Zimbabwe’s platinum boom: Where is the wealth?

Mimosa, Zimbabwe – Zimbabwe’s platinum industry is generating billions of dollars, but residents in mining communities say roads, schools, water and other basic services have failed to keep pace with the wealth extracted from beneath their land. Platinum prices hit an all-time high of $2,923 an ounce on January 26 during a broader precious metals rally and continued concerns over the platinum supply, according to the World Platinum Investment Council. For Zimbabwe, home to the world’s second largest known deposits of platinum group metals (PGMs) after South Africa, the price surge offers an opportunity to increase revenue from a sector central to the economy. Mining accounts for about 75 percent of the country’s exports and about 14.