Platinum supply up 26pc

fifth-biggest platinum mining country, metals consultancy firm GFMS Ltd has reported.
In its Platinum and Palladium Report 2010, GFMS said Zimbabwe was last year the fifth-biggest miner of platinum and Platinum Group Metals after South Africa, Russia, the United States and Canada.
According to GFMS, neighbouring South Africa’s mine supply was 2,65 million ounces last year.
South Africa increased palladium production by 7 percent last year, narrowing the gap between its output and that of Russia, the biggest producer.
Russia’s output rose 2 percent to 2,72 million ounces.
The United States remained the third-biggest supplier, even as production declined 8 percent to 374 000 ounces, while Canada’s output climbed 26 percent to 352 000 ounces.
Statistics from the Ministry of Mines and Mining Development show that last year platinum accounted for 36 percent of total mineral production.
Output of the minerals is projected to reach 12 000kg on the back of investment expansion programmes, mostly at the Unki and Mimosa mines.
Compared to the other major platinum producers, Zimbabwe is a relatively low-cost producer because of the nature of the metal’s deposits in the country.
To this extent, the country has the potential to outstrip supply over other countries in the long run in view of a global production slump in production that has been forecast between 2010 and 2016.