The PGMs of most economic importance are platinum and palladium

On the Western Limb of the BC, where PPM is currently operating, platinum and palladium account for around 63% and 27% respectively of the total 4E PGMs occurring in the reefs. The markets for individual PGMs are separate and the volumes traded and prices achieved are independent of one another.



Fuel cell electric vehicle (FCEV) technology produces electricity using an electrochemical reaction that generates only water as a by-product and zero greenhouse gas emissions

FCEVs use more than twice the amount of platinum than internal combustion engine (ICE) vehicles

FCEV technology is already finding applications across multiple transport applications, with forklifts and public transport buses already adopting fuel cells

Rapid adoption for heavy duty trucks is expected by 2030



The bulk of autos produced globally use gasoline-fired engines, which require heavy-palladium loadings

Tighter emissions standards and stricter vehicle testing procedures across much of the world will require greater palladium usage

Near-term economic activity and industrial production will support electronic sector demand for palladium



Automakers are adding rhodium to their gasoline catalyst systems in response to stricter testing regimes

Auto catalyst demand is forecast to benefit from a step change in loadings on Chinese vehicles, as China 6 legislation is phased in

Chemical sector demand to remain firm


The Platinum Gap

As mines reach their end of life and with only a few projects to bring new supply online, global production is projected to gradually decline over the next 30 years.

Most of the new big projects are palladium dominated. Accordingly, palladium production will increase the most in the medium term while platinum and rhodium production will decrease.

Demand for Platinum is expected to be the highest.

In the long-term, new PGM supply will be required in the market, particularly for platinum.

With a global PGM market deficit anticipated from 2020, SPM is well positioned to fill the supply gap.

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