South African platinum miners hope to ramp up output from their operations in Zimbabwe as production at home falls to 11-years low, beset by illegal strikes, work stoppages and a growing burden of red tape, BDLive reports.
By contrast, Zimbabwean Finance Minister Tendai Biti said last week that the country's mining sector had become the "anchor driver" of Zimbabwe's economy, with the potential to generate up to R124bn a year.
Zimbabwe and South Africa hold 75% of the world's platinum reserves, but South Africa's industry has become bedevilled by labour unrest, high input costs, poor infrastructure and increased government intervention. Foreign investor sentiment has also taken a knock, especially with nationalisation still on the agenda.
According to BDLive
, Anglo American Platinum (Amplats), the world's biggest producer, says it is planning a new mine in Zimbabwe, while JSE-listed Impala Platinum (Implats) recorded a surge in first-quarter platinum production from its Zim based Mimosa joint venture project with Aquarius Platinum.
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Posted on 19 Nov 2012 13:08