Where is Platinum Found?

Platinum, a precious metal revered for its rarity and high economic value, is prized for its diverse industrial uses and investment potential. Notoriously elusive to extract, this metal is found in only a few places worldwide. This article delves into the geographical hotspots of platinum, its extraction process, applications, and its comparison to gold.

Where is Platinum Found 

Platinum is abundantly found within the Earth’s crust in South Africa, which boasts the largest worldwide platinum reserves. The Bushveld Igneous Complex, located in the northern part of the country, is the world’s largest known deposit of platinum group metals (PGMs), including platinum, palladium, and rhodium.

Russia comes in second place, with the Norilsk-Talnakh deposits in Siberia being one of the world’s significant sources of platinum. North America also contributes to global platinum production, primarily through the Stillwater Mine in Montana, USA, and the Sudbury Basin in Ontario, Canada. Other countries with notable platinum production include Zimbabwe, its Great Dyke region, and Colombia, known for its alluvial platinum deposits.

Platinum Mining

Platinum mining is an arduous process, requiring significant resources and labor. It’s extracted from ores through various processes, including open-pit and underground mining. The extraction method depends on the geology of the deposit.

The initial mining stage involves blasting the ore from the ground, then transporting it to a mill where it is crushed and ground into fine particles. The crushed ore is then processed to separate the platinum group metals from the other elements through flotation, smelting, and refining. It takes tons of ore and several months to produce a single ounce of platinum, contributing to its high value.

Where Can You Find Platinum?

Apart from mining operations, platinum can occasionally be found in small quantities in certain layered intrusive rocks and in the sands of specific rivers where erosion has washed it down from nearby sources. Some Pacific coastal areas in the United States and Canada are known for their platinum-rich sands. However, these concentrations are generally too small for commercial extraction.

How Rare is Platinum on Earth?

Platinum is one of the rarest elements in the Earth’s crust, with an estimated abundance of only 0.005 parts per million. This rarity, combined with the difficulty of its extraction and its myriad industrial uses, contributes to platinum’s high market value.

Platinum Uses

Platinum is indispensable across numerous industries. Its high melting point, excellent conductivity, and corrosion resistance make it ideal for many technological applications. It is widely used in catalytic converters in vehicles, reducing harmful emissions. Platinum is used in computer hard disks, thermocouples, and electrodes in the electronics industry.

Platinum’s non-reactive and biocompatible properties make it invaluable in the medical field. It is used in pacemakers, dental fillings, and chemotherapy drugs. Of course, platinum’s lustrous, silvery-white appearance makes it highly desirable in jewelry.

Is Platinum More Expensive Than Gold?

The relative prices of platinum and gold fluctuate based on market conditions. Historically, platinum has often been more expensive than gold due to its rarity and wide industrial usage. However, there have been periods when gold was pricier, influenced by factors such as economic downturns, when investors tend to turn to gold as a ‘haven.’ 

The journey of platinum, from its scarce deposits deep in the Earth to its varied applications, is a testament to its significant economic and industrial role. Its rarity and the complex process of its extraction only add to the allure and value of this precious metal.

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Author: Agbaje Feyisayo
Agbaje is a financial writer for American Bullion that has covered top brands such as Microsoft, Google and Johnson & Johnson.