HARARE, November 23 (The Source) – Zimbabwe’s refined platinum production in the third quarter of 2017 declined by 21 percent from 120,000 ounces last year to 95,000 ounces owing to furnace maintenance work, reported World Platinum Investment Council (WPIC).
In 2016, the southern African nation platinum production stood at 490k oz compared to 40k oz reported in the previous period.
The country’s refined platinum output for next year is projected to be at 450k oz.
In the period under review, producers added 10k oz to stock and almost balancing out a 15k oz net reduction in stock during the first half of this year.
Global refined production for the quarter stood at 1,495k oz, 4 percent down from the previous quarter and recording an 8 percent fall year-on-year.
“Global 2017 platinum supply is expected to fall 1 percent year-on-year, with mining production projected to be 95k oz lower. South African output is predicted to end the year down 1 percentage, while production from Zimbabwe is estimated to fall by as much as 10 percent,” WPIC said.
This year’s total mining supply is forecast to be at 5,970k oz which is two percent down from 6,065k oz recorded last year due to reduced output in South Africa, Zimbabwe, North America and Russia.