Despite challenges, elements of the platinum group metals (PGMs) industry offer opportunities and stakeholders are progressing key projects to capitalise on these and are also pursuing technology to augment this.

This was highlighted by speakers during the 2025 PGMs Industry Day, held on April 3, in Johannesburg.

In a session on the outlook for new PGMs projects, mining and metals company Tharisa CEO Phoevos Pouroulis highlighted that the company was undertaking construction of the Karo PGM project on the Great Dyke, in Zimbabwe, which would enable it to double its PGM output in the next two to three years, when production was expected to begin.  

Moreover, the Karo project was very scalable, and the company therefore saw a “multi-generational opportunity” in Zimbabwe, he acclaimed, highlighting that Tharisa was also optimistic about the operability, skill sets and productivity that Zimbabwe offers when production does begin.

While the company had delayed the project, it was progressing key elements and was on track to meet the two- to three-year timeline, Pouroulis said. 

PGMs retreater Sylvania Platinum CEO Jaco Prinsloo pointed out that his company’s Thaba joint venture, which comprised chrome beneficiation and PGM processing plants, and similar other initiatives, would add about 100 000 oz/y of production to its current business case.

Moreover, its exploration assets also offer opportunities, with these being shallow assets that can be brought on-stream in a short period of time.

Pouroulis said that because growth opportunities for PGMs were limited, the focus should be on maintaining lower costs and using new technology to unlock value at projects, with Prinsloo adding the need for these to be efficient and low risk for long-term sustainability.

Pouroulis mentioned that Tharisa had deployed technology to maximise recoveries from lower grades, which had led to higher yields.

It is also commissioning its first commercial reactor and looking to commercialise this, with the aim to demonstrate end-to-end smelting and refining of PGMs by the end of the year.

Prinsloo said technology was “crucial” and called for critical scale to be pursued.

Pouroulis noted access to capital was a constraint, with this also being one of the reasons the Karo project was delayed.

PGM company Southern Palladium executive chairperson Roger Baxter, meanwhile, pointed out that venture capital was scarce in South Africa, with the environment not lending itself to this and investors being more conservative.

He said this was one of the reasons junior miners struggled to develop their projects.