PGM

Platinum Group Metals (PGMs) underpin a wide range of critical industrial and strategic applications, from catalytic converters and hydrogen technologies to advanced chemical processing and electronics. The investment logic in PGMs is driven by two defining characteristics: global supply concentration and basket economics, where the combined value of multiple metals determines overall project viability.

The Bushveld Advantage

https://en.wikipedia.org/wiki/Bushveld_Igneous_Complex#/media/File:Bushveld_Igneous_Complex.png

South Africa’s Bushveld Complex is globally recognised as the cornerstone of the PGM industry and remains the most significant PGM geological province in the world. The region produces approximately 70% of global platinum supply, supported by extensive geological continuity, established mining infrastructure, and decades of operational expertise. This concentration of resources gives the Bushveld a central role in global PGM supply security and long-term industrial demand.

Our Investment Lens

At AMS & Partners, PGM opportunities are evaluated through a disciplined technical and economic framework that reflects the operational realities of South African mining.

Basket Composition
Understanding the proportion of platinum, palladium, rhodium and associated metals within the production mix is essential, as basket composition directly influences revenue stability and exposure to commodity price cycles.

Metallurgical Performance
Recovery assumptions must reflect operational reality. We carefully assess metallurgical processes, plant design, and historical recovery performance to determine achievable production outcomes.

Power & Cost Intensity
PGM operations are energy-intensive and highly sensitive to electricity availability and cost structures. Power security, operating efficiency, and cost discipline are therefore critical evaluation factors.

Operational Discipline in a Complex Environment
Operating within South Africa requires disciplined management of regulatory frameworks, labour dynamics, and infrastructure constraints. Successful PGM investments demand operational rigor, local expertise, and strong governance.