How is platinum mined?

Most of the mining for platinum ore occurs deep underground. To extract the mineral-rich materials, miners pack explosives into holes drilled in the rock and blast it into smaller pieces. The broken rock is then collected and transported to the surface for processing.

Where and how is platinum mined?

Platinum is found in its pure native form or in platiniridium, a natural alloy of platinum and iridium. Platinum is present in thin sulfide layers in certain mafic igneous bodies and is mined in Canada, Russia, South Africa, the USA, Zimbabwe and Australia.

How is platinum obtained?

Platinum is found uncombined in alluvial deposits. Most commercially produced platinum comes from South Africa, from the mineral cooperite (platinum sulfide). Some platinum is prepared as a by-product of copper and nickel refining.

How is platinum usually found on Earth?

Most often the native platinum is found in secondary deposits in alluvial deposits. The alluvial deposits used by pre-Columbian people in the Chocó Department, Colombia are still a source for platinum-group metals. Another large alluvial deposit is in the Ural Mountains, Russia, and it is still mined.

Is platinum difficult to mine?

Platinum that has been mined is about 30 times more rarer than gold, so extracted platinum. It's actually very similar to the level of gold found in the earth's crust, but the deposits are harder to find and we've been less successful at extracting it previously.

Interesting to Know. Mining and production of platinum metals

Is platinum rarer than gold?

For starters, gold is far more abundant in the earth's crust, making platinum rarer. Whilst 1,500 tons of gold are mined annually, only 160 tons of platinum are extracted. Platinum is also denser than gold, thus heavier.

Why platinum is so cheap?

Platinum Is in a Supply Deficit, Lifting Prices

With mining stalled, the global platinum market entered a supply deficit. In other words, demand for platinum is exceeding the available supply of the precious metal. During the first quarter of 2021, demand for the metal rose by 26%.

What kind of rock is platinum found in?

Platinum is nearly always found in basic igneous rocks, such as peridotite and dunites, and in serpentine derived by alteration of such rocks. By disintegration of these rocks and concentration in stream gravels, platinum accumulates in placers.

Is platinum rare to find?

Platinum is much rarer than both gold and silver — so rare, in fact, that all of the platinum ever mined could fit into your living room. And palladium is even rarer than that. Unlike gold, these metals derive much of their value from industrial uses.

Why is platinum so rare?

The supply for Platinum products is tight, due to the metal being extremely rare. Platinum is mined in very few mining deposits throughout the world and many of the uses of Platinum go to the automotive industry for vehicle emissions devices.

Where is platinum commonly found?

80% of the world's current production comes from South Africa and the Sudbury Basin of Canada. Smaller reserves can be found in the United States, Zimbabwe and Australia. Platinum is also attained through recycling.

Is platinum a rare metal?

If translated into numbers, platinum—for all of its known deposits—is considerably more rare than gold and is the rarest metal of all. And it is, truly, a gift from the heavens.

Why is platinum not as popular as gold?

Experts posit that platinum is about 15–20 times scarcer than gold, on the basis of annual mine production. Since 2014, platinum rates have fallen significantly lower than gold rates. More than 75% of global platinum is mined in South Africa.

How much platinum is left in the world?

Total worldwide reserves of platinum group metals are estimated to be some 70,000 metric tons. Almost all of it, some 90 percent, is located in the Earth's crust of South Africa.

What's the most precious metal on earth?

Rhodium. Rhodium holds the title of being the most expensive precious metal on the planet. This exceedingly uncommon precious metal is defined as a silver-white, robust, corrosion-resistant inert transition metal. After a price increase of more than 30% this year, rhodium is quietly one of the hottest trades right now.

Is platinum toxic to humans?

Nothing could be more un-true. Platinum can cause “platinum sensitivity symptoms”. Platinum toxicity has the ability to cause DNA alterations, cause cancer, allergic reactions of the skin and mucous membranes, it can cause damage to organs such as the kidneys and intestines and has been known to damage hearing ability.

How can you tell if a stone is platinum?

Look for an inscription that says "platinum" on the item.

If your piece is marked with the word "platinum," it is at least 95% pure. More commonly, you will see a number like 850 or 85 followed by "pt" or "plat." This indicates that 85/100 parts are platinum, meaning the piece is 85% pure.

Will a magnet pick up platinum?

Can Platinum be attracted to a magnet? In its purest form, Platinum is a paramagnetic metal. This means that its magnetic element is so weak that it is barely traceable and will not react to magnets. However, pure platinum is considered a precious metal and is one of the rarest materials on earth.

Are gold and platinum found together?

Seldom occurring on its own, it exists with other metals in the Platinum Group Elements (PGEs): rhodium, ruthenium, palladium, osmium and iridium, and occasionally alongside gold and diamonds. Platinum can be found in alluvial placer deposits in flakes or in small grains.

Is platinum a better investment than gold?

In general, platinum is not a better investment than gold. Gold is more stable, more easily mined, and does not fluctuate in price as much as platinum. And gold's value is considerably more than platinum.

Is it better to buy gold silver or platinum?

Platinum, used widely in vehicular catalytic converters and for jewelry, isn't quite as major an investment metal as gold or silver. Nevertheless, this metal can be a good investment. Historically, its price has been above that of gold, though gold has outperformed platinum in recent years.

Is it worth investing in platinum?

Platinum. Like gold and silver, platinum is traded around the clock on global commodities markets. It often tends to fetch a higher price (per troy ounce) than gold during routine periods of market and political stability simply because it's much rarer. Far less of the metal is actually pulled from the ground annually.