Junior platinum developers in South Africa are pivoting to lucrative gold and chrome co-products, transforming project economics amid shifting commodity prices.

Southern Palladium acknowledges it could become a takeover target following a $1.1bn upgrade in the valuation of its Bengwenyama project as global PGM supply tightens.

Southern Palladium has more than doubled the post-tax net present value of its Bengwenyama PGM project to $1.96bn, supported by enhanced chrome recoveries and stronger metal…