Sibanye reported a 78% increase in first-quarter core profit last month, on the back of higher prices for metals, including gold, platinum, palladium and rhodium.
A wall of platinum production from South Africa coming back online following covid-19 disruptions is expected to offset demand growth this year and push the market into surplus territory, new data released by PGMs specialist Johnson Matthey show.
The roughly 10 million ounce-a-year palladium market will be undersupplied by around a million ounces in 2021 and the price will average $3,000 an ounce, up 37% from 2020.
