Friday, January 25, 2008 5:18:49 PM
Last Update: 1/25/2008 11:52:03 AM
By Jerry A. DiColo
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Stillwater Mining Co. (SWC) rose 22% Friday on
record platinum prices and high palladium prices resulting from recent production
curtailments in South Africa due to uncertain power supply conditions.
Spot platinum reached a record $1,697 a troy ounce, up 15% from Wednesday's low
and up more than 50% from year-ago levels.
Spot palladium recently traded at $384.50 a troy ounce, up 5.3% from Wednesday's
low.
On Friday, a spokesman for Anglo Platinum Ltd. (AMS.JO), the world's leading
producer of platinum, announced it has suspended all operations in South Africa
after the country's power supplier said it couldn't make guarantees about the
supply of electricity to mines.
And Impala Platinum Holdings Ltd. (IMPUY), the global platinum number two, also
halted operations at its largest mine near Rustenburg, South Africa, said
spokesman Bob Gilmour.
Stillwater, a Columbus, Mt., platinum and palladium mining company, operates
mines in south central Montana, and according to its most recent annual report is
the sole producer of platinum and palladium in the U.S.
"Commodities are up, people want to play that theme, but they're not sure if they
can play it with South African stocks," said Victor Flores, an analyst with HSBC
Global Research.
South Africa has been hit with an escalation in the number of power cuts, or load
shedding, for more than a week as power company Eskom Holdings Ltd., the supplier
of about 95% of electricity used in the country, struggles to meet demand due to
repairs and maintenance work at plants.
Stillwater shares recently were up $1.84 to $10.20 on nearly twice the average
daily volume.
-By Jerry A. DiColo, Dow Jones Newswires; 201-938-2007; jerry.dicolo@dowjones.com
(Robb M. Stewart contributed to this report.)
(END) Dow Jones Newswires
January 25, 2008 11:52 ET (16:52 GMT)
http://stockcharts.com/h-sc/ui?s=SWC&p=D&yr=0&mn=6&dy=0&id=p88369089267
Recent GOLD News
- Twiga Partnership Leads Extractive Industry’s Contribution to Tanzanian Economy • GlobeNewswire Inc. • 10/05/2024 12:00:00 PM
- Lumwana’s Super Pit Expansion Officially Launched • GlobeNewswire Inc. • 10/02/2024 06:51:40 PM
- Barrick and Mali Reach Agreement to Settle Disputes • GlobeNewswire Inc. • 09/30/2024 06:35:12 PM
- Porgera Mine Working with UN and Enga Provincial Government to Provide Humanitarian Aid to Violence-Stricken Province • GlobeNewswire Inc. • 09/20/2024 03:35:21 PM
- Barrick Continues to Unlock Value Embedded in Its Asset Base • GlobeNewswire Inc. • 09/17/2024 05:00:29 PM
- Feasibility Study on Lumwana Super Pit Expansion Expected by Year-End • GlobeNewswire Inc. • 09/11/2024 09:00:00 PM
- Key Projects Advance as Barrick Keeps Tight Focus on Value Creation and Growth • GlobeNewswire Inc. • 08/12/2024 10:00:00 AM
- Barrick Declares Q2 Dividend and Buys Back Shares • GlobeNewswire Inc. • 08/12/2024 09:59:00 AM
- U.S. Futures Steady as Markets Await Key Inflation Data, Oil Prices Climb • IH Market News • 08/12/2024 09:47:41 AM
- Mining Plays a Vital Role in Advancing the UN’s Sustainable Development Goals, says Barrick • GlobeNewswire Inc. • 08/02/2024 06:45:39 PM
- Porgera Remains On Track Despite Mulitaka Landslide Challenges • GlobeNewswire Inc. • 07/25/2024 11:00:00 AM
- Higher Q2 Production Puts Barrick On Track to Deliver 2024 Targets • GlobeNewswire Inc. • 07/16/2024 11:00:00 AM
- Barrick Continues to Invest in Mali • GlobeNewswire Inc. • 07/09/2024 07:00:00 PM
- Exploration Success, Capital Investment and Reserve Growth to Sustain Kibali’s Production Profile • GlobeNewswire Inc. • 07/02/2024 04:00:00 PM
- Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims • GlobeNewswire Inc. • 06/07/2024 11:18:39 AM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/29/2024 08:01:04 PM
- Barrick’s Sustainability Strategy Delivers Real Value to Stakeholders • GlobeNewswire Inc. • 05/15/2024 11:00:00 AM
- Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica • GlobeNewswire Inc. • 05/01/2024 10:15:00 AM
- Barrick to Ramp Up Production As It Remains On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 05/01/2024 10:00:00 AM
- Barrick Declares Q1 Dividend • GlobeNewswire Inc. • 05/01/2024 09:59:00 AM
- Barrick Announces Election of Directors • GlobeNewswire Inc. • 04/30/2024 08:15:55 PM
- Barrick On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 04/16/2024 11:00:00 AM
- Notice of Release of Barrick’s First Quarter 2024 Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Strategy-Driven Barrick Builds on Value Foundation • GlobeNewswire Inc. • 03/28/2024 09:20:38 PM
- Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base • GlobeNewswire Inc. • 03/20/2024 02:00:00 PM
Unitronix Corp. to Invest $3 Million in USA Unity Coin Project • UTRX • Oct 7, 2024 7:08 AM
North Bay Resources Announces Assays up to 5 oz/ton Gold, 1.5 oz/ton Platinum, 0.5 oz/ton Palladium, and 0.5 oz/ton Rhodium at Mt. Vernon Gold Mine, Sierra County, California • NBRI • Oct 4, 2024 9:15 AM
Basanite, Inc. Appoints Ali Manav as Interim Chief Executive Officer • BASA • Oct 3, 2024 9:15 AM
Integrated Ventures Announces Launch of MedWell Facilities, LLC and Lease Agreement with Giant Fitness Clubs • INTV • Oct 3, 2024 8:45 AM
Beyond the Horizon: Innovative Drug Combinations Offer New Hope for Alzheimer's and More • NVS • Oct 3, 2024 8:45 AM
SMX and FinGo Enter Into Collaboration Mandate to Develop a Joint 'Physical to Digital' Platform Service To Enhance Natural Rubber Industry's Ability to Report on Sustainable and Ethical Supply Chains • SMX • Oct 3, 2024 7:00 AM