Prospector Trails
Minerals/Precious metals
Platinum-group metals (platinum, palladium, rhodium and others) are used mainly in vehicle catalytic converters, plus jewellery, chemicals, glass, electronics and hydrogen electrolysers and fuel cells.
01 · Where it's mined
Palladium output was about 190 t in 2025 (Russia 84 t, South Africa 70 t) and platinum about 170 t (South Africa 120 t, Russia 20 t, Zimbabwe 18 t). South Africa holds most reserves.
Mine production, palladium, 2025. Columns on the globe show each country's share.
02 · A century of output
03 · Where it goes
Platinum, unwrought or in powder form, 2024, by value
Arcs run from exporter to importer; thicker means more value. CEPII BACI reconciled trade data.
04 · What it's used for
Autocatalysts dominate; hydrogen is a potential growth use.
05 · Who calls it critical
Critical for the EU, US, UK, Canada, Australia, India and Korea. The EU 2023 study scored PGMs among the highest for economic importance.
06 · Mines to know
Spikes mark mines with output in open data; height follows reported output. Where a public source says where a mine's product goes, an arc runs to that plant.
Every platinum group metals mine and project, by countryThe detail
Palladium output was about 190 t in 2025 (Russia 84 t, South Africa 70 t) and platinum about 170 t (South Africa 120 t, Russia 20 t, Zimbabwe 18 t). South Africa holds most reserves.
Autocatalysts dominate; hydrogen is a potential growth use.
Critical for the EU, US, UK, Canada, Australia, India and Korea. The EU 2023 study scored PGMs among the highest for economic importance.
One company in Montana mined and processed PGMs with an estimated value of $290 million in 2025, a decrease of 31% compared with $420 million in 2024. Estimated total palladium and platinum production decreased by 40% compared with 2024 production owing to one operation remaining on care-and-maintenance status. Small quantities of PGMs also were recovered as byproducts of copper-nickel mining in Michigan; however, this material was exported for refining. The leading domestic use for PGMs was in catalytic converters to decrease harmful emissions from automobiles. PGMs are also used in catalysts for bulk-chemical production and petroleum refining; dental and medical devices; electronic applications, such as in computer hard disks, hybridized integrated circuits, and multilayer ceramic capacitors; glass manufacturing; investment; jewelry; and laboratory equipment.
In 2025, production of PGMs in South Africa, the world’s leading producer of PGM-containing mined material, decreased by an estimated 9% compared with that in 2024 owing to declining palladium prices, higher costs associated with deep-level mining, and ongoing disruptions to the supply of electricity. Estimated production in Russia, the world’s leading producer of mined palladium, decreased by 6% owing to lower metal grades and ore recovery, geopolitical and investor uncertainty related to the Russia-Ukraine conflict, and the introduction of new mining equipment at one operation. The estimated annual average price in 2025 increased by 53% for ruthenium, by 25% for platinum, by 24% for rhodium, and by 11% for palladium compared with the average prices in 2024. The estimated annual price of iridium decreased by 9% compared with annual average price in 2024. Price increases were attributed to decreased production and increased demand, particularly for rhodium in the hard disk and chemical catalyst industries and owing to the substitution of platinum in automobile catalysts. Investment uncertainty and volatility may have also contributed to price increases. The price decrease for iridium may have been affected by increased production and the waning of investor enthusiasm in the hydrogen power market.
Palladium has been used as a substitute for platinum in most gasoline-engine catalytic converters because of the historically lower price for palladium relative to that of platinum. About 25% of palladium can routinely be substituted for platinum in diesel catalytic converters; the proportion can be as much as 50% in some applications. For some industrial end uses, one PGM can substitute for another, but with losses in efficiency.
About 140,000 kilograms of palladium and platinum were recovered globally from new and old scrap in 2025, including about 50,000 kilograms of palladium and 8,600 kilograms of platinum recovered from automobile catalytic converters in the United States.
World resources of PGMs are estimated to total more than 100 million kilograms. The largest resources and reserves are in the Bushveld Complex in South Africa.