Platinum fell sharply on 14 October 2026 after hotter-than-expected US inflation data hit precious metals broadly, while South African PGM developers pushed ahead with project updates. Southern Palladium put a new valuation on its Bengwenyama project, Tharisa confirmed full-year PGM output in line with guidance, and Austrian researchers published findings on reducing platinum use in hydrogen electrolysers.
Top stories#
Southern Palladium values Bengwenyama at R35.5bn in updated study#
Southern Palladium's proposed Bengwenyama platinum-group metals mine in Limpopo has an estimated net present value of R35.5bn under an updated pre-feasibility study, although the development-stage project still needs outstanding water-use and waste-management licences. Bengwenyama is located in South Africa's Bushveld Complex, the country's main PGM-producing region, and has a combined mineral resource of 40.25-million ounces of PGMs. The updated valuation follows metallurgical test work pointing to a larger contribution from chrome alongside planned PGM production, after Southern Palladium disclosed in July that expected chrome recovery had risen to 85.6%, from a 30% assumption in its previous pre-feasibility study. The company said its definitive feasibility study had been delayed by several months to incorporate the latest metallurgical findings and is now expected in early 2027. More on the region's geology is on our platinum mining page.
Tharisa confirms FY2026 PGM output of 153,700oz, Karo advances in Zimbabwe#
Tharisa reported annual production in line with guidance for the 2026 financial year, in a pricing environment materially stronger than the previous year. Fourth-quarter output came to 41,000oz of platinum group metals, bringing the full-year total to 153,700oz, with an average PGM basket price of $2,535/oz in the final quarter and $2,607/oz for the full year, up from $1,615/oz a year earlier. CEO Phoevos Pouroulis said platinum market fundamentals remain supportive over the medium term, despite the World Platinum Investment Council's revised forecast of a marginal surplus for 2026, a reference to WPIC's Platinum Quarterly for Q2 2026, which turned its 2026 forecast to a 265 koz surplus from the 297 koz deficit forecast in the Q1 edition. On the Karo Platinum project in Zimbabwe, the company signed a 25-year special mining lease over 23,903ha of the Great Dyke in August and followed it three days later with a five-year PGM concentrate offtake deal with Valterra Platinum, then raised $300m through a bond issue in September. Mining of ore at Karo is due to start this month, ahead of first ore reaching the mill in the fourth quarter of calendar 2027; steady-state output of 220,000-230,000oz on a 6E basis is expected roughly six months after that milestone. For 2027, Tharisa is guiding 150,000-170,000oz of 6E PGM production from the Tharisa Mine alone. See our platinum price chart and Valterra Platinum pages for context.
Study points to thinner platinum coatings for hydrogen electrolysers#
Researchers at Austria's TU Wien reported that platinum coatings 24 nanometers thick on titanium bipolar plates held up well electrically and structurally after simulated electrochemical wear in proton exchange membrane (PEM) water electrolysis, in findings published in ACS Applied Materials & Interfaces and covered by Tech Xplore on 13 October. Against the roughly 200-nanometer coatings typically used in industry, the thinner layer implies a potential platinum saving of about 88% for that protective layer; a thinner, 8-nanometer coating by contrast showed damage and released more metal ions into the electrolyte under the same test conditions. The authors noted that the right coating thickness depends on how it is applied and how evenly it covers the surface. This work addresses platinum used to protect electrolyser bipolar plates from corrosion, a different use from the iridium catalyst that is the main cost driver in PEM electrolysis; iridium loading today runs around 400 kg per gigawatt of installed PEM capacity, with WPIC projecting a path toward 80 kg/GW by 2030. See our platinum uses page for other industrial applications.
Sylvania Platinum extends on-market share buyback#
Sylvania Platinum disclosed on 14 October that it bought back 271,500 ordinary shares through Panmure Liberum Limited between 7 and 9 October 2026, at weighted average prices of 90.60p to 94.00p. The AIM-listed PGM and chrome producer now holds 13,432,425 ordinary shares in treasury, leaving 258,824,191 ordinary shares with voting rights.
Prices and market context#
Spot platinum traded at $1,600.00/oz at 11:14am ET on 14 October, down $56.00 or 3.38% on the day, while palladium traded at $1,084.00/oz, down $25.00 or 2.25%, according to Kitco's New York spot price feed. Rhodium was last quoted at $8,850.00/oz as of Kitco's 13 October close, unchanged. Kitco reported that spot gold and silver fell sharply in early US trading after hotter-than-expected September CPI data revived concerns the Federal Reserve would hold its tightening path; platinum and palladium declined alongside them. That marks a reversal from 13 October, when platinum and palladium had each advanced about 0.8% intraday on a softer dollar and lower oil prices, per Reuters coverage relayed by Shanghai Metals Market. For context, WPIC's most recent Platinum Quarterly put the 2025 platinum deficit at over 1 million ounces and above-ground stocks at about 3.4 months of demand by end-2026. See our platinum price and palladium price pages.
What to watch#
- Southern Palladium's Bengwenyama definitive feasibility study, expected in early 2027, pending outstanding water-use and waste-management licences.
- Tharisa's Karo Platinum project in Zimbabwe, where ore mining is due to start this month ahead of a targeted Q4 2027 first-ore date at the mill.
- Further WPIC and Metals Focus commentary on the 2026 platinum surplus forecast following the September Platinum Quarterly's shift from deficit to surplus.
- US economic data releases in the coming days following the hotter September CPI print, for signs of further pressure on precious metals.
Sources: Business Day (Southern Palladium), Business Day (Tharisa), Tech Xplore (TU Wien / ACS Applied Materials & Interfaces), Investegate (Sylvania Platinum RNS), Kitco (spot prices), Shanghai Metals Market (Reuters PGM price flash).