Platinum

South Africa took a step closer on Thursday to create a standalone mining company that will take charge of the government's role in the country's rich resources and with ambitions of becoming involved in the continent's mining sector.

The Business Standard reports now that platinum trades more in line with the gold price, Indian jewellery buyers are moving back into gold.

A new survey by The Economist Intelligence Unit finds when institutional investors interested in frontier markets were asked to choose two regions out of five, two-thirds see Africa – projected to be the fastest growing region on the planet this year – as holding the greatest opportunity.

Shares in Aquarius Platinum Ltd. (LON, ASX: AQP), the fourth- largest producer of the metal, dropped 11% this morning in Johannesburg, the deepest decline since October 2008, after the company announced that Zimbabwe has rejected a joint proposal with Impala Platinum Holdings Ltd. (PINK:IMPUY) to meet local ownership rules.

The Zimbabwe Chamber of Mines says the government's hike of pre-exploration fees for the majority of minerals – by as much as 8,000% – together with increased royalty rates will cripple the industry.

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.