Morning Bites

🇿🇦South Africa’s PGM mining output surged 52% YoY in February, vs. the 11% YoY decline in January, per official data. Local media report that the strong performance was mainly attributable to the low base effect from February 2025 (-24% YoY), when heavy rainfalls and maintenance activities disrupted mining operations. Meanwhile, gold production in the country also increased, 13% YoY (vs. the +1% YoY in January)

We expect South African PGM supply to decrease gradually in the long term (e.g. Sibanye's, recently published downbeat guidance for production through 2040)

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

#PGMs #gold