The new trading week opened with mixed showings in the precious metals’ complex. Spot gold fell about $5 to the $1,730 bid area, while spot silver eased by 13 cents to near $33.55 per ounce. Platinum advanced $5 to $1,593 and palladium gained an equal amount, to touch $657.
Turbulent market conditions and weak platinum group metals (PGMs) prices have forced Impala Platinum to reconsider the terms of its proposal to buy Mvela Resources and Northam Platinum to secure control of the Booysendal platinum project.
The minerals and energy department expects to make a decision as soon as possible on the empowerment credits due to Anglo Platinum on yesterday's announcement of a deal involving Impala Platinum, Northam Platinum and Mvela Resources.
Impala Platinum, the world's second-biggest producer, has seen increased acquisition opportunities in the junior platinum sector because of the recent fall in metals prices and more difficult capital-raising markets.