[miningmx.com] – SOUTH Africa’s platinum sector should be closing less profitable or unprofitable mines rather than selling them, said BDLive citing the views of Paul Smith, COO of Wesizwe Platinum, a project development company.
“The industry is blindly producing flat out, irrespective of the reality of the metal price. It’s a disaster,” Smith told BDLive. “We all expected a huge deficit and an enormous bounce in the price, but that’s not going to happen. We just have to get real on oversupply otherwise we will destroy our own industry,” he said.
Smith told BDLive that the company had sought an investor for its stake in Platinum Group Metals’ Maseve project which he believed offered his firm below satisfactory returns, but had not been successful despite some initial interest.
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