LThe shine of copper casts a shadow on platinum. The precious metal suddenly seems less prestigious. In any case, in the eyes of the mining giant BHP. The latter launched an attack on its rival Anglo American, even if it meant spending 38.9 billion dollars (35.7 billion euros), then 42.6 billion dollars to take it over. Do you think it’s for platinum or diamonds, the British group’s flagships? No, you’re on the wrong track. It is that of copper which sets the tone. The red metal arouses all desires.
Anglo American initially rejected the pressing advances of its Australian suitor, perhaps waiting for more hard cash. But, under pressure, his boss unveiled a drastic strategic plan. Ready to cut back on his activities. Broken record for platinum. The precious metal, like diamonds, would no longer be part of the British crown jewels. He says he is ready to part with it, banking, like his assailant, on the sparkling promises of copper.
It is true that copper continues to soar on the markets. Considered the metal of the energy transition par excellence, it is in fusion, fueled by the speculative flame. On the London Metal Exchange, its price rose above the symbolic mark of $10,000 per tonne in the spring. Returning to its peak, reached two years ago, at the start of the Russian offensive in Ukraine.
Many advantages
Nothing like this for the precious metal. The platinum patina. It trades around $900 per ounce. However, it does not only shine in the jewelry department. The automotive industry takes it even further. She slips a few grams under the hood of cars to filter polluting emissions. In this usage, platinum and palladium are both in the race. However, the price of palladium has undergone a stratospheric surge. Two years ago, it shattered its record, at $3,442 per ounce.
Car manufacturers have tended to favor platinum. Until the palladium speculative bubble burst. The fall was brutal. In January, an ounce of palladium even fell below $1,000. To the point that for a time platinum was able to pride itself on being more valued than its great rival. A position acquired by a progression of the price, certainly, but above all by the weakness of the opponent.
This disinterest expressed by BHP and Anglo American for the platinum subsidiary raises questions about its future. A question which primarily concerns South Africa, where 70% of world production is concentrated. Already, Anglo American had been forced to lay off employees in this country, following difficulties encountered in the operation of its mines.
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