Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
HARARE, Zimbabwe (AP) - Zimbabwean authorities have given platinum miners 10 days to submit proposals to build a refinery by the end of the year.
State media reported Wednesday that mines ministry official Francis Gudyanga said miners will be forced to stop exporting raw platinum if they fail to build the refinery by December.
Zimbabwe is the world's second largest supplier of platinum, a corrosion-resistant metal with a variety of industrial uses that is priced higher than gold. But the mining companies send the raw ore to neighboring South Africa for processing.
Mining industry executives say at least $3 billion will be needed to build a refinery, a process that can take more than 5 years.
South African-owned Zimplats, the country's biggest platinum producer, will be affected if the policy is carried out.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
