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More than a record rhodium price needed to motivate additional PGM supply

High PGM prices have raised producers’ profits this year. PGM producers’ revenues in South Africa have risen sharply in 2020, driven by record rhodium and palladium prices and a weaker rand against the US dollar. Despite much higher unit costs in the first half of the year as a result of lower production volumes, all PGM producers have made strong profits. With many operations now back at or close to 100% capacity and South Africa reducing the Covid-19 alert level to level 1 as the country moves into summer, it is likely that 2020 full-year unit costs will be lower than in H1’20.

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