Palladium is currently more expensive than gold or platinum.

A poor safety record has contributed to slower investment at some South African mines in recent years.

Sample assays include 0.74% nickel, 4.09% copper and 2.51 g/t PGEs.

Stockpiles have almost halved in the past decade to equal about 14 months of demand.

Implats plans to drill 5,400 metres in four holes to test for high-grade platinum group metal mineralization.

Prices swung between gains and losses on Monday.

The metal is headed for its best week since 2001 and showing little sign of slowing down.

In September, Sibanye said it planned to cut around 5,270 jobs, or about 6% of its workforce.