Morning Bites (part 1)

🇿🇦South Africa’s PGM mining output dropped 23% YoY in August, accelerating from the 14% YoY decline in July, per official data. Local media report that elevated input costs (especially fuel), infrastructural and logistical bottlenecks continued to weigh on South African supply. Meanwhile, gold production in the country also decreased 6% YoY (vs. -7% YoY seen in July)

We expect South African PGM supply to decrease gradually in the long term (for instance, 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