Prophecy Platinum Corp. (NKL), has scored a major talent coup by attracting a trio of credible and experienced mining executives to advance its flagship Wellgreen platinum, nickel and copper project in the Yukon Territory.
Despite market rumours indicating otherwise, South Africa’s platinum producer Lonmin (LON:LMI) rejected Friday a reverse takeover bid by Xstrata (LON:XTA), its unhappy largest shareholder, as it announced a loss before tax of $698 million in the financial year ending in September.
Inside sources claim platinum miner Lonmin (LON:LMI) will price an upcoming share offer at a 45% discount to the theoretical ex-rights price (TERP) on Friday, in the hope of raising a total of $800 million.
A new report by Johannesburg-based South Africa Resource Watch (SARW) claims that China is exploiting cheap labor in the sub-Saharan nation and subjecting employees in the mining industry to harsh working conditions.
In what it shouldn’t come as a surprise for anybody who has been following the news in the last three month, South Africa reported Thursday its mining output dropped 8.3% on the year in September.
