2013-01-10 16:59:29 - Global platinum mining market controlled by South Africa
Supply within the global platinum mining market grew by more than 3% in 2011, adding approximately 260,000 ounces to reach 7.9M ounces. A similar addition was expected in 2012, taking supply to 8.2M ounces.Like other mined metals, platinum serves as a multi-purpose commodity used by various industries throughout the world. Some may value platinum-made jewellery over even 14-carat gold, and when it comes to assembling electronic products platinum is a highly sought-after conductor.This metal has also proven helpful in the automobile industry as an important contributor to the construction of catalytic converters, which help in the "greening" of new cars.Unlike the majority of other metals, platinum mine production is dominated by a relatively small number of producers. South Africa, Russia,
Canada, and Zimbabwe will continue to be the principal sources of PGM for at least the next decade. The ten largest platinum producing companies account for approximately 90% of world mine output.The South African platinum mining market is the largest in the world producing 80% of the total global capacity in 2011. In 2011, South Africa platinum mining production totalled 4.86 million ounces which represented an increase of 2% over 2010.Through 2012 to 2020, South Africa´s platinum production is forecast to increase at a CAGR of 5.2%, to report an output of 5.84 million ounces by the end of the decade.Investors are therefore constantly vigilant as to the state of the South African industry where at present there are two important issues; production costs and the potential for output disruption.The United States platinum mining market produced a total of 1.19 million ounces of platinum in 2011 and is forecast to remain flat during the period 2012 to 2020, with production output only totalling 1.17 million ounces by the end of this period.However, in an attempt to increase production of platinum in the United States a number of new projects are in the pipeline. The Stillwater Mining Company has expansion plans at the Blitz Project and also at the Graham Creek Project which are forecast to be completed by 2016 or 2017 and 2015, respectively.For more information on the global platinum mining market, see the latest research:South African Platinum Mining MarketUS Platinum Mining MarketFollow us on Twitter @CandMResearch
Click for news details: www.companiesandmarkets.com/News/Agriculture-Farming-Raw-Materia ..
Browse all Agriculture, Farming & Raw Materials C&M News www.companiesandmarkets.com/News/Agriculture-Farming-Raw-Materia ..
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.comâs online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.