JBWERE - Update on platinum and palladium 2012Production growth...

JBWERE - Update on platinum and palladium 2012

Production growth for both platinum and palladium is highly constrained by a range of geological, economic and geopolitical issues. We expect a strong recovery in global vehicle production in 2012, which will boost industrial demand for these metals. In the absense of adequate growth in primary production we expect prices to rise to destory discretionary offtake in jewellery and investment products and eventually to incentivise capital expenditure in additional mine capacity.