Mantashe to fast-track introduction of platinum coins to boost demand

This is despite resistance from the South African Reserve Bank (Sarb), which says that feasibility studies found the concept isn’t viable.

Minister of Mineral Resources Gwede Mantashe has meet with his Russian counterpart, Dmitry Kobylkin, Minister of Natural Resources & Environment of the Russian Federation. The meeting formed part of the 3rd South Africa-Russia Platinum Group Metals Conference. Picture: GCIS

JOHANNESBURG - Mineral Resources Minister Gwede Mantashe says that he will fast-track the introduction of platinum investment coins to boost demand for the metal.

This is despite resistance from the South African Reserve Bank (Sarb), which says that feasibility studies found the concept isn’t viable.

Mantashe met with his Russian counterpart at the third annual Platinum Group Metals Conference in Randburg on Tuesday.

He says that talks with Treasury are now underway to find ways of producing a platinum coin.

“We need those coins because that’s an intervention on the demand side.”

Mantashe says agreements with Russia should be implemented to ensure that the Platinum Group Metal Conferences are not just talk shops.

A memorandum of understanding was signed in 2013 on the sidelines of the Brics summit in Durban and resulted in the creation of a joint working group on platinum group metals.

Risks to the growth and development of the platinum sector were also discussed on Tuesday.

(Edited by Thapelo Lekabe)