Platinum (Pt) is a dense metal classified among the six Platinum Group Metals (PGMs). It is exceptionally rare, found in the Earth’s crust at concentrations measured in parts per billion, making it one of the most valuable commodities. Platinum has a high melting point (1,768 degrees Celsius) and strong resistance to corrosion. These attributes allow it to function as a powerful and stable catalyst in industrial applications, driving global demand for this scarce resource.
Primary Geological Environments
Platinum is concentrated in specific types of magmatic rock formations. The largest commercially viable deposits are associated with ancient, layered ultramafic and mafic igneous intrusions. These rock bodies solidified from vast pools of magma that slowly cooled deep beneath the surface.
During cooling, magmatic differentiation occurred, which concentrated the platinum. As the magma crystallized, if it reached sulfur saturation, an immiscible sulfide melt formed. Platinum and other PGMs have a strong affinity for this sulfide liquid, scavenging them from the silicate melt.
This dense, metal-rich liquid then accumulated in thin, distinct layers within the intrusion, often associated with minerals like chromite. These stratabound, metal-enriched layers are known as “reefs,” representing the narrow, high-grade horizons that are economically mined today. Typical platinum ore only contains between three and six grams of platinum per ton of rock, illustrating the extreme concentration required to make mining worthwhile.
Major Global Extraction Sites
The majority of the world’s newly mined platinum originates from a few hyper-concentrated geological structures. South Africa is the dominant global supplier, accounting for approximately 70% of the annual primary production. This supply comes from the Bushveld Igneous Complex, a massive layered intrusion that formed about two billion years ago.
Mining within the Bushveld Complex primarily targets two narrow horizons: the Merensky Reef and the Upper Group 2 (UG2) Reef. The Merensky Reef was the initial major source, while the UG2 Reef has become the largest single source of the metal in South Africa. The Platreef is a distinct, thicker, and more disseminated deposit found along the northern edge of the complex.
Russia is the second-largest global producer, with most supply coming from the Norilsk-Talnakh region in Siberia, often as a by-product of nickel-copper sulfide mining. Unlike the Bushveld, the Norilsk deposits are notably rich in palladium. Significant production also comes from Zimbabwe, which hosts the Great Dyke, a 550-kilometer-long geological feature containing economically viable PGM layers.
Minor production occurs in North America, primarily from the Stillwater Complex in Montana and the Sudbury Basin in Canada. The Stillwater deposit is known for its high palladium-to-platinum ratio. Because supply is concentrated in only a handful of regions, the global platinum market is sensitive to geopolitical and infrastructure challenges, such as power constraints affecting South African production.
Recovery from Secondary Sources
While primary mining provides the bulk of the world’s platinum, a substantial portion is recovered from secondary sources through recycling. This process, often called “urban mining,” is an increasingly cost-effective method of supply. The largest source of secondary platinum is spent automotive catalytic converters.
These converters contain a ceramic honeycomb structure coated with PGMs (platinum, palladium, and rhodium) used to neutralize harmful exhaust emissions. Because of the high PGM concentrations, spent units contain metal grades far exceeding those found in natural ores. Recycling these materials involves pyrometallurgical (high-temperature smelting) and hydrometallurgical (chemical leaching) techniques to separate the metals.
Platinum is also recovered from discarded electronics and from scrap jewelry. Recovery from these post-consumer sources plays a significant role in stabilizing the global supply chain.