PGM Technology Partnership Targets New Demand Beyond Catalytic Converters

Sibanye-Stillwater

The PGM technology partnership between Johnson Matthey, Sibanye-Stillwater, and Valterra Platinum signals a serious push to build new platinum group metals demand beyond traditional auto catalysts. The three companies will work on a multi-year, multi-million research and development programme covering the full PGM basket. The goal is to move new ideas from research to commercialisation. As a result, the PGM technology partnership could become one of the most important demand-side initiatives in the sector.

This matters because platinum group metals demand still depends heavily on catalytic converters for internal combustion engines. That market remains large, but electric vehicles are steadily taking share. Producers and refiners therefore need new end uses that can support long-term balance across platinum, palladium, rhodium, and the wider basket. Therefore, the PGM technology partnership is not just a research collaboration. It is a strategic response to a changing demand structure.

The mix of partners also gives the programme unusual weight. Sibanye-Stillwater and Valterra are major South African mining players, while Johnson Matthey brings refining, recycling, and advanced materials capability. That combination improves the odds that new PGM applications can move beyond lab work and into real industrial markets. Consequently, the PGM technology partnership has more commercial credibility than a typical standalone innovation announcement.

New PGM Applications Could Open Demand in Hydrogen, Electronics, and Advanced Materials

New PGM applications are central to the entire programme. The companies said they will explore uses in clean hydrogen, emissions detection and reduction, electronic materials, and high-performance alloys. These are not fringe categories. They are all large industrial themes with room for higher-value materials adoption. As a result, new PGM applications could help widen the demand base beyond automotive exposure.

Hydrogen is especially important in that context. PGMs already play a role in several hydrogen-related technologies, and deeper commercial penetration could create a more durable growth market. Electronics and advanced materials also matter because they can support more specialized and higher-margin uses. Therefore, the PGM technology partnership is aimed at sectors where technical performance can justify premium metal value.

The emphasis on the full basket is also notable. The programme is not focused on only one metal or one application family. That reflects a broader industry need to improve supply and demand balance across multiple PGMs at the same time. Meanwhile, it suggests the partners are thinking in portfolio terms rather than chasing one headline technology.

PGM Innovation Strategy Reflects a Bigger Industry Shift

PGM innovation strategy is becoming more urgent as the auto market evolves. Around 60pc of global PGM supply still goes into catalytic converters. That share remains important today, but it cannot be the only long-term demand pillar. Producers now need stronger growth channels that can absorb metal units in a more diversified way. Consequently, the PGM technology partnership reflects a much wider strategic shift across the industry.

This also matters for South Africa’s mining sector. Major PGM producers need a healthier long-term demand profile if they want more stable pricing and investment conditions. New applications can help support that by reducing dependence on a single dominant sector. Therefore, PGM innovation strategy is not just about technology leadership. It is also about future market resilience.

The comment from Sibanye-Stillwater’s chief executive makes that clear. The focus is on the entire basket and on creating a better supply-demand balance. That is ultimately the core commercial purpose of the programme. As a result, the PGM technology partnership should be viewed as a demand-defense strategy as much as an innovation platform.

The Metalnomist Commentary

This partnership matters because the PGM industry can no longer rely on catalytic converters alone to carry long-term demand. The most interesting part is not that the companies announced research. It is that miners, refiners, and recyclers are now aligning around commercialization. If this expands with more partners, it could become a real turning point for PGM demand strategy.

Johnson Matthey PGM Outlook Points to Industrial Demand as Deficits Persist

Johnson Matthey

Johnson Matthey PGM outlook shows that industrial demand will remain a key support for platinum group metals in 2026, even as automotive, investment and jewellery demand weaken. The recycler expects platinum, ruthenium and iridium markets to remain in deficit.

Johnson Matthey PGM outlook also shows a split market. Palladium and rhodium may move into surplus as higher prices encourage more autocatalyst recycling, while mine supply remains constrained.

Johnson Matthey PGM outlook is strategically important because PGMs sit across automotive catalysts, electronics, chemicals, hydrogen, hard disks, jewellery and industrial processes. Demand is changing, but the metals remain deeply embedded in high-value manufacturing.

The report suggests that PGM markets are not moving in one direction. Industrial demand is resilient, recycling is recovering, mine supply is under pressure, and vehicle technology choices are reshaping long-term consumption.

Recycling Rises as Mine Supply Remains Constrained

Autocatalyst recycling increased in 2025 after a long period of weak collection. Low PGM prices had discouraged recycling, while high vehicle costs led consumers to keep cars longer.

Higher PGM prices have now started to unlock hoarded material across the supply chain. Johnson Matthey expects secondary supply to rise by 8% as vehicle scrappage rates improve.

This recycling growth could support palladium and rhodium availability. Both metals are heavily linked to internal combustion engine catalysts, and higher recovered supply may push those markets into surplus.

Mine supply remains less responsive. Johnson Matthey expects PGM mine supply to fall because of lower South African production and a 10% decline in palladium output from Norilsk Nickel.

Producers remain cautious about greenfield projects and mine expansions despite higher basket prices. The industry needs confidence in future prices, not only current price strength, before committing capital.

This is especially important in South Africa. Platinum dominates the country’s PGM production mix, so sustained strength in platinum prices could eventually support investment. But palladium and rhodium remain exposed to the long-term decline of combustion engine demand.

Data Centres, Hydrogen and Electronics Support Industrial PGMs

Ruthenium remains one of the tightest PGM markets. Its deficit reached nearly 300,000oz in 2025, equal to almost a quarter of annual consumption.

Demand from chemicals, electronics and data centre-related hard disk production has strengthened ruthenium use. Strategic buying, especially in China, has also tightened market conditions.

Chinese export controls on ruthenium and ruthenium-containing materials have reduced supply availability outside China. This makes ruthenium a more sensitive critical mineral for industrial buyers.

Data centre construction for artificial intelligence is increasing demand for hard disks that use platinum and ruthenium. Wider electronics and electrical applications also remain supportive, with PGM use in those sectors rising by 8% in 2025 to 1.25mn oz.

Iridium demand is expected to rise slightly because of green hydrogen projects in Europe. This supports its deficit outlook, although hydrogen demand still depends on project execution and electrolyser deployment.

The US-Iran war adds uncertainty. Petrochemical demand for PGMs could weaken if Middle East oil and gas operations remain disrupted, while higher feedstock and operating costs may pressure industrial users.

The conflict could also affect vehicle demand. Higher fuel prices may push consumers toward electrified vehicles, but the impact on PGMs depends on the technology mix. Battery electric vehicles reduce PGM use, while hybrids still require catalysts.

Johnson Matthey expects automotive PGM demand to fall by 4% in 2026, broadly in line with lower global internal combustion engine production.

The Metalnomist Commentary

PGMs are entering a more selective demand cycle. Palladium and rhodium face pressure from recycling and combustion-engine exposure, while platinum, ruthenium and iridium are gaining support from industrial, data-centre and hydrogen-linked demand.

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.

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.

EU Defence Spending to Boost PGM Demand Despite Supply Constraints

EU Defence

Increased Military Investment Drives Strategic Metal Consumption

European defence spending is set to increase platinum group metal (PGM) demand across aerospace and military sectors. The EU's ReArm Europe plan commits €800 billion toward modernizing and strengthening defence capabilities, directly supporting specialty metal consumption. However, tangible increases in PGM demand are expected only by Q2 2026 as procurement cycles mature.

PGMs are essential for advanced defence systems due to their heat resistance and electronic performance. Platinum, rhodium, and iridium are used in missile nose cones, aircraft engines, and protective coatings. Meanwhile, palladium and ruthenium play critical roles in capacitors, chip resistors, and optical technologies.

Prices Take Backseat in Military Applications

Unlike commercial sectors, the defence industry continues to use high-cost PGMs due to performance requirements. For example, palladium remains dominant in military-grade capacitors despite cheaper nickel substitutes in consumer electronics. This divergence underscores how strategic needs override price sensitivity in defence procurement.

Supply Limitations Raise Strategic Concerns

PGM supply remains tight, with platinum entering a third consecutive deficit year in 2025. South African producers, responsible for the bulk of PGM output, are cutting production amid low prices and high operating costs. Nato’s recent designation of platinum as critical reflects rising geopolitical concern over concentrated supply chains.

Nevertheless, the industry retains a robust PGM recycling infrastructure that softens the impact of mine-side disruptions. Experts note that economic factors—not physical scarcity—are currently the main constraint on supply expansion.

The Metalnomist Commentary

As Europe ramps up defence investment, PGMs will become increasingly indispensable to national security and technology platforms. Price will remain a secondary factor for defence buyers, but supply-side volatility could create procurement friction. Watch for policy interventions that enhance recycling and diversify sourcing to stabilize the PGM market over time.

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.

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.

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.

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.