Morning Bites (part 1)

🇿🇦South Africa’s PGM mining output declined 33% YoY in October after the 3% revised YoY drop in September. Meanwhile, the country’s gold production shrank 6% YoY, decelerating from -13% YoY in September. Overall, local issues with electricity, supply chain disruptions and inflationary pressures affected the dynamics. Meanwhile, the country accounts for ~70% and 38% of global platinum and palladium supply, respectively, as well as for 3% of gold production. In our view, the disruptions are likely to be supportive for PGMs and gold prices, at least in the short term

🔋Sayona has received a permit to resume lithium mining in Canada, and plans to restart operations in 1Q23. Of note, NAL operations were stopped in 2019 amid a decline in lithium product prices. On our numbers, the unit's annual capacity of 30kt LCE accounts for ~4% of world lithium supply in 2022F, which is in-line with the growing appetite for EVs globally

#PGMs #gold #diamonds
https://metals-wire.com:3000/news-reports