The JSE’s four largest platinum miners cut nearly R30bn in planned capital and stay-in-business expenditure last month in a clear vote that the metal’s price, and those of its palladium and rhodium co-products, will be lower for longer. Far longer, in fact.

Northam Platinum CEO Paul Dunne said at his firm’s interim results presentation on March 1 that it could take two years before bad market sentiment in platinum group metals (PGMs) shakes out. That’s sobering news for a sector that paid record dividends only two years earlier...

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