China's ferrochrome imports dip 21% in Jun

[SMM PGM Flash] Valterra Platinum said four Jameson flotation cells replacing about 44 conventional cells at Mogalakwena’s north concentrator are producing estimated annual savings of R203 million, excluding revenue benefits from any higher metal recovery. The company reported a 70.5 MWh reduction in smelting electricity use, 70,000 tonnes less smelting-related carbon dioxide and road haulage equivalent to about 3,000 fewer concentrate trucks. The cells reduce unwanted material entering Valterra’s smelters without sacrificing concentrate grade or PGM recovery, lowering transport and energy intensity. A study to introduce the technology at Mogalakwena’s south concentrator is well advanced, but Valterra has not yet disclosed a final investment decision, implementation timetable or capital cost.

Precious metals closed lower this week, with spot gold falling below $4,300/oz and dropping about 2% for the week. Hawkish comments from US Fed officials, the 10-year Treasury yield breaking above 5%, and the US dollar index surpassing 101 were the main drags, as markets worried about a resumption of the rate-hike cycle. The fluid US-Iran situation added further uncertainty. Meanwhile, signs of gold decoupling from interest rates and ETF open interest hitting a seven-month high provided underlying support. Going forward, attention will focus on US-Iran talks and the US Fed's next moves.