The price of platinum dropped around 4% yesterday (23 September), trading at US$1,753 ($2,494) per ounce, according to Trading Economics.
The drop forms part of a 5.47% monthly decrease, though the metal remains within a 14.96% yearly increase.
By the end of Q3, platinum is forecast to reach US$1,816 per ounce, though easing inflationary pressures from retreating oil prices have offset a firmer US dollar and contributed to the retreat in platinum prices.
Eased inflation concerns, alongside the potential for further interest rate hikes, are lowering the opportunity cost of platinum.
In trading so far today, the metal is advancing by around 0.44%.
Australia has a relatively small platinum industry, producing around 110kg in 2023, unchanged from the prior year, according to the Global Economy.
Platinum exploration is mainly conducted in New South Wales and Western Australia, and is often uncovered among numerous other commodities.
New South Wales
In NSW, Impact Minerals’ (ASX:IPT) Broken Hill Project is prospective for nickel, copper, and platinum group elements (PGE).
Earlier this year, the company identified a conductive corridor extending to a depth of 20km at Broken Hill from a single line magnetotelluric (MT) survey and regional MT data.
As reported, the corridor has the potential to host a lithospheric-scale mineral system with three near-surface conductive zones identified.
The project hosts the Red Hill prospect, which has previously returned assays including 1.2m @ 10.4 grams per tonne platinum (Pt), 10.9g/t gold (Au), 294g/t palladium (Pd), 7.4% nickel (Ni), 1.8% copper (Cu), 19g/t silver (Ag), and 0.5% cobalt (Co). These results were received from a thicker 3.5m zone grading 5g/t Pt, 6g/t Au, 144g/t Pd, 2.9% Ni, 2.3% Cu, and 14.5g/t Ag in vein sulphide.
Western Australia
Western Australia does not currently have any large-scale PGE-producing mines, though many explorers are advancing primary PGE and polymetallic projects, such as Future Metals (ASX:FME), Chalice Mining (ASX:CHN), and Podium Minerals (ASX:POD), as reported.
Western Mines Group (ASX:WMG) is one company solely focused on finding value in WA, with its project portfolio containing numerous exploration assets in ‘major’ mineral belts.
The company’s exploration outlook is led by the Mulga Tank Project, located on the Minigwal Greenstone Belt and prospective for nickel, cobalt, copper, platinum, and palladium.
Earlier this week, Western Mines’ drilling efforts extended the basal portion of the Mulga Tank Complex, returning cumulative nickel sulphide mineralisation of 442m @ 0.26% Ni, 129 parts per million (ppm) Co, 78ppm Cu, and 27 parts per billion Pt+Pd with a sulphur-to-nickel ratio of 1.4.
Western Mines Group is a mineral explorer holding gold and nickel sulphide deposits across a portfolio of projects located on Western Australia’s major mineral belts.
Write to Maddison Elliott at Mining.com.au
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