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The platinum industry of SA, which for years lobbied for the government to launch a platinum piece like Krugerrand, has a new champion in the form of Mineral Resources Minister Gwede Mantashe.
SA is one of the world's leading sources The example of gold coins and the platinum mining industry, which is the spearhead of the demand for the metal from various sources, argued that a Mandela platinum play named after the country's first democratically elected president would be a logical addition to the metal
SA is the world's leading source of mined platinum, ahead of its rivals in Russia, at the Zimbabwe and the United States.
Speaking after a lecture Tuesday, Mantashe said that he was pushing his peers to the Treasury and the Reserve Bank to adopt the coin
"I'm doing it already, the answer is that the coins currency are accepted in principle, but they have to go through various government processes, and it's a long process, I can tell you. "Mantashe said: [TRADUCTION] During the conference, at which delegates from SA and Russia have discussed platinum group metals, Mantashe and his Russian counterpart have reengaged to a 2013 memorandum. Russian Minister of Natural Resources and Environment, Dmitry Kobylkin, is in particular on how to better control the market, Mantashe said, noting that 95% of the world's platinum group metals came from SA, Russia and Zimbabwe.
"Free markets do not are not controlled. If we start to control it, the World Trade Organization will be on our case immediately. We need to find innovative ways to control the supply and demand of platinum group metals, "said Mantashe
. Roger Baxter, CEO of Minerals Council SA (formerly the Chamber of Mines), stressed the need for greater government involvement. help with the limited work platinum companies could do by promoting platinum for jewelery and investment.
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