The share prices of once-beleaguered platinum miners have risen exponentially, with the likes of Impala Platinum up 93% in the last year, Royal Bafokeng up 200% and Anglo American Platinum up 52%.
The rapid growth in these numbers has partly been driven by the UN secretary-general, who asked countries to come forward with net zero targets. The UN High-Level Climate Champions’also calls on regions, cities, businesses, investors, and civil society to submit plans to reach net zero emissions by 2050 in advance of the United Nations climate negotiations in Glasgow in November 2021.
“Autocatalytic converters used in ICEs account for about 60% of PGM 3E demand ,” Loos says. In addition, the recovery in auto sales as the Covid-19 lockdowns have eased surprised many with its strength and duration. Given the high levels of household disposable incomes and the aversion to crowds post-pandemic, the demand for cars could be sustained in the very near term, which is good for the PGM producers, she says.
“Fundamentally we are in a tight market, so I am bullish about prices, particularly for rhodium and palladium. I would tell those who panicked to calm down. In fact, I’d advise them to fasten seatbelts over the next year.” “The jury is still out,” says Phiri. “We are doubtful. Bringing new ounces to market requires a capital investment that will take 10-15 years to realise. The visibility is clear for the next seven to 10 years, but beyond that, it’s a guess.”
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