General Administration of Customs: import and export in the first half of the year is better than expected

China’s platinum group metal market takes a major step toward internationalization. Starting from September 28, platinum and palladium futures and options contracts on the Guangzhou Futures Exchange (GFEX) are open to qualified foreign investors. Launched in November 2025, the contracts have seen steady expansion of onshore trading volumes. Participation from overseas institutions is expected to further boost market liquidity and strengthen China’s influence in global platinum and palladium price formation.

Valterra Platinum stated that the deployment of Jameson flotation cells at its Mogalakwena PGM mine has delivered remarkable cost, energy and carbon savings. The installation cuts truck movements by around 3,000 per annum, reduces smelting power consumption by 70.5 MWh and lowers CO₂ emissions by approximately 70,000 tonnes, with annual cost savings of ZAR 203 million. These benefits do not include additional gains from improved metal recovery rates.

[SMM PGM Flash] Tharisa said on 25 September that the net proceeds of its US$300 million, five-year secured bond had been placed in escrow after a major settlement condition was met. Issued through Arxo Finance at 98% of face value, the bond carries an 11% coupon. Tharisa intends to use the proceeds to complete its Karo Platinum project in Zimbabwe, subject to the remaining conditions for releasing the money. The escrow step advances financing for a proposed source of platinum group metals on Zimbabwe’s Great Dyke. The money has not yet been released to Tharisa, and Karo is not a completed mine. The company targets first ore to Karo’s mill in the fourth quarter of 2027; both the drawdown and that operating milestone remain ahead.