Morning Bites

🇿🇦South Africa’s PGM mining output jumped 11% YoY in January, reversing from the 7% YoY decline in December, per official data. Meanwhile, local gold production also inched up 1% YoY (vs. the +2% YoY in December)

We expect local PGM supply to contract gradually in the long-run (e.g., recently published downbeat Sibanye’s production guidance until 2040)

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

#PGMs #gold