By Almot Maqolo.
Harare, Zimbabwe (News of The South) – Zimbabwe’s refined platinum production in the first quarter of 2018 increased by 9,5 percent to 115,000 ounces from 105,000 ounces in the previous period last year, a recent World Platinum Investment Council (WPIC) report have shown.
In 2017, the southern African nation platinum production marginally declined by two percent from 490,000 oz reported in the previous period to 480,000 oz.
The country’s refined platinum output for this year is projected to be at 455,000 oz which represents a five percent decline compared to the last year’s growth.
In the period under review, global refined production for the quarter slightly up one percent to 1,405 million oz from 1,390 million oz recorded in the same period last year.
Platinum supply and demand stood at 1,850 million oz and 1,975 million oz respectively resulting in a deficit of 125,000 oz.
Global platinum supply is forecast to slump by one percent year-on-year to 7,975 million oz in 2018.
“Most regions are expected to have lower refined production in 2018 with declines in South Africa estimated at 30,000 oz, Zimbabwe at 25,000 oz, Russia at 65,000 oz and other regions 5,000 oz outweighing a projected gain of 10,000 oz in North America,” WPIC said.
Global supply is forecast to fall by nearly 1,8 percent year-on-year to 6,035 million oz this year.
“Supply from Zimbabwe is estimated to decrease by five percent year-on-year, with mine production stable at 455,000 oz and no major pipeline stock movements expected.”
Platinum supply remains constrained as producers are contending with reducing their costs to offset increased labour costs driven up by more than inflation, added WPIC.
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