The price of the platinum group metal , a crucial catalyst to cap emissions generated by petrol engines, shot to record highs above $20,000 an ounce on Wednesday, extending a 2020 rally with no end in sight.
Chinese growth, often an engine for commodity booms, is sparking yet another boom. On the supply side, stoppages at Anglo American Platinum processing units slashed the supply of rhodium by 16% last year, Reuters reported, citing consultancy Metals Focus. South African PGM producers, especially those with relatively significant rhodium ratios in their output mix, are the clear winners here.
“Rhodium is about 6% of the metal mined in the PGM basket but is now about 50% of the revenues, and so the PGM producers will have incredibly good earnings and I think they will pay out all of these earnings in cash dividends,” Daniel Sacks, portfolio manager of the Ninety One Commodity Fund, told“Normally, that excess cash would be channeled into growth projects or to repay debt, but there is little debt now, and there is a reluctance to build new mines.
Platinum’s price has also been picking up, though at just over $1,100 an ounce, it has a steep climb to get back to its record territory of over $2,100 an ounce that was scaled well over a decade ago.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jubilee Metals reports record earnings as production surgesRecord platinum group metal and chrome production, as well as elevated prices for the former, boosted a group whose share price has risen sevenfold in a year 🔒 Welcome to the community, new Bitcoiners. Make sure you follow DennisWilliam56 he understand Bitcoin and have an unflinching optimism about it. he is for transparency and trust 💯 “Everything is good for Bitcoin.” For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Blakescott64 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success Do something today that your future self will thank you for!...stay positive so we get started and actualize best result on this...I know you will thank me later for this opportunity.💫💐 invest with Jasonsallm_1
Source: BDliveSA - 🏆 12. / 63 Read more »
Jubilee Metals reports record earnings as production surgesRecord platinum group metal and chrome production, as well as elevated prices for the former, boosted a group whose share price has risen sevenfold in a year 🔒 Do something today that your future self will thank you for!...stay positive so we get started and actualize best result on this...I know you will thank me later for this opportunity.💫💐 invest with Jasonsallm_1
Source: BDliveSA - 🏆 12. / 63 Read more »