To correct some of the grossly missleading and erroneous commentry above and to put PGM Autocatalyst Demand into perspective:-
In 2004 PGM Autocatalyst demand was roughly split as follows:-
Platinum 40.00% of 6.47m toz=2,588,000 toz approx 39.10%
Palladium 56.00% of 6.14m toz=3,438,400 toz approx 51.96%
Rhodium 87.00% of 0.68m toz 591,600 toz approx 8.94%
Global usage 6,618,000 toz pa 2004
Obviously with the huge amounts of increased demand from Asia for new automobiles there is no sign of the increasing PGM Demand reducing any time soon.
It is worth bearing in mind the real squeeze is going to be on the Jewelry side especially Palladium Jewellry demand from China likely to have hit 1,200,000 troy ounces this year, having doubled in 2005, undoubtedly going to continue increasing even higher in 2006, I would expect to 1,800,000 toz 2006.
Here is the data which clearly illustrates rapidly increasing Platinum, Palladium and Rhodium demand for autocatalysts with Platinum pretty much unable to supply any increases ie flatlining due supply limitations to overall demand.
As AQP produce considerable amounts of all three metals they can not really lose in fact the rapidly increasing Palladium Price will make a significant contribution moving forwards noting Mimosa Platinum specifically has a very high Palladium ratio comparative to RSA
I am predicting a 2006 Palladium price of US$372 and a 2007 Palladium price of US$496 toz and 2008 696 toz so the future looks pretty rosy for AQP on all fronts in my opinion, with record breaking profits and production anticipated in FY 30/06/2005-30/06/2006.
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