Russian urges formation of platinum cartel

MOSCOW, Oct. 5 (UPI) -- A Russian official is urging his government and South Africa to create a global platinum cartel.

South Africa produces about half the world's platinum and Russia accounts for another 35 percent of the global supply, said Lev Puchkov, rector of the Moscow State Mining University.

A cartel of the two nations would put them in a dominant position in several global industries.

"Maybe we need to sit down and suggest to the world consumers that ... our governments should form a big consortium similar to those of oil companies," Puchkov said.