The Andean people found platinum and used it as a substitute for silver. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.