PLATINUM-GROUP METALS (Platinum, palladium, rhodium, ruthenium, iridium, osmium) (Data in kilograms,1/ unless noted) Domestic Production and Use: Ore containing the platinum-group metals (PGM) was mined, concentrated, and smelted in Montana, and the resultant PGM matte was exported to Belgium for refining and separation of the individual PGM. In addition, refined PGM were recovered as byproducts of copper refining by two companies in Texas and Utah. Secondary metal was refined by about 20 firms, mostly on the east and west coasts. PGM were sold by at least 90 processors and retailers, largely in the Northeast, and were used primarily by the following industries: automotive, electrical and electronic, chemical, and dental and medical. The automotive, chemical, and petroleum-refining industries used PGM mainly as catalysts. The other industries used PGM in a variety of ways that took advantage of their chemical inertness and refractory properties. Domestic mine production of platinum and palladium was valued at $60 million in 1995. Salient Statistics--United States: 1991 1992 1993 1994 1995e/ Mine production:2/ Platinum 1,490 1,650 2,050 1,960 2,000 Palladium 5,190 5,440 6,780 6,440 6,000 Imports for consumption: Refined Platinum 51,500 57,600 57,200 56,500 70,000 Palladium 60,600 61,100 78,900 92,500 110,000 Rhodium 6,570 7,750 7,210 7,820 9,000 Ruthenium 2,590 2,740 4,490 9,880 6,000 Iridium 520 207 896 926 1,000 Osmium 46 57 130 55 100 Exports: Refined Platinum 12,900 12,100 16,100 15,500 16,000 Palladium 13,600 17,700 26,200 29,900 30,000 Rhodium 592 834 767 791 1,000 Price, average, New York, dollars per troy ounce: Platinum 377.02 360.90 374.77 406.19 430.00 Palladium 89.06 89.07 122.97 144.15 160.00 Rhodium 3,916.33 2,465.24 1,137.36 762.57 510.00 Employment, mine 469 500 400 445 400 Recycling: Processing recycled material, including both new and old scrap, resulted in the recovery of an estimated 60 metric tons of PGM during 1995. Import Sources (1991-94): Platinum: South Africa, 64%; United Kingdom, 10%; Belgium, 4%; Germany, 4%; and other, 18%. Palladium: Russia, 31%; South Africa, 29%; United Kingdom, 14%; Belgium, 13%; and other, 13%. Tariff: All unwrought and semimanufactured PGM can be imported duty free. Depletion Allowance: 22% (Domestic), 14% (Foreign). Government Stockpile: Stockpile Status--9-30-95 Uncommitted Committed Authorized Disposals Material inventory inventory for disposal Jan.-Sept. 95 Platinum 13,700 -- -- -- Palladium 39,300 -- -- -- Iridium 920 -- -- -- In addition to these quantities, the Stockpile contains 406 kilograms of nonstockpile grade platinum and 69 kilograms of nonstockpile grade palladium. Prepared by Robert G. Reese Jr., (703) 648-4980. PLATINUM-GROUP METALS Events, Trends, and Issues: Domestic mine production of platinum and palladium remained essentially unchanged from the previous year, despite slight improvements in the average price of both metals. It was believed that domestic PGM consumption declined slightly, owing in part to lower sales of new cars and trucks. In 1995, the average platinum price increased for the third consecutive year. Through the first 9 months, the price ranged between $404 and $462 per troy ounce. Similarly, the average palladium price increased for the fourth consecutive year. During the first 9 months of 1995, palladium prices ranged between $154 and $179. Analysts attributed the higher prices in part to problems in the South African mining industry, and to new technology developments. World Mine Production, Reserves, and Reserve Base: Mine production PGM Platinum Palladium Reserves3/ Reserve base3/ 1994 1995e/ 1994 1995e/ United States2/ 1,960 2,000 6,440 6,000 250,000 780,000 Canada 6,000 6,000 7,000 7,000 250,000 280,000 Russia 15,000 15,000 40,000 40,000 5,900,000 6,000,000 South Africa 102,000 100,000 44,000 44,000 50,000,000 59,000,000 Other countries 2,700 3,000 1,800 2,000 31,000 31,000 World total (rounded) 128,000 130,000 99,200 100,000 56,000,000 66,000,000 World Resources: World resources of PGM are estimated to be 100 million kilograms. U.S. resources are estimated to be 9 million kilograms. Substitutes: Some automotive companies have substituted palladium for the higher priced platinum in catalytic converters. Palladium is less resistant to poisoning by sulfur and lead than platinum; however, palladium may be useful in controlling emissions from diesel-powered vehicles. e/Estimated. 1/Multiply by 32.1507 to convert kilograms to troy ounces. 2/Estimates from published sources. 3/See Appendix C for definitions. Mineral Commodity Summaries, January 1996