WPIC also said in its quarterly global production report for 2021 that
The mineral-rich southern African nation, home to the world's second biggest known deposits of platinum after
Several other platinum projects, including by Cypriot firm Karo Resources and Great Dyke Investments, a partnership between Russian consortium and local investors, are at various stages of development.
"
However, the global platinum industry body projected that
"Zimbabwean production capacity is forecast to increase through the concentrator debottlenecking project at (
"However, the normalisation of semi-finished material going through South African smelters and refineries is expected to result in a slight decline in Zimbabwean refined production to 465 koz," WPIC said.
Platinum is used alongside palladium and rhodium to neutralise exhaust emissions in cars, as well as in industries such as glassmaking, jewellery and as an investment.
"We've got the largest surplus we've ever recorded yet the market remains pretty tight,"
Raymond said a huge rise in palladium prices triggered by the conflict in
Uncertainty over Russian exports has pushed palladium prices to record highs above
The WPIC said the roughly 8 million ounce a year market was oversupplied by 1,23 million ounces in 2021 and predicted a surplus of 652,000 ounces in 2022.
It said supply of platinum rose by 21 percent last year, while demand fell 9 percent.
But huge imports of platinum into
The southern African nation is envisioning a
Of the
Chrome, iron ore and carbon steel will contribute US$$1 billion while coal and hydrocarbons will contribute the same. Lithium at
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