South African PGM miners have all announced cost focussed restructuring in response to a lower PGM basket price during 2023. Efforts are focussed on cash conservation, with several growth and replacement initiatives deferred to reduce capex. Restructuring announcements (to date) are unlikely to materially impact near-term production. However, previous slow reductions in output due to declining capex could be repeated. Since the WPIC two- to five-year supply-demand outlook uses the aggregate mid-point of public guidance ranges, the potential downside risks to mining supply from ongoing basket price weakness and ... (full story)