Southern Palladium lifts Bengwenyama study value to US$1.96 billion

[SMM PGM Flash] Southern Palladium released an updated prefeasibility study on 13 October for its 70%-owned Bengwenyama PGM-chrome project in South Africa. The study lifts modelled post-tax net present value, at an 8% real discount rate and on a 100% project basis, to US$1.96 billion from US$857 million in its July 2025 optimised study. It projects a 39.1% internal rate of return and a US$329 million peak funding requirement, up from US$279 million. No new ore reserve was declared.

The increase reflects earlier metallurgical work, a revised plant design and stronger commodity-price assumptions, rather than new mined output. The study assumes 85.6% chromite recovery and envisages about one million tonnes a year of chrome concentrate at full Stage 2 output. About 30% of its life-of-mine tonnes are inferred resources. The definitive feasibility study and project funding remain outstanding, so the economic figures remain forecasts.