commiss decis april declar concentr incompat common market function eea agreement case iv gencor lonrho text eea relev english text authent ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend act access austria finland sweden articl thereof regard commiss decis decemb initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr procedur consider concern gencor limit south africa gencor lonrho plc unit kingdom lonrho jointli notifi transact acquir joint control compani impala platinum hold limit implat implat hold gencor platinum group metal pgm mine refin interest lonrho platinum activ held compani eastern platinum limit eastplat western platinum limit westplat form lonrho platinum divis lpd gencor jointli control south african nation life insur compani sanlam rembrandt group limit rembrandt mean articl regul eec hereinaft merger regul decis date decemb commiss order suspens concentr pursuant articl articl merger regul final decis decis date decemb commiss found concentr rais doubt compat common market commiss initi proceed case pursuant articl merger regul parti gencor intern metal miner resourc group base south africa lonrho british compani interest mine refin hotel agricultur gener trade ii oper propos transact lead lonrho gencor acquir joint control implat lpd oper involv step acquisit joint control lonrho gencor implat gencor hold rest share capit held public acquisit sole control implat compani eastplat westplat todai hold platinum activ lonrho lonrho hold implat return transfer lonrho implat interest eastplat westplat lonrho receiv share implat share list johannesburg stock exchang intern stock exchang london issu share gencor lonrho hold share implat remain share held public iii concentr joint control parti appoint director board implat board includ independ execut director execut director employe director lonrho gencor group compani gencor nomine appoint execut chairman cast vote cast vote case board affect item vote pool agreement ensur nomine parti vote similar mechan appli ensur parti vote matter propos gener meet implat board affect item includ entri variat termin agreement contract implat gencor lonrho dispos acquisit singl transact asset combin exce million ecu million approv budget dividend payment issu share manag structur oper give parti joint control implat full function last basi implat continu activ product refin pgm effect oper combin activ implat lpd compani westplat eastplat oper creat larger compani pgm interest parent implat lpd full function compani combin current implat westplat eastplat chang respect joint ventur full function absenc coordin implat eastplat westplat repres entir interest lonrho gencor mine product refin pgm parti agre part oper implat sole medium futur interest primari mine process refin trade oper pgm acquir held group purpos exploit platinum group metal potenti coordin gencor lonrho implat aris oper risk entri parti pgm market parti rembrandt effect stake northam platinum limit northam major sharehold anglo american corpor south africa limit aac liberti life gencor sharehold rest share northam wide held addit state sanlam materi interest pgm mine sanlam rembrandt materi link aac case lonrho futur pgm mine refin interest implat potenti coordin lonrho parent gencor aris notifi transact conclus joint ventur jointli control gencor lonrho full function risk coordin parti aris oper rembrandt parent gencor pgm mine refin interest joint ventur result joint ventur concentr charact mean merger regul iv commun dimens concentr commun dimens articl merger regul undertak concern aggreg worldwid turnov ecu billion ecu billion requir merger regul gencor lonrho commun wide turnov ecu million latest financi year achiev third aggreg commun wide turnov member state impact european econom area parti total sale eea lonrho ecu million gencor ecu million lpd sale pgm made western metal sale lonrho subsidiari base brussel aac platinum oper amplat major south african supplier sell signific proport metal exclus sale agent johnson matthei uk johnson matthei sell custom subsidiari world period western european consumpt pgm account world demand statist treat caution conclud pgm market worldwid pgm travel freeli wide easili sale region incur parti sale custom locat eea export countri lpd sell mitsubishi uk sell ultim custom base japan convers implat largest custom gener motor make purchas north america gener motor resel subsidiari commun consider presenc downstream fabric industri turn pgm semi finish finish product eea includ multin compani base uk germani franc intern market pgm base london good deliveri market take place zurich basi conclud effect world market fulli reflect european union eea vi relev market relev product market background platinum group metal parti activ mine refin metal collect pgm refin defin puriti standard seri complex process pgm occur natur or bodi addit tend concentr ferrou metal iron nickel copper chromium cobalt result natur geolog process pgm constitut singl relev product market individu market specif platinum palladium rhodium iridium ruthenium osmium notif parti state pgm combin autocatalyst varieti applic substitut properti realiti substitut limit pgm fabric note pgm uniqu properti complet substitut place rare slowli thrift reduc quantiti pgm unit product regular featur market total worldwid sale pgm amount ecu billion platinum import sale wide pgm origin group palladium rhodium rank import pgm sale remain pgm iridium osmium ruthenium lesser commerci import account total sale pgm commonli alloi platinum palladium addit small number special applic prefer physic chemic characterist pgm classifi preciou metal due scarciti twentieth platinum produc gold rare metal classifi nobl metal specif pgm demonstr great resist oxid corros abil withstand sever high temperatur melt point dissolv acid excel conductor electr final displai excel catalyt properti catalyst initi speed chemic reaction undergo chang outstand physic chemic properti found wide rang applic includ jewelleri catalyt convert car automot applic spark plug oxygen sensor gener industri catalyt applic industri product process petroleum refin product liquid crystal displai lcd glass electron equip hard disk person comput electron compon multilay ceram capacitor mlcc type wide comput telecommun equip pgm properti render import automot electron chemic industri case platinum jewelleri product consid explor affect market oper market individu refin pgm platinum main platinum main applic platinum autocatalyst industri jewelleri residu basic sold invest purpos section vii discuss substitut platinum metal limit purpos automot applic autocatalyst base platinum palladium rhodium develop elimin danger gase emit motor vehicl exhaust carbon monoxid nitrou oxid nox unburnt hydrocarbon hc function autocatalyst convert noxiou gase harm compon carbon dioxid nitrogen water essenti type commerci autocatalyst manufactur older system oxid platinum palladium catalyst convert hc name system carbon dioxid water newer system perform task system capabl deal pollut nox addit rhodium platinum palladium catalyst system convert hc nox carbon dioxid nitrogen water catalyst call system catalyst platinum rhodium platinum palladium rhodium platinum palladium rhodium vari ratio depend specif requir engin size fuel petrol diesel effici level sought vehicl mass manufactur design technolog platinum advantag pgm absorb wider spectrum gase activ metal hc convers affect lead sulphur fuel work low temperatur reduc nox effici task rhodium perform palladium abil convert hc reduc nox easili contamin slow oper platinum palladium rhodium perform differ catalyt convers requir autocatalyst remov noxiou constitu design automot compon typic requir lead time year costli requir substanti amp test ascertain model meet tighten environment regul automobil manufactur econom feasibl undertak amp requir design appreci irrevers chang pgm price liber environment protect law switch cost automobil manufactur cost pgm involv limit substitut pgm autocatalyt applic substitut complementar pgm demonstr field catalyt convert car diesel engin platinum palladium convert substitut possibl palladium platinum limit purpos parti submit signific scope substitut palladium platinum autocatalyst suggest commiss respect ford nissan engelhard state forefront develop technolog greater relev europ smaller car engin size investig commiss contact compani state platinum rhodium product autocatalyst chang requir costli design compani confirm manufactur palladium autocatalyst commiss recogn palladium substitut platinum type autocatalyst recent year state parti trend continu extent commiss consid limit possibl signific substitut palladium platinum autocatalyst cost design specif properti metal react specif pollut mention properti includ fact lead sulphur render palladium inact diesel engin larg gasolin engin requir platinum catalyst johnson matthei evid fact european vehicl fit brick catalyst system common palladium rhodium catalyst conjunct platinum enabl auto maker advantag palladium effici convert hc emiss retain platinum activ rhodium abil deal nox parti agre palladium total substitut platinum parti repli march question hear palladium increas proport platinum market demand platinum continu remain essenti element autocatalyst industri applic platinum wide util industri applic catalyst gauz manufactur nitric acid fertil glass industri equip made platinum rhodium alloi highli corros oper environ need product high qualiti lcd glass screen comput televis substitut possibl platinum industri applic jewelleri platinum explain global commod product demand platinum jewelleri domin japanes market approxim world demand platinum jewelleri end japanes consum uniqu characterist japanes jewelleri market crucial influenc demand platinum metal substitut platinum signific extent reason high consumpt histor japanes predilect puriti platinum satisfi prefer due standard puriti fact metal whitish appear year import gold japan tightli control tradit platinum jewelleri develop final strength yen recent year rel dollar platinum price support demand platinum preciou metal gold platinum pgm jewelleri preciou preciou metal platinum jewelleri expens gold jewelleri addit higher unit cost platinum jewelleri expens platinum jewelleri higher puriti gold platinum harder work gold explain gold preciou metal substitut platinum japanes jewelleri market commiss obtain data allow assess current market posit platinum versu gold japanes market million piec jewelleri made platinum gold platinum gold combin sold japan tabl platinum account unit piec jewelleri jewelleri sale highlight higher unit cost platinum jewelleri gt tabl gt measur sale platinum account jewelleri stone gold platinum gold combin hand gold account jewelleri stone indic platinum expens jewelleri top end japanes jewelleri market platinum overwhelm choic ring japan engag ring wed ring ring made platinum engag ring made gold platinum gold combin similarli wed ring gold platinum gold superior popular platinum gold platinum gold combin ring remain fairli steadi year due uniqu characterist influenc jewelleri bui pattern japan contrast platinum type jewelleri measur sale platinum account pendant necklac ear sold japan gold platinum good substitut jewelleri purpos usag pattern term jewelleri end substanti differ price level gold platinum jewelleri japanes market indic gold platinum jewelleri larg extent substitut jewelleri purpos importantli price elast estim japanes demand platinum jewelleri confirm platinum subject strong competit metal estim price elast japanes demand platinum jewelleri requir econometr estim commiss part investig current case commiss studi identifi factor influenc price platinum part studi price elast japanes demand platinum jewelleri estim inelast numer smaller low price elast impli low substitut view data conclud demand platinum jewelleri subject strong competit preciou metal japanes market invest demand platinum sold individu compani princip japan hold form platinum bar invest demand specul platinum posit similar gold histor mean payment invest demand platinum reflect underli platinum autocatalyst industri purpos jewelleri give platinum addit evid accumul stock bar coin enter market platinum demonstr johnson matthei platinum interim review show revers invest demand year type bar conclus realiti substitut platinum main applic autocatalyst industri process jewelleri conclus confirm analysi factor influenc price platinum ii factor influenc platinum price platinum freeli trade commod price establish market suppli demand import trader fabric bank deal platinum market platinum price determin fundament platinum platinum market small market term volum compar gold trader fabric bank platinum market specul larg posit acquir difficult market increas risk engag specul set commiss consid fundament suppli demand platinum jewelleri autocatalyst industri purpos critic impact price platinum observ metal analysi outlook order establish fundament suppli demand factor price commiss track import factor affect price year extract journal metal analysi outlook forecast develop market quarter quarter document found import factor forecast south african product expans suspens shaft level recycl platinum level almaz sale russian state forecast nickel product level stockpil offtak autocatalyst car demand jewelleri demand japan econom condit countri yen dollar exchang rate pipelin stock stock process factor enumer show price platinum driven fundament suppli demand factor platinum commiss studi factor affect platinum price movement purpos commiss studi determin import factor drive platinum price main conclus studi platinum price statist correl gold price short term basi necessarili long term basi relationship shown spuriou platinum price driven fundament suppli demand platinum industri correl gold platinum price prove causal relationship price determin signific relationship platinum price major macroeconom indic gold price major macroeconom indic inflat interest rate exchang rate econom growth platinum futur market primarili forward market high level specul activ long term fundament prevail decis price determin factor demand platinum price inelast elast numer section iii platinum market smaller volatil gold evid excess specul activ unlik gold limit stock platinum satisfi period spike invest demand studi confirm platinum market highli specul market fundament suppli demand factor import platinum price price correl platinum gold silver rhodium palladium spuriou price preciou metal gold platinum highli correl high correl impli causal relationship econom price seri data stationari trend automat correl commiss decid undertak elabor analysi correl price platinum gold silver rhodium palladium commiss proceed integr analysi data set price platinum rhodium palladium gold silver price integr analysi econometr method test systemat equilibrium long run relationship time seri data result analysi show data suggest equilibrium long run relationship respect price level platinum rhodium palladium gold silver subset metal econometr analysi metal price platinum rhodium palladium gold silver price tend vari long run independ confirm view platinum rhodium palladium silver gold separ relev product market parti methodolog forecast platinum price import fundament suppli demand factor develop platinum price confirm parti forecast platinum price implat price hard predict short term year depend number factor gold silver price movement interest rate movement exchang rate rumour technolog develop longer term year implat fundament suppli demand balanc suppli surplus synonym weak price invers appli market deficit lpd forecast short term price month mixtur market sentiment specul activ metal avail long term price forecast simpli appli estim inflat factor price short term forecast clear lpd implat view avail metal suppli demand balanc import determin market price platinum conclus analysi factor influenc price platinum platinum price time driven fundament suppli demand factor platinum demand autocatalyst industri process jewelleri platinum price influenc short term specul movement preciou metal gold platinum price driven price preciou metal longer period time iii demand platinum price inelast portion platinum demand account industri process autocatalyst price inelast low price elast basic substitut platinum purpos limit substitut possibl platinum palladium type autocatalyst price elast jewelleri demand japanes market found abovement studi price inelast elast autocatalyst industri process account market japanes jewelleri market mean price elast global platinum market highli inelast remain demand jewelleri japan invest jewelleri market japan inelast demand platinum jewelleri special market product effect invest demand price elast limit conclud price elast total market inelast numer smaller price elast numer smaller impli cross price substitut elast metal smaller competit impact metal high inelast price elast demand platinum separ relev product market demand platinum price inelast current price rang mean shift price level signific substitut start place commiss recogn substanti substitut platinum metal exclud subject lead time greater increas price phenomenon wit case rhodium price rhodium increas ounc begin price increas buyer rhodium start develop work aim find substitut result rhodium disappear extrem situat main concern present case parti repli statement object hereinaft repli argu analysi underli commiss conclus inelast demand platinum robust nera report parti provid evid support assert disput price elast demand platinum inelast iv conclus base analysi commiss agre parti conclus notif platinum constitut separ relev product market palladium palladium industri purpos ounc yearli palladium demand jewelleri alloi platinum allergen whiten agent gold specif palladium substitut platinum jewelleri palladium wide autocatalyst industri catalyst petroleum refin chemic industri emploi reduc loss platinum rhodium convers ammonia nitric acid palladium import strateg raw materi electron compon palladium compon multilay ceram capacitor mlcc compon wide electron telecommun equip singl mobil phone mlcc palladium found or bodi platinum produc albeit refin process compani platinum discuss platinum palladium price vari independ price pgm gold silver price section vi ii limit substitut possibl palladium platinum autocatalyst nickel lower specif electron capacitor commiss agre parti conclus notif palladium constitut separ relev product market rhodium rhodium automot purpos rhodium found or bodi platinum produc albeit refin process compani platinum discuss platinum rhodium price vari independ price pgm gold silver price section ii substitut section price elast close current price rang commiss agre parti conclus notif rhodium constitut separ relev product market ruthenium iridium osmium remain pgm iridium osmium ruthenium lesser commerci import commonli alloi platinum palladium substitut metal base public data price price develop independ metal separ relev product market commiss agre parti conclus notif constitut separ relev product market relev geograph market trade pgm pgm fungibl asset easili transport refin puriti standard world readili trade tariff barrier pgm sold worldwid basi long term contract metal market price pgm bought long term contract link market price index gener fix monthli basi averag daili fix exchang month prior month deliveri price express dollar troi ounc gross platinum palladium metal exchang princip metal exchang platinum palladium london platinum palladium market lppm york mercantil exchang nymex tokyo commod exchang industri tocom defin specif requir platinum palladium determin form weight puriti mark metal conform order trade metal exchang produc recogn good deliveri produc manufactur materi accept trade market number produc recogn agreement lppm market spot market nymex tocom futur market nymex import metal exchang function part integr world market platinum palladium trader regularli act market place simultan trade lppm spot market physic deliveri hedg posit futur market york dealer price rhodium ruthenium iridium osmium price rhodium ruthenium iridium osmium quot metal exchang determin nyd york dealer price johnson matthei base price price market price publish regular basi public platt metal week case johnson matthei base price trader comput screen conclus metal exchang realiti interlink worldwid geograph market world market price express dollar troi ounc platinum palladium market smaller metal develop metal trade global basi publicli quot price express dollar troi ounc due worldwid trade market price determin rhodium ruthenium osmium iridium relev geograph market metal world market vii compat common market eea agreement propos transact reduc number primari produc pgm south africa produc effect control south african reserv platinum south africa lesser extent usa or rich mine content pgm mine pgm product case zimbabw futur russian reserv account approxim worldwid reserv pgm mine product nickel substanti sourc pgm world oper leav firm hold approxim world reserv pgm industri feasibl studi work estim consist confirm south africa remain forese futur import sourc pgm platinum south african produc lpd distinguish parentag european origin meant compani regard outsid industri manag approach south african mine hous consid lean oper pgm mine focu assess centr effect propos oper mine refin platinum rhodium oper found creat domin posit market concern osmium overlap parti lpd produc osmium similarli transact appreci effect palladium market sourc pgm proven probabl reserv stock exist mine primari pgm pgm mine south africa russia minor deposit found usa canada pgm mine south africa take form opencast mine or quarri ground level inclin shaft mine inclin shaft driven ground angl or bed vertic shaft mine case vertic shaft sunk ground horizont tunnel mine therefrom or bed opencast mine cheapest method oper inclin shaft mine lastli vertic shaft mine cost vertic shaft mine increas substanti depth reach addit refriger need longer distanc workforc travel transport or lpd implat opencast mine exist own aac platinum oper amplat gener technolog involv type oper consid matur individu pgm metal produc fix ratio determin natur depend or bodi mine indic offici sourc ratio platinum palladium rhodium merenski reef ug reef countri palladium occur higher concentr rel platinum main russian mine noril sk ratio american mine stillwat canadian mine sudburi product structur result stock oversuppli minor metal mean palladium automat make larger part russian product platinum south african mine platinum import metal account sale revenu tabl south african produc suppli world platinum rhodium suppli russia suppli platinum rhodium russia largest supplier palladium world suppli south africa suppli market share fluctuat year year produc sell stock russian reduc stock view year doubt south africa remain main supplier pgm tabl world reserv locat south africa russia north america gt tabl gt gt tabl gt altern assess reserv complet vermaak platinum group metal global perspect show zimbabw world reserv finland respect discuss actual mine reserv start situ reserv lower bushveld complex finland pgm mine principl econom take place product nickel mine finland produc averag ounc annun platinum period discount major sourc futur case develop long time capit expenditur develop finland signific produc note year extens explor pgm metal undertaken expect land base platinum deposit signific found reserv pgm south africa basic locat bushveld complex km north west johannesburg bushveld complex richest deposit pgm world bushveld complex ellipt shape intrus km size pgm mine or bed merenski reef ug reef vertic merenski reef platreef merenski ug reef locat eastern western part platreef northern part bushveld complex russia pgm basic mine noril sk deposit northern siberia deposit nickel deposit pgm produc product nickel product similarli pgm product nickel canada conclus bushveld complex south africa major area deposit mine pgm content bushveld complex account world reserv pgm russia product mine nickel entri pgm market mine project independ entrant world market pgm year mine ventur zimbabw import project hartlei platinum project joint ventur australian compani delta gold bhp publicli inform or plan mine yearli output plan reach ounc platinum ounc palladium ounc rhodium period correspond world suppli platinum world suppli palladium world rhodium suppli expans amount claim parti repli specul project zimbabw mimosa trial mine oper zimbabw mine smelt compani compani control manag group publish sourc estim trial project produc ounc year eventu expand or appar poorer qualiti hartlei project case expans product foreseen futur number project remain draw board zimbabw canada usa respect stillwat mine usa parti submit product doubl ounc annun end mine minor supplier product level amount annual world suppli addit subject result feasibl studi stillwat product amount total ounc annun year current suppli consid minor realiz note stillwat facil process platinum ship abroad refin econom viabl claim bushveld complex south africa control implat lpd amplat entrant area expect capit intens develop pgm mine total capit expenditur entri term purchas land obtain claim invest equip excess million larg part expenditur repres sunk cost project materi lead time year import project econom feasibl effect market forese futur conclus hartlei mine sourc pgm control exist player insignific actor world market impact total market appear primari pgm essenti continu reserv south africa russia forese futur produc sold amplat implat lpd russian recycl pgm recycl pgm take form close circuit pgm industri catalyst metal refurbish period oper contamin take place loss occur small extent recycl industri process metal toll refin benefit plant oper ownership chang recycl demand industri expand capac small loss replac recycl scrap pgm recycl small quantiti scrap print circuit import sourc scrap autocatalyst johnson matthei estim western world pgm recoveri autocatalyst tabl total consumpt pgm autocatalyst relat scrap recoveri gt tabl gt gt tabl posit gt gt tabl gt tabl show proport platinum recov percentag total consumpt grow slowli reach recoveri palladium rhodium absolut term risen total amount recov autocatalyst pgm increas autocatalyst increas establish collect network north america japan proport reach inher logist cost collect act disincent accumul scrap addit car europ usa export eastern europ world countri mean escap recycl system american experi environment legisl place approxim year recycl pgm account north american autocatalyst annual consumpt parti submit ounc platinum aris recycl autocatalyst year repres virtual doubl level johnson matthei figur repres increas volum recycl materi compar implat forecast consumpt autocatalyst ratio recycl platinum consumpt forecast increas appear ambiti recycl level johnson matthei north america japan europ commiss conclud forecast realiz conclus assess impact recycl note total demand pgm expect increas section vii current recycl rate fulfil demand imbal close circuit recycl pgm fact part market discount hand recycl autocatalyst pgm limit supplementari sourc suppli fact expect chang forese futur final larg proport platinum consum jewelleri industri scrap gener evid demonstr item jewelleri return reprocess basi recycl pgm expect continu limit suppli role forese futur platinum demand current demand pattern year western world demand platinum thousand ounc applic region set tabl figur drawn platinum interim review johnson matthei base consumpt gt tabl gt gt tabl gt demand platinum autocatalyst account industri demand amount jewelleri total demand proport broadli similar period respect jewelleri proport motor vehicl sector increas industri purpos fallen japan year consum world total demand platinum ratio drop period north america averag consum world total demand period year western europ consum year averag rate consumpt year region differ consumpt explain averag year japan total platinum consumpt jewelleri industri reason level consumpt note earlier region pattern consumpt platinum autocatalyst base factor date introduct emiss control legisl car densiti usa lead japan western europ concern environment legisl usa impos obligatori emiss control legisl tighter control applic japan obligatori legisl forc late earli western europ standard introduc austria switzerland norwai sweden european commun direct effect mean petrol car fit catalyst addit johnson matthei report major diesel car europ fit catalyst compli stricter legisl conclus platinum fulfil import function catalyst preciou metal appear histor increas demand metal industri applic discov environment legisl requir instal autocatalyst supplier tabl annex main supplier platinum south african compani gencor lpd amplat russian produc includ inco canada stillwat unit state descript major produc highlight import south african platinum mine oper amplat amplat lead compani industri oldest produc platinum south africa compani market share world platinum market good reserv reserv figur highli secret amplat estim reserv base offici unpublish data recent estim amplat control econom viabl reserv bushveld complex control competitor implat lpd amplat mine product merenski reef merenski reef higher content base metal nickel copper ug reef base metal supplementari sourc incom pgm advantag mine merenski ug reef graph annex ii mine oper amplat rang low cost oper potgietersrust opencast mine high cost convent shaft profit price cost level prevail base implat data commiss estim shaft account amplat product break neg oper profit amplat financi interest downstream trade fabric market oper aac hold share indirectli minorco oversea oper arm base luxembourg johannesburg consolid invest limit jci fabric johnson matthei engelhard addit engelhard major custom amplat johnson matthei exclus sale agent custom circumst bui directli amplat amplat main contributor platinum guild intern pgi purpos promot platinum jewelleri separ pgi oper itali germani unit kingdom unit state japan pgi japan import simpli due size japanes jewelleri market amplat lead player platinum industri strong financi posit low debt high cash reserv implat implat largest supplier platinum market share global platinum market amplat implat lpd control econom attract reserv bushveld complex circular sharehold prepar merger estim implat reserv year context import note implat older compani platinum industri reserv implat deep high cost composit implat mine or merenski ug reef graph annex ii implat cost competit shaft high cost produc south africa implat product loss make break comparison amplat lpd expans access deeper higher cost reserv histor gencor own trader ayrton metal limit compani sold standard bank invest corpor limit standard bank own south african mutual life own share rembrandt de beer connect aac importantli gencor acquir billiton mine asset shell billiton asset includ mine refin larg ferrou metal trade oper trade preciou metal gold billiton ring deal member london metal exchang implat contribut project project basi activ pgi unit state japan implat oper good financi posit strong cash posit low indebted prior plan merger implat interest expand platinum activ found strateg option merg lpd attract expans access deeper reserv altern requir high capit expenditur lpd lpd largest south african produc market share world platinum market discuss base inform amplat conclud lpd implat control reserv bushveld complex lonrho circular sharehold novemb lpd reserv year indic reserv period context note lpd ampl shallow reserv low cost oper lpd mine ug merenski or lpd manag cost competit graph annex ii lpd lowest averag cost south african produc shaft unprofit low cost lpd oper partli due shallow reserv partli lean oper compani lpd flat organiz structur highli entrepreneuri cultur emphas account lpd bigger south african mine hous lpd limit extent contribut activ pgi compani downstream interest structur link implat lpd lonrho group acquir kare mine implat exchang sharehold lpd transact gave rise sharehold agreement lonrho gencor group compani agreement state equal number director appoint sharehold director equal vote right singl director cast vote agreement requir approv board director decis diversif lpd level dividend distribut annual strateg plan budget approv annual financi statement rate fee paid manag agreement decis major invest divest requir approv sharehold link lpd remain independ competitor platinum output amount ounc lpd undertak expans programm year million tonn annun concentr plant commiss westplat mine subsequ major extens smelt complex base metal refineri preciou metal refineri complet programm continu modest pace result product ounc annun capit expans plan end lonrho annual report state futur product stabil ounc annun foreseen lpd oper expans forecast identifi lonrho annual report platinum mine springboard posit implement addit expans rapidli effect minim cost circular sharehold novemb capit expenditur lpd amount million million million foreseen limit addit capit expenditur lpd expand level ounc mention agreement lpd independ oper manag structur market commerci strategi lonrho manag servic lonrho group compani structur independ lpd retain manag eastplat westplat includ respons ordinari dai dai manag control busi undertak affair compani addit lonrho manag servic bound provid advic servic proper carri busi affair lpd detract matter relat manag servic personnel lonrho manag servic control lonrho group director lonrho group personnel lpd product contractu bound market sold western metal sale compani oper brussel structur link lpd own lonrho group manag director appoint control gencor group fact lpd implat retain separ market depart compet suppli custom term offer differ discount gencor group exercis influenc competit strategi lpd confirm parti state implat lpd date remain separ entiti manag individu dai dai basi respect manag refer implat interest remain sharehold lpd parti state relationship gencor lonrho group compani sharehold compani western platinum limit eastern platinum limit partnership quasi partnership fact lonrho manag servic manag lpd mean power privileg posit know run busi strongli influenc outcom busi decis autonomi lpd reinforc aggress stanc lonrho group manag maintain lpd independ oper incept arrang lonrho group appoint mr wilkinson lonrho execut post manag director remain time posit strengthen fact gencor group appoint director lpd year sign agreement januari explor section vii result current oper activ western metal sale lonrho manag servic absorb addit lpd lose opportun expand product independ conclud independ activ lpd manag structur product market commerci strategi disappear mark chang competit natur industri occur lpd high debt low cash posit due invest year oper profit current price level desir reduc debt burden manag group lpd lonrho south africa merger gencor order achiev reduct debt burden believ rais capit sourc sourc intern cash flow forecast suffici meet limit capit expenditur bank loan base sharehold guarante loan sharehold russia russia account global platinum suppli johnson matthei percentag point suppli product percentag point ounc suppli stock russian govern control russian export preciou metal committe preciou metal stone sale agenc almaz johnson matthei platinum russian product platinum peak late addit report polit russia led fall output reason lack essenti invest pgm grade fallen or rich sulphid increasingli mine russian mine provid competit expans forese futur principl western compani invest russian pgm product explain section vii russian abil compet platinum market declin come year parti submit russian mine noril sk increas annual product million ounc year level product achiev platinum group metal global perspect vermaak parti order achiev product substanti invest billion forthcom year parti claim commit attract fund year made uneximbank ebrd contrari ebrd offer financ length invest horizon likelihood rais moni highli russian reach past product level surpass level suggest parti year player player industri stillwat unit state inco canada stillwat product capac reserv south african oper contest market posit inco primarili nickel mine case oper potenti account percent global platinum market demand suppli forecast demand forecast submit parti implat lonrho submit forecast futur demand platinum implat compil intern forecast submit lonrho tabl public document prepar anderson wilson amp partner johannesburg broker contain circular date august demand thousand ounc amount gt tabl gt averag proport total demand figur automobil catalyst jewelleri industri consumpt invest forecast made commiss parti boe nat west secur sbc warburg period year prepar engelhard implat boe nat west secur forecast optimist set engelhard sbc warburg pessimist period tabl optimist implat forecast engelhard pessimist factor affect forecast automobil catalyst futur demand platinum automobil catalyst depend growth demand motor vehicl introduct revis legisl exhaust emiss environment legisl stricter emiss control foreseen usa europ end centuri addit evid increas platinum catalyst diesel car europ believ growth area worldwid continu increas demand platinum autocatalyst demand enhanc legisl take place brazil argentina jewelleri pgi forecast japanes platinum jewelleri market grow end centuri chines american market subject heavi market campaign intern platinum associ pgi usa demand return level ounc annun hand increas demand platinum jewelleri china specul true cultur similar japan china puriti white metal import factor growth industri gener signific demand petroleum chemic industri applic platinum gener matur replac occur plant shut recess brought back stream increas person comput lead increas demand platinum emploi disk coat compon comput addit fuel cell long term lead increas demand suppli forecast submit parti lonrho made refer forecast prepar tabl anderson wilson amp partner johannesburg broker contain circular date august suppli amount thousand ounc gt tabl gt forecast made commiss parti boe nat west secur sbc warburg period year prepar engelhard forecast show greater suppli set similarli period engelhard believ suppli exce figur implat submit suppli forecast contain board paper period show suppli excess level forecast disput lpd pessimist excess suppli whichev forecast accur relev import clear tabl south african russian suppli continu domin world suppli platinum moder demand growth occur suppli geograph area recycl minim deficit suppli demand sourc south africa russia improb sale russian suffici mitig futur suppli demand imbal due fact noril sk mine fulli oper lack spare part suppli problem breakdown local power plant mine fulli oper signific western invest invest forthcom western investor make good environment damag invest plant johnson matthei estim russian sold stock year question year stock remain fill gap demand western world product exact answer question wide believ industri current level sale russian stockpil deplet year time view reflect tabl show declin russian sale grow market suppli deficit aris realist fill south african produc underli econom premis commiss analysi domin platinum industri commiss find competit platinum industri basic matter competit main supplier amplat implat lpd russia account market player awar impact market influenc market behaviour reason view platinum industri natur resourc industri produc homogen product quot market price main produc awar weight market evidenc report prepar show restrict output entiti lead price increas similarli russian appar realiz advantag sell platinum market strength supplier awar danger depress platinum price econom term supplier view simpli price taker merger implat lpd initi shortli assum declin russian sale major player platinum industri high fix cost industri inflex cost structur fix cost account total cost platinum mine output vari significantli due high fix cost structur number produc shaft make contribut profit strategi close low margin shaft concentr profit simpli remov cost spread remain shaft make margin shaft unprofit repeatedli necessit shaft closur platinum produc cost posit oper decid product level simpli oper cost individu shaft cost temporarili close reopen mine shaft increas sticki product individu mine shaft simpli stream short term movement platinum price commiss present cost comparison main south african produc annex ii base data implat comparison level oper cost shaft margin cost curv product platinum larg part oper cost mine shaft vari output shaft fix addit mention output decis platinum mine base number factor simpli short term oper cost margin individu shaft cost curv annex ii repres short term long term suppli curv individu produc comparison oper cost platinum industri characterist abus domin posit control restrict output lead price increas type abus success essenti suppli respons margin sourc recycl supplier oligopoli ground stock strong fill gap left market suppress output respect instruct past data provid evid suppli respons margin volum term platinum market increas million ounc annex vi million addit ounc demand million ounc suppli amplat lpd russia supplier recycl account balanc increas supplier russia south africa expand share market recycl increas total market period unrealist recycl margin supplier south africa russia prevent platinum price increas substanti amplat lpd russia met addit demand platinum small releas ground stock russian period fact real platinum price increas usd ounc remain year fact yearli demand increas million ounc period destock period peak ounc demand prevent platinum price increas destock provid suffici disciplinari check domin player platinum market period parti argu build stock amount million ounc held form platinum bar invest bar sold privat investor japan wide dispers parti argu bar back market work disciplinari forc price due fact hold bar wide dispers form part privat invest plan bought retain disciplinari effect market held major block case russian stock year metal find back market type bar case bui sell stock limit size million ounc strongli influenc fundament suppli demand factor platinum action produc consist find rsi studi factor affect platinum price unlik gold limit stock satisfi period spike invest demand section vi ii argu earlier commiss find suppli respons margin stock mine recycl repres disciplinari forc signific prevent abus domin posit held jointli amplat implat lpd russia result propos merger merg implat lpd incent undertak expans conflict interest oligopoli note margin player decis make overwhelm weight oligopoli member market conclus econom analysi competit domin platinum industri start premis main supplier awar price influenc output decis suppli margin insuffici prevent monopolist practic perspect subsequ analysi oligopolist domin highli consequ merger oligopolist domin similar neg effect aris domin posit held firm aris domin posit held oligopoli situat occur mere adapt member oligopoli market condit anti competit parallel behaviour oligopoli domin activ collus requir member oligopoli domin behav appreci extent independ remain competitor custom ultim consum platinum market amplat implat lpd russian control suppli form oligopoli merger platinum market appear characterist anti competit oligopolist market demand side moder growth inelast demand insignific countervail buyer power buyer highli vulner potenti abus suppli side highli concentr high market transpar homogen product matur product technolog high entri barrier includ high sunk cost supplier financi link multi market contact suppli side characterist make easi supplier engag parallel behaviour provid incent countervail check demand side result market characterist degre competit low platinum market element competit present past tendenc oligopolist domin present merger lead elimin element creation oligopolist domin detriment ultim consum platinum market characterist conduc oligopolist domin market transpar homogen transpar market easi compani follow move competitor adapt decis commod market platinum product homogen import market paramet price quantiti suppli natur platinum commod trade platinum metal exchang make market highli transpar term price quantiti suppli market readili industri quantiti sold metal exchang publicli immedi evid player market signific quantiti releas metal exchang statist product sale publish regularli compani johnson matthei degussa figur russian sale public sourc public basic fundament agreement industri gener state russian mine output level mine russian stock reserv estim number direct custom small easi produc contact potenti actual client fourth fact platinum sold long term contract mean custom react offer time lag immedi competitor custom consid chang supplier final claus long term contract prevent resal platinum bought contract limit number seller market increas transpar platinum industri capac ad discret invest project detail invest project lead capac increas industri stillwat expans plan exact expect product level hartlei mine zimbabw public transpar extend aspect platinum mine refin oper individu compani data busi secret case detail custom contract detail product data or grade exact qualiti extent reserv industri knowledg russian oper complet conclud high degre transpar platinum industri price quantiti produc sold capac increas invest project reserv produc concern transpar market increas fact platinum industri small close group compani inform appar spread rapidli inform channel industri basic kei player person meet frequent normal kei personnel move compani compani mr gilbertson execut chairman gencor chairman rustenburg platinum mine amplat high transpar market product homogen enabl major player move facilit anti competit parallel behaviour ii demand price inelast current price rang discuss section product market definit due indispens natur demand platinum price inelast numer smaller current price rang low price elast platinum demand creat larger incent anti competit parallel behaviour supplier lose engag price competit price competit appear weak platinum market iii buyer countervail buyer power parti buyer highli concentr main buyer worldwid basi consider purchas power biggest fabric johnson matthei engelhard link amplat low level discount accord custom claus long term contract prevent custom resel quantiti author produc indic low buyer power importantli except major car compani receiv discount fabric ultim custom price increas simpli pass custom custom countervail purchas power signific due indispens natur product larg number downstream custom iv demand forecast grow moder demand forecast grow averag moder rate year year lead total market year million ounc million ounc larger fairli stabl market encourag entri aggress move captur growth market provid high incent competit mine refin technolog matur compani normal busi constantli strive improv cost posit introduc work method product technolog time industri experi upgrad work method technolog util platinum mine industri except respect normal differ work method exist compani industri recogn differ work method main platinum produc lpd acknowledg advanc effici south african platinum mine recogn industri competit lpd forc amplat implat reduc cost posit technolog develop platinum mine industri place slowli major technolog breakthrough expect fundament chang product structur platinum industri progress mine refin technolog sourc intens competit vi high entri barrier signific entrant global high qualiti or reserv platinum hand amplat implat lpd russia amplat implat lpd control econom viabl reserv south africa definit barrier entri mine refin platinum capit intens industri capit requir impli high barrier entri addit larg part cost develop mine sunk increas risk enter platinum mine appear signific entrant capabl challeng oligopoli member forese futur vii multimarket contact structur link member oligopoli meet pgm market number market gencor parent gencor aac russian larg gold produc structur link exist player industri notabl aac control de beer compani respons oper central sell organ control world diamond sale de beer russian cartel agreement diamond market addit gencor samancor aac vanadium sharehold columbu stainless steel joint ventur south africa columbu involv major expans oper make joint ventur sixth largest stainless steel produc world meet demand input materi columbu access ferro chrome smelter owner samancor nickel requir access domest nickel produc amplat implat oper pgm busi demonstr close link exist parti competitor march dai oral hear case aac bought share lonrho plc refus sanlam parent gencor lonrho plc stake larg give consider influenc lonrho plc due fact remain share compani wide dispers confirm interest amplat activ lpd increas structur link supplier platinum industri multimarket contact structur link disciplinari effect member oligopoli increas risk retali due exist high number possibl retali member oligopoli behav unaccept member paper submit gencor implat board date studi present consult note rang competitor respons implat interact lpd scenario includ disciplin attack signal focus price war rh rhodium viii conclus transpar market product homogen combin demand suppli characterist creat situat conduc oligopolist domin discuss tendenc oligopolist domin born low level competit market past decad past tendenc oligopolist domin market growth market share develop past decad level competit present market low competit past behaviour member oligopoli demonstr low degre competit tendenc oligopolist domin decad past market growth market share develop tabl annex vi total platinum market increas million ounc million ounc period recycl increas ounc increas market share main beneficiari increas demand russia amplat lpd increas suppli million ounc russia increas market share increas sale stock lpd increas product expans amplat prevent decreas market share implat increas product market share decreas market share indic level competit market competit market growth provid russia lpd amplat character aggress competitor declin market share expand pace allow defend posit lead produc opportun expans ii low degre direct price competit long term custom contract evid direct price competit long term custom contract market low dai dai price determin metal exchang inform custom parti platinum sold long term contract metal exchang long term contract durat year automat renew annual supplier buyer relationship tend stabl long term contract claus stipul metal intend purpos resold permiss seller bui back metal case buyer return restrict buyer receiv small discount market price restrict prevent metal offer custom enter metal exchang influenc market price platinum long term contract car compani claus case fabric commiss estim annual platinum sale sold subject restrict stabil supplier buyer relationship small discount restrict resal metal evid limit direct price competit custom contract platinum market parti repli argu commiss concern price competit appear small variat discount custom homogen industri expect observ dispers market perfectli competit monopol nera report commiss disagre conclus competit platinum industri produc compet long term custom contract import factor growth lpd recent year compani signific suppli contract engelhard contract obtain competit amplat lpd offer condit won contract engelhard link aac market limit number supplier custom price metal sold long term contract index market price price competit long term custom contract place form discount offer supplier compet main contract illog discount paramet purchas choic supplier evid low level competit market iii low degre competit evidenc sustain high price level parti repli argu real platinum price rand fallen put competit squeez south african supplier account high inflat south african economi period sharp fall real platinum price level evid averag price half held year previous feel competit squeez south african supplier exert recent year nera report develop yearli real platinum price measur dollar yen rand shown annex real platinum price rand move ounc ounc except real platinum price stai ounc period view increas demand fact lpd russia increas market share conclud lpd russia plai crucial role drive real price year level mid confirm level competit provid lpd russian past year case period past decad consid note small amount platinum trade metal exchang exist long term contract potenti give produc consider scope influenc market price develop long term contract give produc control destini quantiti deliv market price case contract restrict resal metal long term contract tend prevent metal influenc directli market price develop metal exchang main supplier larg scope influenc price metal exchang suppli metal exchang russian recent year sold consider amount platinum metal exchang contribut lower platinum price discuss platinum price drop russian export increas time million ounc iv past behaviour main market player commiss conduct investig main supplier behav cartel past evalu possibl futur anti competit parallel behaviour import note competit environ south african supplier part past actual competit behaviour russian competit preval characterist south african economi recent polit chang presid mandela interview tim modis south african televis programm focu ask view antitrust polici expressli fact conglomer quarter stock quot stock exchang absolut undesir industri economi flourish grow economi choke conglomer monopol industri countri competit minist trade industri determin amend competit act ensur competit antitrust law crucial respect line statement presid mandela offici south african govern discuss document miner mine polici south africa state market structur aris conglomer domin critic problem result oligopolist market happen south africa conglomer turn market share agreement rang collus practic carv market result collus refrain competit market return undisturb oper unrel market document discuss document contradict view statement disput document note mine import industri south africa aac gencor parent gencor import player south african mine platinum market russian recent year suppli market demand sale stock sale russian stock primarili motiv hard currenc russian sale provid competit help forc real price platinum begin extent prevent larg price increas todai judg publicli inform johnson matthei russian realiz advantag sell market strength let platinum price drop limit extent russia provid competit platinum market basi past behaviour conclud russian expect provid level effect competit main south african produc stock deplet mr rowland manag director chief execut lonrho anti competit behaviour industri agenda year extend possibl form de beer style cartel gencor year interest acquir lonrho platinum oper aim gain practic control lpd mine monopolist aim mr rowland evid parti parti repli argu mr rowland alleg unsubstanti irrelev repli parti deni refut mr rowland statement element competit futur market situat mention russian incent sell stock recent year due foreign currenc addit quantiti provid competit market evidenc develop real price russian mine deplor state wide believ parti russian stock deplet year current rate sale competit provid suppli russian stock expect end year consequ market power implat lpd amplat increas rel russian forese futur reduc russian minor player industri main element competit market past decad russian stock lonrho expans increas market share major buyer platinum year lonrho platinum divis expans develop signific forc market lonrho potenti expans year limit extra capit expenditur expans lonrho provid competit platinum industri expect trigger competit action amplat respons challeng oper cost curv mine south african base produc shown graph annex ii note case total cost relat mine concentr fix cost graph discuss section vii variat cost structur implat amplat bigger case lpd gener recogn implat high cost produc lpd low cost produc south african produc differ cost structur give compani incent term competit lpd low cost oper incent expand product provid competit member oligopoli south african supplier implat lose competit due high cost mine competit put pressur higher cost oper amplat forc compani develop low cost reserv earlier stage clear intern paper implat lonrho lonrho expand output implat expans lpd vi conclus clear market characterist develop price competit past behaviour main market player tendenc anti competit parallel behaviour featur platinum market past yearscompetit provid russian sale stock end year expans lpd develop lpd signific forc market futur lpd potenti expans low addit capit cost expenditur provid competit member oligopoli current oper creat oligopolist domin effect duopoli role amplat platinum industri parti repli strategi amplat clear amplat consist made strategi manifestli clear competitor recent behaviour pattern amplat quot busi dai octob financi muscl superior or reserv deni competitor growth platinum market ad current plan expans leav product cost element separ winner loser market annex iv control lowest cost expans possibl industri pp rust make statement credibl leav amplat posit uncheck exercis uniqu market power amplat world implat lpd necessit realign option establish meaning competit produc level annex vi vii appendix repli amplat capabl bring capac market low cost pace compani find main competit check competit behaviour amplat past decad expans lpd russian sale stock ii merger effect creat duopoli oper combin platinum oper gencor lonrho compani implat lpd amplat market share market share increas compani russian expect stop sell stock year leav russian role minor player versu implat lpd amplat medium long term competit situat effect develop duopoli duopoli situat make easier main supplier adapt behaviour restrict output iii similar cost structur amplat implat lpd reduc incent compet graph annex ii merger lpd implat result compani oper cost structur mine similar amplat graph annex ii impli oper cost respect import differ exist due differ or qualiti mix or mine cost process refin oper differ cost administr graph annex ii reflect greater similar cost amplat implat lpd merger implat argu oper enabl combin implat lpd achiev consider synergi section viii synergi disput lpd manag commiss believ synergi outlin neg differ organiz cultur exist implat lpd make integr difficult costli effect merger cost structur creat compani similar cost structur amplat synergi give implat lpd cost advantag compar amplat greater similar cost structur amplat implat lpd mean combin implat lpd amplat greater extent affect act market develop product decis price increas similar effect profit compani south african player higher degre common interest market develop increas likelihood anti competit parallel behaviour merger restrict output parti submit repli implat radic overhaul past year cost differ south african produc suggest disagr lpd low cost produc south african platinum industri implat main object merger secur access low cost reserv iv merger elimin lpd market reduc competit merger elimin lpd independ market player aspect mine process refin market platinum concentr unitari manag implat lpd lpd signific forc market elimin consequ merger leav custom market choic consequ contract condit favour custom exist limit competit rebat expect reduc merger merger highli lead restrict output combin implat lpd context note restrict output matter reduc absolut level product control rate expans capac import moder grow market platinum market simpli slow rate expans capac lead tighten suppli demand balanc price increas control rate expans capac main object merger note circular lonrho sharehold prepar merger implat lonrho past unabl reach agreement number issu includ plan propos lonrho expand lpd oper director merger interest lonhro gencor enhanc enlarg implat align sharehold benefit project present align interest merger involv scale back expans plan lead higher price compar situat merger ahead compani continu exist futur plan present product scenario outlin impact product implat lpd merger implement implement believ report entitl main benefit market side merger addit cost save maintain current product level posit influenc kei metal price merg group higher market capit underli merg entiti due size abil exert greater influenc market absenc merger expans lpd increas competit pressur low margin mine shaft implat amplat commiss estim base graph annex ii shaft neg oper profit account implat product amplat merger reduc competit creat oligopolist domin reason merger definit remov competit threat lpd high cost oper implat consolid market function lpd implat ensur futur expans current reserv lpd undertaken view interest implat lpd point view implat merger provid check competit behaviour current lpd ii merger creat compani size amplat ampl low cost reserv similar cost structur abil exert greater influenc market situat market characterist past behaviour competit industri incent amplat implat lpd compet anti competit parallel behaviour highli outcom merger current structur result degre competit lpd forc market higher incent expand product merg implat lpd previou link gencor lonrho group absenc merger implat time prevent lpd expand platinum product lpd expand limit addit capit expenditur data provid parti analysi provid mr rowland chairman lonrho appear plan expans financ simpli intern gener fund low cost expans implat minor protect right time prevent action lead benefit accru sharehold repli parti express concern commiss fail give proper weight evid case give mislead impress parti view merger attempt quantifi import evid cite percentag respons question includ commiss questionnair support posit impact transact commiss agre evalu weight evid assign percentag respons fact precis commiss consid evid conclud merger reduc competit platinum market econom analysi present parti parti part repli submit econom analysi propos merger prepar econom consult nera great britain retain jointli parti econom analysi nera set framework analysi competit platinum industri conclus past competit platinum industri relationship current market price oper cost south african produc consist competit market outcom nera report commiss find extent current price level reflect competit price perfectli competit industri matter empir research establish nera commiss discuss section vii commiss agre level competit platinum market recent year competit provid russian sale stock expans lpd commiss agre nera competit led reduct oper cost incent introduc low cost suppli sourc nera report lpd plai import role south african platinum industri respect possibl monopoli abus nera argu kei characterist monopoli abus suppress output oper cost lower prevail monopoli price level exercis monopoli power larg depend monopolist abil control margin sourc suppli commiss agre possibl suppli respons margin crucial exercis monopoli power classic econom sens argu previous section vii restrict platinum product oligopoli highli fill suppli margin sourc supplier oligopoli recycl stock russia possibl oligopolist domin nera argu essenti precondit tight oligopoli group succe achiev anti competit market outcom stabl market environ free extern shock upset statu quo nera report nera sourc extern shock includ exposur shift demand uncertainti short long run elast demand uncertainti sell polici holder platinum stock margin sourc platinum nickel mine uncertainti avail recycl platinum nera report point worth note shift demand time normal featur market platinum industri shift import assess oligopolist domin extent upset equilibrium oligopoli mention moder growth platinum market forecast come year past decad shift demand posit lead higher level demand present virtual downsid risk expect market growth suppli gap expect aris realist fill amplat implat lpd russian stock short term nera argu platinum extent subject specul shift demand volum paper trade nymex tocom amount million ounc time volum physic deliveri nera report absolut volum paper trade poor indic level specul activ market commiss found investig platinum market specul market driven fundament suppli demand factor discuss product market section rsi studi commiss commiss found nymex primarili forward market serv physic trade pure futur market point commiss conclud demand platinum price inelast current price rang discuss product market section vi iii commiss recogn long run demand elast platinum higher event price increas fold signific limit price increas highli lead substanti substitut clear experi period real price platinum level substitut occur demand continu increas repli parti disput price elast demand inelast current price rang consist competit market outcom econom theori price elast demand impli platinum price current oper set monopoli level nera report point argu commiss current price level monopoli price due competit provid lpd sale russian stock consist find inelast price elast demand platinum point discuss previous commiss find highli supplier oligopoli stock russia avail recycl platinum suffici impact market prevent abus joint domin posit conclus past platinum market character tendenc anti competit parallel behaviour evid low price competit past decad russian recent year sell stock due foreign currenc pursu polici sell market strength recogn south african mine industri character strong anti competit behaviour past lpd part environ expand product provid competit amplat implat russian sale stock expans lpd main element competit market merger ahead futur situat south african supplier similar mine cost structur incent merger lpd implat anti competit impact market present incent lpd expand lpd activ player market disappear entiti incent expand put implat high cost oper pressur view market characterist result similar cost structur record past competit platinum industri incent implat lpd amplat compet remov lpd qualit import differ market place highli consequ merger tighten platinum suppli medium term higher level platinum price interest amplat merg implat lpd hold domin duopoli posit due weak competit russian medium term conclus oper creat domin duopoli posit medium term consist amplat implat lpd platinum market character weak competit result effect competit significantli imped common market parti lower market share common market part world argu oper minor impact common market argu earlier platinum market world market price platinum european commun set world market level anti competit effect oper platinum market felt european commun higher price platinum sold european commun platinum sold implat lpd rhodium rhodium import pgm platinum palladium measur sale rhodium account total sale volum pgm term market share concentr suppli situat compar platinum implat lpd amplat account market russia tabl annex rhodium market characterist platinum market transpar metal homogen product freeli trade price trader publicli addit mine refin technolog matur mine product process pgm industri high barrier entri financi link multimarket contact buyer purchas power platinum case platinum demand rhodium price inelast ti exclus autocatalyst specif rhodium autocatalyst remain industri applic conclus reason set discuss platinum market characterist rhodium market impli post merger competit remain player secur effect competit market oper creat domin duopoli posit medium term rhodium market result effect competit significantli imped common market palladium ruthenium iridium market platinum rhodium commiss investig market palladium ruthenium iridium competit problem identifi ruthenium iridium market russian domin palladium market lpd add point implat market share merger remov domin posit russian produc palladium market viii econom technolog progress implat argu achiev consider synergi reduc cost merg implat lpd implat believ synergi achiev product benefit parti learn ii save deriv close lpd process refin facil extent synergi disput lpd manag morgan grenfel jame capel report prepar board director lonrho plc estim synergi merger tenth synergi identifi implat exclud neg posit quantifi effect commiss believ substanti synergi found process refin facil synergi realiz year time larg synergi deriv concentr preciou metal refin oper refineri vagu addit synergi merger turn neg due organiz cultur compani make integr difficult costli appear main effect merger increas market power merg entiti synergi commiss find advantag consum oper creat jointli domin posit platinum rhodium market form obstacl competit market ix draft commit propos parti parti propos draft commit commiss seek allai competit concern rais oper commit submit member state discuss meet advisori committe april compris element develop extra ounc capac ii mainten output exist level ounc annum iii creation supplier market commit offer behaviour natur accept merger regul event commit meet commiss competit concern develop addit capac benefit offer addit capac propos maintain product current level reflect market growth comment agre place output reduc prematur mine shaft own merg entiti simpli maintain output ounc level restrict suppli importantli point address question oligopolist market structur supplier maintain output constant level fact signal member oligopoli amplat market demand grow upward pressur price gener creation supplier parti simpli action neglig impact futur suppli platinum ultim consum factor propos draft commit offer parti insuffici meet competit concern rais case conclus result oper creation domin duopoli posit platinum rhodium market amplat implat lpd result effect competit significantli imped common market mean articl merger regul adopt decis articl concentr gencor limit lonrho plc acquir joint control implat lpd notifi gencor limit lonrho plc declar incompat common market function eea agreement articl decis address gencor limit hollard street johannesburg po box marshalltown republ south africa lonrho plc grosvenor place uk london sw dl brussel april commiss karel van miert member commiss oj correct version oj oj mean price increas quantiti demand decreas total sale revenu increas situat decreas quantiti sold european miner yearbook south african reserv palladium sourc estim doubl russian reserv palladium vermaak northam mine aac rembrandt share futur mine uncertain due lack profit blank squar bracket busi secret delet publish version decis implic conclus hypothet compani control south african russian product market share domin posit annex gt tabl gt gt tabl gt annex ii explanatori note graph graph set annex ii repres merger oper cost curv south african platinum produc prepar parti oper oper cost includ mine process cost larg fix natur graph prepar base total oper cost produc mine express rand ounc platinum equival quantiti produc thousand ounc mine step cost curv increment product oper cost addit mine graph show current asymmetri oper cost structur lpd implat amplat symmetr post merger cost structur implat lpd amplat graph ii merger oper cost shaft gt start graphic gt gt end graphic gt graph ii post merger oper cost shaft gt start graphic gt gt end graphic gt annex iii figur cost suppli demand natur resourc industri gt start graphic gt gt end graphic gt annex iv figur platinum industri cost curv south african produc month financi year busi secret annex gt tabl gt annex vi gt tabl gt annex vii platinum price currenc gt start graphic gt gt end graphic gt