Rhodium

Platinum, palladium to resume uptrend soon Commerzbank looks for Platinum to rise into year-end. These markets “tightened considerably” last year due to a rebound in demand following the recession-related weakness of the previous year. “The

Reuters reports Zimbabwe could take over mines that fall short of laws requiring them to sell majority stakes to locals by September, a government minister said on Wednesday. Mineral-rich Zimbabwe has the world's second largest known platinum reserves after neighbouring South Africa and foreign miners working there include Zimplats Holdings, a unit of Impala Platinum, global mining giant Rio Tinto, and Anglo Platinum.

South Africa's Pilanesberg Platinum mining operations remain halted more than a week after employees of a contractor disrupted operations through intimidation of supervisors, industrial action and damage to property and equipment. The company said in a statement released on Monday its concentrator has operated at full capacity throughout and produced a record amount of metal in June. Platmin has lost a tenth of its value on the Toronto bourse since halting operations and is down more than 40% over the last twelve months. The mid-tier producer has a market capitalization of some $510m.

Exchange traded funds that invest in platinum and palladium were lower in the first half of 2011 on concerns about the global economy, the Japan earthquake and the European debt crisis. Platinum and palladium are precious metals like gold and silver. However, they are also favored for their industrial uses, such as automobile production.

Police have arrested two men in connection with a theft of platinum worth over NT$44 million from a high-tech company in Hsinchu County, officials said yesterday. Police also managed to recover 18 kilograms of platinum from the suspects during the arrests in Taoyuan

BIV reports that Eastern Platinum, a Vancouver-based precious metals producer (TSX:ELR), will fight a class action lawsuit filed against it earlier this week: On Tuesday, Siskinds LLP, a London, Ontario-based firm, filed a suit in the Superior Court of Ontario that alleges Eastern failed to disclose “material information” about an interruption of operations at its Crocodile River mine in January.

Precious metals consultants CPM said total global platinum supply rose during 2010, as platinum mine supply increased for the first time in three years.

Bloomberg reports South Africa risks cutting the mine output that contributes 8.8% of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings said. Mine operators in South Africa are compelled by law to sell 26% of their assets to black investors by 2014 and boost numbers of black managers to help make up for discrimination during apartheid. Some companies had missed targets for 2009, the mines minister said at the time, adding that the industry had “not lived up to the spirit and intent” of the law.

China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.