Running with the platinum bulls
South Africa’s Bushveld Igneous Complex powers a precious metals surge as platinum reaches for the stars.
By Leon Louw founder of WhyAfrica and Endorphin Expeditions and editor of the WhyAfrica magazine
Early this morning platinum was trading at between USD1,300 to USD1,320 per ounce, marking a significant rally since the beginning of the year.
This is a substantial increase from levels much lower than USD980 per ounce in early January 2025. Although it is still a far cry from the USD2,290 per ounce level (the highest levels ever recorded for platinum in March 2008) (source: Trading Economics), South Africa miners are breathing a sigh of relief after having endured a horrific year or two.
Keep in mind though that in 2008 the exceptional peak was driven by booming demand, especially for catalytic converters, in the auto space and it happened during a commodity supercycle.
Drop in SA output
On the other hand, one of the reasons for the current rally is a severe supply crunch. South Africa, which supplies about 70% to 80% has seen a drop in output by about 12% in early 2025 because of operational issues while demand, especially for jewellery in China, has unexpectedly surged.
Still, South Africa produced more than 140 tonnes of platinum in 2024, which is almost 74% of global supply, far surpassing Russia, the next biggest producer (about 21%).
Most of South Africa’s platinum (and chromium, of which South Africa is also the world’s top producer) is found in the Bushveld Igneous Complex.
A view of the Bushveld Complex
On a good day, you can get a fantastic view of the Western Limb of the Bushveld Complex by hiking up the Magaliesberg, an ancient mountain range estimated to be more than two billion years old just north of Johannesburg.
In picture far in the distance lies the heart of the Bushveld Complex, best known for its mafic intrusive bodies. This complex is the most extensive, and by far the thickest structure of its kind in the world.
From East to West, the complex measures about 440km, and 350km from north to south.
The source of SAs wealth
The Layered Suite of the Complex (the source of an immense wealth of platinum, chrome, vanadium and other metals) comprises six distinct zones and the overall thickness may exceed 7km (source: Geological Journeys).
I’ve often wondered on hikes like these in the Magaliesberg, with the Platinum Belt on the horizon, if there are any more secrets that the Bushveld Igneous Complex will reveal in the future, or do we know it all?
Follow WhyAfrica on our road trips through Africa or join WhyAfrica’s sister company Endorphin Expeditions on their expeditions to learn more about the natural resources of Africa.
Image: Hiking the Magalies. Image credit: WhyAfrica
Running with the platinum bulls
