Zimbabwe urges platinum producers to boost output 10th February 2005
Zimbabwe's central bank governor, Gideon Gono, has warned that platinum miners Impala Platinum and Aquarius Platinum need to increase their production of the precious metal.
The warning comes as Zimbabwe aims to take greater central control of the precious metals industry, with the state seeking to assume responsibility for marketing platinum and also making changes to the rules governing offshore accounts held by platinum producers.
Mr Gono told Bloomberg that unless the two firms did more to boost production and help the country maximise its exports earnings, greater access to the market for potential rivals would have to be ensured.
"We are saying to current players, either increase your throughput or allow others to come in and mine," he declared.
"To Zimbabwe, platinum is what oil is to Saudi Arabia," he added.
Implats already has plans in place to raise production in the country, targeting a six-fold rise in the next ten years.
Indeed, Implats finance director David Brown is adamant that the firm could do little more to boost its output, saying the firm was "one of the best platinum companies to develop Zimbabwe's platinum reserves in an optimal fashion".
"There's a mismatch between reality and expectation. How is bringing in third parties going to develop those mines any faster?"
There is a growing unease at the increasing friction between platinum industry leaders and the Zimbabwean government, although the country remains a prime location for exploration.

© Adfero Ltd
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