WORLD PLATINUM MINE SUPPLY

摘要

Overall platinum supply in 2004 increased by 4.8 percent to 6.5 million oz from 6.2 million oz in 2003, compared with a demand growth of less than 1 percent, but the market remained in deficit for the sixth straight year, according to Johnson Matthey's Platinum 2005 Review. The deficit pushed average U.S.-dollar platinum prices to 835/oz dollars, almost 23 percent higher than in 2003; however, the 17 percent strengthening of the rand against the U.S. dollar during 2004 mitigated much of the improvement in prices for South African companies. As illustrated in Figure 1 below, over the 2002-2004 period, U.S.-dollar platinum prices have increased by 57 percent, while the value of the rand has increased almost 63 percent against the U.S. dollar. This lower rand price of platinum has resulted in the major producers slowing their expansion plans and updating feasibility studies on their developing projects.