Is this a new PGM paradigm?

It’s been a blisteringly red hot run for the country’s platinum group metals miners. It’s worth repeating the recent earnings numbers. Amplats reported a record EBITDA of R41.6 billion, Sibanye Stillwater’s EBITDA increased by 230% year-on-year to more than R49 billion, Implats EBITDA rose by 231% to just over R25 billion. Even ROYAL Bafokeng Platinum, which listed on the JSE 10 years ago as the first community company to do so, rewarded shareholders with a maiden R1,5 billion dividend during the 12 months ended December 2020 on the significant growth in its cash flows. Over 12 months, the FTSE/JSE Africa Platinum Mining Index is up an eye-watering 226% as of last night’s close, thanks to surging prices for palladium and rhodium, dug up with platinum and used in vehicle autocatalytic converters. The question now on investors lips is how long can this last? Michael Avery speaks to Rene Hochreiter, Mining Analyst at Noah Capital Markets; and David Holland of Fractal Value Advisors and Adjunct Professor at the University of Cape Town Business School.