Platinum facts

The platinum group metals (PGM) consist of six metallic elements that share similar physical and chemical properties and often occur together in the same mineral deposits. These metals are:

• platinum
• palladium
• rhodium
• ruthenium
• osmium
• iridium

Learn more about platinum group metals

Uses

PGMs are highly valued for their exceptional catalytic properties, which allow them to accelerate or initiate chemical reactions without being consumed in the process.

Their most important application is in catalytic converters, a critical component of exhaust systems in internal combustion vehicles. Platinum and palladium are central to autocatalysts, where they reduce harmful tailpipe emissions from cars, buses, and trucks—making a major contribution to cleaner air. Rhodium is often added to these systems (three-way catalysts) to further reduce nitrogen oxide (NOx) emissions in gasoline-powered vehicles.

PGMs also have other important applications in the clean-energy transition. Platinum, iridium, and ruthenium play a vital role in hydrogen production and fuel cell technologies.

Platinum also has wide industrial applications, spanning chemicals, glass manufacturing, electronics, medical devices, petroleum refining, and jewellery. Palladium serves many similar purposes, particularly in the chemical, electronics, and dental sectors.

Although both platinum and palladium are also investment commodities, this represents a relatively small share of their overall demand.

Meanwhile, iridium and ruthenium are essential to a range of chemical, electronic, and electrochemical applications.

Production

In 2024, Canadian mines produced 746,000 troy ounces of PGMs. Most of the production came from Ontario, which accounted for 74% of the total, while the remaining production occurred in Quebec, Manitoba, and Newfoundland and Labrador.

Canada has one dedicated PGM mine, the Lac des Iles mine near Thunder Bay, Ontario. Additionally, PGMs are recovered as co-products at numerous primary nickel mines across the country. Currently, there are three advanced exploration projects in northern Ontario specifically targeting PGMs as their primary commodities.

Consult a map of producing Canadian mines and advanced projects

International context

Canada is the fourth-largest producer of mined PGMs in the world, accounting for about 5.6% of global production. An estimated 17.7 million troy ounces of PGMs was supplied globally in 2024, 74% of which was from mined sources, and the balance was from recycling and scrap sources.

In 2024, global proven reserves of PGMs were estimated at 81,330 tonnes, or 2.6 billion troy ounces, with the majority located in South Africa. Canada holds the fifth-largest known PGM reserves globally, totalling 310 tonnes, or roughly 10 million troy ounces.

Trade

Exports

In 2024, Canada’s domestic exports of refined (Stage 2) and semi-fabricated (Stage 3) platinum group metal (PGM) products totaled 6,096 kg, valued at $333 million. This represents a 13% decrease in volume and a 17% decline in value compared to 2023.

Palladium-based products dominated, accounting for 89% of the volume and 91% of the value. Platinum-based products made up the remaining 11% of volume and 9% of value, while rhodium-based products represented less than 0.1% of both.

The United States was the primary destination, receiving 67% of the total export value, followed by Switzerland at 33%. Quebec led the country in PGM exports, contributing $302 million (91% of the total), while Ontario accounted for $30 million (9%).

Imports

In 2024, Canada imported 19,946 kg of refined (Stage 2) and semi-fabricated (Stage 3) PGM) products, valued at $1.1 billion. This marked a 24% decrease in volume and a 31% decline in value compared to 2023.

Palladium accounted for most imports, representing 79% of the volume and 65% of the value. Platinum made up 14% of the volume and 11% of the value, while rhodium accounted for 6% of the volume but a much higher share of the value at 23%. Together, iridium, osmium, and ruthenium comprised 1% of the volume and 2% of the value.

Imports were sourced primarily from South Africa, which supplied 59% of the total import value. Other key suppliers included the United States (21%), South Korea (6%), Belgium (5%), Germany (4%), Switzerland (3%), and the United Kingdom (1%).

Prices

Platinum prices remained relatively stable in 2024, with monthly averages fluctuating between US$900 and US$1,000 per troy ounce. Prices bottomed at US$894 in February and peaked at US$1,014 in May. The annual average price was US$955 per troy ounce, virtually unchanged from 2022 and 2023.

Palladium prices also stabilized in 2024, ranging between US$920 and US$1,070 per troy ounce. Prices hit a low of US$925 in June and a high of US$1,069 in October. The annual average fell to US$983 per troy ounce, down sharply from US$1,338 in 2023 and nearly equal to platinum. Palladium, which held a price premium over platinum from 2018 to 2023, has steadily declined since 2021 amid expectations of weaker demand because of the shift from internal combustion engine vehicles toward electric vehicles.

Rhodium prices stabilized in 2024 following a sharp decline the previous year.

Recycling

In 2024, 4.6 million troy ounces of PGMs were recovered globally from the recycling of products such as autocatalytic converters, electrical scrap, and jewellery. Recycling accounted for 26% of the total global supply of PGMs in 2024, with the balance coming from mining. The high value of PGMs, combined with their significant concentrations in recyclable materials, drives substantial levels of PGM recycling.