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Wednesday, 21st June 2006 (5597 views)

One of the world's biggest gold miners has said that it is planning to diversify into platinum mining.

Speaking at an open day, Gold Fields chief executive Ian Cockerill confirmed that his company wanted to diversify more into platinum mining, but also ruled out any immediate takeover bid for major platinum miner Lonmin.

"Our vision is clear - we want to be leading the industry in precious metals. Platinum is a precious metal and gold and platinum do have overlaps," he said, according to Platts.

He added that he thought platinum had "a great future as an industrial environmental metal", but played down the idea that it could challenge gold in the jewellery sector.

He suggested that South Africa would be the prime target for any Gold Fields investment in platinum mining.

In response to questions about a possible bid for Lonmin, Mr Cockerill said that the company was currently too big and any bid for it may damage Gold Fields' identity as a gold company.

Lonmin is the third largest platinum producer in the world.

It is currently carrying out a production expansion that should result in a 30 per cent increase in production from current levels.

 

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