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Zimbabwe’s Platinum Refinery Deadline May be Unachievable
Jan. 10, 2014 10:10AM PST
Precious Metals InvestingBloomberg reported that although Robert Mugabe, president of Zimbabwe, last year told Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY), Aquarius Platinum Ltd. (ASX:AQP,LSE:AQP) and Anglo American plc (LSE:AAL) that he would halt platinum exports if they didn’t build a refinery for the metal by 2015, Deputy Mines Minister Fred Moyo now believes that deadline may be unachievable.
Bloomberg reported that although Robert Mugabe, president of Zimbabwe, last year told Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY), Aquarius Platinum Ltd. (ASX:AQP,LSE:AQP) and Anglo American Platinum plc (LSE:AAL) that he would halt platinum exports if they didn’t build a refinery for the metal by 2015, Deputy Mines Minister Fred Moyo now believes that deadline may be unachievable.
As quoted in the market news:
‘I am not sure if it will be possible to achieve that deadline since we are left with just one year,’ Deputy Mines Minister Fred Moyo said by phone today from the capital, Harare. ‘This depends on technology, funding availability, skills and as well as timing. We are producing around 400,000 ounces but setting up a refinery may cost a billion, $2 billion, but this is dependent on our production levels.’