Sharp Cut in Silicon Production May Drive up Polysilicon Prices

Northam Platinum Holdings expects to report record headline earnings per share of between 3,006.1 cents and 3,082.3 cents for the year to end-June 2026, an increase of 689.4% to 709.4% on the prior year, according to a trading statement released 11 August. The group also produced a record total equivalent refined PGM output of 938,754 ounces from its own operations, up 4.4%, bringing it within sight of the 1-million-ounce production goal it set in 2015. Total metal sold rose 8% to 1.087 million ounces, while sales revenue climbed 64.1% to R54 billion, driven primarily by a 57.4% appreciation in the rand-denominated 4E basket price alongside higher volumes sold. Chrome concentrate production featured as a supporting contributor to the record year, rising 17.4% to a record 1.69 million tonnes — the same figure SMM has already reported from Northam's July production update, now confirmed within the group's full financial results. With PGM basket pricing doing the heavy lifting behind the earnings surge, chrome's steady output growth adds a second, more stable revenue stream for a group whose fortunes are otherwise closely tied to volatile platinum, palladium and rhodium prices — reinforcing the diversification rationale Northam and other South African PGM producers have increasingly emphasized this year.

[SMM Flash] The Democratic Republic of Congo (DRC) is becoming an increasingly important arena in the US-China competition for critical minerals, with the country holding significant resources of cobalt, copper, lithium, coltan, tantalum, tin, tungsten and other strategic commodities. China has built a strong position across the DRC's mining, processing and refining value chain, while the US is seeking to diversify supply through infrastructure investment, diplomacy and direct participation in mining assets. A key component of the US strategy is the Lobito Corridor, supported by a $553 million US Development Finance Corporation loan to rehabilitate about 1,300 km of railway linking the DRC to Angola's Atlantic port. The US-backed Orion Critical Mineral Consortium has also proposed acquiring a 40% stake in Glencore's Mutanda and Kamoto assets, with the transaction implying a combined enterprise value of about $9 billion and providing Orion rights to direct its share of production to nominated buyers. These moves could gradually diversify DRC mineral trade routes and customers, although China's established processing capacity and infrastructure footprint mean that a significant shift in the supply chain is unlikely to happen quickly.

[SMM Flash] Coltan mining in Rubaya demonstrates the strategic importance of the DRC to the global technology supply chain. The ore is an important source of tantalum and niobium, metals used in electronic components and other high-technology applications. Despite the remote nature of the mining area and poor access infrastructure, the material extracted from the region ultimately supports industries with significant global demand. The contrast between the remote mining environment and the strategic importance of the material highlights the vulnerability of upstream supply chains. Continued demand from electronics and other technology-related industries provides an economic incentive for coltan production, while conflict, weak infrastructure and limited formalisation create challenges for moving material from mining communities into established international supply chains. Developments in major producing areas such as Rubaya therefore remain relevant to the longer-term security of tantalum supply.