The world’s largest platinum producers Anglo American Platinum, Sibanye-Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown forced operations to close.
South Africa, which accounts for around 70% of mined platinum supply, called the shutdown last week to try to slow the spread of the coronavirus outbreak.
The measure triggered a downgrade of the country’s sovereign rating by Moody’s on Friday and has hit its mining industry, which accounts for about 7% of GDP.
Miners have put many of their operations on care and maintenance and have reduced metal processing.