Global Platinum Production Falls Yet Again

20th July 2023 

Anglo American Platinum stands as a dominant force in the realm of Platinum Group Metals, holding the title of not only South Africa's largest mine producer but also the world's foremost producer. Its significance lies in being a crucial supplier, contributing to nearly 34% of the globe's annual platinum production.

Within its latest production reports, the 1st half of 2023 they have reported -8% fall in platinum production versus 1H year 2022.

As our own in-depth research has previously forecast over the last few years of growing and severe supply-demand deficits in global platinum, we face an incredible array of headwinds in falling ore-grades, rising production costs, and most importantly of all the collapse of the giant utility corporation Eskom, South Africa’s country wide energy provider, directly affecting platinum supply.

Along with the significant rise of industrial demand in 2023 and continued fall in global production, the significant global supply-demand deficit looks at risk of widening even further from the 1 million Troy Oz deficit forecasted in the 1st Qtr of 2023 by various research agencies.

During the year 2022, Anglo American Platinum's production of platinum achieved 1.861 million ounces, a contraction of  -16% in production versus year 2021.

Notably, this company holds the esteemed position of being the world's leading producer of platinum, and it also boasts a significant role as a top producer of other platinum group metals, such as palladium and rhodium.

Looking at the broader picture, the global annual platinum production in 2021 amounted to 6,297,000 Toz, which experienced a noticeable decline to just 5,522,000 Toz in year 2022, marking a significant -12% decrease on the global stage.

South Africa, the largest global producer (accounting for 71% of global production), faced a  -16% decline, whereas the second-largest producer, Russia (comprising 12% of global production), witnessed a modest +2% growth. Similarly, the third-largest producer, Zimbabwe (representing 8.7% of global production), experienced a slight decline of -1% in 2022 compared to 2021.

For full Production Report by Anglo CLICK HERE to download 

 


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