Russian PGMs not a subject to sanctions!
Russia can trade PGMs to Western customers While Anglo American Platinum announced that nearly all of the semi-finished inventory ahead of the ACP converter plant was processed in 2021, their published data does not reflect that the full platinum content of that processed inventory was either sold or increased their refined metal inventory. It is possible that the disruption associated with the outages and significantly higher processing rate in 2021 has resulted in approximately 150 koz of platinum remaining locked up in their process pipeline. While this 150 koz is included in our published 2022 forecast for refined production, this flow of material may influence stock management decisions necessary in 2022 to support planned furnace rebuilds. Refined mine supply is projected to be stable given the additional work the producers have put into preventative maintenance and stope development. Although wage negotiations start mid-year, and employees will certainly be consciou