铂钯：2025年海外矿山及矿企产量及成本梳理-20260306

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 2025 annual reports of overseas platinum-palladium mining enterprises have been released. The report mainly sorts out the production data of overseas major mines and mining enterprises. Due to low previous capital expenditures and strong brittle constraints on the supply side, the platinum-palladium ore production of the top 8 mining enterprises decreased by 3% year-on-year in 2025. In 2026, global platinum-palladium growth is weak, and new supply highly depends on the progress of the subsequent projects of the Ivanhoe Platreef mine, with the main increments concentrated after 2027. [1][8] - The platinum and palladium resource is mainly in the hands of four major giants: Norilsk Nickel, Impala Platinum, Sibanye-Stillwater, and Anglo American Platinum. Ivanhoe Mines has become a new force in global platinum-palladium supply due to the commissioning of its Platreef platinum-group polymetallic mine. [2] Summary by Relevant Catalogs Global Main Platinum-Palladium Mines - There are currently 20 major platinum-palladium producing mines globally, concentrated in South Africa, Russia, Zimbabwe, and Canada. [2] - The total platinum production of these mines in 2025 was 153.75 tons, and the total palladium production was 182.72 tons. [3] - The Platreef mine's Phase I project was put into production in October 2025, with an annual capacity of about 3.1 tons of platinum-group metals. Phase II is planned to be completed in Q4 2027, with an annual processing capacity of 3.3 million tons and an annual output of about 14 tons of platinum-group metals plus gold. Phase III will have an annual processing capacity of 10.7 million tons and an annual output of over 31 tons of platinum-group metals plus gold. [4] - The cost of different mines varies significantly, ranging from $800 to $1,350 per ounce. After deducting the by-product revenues of copper and nickel, the total cash cost of the Platreef mine's Phase II project over its entire life cycle is only $599 per ounce of 3PE + Au, and it further drops to $511 per ounce in Phase III. [4] Overseas Platinum-Palladium Enterprises' Production - The production of platinum and palladium is highly concentrated in four companies: Impala Platinum, Sibanye-Stillwater, Anglo American Platinum, and Norilsk Nickel. [8] - In 2025, the platinum ore production of the top 8 mining enterprises decreased by 3% year-on-year, and the palladium ore production decreased by 4% year-on-year. The global platinum supply decreased by 1% year-on-year, and the global palladium supply decreased by 2% year-on-year. [8][9][11] - The oligopoly of overseas platinum-palladium mining enterprises continues, with high industry concentration. In 2026, the growth of global platinum-palladium is weak, and new supply highly depends on the progress of the subsequent projects of the Ivanhoe Platreef mine. [11]