ARM approves Bokoni PGM upgrade, Nkomati restart
Analysis based on 6 articles · First reported Jul 23, 2026 · Last updated Jul 24, 2026
The approvals signal ARM's confidence in PGM and nickel markets, potentially boosting investor sentiment for the company and related commodity sectors. The large capital expenditure may pressure ARM's near-term cash flows but is expected to generate strong returns (IRR 28% for Bokoni, 28% for Nkomati) and enhance long-term production capacity.
African Rainbow Minerals (ARM) announced board approval for a phased 15.2 billion rand ($927 million) upgrade of its Bokoni platinum group metal (PGM) operations and the resumption of nickel mining at Nkomati. The Bokoni project includes refurbishing an existing 60,000 t/m concentrator and building a new 120,000 t/m concentrator, with full commissioning expected by 2030 and steady-state output of 350,000-400,000 oz/year of PGMs by 2032. ARM also approved a $46 million restart of open-pit nickel mining at Nkomati, with a conditional off-take deal with Sweden's Boliden AB, targeting 56,065 tons/year of nickel concentrate. The Nkomati mine had been on care and maintenance since 2021. ARM took full control of Nkomati in July 2025 after Norilsk Nickel exited. The company expressed a positive long-term outlook for PGMs despite BEV penetration, citing supply constraints and expected market deficits.
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