Amplats sees profit more than doubling on metals rally

Summer is the season for drilling, and with the uptick in the precious metals market since 2016, companies are finally able to have the budgets to properly explore their prospects, says Brien Lundin, editor of Gold Newsletter.

The country's Reserve Bank has ordered platinum and chrome miners to surrender 80 percent of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage.

While suppliers are not required to comply with the 2017 Charter, the procurement targets for Holders indirectly require them to meet such targets to remain competitive.

South Africa's mineral resources department has withdrawn its plan to impose a moratorium suspending the issuance of new mining and prospecting rights, which had drawn a court challenge by an industry group.

The country's ultimate objective is to have its own space mining agency by the end of the year.

The Bokoni mine, a joint venture between Atlatsa and Anglo Platinum, produces around 150,000 ounces of platinum group metals per year.

South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.

South Africa's Anglo American Platinum (Amplats) expects half-year profits to fall by as much as 67 percent due to a stronger rand, lower sales and post-tax impairments, the company said on Tuesday.

The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.