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Wednesday, 23 October 2013
Platinum Group suffers funding setback at South Africa mine
In a mining sector struggling with a toxic combination of rising costs, falling prices and labour unrest, Vancouver-based Platinum Group Metals Ltd. believed it could buck the trend.
That dream has now taken a serious hit, with one of its partners abruptly pulling out of its $506-million platinum mining project in South Africa. It’s just the latest blow to the slumping platinum industry, beset by labour violence and soaring costs, although the Vancouver company is optimistic that it can keep its plans alive.