South Africa, with more than $2.5 trillion (R18.4 trillion) in mineral reserves, is the richest nation by "commodity wealth", followed by Russia and Australia, according to research by Citigroup.
South Africa, Guinea, Ukraine, India and Kazakhstan all have more than $200 billion of non-energy reserve wealth and more than 100 years of average mine life at current rates, Citigroup analyst Craig Sainsbury said on Monday.
"South Africa's $2.5 trillion of reserves include $2.3 trillion of platinum group metals", said Citigroup. Russia's iron ore reserves are valued at $794bn, exceeding those of Australia, the second-largest supplier of seaborne ore, at $737bn.
"On a dollar value basis, Guinea, South Africa, India, Ukraine and Kazakhstan are the most under-producing regions based on their reserve positions," Sainsbury said.
Data from Citigroup and the US Geological Survey show an average reserve life of 17 years in China. - Bloomberg