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Don't Bet on More Platinum Supply Anytime Soon
The recent jump in platinum-group metals prices is boosting miners’ profits, but that doesn’t mean they are likely to increase supply anytime soon, according to the world’s No. 1 producer. Prices for platinum, palladium and rhodium have all gained in recent months, boosting earnings for miners in top supplier South Africa. The so-called rand basket price for the industry has increased by 20 to 25 percent this year, said Anglo American Platinum Ltd. Chief Executive Officer Chris Griffith. Still, new supply will be limited. It takes five to seven years to open a new mine from scratch and there are other ... (full story)