Bloomberg reported that Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) believes demand for a proposed platinum coin named after Nelson Mandela could total as much as the equivalent of 1 million ounces of platinum per year. That would add up to about 8 percent of the metal’s total use.

As quoted in the market news:

Platinum producers in South Africa, the country that accounts for more than 70 percent of the precious metal mined, are in talks with the government to introduce a Mandela Platinum coin as legal tender, Johan Theron, a spokesman for Johannesburg-based Impala, said today by phone.

‘We’re very serious about this,’ Theron said. ‘It’s a unique opportunity for South Africa to create something that will have the same impact as Kruger Rands’ made of gold.

Click here to read the full Bloomberg report.