The roughly 8 million ounce a year market will see a shortfall of 158,000 ounces in 2021, WPIC says.

In December, the government announced a multibillion-dollar project that would hold some of the nation’s most valuable gold, platinum, chrome and nickel mines.

The platinum miner said group production in the nine months to March 31 rose by 11% to 17.38 million tonnes.

Expectations of a deeper deficit have pushed up prices 20% since mid-March, with palladium touching a new all-time peak of $2,891.20 on Wednesday.

Umicore's recycling business has benefited the most from higher prices, particularly for rhodium.

Palladium price has climbed more than 17% in 2021, building on five straight annual gains.

Its Oktyabrsky mine will resume full production this month after flooding and is already running at 60% capacity.

The Oktyabrsky mine will resume full production by the end of April and is already running at 60% capacity, the company said.