Manitoba Mining Information

Platinum is Looking at New Highs

Power shortages shut most mines in South Africa, source of about three-quarters of world platinum supplies, for five days last month. Eskom Holdings Ltd., the country’s state-owned utility, has told major customers that it won’t have sufficient capacity to guarantee adequate power until 2013.

“People are going for metals, crude oil and other commodities for fear of dollar weakness,'’ Ng Cheng Thye, head of precious metals markets at Standard Bank Asia Ltd., said by phone from Singapore. “Platinum and palladium are particularly strong because of what’s happening in South Africa.'’

Platinum for immediate delivery was little changed at $1,892 an ounce at 9:55 a.m. Singapore time, after rising as high as $1,892.50, close to the record $1,893 seen Feb. 8. Palladium for immediate delivery traded 0.5 percent higher at $441 an ounce.

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