[SMM Precious Metals Express]

Implats is reassessing the strategic value of its Waterberg PGM project. The company’s management recently stated that the revised Waterberg plan, following scale reduction and capital cost optimisation, is more attractive than previous versions, and the project has re-entered the group’s future growth pipeline. This development also reflects an increasingly pressing reality for South Africa’s PGM industry: projects capable of delivering incremental output at lower risk and reasonable capital intensity are becoming scarce.

Valterra Platinum stated that its Mogalakwena PGM mine in Limpopo, South Africa, boasts an exceptionally large long-term resource base. Executive Head of Mining Operations noted at a value-chain media briefing that Mogalakwena holds approximately 285 million ounces of resources on a four-element (4E) basis. Based on the company’s current planned six-element (6E) annual production target of 900,000 to 1 million ounces, the mine’s potential resource life could exceed 300 years.

[SMM Flash] Platinum and palladium prices declined on September 16 as precious metals came under pressure following the US Federal Reserve's decision to raise its benchmark interest rate by 25 basis points to 3.75%–4.00%. Platinum fell 2.3%, while palladium declined 1.5%, as the US dollar strengthened following the decision. The Federal Open Market Committee voted unanimously for the increase, citing elevated inflation and the need to support a return towards its 2% inflation objective. The move adds another macroeconomic pressure point for the PGM complex following recent price volatility. Higher US interest rates can strengthen the dollar and increase the opportunity cost of holding non-yielding precious metals, potentially weighing on investment demand even when physical-market fundamentals remain supportive. The latest PGM declines therefore largely reflected the broader precious-metals response to tighter US monetary policy rather than a newly announced change in platinum or palladium supply-demand fundamentals.