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Representatives of the producers of 90% of the world's climate-vital platinum group metals (PGMs) heard during Wednesday's full-house PGM Industry Day that collective market development on the full PGM basket and not just platinum and palladium is absolutely crucial at this point of the global implementation of a cleaner and greener decarbonised planet.

In advocating this, PGMs producer Sibanye-Stillwater CEO Neal Froneman also highlighted the role of PGMs a far-reaching underpin of the the strongly advancing hydrogen economy. (Also watch attached Creamer Media video.)

"Very important is that we start focusing on industrial underpins to reduce the dependence or the exposure to risk on autos," Froneman told the Resources4Africa event covered by Mining Weekly.

"We need to do market development on the full basket and not just platinum and palladium.

"I'm reminded of a rule I was taught many years ago, and it's called Noah's Rule - don't try and predict the weather, just go out there and build the ark so that it's ready when the rain comes down," said Froneman in suggesting that the PGMs industry collectively develops the market and reaps the benefit of the resulting demand.

"The underpin for demand for the right PGMs is still solid… and a lot of PGMs have substantial non-automotive underpinning, and one of my conclusions is that we've got to become less dependent as an industry on autos," he told the even, chaired by mining luminary Bernard Swanepoel.

While overall palladium demand is decreasing, the future roles of some minor PGMs are increasing.

Moreover, there is no doubt about hydrogen becoming an increasingly important driver of demand for some PGMs, amid a positive regulation-linked PGM loadings increase, and a positive 42% compound annual growth rate for PGM-linked fuel cell electric vehicles.

"Demand has been stable, which is very important to note, but it's not appropriate for end users or asset suppliers to develop a supply response that is out of kilter with the demand response in terms of the make-up of these metals.

"The proportions of the various PGMs must be examined across the entire global PGM supply base and we've got to create demand that fits that, otherwise we're going to either create demand destruction, or we're going to create huge volatility.

"Instead of driving platinum demand alone, we've got to drive market development across all PGMs to create a demand base that represents what we mine," Froneman said.

A strategic approach to market development is seen as the correct approach. As a PGMs must be acknowledged as industrial metals, while PGM demand aligned with what is produced and market development is spread across the basket.

"We've got to invest in sticky industrial demand. We need to focus on global decarbonisation as an area where the unique properties of PGMS can play a role.

"You can't look at platinum and palladium in isolation anymore. Supply is decreasing, there's been a lack of capital investment and, in the short term, there's going to supply downside in supply as loss-making mine shafts are closed. In our view, they are substantial deficits in this business out to 2030.

"To me, that makes for a good PGM business and I don't buy into the current negativity and don't buy into a two-year recovery timeframe. A recognition by the market that sentiment is changing is already being seen and share prices are go up.

"We're in a destocking phase, which was caused by disruptions in the supply chain, Covid and the Ukraine invasion.

"This is being recognised. Two element PGM demand out to 2030 is solid and stable.

"It's clear that hydrogen is going to be produced and we should make sure that PGMs underpin clean hydrogen in the lowest cost way.

"It's very important that we start focus on industrial underpins to reduce the dependence or the exposure to risk on autos.

"We need to do market development on the full basket and...