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Platinum group metals (PGMs) are fundamentally key to the delivery of China's 15th Five-Year Plan to 2030, Shanghai Platinum Week 2026 has served to highlight.

Founded and organised by the World Platinum Investment Council (WPIC), Shanghai Platinum Week this year attracted a record 713 in-person attendees, up 30% on 2025.

During the agenda-packed week, it was reported that China had earmarked close to $300-billion for AI infrastructure expansion and PGM-based hydrogen production was being increased in China at a faster pace than anywhere else on the planet.

"The prospect of significant growth from AI-related platinum demand is an overlay that the market is only just beginning to appreciate and China's hydrogen scale-up is supported by ambitious deployment targets for PGM-based hydrogen production and PGM-based fuel cell electric vehicle assembly. On current fundamentals, the value proposition for platinum remains compelling," WPIC CEO Trevor Raymond stated in a media release to Mining Weekly.

AI-related applications that are poised to benefit from PGMs include silicone production, hard disk drives, thin-film coatings on semiconductors and sensors, electronic grade glass fabrics for printed circuit boards, crucibles needed to grow industrial crystals for optical interconnects, and hydrogen fuel cells for data centre back-up power.

Understanding the emerging AI-related platinum demand and the additional value it could bring is viewed as being important for both strategic, long-term investors and also short-term market participants.

The focus on growing AI and new energy technologies also underscores why, in China, the strategic and economic importance of PGMs is fundamental to the delivery of key aspects of the nation's 15th Five-Year Plan.

Shanghai Platinum Week 2026 has served to highlight the trends underpinning China's PGM demand requirements, as well as the ways in which supply from PGM mining can continue to meet these needs, either by continuing to maximise value from established resources, or by developing new orebodies.

"The platinum market is forecast to record its fourth consecutive deficit in 2026, leading to further depletion of above ground stocks, with just under three months' worth of cover to meet global demand now expected by the end of 2026," Raymond stated in the WPIC release, which coincided with these other announcements from entirely different sources:

Global business-to-business market research firm MarketsandMarkets reporting its expectation that the hydrogen market will reach the $312-billion level by 2030 and IDTechEx seeing a global green hydrogen market of $166-billion by 2037.Fuel Cell and Hydrogen Energy Association of the US drawing attention during its webinar on July 15 to the various pathways that hydrogen and fuel cells are taking into maritime applications and the maritime industry's use of fuel cells and hydrogen as a source of propulsion amid increasing pressure to comply with international climate regulations.Plug Power of the US being awarded the front-end engineering design contract for the supply of a 275 MW PGM-based proton exchange membrane (PEM) electrolyser system for Hy2gen Canada's Courant project in Baie-Comeau in Québec.

Nel PEM Electrolyser company of Norway reporting 31%-higher first-quarter revenue driven mainly by small-scale hydrogen electrolysers and a 96%-higher second-quarter PEM order intake.Air Products Europe's new liquid hydrogen liquefier in the Port of Rotterdam being more than 65% complete.Germany's green hydrogen pipeline network now spanning France, Belgium, Holland and Austria.GeoPura and Forth Ports agreeing to produce on-site green hydrogen at the Port of Tilbury in London.Bosch introducing a hydrogen fuel cell system for bus...

Mining Weekly Editor Martin Creamer tell us how the new elution circuit and smelt house facility at DRDGOLD's Far West Gold Recoveries is performing; he discusses the R964m that is to be spent at Sibanye-Stillwater's K4 platinum group metals shaft; and he notes that Mintek is tar

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.

Electricians maintaining diversified miner BHP's high-voltage power network in Western Australia's Pilbara region have overwhelmingly backed strike action, the Electrical Trades Union (ETU) said on Friday, escalating labour unrest less than a day after hundreds of workers at the miner's Port Hedland iron-ore operations walked off the job.

The union said 97.5% of the electricians voted in favour of work stoppages ranging from 30 minutes to 24 hours.

"High voltage workers are seeking transparent classifications, clear criteria for promotion, pay parity for employees performing the same work, and enforceable wages and conditions secured through a collective agreement," ETU said in a statement.

The vote follows months of limited industrial action, including overtime bans, and comes after more than a year of unsuccessful negotiations with BHP, the union said.

The ETU represents more than 70 000 electricians, apprentices and electrical workers around Australia, according to its website.

"With further bargaining meetings scheduled for Port Operations next Tuesday involving the Fair Work Commission as an independent facilitator, and high voltage workers next Thursday, our focus remains on making constructive progress towards fair and reasonable agreements," BHP told Reuters in an email.

The miner said the involvement of the workplace tribunal, the Fair Work Commission, was "the most constructive way to achieve the best outcome".

Hundreds of workers at BHP's Port Hedland iron-ore operations held an eight-hour strike on Thursday after the parties failed to reach an agreement on terms for a four-year labour deal.

Port Hedland is a major artery through which BHP routes around $80-million of iron-ore a day, and the action represents the largest at BHP's operations in at least three decades, as unions look to secure a toehold in Australia's iron-ore regions.

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.

Chrome is a growing value contributor to the revenue base of Sibanye-Stillwater's South Africa platinum group metals (PGM) portfolio, delivering margins, resilience and project support.

Chrome has also been a stable income generator for Sibanye-Stillwater during periods of low PGMs pricing. (Also watch attached Creamer Media video.)

In 2025, chrome contributed 8% of the revenue of Sibanye-Stillwater's South Africa PGM operations and it has been an enabler of project feasibilities and an extender of the life of tailings facilities.

"We're on the path to be a chrome producer to be reckoned with. We currently do 10% of South Africa's chrome production, 5% worldwide. If we achieve the chrome growth that is projected, we will exceed that 10% by quite a significant amount," Sibanye-Stillwater VP chrome and base metals Babsie Crane commented during Sibanye-Stillwater's Capital Markets Day covered by Mining Weekly.

The chrome management agreement that Sibanye-Stillwater signed with Glencore Merafe Chrome Venture in 2025 repositions the commercial terms of legacy contracts and attracts considerable value earlier.

The agreement creates an opportunity to join technology forces as it relates to fine chrome along with operational synergies through the combined asset footprint, taking in infrastructure, laboratory training, research and development capability, as well as processing capacity.

In addition, chrome recovery infrastructure maximises value from upper group two (UG2) tailings.

Sibanye-Stillwater owns six of the 12 chrome recovery plants on its footprint and Glencore five, making way for synergies to be unlocked.

Expansion plans are pointing to a 75% increase in chrome volumes, which will enhance Sibanye's domestic and global market positions and attract market-related prices, for both surface as well as underground.

From a chrome production level of one million tons of chrome a year in 2016, the company is expected to produce chrome at a rate of 2.3-million tons a year until 2033.

Major global chrome producers are South Africa, Zimbabwe, Kazakhstan, India, and Turkey.

South Africa's production this year of 26-million tons is going to be roughly 61% of global supply.

Around 13% of this is used in South Africa to produce ferrochrome, and the rest is exported largely to China and Indonesia, which lead demand growth.

Around 95% of chrome ore is used in ferrochrome production, which then goes into stainless steels and alloys, with the remainder used in various specialty applications such as chemicals for leather tanning, foundry sands and refractories.

This year the market is expected to be fairly finely balanced. Supply is expected to grow by about 5.8% year-on-year to meet the 44-million tons of demand.

"It's a very fragile balance and as you look out to 2034, the deficit is growing substantially," Sibanye-Stillwater executive VP sales and marketing Kleantha Pillay pointed out.

The current spot price for South African chrome ore of 40% to 42% concentrate is about $295/t taking in cost, insurance and freight to China. For higher 42% to 44% concentrate grades, the price ranges from $310/t to $320/t.

Interestingly, the production cost for UG2 byproduct chrome ore is around 60% of primary chrome production in South Africa.

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.

Global diversified miner BHP produced nearly two-million tonnes of copper and record iron-ore production for the financial year ended June 30, but has substantially lowered its copper production guidance for the 2027 financial year, mainly as a result of a decline in grades at the Escondida mine, in Chile.

The company's copper mines produced 1.95-million tonnes in the 2026 financial year, in line with guidance of 1.9-million to two-million tonnes. Iron-ore output, meanwhile, increased by 1% year-on-year to a record 265-million tonnes, in line with guidance of 258-million to 269-million tonnes.

"We finished the year strongly, delivering safe and reliable operations while setting several performance records across the business.

"For the second consecutive year, we produced around two-million tonnes of copper and delivered record iron-ore production, demonstrating the power of a disciplined operating system and world-class assets.

"We achieved this against a backdrop of stronger realised prices for both copper and iron-ore, with copper prices around 35% higher than a year ago. Cost control was particularly strong, with every asset expected to be within unit cost guidance despite headwinds from inflation, higher diesel prices and global supply chain disruptions," says CEO Brandon Craig.

He adds that the group is also continuing to build the next phase of growth. During the year under review, it progressed applications to restart Cerro Colorado, in Chile, defined development pathways for Copper South Australia, Escondida and Spence, and expanded its future copper options in the US through progress at Resolution and its investment in Faraday, while Vicuña, in Argentina, received Incentive Regime for Large Investments approval.

"In Canada, Jansen is on track to begin potash production next year, adding a new commodity and further diversifying our portfolio.

"We enter the new year with momentum and significant opportunities to accelerate improvements in safety, productivity and reliability through our operating system and the adoption of technology," Craig comments.

COPPER BHP has set its copper guidance for the 2027 financial year at between 1.65-million and 1.8-million tonnes – a year-on-year decrease of about 15%.

For the year ended June 30, the Escondida mine produced 1.26-million tonnes of copper, a 3% year-on-year decline as a result of a planned lower concentrator feed grade of 0.90%, compared with 1.02% the year before.

Concentrator feed grade for the 2027 financial year is expected to be about 0.70% and Escondida is expected to produce between one-million and 1.1-million tonnes of copper for the financial year.

Meanwhile, BHP's Pampa Norte operations, which include the Spence and Cerro Colorado mines, produced 213 000 t of copper for the 2026 financial year – a 21% year-on-year decrease.

Output at the Spence mine decreased as a result of ongoing challenges with processing complex ore at the concentrator and the planned decline in stacked feed grade at the cathode plant.

The Spence Concentrator Upgrade Recovery project, which upgrades the flotation circuit to increase residence time and improve recoveries, was sanctioned in June, with first production expected during the 2028 financial year.

"Once commissioned, we expect the project will allow us to more effectively manage Spence's ore complexity and variability," BHP reports.

The group in June also sanctioned the Spence Chalcopyrite Leaching project, which will include the implementation of BHP's sulphide leaching technology, Simple Approach to Leaching 2, to enable processing of hypogene ores and to use latent capacity in the cathode infrastructure. First production expected in the 2028 calendar year.

Spence is expected to produce between 21...