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

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.

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

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.

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

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.

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.

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.