Hedge funds up bullish platinum, palladium bets near record

Brazillian miner Vale SA said Tuesday it is gradually resuming mining at its underground nickel operations in Sudbury, Canada.

Anglo Platinum, the world's number one platinum producer, suffered more than 80 safety-related work stoppages including 12 fatalities, that resulted in lower output and a drop in profits of over 60% in 2011.

A £50-million diamond and platinum skull by the once notorious Damien Hurst will be featured in a retrospective of the artist this summer in London.

South Africa's ruling party, the African National Congress, appears to be moving away from nationalization of the mining industry to reassure foreign investors but is considering new taxes and "targeted interventions" in the sector, particularly platinum mines.

Treasure hunters are working to recover cargo on a World War II merchant ship, which was sunk by German u-boats just off Boston, that was carrying 71.4 tons of platinum, estimated to be worth $2.5 to $3 billion.

Aquarius Platinum CEO, Stuart Murray, announced frustration with the platinum industry due to strikes, regulatory hurdles and PGM oversupply.

Standard Bank maintains that while platinum prices over the long term are bolstered by a difficult supply outlook, over the short term, its prospects aren't as good.

Impala Platinum Holdings (JSE:IMP), a leading producer of PGM and responsible for 25% of global platinum output, is losing its CEO.

South African platinum group metal production was down 2.7 percent for the three months ended November 2011 compared with the three months ended August 2011.