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Global Platinum Market Trends

Unique catalytic properties make platinum a widely used metal for industrial applications, with one-third of the global demand coming from the automotive industry alone.

Mining Technology monitors the global platinum market by tracking platinum prices and country-wise platinum production and consumption trends. We also observe the performance of platinum mining companies, active platinum mining operations, and the progress of major platinum mine development and exploration projects around the world.

Global platinum production has picked up after an 18% decline due to COVID-19 in 2020. Platinum production is forecast to reach seven million ounces (Moz) by 2025, according to GlobalData.

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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.

Platinum Metal Price Chart: Trailing 12 Months

Mining Technology’s platinum metal price charts show monthly platinum prices and the global platinum price trend over the last 12 months.

The platinum price peaked at US$1,166/troy oz in March 2022, its highest point since June 2021.

While Russia accounts for a larger share of global palladium production at 43%, its 10% share of global platinum production is still significant and, as a result, platinum prices rose in February and March, peaking at US$1,166/troy oz in early March. However, the steep increase was reversed over the remainder of the month, with the platinum price ending the month at US$1,000/troy oz.

Top Platinum Mining Companies by Production

Mining Technology has identified the world’s top platinum mining companies by production by ranking the annual production volumes of major platinum mining companies operating in different geographic locations.

Impala Platinum emerged as the world’s biggest platinum miner in 2020, followed by Anglo American, Sibanye Stillwater, and MMC Norilsk Nickel.

The top five platinum mining companies together accounted for 94% share of the global total platinum output in 2020.

Current Rank Rank 2019 Company Name Headquarters
1 1 Impala Platinum Holdings Ltd South Africa
2 2 Anglo American plc United Kingdom
3 3 Sibanye Stillwater Ltd United Kingdom
4 4 MMC Norilsk Nickel Russia
5 5 Northam Platinum Ltd South Africa
6 6 Glencore plc Switzerland

Source: GlobalData

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Platinum Production by Country

Mining Technology ranks the top platinum producing countries, based on a comprehensive database that is regularly updated with platinum production by countries by capturing their latest platinum output.

South Africa, followed by Russian Federation and Zimbabwe, were the biggest sources of platinum production in 2020.

The top five platinum producing countries together contributed 96% of the global platinum output in 2020.

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Biggest Platinum Mines in the World

The world’s biggest platinum mines are identified from GlobalData’s comprehensive mines database that tracks performance metrics of platinum mining projects across the world.

Impala Mine in South Africa, with an output of 0.51Moz, was the world’s biggest platinum mine by production in 2020.

The ten biggest platinum mining operations in the world together accounted for 69% of the global platinum output in 2020.

Mine Name Country State Owner Mine Type & Method Production 2020 (Thousand Ounces)
Impala Mine South Africa North West Impala Platinum Holdings Ltd(96%), Undisclosed(4%) Underground & Room and Pillar 514.4
Mogalakwena Mine South Africa Limpopo Anglo American Plc(80.8%), Undisclosed(19.2%) Surface & Open Pit 500.8
Kola MMC Mine Russia Murmansk Oblast MMC Norilsk Nickel(100%) Surface and Underground & Open Pit/Room and Pillar 438.8
Marikana Mine (Lonmin) South Africa North West Sibanye Stillwater Ltd(95.25%), Undisclosed(4.75%) Surface and Underground & Open Cast/Stoping 405.04
Rustenburg Complex South Africa North West Sibanye Stillwater Ltd(100%) Underground & Bord and Pillar 323.23
Amandelbult Mine South Africa Limpopo Anglo American Plc(80.8%), Undisclosed(19.2%) Underground & Stoping 307
Crocodile River Mine South Africa North West Eastern Platinum Ltd(87.5%), Undisclosed(12.5%) Underground & Stoping 293.17
Kroondal Mine South Africa North West Sibanye Stillwater Ltd(50%), Anglo American Plc(39%), Undisclosed(11%) Underground & Bord and Pillar 245.57
Mupfuti Mine Zimbabwe Mashonaland West Impala Platinum Holdings Ltd(87%), Undisclosed(13%) Underground & Bord and Pillar 209.17
Bimha Mine Zimbabwe Mashonaland West Impala Platinum Holdings Ltd(87%), Undisclosed(13%) Underground & Bord and Pillar 191.48

Source: GlobalData

Major Upcoming Platinum Mines

Mining Technology lists the major upcoming platinum mines in the world by comparing annual production capacities of upcoming platinum mining projects.

The Lesego Project in South Africa is the biggest upcoming platinum mine in the world, with an annual production capacity of 0.60Moz.

The Garatau Project in South Africa and the Darwendale Project in Zimbabwe are the next major upcoming platinum mines with capacities of 0.33Moz and 0.28Moz, respectively.

Mine Name Country State Owner Mine Type & Method Annual Production Capacity (Thousand Ounces)
Lesego Project South Africa Limpopo Lesego Platinum Mining Limited(74%), Undisclosed(26%) Underground & Long Hole Stoping 604.45
Garatau Project South Africa Limpopo Gold Mountains (Bermuda) Investment Ltd(74%), Black Economic Empowerment (BEE) Partner(26%) Underground & Bord and Pillar 330
Darwendale Project Zimbabwe Mashonaland Central Vi Holding Group(47.8%), Landela Mining Venture(47.8%), Fossil Contracting(4.4%) Surface and Underground & Open Pit 280
Tjate Project South Africa Limpopo Jubilee Metals Group Plc(63%), Matuba Holdings (Proprietary) Ltd.(37%) Underground & To be confirmed 270
Akanani Project South Africa Limpopo Sibanye Stillwater Ltd(74%), Undisclosed(26%) Underground & Long Hole Stoping 250
Mogalakwena Expansion Project South Africa Limpopo Anglo American Plc(78%), Undisclosed(22%) Underground & To be confirmed 250
Platreef Project South Africa Limpopo Ivanhoe Mines Ltd(64%), Black Economic Empowerment (BEE) Partner(26%), Itochu Corp(8%), Japan Oil, Gas and Metals National Corp(1.5%), JGC Holdings Corp(0.5%) Underground & Long Hole Stoping 228.17
Waterberg Project South Africa Limpopo Platinum Group Metals Ltd(50.02%), Impala Platinum Holdings Ltd(15%), Mnombo Wethu Consultants CC(13.03%), Japan Oil, Gas and Metals National Corp(12.19%), Hanwa Co Ltd(9.76%) Underground & Room and Pillar 222
Afplats Project South Africa North West Impala Platinum Holdings Ltd(74%), Bakwena Ba-Mogopa(26%) Underground & Stoping 160
Marathon Project Canada Ontario Generation Mining Limited(80%), Sibanye Stillwater Ltd(20%) Surface & Open Pit 159.15

Source: GlobalData



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