Morning Bites

🇿🇦South Africa’s PGM mining output declined 8% YoY in June, following a 4% YoY decrease in May, per official data. According to local media, the negative production dynamics reflected elevated mining costs (including fuel) and a less supportive pricing environment relative to mid-2025. Meanwhile, gold production in the country increased 6% YoY (vs. -4% YoY in May)

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

In 2025, SA accounted for 71% of global Pt, 34% of Pd mined supply and 3% of world gold production

#PGMs #gold