Mining companies urge government to invest in platinum markets
Pumping money into the demand side of the business could give the economy a R8.25-trillion shot in the arm by 2050
SA’s platinum group metal (PGM) miners agree that developing markets for their metals is essential, but this needs help from the government. Speaking at the second PGM Indaba in Johannesburg, industry players outlined their thoughts on how this should happen and what sectors should be targeted to stimulate demand for platinum. In 35 years of mining, SA has produced 221-million ounces of platinum valued at R1.2-trillion. Stimulating demand for platinum would create 1-million direct and indirect jobs and contribute R8.25-trillion to the economy by 2050, said Minerals Council SA CEO Roger Baxter. Chris Griffith, CEO of Anglo American Platinum (Amplats), the largest source of mined PGMs, outlined a range of areas to encourage the uptake of platinum, including jewellery, investments, industrial applications and the use of the metal in hydrogen fuel-cell vehicles. He stressed the need for the government to join producers, which have had a difficult 10 years of stagnant prices and rapid...
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