Prices have climbed to a record high of $4,390 an ounce from $1,685 on Dec. 12, accelerating a rally that began in 2016, when iridium cost around $500 an ounce.

Supply shortfalls have driven rapid price gains, with platinum trading at six-year highs and rhodium and palladium close to record levels.

Company expects half-year headline earnings to increase more than fourfold, buoyed by higher metals prices and a weaker rand.

The interest in Bokoni may suggest that higher metals prices are rekindling investors’ interest in reviving some of the mines in South Africa.

PGM production fell to 1,076,100 ounces for the quarter that ended Dec. 31, the company said.

The Reserve Bank of Zimbabwe on Jan. 8 announced that exporters must now hand over 40% of their foreign currency earnings, up from 30%.

Silver is set to become a major beneficiary of emerging industrial applications.