BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Monday, 3 February, 2003, 15:03 GMT
Platinum soars to 23-year high
Platinum mine
Fuel cell research is expected to boost demand
The price of platinum - used in jewellery and fuel cells - has hit 23-year highs over supply concerns and expected increased commercial use.

The price in London was "fixed" at $690.00 an ounce on Monday - the highest level since March 1980 - up from $667.00 on Friday.

The metal has surged more than 14% this year on the back of concerns a possible one-day strike at Russia's metal giant Norilsk Nickel.

Russia is the world's leading producer, followed by South Africa.

US President George W. Bush last week added to its rise by calling for a $1.2bn in research programme into fuel cells using platinum to provide pollution-free energy for vehicles.

Fuel cells use platinum to create electricity without pollution by combining hydrogen and oxygen into water.

Platinum results

On Saturday the head of the world's biggest platinum mining company AngloPlat, part of Anglo-America, predict demand would boom.

"I am absolutely convinced that in the multitude of industrial applications that platinum has, that growth will continue at a more-than-acceptable rate," said Barry Davison, head of Anglo American Platinum.

"I expect growth in demand to accelerate so much that it will be higher in the next 10 years than the previous 10 years, which for any commodity is a pretty good growth rate," he said.

Meanwhile, Russian mining unions will decide on Wednesday whether to strike at Norilsk Nickel, the world's fifth largest producer.

The proposed one-hour strike follows the collapse of talks over pay, holiday entitlements and company financial transparency, especially on managers salaries.

Norilsk's Arctic division employs 60,000 people.

 WATCH/LISTEN
 ON THIS STORY
The BBC's Manisha Tank
"The rise came partly from concerns that miners in Russia may strike"
See also:

13 Aug 02 | Business
23 May 02 | Business
20 May 02 | Business
19 Feb 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


 E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes