Duncan Wanblad said on Thursday mining companies have to confront tough decisions such as cutting costs as weak metal prices hit earnings.

An analysis of 29 domestic mining companies showed that combined net income slumped to 108 billion rand in their latest financial years, from a record 206 billion rand.

South African platinum group metal miners are battling an electricity crisis that has impacted output and increased costs.

The WPIC forecasts a record 1-million-oz. platinum deficit for 2023.

Demand for platinum is on track to grow 27% to 8.2 million troy ounces in 2023.

African Rainbow Minerals is seeking lithium and copper acquisitions but is concerned about "crazy money" being paid for metal assets.

Rhodium has dropped more than two thirds in 2023 so far, while palladium is down 31% this year.

The blocks are for minerals including nickel, lithium, cobalt and platinum, along with rare earths.