📌Production might also remain subdued in coming years

⛏On the supply side, Russia's output remained relatively stable (27% of the world PGM supply) in 2022, while South Africa's production (53%) was subject to poor logistics and local electricity crisis, which are stressful for domestic mining. This year, these problems might be getting deeper, given the current 4-6GW generation shortage (out of 48GW capacity)

❗️Although SA's authorities are taking steps to speed up energy projects and increase power capacity, the issues seem to have a long-lasting effect, in our view. In addition, Norilsk Nickel has also cut its production guidance for 2023 by 7% vs. the previous outlook: the palladium and platinum output might drop 11% and 4% YoY, respectively

#PGMs
https://metals-wire.com/sector/PGM