Global platinum supply to fall in 2025, linked mainly to disruptions and mine closures
In Russia, platinum production is projected to decline marginally by 0.2% to 742,800oz in 2025. This reduction is primarily due to the closure of stage one at the Oktyabrsky mine, which has a capacity of six million tonnes per annum (mtpa). Although stage two, with a capacity of 2mtpa, is expected to commence in 2026, it will not offset the immediate decline in 2025.
Conversely, Zimbabwe's platinum production is set to experience modest growth in 2025. Operational improvements at Zimplats and Mimosa, along with higher-grade stoping areas, will contribute to increased output. Additionally, Canada and the US are projected to record minor production increases, driven by improved operational efficiency and restructuring efforts.
Looking ahead, global platinum production is projected to see flat growth from 2025 to 2030, with a CAGR of 0.9%, reaching 6.4 million ounces by 2030. South Africa's output will remain stagnant due to structural challenges, while Russia's production will decline by a CAGR of -0.2% primarily from reduced output at the Oktyabrsky mine. In contrast, Zimbabwe will experience a 2.2% CAGR growth, supported by the Karo and Mupani mines. Canada's production is expected to double by 2030, driven by the Marathon and Victor-Capre projects, while the US will maintain stable output through operational efficiency improvements.
Global platinum mine production (million ounces), 2010–2030
"Global platinum supply to fall in 2025, linked mainly to disruptions and mine closures" was originally created and published by Mining Technology, a GlobalData owned brand.
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