It’s interesting to note that Sibanye-Stillwater, whose operational foundations are built on gold, looks to reap substantial gains from its platinum assets.
It’s a safe bet given that the company has reported a 40% increase in 4E platinum group metals (PGM) Mineral Reserves at its South African PGM operations to 39.5M 4Eoz.
This is on the back of the inclusion of the Marikana K4 project (12.7 M 4Eoz) and the Klipfontein opencast project (0.1M 4Eoz) following detailed feasibility studies.
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In addition, the company saw a 7% (5.8 Moz) increase in 2E PGM Mineral Resources, with additional Mineral Reserves of 0.8M 2E PGM ounces defined at East Boulder Mine replacing combined depletion of 0.7M 2Eoz during 2020.
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During the course of 2020, and continuing into 2021, the basket of precious metal prices has shown strong appreciation, with the gold price driven in part by renewed sentiment for investment due to the COVID-19 pandemic, but also due to PGM prices being supported by robust fundamentals and a quicker than anticipated recovery in vehicle demand after the initial COVID-19 demand impact.
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Spot rhodium and palladium prices have exceeded US$20,000/oz and US$2,400/oz respectively during 2021, resulting in a basket price in excess of R45,000/4Eoz at the SA PGM operations, and over US$2,000/2Eoz at the US PGM operations.