LONDON - A surge in palladium prices has thrown struggling South African mining companies a lifeline. But it may not be enough.
Unlike South African mines, Nornickel’s ore produces four times as much palladium as platinum and the company has lower extraction costs, leaving it in prime position to benefit from palladium’s bull run and reinforce its dominance. Palladium hit a record $1,620 an ounce in March, a surge of nearly 100 percent since August. It has slipped back to around $1,335, but is still more expensive than gold.
According to consultants Metals Focus, higher car industry demand should leave the palladium market with a deficit of 574,000 ounces in 2019, the eighth year of shortfalls in a row. Platinum is expected to have a surplus of 630,000 ounces.Overall, the basket price of PGMs in South Africa has risen about 30% over the past year thanks to palladium, but miners are not generating enough returns given the composition of their ore to boost production significantly.
Sibanye has fared better than its rivals partly thanks to its higher exposure to palladium after its acquisition of U.S. mining company Stillwater in 2017. The addition of Stillwater means it now produces an even split of platinum and palladium. Anglo American Platinum , the top South African palladium producer, resumed dividends in 2017 for the first time since 2011 and raised its dividend payout-ratio this year, but it too is shying away from major spending.
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