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Peer-group benchmarking

Value chain consulting

Trusted benchmarking from a dedicated team of experts

SFA (Oxford)'s PGM peer-group benchmarking is unrivalled, providing you with a detailed understanding of which assets are outperforming and which are most at risk, covering mines and projects spanning North America, South Africa, Zimbabwe, Russia and Europe. A holistic benchmarking approach is taken into PGM project execution of future platinum, palladium and rhodium supply-demand fundamentals, as well as scientifically constructed extrapolations of global platinum, palladium and rhodium primary supply profiles to 2040. SFA's analysis investigates mine and processing outperformance and plant underutilisation across the PGM peer group.

Costing the mine-to-market value chain, enabling like-for-like comparison

SFA can work with your life-of-mine models to benchmark mines and projects in numerous ways to highlight the strengths and weaknesses of the asset. We assess geological, technical and financial merits and compare them to the current peer group on selected, proven, probable and possible PGM projects. Our benchmarking core analysis package can include:

  • Global reserve and resource comparisons.

  • The Bushveld Complex Limb-by-Limb (Western, Northern, Eastern) cost curve on a net cash cost basis (including by-products).

  • An equivalent revenue benchmarking chart per platinum oz.

  • Worker per tonne, equivalent platinum oz and 4E oz.

  • Benchmarking of orebody thickness versus grade, with comparison to other Bushveld Reefs.

  • Base metal by-product comparisons with other mines.

  • Planned platinum or palladium production as a percentage of the 4E basket, indicating future metal price trends.

  • Capital intensity versus other greenfield/brownfield PGM projects, US$/Eq. Pt annual oz.

  • Cost breakdown by type, comparing your asset against other mines and projects, including operating and CAPEX extrapolation.

  • Implications for mine closure inducement prices.

  • Mine start-up price incentive derivations for platinum, palladium and rhodium to ascertain the most likely timeline for project execution and achievement of steady-state production.

  • ESG benchmarking on projected water and electricity usage.

The ranking and analysis of projects cover mines on care and maintenance and those permanently closed, and greenfield and brownfield projects. The evaluation of projects considers NPV, cash flow, financial ability, technical, economic and geopolitical constraints, the availability of downstream processing capacity, the ability to meet legislative requirements and PGM price forecasts. Brownfield projects are excluded from NPV derivations.

Independent contours of platinum, palladium and rhodium consumption, and end-use evolutions are outlined. Macro and regional economic factors such as exchange rates, GDP, inflation, consumer expenditure, reasoned metal price forecasts (regional basket prices and consensus by-product metal prices), powertrain evolution, and luxury market developments assist us in extrapolating measured levels of start-up success. 

We can provide base case demand extrapolations by end-use, as well as a set of operating and financial metrics for each selected project so you can flex and influence PGM market balances, PGM price forecasts, project incentive pricing and project start-up timing.


Case studies

Let's discuss your benchmarking scenarios

Contact one of our team for more details.

Henk de Hoop

Chief Executive Officer

Beresford Clarke

Managing Director: Technical & Research

Jamie Underwood

Principal Consultant

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SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.

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