PGMs — Numbers That Matter
Platinum, palladium, rhodium — the rarest and most industrially vital precious metals on Earth. They power catalytic converters, fuel cells, and advanced electronics. Only ~360 tonnes are mined per year, and two countries control 97% of reserves. Every number links to a primary source.
The Three Key PGMs at a Glance (2024)
Where Does PGM Demand Go? (2024)
Mine Production by Country (2024)
Production figures in kilograms. South Africa dominates platinum; Russia leads in palladium. Together they account for over 80% of global mine output.
| Country | Platinum (kg) | Palladium (kg) | Total (kg) | Source |
|---|---|---|---|---|
| 🇿🇦 South Africa | 120,000 | 72,000 | 192,000 | NRCan 2026 |
| 🇷🇺 Russia | 18,000 | 75,000 | 93,000 | NRCan 2026 |
| 🇿🇼 Zimbabwe | 19,000 | 15,000 | 34,000 | NRCan 2026 |
| 🇨🇦 Canada | 5,700 | 17,000 | 22,700 | NRCan 2026 |
| 🇺🇸 United States | 2,000 | 8,000 | 10,000 | NRCan 2026 |
| 🌍 Others | 4,600 | 4,200 | 8,800 | NRCan 2026 |
| World Total | 169,300 | 191,200 | 360,500 |
PGM Reserves by Country
Economically recoverable PGM reserves still in the ground. South Africa's Bushveld Complex is the world's single largest PGM deposit. Source: NRCan (2026), citing USGS
Average Annual Prices (2020 – 2024)
Per troy ounce in US dollars. Palladium and rhodium peaked in 2021; both have declined sharply since. Platinum has been remarkably stable.
| Year | Platinum | Palladium | Rhodium | Notes |
|---|---|---|---|---|
| 2024 | $955 | $983 | ~$4,800 | Pd ≈ Pt for first time since 2018 |
| 2023 | $967 | $1,338 | ~$4,600 | Pd fell 38% from 2022 |
| 2022 | $965 | $2,112 | ~$13,800 | Russia-Ukraine supply shock |
| 2021 | $1,093 | $2,398 | ~$26,900 | Rh hit all-time high of $29,800/oz |
| 2020 | $883 | $2,193 | ~$10,900 | COVID-19 supply disruptions |
Why PGMs Matter
⚡ Hydrogen Economy: Platinum is the key catalyst in PEM fuel cells and electrolyzers. As green hydrogen scales, PGM demand from this sector is expected to grow 5–10× by 2030.
🔬 Medical & Chemical: PGMs serve as critical catalysts in pharmaceutical production, petroleum refining, and cancer treatment drugs (e.g., cisplatin).
⚠️ Supply Concentration Risk: Two countries (South Africa and Russia) control 97% of reserves and >80% of mine production — making PGMs among the most geopolitically concentrated commodities in the world.