Platinum Group Metals Ltd. shares rise 4.36% intraday as Northam Platinum CEO comments on platinum price rally.

Platinum Group Metals Ltd. rose 4.36% intraday, with the recent platinum price rally bringing relief to South African miners. However, Northam Platinum CEO Paul Dunne noted that the price is still below levels needed to support new production. Northam reported a 14.4% drop in annual profit due to surging mining costs, despite record sales volumes. The earnings of platinum miners have been affected by low metal prices since early 2023, primarily due to weak demand from the automotive sector and the increased electrification outlook.