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Bloomberg reports that as Impala Platinum’s (Implats’) outlook for metals turns bullish, the company plans to start building a new palladium mine that could begin producing as soon as 2024 .
Implats plans to start work on the Waterberg project in 2021, CEO Nico Muller indicated on Thursday. A surge in palladium prices and a weaker rand is dispelling the gloom that gripped South African miners just a year ago. Meanwhile, Anglo American Platinum is studying plans to ramp up palladium output through the expansion of its flagship Mogalakwena mine. “I believe the change in PGMs is structural and not cyclical, so we are fully confident that the buoyant market we see today is going to prevail for the next ten years,” Muller commented. But, despite a stronger market for platinum-group metals and improved liquidity, Implats is sticking with plans to restructure loss-making mines at its Rustenburg complex.
- Read the original of this story in full at Mining Weekly
- Read too, Palladium surge helps to save miners, at Mail & Guardain
Get other news reports at the SA Labour News home page