The Economics of Platinum Group Metals

Table of Contents

1. Summary

2. Properties, occurrence, and resources of platinum group metals

• 2.1 History of pgm
• 2.2 Properties of pgm
• 2.3 Occurrence of pgm
• 2.4 Resources of pgm
• 2.5 Pgm production processes
  • 2.5.1 Primary production processes
  • 2.5.2 Secondary production processes
• 2.6 Pgm production costs

3. World pgm production and supply data

• 3.1 Production and supply of platinum
• 3.2 Production and supply of palladium
• 3.3 Production and supply of rhodium
• 3.4 Secondary pgm production
• 3.5 Supply and demand balance
• 3.6 Pgm producing mines and companies
  • 3.6.1 New pgm projects

4. Exploration, mine and refinery production of pgm by country

• 4.1 Australia
  • 4.1.1 Pgm exploration in Australia
    • 4.1.1.1 Helix Resources NL/Rimfire Pacific Mining - Fifield
    • 4.1.1.2 Helix Resources - Munni Munni
    • 4.1.1.3 Platinum Australia Ltd - Panton
    • 4.1.1.4 Anaconda Nickel - Weld Range
    • 4.1.1.5 Other pgm exploration
• 4.2 Austria
• 4.3 Belgium
  • 4.3.1 Umicore
• 4.4 Bolivia
• 4.5 Botswana
• 4.6 Brazil
• 4.7 Canada
  • 4.7.1 Production of pgm in Canada
  • 4.7.2 North American Palladium Ltd
  • 4.7.3 Inco Ltd
  • 4.7.4 Falconbridge Ltd
  • 4.7.5 Exploration for pgm in Canada
    • 4.7.5.1 Pacific North West Capital
    • 4.7.5.2 Canadian Royalties
    • 4.7.5.3 Wallbridge Mining
    • 4.7.5.4 Muskox Minerals Corp
    • 4.7.5.5 Ursa Major Minerals
    • 4.7.5.6 Marathon pgm Corp
    • 4.7.5.7 Other pgm prospects in Canada
• 4.8 China
  • 4.8.1 Production of pgm
• 4.9 Colombia
• 4.10 Ethiopia
• 4.11 Finland
• 4.12 France
• 4.13 Germany
• 4.14 Greenland
• 4.15 India
• 4.16 Italy
• 4.17 Japan
• 4.18 Kazakhstan
• 4.19 South Korea
• 4.20 Madagascar
• 4.21 Myanmar
• 4.22 Netherlands
• 4.23 New Zealand
• 4.24 Norway
• 4.25 Poland
• 4.26 Russia
  • 4.26.1 Pgm mining and Processing in Russia
    • 4.26.1.1 MMC Norilsk Nickel
    • 4.26.1.2 Placer production
    • 4.26.1.3 Krastsvetmet
    • 4.26.1.4 Other primary sources
    • 4.26.1.5 Potential sources
    • 4.26.1.6 Secondary pgm production
• 4.27 Serbia and Montenegro
• 4.28 South Africa
  • 4.28.1 Pgm resources in South Africa
  • 4.28.2 Pgm mining and processing in South Africa
    • 4.28.2.1 Anglo American Platinum Corporation Ltd
    • 4.28.2.2 Impala Platinum Holdings Ltd (Implats)
    • 4.28.2.3 Lonmin Platinum (Lonplats)
    • 4.28.2.4 Northam Platinum Limited
    • 4.28.2.5 Aquarius Platinum South Africa (AQPSA)
    • 4.28.2.6 Messina Platinum
    • 4.28.2.7 ARM Platinum
    • 4.28.2.8 Barplats - Salene Platinum
  • 4.28.3 New pgm mining and exploration projects in South Africa
    • 4.28.3.1 African Platinum (formerly Southern African Resources)
    • 4.28.3.2 AIM Resources Ltd
    • 4.28.3.3 Anooraq Resources Corp
    • 4.28.3.4 Jubilee Platinum
    • 4.28.3.5 Nkwe Platinum
    • 4.28.3.6 Pan Palladium Ltd
    • 4.28.3.7 Platinum Australia Limited - PLA
    • 4.28.3.8 Platinum Group Metals Limited - PTM
    • 4.28.3.9 Ridge Mining
• 4.29 Spain
• 4.30 Sweden
• 4.31 Switzerland
• 4.32 UK
  • 4.32.1 Johnson Matthey Plc
  • 4.32.2 Other companies
• 4.33 Ukraine
• 4.34 USA
  • 4.34.1 Pgm resources in the USA
  • 4.34.2 Pgm mining and processing in the USA
    • 4.34.2.1 Stillwater Mining Company
    • 4.34.2.2 Pgm exploration in the USA
  • 4.34.3 Pgm refining in the USA
• 4.35 Zimbabwe
  • 4.35.1 Pgm resources in Zimbabwe
  • 4.35.2 Pgm mining and processing in Zimbabwe
    • 4.35.2.1 Zimplats Holdings Limited (Zimplats) - Ngezi
    • 4.35.2.2 Mimosa Platinum (Private) Limited
    • 4.35.2.3 Bindura Nickel Corporation Limited
    • 4.35.2.4 Unki Platinum Project

5. World consumption of pgm

• 5.1 Consumption of pgm by region
• 5.2 Consumption of pgm by use
• 5.3 Regional demand for pgm by application
• 5.4 Future demand for pgm

6. Uses of pgm

• 6.1 Use of pgm in autocatalysts
  • 6.1.1 Development of pgm autocatalysts
    • 6.1.1.1 Petrol engine autocatalysts
    • 6.1.1.2 Diesel engine autocatalysts
  • 6.1.2 Markets for pgm in autocatalysts
    • 6.1.2.1 USA
    • 6.1.2.2 Europe
    • 6.1.2.3 Japan
    • 6.1.2.4 China
    • 6.1.2.5 Rest of the world
  • 6.1.3 Secondary recovery of pgm from autocatalysts
  • 6.1.4 Alternatives to pgm in vehicle emission control
  • 6.1.5 Outlook for pgm in autocatalysts
• 6.2 Use of pgm in jewellery
  • 6.2.1 Pgm jewellery alloys and types of jewellery
  • 6.2.2 Markets for pgm jewellery
    • 6.2.2.1 China
    • 6.2.2.2 Japan
    • 6.2.2.3 Europe
    • 6.2.2.4 North America
    • 6.2.2.5 Rest of the world
  • 6.2.3 Outlook for pgm in jewellery
• 6.3 Use of pgm in electrics and electronics
  • 6.3.1 Markets for pgm in electrics and electronics
    • 6.3.1.1 Multi-layered ceramic capacitors
    • 6.3.1.2 Hard drive disks
    • 6.3.1.3 Thermocouples
    • 6.3.1.4 Hybrid integrated circuits (HIC)
    • 6.3.1.5 Plating of connectors and lead frames
    • 6.3.1.6 Resistor components
    • 6.3.1.7 Other
  • 6.3.2 Recovery of pgm from electronic scrap
  • 6.3.3 Fuel cells
  • 6.3.4 Outlook for pgm in electrical and electronic uses
• 6.4 Use of pgm in dental alloys
  • 6.4.1 Types of pgm dental alloys
  • 6.4.2 Outlook for pgm in dental alloys
• 6.5 Use of pgm in chemical and electrochemical processes
  • 6.5.1 Catalytic uses for pgm
    • 6.5.1.1 Nitric acid
    • 6.5.1.2 Silicones
    • 6.5.1.3 Benzene, toluene and xylene
    • 6.5.1.4 Hydrogen peroxide
    • 6.5.1.5 Acetic acid
    • 6.5.1.6 Other catalysts
  • 6.5.2 Recovery of pgm from spent chemical catalysts
  • 6.5.3 Use of pgm in laboratory equipment
  • 6.5.4 Electrochemical use of pgm
  • 6.5.5 Outlook for pgm in chemical processes
• 6.6 Use of pgm in glass making equipment
  • 6.6.1 Outlook for pgm in glass making equipment
• 6.7 Use of pgm in the petroleum industry
  • 6.7.1 Use of pgm in catalytic reforming
  • 6.7.2 Other uses of pgm petroleum industry catalysts
• 6.8 Use of pgm for investment
  • 6.8.1 Outlook for pgm as an investment
• 6.9 Other uses of pgm

7. Analysis of international trade data for pgm

• 7.1 International trade in unwrought platinum
• 7.2 International trade in semi manufactured platinum
• 7.3 International trade in unwrought palladium
• 7.4 International trade in semi manufactured palladium
• 7.5 International trade in rhodium
• 7.6 International trade in ruthenium iridium and osmium

8. Marketing and prices of pgm

• 8.1 Commodity exchanges
• 8.2 Platinum and palladium price trends
• 8.3 Rhodium price trends
• 8.4 Minor pgm price trends
• 8.5 Outlook for pgm prices

List of Tables

• Table 1: Properties of platinum group metals
• Table 2: Ratio of pgm in major deposits (as a percentage of platinum content)
• Table 3: World: Reserves and reserve base for pgm, 2004
• Table 4: World: Resources of pgm by metal in selected major deposits
• Table 5: World: Production and supply of primary platinum, 1995 to 2004
• Table 6: World: Production and supply of primary palladium by country, 1995 to 2004
• Table 7: World: Supply of primary rhodium by country, 1995 to 2004
• Table 8: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Table 9: World: Supply and demand of pgm, 1995 to 2004
• Table 10: World: pgm producing companies, 2005
• Table 11: World: pgm mining projects, 2005
• Table 12: Belgium: Exports and imports of pgm, 2000 to 2004
• Table 13: Canada: Exports and imports of pgm, 2000 to 2004
• Table 14: Canada: Production of pgm, 1995 to 2004
• Table 15: North American Palladium: Operating results, 1999 to 2004
• Table 16: Inco Ltd: pgm and nickel deliveries, 2000 to 2004
• Table 17: Inco: pgm reserves and resources at Ontario operations, 2004
• Table 18: River Valley prospect: Resource estimate, 2004
• Table 19: China: Exports and imports of pgm, 2000 to 2004
• Table 20: France: Exports and imports of pgm, 2000 to 2004
• Table 21: Germany: Exports and imports of pgm, 2000 to 2004
• Table 22: Italy: Exports and imports of pgm, 2000 to 2004
• Table 23: Japan: Exports and imports of pgm, 2000 to 2004
• Table 24: Netherlands: Exports and imports of pgm, 2000 to 2004
• Table 25: Norway: Exports of pgm, 2000 to 2004
• Table 26: Russia: Supply of pgm, 1995 to 2004
• Table 27: Russia: Exports of pgm inferred from import data, 2000 to 2004
• Table 28: Russia: Annual mine production of pgm by producer
• Table 29: Norilsk Nickel, Polar Division: Recovery of pgm in electrolytic slimes and pgm concentrates
• Table 30: South Africa: Production of pgm: 1995 to 2004
• Table 31: South Africa: pgm exports inferred from import data, 2000 to 2004
• Table 32: South Africa: pgm resources by reef
• Table 33: South Africa: pgm mines and mining companies, 2003 and 2004
• Table 34: Anglo Platinum: pgm reserves and resources in South Africa, end of 2004
• Table 35: Anglo Platinum: Operating results for steady-state operations, 2000 to 2005
• Table 36: Anglo Platinum: Amandelbult Section operating results, 2001 to 2005
• Table 37: Anglo Platinum: Rustenburg Section operating results, 2001 to 2005
• Table 38: Anglo Platinum: Rustenburg Section UG2 Project operating results, 2002 to 2004
• Table 39: Anglo Platinum: Union Section operating results, 2001 to 2005
• Table 40: Anglo Platinum: PPRust operating results, 2001 to 2005
• Table 41: Anglo Platinum: Leplats operating results, 2001 to 2005
• Table 42: Anglo Platinum: BRPM operating results, 2001 to 2005
• Table 43: Implats: Impala operating results, 2000 to 2004 (ending June 30th)
• Table 44: Implats: Impala Refining Services production of refined metal, 2000 to 2004 (year ending June 30th)
• Table 45: Lonplats: Operating results, 2000 to 2004 (year ending September 30th)
• Table 46: Northam Platinum: Operating results, 2000 to 2004 (year ending 30th June
• Table 47: ARM Platinum: Modikwa Platinum Mine operating results, 2002 to 2004
• Table 48: Switzerland: Exports and imports of pgm, 2000 to 2004
• Table 49: UK: Exports and imports of pgm, 2000 to 2004
• Table 50: USA: Production, exports, imports and stocks of pgm, 2000 to 2004
• Table 51: Zimbabwe: Output of pgm, 2000 to 2004
• Table 52: Zimplats: Operating results, 2002 to 2005
• Table 53: Mimosa Platinum: Operating results, 2002 to 2004
• Table 54: World: Demand for pgm by metal, 1995 to 2004
• Table 55: World: Use of platinum, palladium and rhodium, 1995 to 2004
• Table 56: World: Demand for platinum, palladium and rhodium by region, 1995 to 2004
• Table 57: World: Demand for platinum, palladium and rhodium by application, 1995 to 2004
• Table 58: World: Demand for ruthenium and iridium by application, 1995 to 2004
• Table 59: Europe: Demand for platinum, palladium and rhodium by application, 1995 to 2004
• Table 60: North America: Demand for platinum, palladium and rhodium, 1995 to 2004
• Table 61: Japan: Demand for platinum, palladium and rhodium, 1995 to 2004
• Table 62: Rest of the world: Demand for platinum and palladium, 1995 to 2004
• Table 63: World: Forecast demand for platinum and palladium by application in 2010
• Table 64: World: Demand for platinum, palladium and rhodium in autocatalysts by region, 1995 to 2004
• Table 65: World: Production of passenger cars by country, 1997 to 2003
• Table 66: World: Production of light commercial vehicles by country, 1997 to 2003
• Table 67: World: Production of heavy-duty vehicles by country, 1997 to 2003
• Table 68: World: Production of buses by country, 1997 to 2003
• Table 69: European Union: Stage I to IV exhaust emission standards
• Table 70: Japan: Production and shipments of automobile catalysts, 1990 to 2004
• Table 71: World: Demand for platinum and palladium in jewellery by region, 1995 to 2004
• Table 72: Common platinum and palladium jewellery alloys
• Table 73: World: Demand for pgm in electronics and electrics by region, 1995 to 2004
• Table 74: World: Demand for palladium in dental alloys by region, 1995 to 2004
• Table 75: World: Demand for pgm in chemical applications by region, 1995 to 2004
• Table 76: Principal industrial chemical processes using pgm catalysts
• Table 77: World: Demand for platinum and rhodium in glass making equipment by region, 1995 to 2004
• Table 78: Japan: Production of televisions and television screens, 2003 to 2005
• Table 79: World: Demand for platinum in the petroleum industry by region, 1995 to 2004
• Table 80: World: Demand for platinum as an investment by region, 1995 to 2004
• Table 81: Examples of pgm coins
• Table 82: World: Demand for pgm in minor uses by region, 1995 to 2004
• Table 83: Reporting countries: International trade in pgm, 2002 to 2004
• Table 84: Reporting countries: Exports of unwrought platinum by country of destination, 2002
• Table 85: Reporting countries: Exports of unwrought platinum by country of destination, 2003
• Table 86: Reporting countries: Exports of unwrought platinum by country of destination, 2004
• Table 87: Reporting countries: Imports of unwrought platinum by country of origin, 2002
• Table 88: Reporting countries: Imports of unwrought platinum by country of origin, 2003
• Table 89: Reporting countries: Imports of unwrought platinum by country of origin, 2004
• Table 90: Reporting countries: Exports of semi manufactured platinum by country of destination, 2002
• Table 91: Reporting countries: Exports of semi manufactured platinum by country of destination, 2003
• Table 92: Reporting countries: Exports of semi manufactured platinum by country of destination, 2004
• Table 93: Reporting countries: Imports of semi manufactured platinum by country of origin, 2002
• Table 94: Reporting countries: Imports of semi manufactured platinum by country of origin, 2003
• Table 95: Reporting countries: Imports of semi manufactured platinum by country of origin, 2004
• Table 96: Reporting countries: Exports of unwrought palladium by country of destination, 2002
• Table 97: Reporting countries: Exports of unwrought palladium by country of destination, 2003
• Table 98: Reporting countries: Exports of unwrought palladium by country of destination, 2004
• Table 99: Reporting countries: Imports of unwrought palladium by country of origin, 2002
• Table 100: Reporting countries: Imports of unwrought palladium by country of origin, 2003
• Table 101: Reporting countries: Imports of unwrought palladium by country of origin, 2004
• Table 102: Reporting countries: Exports of semi manufactured palladium by country of destination, 2002
• Table 103: Reporting countries: Exports of semi manufactured palladium by country of destination, 2003
• Table 104: Reporting countries: Exports of semi manufactured palladium by country of destination, 2004
• Table 105: Reporting countries: Imports of semi manufactured palladium by country of origin, 2002
• Table 106: Reporting countries: Imports of semi manufactured palladium by country of origin, 2003
• Table 107: Reporting countries: Imports of semi manufactured palladium by country of origin, 2004
• Table 108: Reporting countries: Exports of unwrought rhodium by country of destination, 2002 to 2004
• Table 109: Reporting countries: Imports of unwrought rhodium by country of origin, 2002 to 2004
• Table 110: Reporting countries: Imports of unwrought ruthenium, iridium and osmium by country of origin, 2002 to 2004
• Table 111: Reporting countries: Imports of semi manufactured ruthenium, iridium and osmium, 2002 to 2004
• Table 112: Tocom and Nymex: Trading volumes of platinum and palladium, 1990 to 2005
• Table 113: Annual New York dealer prices for platinum and palladium,1970 to June 2005
• Table 114: Monthly average New York dealer prices for platinum and palladium,1996 to June 2005
• Table 115: Annual New York dealer prices for rhodium, 1972 to June 2005
• Table 116: Monthly average New York dealer prices for rhodium, 1996 to June 2005
• Table 117: Spot prices for ruthenium and iridium, 2000 to 2004

List of Figures

• Figure 1: World: Supply of platinum and palladium, 1990 to 2004
• Figure 2: World: pgm resources by country
• Figure 3: Anglo Platinum: Division of pgm production cash costs, 2004
• Figure 4: World: Supply of pgm, 1990 to 2004
• Figure 5: World: Division of supply of pgm into major metals, 1990 to 2004
• Figure 6: World: Main sources of platinum, palladium and rhodium, 2004
• Figure 7: World: Division of supply of primary platinum by country, 2004
• Figure 8: World: Division of supply of palladium by country, 2004
• Figure 9: World: Division of supply of primary rhodium by country, 2004
• Figure 10: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Figure 11: World: Comparison of platinum supply and demand data, 1995 to 2004
• Figure 12: World: Comparison of palladium supply and demand data, 1995 to 2004
• Figure 13: Platinum and palladium production by company, 2004
• Figure 14: Division of platinum and palladium production by company, 2004
• Figure 15: Russia: Supply of platinum, palladium and rhodium, 1995 to 2004
• Figure 16: Norilsk Nickel, Polar Division: Approximate division of pgm output by mine
• Figure 17: South Africa: Production of platinum, palladium and rhodium, 1995 to 2004
• Figure 18: South Africa: Division of pgm production by company, 2004
• Figure 19: World: Indices of demand for pgm, 1990 to 2004
• Figure 20: World: Demand for platinum, palladium and rhodium, 1990 to 2004
• Figure 21: World: Demand for platinum, palladium and rhodium by region, 1990 to 2004
• Figure 22: World: Demand for platinum, palladium and rhodium by application, 1990 to 2004
• Figure 23: World: Division of demand for platinum, palladium and rhodium by application, 2004
• Figure 24: Europe: Demand for platinum and palladium by application, 1995 to 2004
• Figure 25: North America: Demand for platinum and palladium by application, 1995 to 2004
• Figure 26: Japan: Demand for platinum and palladium by application, 1995 to 2004
• Figure 27: Rest of the world: Demand for platinum and palladium by application, 1995 to 2004
• Figure 28: World: Demand for platinum, palladium and rhodium in autocatalysts by region, 1995 to 2004
• Figure 29: Comparison of platinum and palladium demand in autocatalysts with prices, 1995 to 2004
• Figure 30: World: Division of production of light vehicles by region, 2003
• Figure 31: World: Recovery of pgm from autocatalysts, 1995 to 2004
• Figure 32: World: Demand for platinum and palladium in jewellery by region, 1995 to 2004
• Figure 33: World: Demand for platinum and palladium in electrics and electronics by region, 1995 to 2004
• Figure 34: World: Production of MLCC by electrode type, 1996 to 2004
• Figure 35: World: Production of crude steel by region, 1992 to 2004
• Figure 36: World: Demand for palladium in dental alloys by region, 1995 to 2004
• Figure 37: World: Demand for platinum and palladium by region in chemical applications, 1995 to 2004 (t)
• Figure 38: World: Demand for platinum in glass making equipment by region, 1995 to 2004
• Figure 39: World: Demand for platinum in petroleum refining by region, 1995 to 2004
• Figure 40: World: Demand for platinum as an investment by region, 1995 to 2004
• Figure 41: Exports of unwrought platinum by principal countries, 2000 to 2004
• Figure 42: Imports of unwrought platinum by principal countries, 2000 to 2004
• Figure 43: Exports of semi manufactured platinum by principal countries, 2000 to 2004
• Figure 44: Imports of semi manufactured platinum by principal countries, 2000 to 2004
• Figure 45: Exports of unwrought palladium by principal countries, 2000 to 2004
• Figure 46: Imports of unwrought palladium by principal countries, 2000 to 2004
• Figure 47: Exports of semi manufactured palladium by principal countries, 2000 to 2004
• Figure 48: Imports of semi manufactured palladium by principal importing countries, 2000 to 2004
• Figure 49: Trading volumes of platinum and palladium on Tocom and Nymex, 1975 to 2004
• Figure 50: Annual average New York dealer platinum and palladium prices, 1970 to 2005
• Figure 51: Annual New York dealer rhodium prices, 1972 to 2005