Mining Weekly reported that Cadiz Corporate Solutions fund manager and analyst Peter Major said despite the challenges in South Africa for platinum, it is still the “number one foreign exchange earner in mining.”
As quoted in the market news:
From 2000 to 2008, platinum traded at nearly double the gold price. But for all of 2012, it was at a 7% discount to gold,” Major points out. Platinum mines generate about $12-billion a year from the PGMs and base metals mined – more than the $10-billion generated by the gold and coal industries. “That makes platinum South Africa’s number one foreign exchange earner in mining,” he adds.