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Platinum deficit forecast for 2023 now over 1 million ounces on strong automotive and industrial demand growth and flat supply



  • Total demand expected to increase 27% in 2023, while total supply will be flat
  • Automotive recovery will see 2023 demand up 13% (+381 koz), driven by greater-than-expected vehicle production, increased substitution and higher loadings
  • Capacity expansions drive forecast industrial demand in 2023 to a record 2,667 koz
  • Strong ETF demand in Q2’23, with 2023 forecast total investment of 386 koz

LONDON, Sept. 6, 2023 /PRNewswire/ — The World Platinum Investment Council – WPIC® – today publishes its Platinum Quarterly for the second quarter of 2023 with an updated full-year forecast.

For the third consecutive quarter, global platinum demand rose, growing 31% (+519 koz) year-on-year in Q2’23. Strong year-on-year demand growth momentum in automotive (+19%, +136 koz) and industrial demand (+12%, +76 koz) added to continued positive investment demand. Meanwhile, refined platinum production fell 4% year-on-year (-65 koz) as did autocatalyst recycling (-13%, -37 koz) and jewellery recycling (-9%, -9 koz). This led to a market deficit of 348 koz for Q2’23, marking platinum’s first two consecutive quarters of deficit since the second half of 2020.

These events, which continue trends seen in the first quarter of this year, have led to another upward revision of the deficit forecast for the full-year 2023 to 1,005 koz, the largest deficit on record in terms of both absolute ounces and as a percentage of annual demand. Total supply is expected to remain flat, aligned with the weak 2022 level of 7,224 koz (-31 koz), while demand is expected to increase significantly by 27% to 8,230 koz (+1,738 koz).

Strong quarterly increase in vehicle production adds to existing drivers for platinum automotive demand growth
Platinum automotive demand rose 19% year-on-year (+136 koz) to 840 koz in Q2’23, as the semiconductor shortage continued to ease, leading to a healthy uplift in vehicle production. Global light-duty vehicle (LDV) production increased 14% year-on-year, while heavy-duty vehicle (HDV) production grew by 18%.

For full-year 2023, automotive platinum demand is being driven higher by increased vehicle production, with LDV and HDV production forecast to grow by 6% and 7% respectively, ongoing substitution of platinum for palladium, and higher platinum group metal (PGM) loadings. Tighter Chinese emissions standards for HDV (effective from 1 July 2023) will see a rise in demand for platinum as PGM-coated particulate filter systems are phased in. These factors will lift 2023 global platinum automotive demand by 13% (+381 koz) to 3,283 koz.

2023 industrial demand forecast revised upwards
Industrial platinum demand totalled 697 koz in Q2’23, a 12% increase year-on-year and its highest level since Q3’21. In particular, the chemical industry saw an 87% year-on-year increase (+109 koz) this quarter thanks to higher demand for platinum-bearing catalysts from the paraxylene industry, which offset contractions in other areas of industrial demand. Looking at 2023 as a whole, the already record-breaking forecast for industrial demand has been revised even higher, to 2,667 koz (+14% year-on-year, +336 koz). This is in large due to capacity expansions in glass (+50%, +251 koz) and chemical (+12%, +82 koz) applications. This will counterbalance lower demand from the electrical (-8%, -9 koz) and petroleum (-11%, -22 koz) segments.


Net investment demand of 386 koz forecast for 2023
As with the previous quarter, Q2’23 saw increased investor interest resulting in net positive investment demand of 154 koz. Platinum ETF holdings grew by 155 koz in Q2’23, their largest quarterly increase since Q3’20 and up 196 koz since the start of the year, with significant renewed interest from South African funds (in preference to PGM mining equities). However, overall ETF holdings are expected to soften during the rest of 2023. Despite a fall in global bar and coin investment to 26 koz (-64%, -46 koz) in the second quarter, full-year 2023 is likely to see a year-on-year jump of 45% (+102 koz), to 326 koz, the first growth in bar and coin investment in three years, driven by a return to positive net platinum investment in Japan. The result will mean net investment demand of 386 koz in 2023.

Total supply remains constrained
Refined mine production declined 4% (-65 koz) year-on-year in Q2’23, totalling 1,464 koz, as increases from North America and Russia were heavily outweighed by a decline from South Africa. Following three consecutive quarters of declining supply, South African output improved this quarter, reaching 1,028 koz. Nevertheless, this was still a 9% decline (-101 koz) year-on-year, primarily due to processing-asset maintenance in addition to disruption due to Eskom load curtailment. For 2023, mined platinum supply is forecast to be flat on 2022 (5,565 koz), although South African platinum supply remains vulnerable to ongoing electricity shortages.

Global recycling of platinum declined 12% (-46 koz) year-on-year to 345 koz in Q2’23. Supply from spent autocatalysts was down 13% (-37 koz) year-on-year, with lower-than-expected end-of-life vehicle supply persisting. Full-year platinum recycling supply is forecast to fall by 4% to 1,620 koz.

Trevor Raymond, CEO of the World Platinum Investment Council, commented: “The core drivers of platinum’s expected 27% demand growth in 2023 – including strong growth in automotive and industrial demand – were clear to see in Q2, and built upon foundations laid in the previous two quarters. These favourable conditions are expected to continue in 2023. Looking beyond today’s Platinum Quarterly, our research shows that automotive and industrial demand growth underpin total demand growth in 2024 and beyond. This offers both short and long-term value incentives for investors, as well as protection from downside risks presented by inflationary headwinds and high interest rates. Meanwhile, continuing electricity shortages in major producer South Africa have exacerbated the deficit and maintained downside risk to mined supply. In Q2’23, this combination of demand growth and constrained supply was met by strong ETF inflows, all of which have contributed to a widening gap between the supply of, and demand for, platinum.

“As the deficit grows, it is important to highlight the reducing availability of above ground stocks to meet this deficit, and to consider the consequences of that. By the end of 2023, above ground stocks will represent only five months of annual demand, with most of these stocks held in China and not readily able to be exported to meet global shortfalls, increasing concerns over metal availability. This, combined with sustained demand growth and mine supply remaining at risk further strengthens the investment case for platinum.


“Similarly, the link between platinum and the hydrogen economy is increasingly well-known. Green hydrogen produced by platinum-containing electrolysers has a significant role to play in the energy transition. While hydrogen-related platinum demand is relatively small in 2023 – of more relevance in a tight market – it is expected to grow substantially in the medium term and could become a proxy for investors looking for exposure to global decarbonisation.”

Neither the World Platinum Investment Council nor Metals Focus is authorised by any regulatory authority to give investment advice. Nothing within this document is intended or should be construed as investment advice or offering to sell or advising to buy any securities or financial instruments and appropriate professional advice should always be sought before making any investment. For further information, please visit

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Invitation to presentation of EQT AB’s Q1 Announcement 2024




STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting


The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision


The following files are available for download:

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EQT AB Group


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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs



  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”


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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update




VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.


BioVaxys Technology Corp. (, a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit and connect with us on X and LinkedIn.


Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

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