Geopolitical Tensions Ease, Platinum Prices Consolidate, Spot Market Trading Normal [SMM Daily Review]

[SMM PGM Express] China’s 15th Five-Year Plan has elevated PGMs as strategic materials due to their importance in hydrogen fuel cell technologies, advanced electronics, artificial intelligence infrastructure and emissions-control systems. With limited domestic PGM resources, China remains highly dependent on imports, particularly from major producing regions such as South Africa and Russia, increasing the importance of supply security and long-term procurement strategies. At the same time, South Africa continues to strengthen its position within the global metals supply chain. DRDGold’s Vision 2028 expansion programme, valued at approximately R10 billion, aims to increase tailings reprocessing capacity from 2.15 million tonnes per month to 3 million tonnes per month and lift annual gold production to around six tonnes by 2028. More than R5 billion has reportedly already been deployed, with water-use licence approval for the Far West Gold Recoveries infrastructure remaining a key milestone. The combination of rising Chinese demand for critical minerals and continued investment in South African processing capacity reflects broader industry efforts to secure supply and improve resource efficiency. While opportunities remain significant, market participants continue to monitor risks including policy changes, currency volatility, operating cost pressures and potential technological substitution in future PGM applications.

[SMM PGM Express] Valterra Platinum and Umicore’s Metal Deposition Solutions (MDS) have launched a multi-year R&D and commercialisation partnership aimed at expanding platinum group metal (PGM) applications in industrial electroplating. The collaboration will focus initially on high-speed platinum electroplating technologies for the electronics sector, including connector applications, where platinum could offer a durable and cost-effective alternative to gold. With industrial gold demand exceeding 9.5 million ounces annually, the partnership highlights the potential for platinum to capture new demand opportunities in high-value applications. Under the agreement, Valterra Platinum will provide funding over an initial three-year period, while Umicore MDS will contribute R&D expertise in materials chemistry, surface technologies and industrial-scale process development to advance solutions from laboratory research towards commercial readiness. The initiative forms part of broader efforts by PGM producers to diversify demand beyond traditional markets and create new industrial uses for platinum. Growing adoption of advanced electronics and the search for more efficient precious metal alternatives could support future demand growth. The partnership also reflects continued efforts across the PGM sector to address long-term market challenges by developing innovative applications that improve platinum’s competitiveness and expand its role in emerging technologies.