Morning Bites

🇿🇦South Africa’s PGM mining output decreased 4% YoY in May, reversing the 37% YoY growth in April, per official data. The strong performance in previous months was mainly due to the low base effect from early-2025, when heavy rainfalls and maintenance activities disrupted local mining operations. Meanwhile, gold production in the country also declined 4% YoY (vs. the flat YoY dynamics in April)

We expect South African PGM supply to decrease gradually in the long term (e.g. Sibanye 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