Your question: Why is platinum valuable to South Africa?

What is platinum used for in South Africa?

It is a key part of devices to reduce car and industrial emissions. Other platinum-group metals are used in electrical contacts or resistors, as well as in dental work and jewellery. … South Africa and Russia mine almost all the world’s platinum. South Africa has about two-thirds of the total.

Why is platinum mining so important for South Africa?

Platinum seen contributing as much to South Africa’s economy as gold did in the 20th century. … Unlocking sales of $35-billion a year by 2050 would mean that the platinum mining sector could add as much value to investment, exports and gross domestic product as the gold mining sector did in the twentieth century.

Why does South Africa have so much platinum?

Through examining the Merensky Reef of the Bushveld Complex in South Africa, which hosts the lion’s share of the world’s platinum and other noble metals, Dr Sofya Chistyakova from the School of Geosciences of the University of the Witwatersrand and her collaborators have established that the crystals grow in situ, with …

IT IS INTERESTING:  What Africans eat everyday?

Where is platinum found in South Africa?

Platinum mines around the world

MOGALAKWENA – The world’s largest open-pit platinum mine is located in Limpopo, South Africa.

Who owns the platinum mines in South Africa?

The mine is jointly owned by Anglo American Platinum (AQPSA) and Anglo American Platinum (Amplats), under a 50:50 pooling-and-sharing (PSA) agreement that was signed in 2005. AQPSA is the operator of the mine. Marikana is AQPSA’s second operating mine in South Africa.

How much platinum is left in South Africa?

Total worldwide reserves of platinum metals are estimated to be some 69,000 metric tons.

Platinum metal reserves worldwide as of 2020, by country (in metric tons)

Characteristic Reserves in metric tons
South Africa 63,000
Russia 3,900
Zimbabwe 1,200

What is the price of platinum today?

MONEX Live Platinum Spot Prices

Platinum Spot Prices Today Change
Platinum Prices Per Ounce $1,072.00 -24.00
Platinum Prices Per Gram $34.47 -0.77
Platinum Prices Per Kilo $34,464.80 -771.60

Who owns the most platinum?

List of countries by platinum production

Rank Country/Region Platinum production (kilograms)
World 180,000
1 South Africa 130,000
2 Russia 22,000
3 Zimbabwe 15,000

What is South Africa’s biggest problem today?

Key socioeconomic challenges include high rates of poverty, social inequality, unemployment, and public service access disparities—problems that disproportionately affect blacks. Unequal access to land is a notably sensitive issue.

Why is South Africa so rich?

South Africa is rich in a variety of minerals. In addition to diamonds and gold, the country also contains reserves of iron ore, platinum, manganese, chromium, copper, uranium, silver, beryllium, and titanium. Coal is another of South Africa’s valuable mineral products. …

IT IS INTERESTING:  How many indigenous people reside in Africa?

Which country is the richest in Africa?

Nigeria is the richest and most populous country in Africa. The country’s large population of 211 million is a likely contributor to its large GDP. Nigeria is a middle-income, mixed economy and emerging market with growing financial, service, communications, and technology sectors.

Which country is largest producer of platinum?

Largest platinum producing countries

South Africa is the largest producer of platinum in the world by a significant margin, with a production of between 148 and 120 metric tons each year from 2010 to 2020.

What is the price of platinum?

Live Platinum Price

Platinum Price Last Week
Current Price $35,545.70
Week High $36,060.12
Week Low $34,408.85
Week Change +$412.49 (1.17%)

Which is the biggest mine in South Africa?

The Mponeng gold mine located in the Gauteng province of South Africa is the deepest operating mine in the world.

Hot Africa