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• Platinum, iridium-based green hydrogen development continuing, Heraeus reports

  This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Many countries are still pursuing the development of platinum and iridium-using green hydrogen infrastructure, including China where green hydrogen features in the latest Five-Year Plan to 2030. The globally active Heraeus adds in its 2026 forecast just out that a return to demand growth in the hydrogen sector is anticipated, though it is not yet clear how much this will impact iridium market, which the Hanau-based company expects to trade at between $3 800/oz and $5 150/oz in 2026. With PGM prices being much higher than at the start of 2025, South African mining companies now have much better margins and some small projects ramping up are adding small amounts of iridium to South African output, Heraeus, which has a long-standing South African presence, points out in a release to Mining Weekly. Being used along with iridium in green hydrogen electrolysers is ruthenium, another PGM, which is also being used in a variety of other hydrogen-related processes. Within the push to further develop green hydrogen, China's Five-Year Plan from 2026 to 2030 seemingly include hydrogen-powered fuel cell electric vehicles and the ruthenium price is forecast to trade between $600/oz and $975/oz in 2026. The Heraeus report estimates that platinum is estimated will trade at between $1 300/oz and $1 800/oz in 2026, when platinum's deficit is expected to shrink. South Africa's platinum output is predicted by Heraeus to be somewhat higher in 2026, partly owing to the processing of work-in-progress stock that was built up during processing plant maintenance, and partly owing to the ramp-up of some new operations. The recovery in PGM prices during 2025 improved the mining companies' margins which makes further cuts to production unlikely. Secondary recycled platinum supply is anticipated by Heraeus to rise modestly next year. In Europe, scrap autocatalyst volumes are predicted to rise with heavy-duty vehicle sales forecast to see robust growth globally, leading to greater numbers of scrapped commercial vehicles. Primary palladium production is forecast to increase by 1% to 6.2-milion ounces next year and the rally in the PGM prices has helped to uplift secondary palladium supply. Industrial use of rhodium is projected by Heraeus to rise modestly next year amid moderate growth in the chemical sector and marginally higher primary supply. Secondary rhodium supply is predicted by Heraeus to rise in 2026 when rhodium prices expected to be between $6 000/oz and $9 000/oz. Heraeus, which covers the value chain from trading to refining and recycling, has extensive PGM insight. Key hydrogen systems Heraeus group laboratories went live in China in October where rapid growth is reported in the platinum-catalysed proton exchange membrane (PEM) green hydrogen technology that is poised to play a central decarbonisation role. The laboratories were described as reflecting China's rapid pace of hydrogen innovation. The cost-efficient production of green hydrogen - on the industrial scale that China can provide - will be an important contributor towards a zero-emission society, on a planet increasingly threatened by climate disruption. A return to demand growth in the hydrogen sector is anticipated by Heraeus in its 2026 forecast report, which points to some Chinese companies having developed PEM electrolysers.

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• Valterra Platinum returns from Seoul Summit with important hydrogen economy insight

  This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. Creamer Media's Mining Weekly today interviewed Valterra Platinum CEO Craig Miller, who has just returned from the Hydrogen Council's Global CEO Summit 2025 in South Korea with important insight into the status of the hydrogen economy. The Seoul Summit, attended by more than 200 CEOs and senior executives from the world's leading hydrogen-linked businesses, focused on how hydrogen is produced and sold, and how regulations can support the platinum group metal (PGM)-linked role of the hydrogen economy to decarbonise the world and to combat climate change. "I certainly think that hydrogen - and the industry specifically around that - is moving forward," Miller pointed out in the Teams interview with Mining Weekly. (Also watch attached Creamer Media video.) It is a large snowball with $110-billion invested in hydrogen projects over the last five years and $35-billion in the last 12 months alone. PGMs are poised to continue to play a key role and very encouraging are the 200-plus refuelling stations in South Korea that service the platinum-based hydrogen fuel cell electric vehicles (FCEV) and FCEV buses in Greater Seoul. Where PGM-catalysed proton exchange membrane (PEM) electrolysers are used is also creating encouragement for the road ahead. Pathways towards translation into meaningful demand are being assisted by smart private-public partnerships. Mining Weekly: It's great to be able to chat to you on your return from the Seoul Summit. How good is a meeting like this for the demand outlook for PGMs? Miller: It was a really encouraging and great week to be in Seoul, together with some of the other CEOs, who are particularly focused on creating that hydrogen production, and also then the demand segments. On the outlook for PGMs, where we see the opportunity is really in PEM electrolysers, so in the production of green hydrogen, and then also in mobility, in fuel cell electric vehicles. I think it's fair to say that there is certainly a lot of supply and investment going into hydrogen, and that's very key, but then also, importantly, looking for those demand use cases. Certainly, the opportunities are there and we just need to see those translate into real outcomes. But I'm really encouraged. Having spent the week in Seoul and having the opportunity to travel around the city in a fuel cell electric vehicle, the Hyundai Nexo, that was really impressive. It's a really nifty little car and it was great to see the opportunity, just in terms of how that's translating into tangible people mobility, and the opportunity for me also to see some refuelling of the hydrogen into these fuel cell electric vehicles. In Seoul, there's a refuelling station right outside the People's Assembly, which is the equivalent of their national parliament, and so it really demonstrated for me the importance of hydrogen and hydrogen in the Korean economy, and how they see it as a step towards decarbonisation and supporting the energy transition. A strong call was made to build the global hydrogen ecosystem faster and to unlock commercial scale demand by 2030. Do you get the impression that the call will be heeded? There's a lot of work to be done into to recognising that call, from both a policy perspective, in certain jurisdictions of the world, in standardising some of the standards in terms of hydrogen production and transportation and its utilisation. I think that's really key. But I think what was very apparent by the participants, and effectively, the market capitalisation of Hydrogen Council companies attending is almost $9-trillion and so some of the largest global companies participate at the Hydrogen Council. The real momentum around hydrogen is certainly there and the opportunity that we still see in its role to play in decarboni...

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• Martin Creamer talks about: Platinum, Lion ferrochrome smelter

  Mining Weekly Editor Martin Creamer discusses Valterra Platinum's fruitful 2025, with a market capitalisation of over R300-billion; China’s strategic view of platinum; and the Eskom proposal that supports the continued operation of Lion ferrochrome smelter.

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• New gold mine’s a milestone for industry, economy, communities – Minerals Council

  This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. The new Qala Shallows gold mine is not only a milestone for West Wits Mining but also for South Africa's mining industry, the South African economy, and the communities that will share in the opportunities created here, Minerals Council South Africa CEO Mzila Mthenjane highlighted at the official opening of South Africa's first underground gold mine since Burnstone gold mine opened near Balfour in Mpumalanga in 2009. Qala Shallows is a mere 15 minutes west of the central business district of Johannesburg, which is honoured as the Golden City because of its golden history. "It's cause for celebration," said the head of a council that has a mission to lower the cost of doing mining business in South Africa. "Gold is woven into the fabric of South Africa's life's story. From the discovery of gold on the Witwatersrand in 1886, which transformed Johannesburg into the City of Gold, to today's modern operations, mining has been central to our nation's development," said Mthenjane, whose council continues to play a vital role in ensuring that the legacy of mining - and particularly gold - remains a driver of growth and shared prosperity for generations to come. "This West Wits gold mine continues this proud tradition, but with a new chapter - one defined by innovation, sustainability, and inclusivity. This mine is not just about extracting gold; it's about creating value responsibly, ensuring that the benefits extend far beyond the mine gates," he pointed out at the event covered by Mining Weekly. Mining contributes about 6% to South Africa's GDP in nominal terms and supports around 470 000 direct jobs. With the opening of West Wits' Qala Shallows, that contribution is being strengthened. "This mine will generate employment, stimulate local businesses, and contribute to government revenues that fund essential services for local communities and the country at larger. "Importantly, it will also attract investment confidence at a time when South Africa needs growth and stability." Gold mining in South Africa is characterised by declining resources and production. In 1994 the gold sector contributed about 43% to total mining production, the equivalent of 580 kg of gold. In 2024 South Africa produced 90.2 kg - a decline of 84% compared with 1994. Gold currently contributes 10.5% to total mining production, a significant decline from the 43% by any measure. However, as the gold sector shrunk, other commodities grew in prominence, including the platinum-group metals that currently contribute 27% to the production basket, coal (26%) and iron-ore (16%). And yet gold still contributes significantly to the South African economy by employing close to 90 000 people who were paid more than R35-billion in 2024 alone. Gold is a significant foreign exchange earner for South Africa, helping government to service its external debt. It also helps the economy to import the valuable productive machinery and technology so important for inclusive economic growth and development. In 2024 gold exports amounted to over R149-billion. This represented more than 7% of South Africa's total merchandise exports, which totalled slightly over R2-trillion. When it comes to community and social impact, mining is not only about production and GDP numbers. It is about people. West Wits has committed to working hand-in-hand with local communities, ensuring that skills development, education, and enterprise opportunities are embedded in its operations. "We envision a future where young people from this region see mining not as a distant industry but as a pathway to careers, innovation, and prosperity. This mine will be a partner in uplifting communities, respecting cultural heritage, and protecting the environment. "Sustainability and innovation are appar...

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• South Africa’s first underground gold mine in 15 years opens west of the City of Gold

  This audio is brought to you by Astec Industries, a Global Leader in manufacturing equipment for infrastructure, including asphalt production, construction, and material processing, driving innovation and sustainability. The official opening of Qala Shallows underground gold mine 15 minutes west of the Golden City of Johannesburg marks the start of a new growth chapter for South African gold mining, West Wits CEO Rudi Deysel highlighted on Thursday. As South Africa's first underground gold mine in 15 years, Qala is demonstrating that South Africa can still build safe, modern underground operations that generate long-term value for the economy and local communities, Deysel emphasised. The mine is expected to contribute more than $1.15-billion to the national economy over its 17-year life-of-mine, supported by a steady-state production profile of 70 000 ounces a year for 12 years. It will also create more than 1 000 direct jobs as part of the first phase of the broader Witwatersrand Basin Project, with positions sourced from local communities, and will support wider economic activity through local procurement, enterprise development and community partnerships. Progression has been rapid since team mobilisation in July 2025, delivering first ore to surface in October 2025 and establishing the underground infrastructure needed for production. A growing surface stockpile is already in place and is expected to reach 30 000 t ahead of the first gold scheduled for March 2026. The opening of Qala also marks a major milestone for the Australian-listed West Wits, transitioning the company from a developer into a producer and reinforcing its long-term commitment to South Africa. The mine forms the first phase of the company's broader Witwatersrand Basin Project, which hosts a resource of more than five-million ounces and provides a multi-decade foundation for growth. The next stages of development, including planned expansion into areas such as Bird Reef Central, are expected to build on Qala's' momentum and strengthen the company's long-term production profile. West Wits' long-term aspiration, known as Project 200, is to grow into a 200 000 oz/y producer through the disciplined and sustainable development of additional mining areas. The project creates lasting socio-economic value for its host communities and for the country. "For years, many believed the Central Rand had reached the end of its mining life, but Qala shows that with rigorous geological work, clear planning and disciplined execution, as well as robust cooperation between government and business, new underground gold mines can still be developed in this district. "The Witwatersrand built Johannesburg and shaped our economy, and it still holds substantial potential for the future. "This project would not have been possible without the support of government, our lenders, our host communities and our industry partners. Together we've brought a new mine to life in one of the world's most historic gold districts, and today Qala starts a fresh chapter for the Witwatersrand and for South African gold mining," added Deysel at the event covered by Mining Weekly. The event was attended by Mineral and Petroleum Resources Minister Gwede Mantashe, government representatives, Australian High Commissioner Tegan Brink, Minerals Council South Africa CEO Mzila Mthenjane, West Wits chairperson Michael Quinert and community leaders, investors, and industry partners.

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