Anglo Platinum is in talks with customers to move to a market related contract price for its rhodium after the metal hit record highs.

The metal is currently priced at $8,650 per troy oz and is used in platinum alloys and auto catalysts.

Anglo Platinum achieved an average price on sales of $4,344/oz during 2007 and this had affected long-term contracts.

According to Mining Weekly the firm is at an advanced stage of negotiations to achieve mutual recognition with customers and hopes to impose "structural changes to the rhodium market affecting the US dollar price of the metal".

"The objective of the negotiations is to move towards a contractual price for rhodium that is market related," the world's biggest platinum producer added.

Each platinum ounce sold during 2007 had a basket price increase of 31 per cent while rhodium only increased by 23 per cent for the year.

Sources:

Angloplat says in talks to sell rhodium at 'market-related' prices, 11/02/08
http://www.miningweekly.co.za/article.php?a_id=126576

Current and Historical prices, 11/02/08 10:45 GMT
http://www.platinum.matthey.com/prices/current_historical.html

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