Demand for platinum is expected to decline by 6% to 7.7 million troy ounces in 2024.

The miner will acquire existing royalty streams on Ivanhoe Mines’s Platreef project in South Africa.

Miners have asked the government to defer its planned 5% export tax on concentrates.

Britain on Wednesday announced sanctions on Krastsvetmet, the main refinery used by top palladium producer Norilsk Nickel.

Palladium demand has also been pressured in recent years after it became much more expensive than sister metal platinum.

Over the LOM, the Marathon project is anticipated to produce 2.1 million ounces of palladium, 517 million lbs of copper, 485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000 ounces of silver.

The price for palladium has plunged nearly 40% so far this year while primary metal platinum is down 14%.

Last year Zimbabwe tripled the royalties platinum miners must pay the government to 7% and more than doubled those for lithium to 5%.