1 January 2022: Platinum mining supply will rise back to pre-COVID levels only in 2024 despite high PGM basket prices: A significant spike in refined platinum supply in 2021 has given the superficial appearance of growth in mine output in response to higher PGM basket prices. However, most of the increase is a recovery in output post COVID disruptions in 2020, significantly supplemented by the unwinding of the ACP semi-finished inventory backlog. With the last of the ACP material coming to market in the first half of 2022, annual refined mine supply is not expected to recover to pre-COVID levels until 2024.
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