Where is Platinum Mined?
Where is Platinum Mined?
Platinum is another precious metal perhaps more prestigious than gold as it is traded at higher prices than the latter. You may have come across jewelry where platinum is used with sterling silver to increase the item’s value. In short, platinum adds value to any entity, making it a luxurious item.
Known for its anti-oxidant properties, it serves as a significant ingredient in skincare products, not to mention that it is in high demand because of its use in catalytic converters, drugs, and magnets.
But what is the primary purpose of telling you all of this? The reason is that because platinum is so much sought-after, just like silver and gold, its supply is limited due to high demand. Not to mention, only a handful of countries are producers of platinum for the entire world.
Mining Sources of Platinum
Platinum is often mistaken for silver because of its highly reflective appearance. But platinum is rare, so much so that it occurs in only concentrations of 0.005 ppm (parts-per notation) in the planet’s crust. That is why the mining sources of platinum are limited and in huge demand. The occurrence of platinum is of crucial importance in determining the geological features of the places where its mines are found.
You see, platinum occurs in only alluvial sands, which comprise loose clay, sand, or silt. It is formed in an alloy form with other platinum group metals such as iron. Whereas, it forms as platinum sulfides in deposits of nickel and copper.
The deposits of platinum are found in nickel and copper ores in particular concentrations. Platinum is mined in only specific countries such as the USA, South Africa, Zimbabwe, Russia, Australia, and Canada.
The United States of America
The USA is considered the fifth largest producer of platinum globally, with an estimated production of 3.6mt in 2018. The country is home to two mines known as the Still Water Mine and the East Boulder Mine. The Still Water Mine is located in the Beartooth Mountains within Nye, Montana whereas, the East Boulder Mine is situated in Big Timber which is also in Montana. That means that both mines are near each other with a distance of just 20 kilometres. The official mining in the Still Water Mine began in 1986, whereas East Boulder Mine was discovered towards the start of the 21st century.
However, you would be surprised to know that none other than South Africa has acquired the company that owns both of these mines. This is another country that is one of the top 10 producers of platinum. The acquisition happened relatively recently, in 2016. But, what is good news is that the Still Water Mine is known to provide platinum until 2044, whereas the East Boulder Mine will last till the year 2056.
South Africa
Even before South Africa acquired the two mines from the USA at $2.2 billion, it still had its own mines and enough platinum to be the world’s largest platinum producer. So now you would be thinking, why would the country buy two more mines when it is already a powerhouse in platinum production? Well, the answer to this is simple, it is a game of politics and establishing yourself. By acquiring the American mines, South Africa has established its position in platinum for a century now.
Currently, South Africa’s platinum reserves are standing at a whopping 63,000mt. It is famous for its Bushveld Complex, which is held as the world’s largest resource of the platinum group of metals. By that, we mean not just platinum but also iron, copper and nickel, because they form the ores in which platinum concentrations are formed.
Other mines that are also popular in South Africa are Rustenburg Mine, Marikana Mine, Khomanani Mine, Bathopele Mine, and Mogalakwena Mine.
Russia
As a runner-up to South Africa in the production of platinum, Russia’s platinum production accounted for 21mt in 2018. With 3900mt of reserves for just the platinum group of metals. The majority of platinum mined in Russia comes from Norilsk Nickel Mine in the High Russian Arctic. This is also mine believed to be the largest producer of palladium (a silvery-white metal).
The company that owns this mine recently entered into a joint venture with a Russian Platinum mining company to dissect nickel and copper ore deposits in an industrial district.
Zimbabwe
Ranked at the third position in the world’s largest platinum producers globally, the country had an estimated production of 14mt in 2018. Even though the country has many economic issues, it can take credit for the platinum mines that it houses. Its reserves for the platinum group of metals are at 1200mt, which is a significant amount.
The country capitalizes on three mines: Ngezi Mine, Mimosa Mine, and the Unki Mine. The Ngezi Mine is one of the largest platinum mining sources in the entire region of Southern Africa. The Mimosa Mine is also not anywhere less; this is located in the central part of the country within the Midland province.
But, that is not all; reports state that as of July 2018, the country’s platinum mines are expected to grow with the discovery of Karo Platinum Mine that may just push the country to a runner-up position. This mine is expected to bring an annual production of 1.4 million ounces of the platinum group of metals.
Our Final Thoughts
By now, you would have become quite familiar with the amount of platinum in this world and how long it would last based on how much is mined on an annual basis in different countries. With that said, it is no secret that the African continent is the supplier of platinum for the world. Without South Africa and Zimbabwe, the world would have a limited amount of platinum, eventually driving up demand further.
