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Russia, South Africa seek to create OPEC-style platinum bloc

Section: Daily Dispatches

By Ilya Arkhipov and Franz Wild
Bloomberg News
Wednesday, March 27, 2013

http://www.bloomberg.com/news/2013-03-26/russia-south-africa-seek-to-cre...

Russia and South Africa, countries that hold about 80 percent of platinum group metal reserves, plan to set up an OPEC-type trading bloc to coordinate exports.

"It can be called an OPEC," Russian Natural Resources Minister Sergey Donskoy said late yesterday in an interview in Durban. "Our goal is to coordinate our actions accordingly to expand the markets. The price depends on the structure of the market and we will form the structure of the market."

South Africa mines about 70 percent of the world's platinum and Russia 40 percent of its palladium, a metal from the same group used to cut car pollution, Johnson Matthey Plc said in a 2012 report. Other nations would be able to join the group. The United States, Zimbabwe, and Canada are among producers of the metals. The Organization of Petroleum Exporting Countries is an oil cartel.

For the complete story:

http://www.bloomberg.com/news/2013-03-26/russia-south-africa-seek-to-cre...



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