The updated resource estimate is the culmination of a 20,000m drilling program that substantially increased the size of the East Bull deposit.

Prices of PGMs have come off record highs seen early last year.

Zimbabwe’s plan to develop one of the world’s biggest platinum mines stalled after Impala asked for greater transparency on the ownership of a state-run company.

With most of Europe’s airspace closed to flights from Russia, miners like MMC Norilsk Nickel are examining alternative routes to supply customers.

Russia produced 2.6 million troy ounces of palladium last year, or 40% of global mine production.

Palladium also extended gains amid fears of supply concerns from Russia, the top producer.

The new USGS critical minerals list adds 15 commodities while removing four.

Amplats said the rand price of its platinum group metals basket had increased by 22%, while sales volumes were up 82% for the year.