The wires are carrying more and more stories about how bad things are getting in South Africa. Yet, pt/pd and SWC are not really moving that much - let alone PAL. I attribute it to the markets fearing the Russian "over hang". Whenever things get bad and prices shoot up, the Russians seem to find enough pt/pd to dump on the markets!
From the wires 06/03/13:
"The mine recorded a 50% increase in costs in the six months ended December owing to a loss of ‘production discipline’, according to Terence Goodlace, Implats CEO."