Platinum supply expects to be “flat at best”, say CEOs

Chris Griffith, CEO, Amplats

PLATINUM supply would be flat at best, according to CEOs of the world’s largest producers of the metal, who said the platinum price was not high enough to incentivise expansions.

“We think that supply is at best flat,” Chris Griffith, CEO of Anglo American Platinum (Amplats) was quoted to have said in an article by Bloomberg News. Griffith was speaking at the Mining Indaba conference in Cape Town. Any growth projects would only serve to top up declining production levels, he said.

Neal Froneman, CEO of Sibanye-Stillwater, which last year launched a takeover of rival, Lonmin, said concerns that demand would be stunted by the growth in electric vehicles – which don’t need platinum group metals – to reduce car exhaust pollution, and poor demand for diesel-powered cars were overblown.