Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Global platinum mining industry - statistics & facts
Platinum is a gray-white colored precious metal. It has many important applications, most notably for autocatalysts, jewelry, and chemicals, in addition to several other industries that use platinum to a lesser degree. Automotive applications accounted for over 44 percent of global platinum demand as of 2024, making it by far the largest application. Platinum is highly resistant to corrosion, among other desirable traits, and thus its value is somewhat comparable to gold. For instance, platinum's average price as of January 2024 was 925 U.S. dollars per troy ounce, while the average price of gold in that month was 2,035.22 U.S. dollars per troy ounce.
Despite its rarity, platinum is in high demand due to its versatility, and its range of industrial applications continues to expand.
The leading platinum producers in the world
Global production of platinum amounted to an estimated 187 metric tons in 2021, with African production accounting for approximately 155 metric tons of that amount. The largest platinum producing country by far is South Africa, having produced an estimated 120 metric tons of platinum in 2023. Russia is the second-largest platinum producing country in the world, with a significantly lower production of an estimated 23 metric tons in that year. Anglo American Platinum is one of the world's largest platinum producing companies, with a production of some 1.74 million ounces of platinum in 2023.Platinum group metals
Platinum group metals (PGMs), also called platinoids, refers to six precious metals that share similar physical and chemical properties and which tend to be found in the same mineral deposits. The PGMs are palladium, ruthenium, rhodium, osmium, iridium, and of course platinum itself. The majority of the world's PGM supply comes from mine production, but autocatalyst scrap is another significant source. Palladium is the most prominent PGM after platinum, with global palladium production amounting to 210 metric tons in 2023.Despite its rarity, platinum is in high demand due to its versatility, and its range of industrial applications continues to expand.
