Rhodium Supply Remains Constrained by South African PGM Mining Challenges

South Africa supplies 60-80% of global rhodium, with Russia ~10% and Zimbabwe/Canada the remainder. Extreme concentration creates acute disruption vulnerability.

Rhodium is exclusively a by-product of Pt/Pd mining. Output is determined by PGM mine plans, not rhodium's own price signals.

South African miners face high energy costs, power instability, deep aging shafts, and labor cost inflation.

The price recovery has improved producer revenues dramatically. Impala Platinum expects 392-411% YoY earnings increase.

Any disruption to South African operations would have immediate and severe impact on rhodium availability.