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China is probably leading the global hydrogen fuel cell advance, journalists heard at Thursday's media briefing that followed the "commendable" half-year performance of the Johannesburg Stock Exchange-listed Impala Platinum (Implats), which generated free cash flow of R639-million in the first six months its 2025 financial year (FY2025).

Having already identified Europe as a favourable driver of the gradually progressing platinum group metals- (PGM-) based green hydrogen fuel cell economic future, at question time Implats group executive corporate relations Johan Theron also singled out China's leading role in the green hydrogen fuel cell field, along with key roles being played by Japan and South Korea.

The interim results highlighted a tightening demand for PGMs, driven by electrification and diverse applications.

Palladium and rhodium, primarily used in auto catalysts, face challenging market supply dynamics, while platinum's robust demand from industrial and jewellery sectors offsets auto catalyst declines.

Canadian operations, exposed to palladium and rhodium, face challenges, with a 15% reduction in production volumes.

Marula's performance is constrained by geological complexity and higher panel loss rates.

Having adjusted the operating parameters at several of its assets in response to continued low rand pricing for PGMs, Implats maintained a strong and flexible balance sheet.

The company, headed by CEO Nico Muller, generated half-year earnings before interest, taxes, depreciation and amortisation (Ebitda) of R6.5-billion and headline earnings of R1.85-billion, closing with a net cash balance of R6.7-billion and liquidity headroom of R17.8-billion.

Moreover, Implats is on track to deliver within previously provided FY2025 guidance, despite water and power interruptions and Impala Bafokeng suffering safety stoppages following loss-of-life accidents amid steadfast safety improvement commitment.

Zimplats in Zimbabwe scaled up to full solar power of 35 MW as part of a planned 185 MW solar complex, and attained technical completion of its smelter expansion as well as the first phase of its sulphur dioxide abatement project. In South Africa, Impala Refineries' base metals refinery debottlenecking project was delivered.

Operational planning and capital investment are structured to enhance the competitive positioning of each asset to maximise returns amid the weak rand PGM pricing resulting in sustained pressure on operating margins.

OUTLOOK AND GUIDANCE

Production in FY2025 is poised to be supported by strong delivery at Impala Rustenburg, Impala Bafokeng, Mimosa and Two Rivers, together with the expected partial unwind of accumulated inventory at Zimplats, countering the tapering production profile at Impala Canada and weak performance at Marula.

Third-quarter smelting rates have been constrained by required maintenance and repairs at two Impala Rustenburg furnaces, which will moderate the pace of excess inventory destocking.

Six element (6E) refined and saleable production and unit costs guidance are maintained at between 3.45-million and 3.65-million ounces and between R21 000/6E oz and R22 000/6E oz.

The capital expenditure forecast for FY2025 has been lowered to between R7-billion and R8-billion, including growth capital of between R1.0-billion and R1.2-billion.

Platinum, palladium and rhodium are expected to remain in deficit in 2025. However, the deficits are expected to moderate. While primary supply is expected to be stable, secondary scrap is expected to drive gross supply gains in 2025.

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The board of directors of the Johannesburg- and New York-listed Sibanye-Stillwater has decided not to proceed with the Rhyolite Ridge lithium-boron joint venture (JV) project in North America.

Rhyolite Ridge was to be developed under a JV agreement with ioneer, a minerals exploration and development company, which in October last year, provided Sibanye-Stillwater with updated project and technical information that included a technical report summary and other updated technical reports.

Sibanye-Stillwater was to acquire a 50% interest in the JV, with ioneer maintaining a 50% interest and retaining the operational management responsibility. The Rhyolite Ridge deposit is located 362 km north of Las Vegas, in Esmeralda County, Nevada.

Based on the results of a management review and due diligence on that information, the board has resolved not to proceed with Rhyolite Ridge owing to the project not meeting its investment hurdle rates at prudent pricing assumptions.

This was stated by the Johannesburg- and New York-listed stated Sibanye-Stillwater in a JSE stock exchange news service announcement and media release to Mining Weekly on Wednesday, February 26.

The completion of the joint venture was subject to various conditions precedent including a final investment decision from the board affirming its commitment to proceed with the project.

Outgoing Sibanye-Stillwater CEO Neal Froneman, who in September hands over to incoming CEO and current chief regional officer South Africa Richard Stewart, emphasised during last Friday's presentation of half-year results that the company's focus remained on optimising operations for profitability and protecting the group balance sheet.

The restructurings that have been undertaken over the last 18 months were described as having secured greater operational stability, with South Africa's platinum group metals (PGM) mines for 2024 and the group benefiting significantly from the South African gold assets.

Leverage to the higher gold price drove a 216% increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to R3.6-billion for Sibanye-Stillwater in the last six months of last year, the company reported on Friday, February 21.

Group Ebitda of R6.4-billion for the second half (H2) of 2024 was in line with the R6.4-billion Ebitda for H2 2023.

Sibanye-Stillwater is a top-tier gold producer and one of the world's largest primary producers of platinum, palladium, and rhodium. It also refines iridium and ruthenium, nickel, chrome, copper and cobalt and has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally.

Restructuring of PGM operations in the US and ongoing restructuring of the Sandouville nickel processing facilities in France are underpinning a firmer 2025 earnings outlook.

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JSE-listed Anglo American Platinum and South Africa-linked AP Ventures are supporting the next vital steps towards the realisation of industrial-scale green hydrogen value chains.

Both companies have once again featured in the latest raising of additional funding by the German company that is on its way towards enabling green hydrogen to be globally transported and traded in the same way as oil is currently through the liquid organic hydrogen carrier (LOHC) technology that it has developed.

Owing to its diesel-like nature, Hydrogenious' LOHC can be transported and distributed in the existing infrastructure for oil-based fuels.

LOHC, which Mining Weekly first wrote about in 2014, has now attracted another €17-million-plus in its latest financing round.

Interestingy, independent venture capital firm AP Ventures is backed by South Africa's Public Investment Corporation (PIC), Mitsubishi Corporation, Mirai Creation Fund and Plastic Omnium and the ventures in which it invests make use of or enable the use of platinum group metals (PGMs), often in association with hydrgogen, the most abundant element in the universe, which can be stored in large quantities and for long periods of time. These are features which enable it to optimise the integration of renewable energy.

Chevron Technology Ventures, Temasek, Winkelmann Group and Covestro are other companies providing additional funding to Hydrogenious LOHC in its latest capital raising exercise.

Moreover, LOHC is being supported by numerous policies and legislation at both federal and EU level, as well as financially, reflecting the recognition it is being given within the energy transition space.

Hydrogenious last year received a grant notification from the German Federal Goverment and the State of Bavaria for its Green Hydrogen @ Blue Danube project totaling €72.5-million.

"Hydrogenious' new funding and leadership structure signals that LOHC technology is at a critical inflection point and must be supported in taking the next steps towards industrial-scale hydrogen value chains," Anglo American Platinum executive head marketing Hilton Ingram is quoted as saying in a media release on LinkedIn put out by Hydrogenious.

As an original seed investor in 2014, Anglo American Platinum has for long had a strongly held view on the potential of LOHC technology to help enable the emerging hydrogen economy, for which its PGMs are critical.

"We believe that Hydrogenious and its innovative LOHC technology are critical to enabling the hydrogen economy," AP Ventures founding partner Kevin Eggers is quoted as saying in the same release.

"LOHC technology represents a crucial component for enabling the hydrogen economy and advancing the global energy transition," Winkelmann Group CEO Christian Knechtel is quoted as saying.

Mining Weekly can point out that AP Ventures was attracted to invest in Hydrogenious because of LOHC making it possible for current infrastructure to be used in the transition to hydrogen.

The storage density of hydrogen in the LOHC is up to five times higher than conventional high pressure storage.

A cubic metre of LOHC can carry about 57 kg of hydrogen.

Thus, transport capacities on trucks, trains, buses, ships and such like are increased, significantly reducing total cost for hydrogen supply to the customer.

The readily available carrier oil is non-toxic, hardly flammable, non-explosive and remains in a useable and convenient liquid state through a broad temperature range of -39 ºC to 390 ºC, which makes transport in the existing global fuel infrastructure feasible.

The technology as such is thus simple since it is based on a reversible catalytic hydrogenation and then dehydrogenation process.

After the release of the hydrogen, the carrier substance can be reuse...

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Johannesburg- and New York-listed DRDGOLD's projects under way are "advancing very well" as the gold-from-tailings company's 2028 Vision gets a massive boost from the sky-high gold price.

Mining Weekly discussed this in a Zoom interview with DRDGOLD CEO Niël Pretorius and DRDGOLD CFO Riaan Davel, which we now publish following last week's declaration of an eighteenth consecutive financial year of dividend payout by the company that on April 25 will celebrate 130 years of being listed on the Johannesburg Stock Exchange. (Also watch attached Creamer Media video.)

The shareholders of DRDGOLD are continuing to benefit from consistently impressive on-surface gold recovery at the 13-year life-of-mine (LoM) Ergo, east of Johannesburg, as well as its rapidly advancing 20-year LoM Far West Gold Recoveries (FWGR) activities west of the Golden City.

"We're working hard to optimise our existing asset base. Basically what we're doing now is Ergo Two," Pretorius added in referring to initial life of mine plan for Ergo, acquired in 2007, having been mined out," Pretorius outlined.

Ergo Two's first new vital thrust is the cost-cutting 60 MW solar power plant at the tailings reprocessing plant, plus the commissioning of a 160 MWh battery energy storage system.

The second part of Ergo Two involves the expansion of the Brakpan tailings storage facility and commissioning of the Withok tailings facility in order to restore the throughput rate back to some 1.8-million tons a month.

That's the target of Vision 2028, along with a whole new range of resources that will be accessed over the next few years.

At the same time, on the Far West Rand, taking progressive shape are the Far West Gold Recoveries activities involving repurposing and recommissioning the Driefontein Two plant's throughput to 600 000 t a month, from its consistent current 500 000 t a month.

But, from the outset, work started on the design of the regional tailing storage facility (RTSF), where more than two-million cubic metres of material have been moved from the large 800 ha site.

The second component of the RTSF project is the doubling in size of the Driefontein Two plant to take it to 1.2-million tons a month, and through Vision 28, establishing the capital infrastructure to support a throughput of three-million ton a month.

This is about one-million tons higher than currently. Thereafter gold output will be increased by roughly a ton a year, or 40 000 oz, to take DRDGOLD to more than 200 000 oz, sustaining that for many years to come.

"These are exciting projects. They're all going well," Pretorius enthused.

The gold price at record highs is providing the ability to aggressively reinvest into supporting capital infrastructure.

DRDGOLD has spent close to R1-billion on capital infrastructure in the last six months, and has not had to dip into its debt facility set up during the course of last year.

Mining Weekly: How strong is DRDGOLD's balance sheet and what are its added strength prospects in the light of the record gold price?

Davel: We're very proud of our of our balance sheet. From31 December 2023 to 31 December 2024, our property, plant and equipment, grew by R3-billion and the majority of that investment has gone into the solar and battery system at Ergo, which is now practically complete. And then, it's strong in that we still have cash in the bank of just over R600-million at the end of December. We've always invested in rehabilitation funds or assets on our balance sheet, so it's really a strong foundation for us to grow from and the gold price is really supporting our growth.

Our model is brilliant from that point of view, in that we still operating fully at both Ergo and Far West Gold Recoveries, based on its capacity, and constraints that we want t...

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Leverage to the higher gold price drove a 216% increase in earnings before interest tax depreciation and amortisation (Ebitda) to R3.6-billion for Sibanye-Stillwater in the last six months of last year, outgoing CEO Neal Froneman reported on Friday, February 21.

Group Ebitda of R6.4-billion for the second half (H2) of 2024 was in line with the R6.4-billion Ebitda for H2 2023.

Froneman, who in September hands over to incoming CEO and current chief regional officer South Africa Richard Stewart, reported during the presentation of second-half (H2)results covered by Mining Weekly that Ebitda from South African gold operations increased by R2.5-billion, accounting for 56% of group adjusted Ebitda for the period. (Also watch attached Creamer Media video.)

This was the first six-month period since 2017 that adjusted Ebitda from the Johannesburg- and New York-listed company's South African gold operations exceeded the contribution from its South Africa platinum group metals (SA PGM) operations.

This marks a notable turnaround from previous years when the SA PGM and US PGM operations comprised 80% to 90% of group earnings.

The significant increase in the profit from the SA gold operations and restructuring of the group operations have, on balance, stabilised group profitability.

CHROME VALUE OPPORTUNITY

The improved economics of Sibanye-Stillwater's chrome production are expected to assist with the development and extension projects at the SA PGM operations, which are currently being assessed.

This follows the signing on February 19 of a strategic enhancement to the historical Marikana chrome contract and a new chrome management agreement with the Glencore Merafe Venture.

Most of the chrome recovery plants at Sibanye-Stillwater's SA PGM operations is now poised to be operated by the Glencore Merafe Venture, which intends to leverage its processing expertise to optimise chrome production yields and reduce operational costs across all relevant chrome recovery plants.

The enhanced Marikana contract is expected to accelerate completion of delivery of contracted chrome volumes agreed between Lonmin and the venture in 2011, by about 20 years, through increasing feed and improving recoveries from the Marikana chrome recovery plants.

Upon expiry of the Marikana contract, the Marikana chrome recovery plants will become subject to the terms of the chrome management agreement, increasing Sibanye-Stillwater's share of free cash flow from chrome production from the Marikana chrome recovery plants.

Together, these agreements are expected to allow greater exposure to chrome prices and incentivise future chrome production growth, realising value for Sibanye-Stillwater and enhancing value creation opportunities for the Marikana operation.

URANIUM STRATEGY

On 9 December 2024, Sibanye-Stillwater agreed to sell its Beatrix 4 shaft, Beatrix operations in South Africa's Free State, which includes the Beisa uranium project, to Neo Energy Metals, a uranium exploration and development company listed on the main board of the London Stock Exchange and dual-listed in South Africa on the A2X market.

This transaction has advanced the group uranium strategy by presenting Neo Energy with an opportunity to develop the Beisa uranium project to be developed by Neo Energy, while allowing Sibanye-Stillwater to maintain exposure to future uranium production without sole reliance on group capital funding. Various alternatives to release value from surface uranium resources at the Cooke mine in Gauteng province are also being considered.

RHYOLITE RIDGE

In 2021, Sibanye-Stillwater agreed with emerging lithium-boron producer ioneer to establish a joint venture company with respect to Rhyolite Ridge. Last year, an updated project and technical information re...

Mining Weekly Editor Martin Creamer unpacks DRDGold dividends no longer being just a policy but a value; Anglo American Platinum becoming an independent fit-for-purpose PGM company; and the new ultra-low iridium collaboration that is promising major green hydrogen magnification.

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Johannesburg- and New York-listed Gold Fields on Thursday, February 20, delivered an attributable profit of $1 245-million for the year to the end of December, which was well up on the $703-million in 2023.

Improved second-half safety and operational performance allowed for a 67%-higher R7-a-share dividend, taking the 2024 total to R10 a share, a dividend yield of 3.58%

Free cash flow was a 65%-higher $605-million on 10%-lower production of 2.07-million ounces of gold and 26%-higher all-in sustaining costs (AISC).

"We expect to create additional value in 2025," Gold Fields CEO Mike Fraser stated in a release to Mining Weekly.

Set to provide the value upturn are Salares Norte in Chile, South America, which is ramping up, and the Windfall project in Québec, Canada, which is progressing towards a final investment decision.

Salares Norte's production is expected to come with materially lower AISC than the group average and drive an increase in profitability and free cash flow per share.

From 2028, Windfall will likely improve portfolio quality and cost curve positioning.

"Concurrently, as part of our asset optimisation programme, we're undertaking extensive work to optimise efficiencies and improve costs at our operations," Fraser reported.

The 10%-lower production was mainly due to lower first-half production, particularly at Gruyere, in Australia, South Deep, in South Africa, Cerro Corona in Peru, and Salares Norte.

In particular, South Deep, which is located 50 km south-west of Johannesburg near Westonaria had a much stronger second half as the team addressed the backfill leakage and rehandling issues experienced in the first half and advanced into higher-grade areas.

Currently, South Deep's life-of-mine is in excess of 80 years, making it a critical Gold fields asset for decades to come.

In the December quarter, 10% more gold was produced at South Deep - 78 800 oz compared with 71.700 oz in the September quarter. Reef grade mined fell by 8% to 5.83g/t.

Tragically, at South Deep, an employee was fatally injured in an underground mobile equipment incident on January 2, and in Australia, a contract employee was fatally injured at St Ives site, and a subcontractor transporting equipment from Agnew mine died in a collision

with another truck at an intersection.

RENEWABLES AT SOUTH DEEP

Renewables, which accounted for 18% of group electricity consumption during 2024, provided 17% of electricity consumption at South Deep, where wind, solar and energy storage trials continue amid the functioning of the Khanyisa solar plant, which is able to generate 50 MW or 103 GWh/year and save around R123-million, or 24%, of electricity costs a year.

South Deep's consumption of about 494 GWh of electricity a year represents 10% of the mine's annual costs and 93% of its carbon emissions, with Khanyisa - which means Light Up in Setswana - reducing the mine's carbon footprint by 110 000 t of carbon dioxide a year.

Against that background, these questions were put to Fraser, Gold Fields EVP external affairs Jongisa Magagula, Gold Fields CFO Alex Dall, Gold Fields VP corporate affairs Sven Lunsche, and Gold Fields investor relations head Thomas Mengel.

Mining Weekly: When are the wind, solar and battery storage trials likely to reach a decision-making level at South Deep?

Fraser: Firstly, we do believe that South Deep has got the most potential within our entire portfolio for really advancing renewable energy as part of its energy mix, given the life, given the cost of supply from Eskom, we definitely see a significant opportunity of reducing costs and improving reliability into South Deep, and obviously the original Khanyisa solar plant has been a significant benefit to that that business.

We have done both a detailed wind study as ...

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South Africa's chromite recovery potential has been broadened by Wednesday's joint venture agreement between Glencore Operations South Africa and Sibanye-Stillwater.

"We'll definitely extend our contract terms," Glencore Alloys CEO Japie Fullard noted in response to Mining Weekly questions during a media conference that followed the presentation by Glencore plc of operationally strong 2024 results.

The chrome pooling and sharing venture with Glencore has entered into what was described in a Merafe Resources Johannesburg Stock Exchange announcement as a "mutually beneficial enhancement to the legacy agreement, as well as a new chrome management agreement with Sibanye-Stillwater.

Glencore is listed in London and Johannesburg and Sibanye-Stillwater is listed in Johannesburg and New York, while Merafe's revenue and operating income are primarily generated from the Glencore Merafe Chrome Venture, which has a total installed capacity of 2.3-million tonnes of ferrochrome a year.

Earlier this month, Merafe advised that, through its chrome venture with Glencore, a ferrochrome smelting business review might result in the suspension of certain of its ferrochrome furnaces in May, and that work with regulatory authorities was under way to explore all viable alternatives in partnership with organised labour. Additionally, engagement with suppliers was under way to identify cost-saving measures to help improve the current situation.

The negotiated price agreement (NPA) obtained from State electricity utility Eskom last year is reportedly insufficient.

"For us to survive in terms of ferrochrome capacity in South Africa, we need, first of all, to have a better NPA tariff. And then from a governmental position, they have already approved the ore tax and if we do not have some sort of initiatives from government, it will make things extremely difficult for us to survive.

"So what do we need? We also need to be excluded, as the ferrochrome industry, from cross-border adjustment mechanism CBAM tariffs otherwise we're going to be penalised even more, and what's going to put another burden on top of ferrochrome would be the carbon tax. Those would be the areas of relief that we would seek." Fullard explained. CBAM is the cross-border adjustment mechanism.

"We need to be excluded, otherwise we're going to be penalised even more. And also, what's going to put another burden on top of ferrochrome would be the carbon tax. Those would be the areas of relief that we would seek for

South Africa, once the mainstay of global ferrochrome production, today supplies most of the chrome for China to produce ferrochrome, which is used to make stainless steel.

Mining Weekly: Are you aware of the new technology that is available that can cut electricity required for smelting by two-thirds?

Fullard: I can tell you that we are already in negotiations with the owner of this intellectual property (IP). We must all understand, though, that it's still currently at pilot project stage and is not yet commercialised, so we, as Glencore, are looking into partnership with the company that's got this IP and we're aggressively looking at this as part of the solution. I can tell you, however, it's not a short-term solution, and will take time.

SMELTDIRECT

Fullard's IP comment is almost certainly a reference to the promising new Proudly South African technology called SmeltDirect, which is positioned to take the greenness and cleanness of ferrochrome to a new level at a time when the likes of the CBAM imposition are not far off in a region where combatting climate change remains an essential requirement.

SmeltDirect promises to be on the receiving end of value from CBAM carbon credits, giving South Africa an open window of opportunity to regain lost ground with...

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Johannesburg- and New York-listed DRDGOLD on Tuesday, February 18, reported soaring half-year operating profit and 28%-higher revenue for the six months to December 31.

The strongly performing surface gold mining company, headed by CEO Niël Pretorius, declared a dividend for the eighteenth consecutive financial year.

"Dividends for us are no longer just a policy but a value," Pretorius stated during the half-year presentation covered by Mining Weekly. (Also watch attached Creamer Media video.)

"To take advantage of a very healthy gold price, you need to be able to produce - and our operations managed to do just that," Pretorius pointed out.

"Focusing on paying a dividend requires financial discipline, which extends to the way that we manage our costs," Pretorius added.

The well-led regeneration, climate-conscious, property-renewing and community-uplifting DRDGOLD is maintaining steady state as it moves into the new Vision 2028 organic expansion phase.

The gold price was a 26%-higher R1 478 663/kg amid operating profit leaping 74% to R1 578.7-million and headline earnings darting 65% to just under R1-billion.

Although it was overcast and rainy during the presentation of results, DRDGOLD CFO Riaan Davel made the point that the half-year financials reflected a "very sunny" performance and "really good trends", which included the operating profit of Ergo being a whopping 92% higher at R828.7-million.

The interim dividend declared was 50% higher than last year's corresponding half-year payout.

Not having to make use of the credit facility resulted in the company's cash being a well-grounded R600-million plus, clearing the way for the board to declare a dividend one and half times the previous interim payout at 30c a share.

Half-year cash operating costs were a 6%-higher R866 221/kg, which is consistent with the rate of inflation.

Capital expenditure was a 12%-lower R947.6-million owing mainly to the completion of key projects and reduced commissioning activities on reclamation sites. Moreover, recourse to bank debt was absent from these capital re-investments.

An important achievement for the period was the integration of the solar plant and battery energy storage system into the national grid, which is providing ongoing direct cost reductions and shielding the Ergo gold-from-waste recovery operation on the East Rand and soon also Far West Rand Gold Recoveries on the West Rand from higher electricity costs and any supply interruptions.

As and when accounts have been transferred into the name of Far West Gold Recoveries, there will be the benefit of electricity wheeling as well.

Sixteen per cent less Eskom electricity was used in the half-year, even though more electricity was needed to accommodate the higher tonnage. That is the result of the commissioning of the Ergo solar plant, which is now up and running.

DRDGOLD COO Jaco Schoeman outlined how the power transition initially started off with a small solar plant of only 20 MW, which grew to 60 MW, with the battery story being similar as it worked its way to a capacity of 187 MW.

"For us to shut down the plant in a controlled manner, we need at least two hours of battery capacity," Schoeman explained.

Ergo has now changed to higher volume sites and slightly lower head grades, bringing down the rand per ton profile.

Vegetation of tailing dams is ongoing and the slight increase in potable water consumption is not a bucking of the downward use of fresh water over the years.

Construction of the regional tailings storage facility at Far West Rand Gold Recoveries has progressed to a point where more than two-million cubic metres of starter wall ground has been moved and the basin and return water dams levelled. Civil work on the Driefontein 2 plant will continue to b...

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The acronyms are becoming more intense, with PTE, which stands for porous transport electrodes, the latest one, amid the already tried and trusted proton exchange membrane (PEM) popping up for decades now in the context of platinum group metals (PGMs), which South Africa hosts in the greatest volumes.

PEM and now PTE are a reflection of PGM and green hydrogen good fortune, with PTE following an earlier ruthenium breakthrough to ensure supply at an acceptable price of iridium, which, in turn, assures the generation of affordable green hydrogen. Further good news for South Africa arises when fuel cells, which also require PGMs, turn the green hydrogen in net-zero green electricity to power trucks, trains, buses, ships, planes, buildings, factories, mines and mini-grid-served communities.

Crucially, PGM-catalysed electrolysers and fuel cells are all there is to ensure a low-carbon to no-carbon world and credible protection for a planet hit by climate change.

PTE has arrived to magnify the efficiency of PEM water electrolysis using the lowest amounts of iridium, which Heraeus Precious Metals has been going all out to do on its own and will now do to a far greater extent with the help of Smoltek Hydrogen.

Smoltek has entered into a strategic collaboration with Heraeus to elevate the functional efficiency of PTEs in PEM electrolysers to new heights.

"We've won another great ally in our quest to develop highly efficient catalyst solutions for PEM water electrolysis," Heraeus Precious Metals business line hydrogen systems executive VP Philipp Walter enthused in a LinkedIn comment.

Smoltek is combining its nanostructure technology with Heraeus' advanced catalyst formulations in a bid to significantly lower cost by further advancing the limits of iridium efficiency.

"We have very exciting times ahead. We're thrilled to join forces and push PEM efficiency to new levels," Smoltek Hydrogen president Ellinor Ehrnberg said in response about this latest step to support the global energy transition with scalable and sustainable solutions.

The new-generation PTE's electrolyser electrodes are required to carry water, hydrogen and oxygen from and to the PEM, while simultaneously serving as electrode and catalytic carrier, Heraeus has informed Mining Weekly in a media release.

For this purpose, PTEs are coated with ultra-thin iridium- and platinum-containing catalytic layers.

The key target is to decrease the necessary amount of PGMs, especially the very scarce iridium and to accelerate green hydrogen production at significantly lower cost and resource usage.

Key factors for an ultra-low iridium solution are a high addressable surface, smallest particle sizes and the formulation of the particles itself, and this is where the skillsets of the partners combine to a unique constellation:

The collaboration combines Smoltek's ultra-low iridium nanostructure technology for the PTE with Heraeus' expertise in advanced catalyst formulations.

Smoltek has already achieved 0.1 mg/cm iridium loading in PEM electrolysers, and this partnership is expected to further reduce the iridium content, by applying Heraeus' ruthenium-iridium catalyst on Smoltek Hydrogen's nanostructured PTE.

"Together, we aim to achieve a significant leap in catalyst efficiency and provide solutions that meet the needs of a growing hydrogen market," said Walter.

NEW PGM-CATALYSED ADVANCES

Many green hydrogen and fuel cell advances continue to be made.

For example, Toyota's new third-generation hydrogen fuel cell system, which reportedly offers improved performance, fuel efficiency, and cost reduction, is expected to be introduced in Japan, Europe, North America, and China after 2026.

In Germany, Accelera by Cummins will supply a 100 MW PEM electrolyser system for bp's ...