Morning Bites

🇿🇦South Africa’s PGM mining output declined 14% YoY in July, following an 8% YoY decrease in June, per official data. Local media report that the negative production dynamics reflected persistent cost pressure, including elevated fuel and energy costs. Meanwhile, gold production in the country also decreased 7% YoY (vs. +6% YoY seen in June)

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