The global platinum group metals (PGMs) market is experiencing a robust expansion, driven by escalating demand across various industries. Projections indicate that the market will grow from 625.03 tons in 2024 to 778.16 tons by 2029, reflecting a compound annual growth rate (CAGR) of 4.48%. This growth is primarily attributed to the automotive sector’s increasing reliance on PGMs for catalytic converters, which play a crucial role in reducing vehicle emissions. Additionally, the chemical industry is witnessing a surge in the use of these metals as catalysts, further bolstering market demand.
The Asia-Pacific region stands at the forefront of this expansion, accounting for nearly half of the global PGM market share. This dominance is propelled by rapid industrialisation and a burgeoning automotive industry, particularly in countries like China and India. In China, for instance, the production of passenger cars has seen a significant uptick, with 23.84 million units produced in 2022, marking a 10.7% increase from the previous year. Such trends underscore the region’s pivotal role in driving global PGM demand.
Amidst this favourable market landscape, Jubilee Metals Group plc has demonstrated commendable operational performance. In the first half of the year, the company reported a 46.5% increase in copper cathode and concentrate production in Zambia, totalling 1,683 tonnes. This achievement reflects Jubilee’s strategic focus on enhancing its output and capitalising on the growing demand for critical metals. Furthermore, the company has bolstered its financial position through a £13 million oversubscribed capital raise, aimed at accelerating its copper expansion initiatives.
Jubilee Metals Group’s diversified portfolio, encompassing PGMs, chrome, and copper, positions it advantageously within the mining sector. The company’s strategic operations in South Africa and Zambia align seamlessly with the global uptrend in PGM demand, underscoring its commitment to sustainable growth and value creation for stakeholders.
