Platinum takes two steps forward as PGMs take an explosive step backwards
Platinum took two steps forward this week with the launch of the new Big Five platinum coin and the announcement of the new technology to give oversupplied platinum a petrol engine show in.
However, platinum-group metals (PGMs) as a whole took an explosive step backwards as a result of the blast at the Anglo American Platinum converter plant, which was followed by the threatened blast at the plant replacing it. Hats off to those who got the Krugerrand boffins to market the new Big Five platinum coin.
Congratulations, too, to Sibanye-Stillwater and Implats for bringing in the three-metal catalyst that opens the way for platinum to sneak in as a third metal in petrol vehicle catalysis. But worrying is the 80-day disappearance of a huge chunk of vital PGMs processing capacity and the risk presented by the reopening of the old Lonmin processing plant to replace it. Even before the explosion, there was no sign of quick ounces to fill demand gaps. Now that situation has been significantly aggravated, as a result of the explosion.
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