Morning Bites

🇿🇦South Africa’s PGM mining output jumped 37% YoY in April, vs. the 10% YoY gain in March, per official data. The strong performance in recent months mainly reflects the low base effect from last year (-24% YoY in April 2025), when heavy rainfalls and maintenance activities disrupted local mining operations. Meanwhile, gold production in the country was flat YoY (vs. the +17% YoY in March)

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