Thursday, April 29, 2010

South Africa's Mineral Wealth the "Highest in the World"

According to a Citigroup report:

South Africa is the world's richest country in terms of its mineral reserves - worth $2.5 thousand billion - according to research by the American banking group Citigroup, reports Bloomberg. The Citigroup report, which was compiled by its mining analyst, Craig Sainsbury, says that Russia comes second after South Africa, and Australia third.

Of South Africa's $2 500bn worth of reserves, $2 300bn resides in the platinum group metals.

In dollar values Guinea, South Africa, India, the Ukraine and Kazakhstan are the countries that under-produce the most in terms of their reserves, says Sainsbury.