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Zimbabwe’s Platinum Industry Needs $5.3 Billion to Compete with Russia
Oct. 21, 2013 10:24AM PST
Precious MetalsBloomberg reported that according to a report put together by Zimbabwe’s Chamber of Mines, the country requires investment of up to $5.3 billion, as well as stable mining policies, if it is to increase its platinum output to the point where it is able to “rival Russia as the world’s second-biggest producer of the metal.”
Bloomberg reported that according to a report put together by Zimbabwe’s Chamber of Mines, the country requires investment of up to $5.3 billion, as well as stable mining policies, if it is to increase its platinum output to the point where it is able to “rival Russia as the world’s second-biggest producer of the metal.”
As quoted in the market news:
To increase production to the more than 500,000 ounces per annum needed to justify the construction of base and precious metal smelters and refineries, investment of $2.8 billion is needed in mines, as much as $2 billion in processing plants and between $200 and $500 million to ensure adequate power supply, the Harare-based Chamber of Mines said in a report obtained by Bloomberg.
‘It’s evident from 2017 onward Zimbabwe’s production of platinum will be approaching that of Russia,’ the Chamber said. ‘This growth projection, however, requires significant investment.’