Morning Bites

🇿🇦South Africa’s PGM mining output inched up 1% YoY in February, after January's 4% YoY gain. Meanwhile, local gold production declined 4% YoY (vs. -13% YoY in January). Overall, demand for PGMs (mainly from the automotive sector) remains sluggish, due to the growing appetite for EVs globally and inflationary pressures, which are weighing on the metals’ prices. We note, however, that major SA PGM miners (e.g. Amplats and Impala) have announced job cuts, which might result in a greater supply response in 2024. On this matter, Sibanye recently revealed plans to make over 4,000 employees redundant at its SA Gold operations (13% of its workforce). This step is in-line with previous cost-cutting measures at US PGMs operations

We also remind readers that SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of world gold production

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