eBusiness Weekly
Tawanda Musarurwa
HARARE – Zimbabwe’s refined platinum production for 2017 declined by 9 percent to 445 000 ounces (oz), latest World Platinum Council Investment Council (WPIC) figures show.
WIPC said, for Zimbabwe, processing of pipeline material boosted the total for the previous year.”
For the fourth quarter of last year, Zimbabwe’s output declined 13 percent to 105 000 ounces from 120 000 ounces in the prior comparable period in 2016.
And on a quarter-on-quarter basis, the country’s platinum output increased by 5 percent from 100 000oz.
Zimbabwe’s refined platinum output has been on a steady decline since the first quarter of 2016, when the country produced 130 000oz. It declined to 120 000oz in the second quarter of 2016 where it remained flat for the balance of 2016.
It further declined to 115 000oz in the first quarter of 2017, but rose 125 000oz in the second quarter and then declined to 100 000oz in the third quarter of last year.
Zimbabwe has the second largest known platinum reserves in the world after neighboring South Africa.
The country’s platinum producers include Zimbabwe Platinum Holdings, Mimosa Platinum and Unki Platinum. They are all headquartered in South Africa.
Global platinum supplies were however slightly up.
“Total platinum supply expanded by 1 percent to 8, 015 koz in 2017 as mining production improved 1 percent year-on-year to 6,110 koz and recycling increased by 3 percent to 1, 905 koz.
“A 3 percent rise in refined production to 4, 370 koz (+115 koz) in South Africa outweighed lower output from Zimbabwe (-45 koz) and North America (-30 koz). Secondary supply improved 3 percent since, despite jewellery recycling falling 10 percent to 560 koz following a strong 2016, autocatalyst recycling grew by 9 percent to 1, 340 koz,” said WIPC.
The platinum analysts say Zimbabwe should see a stabilisation in output:
“Supply from North America and Zimbabwe should remain stable in 2018, at 370 koz and 450 koz respectively, while production from Russia could fall by around 4 percent to 685 koz as further refinery upgrade work may result in a small pipeline lock-up.”
Meanwhile, global refined production is forecast to fall by 4 percent to 5, 850 koz this year.
