Morning Bites

🇿🇦South Africa’s PGM mining output dropped 24% YoY in February, vs. the 4% YoY decline in January, according to official data. Meanwhile, local gold production also fell 8% YoY, after the 1% increase YoY in January. According to local media, the weak performance was likely due to maintenance activities, exacerbated by heavy rainfalls, which temporarily disrupted operations at some mines in early-2025

In our view, the ongoing monetary easing cycle in the EU/US and China, the increase in EU import duties (from 10% up to 45%) on Chinese BEVs (encouraging the production of catalyst-containing cars), as well as the expected cancellation of EV-support programmes in the US (which might be even replaced with a new USD 1,000 EV purchase tax) could bolster the PGM prices recovery in 2025

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

#PGMs #gold        
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