[SMM Precious Metals Express]

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.

[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.