South African President Cyril Ramaphosa said the country is poised to take advantage of the growing demand for platinum group metals, as Western sanctions against Russia over its invasion of Ukraine have forced mining investors to look to Africa. Ramaphosa’s comments came this week at the Investing in African Mining Conference in Cape Town. Mining analyst Peter Major said while it’s unfortunate to say, the war in Ukraine is helping South Africa’s economy. “We produce half of the world’s palladium and we produce 75% of the world’s platinum and we produce about 90% of the world’s rhodium,” Major said. This, he said, will further drive up demand for platinum and palladium used in the manufacture of zero-carbon emitting power plants.

Source: Ethiopian News May 11, 2022 05:55 UTC