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The green hydrogen and green ammonia project in South Africa's Nelson Mandela Bay has taken a major step forward.

Its latest advance involves the selection of a $1-billion green hydrogen generating electrolyser and ammonia loop solution, which is capable of producing a million tonnes of green ammonia a year at $650/t.

The project is being developed by Hive Hydrogen, underpinned by Hive Energy of the UK and BuiltAfrica of South Africa.

Hive Energy is headed by co-owner and CEO Giles Redpath and BuiltAfrica is headed by Thulani Gcabashe, a former CEO of Eskom and a former chairperson of Standard Bank.

The environmental-impact assessment has been completed and the front end engineering design is under way.

Hive Hydrogen has been working since September 2019 to establish the renewable-energy-powered plant for the Coega project, which is on track to conclude final investment decision (FID) by the third quarter of next year.

The project is underpinned by 1 499 MW of wind power and 1 430 MW of solar power, and is partnering ammonia offtake companies in the Far East and Europe.

The solid oxide electrolyser technology from Danish company Topsoe reduces capital expenditure on renewables by €0.5-billion-plus and the project will also benefit from a 25% reduction in electricity transmission and wheeling costs, which lowers overall operating costs and brings down the selling price of its unsubsidised green ammonia to "one of the lowest globally", Hive Hydrogen stated in a media release to Mining Weekly.

Last year, Electricity and Energy Minister Dr Kgosientsho Ramokgopa conferred 'lighthouse' excellence status to the $5.8-billion project, which is capturing global attention.

Hive Hydrogen GM Colin Loubser has expressed the belief that the project will likely provide the world's lowest-cost green ammonia, a product that enables unacceptable sea pollution to be brought to an end. The maritime business is a heavy polluter of the oceans. The use of heavy fuel oils and diesels not only pollutes the air, but spillages also pollute the water and the sector has major carbonisation issues.

As a consequence, the number of ships that have been commissioned to run on green ammonia as a maritime fuel is increasing exponentially.

The green ammonia engines for shipping have reached technology readiness level nine, which means they are bankable and of high quality.

Shifts in green ammonia demand are arising out of the fertiliser industry.

Interestingly, the Hydrogen Council reports from Milan and Brussels that $110-billion worth of investment is now committed to more than 500 clean hydrogen projects that are past FID, in construction, or already operational.

Since 2020, the sector has averaged a 50% year-over-year committed investment growth rate, the council's Global Hydrogen Compass, which is co-authored with McKinsey & Company, reports.

Total committed capacity now exceeds six-million tonnes per year (mtpa), including 1 mtpa already in operation.

On the demand side, about 3.6 mtpa of binding offtake has been secured. As policy clarity emerges in key markets such as the EU, US, Japan, and Korea, up to 8 mtpa of clean hydrogen demand could materialise by 2030.

China is leading the world with committed investment of $33-billion and more than half of the world's renewable hydrogen production capacity. North America is next with $23-billion, and Europe third with $19-billion.

Despite a challenging environment, 74% of CEOs surveyed reported stable or increased investment appetite over the last two years while 97% expressed the belief that hydrogen would be a critical decarbonisation solution for hard-to-abate sectors. More than 80 expected hydrogen industry growth to continue.

In the view of the Global Hydrogen Compass hydro...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

The risk of a protracted US-Iran conflict, the accelerating regionalisation of PGM markets, alongside the launch of platinum and palladium futures on China's Guangzhou Futures Exchange (GFEX), represents a structural shift in how platinum group metals (PGMs) are sourced, priced and traded.

"We expect these themes, rather than fundamentals alone, to define the year ahead," precious metals consultancy Metals Focus PGMs director Wilma Swarts says.

With this in mind, Metals Focus' 'PGMs 2026' report offers a comprehensive analysis of the PGM industry and was released to coincide with the start of London Platinum Week.

It examines a year in which all five PGMs returned to deficit and prices were materially higher, against a backdrop of intensifying investor flows, gold-related substitution in the jewellery market and growing strategic ownership narratives.

Swarts notes that, in 2025, internal combustion engine (ICE) and hybrid vehicle production still accounted for the vast majority of light vehicles, noting that battery electric vehicle (BEV) penetration is increasing steadily. What has changed markedly is the investor story.

"Platinum's re-rating last year was driven as much by strategic accumulation and correlation with gold, as by physical fundamentals and tighter available stock levels, and that dynamic will likely continue to shape pricing in 2026."

The report indicates that all five major PGMs recorded a physical deficit in 2025, with the PGM basket price having increased by 28% year-on-year, driven by tightening physical balances, intensifying investor interest and concerns over the impact of trade and strategic access policies on trade flows.

Platinum recorded a third consecutive deficit of 461 000 oz, palladium a fourth consecutive deficit of 433 000 oz and rhodium a 116 000 oz shortfall. Iridium and ruthenium recorded deficits of 34 000 oz and 312 000 oz, respectively.

Metals Focus explains that platinum's 2025 re-rating was driven by improved investor access, optimism towards gold-related substitution and episodic physical tightness, supported by the launch of platinum and palladium futures on China's GFEX in November 2025.

The company describes retail investment in platinum as a standout, rising 96% to 402 000 oz, with record Chinese buying accounting for about 60% of global purchases.

Additionally, the report notes that above-ground stocks continued to draw down across the complex. Platinum stocks fell to 9.3-million ounces, equivalent to about 14 months of demand cover, while palladium stocks declined to 10.7-million ounces, or 13 months of cover.

Rhodium above-ground stocks fell to less than four months of demand cover, supporting elevated prices despite a narrower deficit.

Moreover, the report indicates that primary mine supply continued to contract in 2025.

Metals Focus says South African production was disrupted by flooding at several operations, while North American supply declined sharply following the full year of Stillwater West being placed on care and maintenance.

The company explains that total platinum mine supply fell 4% year-on-year to 5.6-million ounces, with palladium mine supply mirroring this decline at 6.3-million ounces.

Further, the report indicates that total PGM scrap supply rose 7% year-on-year to 4.9-million ounces in 2025.

It notes that autocatalyst recycling was supported by extended scrappage schemes in China and stronger autocatalyst recycling in the US, rebuilding from significant declines over the past two years.

The rise in jewellery scrap was largely a product of destocking in China during the second half of the year.

Metals Focus says automotive platinum, palladium and rhodium (3E) PGM demand fell by 2% to 11.9-million ounces in 2025, the first time ...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Investment demand for platinum remains extremely strong, with market fundamentals continuing to support platinum as a compelling investment.

Market tightness suggests that there is insufficient platinum availability.

By year end, above ground stocks are projected to provide less than three months' global demand cover. (Also watch attached Creamer Media video.)

Platinum bar and coin demand is expected to be 33% higher in 2026 than in 2025.

All the conditions that spurred the 2025 price rally are still very much in play.

Incoming emissions regulations are supportive of automotive demand for platinum.

The need for regional energy security, particularly in Europe and East Asia, is getting hydrogen demand going again.

Even potential demand drag for platinum catalysts possibly coming through from automotive or petrochemical perspectives would likely be more than offset by platinum investment.

These and many other points were made by World Platinum Investment Council (WPIC) director of research Edward Sterck, who spoke to Mining Weekly following the publication of the Platinum Quarterly for quarter one of 2026, in which WPIC CEO Trevor Raymond notes that platinum's strong 2025 price performance and robust 2026 levels have increased global attention to platinum's investment potential.

Raymond points out that a far wider cohort of investors is now actively considering platinum's precious attributes and platinum demand is well insulated, the geopolitical Middle East headwinds notwithstanding.

"We're also seeing platinum already playing a vital role across many technologies underpinning the rollout of AI infrastructure – from optical communications to data storage," Raymond reported.

Mining Weekly: What are the key factors attributing to the fourth consecutive deficit forecast for 2026?

Sterck: There are a couple of key factors really. Firstly, supply is ultimately continuing to be extremely constrained. We've seen a pretty substantial increase in platinum group metal (PGM) prices over the last 12 months. Remember that the price rally started more or less a year ago. At one point we were up by almost over 200% and now we're slightly over 100% up on prices one year ago. But despite that price increase, we haven't really seen a meaningful change in supply outlook. Mine supply is fundamentally very, very limited by geological factors. These are, for the most part, deep-level underground mines. There's an intrinsic limitation in terms of the ability to flex output from those operations on a short-term or even a medium-term basis.

At the same time, we do see a little bit more flexibility in terms of recycling supply. We've got an increase around 9% year-on-year in terms of recycling supply outlook. But there are some potential headwinds to that in terms of credit availability and the availability of end-of-life vehicles and autocatalysts to be recycled. It is important to recognise that we do have some headwinds on the demand side of the equation but, for the most part, demand has proving to be extremely resilient. We're not projecting significant growth. Automotive is down 2% year-on-year. Jewellery demand is down around 12% from last year, which is largely due to slightly reduced demand from China, whereas in the rest of the world, we're expecting in most geographies, demand to remain at or above last year's levels.

Then, in terms of industrial demand, we've got a return to growth after, cyclically, a very weak 2025. The big swing factor this year is investment demand. I think it's important to emphasise, before I go into the detail, that actually investment demand remains extremely strong. It's just that we're not expecting the repeat of the massive inflows we saw last year into exchange stocks and exchang...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation

TSX-listed Rio2 delivered a milestone quarter in the three months ended March 31, highlighted by initial cash flows from the Condestable copper mine, in Peru, and the early stages of ramp-up at the Fenix gold mine, in Chile.

Rio2's consolidated production for the quarter totalled 7 849 oz of gold, 49 198 oz of silver and 6.4-million pounds of copper.

Rio2 president and CEO Andrew Cox says the first quarter of the 2026 financial year was significant owing to first production from the Fenix mine and the addition of cashflows from Condestable following the company's acquisition of the operation in January.

At Fenix, the team advanced through the initial ramp-up while addressing some unforeseen startup challenges.

"Although the ramp-up was slower than anticipated, most critical issues have now been addressed and rectified. We are expecting production to steadily increase to projected levels over the remaining three quarters of the year.

"Operating a new mine at high altitude in Chile is a challenging undertaking and the management team has done a great job in resolving those challenges," Cox explains.

Some of the challenges at Fenix in the quarter include a delayed blasting permit, tight labour availability for Rio2's contractor Stracon and the processing plant experiencing initial startup issues with the elution solution pump having failed three times.

Based on current ramp-up progress, Rio2 anticipates commercial production at Fenix in the fourth quarter, with the mine being poised to produce about 60 000 oz for the full year.

Meanwhile, the Condestable mine is performing up to expectation following the company's acquisition of the operation in January.

Rio2's income from mine operations totalled $24.6-million in the quarter under review, with adjusted net income having amounted to $12.1-million.

The company ended the quarter with $93.1-million of cash and cash equivalents on hand.

For comparison, cash provided by operating activities in the reporting quarter was $22.8-million, cash used from investing activities was $80.3-million, and net cash provided from financing activities was $103.5-million, compared to cash flow from operating activities in the comparative quarter ended March 31, 2025, which was $19.3-million, $16.2-million and $40 000, respectively.

Mining Weekly Editor Martin Creamer talks about uranium production in Southern Africa looking up as demand outlook rises; a drill hole in the Northern Cape which has revealed a significant zone of visible copper sulphide mineralisation; and the ownership transition of Cementation