Sibanye Stillwater Q1 PGM output down 10% due to power cuts, US disruptions

Company now expects its US PGM mines to produce between 445,000-460,000 ounces of platinum and palladium this year, down from 550,000-580,000 ounces expected previously.

Platinum prices have fallen from a 9-month high of $1,179.81/oz in March to around $900.

Nornickel's first-half sales of nickel fell by 6%, palladium by 4% and platinum by 18%.

Platinum group metals have come off their highs seen during the early part of 2021, when the global economy started to emerge from the covid-19 shutdowns.

Company kept its previous 2022 output forecast unchanged despite difficulties posed by Western sanctions against Moscow over Ukraine.

The southern African country is the third largest producer of platinum, after South Africa and Russia.

The world’s biggest miner of the precious metal is rerouting shipments as many of its usual customers shun its goods following the invasion of Ukraine. 

The market could see up to a million ounces of palladium switched for platinum, Amplats finance director said.

The company said inflationary pressures and tightening monetary policy would continue to have an impact on the mining industry.