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.
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.
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.
Zimbabwean platinum producer Zimplats has been accused of underpaying royalties by the Zimbabwe revenue authority and is now locked in a legal battle to fend off a $28 million claim for outstanding payments.
Hard Assets Investor reports precious metals ETFs enjoyed solid $5.9 billion inflows last year that brought total assets in the sector to just under $98.5 billion; a figure that represents just under two-thirds of all exchange-traded products including energy and agriculture.
