South African platinum group metals (PGM) producers are set to benefit from palladium, a metal used in catalytic converters in car exhaust systems, which has continued to rally in 2020 after reaching a new record high of $2200 (R31686) yesterday.
Palladium, a platinum by-product has jumped 10percent since the beginning of this year. Spot palladium rose as much as 0.4 percent to $2206 an ounce yesterday, after rising for the tenth consecutive day. Palladium is more expensive than gold, with the bullion price at $1551.89 an ounce and platinum at $977.86 an ounce.
Jubilee Metals Group plc (LON:JLP) is a diversified metals recovery company, they secured surface platinum-bearing tailings to recover PGMs and chromite, lead, zinc and vanadium bearing tailings in Zambia and holds the mining right to a primary PGM project in the Eastern Bushveld complex.