Zimbabwe’s Platinum Industry Needs $5.3 Billion to Compete with Russia

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.’

Click here to read the full Bloomberg report.