World supplies of platinum in 2013 will rise by 1.6% to 5.74Moz, with higher output from Zimbabwe accounting for most of the gains, a Platinum 2013 Interim Review report has shown.

World supplies of platinum in 2013 will rise by 1.6% to 5.74Moz, with higher output from Zimbabwe accounting for most of the gains, says Fin24, quoting a Platinum 2013 Interim Review report.  The global forecast is for a deficit of approximately 605 000oz in 2013, well up from 340 000oz in 2012.

Strong off take by industrial users and investors will lift gross platinum demand by 4.9% to 8.42Moz, said Johnson Matthey in the Platinum 2013 Interim Review report published in London.

In Zimbabwe, Zimplats expects to produce 270 000 ounces this year, while the other two miners, Unki and Mimosa will bring in 160 000 ounces. This gives a total to about 430 000 ounces.

Platinum supplies from South Africa are forecast to rise by less than 1% to 4.12Moz in 2013.
According to the report production losses due to one-off factors such as strikes and safety stoppages totalled around 100 000 oz in the first half.

Further strikes or stoppages in the final quarter of 2013 could eliminate any increase in South African supplies.

Source: Fin24. For more information, click here.

Picture: The portal at the Unki platinum mine in Zimbabwe.