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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

Northam Platinum Profits R1.0 billion in H1! Northam Platinum has posted results for the first half-year of the 2019 financial year. The strategy which was launched in 2015 with the Zambezi Platinum (RF) Limited Black Economic Empowerment transaction, has for the first time unfolded in the numbers. Normalised headline earnings, the primary measure of performance, amounted to R553 million, or 108.5 cents per share, up by 192.6%. Sales revenues increased by 48.5% to R5.0 billion, mainly on the back of higher volumes and operating profit of R1.0 billion, an all-time record for an interim period. R1.5 billion spent on capital expenditure, mainly in the execution of the group growth strategy. At a presentation to the investment community in Johannesburg, Northam chief executive Paul Dunne commented. He said: “Our growth strategy remains on track, and projects are generally ahead of schedule, 1: good progress is being made at Booysendal South with the successful commissio

The platinum sector is in crisis! The Minerals Council, led by CEO Roger Baxter, and Anglo American Platinum CEO, Chris Griffith, hosted a media briefing on the National Platinum Strategy for South Africa at Mining Indaba 2019. The South African economy has benefited significantly from PGM mining. Between 1980 and 2015 the industry produced 221 million ounces of PGMs valued at R1.2 trillion (US$170 billion). The profits generated from the sale of PGMs were distributed to multiple stakeholders, principally across the South African economy, over that period. The PGM sector developed into one of the largest components of the mining industry. It is the largest mining employer and remains a significant export revenue earner. Its development, investment and transformation footprint on the economy is significant and in 2018. The PGM sector, 1: produced around 259 tonnes of platinum; 2: exported around 89% of the metals produced; 3: earned around R96 billion in revenue; 4