Sibanye-Stillwater has contingency plans in place to minimize the possible impact of a strike at its South African platinum operations, Chief Executive Neal Froneman said on Tuesday. The Association of Mineworkers and Construction Union (AMCU) announced on Monday that it is planning to strike at Sibanye-Stillwater’s local platinum operations, expanding an earlier stoppage affecting its… Read More
Platinum’s lesser-known cousin keeps going from strength to strength. Palladium, once considered an unattractive byproduct of platinum mining until the rise of catalytic converters in the 1970s, is hitting new records. Spot metal peaked at an all-time high $1,344.41 a troy ounce Wednesday. Over the past month, it’s been more costly than gold, which hasn’t… Read More
Nov 29 (Reuters) – Lonmin Plc, which is being bought by Sibanye-Stillwater, reported its first annual operating profit in four years as cost cuts by the platinum miner paid off. Lonmin also said on Thursday it expects Sibanye’s deal to close early next year, but cautioned that some uncertainty still exists over its completion, which… Read More
In an interview on CNBC on Oct. 11, economist Carl Weinberg told the business network that China is going to compel Saudi Arabia to sell them their oil in the Yuan currency, which will have a serious consequence to the dollar and the Petrodollar system.
Beijing is likely to “compel” Saudi Arabia to sell crude oil in yuan, and others will follow, according to the chief economist and managing director at High Frequency Economics Carl Weinberg. This will hit the US dollar, he says. In an interview with CNBC Weinberg said China has become a key player in the oil market since overtaking the US to become the world's largest importer. Saudi Arabia has “to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf US demand,”Weinberg told the media.
“I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them,” he added. A..