This brief article is a continuation of the detailed overview we did of platinum mining and the metal’s demand-supply chain. If you want more insights into the global landscape of platinum mining, read 12 Largest Platinum Producing Countries in the World.
5. United States
Average Annual Platinum Production: 3833 kilograms
In the US, platinum is primarily obtained as a secondary product from copper and nickel mines. Arizona, a major copper producer, contributes to this, as platinum group metals often co-occur with copper mining. Similarly, other mining-focused states like Nevada and Minnesota, while concentrating on minerals like gold, also indirectly contribute to platinum production through their mining activities. Overall, the western region of the country leads in mineral production, including those that yield platinum as a byproduct. Currently, the US holds PGM reserves of 992 tons, which can supplement its platinum production for an extended period.
4. Canada
Average Annual Platinum Production: 6600 kilograms
Canada plays a substantial role in the global platinum market, primarily through its activities in Ontario, Quebec, and Manitoba. Although it accounts for approximately 3% of the world’s platinum production, Canada boasts some key players in this industry. Companies like Glencore and Impala Platinum are prominent, with Glencore experiencing a recent decrease in platinum production while Impala Platinum has seen an increase.
The majority of Canada’s platinum is derived from nickel mining operations, notably in the Sudbury Basin of Ontario. This region is critical as it contributes to Canada’s platinum, gold, and nickel production. The geological formation of this area, influenced by meteorite impacts and volcanic activities, has led to the accumulation of rich mineral deposits.
Other important mining sites include Quebec’s Raglan nickel mine and the Lac des Iles mine in Western Ontario, owned by Glencore and North American Palladium, respectively. According to the US Geological Survey (USGS), Canada’s PGM reserves currently stand at 341 tons (310,000 kilograms).
3. Zimbabwe
Average Annual Platinum Production: 14,666 kilograms
The Karo Platinum Project is a collaboration between the Zimbabwean government and Karo Mining Holdings. Situated in the Great Dyke area, this project aims to become a large, open-pit mine with an anticipated lifespan of 17 years. The plan involves processing approximately 2.5 million tonnes of ore annually, potentially yielding around 190,000 ounces of platinum group metals each year. An intriguing aspect of this project is its integration of a 30 MW solar power plant, demonstrating a commitment to renewable energy. The first phase of this project is budgeted at approximately $391 million, with ore processing slated to commence by July 2024. In addition to this upcoming project, Zimbabwe already hosts three active platinum mines: Zimplats, Mimosa, and Unki, all of which are expanding to tap into the country’s extensive PGM reserves, totaling 1,322 tons.
2. Russia
Average Annual Platinum Production: 20,000 kilograms
Two major companies in Russia are very important in the country’s platinum market: Russian Platinum Plc and Norilsk Nickel. In the first half of 2023, Nornickel reported the production of 10,404 kilograms of platinum and 42,000 kilograms of palladium. This production increase was primarily due to the discovery of higher quantities of these metals in the materials processed at their Norilsk division. Additionally, improvements in efficiency at the Kola division contributed to their increased output. With Russia’s platinum group metal reserves totaling 6,062 tons, the country is well-positioned to maintain its leading position in platinum production in the future.
1. South Africa
Average Annual Platinum Production: 130,000 kilograms
South Africa’s role in platinum production is characterized by several big mining projects. For example, the Two Rivers Platinum Mine Merensky project, located in Mpumalanga near Burgersfort, is a collaborative effort between African Rainbow Minerals and Impala Platinum, focusing on the extraction of platinum and other metals from the Merensky reef. This project is on track to commence platinum concentrate production around mid-2024 and is expected to reach full production by 2025, making a noteworthy contribution to the country’s platinum output.
Another major project is the Platreef project near Mokopane in Limpopo, primarily managed by Ivanhoe Mines. This project is anticipated to be a major producer of various metals, including platinum, with plans to initiate a smaller operation by 2024 and expand to a larger scale by 2027. Additionally, the Impala mine, one of the world’s largest platinum mines by production, is situated in Rustenburg. This mine has showcased the scale and importance of South Africa’s platinum mining operations but has also encountered challenges, such as a tragic accident in 2023, highlighting the risks associated with mining activities.
Besides having the largest platinum production in the world, South Africa also possesses the largest PGM reserves. According to the US Geological Survey (USGS), as of 2023, the country’s PGM reserves stand at 69,445 tons, ensuring the sustainability of its platinum and palladium mining efforts for an extended period.
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