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Platinum facts

The platinum group metals (PGMs) are six metallic elements that have similar physical and chemical properties and that tend to occur together in the same mineral deposits. They are:

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

Key facts

  • Canada is a significant global producer of PGMs, ranking third in palladium production and fourth in platinum production.
  • Canada’s PGM mine production, which reached almost 1 million troy ounces of PGMs in 2020, is concentrated in Ontario, Quebec and Manitoba.
  • Recycling of materials made with PGMs accounts for 31% of the global supply.

Learn more about platinum group metals

Uses

PGMs have strong catalytic properties – meaning they can accelerate or trigger a chemical process without themselves being permanently changed or consumed. Manufacturing of catalytic converters for use in exhaust systems in internal combustion vehicles represents the largest use of these metals.

Both platinum and palladium are used in autocatalysts to reduce tailpipe emissions from light vehicles, buses, and medium- and heavy-duty trucks – helping to improve air quality. Platinum and palladium are also used for investment, to a limited extent.

Industrial uses of platinum include chemicals, glass, electronics, medical and biomedical, petroleum refining, and jewellery. The end uses of palladium are predominately industrial uses such as chemicals, electronics and dental.

Rhodium is added to three-way (platinum-palladium-rhodium) catalysts for light-duty gasoline vehicles to reduce emissions of nitrogen oxides (NOx).

Iridium and ruthenium end uses include chemical, electronic and electrochemical uses. Iridium and ruthenium use is expected to grow in hydrogen production and fuel cells.

Platinum group metals, global uses, 2020

circular chart
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This circular chart shows the major industrial uses of PGMs in 2020. The largest use was for autocatalysts (60%) followed by jewellery (9%), electrical (7%), chemicals (10%), medical (2%), glass (2%), petroleum (2%), investment (4%) and other uses (4%).

Production

Canadian mines shipped almost 1 million troy ounces of PGMs in 2020. The majority of the production occurred in Ontario (77.1%), with the remainder coming from Quebec (22.0%), Manitoba (0.8%) and Newfoundland and Labrador (0.1%).

Canada has one dedicated PGM mine located in western Ontario near Thunder Bay. However, PGMs are also recovered as co-products at many Canadian primary nickel mines.

Consult a map of producing Canadian mines

Canadian mine production of platinum group metals, 2011–2020 (p)

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This bar graph shows Canada's annual mine production of PGMs from 2011 to 2020. Production was at 718,200 troy ounces in 2011. Production then increased toward a peak of 1.1 million troy ounces in 2014 before declining to 903,000 troy ounces in 2017. Production increased to 1.1 million troy ounces in 2019 and then decreased to 981,000 troy ounces in 2020.

Canadian mine production of platinum group metals, by element, 2020 (p)

circular chart
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This circular chart shows Canada's mine production of PGMs by percentage by element in 2020: palladium (70.2%), platinum (27.4%), and rhodium (2.4%).

International context

Canada is the third-largest producer of mined PGMs in the world, accounting for 8.2% of production. An estimated 16.9 million troy ounces of PGMs were supplied from global mined and recycled sources in 2020.

World mine production of platinum group metals, by country, 2020 (p)

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This bar graph shows the world's estimated production in thousands of troy ounces of platinum, palladium and rhodium, by country, in 2020. The leading producer was South Africa (platinum, 3,222,000 oz.; palladium, 1,977,000 oz.; rhodium, 481,000 oz.), followed by Russia (platinum, 699,000 oz.; palladium, 2,636,000 oz.; rhodium, 58,000 oz.). Next were Canada (platinum, 243,000 oz.; palladium, 622,000 oz.; rhodium, 21,000 oz.), Zimbabwe (platinum, 485,000 oz.; palladium, 410,000 oz.; rhodium, 43,000 oz.) and other countries (platinum, 298,000 oz.; palladium, 515,000 oz.; rhodium, 6,000 oz.).

World production of platinum group metals, including recycling, 2011–2020 (p)

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This bar graph shows the world's annual production of PGMs from 2011 to 2020 (preliminary) consisting of platinum, palladium and rhodium. Production was 19.3 million troy ounces in 2011 and fluctuated between 17 and 18 million ounces until 2017. In 2018, production increased to 19.5 ounces and reached a peak of 19.7 million troy ounces in 2019. Production declined to 16.9 million troy ounces in 2020, likely because of closures and disruption during the COVID-19 pandemic.

In 2020, estimates of the total proven world reserves of PGMs were 69,000 tonnes and are located mostly in South Africa.

World reserves of platinum group metals, by country, 2020 (p)
Ranking Country Tonnes Percentage of total
1 South Africa 63,000 91.3%
2 Russia 3,900 5.7%
3 Zimbabwe 1,200 1.7%
4 United States 900 1.3%
5 Canada 310 0.4%
- Other countries N/A N/A
Total 69,000 100.0%

Trade

Canada traded in PGMs and PGM-related products with about 70 countries in 2020.

Exports

Total exports of PGMs and PGM-related products from Canada were valued at $2.7 billion in 2020.

  • Products destined for the United States accounting for 90% of total PGMs exports.
  • Stage 4 manufactured products accounted for 56% of the value.

Imports

Imports of PGMs and PGM-related products, were valued at $2.4 billion in 2020.

  • The majority of imports came from South Africa (29%), the United States (26%), Belgium (12%) and Russia (6%).
  • Stage 3 semi-manufactured products accounted for 74% of the value.

Prices

Platinum prices experienced a moderate increase through 2020, finishing the year at a high of US$1,023 per troy ounce in December compared to US$987 per troy ounce at the beginning of the year. Prices at the end of 2019 were US$974 in December of that year.

Platinum, monthly average prices, 2011–2020

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This line graph shows the monthly average price in US dollars per troy ounce of platinum from 2011 to 2020. The average annual price of platinum was $1,721 per troy ounce in 2011. Prices fluctuated between 2011 and 2016, but experienced an overall decrease in that time. Between 2016 and 2020, prices flattened, moving between $700 per troy ounce to just over $1,000 per troy ounce. In 2020, the average annual price was $883 per troy ounce of platinum.

Palladium prices experienced some volatility in 2020. The price increased to a peak of $2,525 early in the year, then dropped to a low of $1,902. The price recovered in the last half of the year to reach $2,334 per troy ounce of palladium in December 2020. The price fluctuations and recovery are attributed to the recovery of vehicle manufacturing and rising sales because of the COVID-19 pandemic. Autocatalysts (manufacturing of catalytic converters) accounted for 85% of global demand for palladium.

Palladium, prices, monthly average, 2011–2020

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This line graph shows the monthly average price in US dollars per troy ounce of palladium from 2011 to 2020. The average annual price of palladium was $733 per troy ounce in 2011. Prices were relatively stable, but experienced some fluctuation from 2011 to 2016. The average monthly price for 2016 was $611. Prices began an overall increasing trend after 2016, with average monthly prices of $869 in 2017, $1,036 in 2018 and $1,572 in 2019. In 2020, the price continued the increasing trend to reach a peak of $2,525 early in the year, then dropped to a low of $1,902. The price of palladium recovered in the last half of 2020 to reach $2,334 per troy ounce. The average monthly prince in 2020 was $2,141 per troy ounces palladium.

Recycling

Mining accounts for approximately 69% of the world's supply of PGMs, while about 31% comes from the recycling of products such as autocatalytic converters, old jewellery and electrical scrap. While complex, the high values of PGMs and their greater concentration in recyclable material compared to mined ore has contributed to the high level of recycling of PGMs.

World supply of platinum group metals, by source, 2020 (p)

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This pie chart shows the world supply of platinum group metals as percentage by source in 2020. The largest source was mine production (69%), followed by recycling sources including autocatalyst scrap (25%), old jewellery scrap (3%) and electrical scrap (3%). Recycled sources together accounted for 31% of production.

Notes and sources

(p) preliminary

Totals may be different because of rounding.

All dollars are Canadian unless otherwise indicated.

Uses

  • Platinum group metals, global uses, 2020
    • Johnson Matthey

Production

  • Canadian mine production of platinum group metals, 2011–2020 (p)
    • Natural Resources Canada
  • Canadian mine production of platinum group metals, by element, 2020 (p)
    • Johnson Matthey
    • U.S. Geological Survey

International context

  • World mine production of platinum group metals, by country, 2020 (p)
    • Johnson Matthey; U.S. Geological Survey
  • World production of platinum group metals, including recycling, 2011–2020 (p)
    • Johnson Matthey
  • World reserves of platinum group metals, by country, 2020 (p)
    • U.S. Geological Survey

Trade

  • Natural Resources Canada; Statistics Canada
    • Mineral trade includes ores, concentrates, and semi- and final-fabricated mineral products

Prices

  • Platinum, monthly average prices, 2011–2020
    • London Metal Exchange
  • Palladium, monthly average prices, 2011–2020
    • London Metal Exchange

Recycling

  • World supply of platinum group metals, by source, 2020 (p)
    • Johnson Matthey
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