Platinum is continuing to post greater sales figures than gold in South Africa, according to newly released figures.

A report from the Chamber of Mines indicates that £2.82 billion worth of platinum was produced in the country last year, well up on £2.0 billion seen in gold sales, reports Mineweb.

PGM sales in the country overtook those of gold in 2001 and have rarely looked back since.

Indeed, platinum output is said to be increasing with each passing year, as more and more small companies begin projects in the country, augmenting the excavations made by Anglo Platinum, Impala and Lonmin, the big three firms.

Roger Baxter, the chamber's chief economist believes that pgms add up to around two per cent of South Africa's gross domestic product (GDP) and 11 per cent of merchandise exports.

"Add in the multiplier effects and I estimate that platinum is just under five per cent of total GDP if the direct and indirect effects of platinum are included," he told the publication.

Around 70 per cent of the world's platinum and rhodium is produced in South Africa.


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