Tharisa underground chrome and PGM project extends Bushveld mine life

Tharisa

Tharisa underground chrome and PGM project plans mark a major shift in its South African operations. The Tharisa underground chrome and PGM project will replace the existing open pit mine as it depletes, securing long-term output from the Bushveld complex. This strategic move aims to stabilise chrome and PGM supply while leveraging stronger platinum prices and future demand growth.

Long-life strategy for Bushveld chrome and PGM supply

Tharisa will invest $547mn over the next decade to develop the underground complexes, Apollo and Orion. These underground units will enter first production in 2031, as the open pit approaches depletion. The Tharisa underground chrome and PGM project is designed to match and then exceed the current 5.6mn t/yr ore mining capacity.

As a result, Tharisa expects to maintain existing chrome and PGM concentrate output levels and create room for expansion. The underground expansion will extend the life of the overall operation by more than 50 years. This life extension is critical for downstream smelters, refiners and automotive PGM users planning long-term contracts.

Recent production trends highlight why the transition matters. PGM output fell by 6.5pc year on year in April–June, with chrome concentrate down by 3.9pc. However, quarter-on-quarter volumes recovered, with PGMs up 6.2pc and chrome concentrate up 3.9pc from January–March. The Tharisa underground chrome and PGM project therefore seeks to smooth volatility and anchor a more predictable supply profile.

Platinum price strength supports underground investment case

Platinum prices have recently surged to their highest level in 11 years. Benchmark assessments put platinum around $1,592/troy oz, with palladium at $1,285/troy oz. This price environment strengthens the economic rationale for deep, capital-intensive underground development.

Therefore, the Tharisa underground chrome and PGM project benefits from supportive revenue expectations, even as near-term production dips. Underground operations typically deliver higher resource recovery and better grade control than mature open pits. Over time, this can offset higher operating and capital costs.

Meanwhile, chrome concentrate remains a key revenue pillar for Tharisa, tied to stainless steel and alloy demand. The combined chrome and PGM basket from the Tharisa underground chrome and PGM project will help diversify risk across stainless, auto catalyst and emerging hydrogen-related applications. For global buyers, this project adds another long-dated node of supply in a market wary of concentration risk.

The Metalnomist Commentary

Tharisa’s move underground signals confidence in long-run PGM and chrome fundamentals despite short-term market noise. For downstream users, the key questions will be project execution, cost control and how this new supply interacts with other Bushveld and global expansions. If delivered on schedule, the project should reinforce South Africa’s role at the core of the PGM and chrome value chain well into the second half of this century.

India PGM Extraction Advances With OMC Pilot Trial in Odisha

Odisha Mining

India PGM extraction has taken an important step forward after Odisha Mining Corporation completed a pilot-scale trial to recover platinum group metals from chromite ore. The successful trial marks progress toward domestic production of platinum, palladium and rhodium.

India PGM extraction is strategically important because the country currently relies almost entirely on imported platinum group metals. Most of those imports come from South Africa and Russia, leaving Indian manufacturers exposed to supply disruptions, geopolitical risk and price volatility.

India PGM extraction could also strengthen the country’s broader critical metals strategy. PGMs are essential for automotive catalytic converters, clean-energy technologies, electronics, defence systems and advanced manufacturing.

The trial was completed at the Institute of Minerals and Materials Technology in Bhubaneswar using chromite ore from OMC’s Bangur mine in Odisha. The 1 t/h pilot plant will now be used to validate recovery rates, operating stability and scalability under real-time conditions.

Chromite Ore Route Could Open Domestic PGM Supply

OMC’s pilot programme focuses on extracting PGMs from chromite ore associated with the Bangur mine. This is significant because chromite deposits can contain recoverable platinum group elements if mineralogy, processing and recovery economics are favourable.

The pilot plant will test whether the process can move beyond laboratory success. Recovery rates, concentrate quality, operational consistency and scalability will determine whether India can move toward commercial production.

The project was developed under a 100mn rupees research and development programme. OMC is working with CSIR-IMMT and Mintek South Africa, combining domestic resource access with international processing expertise.

This collaboration matters because PGM extraction and beneficiation are technically demanding. Platinum, palladium and rhodium often occur in low concentrations and require specialised processing, concentration and smelting routes.

The broader goal is to establish India’s first integrated PGM beneficiation and smelting facility. If successful, the project could turn Odisha’s chromite resources into a domestic source of strategic metals.

Critical Metals Security Becomes Industrial Priority

India’s dependence on imported PGMs creates risk for several industries. Automotive catalytic converters remain a major end-use, especially as emissions standards require reliable access to platinum, palladium and rhodium.

Defence, electronics and advanced manufacturing also need secure PGM supply. These applications often require small volumes but high reliability, making supply security more important than simple commodity availability.

Domestic PGM production would not immediately remove India’s import dependence. However, it could create a strategic buffer, support local processing skills and reduce exposure to external supply shocks.

OMC’s next challenge is commercialisation. The pilot plant must prove that recovery can be stable, scalable and economically viable using Bangur chromite feedstock.

For India’s critical minerals policy, the project shows the value of recovering strategic metals from existing mining operations. By-product recovery can improve resource efficiency and create new domestic supply streams without relying only on new primary mines.

The Metalnomist Commentary

OMC’s pilot trial shows that India is moving from critical minerals policy ambition into process development. The real breakthrough will come if Odisha’s chromite resources can support a commercial PGM beneficiation and smelting route.

Eastplats PGM Output More Than Tripled in 2025 as Chrome Production Surged

Eastplats

Eastplats PGM output more than tripled in 2025 as Eastern Platinum increased production from its South African platinum group metals and chrome operations. Total output of 6E PGMs rose to 24,365oz, up from 8,113oz in 2024.

The increase showed a stronger operational recovery at Eastplats after a low production base in the previous year. PGM concentrate production also rose by 59% on the year to 5,146t, supported by higher activity at the company’s Crocodile River Mine.

Eastplats PGM output growth was accompanied by a sharp rise in chrome concentrate production. Chrome concentrate output climbed to 82,120t in 2025, up 353% from 18,118t a year earlier, giving the company a broader production recovery across both PGMs and chrome.

Crocodile River Mine Supported Higher Production and Revenue

Crocodile River Mine became a key contributor to Eastplats’ improved production profile in 2025. Higher output and stronger sales helped the company increase mine operating income to $1.7mn, up 113% from 2024.

The fourth quarter also showed better operating momentum. Eastplats reduced its fourth-quarter net loss by almost 40% on the year to $7.5mn, mainly because of increased revenue from higher sales and stronger production at Crocodile River Mine.

However, the company still reported a full-year net loss of $18.4mn, compared with a $12.8mn loss in 2024. The wider loss reflected expenses tied to the Mareesburg project, an open-cut PGM mining development in northeastern South Africa.

The result shows the split between operational improvement and project-related financial pressure. Eastplats improved production and mine-level income, but development spending continued to weigh on bottom-line performance.

Zandfontein Ramp-Up Could Lift 2026 Run-of-Mine Volumes

Eastplats plans to ramp up its Zandfontein underground operation in 2026 after the initial restart phase became fully operational last month. The company also plans to increase run-of-mine production by 40,000 t/month in the first half of 2026.

This ramp-up could strengthen Eastplats PGM output if underground production stabilises and feeds consistent concentrate volumes. It could also improve operating leverage if higher volumes spread fixed costs across more material.

The chrome production increase also matters strategically. Chrome concentrate gives Eastplats additional exposure to stainless steel raw material markets, while PGMs remain linked to autocatalysts, hydrogen technologies, electronics, industrial catalysts and specialty applications.

For South Africa’s PGM sector, Eastplats’ growth shows that smaller producers can still improve output despite difficult industry conditions. However, profitability will depend on sustained production discipline, project cost control and market conditions for platinum, palladium, rhodium and chrome.

The Metalnomist Commentary

Eastplats’ 2025 results show a company moving from recovery toward ramp-up, but not yet into clear profitability. The next test will be whether Zandfontein can convert higher run-of-mine volumes into stronger cash generation without adding another layer of cost pressure.

Lifezone PGM Recovery Advances US Autocatalyst Recycling Strategy

Lifezone

Lifezone PGM recovery has reached an important pilot milestone after Lifezone Metals produced platinum, palladium and rhodium from US-sourced automotive catalytic converters. The result supports the company’s plan to build a US-based precious metals refinery using hydrometallurgical technology.

Lifezone PGM recovery is designed to reduce US dependence on imported platinum group metals. The US imports around 2mn oz/yr of PGMs, mainly from South Africa and Russia, creating strategic exposure for automotive, defense and aerospace supply chains.

Lifezone PGM recovery could become especially important for rhodium, which carries one of the highest supply chain risk ratings in the US. Rhodium is critical for emissions control systems and remains highly concentrated in global mine supply.

Hydrometallurgy Targets Cleaner PGM Recycling

Lifezone completed 1,179 domestic pilot batch tests over two years, using 1t of US-sourced autocatalyst material. The company recovered platinum and palladium at more than 99% purity, while rhodium reached 95%.

Further refining is still underway. Lifezone is targeting more than 99.95% purity for platinum and palladium and 99.9% purity for rhodium.

The hydrometallurgical route is strategically relevant because it can produce lower CO2 and sulphur dioxide emissions than traditional pyrometallurgical smelting and refining. This gives the project both supply-chain and environmental value.

Glencore Support Adds Scale to US Refinery Plan

Glencore continues to support the project after forming a joint venture with Lifezone at the end of 2023. The Swiss mining group invested $1.5mn for a 6% stake and has the option to fund 50% of the project capital.

Lifezone said its pilot plant work and feasibility study are close to completion. The company expects to reach a final investment decision in the first half of 2026 for a commercial US autocatalyst recycling plant.

The project could give the US a stronger domestic route to recover PGMs from end-of-life catalytic converters. If scaled, it would support circular supply for automotive emissions systems, aerospace manufacturing, defense components and high-value industrial applications.

The Metalnomist Commentary

Lifezone’s pilot milestone shows that recycling can become a strategic source of PGMs, not only an environmental solution. The decisive test will be whether the company can scale rhodium recovery to commercial purity and volume in a US-based refinery.

Sibanye-Stillwater PGM Production Falls as Stronger Precious Metals Prices Lift Revenue

Sibanye-Stillwater

Sibanye-Stillwater PGM production declined in 2025, but stronger precious metals prices lifted revenue and earnings across the group. The result shows how price recovery can offset operational pressure in the platinum group metals market, especially when supply remains constrained and downstream demand stays uneven.

The South African mining group reported a 14pc increase in revenue to R129.7bn, equal to about $7.3bn. The improvement came despite lower production from both its South African and US PGM operations. Higher basket prices, especially in the second half of the year, provided the main earnings support.

Sibanye-Stillwater PGM production from its South African operations reached 1.7mn oz of 4E PGM in 2025. This was down by 0.8pc from the previous year. However, the company achieved an average South African 4E basket price of $1,740/oz, up sharply from $1,322/oz in 2024.

Higher PGM Basket Prices Offset Lower Mine Output

Stronger PGM prices helped Sibanye-Stillwater protect profitability despite weaker production volumes. Adjusted earnings before interest, taxes, depreciation, and amortisation at the South African PGM operations rose by 125pc to R16.7bn. This reflects the operating leverage that miners can achieve when prices recover faster than costs increase.

The production decline also highlights the broader challenge facing mature PGM operations. South African mines continue to operate in a difficult environment shaped by cost inflation, ageing assets, electricity risk, and labour intensity. In that context, higher prices are important, but they do not remove the need for disciplined restructuring and productivity gains.

Meanwhile, Sibanye-Stillwater’s US 2E PGM production fell by 33pc year on year. The decline was significant, but stronger palladium prices improved the sales picture. The company achieved an average US 2E basket price of $1,195/oz in 2025, compared with $988/oz a year earlier.

Palladium Trade Action and Battery Metals Add Strategic Context

Palladium remains a strategic factor for Sibanye-Stillwater because the company has direct exposure through its US operations. The company highlighted preliminary US anti-dumping duties on Russian palladium, following petitions filed by Sibanye-Stillwater and the United Steelworkers Union. The move could support domestic and allied palladium producers if it reshapes import economics.

The company’s US operations also returned to profitability after restructuring. This matters because North American palladium supply carries strategic value in a market exposed to Russian material, automotive demand uncertainty, and changing emissions technology. Any policy support that reduces unfair price pressure could improve the outlook for non-Russian producers.

At the same time, Sibanye-Stillwater continues to broaden its portfolio beyond PGMs. Its Australian Century zinc operation produced 101,000t of zinc, up by 22pc on the year. Its Keliber lithium project also advanced toward production as construction neared completion and the first mining blast took place this month.

The Metalnomist Commentary

Sibanye-Stillwater’s 2025 results show that PGMs remain a price-sensitive business where earnings can recover before volumes do. The bigger question is whether stronger palladium and PGM prices can support long-term reinvestment in assets that still face structural cost and demand uncertainty.

PGM Demand from Hydrogen Sector to Grow in 2025, But at a Slower Pace

PGM

The hydrogen industry’s demand for platinum group metals (PGMs), particularly platinum and iridium, is set to increase in 2025, though at a slower rate than previously anticipated due to delays in hydrogen project development.

According to the World Platinum Investment Council (WPIC), demand for platinum in hydrogen applications surged by 123% year-on-year in 2023, albeit from a small base. A further 32% increase is expected in 2025 as proton exchange membrane (PEM) electrolysers and hydrogen fuel cells continue to drive PGM consumption. This new demand segment could help offset the declining use of PGMs in autocatalysts as the automotive sector transitions away from internal combustion engine (ICE) vehicles.

Hydrogen Economy’s Impact on PGM Market

Hydrogen-related demand for platinum, iridium, and ruthenium is also expected to support palladium demand, despite palladium not being directly used in hydrogen applications. As hydrogen-sector platinum demand rises, more palladium will be substituted for platinum in ICE vehicles, thereby increasing automotive palladium demand and lifting overall PGM prices.

The WPIC projects that 11% of global platinum demand will come from hydrogen applications by 2030, totaling 900,000 ounces (oz). By 2040, hydrogen energy production is expected to be the largest end-market for platinum, with projected demand reaching 3.5 million oz.

Hydrogen Investments and Policy Support Growing

Despite slow project development, global hydrogen investments have exceeded $300 billion through 2030, with 61 governments adopting national hydrogen strategies as of 2024.

According to Heraeus Precious Metals Germany head of trading Dominik Sperzel, declining costs and technological advancements will strengthen the hydrogen economy’s long-term viability.

The EU is actively supporting hydrogen infrastructure, having allocated over €100 million for hydrogen refueling stations across seven EU countries, including Poland. Additionally, in May 2024, the EU adopted its hydrogen and gas decarbonization package, creating a regulatory framework for dedicated hydrogen infrastructure.

In July 2024, the Hydrogen Council reported that six European hydrogen projects reached final investment decisions (FID). Globally, hydrogen projects reaching FID have increased sevenfold since 2020, from 102 committed projects to 434 in 2024.

Challenges Remain Despite Positive Outlook

While the long-term outlook for PGM demand remains strong, challenges persist. Many hydrogen projects lack financing, and infrastructure limitations have slowed development. Additionally, while hydrogen subsidies have grown from $50 billion to $300 billion since 2022, actual fund disbursement only began in mid-2024, slowing project acceleration.

Despite these hurdles, WPIC research director Edward Sterck remains optimistic, stating, "Now that subsidies are beginning to flow, development will accelerate quickly, driving consumer demand for fuel cell electric vehicles (FCEVs)."

Jubilee Metals Boosts Chrome and PGM Production with New Processing Modules

Jubilee Metals

Chrome Concentrate Output Surges on Thutse Expansion

Jubilee Metals significantly increased its chrome concentrate production in the first nine months of its financial year. The company produced 1.13 million tonnes, up 27% year-on-year, driven by new chrome processing modules at its Thutse operations. As a result, Jubilee raised its full-year 2025 chrome guidance by 12% to 1.85 million tonnes.

The Thutse project was executed in partnership with the resource owner and contributed to strong output growth. Meanwhile, the company continues to expand its chrome beneficiation capacity in South Africa.

PGM Output Strengthens with New Partnership Agreement

Jubilee’s PGM production also increased by 3.6% year-on-year, reaching 29,606 ounces.

Its Inyoni PGM plant ran at full capacity, benefiting from improved feed grades and operational stability. The company now expects full-year PGM production to reach 38,000 ounces, up nearly 6% from its previous forecast.

In April, Jubilee announced a strategic partnership to process 18,000 tonnes/month of excess PGM feedstock. This move will help maximize throughput across Jubilee’s chrome and PGM segments.

The Metalnomist Commentary

Jubilee Metals is optimizing its chrome and PGM portfolio through efficient partnerships and processing innovations. Its capacity-driven strategy positions it competitively within South Africa's evolving mineral beneficiation landscape.

NexMetals Botswana nickel project advances with EXIM financing plan

NexMetals

NexMetals Botswana nickel project moved closer to funding after a US EXIM letter of interest. The NexMetals Botswana nickel project could receive up to $150mn to redevelop Selebi and Selkirk. The NexMetals Botswana nickel project targets nickel, copper, cobalt, and platinum group metals.

US EXIM financing under CTEP

EXIM signaled support on 17 July with a non-binding letter of interest. The potential loan carries a maximum 15-year tenor. The package falls under EXIM’s China and Transformational Exports Program. As a result, EXIM prioritizes projects that strengthen US competitiveness in critical minerals. Eligible US procurement could unlock cost-effective access to advanced mining technology.

However, EXIM requires a full application and diligence before commitment. NexMetals must demonstrate technical feasibility and bankable project economics. The company will also outline procurement pathways for US goods and services.

Resource base and project milestones

Selebi hosts an indicated 3mn t at 0.98% nickel and 0.9% copper. That equals 29,500t nickel and 27,100t copper contained. Inferred resources add 227,000t nickel and 371,000t copper. Selkirk’s inferred resources include 108,000t nickel and 132,000t copper. The deposit also contains 775,000oz palladium and 174,000oz platinum.

Therefore, the mines could anchor a regional battery metals hub. The project aligns with US and allied EV supply chains. It also supports Botswana’s push into value-added processing.

Meanwhile, the financing roadmap remains critical to timing. A final decision depends on diligence outcomes and market conditions. Offtake structuring and equipment sourcing will shape the construction path.

The Metalnomist Commentary

EXIM’s early signal gives the project strategic momentum, not certainty. If NexMetals converts the LOI, Botswana gains a credible nickel sulphide supplier with PGM credits. The next hurdle is disciplined feasibility and a financing stack resilient to nickel price volatility.

Tharisa’s Record Chrome Output Buoys South African Metals Sector Amid PGM Price Slump

Tharisa’s

Strong Chrome Production Drives Record Output

Tharisa reported 1.7 million tons of chrome output for the fiscal year ending September 30, an 8% increase from 2023. This marks the highest chrome production in the company’s history, a feat largely attributed to strong demand from China and favorable pricing trends. The average annual price for Tharisa’s chrome concentrate rose 13.7% to $299 per ton, underscoring a robust demand environment that company executives expect to continue into 2025.

“With chrome commanding a strong operational outlook, we anticipate real demand growth both in China and globally,” said Tharisa’s CEO Phoevos Pouroulis. The company’s 2025 production guidance reflects this optimism, setting targets between 1.65 million and 1.8 million tons of chrome.

Platinum Group Metals Face Price Pressures

In contrast to chrome’s positive trajectory, PGM production remained relatively flat, reaching 145,100 ounces, a slight 0.3% increase from last year. However, PGM prices fell sharply as demand lagged, dropping 28% year-on-year to $1,362 per ounce. Tharisa attributes this to post-pandemic inventory surpluses, which continue to impact the market.

The price downturn has prompted Tharisa to re-evaluate its PGM investments. Earlier this year, Tharisa slowed the development of its Karo platinum project in Zimbabwe, a move intended to conserve capital amid unfavorable pricing conditions. Despite this, the company reported progress in the Karo project’s construction, aligning it with capital availability as they monitor market conditions.

Looking ahead, Tharisa has set its 2025 guidance for PGM production between 140,000 and 160,000 ounces. The company remains cautiously optimistic, emphasizing the importance of balancing chrome and PGM outputs in light of ongoing price volatility.

Nornickel Nickel Output Holds Flat as Copper and PGM Production Decline

Nornickel

Nornickel nickel output was broadly stable in the first quarter, while the Russian multi-metals producer reported lower copper and platinum group metal production from a high year-earlier base. Consolidated nickel production edged up by 0.3% on the year to 41,746t in January-March.

Nornickel nickel output stability contrasts with weaker copper, palladium and platinum volumes. Copper output fell by 10% to 98,679t, palladium production dropped by 18% to 608,000oz, and platinum output declined by 24% to 136,000oz.

Nornickel said the lower copper and PGM figures reflected a high production base in the first quarter of 2025 and the redistribution of commercial product volumes between quarters. The company maintained its full-year 2026 production guidance.

The result shows that Nornickel nickel output remains comparatively steady, while quarterly copper and PGM figures can move sharply because of timing, ore processing patterns and product shipment schedules.

Nickel Stability Supports Core Production Outlook

Nickel remains one of Nornickel’s most important products because of its role in stainless steel, high-performance alloys, batteries and industrial manufacturing. Stable first-quarter output suggests that the company’s core nickel operations remain within its planned production range.

Nornickel kept its 2026 Russian feedstock guidance unchanged at 193,000-203,000t for nickel. This indicates that the company does not currently view the flat first-quarter result as a signal of operational weakness.

The nickel market remains sensitive to supply from Russia because Nornickel is a major producer of high-grade material. Even when global nickel markets face oversupply from Indonesian growth, Russian nickel still has strategic relevance for stainless steel, alloy and battery-linked consumers.

Copper showed a weaker quarterly result. Output from the company’s own Russian feedstock, excluding Trans-Baikal, totalled 80,000t during the period.

However, the Bystrinsky copper project in the Trans-Baikal division performed better. Copper in concentrate output rose by 6% on the year to 18,545t, supported by higher ore processing volumes and higher metal content in ore.

This improvement at Bystrinsky partly offsets the wider copper decline. It also shows the importance of ore grade and processing throughput in quarterly copper performance.

Nornickel maintained its 2026 Russian feedstock copper guidance at 336,000-356,000t. Guidance for Trans-Baikal copper in concentrate also remained unchanged at 69,000-73,000t.

PGM Decline Reflects Timing Rather Than Guidance Change

Nornickel’s platinum group metals output fell sharply in the first quarter, but the company did not adjust its full-year forecast. Palladium output fell by 18%, while platinum declined by 24%.

The company attributed the weaker figures to a high comparison base and quarterly timing effects in commercial products. This suggests the decline may not translate directly into lower full-year supply.

Nornickel kept its 2026 palladium guidance at 2.415mn-2.465mn oz and platinum guidance at 616,000-636,000oz. These metals remain important for automotive catalysts, electronics, chemicals, hydrogen technologies, jewellery and industrial applications.

The PGM market remains highly concentrated, with Russia and South Africa playing major roles in primary supply. Any sustained change in Russian production can therefore influence availability, trade flows and customer procurement strategies.

For buyers, the first-quarter data point to the need to separate operational weakness from quarterly timing. Lower reported output can affect sentiment, but unchanged guidance suggests Nornickel expects production to normalise across the year.

The broader strategic issue remains Russian supply exposure. Nornickel’s metals are important to global nickel, copper and PGM supply chains, but geopolitical risk, sanctions compliance and trade route uncertainty continue to shape how buyers handle Russian-origin material.

The first-quarter result therefore carries a mixed message. Nickel output remained stable, Bystrinsky copper improved, and full-year guidance was unchanged. However, lower copper and PGM production underline the importance of monitoring quarterly timing, product flows and operating consistency.

The Metalnomist Commentary

Nornickel’s first-quarter figures suggest stability in nickel but greater quarterly volatility in copper and PGMs. For global buyers, the bigger issue is not only production volume, but how Russian-origin metals move through increasingly complex trade and compliance channels.

Jubilee Metals to Sell Chrome and PGM Operations

Jubilee Metals

Jubilee Metals to sell chrome and PGM operations marks a decisive strategic pivot. The company plans to divest its South African chrome and PGM assets to One Chrome for up to $90mn. The move will fund growth in Zambia, where Jubilee sees strong copper market dynamics.

Why the divestment now

Jubilee Metals to sell chrome and PGM operations reflects a focused capital allocation plan. Management backs the sale unanimously and set a 28 August shareholder vote. The deal proceeds will exceed the copper unit’s short-term capital needs, improving funding certainty.

What the transaction covers

Jubilee Metals to sell chrome and PGM operations includes chromite reef and tailings processing in South Africa. One Chrome, a private resources group with local affiliates, is the buyer. Jubilee will retain and expand copper operations in Zambia, centered on waste reprocessing.

The copper thesis drives Jubilee’s portfolio reset. The board cites firm copper demand signals to justify the shift. Therefore, the company aims to scale processing and offtake capabilities in Zambia.

The sale reshapes Jubilee’s earnings mix toward copper. Meanwhile, exiting chrome and PGM simplifies operations and reduces South African exposure. As a result, management can concentrate on copper project execution and cash conversion.

The Metalnomist Commentary

Jubilee is trading product breadth for balance-sheet clarity and copper leverage. Execution now hinges on closing the sale and rapidly converting proceeds into Zambian throughput gains. Watch the 28 August vote and subsequent copper ramp milestones for validation.

Jubilee Partners to Process Surplus PGM Feedstock

Jubilee Metal Group

Jubilee Expands Processing Without Capital Investment

Jubilee Metals has partnered with an unnamed producer to process its surplus PGM feedstock. The deal allows Jubilee to start delivering 18,000t/month of chrome and PGM-bearing material, with the option to increase volumes to 30,000t/month.

Jubilee’s chrome production has surged, hitting a record 950,000t of chrome concentrate in the six months to 31 December. This growth stems from new processing units at its Thutse site in South Africa. However, its existing PGM processing capacity has already reached its limits.

Strategic Collaboration Boosts PGM Output

Rather than invest in expanding its own capacity, Jubilee opted for a collaborative strategy. The move is expected to raise its effective production capacity by up to 32%, without additional capital. According to CEO Leon Coetzer, the partnership enables immediate processing of PGM material, with project earnings split evenly between both parties.

The Metalnomist Commentary

Jubilee’s move highlights the pragmatic shift many miners are making — scaling up through partnerships rather than capital-heavy expansions. In an environment where PGM demand remains strong and processing capacity is constrained, strategic alliances may define the next phase of growth in the South African metals sector.

Amplats Boosts 2Q PGM Sales Despite Weaker Output

South African metals mining company Amplats has reported a 14% increase in platinum group metals (PGM) sales for the second quarter compared to the previous year, even though production fell by 2% due to low grades and challenging ground conditions at several of its mines.

Amplats credited operational initiatives at the Amandelbult complex in South Africa for the positive results. The firm's refined PGM production rose by 7% year-on-year to 1.15 million troy ounces (toz).

While the company's own-managed mine metal in concentrate production fell by 3% year-on-year to 547,200 toz in April-June, it marked a 9% increase from the first quarter.

PGM production at Amandelbult increased by 7% to 157,600 toz, thanks to improved ore grades and better underground infrastructure. This increase partially offset the lower production figures at other units. Production at Mototolo, Mogalakwena, and Unki in South Africa dropped by 14% to 66,300 toz, 4% to 232,600 toz, and 7% to 54,700 toz, respectively.

Tragically, during the second quarter, two workers died at Amplats' Dishaba Mine, part of the Amandelbult complex. The fatalities led to a work stoppage across the mine, which is expected to reduce Amandelbult's 2024 metal in concentrate production by 5%.

PGM sales from production increased by 14% year-on-year to 1.27 million toz. Amplats attributed the rise in sales to higher refined production and the drawdown of finished goods. However, the increase in sales volumes was counterbalanced by significantly lower sales prices for PGMs, with the average second-quarter PGM basket price at $1,419/toz, down 18% from a year earlier.

The decline in the PGM basket price was driven by a 31% drop in palladium prices and a 37% decrease in rhodium prices. Platinum prices also fell by 2% over the same period.

Amplats stated that its production guidance for 2024 remains unchanged, though this could be affected by potential power supply curtailments by South African utility Eskom. The company's production numbers were adjusted to reflect the sale of Amplats' 50% interest in the Kroondal project on November 1.

Heraeus and Mattiq Join Forces to Cut Iridium Use in Hydrogen Electrolysers

Heraeus

Partnership aims to boost zero-carbon hydrogen production with low-iridium PEM technology

Heraeus Precious Metals and Mattiq have partnered to develop low-iridium catalysts for proton exchange membrane (PEM) electrolysers. This collaboration targets the growing need for scalable solutions in zero-carbon hydrogen production.

The use of iridium in PEM electrolysers remains a major bottleneck due to its scarcity and cost. However, by lowering iridium content, Heraeus and Mattiq aim to make hydrogen production more commercially viable and sustainable. This initiative directly addresses one of the core material challenges in green hydrogen technologies.

Low-Iridium Catalysts to Unlock Scalable Hydrogen Tech

PEM electrolysers are vital in the push for clean hydrogen, yet their dependence on high-loadings of iridium, a rare platinum group metal (PGM), has constrained manufacturing scale. Currently, the global hydrogen economy struggles to meet projections, and the anticipated surge in PGM demand has been delayed—contributing to a 5.5% dip in iridium prices, now at $4,300 per troy ounce, as per Johnson Matthey data from February 5.

Despite current trends, industry experts like the World Platinum Investment Council predict a 32% rise in PGM demand in 2025, largely due to advances in PEM electrolysers and hydrogen fuel cells. This forecast makes the Heraeus–Mattiq collaboration especially timely, as it aligns with the market’s future trajectory.

Catalyst Innovation Poised to Accelerate Hydrogen Economy

Reducing the iridium content per unit will make PEM systems more cost-effective and accessible. As global interest in green hydrogen increases, industry players must optimize materials to ensure scalability. Heraeus brings deep expertise in precious metals, while Mattiq contributes cutting-edge chemical technology—together, they aim to redefine the catalyst market.

The success of this project could help stabilize long-term iridium demand while supporting the broader adoption of sustainable hydrogen technologies. Ultimately, the move benefits not only the hydrogen sector but also strengthens the case for clean energy transition globally.

Ivanhoe QIA $500mn funding strengthens African critical minerals pipeline

Ivanhoe Mines

The Ivanhoe QIA $500mn funding will inject fresh capital into one of Africa’s most important critical minerals portfolios. Ivanhoe Mines plans to raise $500mn from the Qatar Investment Authority through a 57.5mn share issue. As a result, the Ivanhoe QIA $500mn funding will support exploration, development and mining across copper, zinc, PGMs and other critical minerals in southern Africa.

Ivanhoe QIA $500mn funding underpins growth after Kamoa-Kakula setback

The Ivanhoe QIA $500mn funding gives the Canadian miner balance sheet strength at a sensitive moment. Ivanhoe will issue new shares at C$12 each, equal to about 4pc of its total equity. Therefore, the QIA secures a meaningful strategic foothold in a multi-asset African growth story.

Capital will help offset the impact of weaker guidance at the flagship Kamoa-Kakula copper complex in the DRC. The project now expects 370,000–420,000t of copper in concentrate this year. This range is almost 30pc below the initial 520,000–580,000t outlook, after Ivanhoe suspended mining in some areas because of seismic activity. However, Kamoa-Kakula remains one of the world’s lowest-cost, largest-scale copper growth engines.

Funding supports broader African critical minerals portfolio

The Ivanhoe QIA $500mn funding will not only stabilise Kamoa-Kakula but also advance other key assets. Ivanhoe intends to channel part of the proceeds into exploration and development of “critical minerals” across its portfolio. This portfolio includes copper, zinc, lead, germanium and platinum group metals.

In the DRC, the Kipushi mine has restarted as a zinc-copper-lead-germanium operation. The asset offers high-grade feed into markets sensitive to supply disruptions and ESG performance. Meanwhile, in South Africa, the Platreef project is moving toward first production in the fourth quarter. Platreef will add large-scale PGM, nickel and copper output, reinforcing Ivanhoe’s exposure to energy transition and automotive catalysts.

By backing this broader platform, the QIA diversifies beyond a single copper asset. Therefore, the Ivanhoe QIA $500mn funding represents a long-term bet on Africa as a core supplier of critical minerals. It also highlights the growing role of Gulf sovereign wealth in shaping mining capital flows.

The Metalnomist Commentary

QIA’s entry confirms Ivanhoe’s position as one of the most strategically important miners in the African copper and critical minerals space. The funding cushions near-term production setbacks while keeping long-dated projects like Platreef and Kipushi on track. Market participants should watch how quickly Ivanhoe converts this capital into stable output growth, especially as copper markets tighten and geopolitical competition for African resources intensifies.

Kamoa-Kakula copper production rises in 2Q as Ivanhoe locks in offtake

Ivanhoe Mines

Kamoa-Kakula copper production increased 11% year on year in the second quarter. Kamoa-Kakula copper production reached 112,009 tonnes of copper in concentrate. Operations resumed in early June after a 20 May seismic event. Ivanhoe cut 2025 guidance to 370,000–420,000 tonnes. Kamoa-Kakula copper production for the first half totaled 245,127 tonnes.

June output validated stable operations across three concentrators. The site produced 28,147 tonnes in June alone. The on-site 500,000-tonne-per-year smelter will start in early September. First 99.7% copper anode is scheduled for October.

Smelter start-up and offtake de-risk cash flows

Trafigura signed a three-year offtake for 20% of anode output. The deal includes a $200 million prepayment facility. Citic Metal and Gold Mountains secured the remaining 80% earlier this year. As a result, anode sales have full coverage during ramp-up.

In-country smelting should reduce transport and TC/RC exposure. The smelter also improves working capital turns. Therefore, Ivanhoe gains greater margin control across the value chain.

Recovery upgrades and new ore underpin 2026 growth

Project 95 targets a recovery lift from 87% to 95% by early 2026. The project is about 50% complete and on schedule. A new eastern mining area will add high-grade ore by the second quarter of 2026. These upgrades support volumes and lower unit costs.

Portfolio updates complement the copper outlook. Kipushi produced 41,788 tonnes of zinc in the quarter. Platreef remains on track for first PGM production in the fourth quarter.

The Metalnomist Commentary

Ivanhoe is pairing operational resilience with commercial de-risking. The smelter and offtakes tighten cash generation while recovery gains add structural margin. Watch guidance delivery, smelter ramp curves, and ore-quality cadence into 2026.

Lifezone Adjusts Kabanga Nickel Mine Plan Amid Market Pressures

Lifezone Metals

Lifezone Condenses Kabanga Nickel Mine Strategy

Lifezone Metals will simplify its Kabanga nickel project in Tanzania to adapt to ongoing nickel price volatility. The company will pursue full-scale construction of a 3.4mn t/yr underground mine and concentrator rather than a phased approach. A hydromet demonstration plant in Kahama, 350km away, will precede a full-scale ecological refinery using hydrometallurgical technology.

Market Dynamics Prompt Strategic Shift

The decision to shift from phased development stems from weak global nickel prices and rising Indonesian supply. Nickel mine production dropped by 50,000t globally in 2024, while Indonesia increased output by 170,000t to 2.2mn t. Lifezone aims to complete a definitive feasibility study for Kabanga by mid-2025, reflecting the new plan.

Resource Update and PGM Recycling Focus

Measured and indicated resources at Kabanga rose 7.3pc to 46.8mn t, while inferred resources fell by 35.4pc. Grades remain strong: 2.09pc nickel, 0.29pc copper, and 0.16pc cobalt for measured and indicated resources. Meanwhile, Lifezone is advancing a joint venture with Glencore to recycle platinum group metals (PGMs) from catalytic converters in the US.

The Metalnomist Commentary

Lifezone’s pivot illustrates the real-time flexibility required by mining companies in a volatile nickel market. With oversupply pressuring prices, optimizing scale and timing becomes critical. Simultaneously, its investment in hydrometallurgical refining and PGM recycling reflects a strategic bet on sustainability and future-facing technologies.

Glencore Metallium e-waste recycling deal backs Texas critical metals recovery

Metallium

Glencore Metallium e-waste recycling deal will supply 2,400 tonnes per year of electronic waste to Metallium. Glencore Metallium e-waste recycling deal supports Metallium’s developing processing plant in Texas. As a result, Metallium can accelerate commissioning and prove commercial recovery at scale.

Glencore Metallium e-waste recycling deal builds on an in-principle arrangement reached in October 2025. Under the updated binding agreement signed on 5 January, Glencore becomes a core feedstock supplier. Meanwhile, Glencore also positions itself as a potential offtaker for recovered metals. This structure reduces early-stage market risk for a new recycler.

Why stable e-waste feedstock matters for copper and PGM recovery

Feedstock reliability is the first bottleneck in e-waste recycling economics. A steady 2,400 t/yr stream allows Metallium to stabilize plant utilization and metallurgical yields. Therefore, it can optimize recovery of copper and palladium from complex scrap mixes.

E-waste carries high-value metals but comes with processing variability. However, a long-term supplier can improve material consistency through sorting and specification discipline. As a result, recyclers can lower unit costs and raise payable metal recovery.

What the partnership signals for US circular supply chains

This deal reflects a broader shift toward domestic critical metals recovery in the US. Metallium is also pursuing non-exclusive partnerships, which reduces single-counterparty dependency. Meanwhile, its collaboration with ElementUSA on red mud adds a second feedstock pathway. That diversification can improve project bankability.

Metallium’s Texas plant is expected to open this year, creating a near-term test of execution. Therefore, the market will watch offtake terms for recovered metals and ramp-up performance. A clear offtake structure would help move from pilot credibility to repeatable industrial throughput.

The Metalnomist Commentary

This agreement highlights how feedstock security now rivals ore security in metals strategy. However, recycling winners will be those who lock both inputs and offtake early. If Metallium executes, Texas could become a meaningful node in US circular copper and PGM supply.

Impala Platinum's Production Rises, But Profitability Dives

Impala Platinum's

Market Conditions Lead to Sharp Decline in Financial Performance

South African platinum group metals (PGM) producer Impala Platinum (Implats) experienced a notable increase in production for the financial year ending June 30, 2024. Output at the company’s managed operations rose by 21% year-over-year to 2.92 million ounces, largely driven by the integration of Impala Bakofeng’s production following the acquisition of Royal Bakofeng Platinum in July 2023. Excluding the new acquisition, like-for-like production increased by 2%.

Total Group 6E production, which encompasses joint ventures, climbed by 13% to 3.65 million ounces, though it decreased by 1% on a like-for-like basis. Processing capacity faced challenges due to a scheduled furnace rebuild at Impala Rustenburg, which commenced in December 2023 and was completed in April 2024. Additionally, a new furnace at Zimplats, Implats’ Zimbabwean operations, is expected to be commissioned in the first half of the 2025 financial year, aiding in the release of excess inventory over the 2025-27 period.

Despite these operational advancements, the company’s profitability took a significant hit. The rand revenue per 6E ounce sold fell by 31% to 24,542 rand ($1,389). A 16% increase in 6E sales volumes to 3.4 million ounces was insufficient to counterbalance the low sales prices, leading to a 76% drop in gross profits to R5.4 billion and a basic earnings loss of R17.3 billion. The decline in prices has been attributed to inventory destocking by industrial and automotive end users, metal discounting due to shifting trade flows from west to east, and overall negative sentiment among precious metals investors.

In response to the ongoing challenging market conditions, Implats, in partnership with African Rainbow Minerals, has decided to place the new Merensky Mine and concentrator at Two Rivers on care and maintenance. This project, originally slated to produce 180,000 ounces of 6E concentrate annually, will halt operations once the processing plant is completed and commissioned in the first quarter of 2025.