Despite an increase in production from South African platinum producers, the global platinum market is expected to remain in deficit in 2024, according to the World Platinum Investment Council (WIPC). South African producers such as Impala Platinum (Implats), Sibanye-Stillwater, Anglo American Platinum (Amplats), and Wesizwe Platinum have been restructuring their operations in response to low prices for platinum group metals...
Platinum news
Anglo American Offloads 5.3% Stake in Platinum Unit Ahead of Spin-Off
Anglo American has raised approximately $400 million through the sale of shares in its platinum subsidiary, Anglo American Platinum, as part of a broader restructuring effort. The mining giant sold 13.94 million shares, representing a 5.3% stake in the subsidiary, at a price of 515 South African rand ($27.30) per share. This sale was made at a 9.7% discount to...
Sibanye-Stillwater Faces Sharp Decline in Interim Earnings Amid Lower PGM Prices and U.S. Asset Impairment
Sibanye-Stillwater is set to report a significant drop in its interim earnings for the first half of 2024, with profits expected to plummet by nearly 100%. The company’s gold production decreased by 21%, while prices for platinum group metals (PGMs), particularly palladium, remained under pressure. Additionally, the company has recorded a R7.4 billion (USD 420 million) write-down on its U.S....
Impala Platinum Reports Significant Loss for Fiscal 2024 Amid Major Impairments
Impala Platinum Holdings, the world’s second-largest platinum miner, has reported a significant swing to a loss for fiscal 2024, as anticipated, due to a series of impairments. The company announced a basic loss of 17.31 billion South African rand (approximately $970.9 million USD) for the year ended June 30, compared to a profit of 4.905 billion rand (approximately $275 million...
Falling Metal Prices Hit Nornickel’s Revenue, But Production Plans Unchanged
Nornickel has released its financial results for the first half of 2024, showing a significant decline in revenue and profits. According to the report, the company’s revenue dropped by 22% to $5.6 billion, while net income fell by 23% to $829 million. Free cash flow also saw a sharp decrease of 61%, totaling $525 million, the company said in the...
Nornickel Maintains Stable Production in H1 2024 Amid Market Challenges
Nornickel has announced its production results for the first half of the year and the second quarter of 2024. According to its statements, the company’s nickel smelting remained almost unchanged at 90,000 tons for January-June 2024. Copper output increased by 7% to 219,000 tons. Palladium output was stable at approximately 1.5 million troy ounces, while platinum production saw a slight...
Anglo American Platinum Reports 8% Earnings Drop Amid Price Decline
Anglo American Platinum, the world’s largest producer of platinum metals, announced an 8% decrease in earnings, impacted by a significant drop in prices. For the first six months of the year, the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 12.3 billion South African rand ($676.5 million), compared to the same period last year. Revenue also...
Global Platinum Market Projected to Grow by USD 1.75 Billion by 2028
The global platinum market is projected to expand by USD 1.75 billion from 2024 to 2028, growing at a compound annual growth rate (CAGR) of 4.36%, according to Technavio. The rising demand for platinum across various industries, particularly in the automotive sector, is a significant driver of this growth. Platinum is a critical metal primarily used in automotive exhaust systems...
South Africa’s Mining Sector Rebounds in Second Quarter
Mining activity in South Africa is expected to continue its upward trajectory for the better half of this year after rebounding at the beginning of the second quarter. Data from Statistics South Africa (StatsSA) showed that mining production rose by 0.7% year-on-year in April, recovering from a downwardly revised 4.8% decline in March. This improvement was buoyed by the suspension...
Bravura’s Zimbabwe Mining Ventures Gain Momentum with New Equipment and Plant Construction
Bravura Mining Consortium’s operations in Zimbabwe are gaining momentum with the acquisition of platinum mining machinery and the construction of a dense media separation plant for its lithium mine. The separation plant, manufactured by Manhattan Corporation in South Africa, is ready for shipment to Zimbabwe once the necessary approvals and ongoing civil works at Kamativi are completed. Bravura’s ventures in...