비농업 고용지표 발표로 시장 롱숏 공방 격화, 현물 시장 할인 지속 및 거래 부진 [SMM 데일리 리뷰]

[SMM Flash] African Rainbow Minerals (ARM) reported R3.20 billion in headline earnings for FY2026, up 19% year-on-year, supported by sharply higher PGM prices. ARM Platinum contributed R1.35 billion, reversing a R1.29 billion loss in FY2025. At Two Rivers and Modikwa, US-dollar 6E basket prices rose 68% and 65%, respectively. However, physical output remained subdued: Two Rivers production fell 1% to 286,590 6E oz while Modikwa declined 3% to 273,671 6E oz. Unit cash costs increased 13% and 8%, respectively.​ The results show that stronger PGM pricing is materially improving South African producer margins despite continued cost and production pressures. Two Rivers’ cash operating margin increased to 37% from 17%, while its PGM cash operating profit rose to R3.48 billion. ARM also confirmed approval of the 180,000-tonne-per-month Bokoni development project following completion of its definitive feasibility study. The project carries estimated nominal capital expenditure of R15.2 billion, potentially adding a significant longer-term source of South African PGM supply.

짐바브웨는 광물 부문의 전환을 가속화하며 전통적인 채굴 및 원자재 수출에서 가공, 정제, 다운스트림 제조로 이동하고 있다. 짐바브웨 투자개발청(ZIDA)의 타파즈와 치나모 CEO는 짐바브웨가 광물 분리, 제련, 정제, 화학 가공 및 광물 관련 제조 분야에 더 많은 자본을 유치하여 더 많은 광물 가치를 국내에 보유하고 산업 기반을 확대하는 것을 목표로 한다고 밝혔다.