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CROWN AND OUT

8th November 2013

By: Darlene Creamer

  

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South Africans threw away their leadership in gold mining. Now there are fears that the country may throw away its platinum crown as well. Some exasperated end-users believe Zimbabwe may be able to take up where South Africa has left off. Better Zimbabwean productivity gives the neighbouring state a head start to outperform South Africa, which is failing to provide the certainty that the world needs. Other willing participants have been quick to take up the supply mantle, including platinum recyclers. South Africa’s platinum mine shafts are four times deeper that Zimbabwe’s, which average only 230 m compared with South Africa’s 1 010 m. Japan, which seemingly appreciates platinum’s great value, has the good sense to store its surplus platinum in Swiss vaults. South Africans, meanwhile, seem intent on failing to take full advantage of their national patrimony.

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