Metal Prices Boosted By A South African Move To Close Its Mines
Forbes - A major “outage” event, the closure of South Africa’s big mining industry for 21 days as a precautionary measure to stave off the spread of the coronavirus, is expected to flow into the prices of a wide range of minerals and metals.
Platinum, is likely to benefit most from the shock decision which coincides with the South Africa Government announcing a nationwide lock-down designed to restrict movement of people.
Last year, South African supplied an estimated 75% of the world’s platinum and 40% of its sister metal, palladium. It is also a major producer of iron ore, coal, manganese titanium minerals, gold, and a range of other industrial commodities.