Morning Bites

🇿🇦South Africa’s PGM mining output jumped 11% YoY in March, vs. the 52% YoY surge in February, per official data. The strong performance in recent months mainly reflects the low base effect from 2025, when heavy rainfalls and maintenance activities disrupted local mining operations. Meanwhile, gold production in the country also increased 17% YoY (vs. the +13% YoY in February)

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