Representatives of the world’s leading producers of platinum group metals (PGMs) gathered for Wednesday’s PGMs Industry Day in Johannesburg, shedding light on the critical role of PGMs in the global transition to cleaner and greener energy solutions. Hosted by Resources4Africa and chaired by mining luminary Bernard Swanepoel, the event provided a platform for industry leaders to discuss key challenges and opportunities facing the PGMs sector.
Sibanye-Stillwater CEO Neal Froneman delivered a keynote address, emphasizing the need for market development across the entire PGMs basket. Froneman highlighted the unique properties of PGMs, which extend beyond platinum and palladium, and their essential role in supporting the burgeoning hydrogen economy.
“Very important is that we start focusing on industrial underpins to reduce the dependence or the exposure to risk on autos,” Froneman remarked, urging industry stakeholders to adopt a strategic approach to market development. Drawing on the analogy of Noah’s Ark, Froneman emphasized the importance of proactive measures to prepare for future demand, rather than merely reacting to market conditions.
“While overall palladium demand is decreasing, the future roles of some minor PGMs are increasing markedly,” Froneman noted, highlighting the evolving dynamics within the sector. He stressed the need for a balanced approach to supply and demand, with a focus on creating a sustainable market for all PGMs.
Minerals Council South Africa CEO Mzila Mthenjane echoed Froneman’s sentiments, emphasizing the importance of PGMs exploration to ensure a stable supply chain. Mthenjane highlighted the strategic significance of Southern Africa’s PGMs reserves and called for increased investment in exploration to secure future supply.
“The dominant PGMs position of Southern Africa calls for supply discipline to ensure the avoidance of supply disruption,” Mthenjane emphasized, pointing to recent production declines as a warning sign for the industry. He underscored the need for engagement with policymakers to promote understanding of the industry’s needs and potential economic benefits.
Johnson Matthey PGMs advocacy manager Margery Ryan provided insights into the growing demand for ruthenium and iridium, driven by clean energy technologies. Ryan emphasized the importance of accurate forecasting to inform strategic decisions in the rapidly evolving market.
“As the industry grapples with changing market dynamics and supply chain challenges, stakeholders are urged to prioritize market development and exploration to secure the future of the PGMs sector. With the global transition to cleaner energy sources underway, PGMs are poised to play a crucial role in shaping the sustainable future of the planet.”
As the event concluded, attendees expressed optimism about the future of the PGMs industry, recognizing the opportunities presented by the global shift towards clean energy. With proactive measures and strategic investments, stakeholders are confident in the sector’s ability to thrive in the evolving energy landscape.
In conclusion, the PGMs Industry Day served as a platform for industry leaders to come together and chart a course for the future of the sector. With a renewed focus on market development, exploration, and sustainability, the PGMs industry is poised to play a vital role in driving the transition to a cleaner and greener future.
Source: Mining WeeklyÂ
