Morning Bites (part 3)

🇿🇦South Africa’s PGM mining output jumped 15% YoY in November (partially due to the low base effect), following the 17% YoY spike in October, according to official statistics. Meanwhile, the country’s gold production declined 3% YoY (vs. the +2% YoY in October). Although the country's PGM production recovered somewhat in November, we remind readers that two major SA players, Sibanye and Implats, have announced job cuts in response to the low PGM prices and local infrastructure challenges. At the same time, the demand for PGMs remains weak, amid inflationary pressures and growing appetite for EVs globally

To recap, SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of global gold production

#PGMs #gold      
https://metals-wire.com/news-reports