Author: Rustam

Global platinum production overview

Platinum is a critical precious metal used in automotive catalytic converters, industrial applications, and jewelry. Over the past few years, its use in green hydrogen applications and fuel cells has further increased its strategic importance. Platinum production worldwide amounted to about 236 metric tons in 2024, of which South Africa produced more than 70%. Russia, Zimbabwe, and Canada also produce smaller but significant quantities.

South Africa’s Bushveld Complex is still the world’s largest source of platinum group metals (PGMs), and vertically integrated platinum mining firms have large underground and open-pit projects. Yet power shortages, labor unrest, and old infrastructure still crimp growth in production.

Market dynamics have moved in response to softening diesel vehicle demand (a historic platinum consumer) and developing interest in hydrogen-powered vehicles and industrial decarbonization. These are altering the long-term demand picture for platinum and rendering the sector ever more compelling for strategic investors.

Major platinum mining firms

The platinum industry is controlled by a few big, diversified mining companies with large operations and integrated supply chains:

Anglo American Platinum (Amplats): The world’s largest producer of platinum, based in South Africa. Amplats owns principal assets like Mogalakwena, the world’s biggest open-pit platinum mine, and Amandelbult. In 2024, the firm produced about 1.86 million ounces of platinum. Its vertical integration from mining to refining to marketing positions it as a foundation of international supply.

Impala Platinum (Implats): A further large South African platinum miner operating in Rustenburg, Marula, and Zimbabwe (Zimplats). Implats mined around 1.38 million ounces of platinum in 2024 and has been building its portfolio via acquisitions and brownfield developments.

Sibanye-Stillwater: Initially gold-centric, Sibanye has emerged as a major player in PGMs, especially with the acquisition of the Stillwater mine in Montana, USA — a principal palladium mine with platinum as a by-product. It has geographically diversified and is aggressively investing in battery metals.

Northam Platinum: A South African mid-tier company with increasing production, Northam has the Zondereinde and Booysendal mines in its portfolio. It has attracted investor attention for its cost-efficient operations and consistent production growth.

These platinum firms dominate a significant portion of the world’s production and are key to market pricing and supply chain stability. Their operating performance is scrutinized by institutional investors and analysts.

New entrants in the platinum industry

Although the platinum market is dominated by South African giants, a number of upstart mining firms are making calculated forays into or expansion in the industry:

Tharisa plc (South Africa): While most renowned for its chrome business, Tharisa boasts an expanding PGM portfolio, which includes the Karo Platinum project, and has its sights set on building its platinum presence.

New Age Metals (Canada): PGM exploration in North America, specifically the River Valley Project in Ontario — one of Canada’s largest undeveloped primary PGM deposits.

Ivanhoe Mines (Canada): Ivanhoe is building a high-grade, long-life PGM mine with modern mechanized operations and a strong emphasis on sustainability through its Platreef project in South Africa.

African Rainbow Minerals (South Africa): ARM is a diversified miner that has exposure to PGMs via its interest in Modikwa Platinum Mine and other joint ventures.

These new platinum miners have the potential to grow significantly but are constrained by financing, regulatory approvals, and infrastructure. Nevertheless, they are essential for diversification in a supply-concentrated market.

Investment risks and opportunities

Platinum stocks offer a combination of potential and challenge for investors wanting to gain exposure to precious and strategic metals:

Opportunities:

• Increasing demand due to green hydrogen, fuel cells, and industrial decarbonization.
• Supply limitations in South Africa should prop up prices if demand revives.
• Investing in PGMs is a hedge against inflation and currency risk.

Risks:

• Operational instability in South Africa: power outages, labor unrest, and regulatory issues.
• Demand uncertainty owing to EV transition and lower diesel vehicle output.
• Price fluctuations caused by speculative trading and macroeconomic changes.

Investors ought to favor platinum mining firms with solid cost structures, diversified businesses, and exposure to future-looking applications like hydrogen and fuel cells. Examining debt levels, political risk exposure, and forward contracts is also paramount in determining long-term performance.

Technological innovation and sustainability

Platinum firms are ramping up investment in technology and sustainability to enhance operational resilience and attract ESG-focused investors:

Mechanized mining: Ivanhoe and Amplats are at the forefront of developing mechanized and automated mining techniques to enhance efficiency and safety for workers in deep-level mines.

Water and energy management: Northam and Sibanye-Stillwater have introduced sophisticated water recycling plants and incorporate renewable energy sources into their energy mix to lower carbon intensity.

Tailings reprocessing and circular economy: Major companies are investing in tailings recovery and secondary PGM production to reduce environmental footprint and boost metal yield.

Carbon reporting and governance: Platinum miners are conforming to global frameworks like the Task Force on Climate-related Financial Disclosures (TCFD) and ESG ratings to enhance transparency and stakeholder confidence.

These technological changes are not just boosting productivity but are also essential to retaining social licenses to operate and accessing long-term investor capital.

Future prospects of the platinum sector

The future of the platinum sector is becoming more tied to energy transition patterns and industrial decarbonization. Though conventional demand from the automotive industry might plateau, new uses in hydrogen fuel cells, electrolysis, and aerospace present encouraging growth opportunities.

The Hydrogen Council predicts that demand for platinum due to hydrogen technologies may increase three- to fourfold over the period until 2040. Moreover, a tightening of supply conditions and geopolitical tensions in South Africa and Russia may underpin medium-term price appreciation.

Nevertheless, the sector needs to overcome mine depletion, energy limitations, and elevated capital expenditure demands. Those platinum businesses that are able to innovate, geographically diversify, and align themselves with decarbonisation trends will be well-placed to dominate the market.

FAQ

What company mines the most platinum?

Anglo American Platinum is the largest producer of platinum in the world and accounts for around 1.86 million ounces every year. Its South African assets, particularly the Mogalakwena and Amandelbult mines, are some of the most prolific in the world. As Anglo American’s PGM flagship, Amplats is at the heart of international supply chains.

What are the best platinum stocks to buy?

Leading platinum shares are Anglo American Platinum, Impala Platinum, Sibanye-Stillwater, and Northam Platinum. They provide strong production levels, vertically integrated models, and exposure to increasing industrial demand. For speculative investors, juniors such as Ivanhoe Mines and New Age Metals provide high-risk, high-reward exposure tied to new project developments.

Who is the biggest producer of platinum?

South Africa is the biggest country producer of platinum, accounting for more than 70% of world output. At the company level, Anglo American Platinum is the largest, followed by Implats and Sibanye-Stillwater. These companies have big, high-grade mines in the Bushveld Complex — the wealthiest PGM resource in the world.

What are the big 4 mining companies?

The “Big 4” diversified miners are Rio Tinto, BHP, Glencore, and Anglo American. Although they dominate commodities such as iron ore, copper, and coal, they do not dominate platinum mining. Rather, the platinum industry is dominated by South African specialists such as Anglo American Platinum, Implats, and Sibanye-Stillwater.

Global nickel production overview

Nickel plays a pivotal role in modern industry, especially as a key component in stainless steel and batteries for electric vehicles (EVs). In 2024, global nickel production was around 3.0 million metric tons, driven by demand from China and accelerating EV adoption. Indonesia leads the world in nickel output, accounting for over 40% of global supply, followed by the Philippines, Russia, and New Caledonia.

The Indonesian market is divided between class 2 (consumed primarily in the production of stainless steel), and class 1 (battery-grade nickel). Indonesia’s market dominance is primarily in class 2, but Chinese firms’ new investment in Indonesia is making Indonesia battery-grade manufacturing as well.

Geopolitics and climate change become greater drivers in supply dynamics. As Western nations embrace increasing ESG expectations and critical minerals approaches, investors are homing in on nickel producers embracing sustainable sourcing practices and acquiring jurisdiction assets.

Giant nickel mining companies

Largely, conventional nickel mining firms are market leaders in high production volumes, diversified operations, and market position:

Norilsk Nickel (Russia): With a market-leading production base, Norilsk is responsible for about 6% of global nickel supply. Its Russian deposits also position it as a low-cost producer, but political risk exposure has affected investor views.

Vale S.A. (Brazil): Vale operates on an integrated basis, i.e., mining, smelting, and refining, predominantly class 1 nickel. Canadian operations, i.e., Voisey’s Bay, are particularly important to EV supply chains.

BHP Group (Australia): BHP, through its operations at Nickel West in Western Australia, is well-positioned to become a supplier of sustainable battery-grade nickel. Its alliances with Tesla and other automakers attest to its strategic importance.

Glencore (Switzerland): Large diversified mining company with Canadian nickel holdings at Raglan and Sudbury, New Caledonia, and Australia. Glencore’s class 1 nickel exposure and strong trading business make it a leading player in the world market.

Jinchuan Group (China): The world’s and China’s largest nickel-producing conglomerate, even reaching into Africa. Less familiar in Western markets, but as it is, Jinchuan is very important in global supply chains.

These nickel businesses are central to the market and cannot be replaced in following global market flows, which are most evident in the EV-led demand chain.

Newcomers in the nickel market

Juniors and new producers aim to acquire high-grade assets in good quality jurisdictions to meet future demand, primarily the EV market:

Canada Nickel Company (Canada): Its Ontario-based Crawford project is one of the world’s largest undeveloped nickel-sulphide deposits. It is progressing toward permitting and studies on feasibility with a clear ESG strategy.

Talon Metals (USA): Talon, in partnership with Rio Tinto, is working on the Tamarack project in Minnesota, an onshore strategic nickel supplier for the U.S. battery market.

Nickel Industries Ltd. (Australia): Fast-expanding member having direct connections to Chinese battery producers as well as Chinese stainless steel producers. With a list of laterite projects, the company is at the center of Indonesia’s downstream targets.

Premium Nickel Resources (Botswana): Reawakening current nickel deposits on the continent, the firm will provide ethically sourced battery metal to the markets in the West.

These new minning companies for nickel possess high growth prospects but involve financing, project implementation, and regulatory approval risk. Nevertheless, they are becoming more attractive to the OEMs and battery producers in their pursuit of diversified and sustainable supply chains.

Investment prospects and threats

The nickel stocks are gaining increased investor focus because of their coverage in the decarbonisation themes. Investing in them, though, is subject to consideration of jurisdiction risk, commodity cycles, as well as project economics.

Opportunities:

• Increasing demand from EV producers for battery-grade nickel.
• Western lender security programs are able to finance local projects.
• Established suppliers of automakers offer price stability and financial leverage.

Risks

• Geopolitical risk, particularly for firms active in Russia or Indonesia.
• Volatility induced by overproduction or by a demand slowdown.docs
• ESG and permitting issues, most notably for greenfields

Investing in mining stocks for nickel requires attention to cost profiles, the quality of ore (sulfide or laterite), downstream value-adding, and ESG record when determining long-term sustainability.

Techno innovations and sustainability

Nickel is facing transformative change spurred on by tech innovation and inclusions for sustainability, most notably under pressure in battery supply chains.

Applied in upgrading laterite ores to battery-grade nickel, high-pressure acid leach (HPAL) is increasingly in demand in Indonesia for sustainable environments. Such a plant as Papu New Guinea’s Ramu HPAL plant is significant in upgrading class 2 nickels to class 1.

Carbon capture and recycling: Companies such as Canada Nickel are pioneering carbon-neutral mining using carbonation of tailings and utilization of renewable energy, in accordance with global decarbonization.

Digitalization and automation: Vale and BHP are using AI, autonomous fleets, and predictive maintenance to lower costs and maximize safety, establishing new standards for operations.

TCFD- and ESG-based reporting: Pressure from stakeholders was the catalyst driving more TCFD and GRI framework adoptions across mainly listed nickel firms.

Such initiatives change the business model of nickel companies and are investment-worthy. Companies in the technology adoption curve and disclosure leadership position are most suited to position themselves to gain capital and long-term contracts.

Future direction of the nickel market

The nickel market is where the transition in energy and geopolitical realignment intersect. The demand for electric vehicles will quintuple in 2030, primarily backed by high-purity class 1 nickel for lithium battery cell applications.

Near-term Indonesian surpluses and replacement through various chemistries (e.g., LFP batteries) would, however, moderate price increases. The long-term North American and European Class 1 nickel deficits would also drive strategic investment and M&A for nickel mining businesses.

Localization and sustainability of supply chains will be the deciding factors. Low-carbon footprint, good governance, and Australian or North American project firms are likely to be relevant for the long haul.

FAQ

Who is the largest nickel mining company?

Russia’s largest-volume producer in 2024 is Norilsk Nickel, but the world’s largest is Chinese company Tsingshan. Despite regional risk issues, Norilsk produces in excess of 200,000 metric tons each year and accounts for about 6% of global production. Vertically integrated production allows for material cost advantages, but regional risk issues impact investor sentiment.

What are the big 4 mining companies?

What are the big 4 mining companies?

The “Big 4” mining operations usually include BHP, Rio Tinto, Glencore, and Vale. They operate in various commodities, including nickel. Vale and BHP are among the largest nickel portfolio operators of vertically integrated supply chains with a focus on manufacturing battery-grade products.

Is nickel a good investment?

Nickel presents a promising long-term investment opportunity, particularly in light of its central role in stainless steel manufacturing and battery manufacturing in electric vehicles. However, nickel is not price erratic and geopolitically volatile. Investors should therefore consider nickel equities with class 1 asset exposure, ESG integration, and strong balance sheets.

Is nickel mining profitable?

Nickel mining is very profitable, especially for lowest cost producers, particularly those having access to high grade sulfide deposits. The companies such as Norilsk Nickel and Vale possess healthy profit margins. Nevertheless, laterite operations, particularly those involving the use of HPAL technology, incur higher capital cost and risk in operations, which affects profitability subject to market phases.

Composition of palladium white gold

White gold palladium is an alloy created from the blending of pure gold with the platinum group metal palladium. The standard alloy is 75% gold (18K) with 10–25% palladium, with traces of silver or copper sometimes added in for workability. Unlike the use of nickel as decolorizer in routine white golds, palladium has the benefit of providing naturally occurring whiteness without the loss of hypoallergenic properties.

It is prized as lighter than platinum. The exact ratio of the palladium alloy to gold will determine the color, strength, and acceptability as jewelry. Higher gold percentages in an 18K palladium white gold ring retains value with the warm undertone, while durability is prioritized in the 14K alternatives.

A comparison to appearance

Aesthetically, palladium white gold is characterized as having a silver-white color that is soft, shiny, and elegant in nature. It closely resembles platinum in color and is distinct from the yellowish color of nickel-alloyed unplated white gold.

Completed palladium white gold will stay whiter for longer and will not have to be plated with rhodium, as the other white gold alloys. The cooler look is ideal for clean, modern jewelry and to enhance diamonds’ fire, as opposed to rose or yellow gold.

Advantages

Compared to traditional gold alloy with nickel, palladium white gold has many advantages:

• Hypoallergenic: Nickel-free to be gentler to sensitive skin.
• Low maintenance: Often requires little rhodium replating.
• Durability: More durable than silver but lighter than platinum.

There are compromises, however

• Cost: Palladium costs more than nickel or copper, raising the end prices of jewelry.
• More difficult to work with, hence less favored with budget jewelers.
• More in custom or premium products, less in mass-market products.

These characteristics make it very desirable in beautiful gold jewelry especially in wedding and engagement rings where appearance as well as strength is the main consideration.

Applications and trends in jewelry design

Palladium white gold is becoming increasingly popular in jewelry design, especially for:

• Wedding bands and engagement rings.
• Diamond and gemstone arrangements in different colors.
• Modern, minimalist designs
• High-end fashion pieces from brands emphasizing precious metals

Luxury jewelers increasingly use palladium alloys in premium collections designed to appeal to consumers who value appearance and strength. The metal’s own distinctive cool sheen enhances the brilliance of gemstones and is conducive to a variety of styles, from conventional to contemporary.

Maintenance and care protocols

Palladium white gold is quite easy to maintain.

• Always wash with warm water along with mild soap.
• Use a soft cloth for polishing.
• Avoid harsh chemicals or abrasive cleaners.
• Periodic professional inspections can mend surface deterioration or wear.

Compared to traditional white gold, it typically needs less frequent rhodium re-coating application, reducing long-term maintenance. Jewelers recommend storing it separately to avoid scratching and suggest cleaning it before storing to maintain its shine.

Procurement methods for the acquisition of products

To ensure the authenticity of palladium white gold purchases:

• Look for hallmark stamps like “750” (18K gold) or “585” (14K gold), along with a stamp of “Pd.”
• Check the metal’s weight—lighter than platinum, heavier than silver copper mixes.
• Consult with an expert jewelry appraiser.
• Understand market prices: The palladium prices are variable, impacting the per-gram cost.

High-quality gold jewelry pieces will also come with certification and detailed metal composition. Avoid unmarked or ambiguously labeled items, as they may contain lower-value alloys or different metal compositions.

FAQ

What is palladium white gold?

White gold palladium is an upscale alloy created as palladium is combined with gold. The alloy is used as an alternative to white gold, which is normally used with nickel. The palladium provides the alloy with a natural whiteness, further enhancing the alloy’s beauty while reducing the need for rhodium plating.

Is palladium the same as white gold?

Palladium is a particular class of precious metal, while white gold is an alloy created from gold which can have palladium combined with some other metals like nickel or silver. The addition of palladium creates a stronger and hypoallergenic form of white gold, which has improved brightness.

What color is palladium white gold?

The metal has a soft, silvery-white color that is brighter than traditional white gold that contains nickel. Unlike some types of white gold that require rhodium plating to whiten them, palladium white gold maintains its natural luster without relying on additional layers.

Does palladium white gold tarnish?

Palladium white gold has excellent resistance to tarnishing. With the palladium, which is considered a noble metal with non-oxidizing characteristics, the strength of the alloy is improved, so the color is maintained over long terms with little maintenance.

The physical and chemical properties of aluminium

Aluminium is one of the most versatile substances used in modern industry, valued for its light weight, malleability, resistance to corrosion, and conductivity of heat. Having the density value of only 2.7 g/cm³, aluminium is about one-third lighter than steel, hence making it especially suitable in applications where mass reduction is critical.

Its thin oxide film gives the metal excellent resistance to corrosion, which is enhanced further by treatments like anodising. Aluminium also has high reflectivity with the ability to reflect light in the visible spectrum to as high as 92%, thus explaining its large use in insulation products as well as the foils used in packing.

Chemically, pure aluminum is a soft and malleable metal, but the addition of alloying elements like copper, zinc, magnesium, or silicon creates materials with high strength-to-weight ratios that are important for aerospace and structural applications.

Household Uses of Aluminium

In everyday life, aluminium foil is a staple for food storage due to its barrier properties against light, oxygen, and moisture. Its reflective and heat-resistant nature makes it ideal for cooking and wrapping, maintaining food freshness while withstanding high temperatures.

Aluminium is used for making cooking utensils like pans and baking trays thanks to its thermal conductivity and non-toxic nature. It heats evenly and cools quickly, improving cooking efficiency. It’s also a safe material, provided it’s not scratched or degraded, which could expose users to trace metal leaching.

Aluminium is also prominent in packaging, from drink cans to laminated food wrappers, due to its lightweight, recyclability, and ability to preserve content. Moreover, used aluminium canopies, boats, ladders, and doors often retain value due to aluminium’s durability and recyclability.

Industrial and Construction Applications

Aluminium in construction is utilized in roofing sheets, window frames, doors, and composite panels. The corrosion-resistant and anodised coatings of the metal render it apt for external environments without any further protection.

Aluminium composite panels are widely used for façade cladding, owing to their lightness and modern look. Aluminium’s strength-to-weight ratio adds to the functionality of ladders and scaffolding made of this metal, thus making transportation easier and enhancing safety during handling operations.

Beyond buildings, aluminium is integrated into industrial machinery and components. Its adaptability through casting and extrusion processes enables the production of custom shapes for infrastructure and manufacturing.

Electrical conduction

Despite the high conductivity of copper, aluminium is often used for making electrical wires and transmission lines because of its more favorable cost-to-weight ratio. Although aluminium has about 60% of the conductivity of copper, it has only 30% of the weight, thus allowing for longer spans and lighter structural components.

This advantage explains the reason why aluminium and copper are used for electrical transmission—aluminium, in particular, for overhead power lines, and copper for cabling in highly populated urban regions. Aluminium conductors also exhibit resistance to environmental degradation, thus requiring less maintenance in the long run.

Its high heat conductivity places it as the foremost choice in applications like radiators, air conditioning devices, and heat exchangers. In addition, its non-magnetic nature makes aluminium suitable to be used in sensitive electronic environments.

Aerospace and transportation alloys

Aluminium alloys have significant applications in aircraft, cars, boats, and trailers. Specific grades, like the 7075 and the 2024 aluminium alloys, have high tensile strength with the maintenance of lightweight profile, which is important to achieve improved fuel efficiency and payload in the aviation industry.

In marine applications, used aluminium boats for sale maintain their value due to the corrosion-resistant nature of aluminium in saltwater conditions. The same applies to aluminium trailers and ute trays, which offer reduced towing weights and a longer life.

Automobile producers have increasingly used aluminium components to meet fuel efficiency and emission-mitigating requirements. In engine blocks, chassis parts, as well as in body panels, aluminium plays an important role in balancing efficiency with performance.

Surface modifications: anodization, coatings

For enhanced performance, aluminium undergoes surface treatments, like anodizing, that thicken the protective oxide layer, giving a boost to wear resistance as well as coloring potential. Anodized aluminium finds widespread use in architectural and consumer electronic applications because of its aesthetic appeal and durability.

Powder coats, lacquers, and ceramic coats work to protect the aluminium against mechanical wear and climactic influence. Such surface finishes increase durability while at the same time offering considerable design flexibility, which is especially important in today’s architectural and industrial designs.

Chemicals and industrial materials.

Aluminium compounds have significant industrial value. Aluminium chloride is used in petrochemical production, aluminium sulphate in water purification, and aluminium hydroxide in pharmaceuticals as an antacid and vaccine adjuvant.

Aluminium oxide, or alumina, is a critical ingredient in both abrasive materials and refractory ceramic products. In addition to this, it is used prominently in the production of synthetic sapphires and as a precursor to the extraction of metallic aluminium via the Bayer process.

In construction, these compounds are used for waterproofing, fire retardants, and paint additives. In personal care, aluminium salts serve as active ingredients in deodorants and antiperspirants.

Recycling and Sustainability

Aluminium is considered to be one of the world’s most recyclable products. Recycling aluminium can recover as much as 95% of the energy required to produce it from bauxite. This improvement in energy efficiency means decreased carbon emissions and lower environmental impacts.

Recycling processes do not lower the quality of aluminum, making it reusable in the long term. As a consequence, about 75% of all the aluminum ever produced is in current use.

Used aluminium sheets, cans, trailers, and doors maintain a strong secondary market, further incentivizing collection and reuse. Industries and governments increasingly emphasize aluminium recycling as a cornerstone of circular economy strategies.

FAQ

What are 10 uses of aluminium?

1. Kitchen foil and packaging
2. Kitchen utensils and cookware
3. Projects related to electrical circuits.
4. Aerospace structures
5. Automotive exterior parts
6. Door and window frames.
7. Roofing and cladding
8. Drinking containers
9. Boats and trailers
10. Heat exchangers and radiators

Where is aluminium mostly used?

It is most commonly used in the fields of construction, transport, and packaging. In addition, its ubiquitous uses in consumer durables, aviation, and power distribution are mostly due to its versatility, resistance to corrosion, and recyclability.

What is aluminum material used for?

It is utilized in a varied range of uses, ranging from lightweight structural elements to electrical conductors, to household foil as well as pharmaceuticals. Its applications reach from important industrial sectors to common products one will encounter daily.

Why is aluminium used?

Aluminium is used because it has desirable characteristics such as being light, durable, non-corroding, non-toxic, and high in conductivity. Its recyclability further makes it an economical as well as environmentally friendly choice in many industries.

Platinum prices in recent months have been volatile, driven by a combination of industrial demand, global macroeconomic conditions, and market sentiment. Prices are currently hovering around $1,210 per ounce, rebounding from May lows caused by US dollar appreciation and weak demand from the automaker segment.

One of the leading drivers of current prices is the contrast in platinum’s two largest uses: jewellery and industrial. Whereas jewellery demand remains fairly secure, especially in China and India, weakening global vehicle production—where platinum is used in catalytic converters—has been weighing on prices. Moreover, platinum future trading confirms this skepticism, with short-term contracts having the most speculative turnover.

Further, geopolitical tensions in major platinum-producing regions like South Africa and Zimbabwe are creating supply-side pressures. These pressures are also being compounded by currency volatility (notably an appreciating dollar), and affecting near-term prices in the platinum market.

Market supply and demand dynamics

The platinum metals market right now is confronted with a dynamic of lumpy recovery in demand and supply constraints. World platinum output decreased modestly compared to a year ago due primarily to the strikes by workers and power cuts to South Africa’s platinum mines, which yield over 70% of world supply.

On the demand side, while traditional automobile uses remain significant, the emergence of battery electric vehicles (which use no platinum) is revolutionizing long-term prospects. In the meantime, novel uses of platinum in green technology, such as in hydrogen fuel cells, are a future growth driver in the pipeline although at embryonic stages.

Industrial demand, too, has been supported by the electronics and chemicals sectors. Investment demand through platinum bullion and platinum equity products has remained subdued, however, in response to competition from nickel and gold as hedging tools.

Key players in the platinum industry

The industry is dominated by a number of major mining players, most notably Anglo American Platinum, Impala Platinum, and Sibanye Stillwater. All of them have significant operations in the southern African region and are heavily exposed to the domestic socio-economic environment.

Anglo American Platinum, a subsidiary of Anglo American plc, remains the world’s largest integrated producer from mining through to refined production. It has also ventured into exploration in Zimbabwe and in digital optimisation of mines in recent times.

Impala Platinum is diversifying production by increasing palladium platinum ratios in a bid to minimize market exposure. Sibanye Stillwater, a South Africa-based mining company with operations in the U.S., is investing in green metals and research and development in a bid to contribute to hydrogen fuel technologies.

The remaining international majors, such as Northam Platinum and Platinum Group Metals Ltd., are characterized by their specialty nature and technological focus. Such producers set the prices of platinum based on their levels of production and sales.

Investment opportunities in platinum

Investing in platinum is possible in a variety of ways including physical platinum bullion, ETFs, futures, and shares in platinum mining companies. All of them possess a varied risk-return profile.

Physical platinum offers an inflation hedge and a currency deprecation hedge, similar to gold but even more volatile. Physical platinum ETFs such as the abrdn Physical Platinum Shares ETF (PPLT) offer investors a liquid entry point into physical bullion without having to handle physical bullion themselves.

The aggressive investors are offered leverage on the prices in producer stocks like Anglo American Platinum or platinum equity index-tracking ETFs. These carry operating risks in mining regions too.

Platinum future contracts on exchanges like NYMEX and TOCOM also attract short-term speculators. Short-term speculators should be aware before trading in such a market of margin requirements, rollover fees, and liquidity.

Future outlook for the platinum market

The long-term platinum demand outlook is still good even though near-term prices face pressures. Specialists are projecting a modest recovery in demand in the latter half of 2025 based on industrial and green energy usage.

The expanding market of platinum in fuel cell electric vehicles (FCEV), notably in Asia, can be a game-changer in terms of demand driver. Decarbonization and net-zero commitments can be supported by subsidy and infrastructure aid comprised of platinum-based technologies.

Supply risks are a wild card. Any major South African disruption of mines through power supply problems or political instability would send prices soaring. Added to this, the changing dynamics in the platinum stocks and those changing ESG standards could push investment into those that are front-runners in sustainability.

Technological and industrial applications

Platinum is a significant metal in numerous industries. Besides its traditional applications in platinum jewelry and automobile catalysts, it is becoming progressively significant in high-tech and energy applications.

In electronics, platinum’s conductivity and resistance to corrosion are vital in medical equipment, hard disks, and thermocouples. In the chemical industry, it is used as a catalyst for the production of nitric acid and fertilizers.

One of the future-oriented applications of platinum is in green hydrogen manufacture and fuel cell technology. PEM fuel cells, in their platinum catalyst-containing structure, form the backbone of hydrogen-powered vehicles and storage units.

As global policy pivots to decarbonization, platinum investment and trading storylines must increasingly align with ESG-driven capital inflows, which highlight the strategic importance of the metal outside of decorative application.

FAQ

Is platinum expected to go up?

Platinum prices are expected to enjoy modest price rises over the medium term based on improved industrial demand and increasing hydrogen energy uses. Near-term gains are potentially constrained by macroeconomic considerations and weak relative investor sentiment versus gold.

What is happening with platinum?

The platinum market is in a period of transformation under the stresses of falling automotive demand, geopolitically volatile supply, and competition from electric cars. In contrast, innovation in clean energy is creating new avenues of demand.

Why is platinum crashing?

The decline in recent times is largely attributed to a strengthening of the greenback, weakening automobile production, and investors redirecting their focus towards alternatives like gold and nickel. Speculative selling of future contracts and poor physical demand also contributed.

Why are platinum prices dropping?

The decline in platinum prices is the consequence of a mix of weak investment demand, overstocked inventories, and conservative buys by major industrial consumers. Near-term corrections are also being fueled by exchange rates and macroeconomic concerns.

Lithium foil and copper foil for battery use are seeing substantial growth, driven by the rising needs from electric vehicles and energy storage systems. Key parameters like the foil’s thickness, conductivity, and the manufacturing technology used form the building blocks of this evolving supply chain.

Materials and types overview

The foil market is composed of several specialized materials

• Lithium foil: ultra-thin metallic lithium sheets (≥99.5% purity), used in high-energy primary and secondary batteries. Market was worth ~$0.82-0.88 b in 2024, expected to reach ~$1.75-5.6 b by 2034 (CAGR ~10.7-11.5%).
• Copper foil: rolled or electrolytic foil, used as anode current collector in lithium-ion batteries, available in 4–12 µm ranges.
• Aluminum foil: placed on the cathode side, often coupled with polymer coatings.
• Copper-lithium composite foil: tailored for solid-state and metal-lithium chemistries; noted CAGR ~7.0% to 2030.

Production methods

Three basic production methods separate quality:

1. Electrolytic deposition (ED): copper is dissolved and plated onto a cathode drum, then treated and sliced. Control of current-voltage balance, additives, and drum grinding ensures consistent thickness and low porosity.
2. Rolling: aluminum and some copper foils are flattened mechanically, with added polymer/adhesive layers for composite structures.
3. Composite lamination: sheet integration for copper-lithium composites, optimized via roll-to-roll systems for mass production.

Applications in lithium-ion batteries

• Copper foil (4–12 µm) is used on the anode side for current collection; it requires high tensile strength and elongation above 13%.
• Lithium foil is an active material in lithium-metal and solid-state batteries with unmatched energy density but requires careful handling.
• Composite foil: combines properties for emerging solid-state battery designs, improving interface bonding and safety.

Key factors are integrity (no cracks), coating compatibility, and electrical performance.

Specifications and standards.

Key technical parameters include:

• Thickness: ultra-thin (<6 µm) to thicker grades (>12 µm); thinner foils offer greater energy density.
• Purity: lithium ≥99.5%, copper >99.9%.
• They include tensile strength, surface roughness, porosity, and elongation.
• Chemical stability: oxidation resistance, compatibility with electrolyte and glue layers.
• Standards for quality assurance are created by manufacturers and cellular device industry groups.

Market overview and supply chain

• Lithium foil market: projected to grow from $0.82-0.88 b (2024) to $1.75-5.6 b (2034).
• Copper foil: expected to reach $7.8-13.3 b in 2025; CAGR ~5.9-11.9% to 2033.
• Composite copper-lithium foil: forecast to double by 2031.

Asia-Pacific leads in lithium foil production, while North America accelerates copper foil capacity. Growth is driven by EVs, ESS, and electronics.

Comparison: lithium vs copper vs aluminium foils

Feature	Lithium Foil	Copper Foil	Aluminum Foil
Function	Active anode	Anode current collector	Cathode current collector
Typical Thickness	Microns	4–12 µm	6–20 µm
Conductivity	High	Very high (>99.9%)	Good, lower than copper
Mechanical Strength	Brittle	Tensile ~40–50 kgf/mm²	Moderate
Cost	High	Moderate	Low
Applications	Solid-state, Li-metal	Li-ion anode	Li-ion cathode

Selection and procurement guidelines

To choose the right foil:

• Specify application: Lithium metal or conventional lithium-ion.
• Specify parameters: thickness range, purity, tensile strength, surface finish.
• Evaluate the suppliers against their manufacturing processes (rolling vs. ED), quality-control measures, and certifications.
• Ensure safety: confirm reactivity handling protocols and moisture barrier performance.
• Consider sustainability: some companies now offer recycled copper foil.

Future developments and innovations.

Major developments include

• Ultra-thin copper foils (<6 µm) for compact high-capacity cells.
• Improved alloy foils and electrolyte-compatible coatings.
• Composite and laminated films for solid-state applications.
• Recycled materials integration into supply chains for ESG compliance.

FAQ

What is lithium foil used for?

Lithium foil is used as the anode in lithium-metal and solid-state batteries. It provides higher energy densities compared to graphite but requires careful engineering and controlled conditions to be stable and safe.

How do you dispose of lithium foil?

Because lithium foil is highly reactive, it requires disposal through certified hazardous waste management processes or specialized battery recycling facilities. It should never be exposed to water or thrown away as regular trash, as it has significant potential for flammability.

What does Elon Musk say about lithium?

Elon Musk has long emphasized lithium’s strategic importance in EV manufacturing. He supports increasing lithium mining and processing, whereas Tesla’s innovations include new cell designs that still rely on foils for current collection.

Is lithium flammable, yes or no?

Yes. Metallic lithium is highly flammable, especially when exposed to water or humid air. In batteries, it is stabilized by coatings and sealed environments, but raw lithium foil is a fire hazard if mishandled.

Platinum and palladium are platinum group metals (PGM), a classification which also includes iridium, osmium, rhodium and ruthenium. Both metals are highly valued for their rarity, durability and wide-ranging applications, which makes them particularly important in the automotive industry, jewellery making and clean energy. Today, the importance of these metals to global markets is growing, especially amidst the transition to a green economy. Despite belonging to the same group of metals, platinum and palladium differ markedly in their properties and applications.

What is palladium?

Palladium is a silvery-white metal, known for its cubic crystal lattice structure. First discovered in 1802 by William Hyde Wollaston, today it is mined primarily in Russia (92 tonnes per year) and South Africa (71 tonnes per year) – the two undisputed leaders in palladium production. Palladium is one of the world’s rarest metals, and is approximately 15 to 30 times scarcer than gold, which accounts for its high price. Palladium is lightweight, durable and highly corrosion-resistant, making it suitable for use in harsh environments.

What is platinum?

Platinum, discovered in the 18th century, is another platinum group metal and has some similarities to palladium. Platinum is heavier, denser and has a higher melting point, making it suitable for high-temperature applications. The main production centres for platinum are in South Africa and Russia. South Africa is the leading producer, holding about 95% of the world’s platinum reserves.

Key physical differences

Though platinum and palladium may appear similar, there are some significant differences in their physical properties:

• Density and melting point: Platinum has a density of 21.45 g/cm³, compared with 12.0 g/cm³ for palladium, meaning that platinum is denser and heavier. Platinum’s higher melting point makes it suitable for more intensive applications.
• Hardness: Palladium is slightly more durable than platinum, making it more scratch-resistant. However, platinum is more malleable, which makes it popular in the crafting of intricate jewellery. Unlike platinum, palladium does not require rhodium plating to maintain its shine.

Applications in jewellery and catalytic converters for vehicles

• Jewellery: Both metals are used in the jewellery industry for their resistance to corrosion and their attractive colour. Palladium is usually used to create alloys such as white gold, whereas platinum is often used in high-end jewellery because of its weight and hypoallergenic properties.
• Automotive industry: The primary use for palladium is in the automotive industry, where it serves as a key component in catalytic converters for petrol-powered vehicles. Between 2 and 7 grams of palladium is used in each converter to convert harmful emissions into less toxic substances, which is especially important in the context of tightening environmental standards. Platinum is also used in catalytic converters, but more often for diesel vehicles. Vehicle manufacturers often switch between platinum and palladium depending on price fluctuations in order to minimise production costs.

Industrial applications and green energy

• Hydrogen energy: Both metals are playing a role in the development of hydrogen energy. Palladium’s ability to absorb up to 900 times its own volume of hydrogen makes it an ideal material for storing and purifying hydrogen. Platinum is a key component of fuel cells, acting as a catalyst for converting hydrogen and oxygen into water and electricity.
• Water purification and solar power: Palladium is also used in cutting-edge water purification technologies, particularly in the creation of efficient and environmentally friendly disinfection systems. Recent research also points to the use of palladium in solar energy, particularly as a new material for photovoltaic panels. This technology is in its early experimental stages, but is expected to significantly boost efficiency when converting luminous energy into electrical energy.
• Electronics: Platinum and palladium also have a wide range of applications in electronics. Palladium is used in ceramic capacitors in laptops and mobile phones, and platinum is used in hard drives, optical fibres and thermocouples.
• Medicine: Platinum plays an important role in medicine, especially in chemotherapy. It is also an important element in pharmaceuticals, with platinum compounds used to treat various cancers.

Price trends and economic viability

Both metals have experienced significant price volatility in recent years. Palladium prices rose sharply between 2020 and 2022, reaching $3,000 per troy ounce as a result of supply shortages driven by tightening environmental standards in the automotive industry. Despite a subsequent fall in prices (palladium is trading at $1,200 per troy ounce at the time of writing, while platinum is trading at $1,027), palladium remains more expensive than platinum due to its higher scarcity and the demand for catalytic converters.

Platinum, on the other hand, has had a more stable price trajectory, with moderate growth thanks to increasing demand for industrial applications and the development of the hydrogen economy. Analysts forecast a slow but steady increase in platinum prices, while palladium prices are likely to decline due to the growing popularity of electric vehicles, which do not require catalytic converters.

Global production and resource concentration

Russia and South Africa dominate production for both metals. South Africa holds about 95% of the world’s platinum reserves, while Russia leads palladium production, producing about 92 tonnes per year. This level of concentration poses a potential supply disruption risk.

Environmental impact and future prospects

• Environmental factors: Both metals have an important role to play in a sustainable future. Palladium is used in catalytic converters, which help to reduce harmful emissions from cars. Platinum, in turn, is indispensable in fuel cells, making it an important component in the development of green energy. 
• The future of EVs: As electric vehicles become more popular, demand for catalytic converters and therefore palladium and platinum may decline. However, new applications in hydrogen energy and fuel cells give cause for optimism in terms of the continued importance of these metals.
• Solar power and new research: Researchers are continuing to explore the use of palladium in solar panels in order to make energy conversion more efficient. Work is also underway to improve palladium membranes for hydrogen energy, which could significantly improve their service life and efficiency.

Conclusion

Platinum and palladium are critical metals, each with unique properties that make them suitable for a wide variety of applications. Thanks to its weight, high melting point and strength, platinum is ideal for high-temperature industrial applications and jewellery. Palladium, which is light, resistant to corrosion and highly durable, is an essential metal for the automotive industry, hydrogen storage and advanced technologies in areas such as solar panels. Both metals continue to find new applications, notably in green energy.

The discovery of palladium and its early uses

Palladium is one of the rarest and most valuable metals on the planet – it’s 30 times more scarce than gold. The history of this metal begins in 1802, when English chemist William Hyde Wollaston discovered a new substance while dissolving platinum in a mixture of nitric and hydrochloric acids. Initially, Wollaston was reluctant to announce his discovery to the public, preferring to sell the metal to private buyers as ‘new silver’. It was only after other scientists began to claim that palladium was simply an alloy of existing metals that Wollaston was forced to present his findings to the Royal Society of London.

The metal was named after the asteroid Pallas, which was discovered around the same time. Initially, palladium was used to treat tuberculosis, but this practice had to be abandoned because of side effects. Palladium began to be used in jewellery in 1939, most often as a component of white gold. Thanks to its anticorrosive properties and attractive silvery-white colour, it quickly gained popularity among high-end jewellers.

It wasn’t until the late 1980s, however, that the application of palladium was widely adopted. This was the result of the tightening of environmental standards in the automobile industry, when the introduction of new emissions standards in the US, Europe and Japan required the mass rollout of catalytic converters. Here, palladium proved to be a vital component.

Physical and chemical properties

Palladium has a unique set of properties that make it indispensable in numerous modern technologies. It is a ductile, silvery-white metal that is 12.6% harder than platinum, ensuring high wear resistance. Palladium is also ductile enough that it can be produced in sheets measuring 4 microns thick, which makes it suitable for use in hydrogen fuel cells, hydrogen purification and other high-tech applications.

One of palladium’s most remarkable properties is its ability to absorb as much as 900 times its own volume in hydrogen. This makes it vital in hydrogen purification processes and hydrogen energy. Additionally, palladium has high resistance to chemical corrosion and excellent electrical conductivity.

Key uses for palladium

Automotive industry

Historically, the automotive industry has been the largest consumer of palladium. Catalytic converters, which convert toxic exhaust gases into less harmful substances, use 2–7 grams of the metal. It is worth noting, however, that the development of electric vehicles could ultimately change palladium’s role in the automotive industry significantly. Since electric vehicles do not need catalytic converters, demand for palladium from automakers may decrease in the long term. This creates certain challenges for palladium producers, while incentivising the search for new applications for the metal.

Water purification and wastewater treatment

Palladium opens the door to more efficient and environmentally friendly water purification technologies. Unlike the traditional method of disinfecting water with chlorine, which requires the storage of large volumes of hazardous chemicals, palladium-based technologies allow disinfectants to be produced directly at the point of use.

The process is based on the electrolysis of common table salt, with a palladium catalyst ensuring high reaction efficiency. The catalytic system requires just 0.6 milligrams of palladium per unit, which makes the technology economically viable even taking into account the high cost of the metal. These units are not only safer to operate, but also allow for higher levels of water purification with lower cost inputs.

Hydrogen energy

Against the backdrop of the global transition to clean energy, palladium is playing a key role in the development of hydrogen energy. It is deployed across the entire cycle of hydrogen production and use, from water electrolysis to the purification of the resulting gas and its storage.

Palladium is used as an electrode component and a catalyst for the hydrogen evolution reaction in the production of ‘green’ hydrogen. Palladium membranes play a special role, possessing a unique ability to let only hydrogen molecules pass through them, thus ensuring a very high level of purification. These membranes are capable of operating at high temperatures and pressures, maintaining stability and efficiency for long periods.

Palladium membranes are already being implemented in a number of large-scale projects. For example, the British company Johnson Matthey has developed and implemented a technology for catalytic membranes that are used to produce clean hydrogen through water electrolysis. These catalyst-coated membranes are used in electrolysers and are key components in the production of ‘green’ hydrogen that avoids harmful emissions. This technology can contribute to the decarbonisation of various industries, including transport and heavy industry.

Mitsubishi Heavy Industries is dedicating significant resources to the development of hydrogen energy technologies, including solid-state electrolysis cells and anode exchange membranes, which are used to generate hydrogen for fuel cells. These technologies allow for the efficient production of hydrogen, which can be used as a clean energy source. Russia’s Nornickel, meanwhile, is investing heavily in the development of palladium membranes, with a focus on increasing their service life and efficiency.

Solar power

The latest research has been positive when it comes to potential applications for palladium in solar power. A newly synthesised compound of palladium and selenium has demonstrated unique photoelectric properties. The compound has a higher efficiency when converting light energy into electrical energy compared with traditional materials used in solar panels such as copper, indium and selenium.

Although this technology is still in its fundamental research stage, scientists are already studying a number of its aspects, including the chemical stability of the new synthesised compound and how its properties change depending on particle size and layer thickness. It is expected that a prototype of a new active element for solar panels using palladium will be developed in the near future.

Chemical industry

Palladium has proven itself as an effective catalyst in the chemical industry, and is used in many processes. It plays a particularly important role in the production of glycolic acid, a substance widely used in the pharmaceutical, cosmetic and textile industries. The traditional method of producing glycolic acid through the oxidation of formaldehyde with nitric acid is environmentally harmful. With palladium catalysts, the more environmentally friendly process of liquid-phase oxidation of ethylene glycol can be used.

Current research is focused on creating new catalytic systems based on palladium and gold nanoparticles on a carbon carrier. Laboratory tests show that these catalysts outperform existing commercial solutions in terms of both activity and selectivity, providing higher yields of the target product.

Global production and the palladium market

Global palladium production is concentrated in a handful of countries. Russia leads the way, producing about 92 tonnes of the metal per year, while South Africa is ranked second with 71 tonnes. Canada (16 tonnes), Zimbabwe (15 tonnes) and the United States (9 tonnes) also make significant contributions to global production.

Palladium prices have historically been highly volatile. The metal fluctuated in the $100–150 per ounce range between 1986 and 1996, and the first significant price jump occurred in 2001. In subsequent years, the price showed significant fluctuations and, as of 2016, it has begun to grow steadily, exceeding $1,500 per ounce in February 2019. In February 2022, the price reached an all-time high of around $3,000 per ounce.

Growth forecasts and new areas of research

Despite the potential reduction in demand from the automotive industry resulting from the development of electric transport, prospects for applications of palladium remain very optimistic. Research is actively underway to create new materials and technologies using palladium in a number of fields:

In hydrogen energy, scientists are working to improve palladium membranes by increasing their service life and efficiency. Particular attention is being paid to the development of new alloys of palladium with other platinum group metals (PGMs) to achieve a synergistic effect from their catalytic properties.

In water purification, research is aimed at optimising the composition of catalytic coatings to increase activity and reduce the amount of palladium required. New methods for applying palladium to electrodes are being developed to ensure better adhesion and a longer service life for the coatings.

In solar energy, new palladium compounds that can convert light energy into electrical energy more efficiently are being studied. Researchers are working to optimise the structure and composition of these compounds in order to achieve the maximum possible energy conversion efficiency.

Conclusion

Despite its high cost, palladium remains one of the most important metals for the development of new technologies. Its unique properties make it indispensable in a number of critical applications, from water purification to clean energy generation. Although the advent of EVs may lead to a decrease in demand from the automotive industry, the emergence of new applications and improvements in existing technologies are creating a sustainable future for this rare metal.

Current research and development efforts are aimed at optimising the use of palladium, which will help to reduce the amounts of the metal required in various applications while maintaining or even improving efficiency. This makes palladium-based technologies more accessible and suitable for widespread implementation, which is of vital importance in the context of the global transition to cleaner and more sustainable technologies.

Hydrogen is emerging as a promising alternative fuel for the transportation and energy sectors due to its clean-burning property and high energy density. “Green” hydrogen, produced using renewable energy sources, is particularly attractive as it has the potential to significantly reduce greenhouse gas emissions.

One of the key technologies for the production of green hydrogen is electrolysis, a process that uses electricity to split water into hydrogen and oxygen. Palladium plays a crucial role in this process, as it is used in the construction of electrolysis cells and as a catalyst for the hydrogen evolution reaction (HER).

“Palladium is a metal having a high catalytic activity for the oxygen reduction reaction at the cathode, providing a high yield of hydrogen,” researcher Irina Goryunova says.

With palladium, the catalyst increases its activity while the resource remains the same, she explained, adding that the technology thus becomes more efficient and accessible.

“We received a prototypes of the catalyst, from particles of the palladium-iridium alloy. These passed laboratory tests and was sent for testing in semi-industrial conditions,” she added.

How it works

In the electrolysis process, a proton exchange membrane (PEM) or an alkaline electrolyzer is used to conduct the electrolysis of water. The construction of these electrolysis cells requires materials that are resistant to corrosion and provide good electrical conductivity.

Palladium, with its excellent corrosion resistance and high electrical conductivity, is a perfect material for the construction of these cells. Its ability to withstand harsh operating conditions and long-term stability under high electrical currents makes it an essential component in the manufacture of efficient and durable electrolysis cells.

In addition to its role in the construction of electrolysis cells, palladium also plays a critical role as a catalyst for the hydrogen evolution reaction. In the electrolysis process, the HER occurs at the cathode, where protons are reduced to form hydrogen gas. Palladium-based catalysts have been extensively studied for their high catalytic activity and selectivity towards the HER. These catalysts exhibit excellent performance in terms of high hydrogen evolution rates and low overpotentials, which are essential for the efficient and cost-effective production of green hydrogen.

Possible challenges and benefits

The use of palladium in green hydrogen generation is not without its challenges. Palladium is a precious metal and has limited availability, which can pose cost and supply chain challenges for large-scale implementation of electrolysis technology. To overcome this limitation, there is ongoing research to develop alternative catalyst materials that could replace or reduce the amount of palladium required for the HER. Additionally, efforts are being made to improve the recycling and reuse of palladium to reduce its environmental impact and ensure a sustainable supply chain for green hydrogen production.

Despite these challenges, the use of palladium in green hydrogen generation offers significant benefits. The high catalytic activity and stability of palladium-based catalysts contribute to the efficiency and reliability of electrolysis technology, making it a key enabler for the widespread adoption of green hydrogen as a clean and sustainable energy carrier. As research and development efforts continue to advance the understanding and application of palladium in green hydrogen generation, the potential for cost reductions and increased availability of palladium-based technologies could further enhance the competitiveness of green hydrogen in the global energy landscape.

The sustainable benefits of palladium in hydrogen generation are obvious. Despite challenges related to its availability and cost, the unique properties of the white metal make it an essential component in the development of efficient and sustainable electrolysis technology for green hydrogen production. As advancements in materials science and engineering continue to drive innovation in this field, the role of palladium in hydrogen production holds promise for a cleaner and more sustainable energy future.