Platinum is a rare, precious metal, like gold and silver; it is non-magnetic, pure, and a good conductor of heat and electricity.
It requires no maintenance, is resistant to corrosion and oxidation, and is unalterable. Its density is higher than that of gold
Its very high melting point allows it to withstand extreme heat conditions. It is ductile and malleable: platinum can be stretched without breaking.
Its properties are used in industry, particularly in automotive, energy, and jewelry.
Each year, 16 tons of platinum are extracted, compared to 1,500 tons of gold.
Platinum minerals - photo credit Aucoffre.com
A bit of history
Pre-Columbian civilizations produced some platinum objects. The metal was brought to Europe from Central and South America in the 16th century by the Spanish, who believed it was silver = plata, of lower quality, "little silver" = platina.
In nature, it is found in the form of nuggets or mixed with other minerals.
Platinum nuggets are quite rare and found in alluvial zones: this is how Spanish explorers discovered them in the waters of the Rio Tinto, in what would become Colombia.
Platinum is primarily present in the form of flakes, particles, or grains in the Earth's crust, mixed with other minerals and raw materials: nickel and copper, iron, iridium, rhodium, palladium…
Platinum ingot - photo credit Rosland.fr
Where are platinum deposits found?
South Africa accounts for the majority of global platinum mine production.
In 2022 alone, the country produced 70.9% of the platinum extracted worldwide.
Russia is another significant producer, although it is far behind South Africa. It is followed notably by Zimbabwe (502,000 ounces) and North America.
In 2022, 1,899,000 ounces of platinum were used globally to manufacture jewelry, according to figures from the World Platinum Investment Council.
For comparison, demand from the automotive industry accounted for 2,897,000 ounces of platinum that same year.
Platinum mineral - photo credit AuCoffre.fr
Like gold and silver, deposits tend to become scarcer and more difficult to exploit.
It takes approximately 10 tons of extracted and processed ore to produce 30 grams of platinum.
