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Impala Platinum sees little prospect of new platinum mines being built in South Africa as the industry struggles with a price slump, its chief executive Nico Muller said on Thursday.
“It’s highly improbable that you’re going to see material investment in new PGMs production in South Africa,” Muller said on a media call. Platinum, of which South Africa is the world’s top supplier, and palladium prices will continue to hover below $1,000 an ounce this year due to overstocking, according to aPlatinum miners are bound by antitrust rules which prohibit them from voluntarily cutting output to stimulate prices, Muller said.
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