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GlobalData: Global Platinum Production to rebound in 2021, after a steep Decline due to COVID-19

Global platinum production to rebound in 2021, after a steep decline due to COVID-19, says GlobalData Global platinum production to rebound in 2021, after a steep decline due to COVID-19, says GlobalData Credits: Global Data

Global platinum production is expected to recover by 21.9% in 2021 after a steep decline in 2020, says GlobalData. The leading data and analytics company notes that recovery in the automotive and jewelry sectors has led to a rise in demand for platinum production, which will reach 6.03 million ounces (moz).

Vinneth Bajaj, Mining Analyst at GlobalData, comments: “The largest increase in platinum demand was seen within the automotive sector, at 27.1% growth. This was largely used for manufacturing autocatalysts, a system built into car exhausts that reduces dangeorus exhaust pollutants. However, this growth in demand is expected to slow between 2021 and 2025, expanding at a compound annual growth rate (CAGR) of just 2.2% due to the gradual replacement of internal combustible engine (ICE) cars with electric vehicles (EVs). Jewelry fabrication was another key contributor to 2021’s platinum recovery, with demand growing by 5.3%.”

Research by GlobalData has identified South Africa as a key contributor towards platinum production recovery, which represented 72% of 2021’s production. This was followed by Russia (10.4%), Zimbabwe (8.2%) and Canada (3.9%).

Bajaj continues: “Platinum’s recovery in 2021 will largely be thanks to South Africa, the world’s biggest platinum producer, which is expected to achieve a 34.7% rise in output by the end of the year. The country’s platinum production was significantly impacted due to COVID-19 restrictions, particularly during the second quarter of 2020 when strict lockdown measures were enforced. However, global vaccination program alongside recovering automotive demand is expected to leverage South African production base.”

Other success stories include that of the world’s largest producer of platinum, Anglo American. The company increased production of platinum and other platinum group metals by 17% in 2021 to 3.2moz, versus 2.73moz output in the same period last year.

Bajaj adds: “Anglo American’s gains were largely due to more stable output from its Anglo Converter Plant (ACP) phase A plant, following an explostion in February 2020.”

Globally, 43 platinum projects are currently under development - of which six are under construction. Key upcoming projects include the Platreef (production expected to start in 2022) and Bakubung (2022) in South Africa; the Darwendale (2022), Mupani (2025) and Karo (2022) in Zimbabwe; and the Bamboo Creek (2023) in Australia.

Bajaj notes:“These projects are expected to add around 600 thousand ounces of platinum production capacity to the global total, and are expected to be operational within the next four years.”

Source: Global Data

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