Automakers are now shifting from palladium to platinum to save money.

PGM production from operations in southern Africa and the US declined to 480,481 ounces in Q1, down from 533,237 ounces during the same period last year.

Speculative investors have expanded their net long position in NYMEX platinum futures to 1.5 million ounces.

The debt facility gives Generation a total of C$740 million for mine and mill construction.

Increased geopolitical risks have impacted the company's financial results and created new challenges for its operational and sales activities, the company said.

Production hit 178,100 tonnes of copper in Q1 mainly due to the ramp-up of its newly opened Quellaveco copper mine in Peru.

World’s top 50 mining companies build on gains in the first quarter of 2023, but remain well below valuations this time last year as M&A fever grips the sector.