DJ Zimbabwe's Platinum Output To Rise In 2009 - Johnson Matthey
JMPLY | Quote | Chart | News | PowerRating -- Zimbabwe's platinum output will rise this year but further significant mining growth mining won't happen until there is more economic and political certainty in the country, metal fabricator Johnson Matthey PLC (JMAT.LN) said Tuesday.
Johnson Matthey forecasts that platinum output in Zimbabwe will rise by 45,000 troy ounces to 225,000 ounces this year due to expansion projects.
"There are a lot of reserves, but they can't be unlocked until there is more economic and political certainty," said Jeremy Coombes, general manager at Johnson Matthey.
Zimbabwe's mining industry has suffered due to the hyperinflation that has plagued the country, which used to be a large producer of gold, platinum and chromium. However, many operations were closed as a result of the runaway inflation.
Earlier this year Zimbabwe moved to a multiple currency system that helped to rein in rising costs.
For example, production at Zimbabwean miner Zimplats Holdings Ltd. (ZIM.AU) is expected to reach 170,000 ounces of platinum in matte this year from 96,000 ounces in fiscal 2009, and rise to 180,000 ounces the following year, Impala Platinum Holdings Ltd. (IMP.JO) said last week. Zimplats is majority-owned by Implats.
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com
(END) Dow Jones Newswires
11-17-09 1148ET
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