South Africa is set to fill the gap between supply and demand in PMG market

Speaking at the Investing in African Mining Conference in Cape Town, South African President Cyril Ramaphosa said his country is ready to fill the gap between supply and demand in the platinum metals market emerging after Western sanctions against Russia, allafrica.com said in a report citing the Voice of America.
According to the report, Henk Langenhoven, chief economist for the Minerals Council that represents South African mines, said the sharp rise in oil prices will likely move some countries toward green energy more quickly. This, he said, will further drive up demand for platinum and palladium used in the manufacture of zero-carbon emitting power plants.
Another mining analyst, Peter Major said that South Africa produces half of the world's palladium, 75% of the world's platinum and about 90% of the world's rhodium and because the world is restricting the platinum and palladium coming from Russia, it is squeezing the price up putting South Africa in a great position.
The conference, which is closing today, is attended by the presidents of Botswana and Zambia and the prime minister of Democratic Republic of Congo. Also attending is Jose Fernandez, the U.S. undersecretary for economic growth, energy and the environment. Fernandez is the highest-ranking U.S. official ever to attend the conference.