South Africa will boost global platinum output by 3.1% in 2023

The global production of platinum decreased by 5.7% to 5.8 million ounces (Moz) in 2022, with output from South Africa and the United States falling from 4.7moz in 2021 to 4.4Moz in 2022. This decline was somewhat offset by production gains in Russia, Zimbabwe, and Canada, where total output increased from 1,299.9 kilo ounces (Koz) in 2021 to 1,317.3 koz in 2022.

South Africa is the biggest producer of platinum in the world, accounting for 72.8% of global production in 2022. In 2022, the country produced 4.3moz of platinum, a 7.7% decline from the previous year. This was mostly due to operational challenges at mines such as Impala Rustenburg, Amandelbult, Kroondal, Rustenburg Complex, and the Marikana Mine, as well as poorer grades at Mogalakwena.

In 2021, output in the US dropped by 16.4%.

In addition, the closure of the Nkomati mine, which produced 34.3koz of platinum in 2021, contributed to the decline in production. However, US output decreased by 16.4% in 2021 due to safety stoppages at the East Boulder mine and a seven-week halt of production at the Stillwater mine in mid-June 2022 due to regional floods in Montana.

In comparison, production from Russia remained relatively steady in 2022, increasing by only 0.3% to 640k oz. This was primarily the result of the temporary cessation of mining operations in the Oktyabrsky and Taimyrsky mines due to floods caused by an underground water flow. As a result of the completion of the concentrator debottlenecking project at Anglo American’s Unki mine in Q4 2021, Zimbabwean output climbed to 474.8koz in 2022, a 2.1% increase over 2021.

The platinum output will rise by 3.1% to 6.1 million ounces in 2023.

The worldwide platinum output is anticipated to increase by 3.1% to 6.1 million ounces in 2023. While South Africa is anticipated to provide the majority of this gain, the United States is also anticipated to contribute a little increase. In South Africa, growth will be primarily supported by a predicted rise in output from Impala and Sibanye Stillwater’s Marikana and Rustenburg Complex, all of which have improved operations as a result of the company’s strategic planning in the energy, supply chain, and labor sectors.

In addition, Anglo-American signed a memorandum of understanding (MoU) with EDF Renewables in South Africa in March 2022 in order to satisfy operational electricity needs.

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