Persistently weak prices of platinum group metal (PGMs) have forced the three largest PGM miners in South Africa to undertake deep cuts to their capital expenditure, workforce and cost structure. At current prices, about 70% of the PGM industry is producing at a loss, forcing miners to restructure their business or face closure. In this Precious Metals Watch, we discuss the implications for the prices of platinum and palladium from these most recent capital expenditure cuts.
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