Russia exports 24.3% of the worlds Palladium
Russia also exports 16% of the world’s platinum.
The current sanctions that have been placed on Russia are leading to some serious problems in commodity trade
Impala platinum
Impala Platinum is a South African-based mining company. They stand to benefit the most from a supply crunch caused by sanctions on Russia.
Platinum and Palladium form the bulk of Impala platinum’s current revenue.
Cash flow from operations after CAPEX came to ~R35Bn in 2021, the market cap is currently R250Bn. With the current prices of platinum and palladium, this should be considerably higher.
Risks:
I think the ongoing escalation of sanctions could put even more pricing pressure on platinum and palladium which bodes well for Impala Platinum. This coupled with a pretty clean balance sheet gives me decent exposure to commodities at what I feel is a below fair price.