JOHANNESBURG (Mineweb.com) -- After a relatively moderate 30% gain at the half year, the Johannesburg Platinum index ended up more than doubling its value in 2005.
Platinum's price shot through $1,000/oz recently, propelling the shares of producers of the white metal. About 80% of the world’s platinum production comes from South Africa, with the rest coming as a by-product from palladium producers in Russia and the US.
Shares in Aquarius Platinum, number two at the half year, went up by 167% from January 1 to December 23, as the company, a junior producer, continued to maintain profits, as well as open its new mine, Everest South.
The company is currently in dispute with its contracted miner at the Marikana open pit mine. While recent announcements have pointed at Aquarius requiring to pay R160 million in back payments to the contractor, just last week Aquarius made a counter claim of R1 billion against the contractors.
The dispute does not seem to have had any detrimental effect on Aquarius’s share price.
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