South African Platinum Industry Could Face 'Irreversible Decline'

South Africa’s platinum mining industry is facing a significant downturn due to declining prices, reduced demand, and years of underinvestment. Northam Platinum CEO Paul Dunne predicts a 10% drop in South African platinum output over the next five years, from 3.9 million to 3.5 million ounces annually. This decline is attributed to aging mines, lack of new investments, and the growing popularity of electric vehicles, which don’t require platinum-based catalytic converters. The industry’s struggles are exemplified by Northam’s 81.6% drop in headline earnings per share and an overall slump in platinum, palladium, and rhodium prices.