SMM Forecast for Platinum and Palladium Demand in 2023

Zimbabwe's government has set 2026 as the deadline for the country's ferrochrome smelters to develop their own captive power generation, primarily from renewable sources, ending a period of subsidized grid electricity tariffs for the sector, the International Chromium Development Association said earlier this year. The requirement reflects a hard physical constraint rather than a purely commercial one: ferrochrome smelting consumes 3,500-4,000 kWh per tonne of output, a load Zimbabwe's debt-strained, generation-deficient grid cannot absorb at scale without compromising supply to other users. With 2026 now more than half over, the deadline is approaching at the same time Zimbabwe is pushing an aggressive beneficiation agenda — including a February 2026 raw mineral export ban and newly announced regional beneficiation hubs earmarking chrome-producing areas for dedicated ferrochrome and chromium alloy production. Whether the country's ferrochrome producers, many of them Chinese-invested operations still ramping up capacity, have made sufficient progress toward captive renewable generation to meet the year-end deadline remains an open question, and one with direct implications for how much of Zimbabwe's chrome-beneficiation ambition can actually be realized on schedule. SMM will continue to monitor for concrete updates on captive power project progress across Zimbabwe's ferrochrome sector as the year progresses.

Southern Palladium's JSE-listed share price surged 27.8% to R23.01 on 11 August 2026, up from a prior close of R18.00, after the company confirmed that South Africa's Department of Mineral and Petroleum Resources had granted the mining right for its flagship Bengwenyama project on the Eastern Limb of the Bushveld Complex in Limpopo. The approval, dated 7 August, marks the conclusion of a regulatory process that began when the mining right application was lodged and accepted in October 2023 — nearly three years of engagement compressed into a single-day market repricing once the outcome became public. The company had requested trading halts on both the JSE and the ASX on 6 August while it assessed the terms of the grant before making an orderly disclosure. The mining right has been granted for an initial 30-year period, with Southern Palladium entitled to apply for renewal thereafter. Company leadership described the approval as a pivotal step in moving Bengwenyama from studies toward execution. For SMM's chrome coverage specifically, the milestone matters beyond the platinum group metals headline: Bengwenyama is explicitly structured as a PGM-chrome co-product project, with chrome positioned to contribute close to a third of the project's total revenue at full production once developed. Having now cleared its largest regulatory hurdle, Bengwenyama's path toward a final investment decision — and toward becoming a genuine new source of South African chrome concentrate — is measurably shorter than it was a week ago, though completion of the DFS, project financing and further permitting still stand between the mining right and construction.