Morning Bites (part 2)

🇿🇦South Africa’s PGM mining output declined 4% YoY in May, reversing from the +17% YoY in April, according to official statistics. The country’s gold production fell 9% YoY, accelerating from the 2% YoY drop in April. In our view, unfavourable market conditions will likely keep weighing on PGM production in 2024, as demand from the automotive sector remains subdued, in addition to growing consumer interest 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