Probably the latter, unless there is a perceived long-term...

Probably the latter, unless there is a perceived long-term platinum (or PGMs) shortage in the market. It's hard to see why industries would want to invest in new mines when they could just buy platinum for cheap from South Africa. On the other hand, it is hard to understand why South Africa being pretty much a sole supplier of platinum for the world would be so dumb to sell their platinum for cheap. OPEC has a monopoly on oil; look at where oil price is. Russia has a monopoly on Palladium; look at where Palladium price is. China has a monopoly on rare earths; look at the price. Chile has a monopoly on Copper; look at the price. Wakanda has a monopoly on vibranium; look at the price. And so on...