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The China Securities Regulatory Commission has approved the launch of platinum and palladium futures and options contracts on the Guangzhou Futures Exchange, Heraeus reports.
The contracts will accept both sponge and ingot forms of the metals for physical delivery, a world-first among major futures exchanges, Heraeus states in its latest precious appraisal publication.
The derivatives are expected to strengthen domestic hedging capability and improve price discovery, the Hanau-based precious metals company reports.
Over time, the development should broaden market participation, increase liquidity and establish an onshore pricing reference for platinum group metals (PGMs).
This comes amid a period of significant structural adjustment in China's platinum market, following the removal of VAT exemption on platinum imports on November 1.
The policy changes triggered a surge in trading activity on the Shanghai Gold Exchange, with volumes hitting a four- month high and averaging 982 kg a day in the week of 20 October and driving one-month platinum lease rates to 25%.
However, since the VAT exemption took effect, turnover has retreated sharply, averaging just 30 kg a day since November 1.
Mining Weekly can report that China, the single largest consumer of platinum globally, accounted for close to 30% of global platinum demand in 2024. The breakdown for 2024 was automotive demand 17%; jewellery demand 20%; industrial demand 31%; investment demand 32%, which accounts for 64% of total bar and coin demand, including investment bars equal to or above 500 g. China is also increasingly globally dominant in several PGM-consuming industries.
As reported by Mining Weekly earlier this year, the availability of platinum and palladium in ingot and sponge form is seen as a central point of the exchange trading of Guangzhou Futures Exchange, which has a focus on green commodities essential for the energy transition.
The ability to take delivery of sponge is seen as being transformative for industrial users of PGMs as well as automakers, as this is the main form typically used for their manufacturing purposes. No other exchange in the world allows delivery of sponge.
Other benefits of Guangzhou Futures Exchange's futures are viewed as potentially including provision of a mechanism for businesses to hedge price risk and better manage their operations, something which is currently not freely accessible in China. For example, the removal of price risk will allow platinum jewellery and investment product fabricators to reduce the premium charged for platinum products as well as the discount on buyback.
On the rhodium, ruthenium and iridium PGMs front, Heraeus quotes DigiTimes as reporting that hardware and semiconductor makers are struggling to keep pace with surging artificial intelligence-related demand, with reports indicating delivery lead times of more than two years for hard disk drives.
In response, major cloud service providers are ramping up orders of solid-state drives to offset supply shortages, despite solid-state drives being a more expensive option.
Hard disk drive production capacity remains severely constrained, unable to meet near-term demand and reflected in the rising average selling price of the drives.
Heraeus reports that the situation has been compounded by the industry's post-Covid shift to a build-to-order strategy, which limits inventory buffers and flexibility in scaling output. Despite market conditions, leading manufacturers have not drastically increased capital expenditures.
If robust demand extends into 2026, disk manufacturers may ramp up production, which would translate into higher demand for ruthenium. Prices for all three small PGMs remained stable last week.
On the palladium and rhodium front, Her...

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West Wits Mining on Monday issued a drawdown notice for the first tranche of a $12.5-million loan facility to advance the development of Qala Shallows, the promising project that is bringing gold mining back to within 15 km of the central business district of Johannesburg, the Golden City.
The ASX-listed West Wits has satisfied all conditions precedent for the first tranche from Nebari Natural Resources Credit Fund II LP and the initial drawdown expected on Tuesday, November 18.
The $12.5-million represents the first of up to three Nebari tranches, from which West Wits will be able to absorb a further $22.5-million.
Once received, the funds will be used to secure Qala Shallows' first gold pour in March.
This first development funding serviced by debt provides the capital to continue progressing Qala Shallows while reinforcing the quality of this asset and the ability of West Wits to transition from developer to producer.
Quite remarkably, this gold ore is arising from an untouched block of virgin Qala Shallows' reef. Qala, which is Zulu for 'start', is signalling that there is still much more to come and 'shallows' points to the project's relatively shallow 800 m depth.
A 30 000 t ore stockpile by the end of the first quarter of 2026 will ensure a consistent supply of ore to the Ezulwini processing plant 40 km away, which is part of a toll treatment agreement already done and dusted with precious metals major Sibanye-Stillwater, Ezulwini's owner.
"The facility's flexible structure provides a strong funding base as we continue to advance this project to first gold pour and production ramp-up in early 2026 and beyond," West Wits CEO Rudi Deysel pointed out in a release to Mining Weekly.
Nebari MD Justin Anderson described the first tranche as representing "an important milestone in advancing the Qala Shallows development", while adding that Nebari was "looking forward to continuing our support as West Wits progresses towards production".
As part of South Africa's Central Rand Goldfield, West Wits' Witwatersrand Basin project is gifted with 5.025-million ounces of gold at 4.66 g/t, within an endowment that has given the world more than a fifth of its gold.
Qala Shallows is the first phase of the larger Witwatersrand Basin project that is sequentially targeting the Kimberley, Main and Bird reef outcrops, and which is poised to turn West Wits into a long-term gold producer, with average steady state annual run-of-mine production of 65 000 oz for 25 years.
West Wits has prepared all operational procedures and health and safety standards across all disciplines to ensure safe, productive, and efficient mining operations.
A credit-approved term sheet for a senior debt syndicated loan facility of up to R902.5-million ($50-million) has also been secured from South Africa's Absa bank and the State-owned Industrial Development Corporation of South Africa.

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Leading Investing in African Mining Indaba 2026 voices this week unpacked how regional integration promotion, pan-African partnerships and policy alignment are accelerating Africa's mining transformation, which is in turn promising to catalyse energy and transport infrastructure development, industrial and manufacturing activity, skills demand, and employment creation on the continent.
As Africa's biggest mining platform, the Mining Indaba is helping to build momentum towards the realisation of a timely new Africa partnership era.
The influential voices promoting continental and regional integration as the engine of Africa's mining transformation ahead of next year's major mining event include Mining Indaba executive advisory board chairperson Frans Baleni, United Nations Economic Commission for Africa economic affairs officer Dr Marit Kitaw, Mining Indaba head of government partnerships Zeinab El-Sayed, and Mining Indaba product director Laura Nicholson, who took the opportunity to announce partnership with ICMM, which has chosen Mining Indaba to premiere a documentary on the world's deepest underground marathon, the world first that took place in a zinc mine Sweden last month 1 120 m below sea level.
"Yes, it's exciting to see what happened in an underground mine in the world's deepest marathon ever, but it stands for so much more," Nicholson remarked during the media briefing, where Baleni emphasised the alignment of next year's Mining Indaba theme to this year's G20, Kitaw spoke of the crucial importance of the development of African skills and institutional capacity, and El-Sayed pointed out that regional integration also requires trust and thrives on the positive relationships that are developed around it.
"Just after we, as a continent, will have hosted the G20, we'll also be finding solutions at Mining Indaba that are about partnership, working together, integrating the region, and inclusive involvement," Baleni said in response to Mining Weekly.
"We really need to invest in skills and technology, because at the end of the day, if you don't have the appropriate skills or the technology, it just becomes a pipedream," Kitaw cautioned.
"When we talk about regional integration, we often think about big infrastructure or trade corridors, which are critical.
"But integration is also about something that's a bit less tangible. It's about trust between governments, between regions, between policy makers and private sector, because the resources under the soil aren't the real engine of the kind of mining transformation that we all want to see on the continent. It's the relationships that we build around it," El-Sayed remarked.
"Africa needs action," said Baleni.
"Regional integration emphasises regional mineral corridors, putting our voices together, having an African agency," Kitaw stated.
"Regional integration links mining to energy, energy to infrastructure, infrastructure to manufacturing, and ultimately, all of that to jobs growth," El-Sayed pointed out.
"We need to break down the silos of how we work and come together," Nicholson noted.
The journalists present also heard from Kitaw that "critical minerals have now become a currency. We talk about cobalt in the DRC, manganese in South Africa, graphite in Mozambique, platinum and gold in South Africa, and I can go on, so we have the endowments, but to have economies of scale and bargaining, you need to have regional integration."
Making these conversations much less about what divides everybody and much more about what connects everybody was urged by El-Sayed, while Nicholson urged that Africa also begins to celebrate the many successes that have already taken place on continent.
INCLUSIVE GROWTH
Leveraging minerals for sustainable development and inclus...

Mining Weekly Editor Martin Creamer the Phalaborwa project in Limpopo, which is turning out to be very rewarding; the study which shows that the South Africa iron-ore trade route to Europe could go green as soon as 2029; the African region being a gold mine for Barrick Mining Cor

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The South Africa-Europe iron-ore trade route could go green as soon as 2029 and scale toward full decarbonisation by 2035, according to a study released by the Global Maritime Forum.
The feasibility study, produced in collaboration with a consortium created in 2023 - which includes Anglo American, CMB.TECH, Freeport Saldanha, VUKA Marine, and ENGIE - said the corridor linking Saldanha Bay in the Western Cape to the Port of Rotterdam in the Netherlands would be one of the first Global South-to-North green shipping routes.
South African iron-ore mining major Kumba Iron Ore, which operates two mines in the Northern Cape province and exports through Saldanha Bay, is an Anglo American group company and ENGIE is carrying out a major solar project in South Africa.
South Africa's primary iron-ore export terminal located at Saldanha Bay is already planning the development of green hydrogen-linked green ammonia production, alongside port upgrades to handle bunkering operations.
In the green corridor's initial years, ammonia-fuelled vessels will likely bunker in Rotterdam, which is one of the most mature ports in terms of its ammonia bunkering and safety frameworks. Meanwhile, Saldanha Bay will have the opportunity to build the infrastructure to become the long-term green ammonia production and bunkering hub for the corridor.
By 2035, the port could supply bunkering services to all corridor vessels locally, creating a dual-purpose facility that continues mineral exports while serving international shipping.
"This phased approach gives shipowners and fuel producers a clear timeline to work toward, and we now need coordinated action from policymakers and industry to make this a reality by 2029," Freeport Saldanha investment facilitation associate Shanon Neumann stated in a media release to Mining Weekly.
"However, to help Saldanha Bay transition quickly, blending public and private funding can unlock investment in infrastructure and reduce the risks of early projects," Neumann added.
The World Bank and World Economic Forum have both previously identified South Africa as a prospective participant in fuelling shipping's decarbonisation. The green corridor could contribute towards turning this notion into a reality.
Announced green hydrogen projects near the ports of Boegoebaai, Saldanha, and Walvis Bay could meet the corridor's fuel needs, including its high-demand scenario of 22 bulk carriers per annum by 2035. The possibility of such strong demand levels could mean a stronger business case for green hydrogen producers looking to secure enough offtake volumes to finalise investment decisions and accelerate new projects.
Add in the necessary financing, potential tax incentives, and port tariff discounts for fuel production and bunkering build-out at Freeport Saldanha, and South Africa could gain a competitive edge as an international bunker supplier.
The country's hydrogen sector may be able to contribute 3.6% to the country's GDP by 2030, with shipping and steel well-positioned to become early offtakers of the gas and its derivatives.
This green shipping corridor offers the opportunity to strengthen South Africa's export competitiveness, future-proof a strategic port, and support the country's Just Energy Transition through local value chains, skills development, and community benefits.
Regional and global regulations could materially improve the business case for the corridor. Europe's FuelEU Maritime greenhouse-gas intensity targets and Emissions Trading System levy, the latter to be fully phased in by 2026, narrow the cost gap between green ammonia and conventional fuels by more than 60% in modelled scenarios.
The International Maritime Organisation's net-zero framework, which will be revisited next year following the...

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AngloGold Ashanti is constantly coming up with the same answer during its continual assessment of where this 40 000-employee gold-mining major can generate the most value.
"The answer is clear," AngloGold Ashanti CEO Alberto Calderon emphasised during this week's third-quarter results presentation. "The best opportunities remain within."
Firstly, AngloGold Ashanti is committed to lifting performance from its core assets, driving margin growth through cost discipline, which is continuing to do what it has done well since beginning its new journey under Calderon in 2021.
The Full Asset Potential initiative he put in place has been valuable in keeping the cost-per-ounce measure in real terms. The site-led programme sets out to improve operational performance and ensure that assets operate at their full potential through step-change improvements in mine planning, productivity, and costs. It involves detailed analysis, benchmarking, and advanced analytics to identify opportunities, reduce dilution, increase ore tonnes mined, and lower costs.
It has helped to improve AngloGold's position of the cost curve and to deliver on its guidance as well as to unearth the organic growth options.
Having helped the Obuasi mine in Ghana to begin to develop a consistent operating cadence as it ramps up, it has also spotlighted the scalability and life-extension potential of other assets amenable to relatively low-risk, low-capital leverage within the framework of existing footprints, infrastructure and knowledge.
"The returns, as you can imagine, are more than competitive," Calderon commented during his elevation into the spotlight of the Geita mine in northwestern Tanzania, near the shores of Lake Victoria, which impressed visiting media, including Mining Weekly, during our visit there several years ago.
"We're committed to bringing some of our most exciting internal opportunities to life and we'll start today with Geita, our tier-one asset," Calderon reported. (Also watch attached Creamer Media video.)
"For years, Geita has been viewed as a world-class mine with a relatively short reserve life. That's completely changing. This is a tier-one operation by every measure - consistent delivery, strong margins and exceptional operational stability. What's often overlooked is the geological quality. Geita is located in the Lake Victoria greenstone belt on the Tanzanian carton, part of the same gold province that holds Kibali and North Mara.
"After two decades of mining, large parts of the concession remain under-explored with compelling structural and geotechnical targets pointing to significant potential," Calderon pointed out.
Geita, with opencast and underground mines producing around 500 000 oz/y, is underpinned by 3.5-million reserve ounces and seven-million-plus resource ounces.
"We're now showcasing the next chapter for Geita, a mine positioned to remain a tier-one asset for at least the next 20 years, but in reality, it going to be much longer than that," Calderon forecast, while displaying a slide depicting the plan to unlock further value.
"We're allocating a total $50-million, an additional $15-million a year, to exploration. With that investment, we expect to grow reserves by about 60%, to increase life from around 7.5 years today to about 10 years or more."
One opencast and three underground production fronts will be maintained as a conceptual study proceeds to evaluate increasing processing capacity by one-million tons a year through upgrading and maintain a tailings storage facility (TSF) capacity by incremental extension. This will be followed by the construction of a new TSF in mid-2030s.
The focus is on near-mine drilling, with the mill expansion conservatively forecast to require capital expenditure of about ...

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In the three months to September 30, the free cash flow of AngloGold Ashanti rose 141% year-on-year to a record $920-million as continued cost discipline helped to capture the benefits of a higher gold price.
A quarterly dividend of $460-million was declared, taking dividends declared this year to $927-million.
Third-quarter group gold production rose 17% compared with the comparable period of last year, with strong contributions made by Obuasi in Ghana, Geita in Tanzania, Cuiabá in Brazil, Kibali in the Democratic Republic of Congo, and the addition of Sukari in Egypt to the portfolio. The average ounce gold price received in the three months increased to $3 490/oz from $2 486/oz in the third quarter of last year.
"This is another record quarter for cash generation and another healthy dividend declaration. Cash costs again stayed flat in real terms, which means we can capture these stronger margins and show capital discipline by passing the benefit on to shareholders," AngloGold Ashanti CEO Alberto Calderon stated in Johannesburg Stock Exchange news service announcement covered by Mining Weekly.
The 40% increase in the average gold price translated into a 94% rise in cash generated from operations, reflecting strong price pass-through and cost discipline.
AngloGold Ashanti has advanced from an adjusted net debt position into an adjusted net cash position of $450-million at September 30, ending the third quarter with liquidity of $3.9-billion, including $2.5-billion in cash and cash equivalents.
The interim third-quarter dividend of $0.91 a share includes the minimum quarterly dividend of $63-million or $0.125, with the balance reflecting the decision to pay half of free cash flow generated for the three months to the end of September.
While AngloGold Ashanti's dividend policy commits to this 'true up' payment to 50% of free cash flow annually at year-end, the board used its discretion to make the payment at the quarter owing to the strength of cash flows and its confidence in the outlook for the balance of the year.
On the safety front, a total recordable injury frequency rate of 0.96 injuries per million hours worked was reported.
Third-quarter group gold production increased to 768 000 oz, up from 657 000 oz in the third quarter of 2024, reflecting the contribution from Sukari and improved performances at key assets, including Obuasi (+30%), Kibali (+21%), Geita (+6%), and Cuiabá (+6%).
Managed operations saw gold production up 16% year-on-year to 682 000 oz driven by Sukari's inclusion and the continued ramp-up at Obuasi, which was partially offset by lower output from Australia and Siguiri.
Non-managed joint ventures, namely Kibali, recorded a year-on-year increase in gold production to 86 000 oz owing to higher grades mined.
Production improvements were led by Obuasi, with a growing contribution from underhand drift-and-fill mining and a 23% year-on-year increase in recovered grade.
Sukari posted another strong result, with the third consecutive quarterly production increase. Gold production at Cerro Vanguardia, Iduapriem and Serra Grande remained largely unchanged year-on-year.
The focus on operational discipline and efficiencies was evident once again, with total cash costs flat in real terms. The inflation rate experienced across the business was approximately 5%.
Total group cash costs increased by 5% year-on-year to $1 225/oz and total group capital expenditure rose in line with plan to a 323%-higher $388-million. The increase in sustaining capital expenditure (capex) reflects the first-time inclusion of Sukari ($32-million) and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities.
The company is reinvesting in the growth of its min...

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South Africa's rare earths endowment at Phalaborwa in Limpopo province is a gift that just keep on giving through the ongoing effort of Rainbow Rare Earths.
In December, Mining Weekly reported that 150 000 t of rare earths would be produced from gypsum stacks at Phalaborwa at an operating expenditure believed to be the lowest of any project in the West and probably even below that of projects in the East.
In September, an exceptionally pure rare earths product from Phalaborwa was optimised in the Johannesburg laboratory of Rainbow Rare Earths.
In October, more smart testwork in the company's Johannesburg laboratory enabled another forward leap for rare earth elements (REEs).
Now, scarce yttrium has been added to the list of heavy rare earths coming out of Phalaborwa, which already includes neodymium, praseodymium, dysprosium and terbium in the project's basket.
Phalaborwa is turning out to be a very distinctive project in that it hosts commercial quantities of the full gamut of economically important rare earths, including the medium and heavy REEs.
"We'll therefore look to incorporate the value of the full range of strategic REEs into our economic model for the project as part of the definitive feasibility study," Rainbow Rare Earths CEO George Bennett has pointed out.
Rainbow's Phalaborwa project is now confirmed as a strategic and near-term source of all the economically important medium and heavy REE, being dysprosium, terbium, samarium, europium, gadolinium and yttrium, as well as the critical light REEs, being neodymium and praseodymium and these REEs have been confirmed as critical minerals by a list released on November 6.
The South Africa-based and London-listed Rainbow Rare Earths aims to be a forerunner in the establishment of an independent and ethical supply chain of the REEs that are driving the green energy transition.
It is doing this successfully via pioneering the first commercial recovery of REEs from phosphogypsum that occurs as the by-product of phosphoric acid production.
This project eliminates the cost and risk of typical rare earth projects, which involve mining and the production of a rare earth concentrate that must be chemically cracked to form a mixed rare earth carbonate before further downstream processing.
As such, Rainbow Rare Earth's projects can be brought into production quicker and at a lower cost than traditional hard rock mining projects.
Rainbow's process will deliver separated rare earth oxides through a single hydrometallurgical plant on site, with a focus on the recovery of neodymium, praseodymium, dysprosium and terbium - critical components of the high-performance permanent magnets used in electric vehicles (EVs), wind turbines, defence and exciting new markets such as robotics and advanced air mobility.
The Phalaborwa updated interim economic study released in December 2024 has confirmed strong baseline economics for the project, which has a base case net present value of $611-million.
Phalaborwa is being increasingly recognised as one of the highest margin rare earth projects in development.
These projects eliminate the cost and risk of mining, meaning that they can be brought into production quicker and at a lower cost than traditional hard rock mining projects.
The 35-million-tonne resource provides a 16-year life-of-project, amid low operating expenditure and relatively high grade, making the project a hardy frontrunner.
The availability of phosphogypsum is the result of the mining of a hard-rock phosphate deposit, which has been carried out by South Africa's Foskor for the last 60 years.
The mined material is concentrated through a flotation process into a phosphate slurry, which over the period has been the feed for a nearby phosphoric acid plant, where tw...

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A strong renewed thrust is under way for the creation of a platinum group metals (PGM) commodities exchange in South Africa to take advantage of South Africa's massive PGMs endowment at a time when the forward momentum of the essential green technology that PGMs enable has reached the point of being irreversible.
From a global trading point of view, the PGM exchange envisaged would accelerate the process of price discovery on a digital platform governed independently by transparent rules and regulations.
"We've got all that it takes…and the timing couldn't be more favourable," Pan-African Investment CE Dr Iraj Abedian highlighted at the tenth annual PGM roundtable of South Africa's Mapungubwe Institute for Strategic Reflection, which was covered by Mining Weekly.
Mapungubwe Institute for Strategic Reflection executive director Joel Netshitenzhe concurred: "This discussion is meant to help us assess the progress that we are making and, self critically, to examine whether there are areas where we can do better.
"One such area is the issue of financial beneficiation, which we need to interrogate with frankness and strategic foresight, because it does not make sense that with 80% of the world's reserves of PGMs, we should be promoting PGM exchanges in other parts of the world while resisting the establishment of one in our own country."
Reiterated was that South Africa must extend the beneficiation value chain beyond refining and fabricating into financial beneficiation and by including commodity exchanges in a redefined national industrialisation strategy.
It was described as being important to note that South Africa's strategic positioning in PGMs diminishes with every day that passes, owing to more secondary markets increasing their share of global PGMs supply through the recycling and re-beneficiation of existing PGMs in different manufactured items around the globe.
But even with that, South Africa continues to have an overwhelmingly dominant global position, not only for now, but potentially for the next 100 years - and beneficiation has to be long-term orientated.
"It's not a five-year or a ten-year or a short-term beneficiation. It's the positioning of South Africa to have benefits for the next 100 years or so.
"If you want an example of it, look at the gold exchange in London. The London gold exchange was established more than 100 years ago, and even today, it's difficult to dislocate it. It stays put, and generates benefits for the UK, despite the UK not having an ounce of its own gold or gold mining.
"Importantly and critically, a commodity exchange is the most valuable end of a beneficiation value chain, at a time when PGMs are proving themselves as modernity's gift that keeps on giving. So, as we South Africans agonise over the many challenges we face, we need to remember our natural blessings," said Abedian, whose constant contention during the event was to point out that a PGM exchange has the potential to link very beneficially to South Africa's financial, legal, insurance, warehousing, logistics, and many other sectors. To the extent that it is a digital platform, a PGM exchange would enhance the globally growing digitalisation value chain.
In addition, the process of price discovery would provide South Africa with a long-term platform on which to develop the interrelated beneficial value within in the PGMs industry.
"We need to reimagine beneficiation," Abedian added, while Netshitenzhe pointed out that the rise of AI and its data centres is creating energy demand "at a scale rarely seen in history".
Such demand would likely double by 2030, a magnitude equal to today's total Japanese electricity consumption.
Many of the data centers are introducing PGM-based hydrogen fuel cells as their source...

Mining Weekly Editor Martin Creamer discusses the exciting new West Wits gold project; the Pilgrim’s Rest gold plant project that is accelerating; and Sibanye-Stillwater's gold and platinum group metals earnings.

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The significant leverage of Sibanye-Stillwater to precious metals prices is clearly illustrated by the skyrocketing of its South African gold and platinum group metals (PGMs) earnings in the three months to September 30.
The third-quarter earnings before interest, taxes, depreciation and amortisation (Ebitda) of the local PGM operations of this Johannesburg- and New York-listed mining major rose by 213% to R5-billion and the third-quarter Ebitda of South Africa gold operations were a 177%-higher R3.7-billion year-on-year.
Stability and improvement were the hallmarks of third-quarter operational performance, which is on track to achieve annual guidance.
Group third-quarter Ebitda soared 198% to R9.9-billion from R3.3-billion in the corresponding three months of 2024.
Sibanye-Stillwater's four regional PGM operations are Rustenburg, including Kroondal, Marikana and Plat Mile in South Africa, and Mimosa in Zimbabwe and its five all-South Africa gold operations are Driefontein, Kloof, Beatrix, Cooke, and DRDGOLD.
Across 12 consecutive quarters, there has been a tenfold Ebitda increase from Sibanye-Stillwater's South African gold operations from R371-million in the last quarter of 2022 to R3.7-billion in the three months to September 30.
"In an uncertain macroeconomic and sociopolitical environment, change is inevitable and heightened commodity price volatility should be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025 and into 2026.
"The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are supportive for gold, the perennial safe haven asset, and the recent rally in PGM prices has largely been driven by increased investment demand and restocking owing to similar macro uncertainty, but the longer term is supported by positive market fundamentals," Sibanye-Stillwater CEO Richard Stewart stated in a release to Mining Weekly. This is Stewart's first official update since assuming the mantle from Neal Froneman on October 1.
GOLD CAPEX
Excluding DRDGOLD, third-quarter 2025 gold capital expenditure (capex) was a 7%-higher R1-billion than the third-quarter of 2024, and sustaining capital increased by 11% to R202-million, reflecting increased expenditure on winder upgrades, infrastructure improvement, and metallurgical plant refurbishment at the Beatrix operation in South Africa's Free State province.
Capex by DRDGOLD increased 165% year-on-year to R833-million, with planned capital investment for the Phase 2 expansion of the Far West Gold Recoveries, on the West Rand, and recommencement of deposition at tailing storage facility Ergo, on the East Rand, accounting for 94% of the total capex.
RENEWABLE ENERGY
"It's been extremely satisfying to advance our renewable-energy projects in South Africa," he said of this year's two local renewable-energy projects achieving commercial generation of 99 GWh energy, saving R45-million in direct costs and avoiding the emission of 107 000 t CO2-equivalent (CO2e).
The year-to-date provision of 164 MW of renewable-energy capacity is contributing towards a long-term target of 600 MW and is a major step towards achieving targeted carbon neutrality by 2040.
The March-commissioned 89 MW Castle Wind Farm has generated 140 GWh to date, avoiding 151 ktCO₂e and delivering R62-million in savings.
Sibanye-Stillwater is also benefiting from its first solar project, the Springbok solar project, a 150 MW plant from which Sibanye-Stillwater plans to procure 75 MW for ten years.
EUROPEAN UNION
At the Sandouville nickel refinery in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted solutions generated during the ramp-down. A v...

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The South Deep gold mine in South Africa's Gauteng province sold 20% more gold in the September quarter and 22% more gold than in the corresponding quarter of last year.
The 86 300 oz of third-quarter gold sold was well up on the 70 800 oz sold in the corresponding three months to 30 September 2024.
On the production front, the bulk mechanised mining operation 50 km south-west of Johannesburg, had another steady performance in the three months to 30 September 2025, producing 78 000 oz and meeting its plan for the quarter.
Moreover, all-in costs (AIC) in rand terms were 3% lower quarter-on-quarter mainly on more gold sold, illustrating the extent of the asset's leverage to increasing volumes.
"The team continues to make good progress in improving stope turnaround which is key to driving efficiency and realising incremental gains," Gold Fields CEO Mike Fraser stated in a media release to Mining Weekly.
The 432 000 t of ore milled in the September quarter was 5% up on the June quarter and the grade of the underground reef mined was 2% higher at 6.14 g/t, the Johannesburg Stock Exchange-listed Gold Fields reported.
Sustaining capital expenditure (capex) of R582.6-million in the September quarter was 17% higher than in the June quarter.
Owing mainly to the increased volume of gold sold, AIC was a lower R1 029 496/kg, partially offset by higher capex of R583-million in the September quarter, up from the June quarter's R500-million.
The main expenditure items relate to the winders, underground infrastructure maintenance of tips and the underground collision avoidance system.
The September 2025 quarter compared with the September 2024 quarter recorded an 8% higher gold production driven by improved plant recovery and mine call factors.
The 2% higher rand AIC was mainly owing to the higher cost of sales before amortisation and depreciation and capex in the September 2025 quarter partially offset by the higher gold sold.
In the overall operational update for the quarter ended September 30, all-inclusive attributable production was a 6%-higher 621 000 oz, all-in sustaining costs were a 10%-lower $1 557/oz, and AIC an 11%-lower $1 835/oz compared with the three months to June 30.
In maintaining the positive momentum of the first half of the year, the company continued to focus on multi-year safety improvement plan.
"Although we have had five consecutive quarters fatality-free, we had three serious injuries in the quarter, demonstrating the need for continued focus and effort in our safety journey," Fraser reported.
Net debt decreased to $791-million driven by strong cash generation, partially offset by the payment of the interim dividend of $36-million.
The net debt-to-earnings ratio was 0.17x at the end of the September quarter, compared with 0.37x in the June quarter.
Post the quarter-end, Gold Fields completed the acquisition of Gold Road Resources and paid $1.45-billion. The purchase was funded using an underwritten bridge facility of $2.3-billion.
Following the completion of the Gold Road transaction on October 14, attributable production from Gruyere will be 100% for most of this year's last quarter.
In Ghana, Tarkwa's production was a 15%-higher 123 000 oz on higher feed grade and fourth-quarter production is expected to increase further.
In South America, Salares Norte produced 112 000 gold equivalent third-quarter ounces with 2025 guidance of 325 000 to 375 000 gold equivalent ounces, at an all-in sustaining cost of $975 to $1 125 per equivalent ounce.
In Australia, construction of the 35 MW solar plant and 42 MW wind plant at the St Ives gold mine is 80% complete. All solar photovoltaic panels have been installed and electrical connections are underway.
The wind turbine parts are being delivered to site. Once...

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Johannesburg and Pilgrim's Rest, two locations steeped in South African gold-mining history, are both making it clear that their gold resources are far from done.
Mining Weekly chalked up reads galore with its update report on the impressively near-term and far-reaching return of gold prospects a mere 15 minutes from the central business district of the Golden City of Johannesburg, at West Wits Mining, on Gauteng's West Rand
Now, Mining Weekly can report that a critical milestone is also being reached at the rapidly advancing TGME gold plant of Theta Gold Mines, the core project of which is located next to the historic gold mining town of Pilgrim's Rest in Mpumalanga province, some 370 km northeast of Johannesburg by road or 95km north of Mbombela. Theta Gold Mines is building the plant to process ore from its spread of underground gold activities.
While West Wits Mining's Qala Shallows mine is scheduled to pour its first gold during the first quarter of 2026, Theta Gold Mines's TGME gold plant is scheduled to process its first gold ore during the first quarter of 2027.
In both cases, Australia Stock Exchange insight is providing kick-start equity funding, amid suggestions of Johannesburg Stock Exchange secondary listing possibilities also beginning to emerge more intensively.
Theta Gold Mines is accelerating the TGME gold plant by procuring a 900 kW ball mill circuit from MechProTech, which describes its Proudly South African modular designs as an essential part of its global success.
The entire mineral processing equipment range of MechProTech is manufactured in South Africa and on-site risk is lowered owing to all equipment being assembled and tested in-house.
MechProTech locally manufactured package will be delivered in 25 weeks. It has two, high-performance ball mills, an integrated feed system, and containerised motor control centre panels. To ensure a smooth commissioning phase, first fills of lubrication and grinding media are included.
"This procurement is not just a major equipment milestone. It's a clear signal of our commitment to commission the plant by the end of 2026," Theta Gold Mines executive chairperson Bill Guy emphasised in a media release to Mining Weekly.
The timeline aligns with Theta's plug-and-play construction model, designed to accelerate build speed and reduce capital expenditure.
Under Theta's plug-and-play model, the mills and supporting infrastructure will be built in the factory and then trucked to the site to fast-track construction and reduce capital expenditure.
The on-site team now totals 137 with civils underway.
Importantly, the mill comes with a performance guarantee and includes full commissioning support, on-site training, and a robust service level agreement that ensures operational readiness from day one.
The partnership with MechProTech strengthens execution capability and reinforces the pathway to first gold production.
The project's gold sources are the Beta, Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon mines.
In the base case, the project has a mine life of 12.9 years, delivering production of 1.24-million ounces of contained gold over the life-of-mine, at a processing rate of 540 000 t/y to initially recover 1.08-million ounces of gold.
Envisaged are 30 000 t a month from Beta, 15 000 t a month from Rietfontein, 15 000 t a month from Frankfort and 10 000 t to 20 000 t a month near the end of Clewer-Dukes Hill-Morgenzon's life-of-mine.
The existing mining infrastructure will be used, with the addition of new accesses, underground development and predevelopment of the mining grids, to access the planned mining areas at Beta, Frankfort and Clewer-Dukes Hill-Morgenzon.
At Rietfontein, the existing adits and underground development will be used with the ...

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Mining Weekly has just visited West Wits Mining, where Johannesburg's former golden glow is beginning to re-show - and at a cracking pace.
The gold project is a close 15 km west of Johannesburg's central business district in South Africa's province of gold, and the Mining Weekly team was able to observe first-hand a pile of gold-bearing ore that has already been brought to surface.
Quite remarkably, this gold ore is from an untouched block of Qala Shallows' reef - yes, from virgin rock - and the fact that there's still a lot more to come is emphasised by the word Qala, which is Zulu for 'start', because Qala Shallows is only the start of much more to come.
The word 'shallows' is also appropriate because, in South Africa's underground gold mining terms, Qala Shallows is extraordinarily shallow.
"It's running at a depth of around 800 m and we intend to mine a strike length of about 2 km.
"We've got quite a big mining right footprint of about 16 000 ha but our current focus is on the in-situ untouched block from surface," West Wits Mining CEO Rudi Deysel outlined to Mining Weekly. (Also watch attached Creamer Media video.)
The Sydney-listed company's Witwatersrand Basin project is located in South Africa's proven Central Rand goldfield.
A big factor now is the building of a stockpile and the first gold bar is scheduled to be poured during the first quarter of 2026, which is impressively near-term.
A 30 000 t ore stockpile by the end of the first quarter of 2026 will ensure a consistent supply of ore to the Ezulwini processing plant 40 km away, which is part of a toll treatment agreement already done and dusted with precious metals major Sibanye-Stillwater, Ezulwini's owner.
The Qala Shallows, an integral part of the Sydney-listed company's Witwatersrand Basin project, is on the way to being ramped up to an initial steady state of 70 000 oz/y.
"Before we started with this project, we spent a lot of time setting out our code of practices, our standard operating procedures.
"What is great about West Wits is that we're also a member of Minerals Council South Africa, and with a lot of support from the council we were able to roll out industry standards from day one.
"There's already a high regard and respect for safety and the big message that we send out is that you live safety as part of your life and 'my safety is your safety'," Deysel reported.
Then, Phase 2 will come close to trebling output to 200 000 oz/y - "and we most certainly have the resources to do that".
West Wits Mining has been able to raise kick-start equity funding on the Australian Stock Exchange and operation for up to a year will be helped by the self-generation of revenue from own production, ahead of drawdown from a syndicated loan facility secured from major South African lenders, the State-owned Industrial Development Corporation and Absa Bank.
"Today, we can say we're fully funded to start with Qala producing up to a steady state of 70 000 oz of gold a year and have a life-of-mine of 17 years."
The updated definitive feasibility study, released in July, reinforces project value and economic fundamentals. It shows a pretax net present value (NPV), at a 7.5% discount rate, of $719-million and an internal rate of return of 93%.
Payback from the end of the peak funding period is estimated at eight months and at 3.3 years from the start of development.
Peak funding is estimated at $44-million over a 2.6-year period, a reduction from $54-million over three years in the 2023 definitive feasibility study.
Average steady-state production is at an estimated all-in sustaining cost of $1 181/oz.
Kimberley reefs - K9A and K9B - are the reefs that will be processed during the life of the project.
The compliant mineral reserves are estimated at 4.6-milli...

Mining Weekly Editor Martin Creamer discusses South Africa's thin-incentive critical minerals strategy, according to G20Lens analysis; Glencore's cobalt strategy as the cobalt export ban lifts in the DRC; and Harmony Gold's commitment to creating lasting socioeconomic impact.

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Platinum group metals (PGM) mining and marketing company Implats delivered higher refined and saleable production and sales volumes into improved PGM pricing in the three months to September 30.
Refined and saleable metal volumes improved by 3% to 830 000 oz and final metal sales rose by 7% to 847 000 oz.
"The sustained recovery in PGM pricing provides a welcome tailwind and Implats is well positioned to maximise and share value, while maintaining a firm focus on safe, consistent and efficient operational delivery," Implats CEO Nico Muller stated in the Johannesburg Stock Exchange-listed PGM company's production update for the first quarter of its financial year 2026 (FY26).
"Our efforts to mitigate fatal injuries secured a fatal-free quarter, testament to our commitment to achieving our zero harm ambitions. Implats remains firmly on track to deliver against its previously communicated operational, cost and capital expenditure guidance in FY2026," Muller reported
Implats recently concluded annual contractual negotiations with its core customer base, reaffirming an outlook of rising demand across the company's suite of precious and base metals.
"PGM markets in 2025 have been characterised by constrained liquidity, much-improved investor sentiment and firmer pricing.
"After a prolonged period of market complacency, ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security," Muller added in a release to Mining Weekly.
Tonnes milled at managed operations rose marginally to 7.11 million tonnes during the three months to September 30.
Volumes at the Zimplats mine in Zimbabwe and the Marula mine in South Africa were stable and higher throughput at Impala Rustenburg's North Shafts offset the planned reduction in volumes at Impala Canada and operational disruptions at Impala Rustenburg's South and Central Shafts. Milled grade declined by 3% to 3.74 g/t.
The impact of lower grade and recoveries was exacerbated by the temporary increase in concentrate inventory at Zimplats during furnace maintenance. production from managed operations declined by 5% to 693 000 oz.
Concentrate production from the group's joint ventures - Mimosa in Zimbabwe and Two Rivers in South Africa - declined by 5% to 138 000 oz.
Third-party concentrate deliveries to Impala Refining Service increased by 3% to 52 000 oz.
Consequently, group production volumes declined by 5% to 882 000 oz.
Refined production, which includes saleable ounces from Impala Canada and Impala Rustenburg's North Shafts, improved by 3% to 830 000 oz.
Scheduled annual processing maintenance and stock counts were completed in the period and excess inventory increased by 60 000 oz from the end of FY2025 to circa 480 000 oz at period end.
Sales volumes increased by 7% to 847 000 oz, including saleable production from Impala Canada and Impala Rustenburg's North Shafts.
IMPALA RUSTENBURG
Production momentum at Impala Rustenburg was negatively affected by operational disruptions owing to the early implementation of winder upgrades, Department of Minerals and Petroleum Resources stoppages during July, unstable power supply, and labour repositioning between short- and long-life shafts that impacted the South Shaft and Central Shaft.
Tonnes milled increased by 2% to 3.99-million tonnes, while grade declined by 4% to 4.05 g/t owing to higher contributions from mechanised sections and dilution caused by geological features.
At the North Shafts, operational delivery improved at Styldrift, where concentrate volumes increased by 6% to 137 000 oz with a further accumulation of circa 10 000 ounces untreated run-of-mine ore stock ahead of the concentrator plants. 6E stock-adjusted production at the South and Central Shafts de...

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South Africa's critical minerals strategy is not embedded in a modernised mining policy aligned with an industrial policy.
Investment incentives are thin: there are no tax holidays, royalty relief or other targeted financial measures to attract exploration and critical-mineral development.
Minerals are ranked by criticality, but there is no differentiated regime to operationalise that ranking.
Beneficiation goals are aspirational given constraints in power, logistics and port performance.
Regulatory uncertainty persists, with the May 2025 Mineral Resources Development Bill including requirements for mandatory beneficiation by producers but leaving key investment issues unresolved. An actionable implementation plan with accountability mechanisms has not been published.
ENS natural resources and environment department head Ntsiki Adonisi, ENS executive Ghana Rachel Dagadu, ENS natural resources and environment senior associate Zinzi Lawrence, ENS associate Namibia Amarachukwu Odo, and Mulenga Mundashi associate Zambia Chimwemwe Tembo-Shula state this in ENSafrica's latest ENSight, published under the banner of G20Lens.
Africa possesses a significant share of the minerals essential to the global shift towards clean energy, from platinum group metals (PGMs), cobalt and copper to lithium, but the core challenge is moving beyond extraction to develop integrated value chains, create jobs and share benefits equitably and sustainably.
Africa holds more than 30% of global critical mineral reserves. These resources can drive economic transformation through well-managed value addition, industrialisation, large-scale job creation and regional market creation, underpinned by environmental management.
If handled poorly, Africa risks repeating the past: continued export of low-value raw materials, importing high-value finished goods, exploitative outcomes and environmental degradation that exacerbates climate impacts, losing the midstream to other regions and missing the capital now flowing to bankable, policy-aligned projects.
Global industries are retooling for a low carbon economy, and Africa's geology is central to achieving that.
Commercial-scale deposits of lithium, manganese, nickel, copper and rare earth elements (REEs) position Africa as a key supplier, with the Democratic Republic of Congo dominating global cobalt supply, South Africa having significant reserves of PGMs and manganese, Guinea holding a major share of bauxite reserves, Ghana also prominent in manganese, and Namibia hosting lithium.
Internationally, policy frameworks are wanting supply chains for these minerals, an opportunity Africa can leverage to accelerate industrialisation.
Africa's mineral endowments are aligned to electrification, industrialisation, regional offtake and supplier development driven by Africa's Green Minerals Strategy, the African Mining Vision and the African Continental Free Trade Area, ENSafrica states in its release to Mining Weekly.
JURISDICTION DEFINITIONS
The analysis of South Africa's Critical Minerals and Metals Strategy, published in May 2025, is that it adopts a context-specific definition: critical minerals are those essential for overall economic development, job creation, industrial advancement and contribution to national security.
South Africa's critical minerals list, the release points out, is informed by export significance, industrial importance, economic contribution, development alignment and global demand.
The strategy identifies 21 minerals, grouped by criticality. High criticality minerals include platinum, manganese, iron-ore, coal and chrome; minerals with moderate-to-high criticality include gold, vanadium and REEs; and minerals with moderate criticality include copper, cobalt, lithium, nickel and ur...

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Diversified mining and marketing company Glencore on Wednesday outlined its strategy surrounding the export of cobalt from the Democratic Republic of Congo (DRC), which follows the lifting by the DRC government of its export ban on cobalt, and the introduction of quotas on the export of this hard silvery-grey metal, which is used in several modern technologies.
Imposed following the revocation of the cobalt export prohibition are export quotas totalling 87 000 t/y on contained cobalt for 2026 and 2027, and an 18 125 t quota for the remainder of 2025. In addition, the DRC government has retained a strategic quota of 9 600 t/y.
Given that Glencore has sufficient cobalt inventory available to utilise the allocated quotas to the full, it will be prioritising DRC copper production over cobalt, where it makes sense - a strategy that is expected to continue while the quotas are in effect, Glencore outlined about the restrictions on this metal, which is used in electric vehicle batteries, consumer electronics batteries, high-strength alloys for jet engines and cutting tools, as well as being a vitamin B component for human health.
Above-quota production levels of cobalt will be stored in-country, said Glencore, which is a producer and marketer of more than 60 commodities that support decarbonisation, while also meeting current energy needs. Glencore's marketing and industrial activities are supported by a global network of more than 50 offices.
The customers of this London- and Johannesburg-listed company are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors.
"Underpinned by a strong third quarter production performance, particularly in copper and coal, full-year 2025 production guidance for our key commodities has been maintained, with ranges tightened to reflect just one quarter remaining," Glencore CEO Gary Nagle stated in a release to Mining Weekly on its third quarter of 2025 production report.
Copper production volumes increased 36% quarter on quarter owing to 66% higher performance at the DRC's Kamoto, 60% better performance at the DRC's Mutanda, 52% better performance at Peru's Antamina and 66% better performance at Peru's Antapaccay.
Zinc volumes year to date are tracking up 10% period-on-period while steelmaking and energy coal volumes are on track for full-year outcomes towards the middle and upper ends of their respective earlier guidance ranges.
Glencore's marketing performance year to date is set for full-year earnings around the mid-point of a recently upgraded through-the-cycle guidance range of $2.3-billion to $3.5-billion a year.
Own sourced third-quarter copper production was a 36%-higher 63 600 t and own sourced third-quarter cobalt production an 8%-higher 28 500 t.
Own sourced overall zinc production of 709 400 t was 10% higher than the comparable 2024 period and own sourced nickel production of 52 400 t was 9% lower than the comparable 2024 period.
Attributable ferrochrome production of 436 000 t was 51% below the comparable 2024 period, owing to the suspension of operations at South Africa's Boshoek smelter in May and Wonderkop smelter in June, pending a sustained recovery in ferrochrome conversion margins (from chrome ore). Operations at the Lion smelter are suspended for scheduled annual maintenance and planned furnace rebuilds.
Steelmaking coal production of 24.7-million tonnes and energy coal production of 73.5-million tonnes were broadly in line with the comparable 2024 period.
Glencore completed the sale of the Pasar copper smelter and refinery in the Philippines last month and in July, the Mount Isa copper mine in Australia ceased operations, placing copper smelting and refining reliance on third-party feedstocks.

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Harmony Gold is committed to creating lasting socioeconomic impact, Dr Patrice Motsepe, the chairperson of South Africa's largest producer of gold by volume, has highlighted in the latest suite of reports of this Johannesburg Stock Exchange-listed gold-mining major.
In financial year 2025 (FY25) to June 30, Harmony contributed R6-billion in taxes and royalties in South Africa and paid R20.2-billion to employees in salaries and benefits.
Harmony has 34 350 employees and works with 12 761 contractors, with wages and salaries paid to the total workforce of 47 111 rising to the R20.2-billion mark in FY25.
"We remain deeply committed to upholding the highest standards of corporate governance, transparency, integrity and accountability across all aspects of our business," Motsepe emphasised.
FY25 marks Harmony's seventy-fifth anniversary as well as its tenth consecutive year of meeting production guidance, with governance safeguarding value for all stakeholders.
"Gold remains the cornerstone of Harmony's portfolio," Motsepe stated while pointing out that South Africa's high-grade, long-life Mponeng and Moab Khotsong gold mines continue to generate exceptional margins and cash flow.
Moreover, Harmony's underground South African assets optimised for free cash generation include Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu and Masimong.
In addition, the company's high-margin South African surface operations are Mine Waste Solutions, Phoenix, Central Plant Reclamation, Savuka, Kalgold and the rock dumps.
Mineral reserves total 36.82-million ounces of gold and gold equivalent and FY25 market capitalisation is at R155.4-billion compared with R106.3-billion in the corresponding period of FY24.
Gold production reached 1.48-million ounces at an underground recovered grade of 6.27 g/t, with all-in sustaining costs of $1 806/oz amid a current gold price of $4 039/oz.
In response to high gold prices during the year, more of the higher gold prices were locked in to support the company's ability to fund projects.
Harmony generated record free cash flows of R11.1-billion at a 15.1% margin. Headline earnings grew by 26.6% with the highest dividend payout of R2.4-billion.
Harmony ended the year with liquidity of R20.9-billion, providing the flexibility to fund growth, sustain competitive dividends and maintain a good balance sheet.
Headline earnings grew by 26.6% with the highest dividend payout of R2.4-billion for FY25.
In the release to Mining Weekly, Motsepe described sustainability as an underpin of long-term competitiveness.
In FY25, Harmony advanced its decarbonisation roadmap, with close to 600 MW of renewable-energy projects planned to be commissioned by 2028, including the 100 MW solar plant that is under construction at Moab Khotsong.
Looking ahead, the company is intent on embedding sustainability while supporting and benefiting from the global energy transition.
Efforts to engage local suppliers and integrate small, medium-sized and microenterprises into the supply chain are ongoing, with FY25 investment in socioeconomic development totalling R271-million.
Eighty-two percent of the R39.1-billion procurement spend in the period was with empowered entities.
Skills development and training investment in the financial year was R859-million, when employee share option scheme participants received dividend payments of R42-million.
AI applications in processing plant optimisation are a focus, while cybersecurity is being advanced to identify threats, protect information, and respond to cyber incidents.
AI is seen as having the potential to improve efficiency, reduce human error and render high-risk mining environments less hazardous.
To drive value, capital is being allocated to transformational asse...

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The enduring resilience and diversification benefits of gold remain as relevant as ever amidst a growing investor base, dollar weakness and continued geoeconomic uncertainty, says World Gold Council asset allocation strategist Jeremy De Pessemier.
While much has happened on the policy front and in the broader economy since the publication of the World Gold Council's 'Why gold in 2025? A cross-asset perspective' report earlier this year, uncertainties and vulnerabilities remain across geopolitical, fiscal, and trade domains, with gold currently trading at $4 072/oz.
"Investors are particularly concerned about growth and inflation, creating a challenging situation for policymakers as the dual policy goals of the Federal Reserve are in direct conflict," De Pessemier writes in the council's latest gold market round-up.
"With persistent fears of stagflation, gold has once again stepped into the spotlight, rising more than 50% this year.
"Importantly, the core reasons for considering alternative assets such as gold remain largely unchanged.
"First, equities appear complacent. US equities have posted remarkable gains in recent months, reigniting concerns about valuation excess and concentration risk," he adds, with investors facing a market that feels euphoric on the surface but remains fragile underneath.
"Should economic pressures mount, investors may increasingly seek refuge in safe-haven assets, with gold standing out as a historically resilient option."
SLOW HIRE BECOMING NO HIRE
"Second, bond markets remain uncertain. The US Federal Reserve officially resumed its easing cycle in September, cutting the federal funds rate by 25 basis points in response to a cooling labour market - an action widely anticipated by markets.
"However, US long-term yields could face renewed upward pressure if tariffs and reshoring efforts drive domestic costs higher, complicating the Fed Reserve's inflation target.
"At the same time, long-term treasuries remain exposed to concerns over the Federal Reserve's independence and the US government's sizeable fiscal funding needs.
"Against this backdrop, gold's appeal as a hedge against both equity and bond market instability is growing, although risks exist."
Gold's rapid ascent could prompt rebalancing and profit taking. For example, from a technical standpoint, the monthly Relative Strength Index is above 90, with gold more than 20% above its 200-day moving average.
These factors could lead to short-term reversals. In addition, the sharp increase in the gold price could dampen consumer demand while global trade normalisation and a pick-up in GDP growth could revive risk appetite further.
"In summary, maintaining a diversified approach and remaining vigilant to shifting market dynamics is essential. Amidst a growing investor base, secular US dollar weakness and continued geoeconomic uncertainty, gold's enduring resilience and diversification benefits remain as relevant as ever," De Pessemier emphasises in the release to Mining Weekly.
Gold is projected by Metals Focus to exceed $5 000/oz in 2026, as ongoing trade tensions, declining interest rates and mounting fiscal pressures fuel substantial investment inflows into gold.