Rand sinks platinum, palladium prices

In order to increase production and reduce cost per ounce at its flagship Lac des Iles mine, North American Palladium (TSE:PDL) is raising Can$43 million on a bought deal basis for capital expenditures.

Vancouver-based Eastern Platinum was forced to issue a clarification over contained platinum resources at its South African PGM properties following a review by the British Columbia Securities Commission.

On Wednesday, a day after after all three major global ratings agencies – Fitch, Moody's and Standard & Poor's – placed South Africa's credit rating on negative outlook, home affairs minister Nkosazana Dlamini-Zuma became the latest senior figure in the ruling ANC party to join a growing chorus calling for state control of mining.

The world's largest producer of platinum, Anglo American (LON:AAL), says it will be reporting a 20% earnings decline when it reports its next six-month period.

The Marathon Project, located near Lake Superior in Ontario, has anticipated annual production of about 200,000 ounces of palladium and platinum and 37 million pounds of copper.

Base and precious metals continued to rally in New York trade after the EU moved "to break the vicious circle between banks and sovereigns" early on Friday.

There’s "no semblance of a safe-haven" at the moment and "the technical profile of bullion is also weak."

But management of the equipment behemoth has stuck to their forecasts for a record-breaking year.

The African National Congress has proposed a tax to raise R40 billion: the Resource Rent Tax would take 50% of a mining company's profits that exceed 15% return on their investment.