Tuesday, May 28, 2013

South Africa May Intervene to Support Gold, Platinum Mining Industries

 Gold $1379.70, platinum (spot) $1450.60.
From Reuters via MineWeb:
CAPE TOWN (Reuters) - 
South Africa may take unspecified "interventions" in the gold and platinum sectors as part of a state plan to maintain the viability of the industries, mines minister Susan Shabangu said on Tuesday.
"I have directed my officials to urgently explore all available avenues and develop a rescue plan," she said in a speech to parliament.

There would be a "particular focus on both supply and demand-side interventions," she said.

The world's top platinum producers, South Africa and Russia, agreed to attempt to cope with excess supplies of the metal through a memorandum of understanding signed in March during the BRICS emerging market powers meeting in Durban.

Shabangu gave no other details as to what the interventions might involve....MORE