Dual-listed Ivanhoe Mines on Thursday announced that the spot price of palladium had reached another all-time high of $1 781/oz.
It stated that recent increases in the prices of palladium, nickel, rhodium and gold had resulted in the weighted price of the basket of metals contained in the ore of the company’s Platreef palladium/platinum/nickel/copper/gold/rhodium project, in South Africa, increasing to a new, multiyear high.
Mine development at the project is progressing.
Palladium, nickel and rhodium have been three of the best performing metals this year, said Ivanhoe.
The platinum to palladium ratio at Platreef is about 1:1, and it has a considerably high concentration of nickel and copper.
At current prices, palladium and nickel comprise more than 60% of the weighted price of the basket of metals in Platreef’s ore.
Rhodium and gold also add considerable contributions to Platreef’s contained metal valuation.