The price of platinum for February went up by US$4.80 following news that Zimbabwe had given mining companies until 18 January to submit proposals for establishing a refinery in the country.
Zimbabwe is the world’s third-largest platinum producer, after South Africa and Russia.
The government gave platinum mining companies, all controlled from South Africa, two years to build a refinery threatening to ban exports of raw platinum. The two years expire at the end of this year.
It also proposed a 15 percent export duty on unrefined platinum effective from the beginning of this month.
Current platinum output in Zimbabwe is about 430 000 ounces a year.
Mining companies have said this needs to be at least 500 000 ounces to justify the establishment of a refinery which requires an investment of at least US$3 billion.
(21 VIEWS)
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…
Zimbabwe’s new currency today fell against the United States for the first time since its…