Morning Bites (part 3)

🇿🇦South Africa’s PGM mining output fell 4% YoY in March, marking the first decline since July 2023, according to official statistics. The country’s gold production declined 5% YoY, in line with February. We remind readers that major SA PGM miners Sibanye, Impala and Amplats have recently announced job cuts in response to unfavourable market conditions, which might result in production being lower YoY in 2024. At the same time, the demand for PGMs remains rather subdued, amid persistent inflationary pressures in key economies (e.g. the US and EU) and the 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