17:53 GMT +321 January 2018
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    Platinum bar - finished produce of the Krastsvetmet non-ferrous metal plant, one of the world leaders of precious metal industry, based in Krasnoyarsk, Siberia

    Russia is on Course to Global Platinum Domination

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    Russia could change the balance of power on the global platinum market thanks to its ambitious projects aimed at developing mines and building processing plants in Zimbabwe, the OilPrice news site reported.

    Bank bar manufacturing line opens at Yekaterinburg Plant
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    Russian companies are currently building a platinum complex estimated to cost $3 billion.

    The work is going according to schedule and the project, made public in September 2014, is expected to enter its second phase in the spring of 2016.

    The speed and scope of cooperation are said to have major implications for global platinum market.

    "Russia domestically controls 30 percent of global platinum and palladium output. And Zimbabwe's mines represent the world's fourth-leading source of these metals – meaning that Russian control in the African nation could create a stranglehold on this market," the media outlet noted.

    Russia also reportedly hopes to expand cooperation with Harare to include diamonds, gold and natural gas.

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    Tags:
    diamond, mining, gold, platinum, Zimbabwe, Russia
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