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Bafokeng Platinum shares fall

June 21 2012 at 04:27pm
By Reuters

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CorporateBusiness

Shares in Royal Bafokeng Platinum, a junior producer of the precious metal, fall sharply as company says its plans to review capital expenditure plans because of tough market conditions and to defer at least three projects.

At 15:45 SA time, the group's share price is down 3.30 percent to 55.00 rand after earlier sliding over 4.5 percent.

The company is the latest platinum producer to signal either an operational review or closures as the industry struggles with soft global prices, labour unrest and rising costs in South Africa, home to close to 80 percent of known reserves for the precious metal used to build emissions-cutting catalytic converters in automobiles. - Reuters


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