Zimbabwe registered a 19 percent increase in refined platinum production to 480 000 ounces in 2016, according to the latest World Platinum Investment Council Report.
The report released this Thursday has revealed that 2016 was a year of mixed fortune for the global platinum market with demand continuing to outstrip supply.
While the global refined platinum output was down 2 percent to 6,030 000 ounces, Zimbabwe and North America registered substantial growth.
According to the report, greater production and processing of built-up concentrate following a smelter outage in 2015 contributed to the 19 percent increase in refined platinum registered by Zimbabwe in 2016.
Supply from the biggest platinum producer South Africa fell by 4 percent to 4.420 000 ounces owing to a number of safety-related stoppages price-induced restructuring and more general operational challenges.
Total global platinum supply is, however, projected to fall by 4 percent to 7,660 000 ounces in 2017.
According to the report, Zimbabwe’s refined platinum production is projected to drop by 7 percent to 445 000 ounces as output normalises.
North American supplies are also set to decline by 2 percent to 440 000 ounces.