Morning Bites (part 1)

🇿🇦South Africa’s PGM mining output jumped 17% YoY in April, reversing from the revised 2% YoY decline in March, according to official statistics. The country’s gold production inched down 2% YoY, after the revised decline of 4% YoY in March. Despite the announced job cuts by major SA PGM miners Sibanye, Impala and Amplats, local production dynamics remain solid. Unfavourable market conditions, however, might weigh on production in 2024, we believe, amid subdued PGM demand from the automotive sector, 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