About Platinum Production
The namesake platinum metal group was also the market’s worst performer, as Volkswagen’s emissions scandal hit hard. The first use of platinum is in catalytic converters for diesel cars – 45% of platinum sold in 2014 went to the car industry. As consumers and manufacturers moved away from diesel fuel due to Dieselgate, platinum lost ground to palladium, which works best in gasoline-powered cars.
Platinum is sold at a higher price than gold and is associated with the scarcity of platinum in relation to gold, “platinum” as an adjective is associated with a higher grade than platinum. ‘Gold. Despite the problems with platinum and gold now trading at the top, the title remains.
Platinum deposits are concentrated in South Africa, where the country supplies about three-quarters of global demand. Anglo American Platinum, Impala Platinum and Lonmin are the world’s leading platinum producers.
Global platinum demand and production
Platinum is a soft, heavy, white precious metal. It is commonly used in automotive catalytic converters and is also used in metals. Global platinum demand in 2022 is 6.8 million ounces.
With such high demand, platinum production is necessary to meet demand. Estimated global platinum production in 2022 is 190 metric tons.
Top Countries for producer of platinum
South Africa – 110mt
South Africa is the largest producer of platinum in the world, processing 110 million tonnes in 2018. The country’s reserves of platinum group metals (PGM) are at 63,000 tonnes. Due to various factors such as job losses and mine closures, the country saw a significant drop in production last year from the 143 million tonnes produced in 2017. In August 2018, Impala Platinum, one of the ‘in the world’s platinum miners, announced its plans. close five plants in the Impala Rustenburg mine. A significant decline in the price of platinum in the US dollar and high and persistently high mining costs are the reasons for the restructuring.
South Africa is home to the Bushveld Complex, which is considered the world’s largest PGM resource. Some of the major platinum producing mines in the country are Impala Rustenburg mine, Mogalakwena mine, Marikana mine, Bathopele mine, Khomanani mine, etc.
Russia – 21 meters
Russia is the second largest producer of platinum in the world, producing 21 million tons in 2018. The country’s PGM reserves are 3,900 tons. Most of Russia’s PGM production comes from the Norilsk Nickel project, which is based on the Taymyr Peninsula in eastern Siberia, and those on the Kola Peninsula.
The mining site in Norilsk, located in the Russian High Arctic, is the country’s largest producer of minerals. Owned by Norilsk Nickel (Nornickel), the Norilsk mine is considered the world’s largest producer of palladium.
In 2018, Nornickel entered into a partnership with Platinum Russia to establish a 50/50 joint venture (JV) to build a scattered deposit located in the industrial area of Norilsk. The agreement seeks to produce about 70 to 100 tons of PGM per year from the Maslovskoe Nornickel and Platinum deposits located south of Norilsk-1 and Bokoni Chernogorskoe deposits.
Zimbabwe – 14 tons
Zimbabwe is the third largest producer of platinum in the world, producing 14 million tonnes in 2018. The African country recorded similar figures for its platinum production in 2017. Zimbabwe’s PGM reserves are 1,200 tonnes. The main platinum mines in the country are Mimosa mine, Ngezi mine and Unki mine.
The Mimosa Mine is located in the Midlands Province and is owned by Mimosa Investments, a joint venture between Implats and Aquarius Platinum. Ngezi mining is one of the most important platinum resources in southern Africa. This Zimbabwean platinum mine is owned by Zimplats and Impala Platinum. Unki Mine is located in central Zimbabwe in the Midlands region. It is owned by Anglo American Platinum. The country’s platinum production is expected to increase with Karo Resources starting the Karo Platinum project in July 2018 in Mhondoro-Mubaira.
A large amount of vertically integrated platinum ore is being developed as part of this project at Great Dyke. The Karo Platinum Project is estimated to have an annual production of 1.4 million ounces (Moz) of PGM.
Canada – 9.5 tons
Canada ranks fourth on the global platinum recovery list, with production of 9.5 million tonnes last year. A significant portion of the platinum mined in North America comes from nickel mining. The country’s PGM reserves are 310 million tons. Canada exports most of its production to the United States. The Sudbury Basin in Ontario is home to most of the country’s platinum mines. The Raglan mine in Quebec and Lac des Iles in western Ontario are other platinum producing sites. The city’s river valleys in Alberta are the largest undeveloped PGM resource.
In June 2019, Sibanye-Stillwater signed an agreement to acquire Generation Mining (Gen Mining) for the development of PGM-Copper Marathon in Canada. The deposit is located 10 km north of the city of Marathon, Ontario, and east of the Coldwell Complex, which is a Proterozoic deposit.
The proposed project includes three open pits, an oil refinery, a terminal and a waste rock storage facility and a 7-kilometer power line. The mine will be able to produce up to 22,000 tons per day.
In August 2019, Canadian mining company North American Palladium (NAP) announced the acquisition of a 51% interest in the Sunday Lake project from Impala Platinum (Implats). The project is located 25 km north of Thunder Bay in Jacques Township and approximately 60 km south of NAP’s Lac des Iles (LDI) project.