Morning Bites

🇿🇦South Africa’s PGM mining output dropped 8% YoY in December, accelerating from the 3% YoY contraction in November, per official data. Meanwhile, local gold production increased 1% YoY, reversing the 6% YoY decline in November

Local PGM supply is expected to contract gradually in the long-run (e.g., recent SBSW guidance until 2040)

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

#PGMs #gold