HARARE, Oct. 21 (Xinhua) -- Zimbabwe's platinum industry requires at least 3 billion U.S. dollars to boost output for the country that holds the world's second largest platinum reserves after South Africa, a mines body said.

Zimbabwe has projected to produce 446,460 ounces of platinum by 2017, if 2.8 billion dollars is poured into the sector to increase capacity and at least 200 million dollars set aside for generating extra electricity, the Chamber of Mines said in a report seen by Xinhua Monday.

It said there were a number of major constraints which could limit platinum growth in Zimbabwe and these included limited power supply, increasing costs of production, lack of sufficient incentives for foreign direct investment and adequate experienced man power for future business requirements.

The platinum industry will need an additional 115MW power to meet the production target, and between 200 million and 500 million will be required for the electricity projects.

Zimbabwe currently has three platinum producers namely Zimplats, Mimosa and Unki mines while a fourth one, Todal, is expected to also start operations.

Zimbabwe currently produces 6 percent of the world's platinum, behind South Africa and Russia.

"It is evident that from 2017 onward, Zimbabwe's production of platinum will be approaching that of Russia which will make the country one of the top producers of the metal," the Chamber said.

Overall, Zimbabwe's whole mining sector, according to the Chamber, requires 5 billion dollars to ramp up production. Mining contributes about 13 percent to GDP, making it a significant contributor to the country's economy.