Palladium supply expectations are downgraded for 2022. The delay to Anglo American Platinum’s Polokwane smelter rebuild is estimated to lead to up to 210 koz of palladium and 215 koz of platinum being carried over into the new year as work-in-progress stock, thus reducing refined metal output this year. The smelter’s feed is primarily palladium-rich ores from Mogalakwena and also ore from mines on the Bushveld’s Eastern Limb. At Mogalakwena, the average metal content is weighted towards palladium (46%), therefore there is a proportionally larger impact on the palladium market. For the second time this year, South ... (full story)