Nornickel's 2023 net profit and revenue declined due to low metal prices.

Under the agreement, initial production from Crean Hill would be shipped to Vale's Clarabelle mill in Sudbury for processing.

According to analysts at Macquarie, demand for both platinum and palladium from the auto sector will start falling beyond 2025.

Zimplats did not say how many of the 8,000 permanent and contract jobs were targeted.

The shaft was forecast to produce an average of 54,000 platinum group metal ounces in 2024.

Weak platinum group metal prices are projected to last for the next 12 to 18 months.

South Africa has abundant supplies of raw materials vital for the manufacture of lithium-ion batteries.

"We don't want to be overly reliant on any one country or any one company for global supply chains," says US Deputy Treasury Secretary Wally Adeyemo.