In 2025, global platinum production is expected to decline marginally, primarily driven by reduced output from South Africa and Russia. South Africa’s platinum production is forecast to decrease by 1.3% due to ongoing operational challenges,
including mine closures, ageing assets, and cost-cutting measures. Notably, Sibanye-Stillwater has undergone significant restructuring over the past 18 months, leading to the closure of loss-making shafts such as Beatrix 4, Kloof 4, Kroondal Simunye, Marikana 4B, and the Kloof plant. Additionally, marginal shafts such as Marikana Rowland and Rustenburg Siphumelele have been restructured.
In Russia, platinum production is projected to decline marginally by 0.2% to 742,800oz in 2025. This reduction is primarily due to the closure of stage one at the Oktyabrsky mine, which has a capacity of six million tonnes per annum (mtpa). Although stage two, with a capacity of 2mtpa, is expected to commence in 2026, it will not offset the immediate decline in 2025.
Conversely, Zimbabwe’s platinum production is set to experience modest growth in 2025. Operational improvements at Zimplats and Mimosa, along with higher-grade stoping areas, will contribute to increased output. Additionally, Canada and the US are projected to record minor production increases, driven by improved operational efficiency and restructuring efforts.
Looking ahead, global platinum production is projected to see flat growth from 2025 to 2030, with a CAGR of 0.9%, reaching 6.4 million ounces by 2030. South Africa's output will remain stagnant due to structural challenges, while Russia’s production will decline by a CAGR of -0.2% primarily from reduced output at the Oktyabrsky mine. In contrast, Zimbabwe will experience a 2.2% CAGR growth, supported by the Karo and Mupani mines. Canada’s production is expected to double by 2030, driven by the Marathon and Victor-Capre projects, while the US will maintain stable output through operational efficiency improvements.
Global platinum mine production (million ounces), 2010–2030
