Poor capital allocation and the green economy unseat the PGMs
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Poor capital allocation and the green economy unseat the PGMs
Poor capital allocation and the green economy unseat the PGMs
Coronation Management Company
Q2 of 2024 | 11 months ago
At the bottom of the platinum group metal (PGM) cycle in 2018 we held overweight positions across our client portfolios in both the direct equities as well as through Anglo American and its PGM subsidiary, Amplats. Strong demand growth finally whittled away the surplus above ground inventories, which increased prices by more than 400% in the following years. This appreciation was even more pronounced in the individual equities, with Impala Platinum’s trough-to-peak up 18 times.