Double-edged sword for Zimbabwe miners



Few companies would choose Robert Mugabe as a business partner, but platinum and palladium miners are having to do just that. Although such a move is onerous for the companies concerned, the outlook for the precious metals they mine is much brighter.

As part of the Zimbabwean government's indigenisation programme, mining companies have 45 days to come up with plans to allow the government to take controlling stakes in them within the next six months, the government-owned Herald newspaper reported on Friday. The precedents are not promising. Zimbabwe's land grab in 2000 led to food shortages and hyperinflation.

Zimbabwe produces 4.5 per cent of the world's platinum and 3 per cent of palladium supplies, according to Johnson Matthey, the world's biggest platinum distributor.

The disasters in Japan depressed the price of both metals, which are used in the production of catalytic converters for cars. Japanese companies such as Toyota have suffered disruptions to their production estimates.

Palladium, currently trading at US$738 per ounce, is also used in mobile phones and computers, while platinum, trading at $1,739 per ounce, is renowned among jewellery makers as a "white gold".

Robin Bhar, a metals analyst at Credit Agricole, said metal markets were waiting to see the outcome of the miners' plans before rushing to conclusions.

"In a market that's fairly supply-constrained going forward, obviously this news isn't going to help," he said.

Jeff Rhodes, the regional chief executive and global head of precious metals at Intl FC Stone, a commodity trading and advisory company, said there would eventually be higher demand for precious metals.

"As the recovery kicks in you'll see much higher prices," Mr Rhodes said.

"At some point this year, we expect to see platinum north of $2,000 per ounce and palladium above $1,000 ounce."

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
THE%20SPECS
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The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

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You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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The Case For Trump

By Victor Davis Hanson
 

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

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Walls

Louis Tomlinson

3 out of 5 stars

(Syco Music/Arista Records)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Key developments

All times UTC 4

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5