{
  "units": {
    "currency": "constant 2026 rand unless stated",
    "usd_zar_model_rate": 18.0,
    "platinum_price_usd_oz": 1200.0
  },
  "value_ladder": [
    {
      "stage": "Refined platinum",
      "gross_usd": 38580.840000000004,
      "local_share": 0.8,
      "local_value_usd": 30864.672000000006
    },
    {
      "stage": "Specialty catalyst",
      "gross_usd": 70000,
      "local_share": 0.55,
      "local_value_usd": 38500.0
    },
    {
      "stage": "MEA output",
      "gross_usd": 320000,
      "local_share": 0.38,
      "local_value_usd": 121600.0
    },
    {
      "stage": "Fuel-cell stacks",
      "gross_usd": 1600000,
      "local_share": 0.3,
      "local_value_usd": 480000.0
    },
    {
      "stage": "Fuel-cell systems",
      "gross_usd": 3200000,
      "local_share": 0.38,
      "local_value_usd": 1216000.0
    }
  ],
  "modules": [
    {
      "stage": "PGM refining",
      "scale": "100 koz Pt-eq/y",
      "capex": 4.0,
      "sales": 2.16,
      "exports": 1.85,
      "value": 1.4,
      "jobs": 300,
      "energy": 120,
      "water": 0.2
    },
    {
      "stage": "Catalysts + chemicals",
      "scale": "4 t catalyst/y",
      "capex": 0.9,
      "sales": 1.7,
      "exports": 1.15,
      "value": 0.65,
      "jobs": 60,
      "energy": 15,
      "water": 0.03
    },
    {
      "stage": "MEAs",
      "scale": "30k vehicle-eq/y",
      "capex": 1.2,
      "sales": 3.2,
      "exports": 2.1,
      "value": 1.15,
      "jobs": 100,
      "energy": 25,
      "water": 0.02
    },
    {
      "stage": "Fuel-cell stacks",
      "scale": "500 MW/y",
      "capex": 3.5,
      "sales": 3.6,
      "exports": 2.2,
      "value": 1.1,
      "jobs": 350,
      "energy": 45,
      "water": 0.02
    },
    {
      "stage": "Fuel-cell systems",
      "scale": "300 MW/y",
      "capex": 2.5,
      "sales": 4.32,
      "exports": 1.8,
      "value": 1.65,
      "jobs": 500,
      "energy": 35,
      "water": 0.02
    },
    {
      "stage": "PEM components",
      "scale": "1 GW/y",
      "capex": 4.0,
      "sales": 4.5,
      "exports": 2.9,
      "value": 1.5,
      "jobs": 250,
      "energy": 40,
      "water": 0.03
    },
    {
      "stage": "PEM electrolysers",
      "scale": "1 GW/y",
      "capex": 8.0,
      "sales": 12.6,
      "exports": 7.6,
      "value": 3.8,
      "jobs": 500,
      "energy": 80,
      "water": 0.05
    },
    {
      "stage": "Green H2 production",
      "scale": "100 MW at 65%",
      "capex": 8.0,
      "sales": 0.75,
      "exports": 0.1,
      "value": 0.4,
      "jobs": 60,
      "energy": 570,
      "water": 0.19
    },
    {
      "stage": "Mining / HD systems",
      "scale": "100 systems/y",
      "capex": 2.0,
      "sales": 2.8,
      "exports": 1.1,
      "value": 1.0,
      "jobs": 300,
      "energy": 25,
      "water": 0.01
    },
    {
      "stage": "PGM recycling",
      "scale": "2 t recovered/y",
      "capex": 1.5,
      "sales": 1.5,
      "exports": 0.7,
      "value": 0.6,
      "jobs": 120,
      "energy": 20,
      "water": 0.04
    }
  ],
  "hydrogen_project": {
    "electrolyser_mw": 100,
    "central_utilisation": 0.65,
    "central_capex_r_bn": 8,
    "electricity_r_kwh": 0.75,
    "efficiency_kwh_kg": 54,
    "annual_hydrogen_t": 10544.4,
    "break_even_usd_kg": 8.25
  },
  "notes": [
    "Scenarios are not forecasts or investment advice.",
    "Value-ladder endpoints are alternatives and must not be summed.",
    "Module scales are independent and not mass-balanced.",
    "PGM intensity benchmarks use different technology definitions and are directional."
  ]
}