All fact sheets · The Strata Memo
Platinum
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Photo Periodictableru. “Platinum crystals.jpg.” CC BY 3.0. Wikimedia Commons. File page
Chemical details
- State at room conditions
- Solid
- Melting point
- 2,042 K (1,768 °C)
- Boiling point
- 4,098 K (3,825 °C)
- Density
- 21.46 g/cm³
- Common oxidation states
- +4, +2
- Electronegativity (Pauling)
- 2.28
- Atomic radius
- 209 pm
- First ionization energy
- 9 eV
- Discovered
- 1735
Source: U.S. National Library of Medicine, PubChem, Periodic Table of Elements (element Platinum) (current at retrieval)
On the USGS 2025 List of Critical Minerals. Figures: USGS Mineral Commodity Summaries 2026 (data release, public domain). Estimates are USGS's; check the USGS chapter for notes. Each panel names its source; full citations are in the methodology source register.
Overview
The headline numbers: how much the U.S. depends on imports and how concentrated supply is.
How much does the U.S. import?
of U.S. platinum use was met by imports in 2025 (USGS net import reliance).
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)
Did you know?
In 1924 the geologist Hans Merensky found a large supply of platinum in South Africa's Bushveld Igneous Complex, which the USGS still lists as home to the world's largest platinum-group metal resources and reserves.
Checked against two independent sources. Verified 2026-10-29.
Sources: Wikipedia · Mineralogical Society of Washington DC · USGS Mineral Commodity Summaries 2026, Platinum-group metals (whole-book PDF, p. 144 area) (Wikipedia text is CC BY-SA)
How concentrated is supply?
94% of world production comes from three countries (South Africa, Russia, Zimbabwe). Highly concentrated.
Thirds of the bar: under 33%, 33 to 65%, 66% and over. Our own rule of thumb, not a USGS rating.
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)
Supply
Who produces it, where the reserves are, where U.S. imports come from, and how U.S. supply has moved.
Who has it, and who digs it?
Where it is produced, 2025 (Mine production: Platinum)
| Name | Value |
|---|---|
| South Africa | 71% |
| Russia | 12% |
| Zimbabwe | 11% |
| Canada | 3% |
| United States | 1% |
Share of the world total as printed by USGS (rounded). Production and reserves are different things: reserves are what is economic to mine. Hover or focus a bar for its value, or switch to the table view.
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)
Where U.S. imports come from
Choose a data set, then a view. A country keeps the same color in every chart on this page. Grey means other countries, or a country beyond the seven colors (always labeled). Hover or focus a mark for its value, or use the table view.
- South Africa49%
- Belgium10%
- Germany10%
- Italy8%
- Other countries23%
| Country | Share of U.S. imports | Share of this chart |
|---|---|---|
| South Africa | 49% | 49.0% |
| Belgium | 10% | 10.0% |
| Germany | 10% | 10.0% |
| Italy | 8% | 8.0% |
| Other countries | 23% | 23.0% |
Average share of U.S. imports of platinum, 2021–24, as printed by USGS (rounded, so shares may not sum to 100). Other countries are USGS's own grouping.
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)
- South Africa50% · $5.2B
- Germany11% · $1.1B
- Belgium8% · $870.9M
- Russia7% · $732.9M
- Switzerland6% · $630.6M
- Italy4% · $370.6M
- All other countries14% · $1.4B
| Country | U.S. imports, 2025 | Share of this chart |
|---|---|---|
| South Africa | 50% · $5.2B | 50.5% |
| Germany | 11% · $1.1B | 10.6% |
| Belgium | 8% · $870.9M | 8.5% |
| Russia | 7% · $732.9M | 7.1% |
| Switzerland | 6% · $630.6M | 6.1% |
| Italy | 4% · $370.6M | 3.6% |
| All other countries | 14% · $1.4B | 13.7% |
U.S. general imports (customs value) in calendar 2025 under HS 7110; countries beyond the top six are grouped. The code can include goods beyond this mineral. The Shift view compares each country's share of 2025 with its share of Jan to Aug 2026 (shares of each period's total).
Source: U.S. Census Bureau, International Trade API: U.S. imports by HS code and country (calendar 2025; Jan to Aug 2026) (data months 2025-12, 2026-08)
Price
Price, dollars per troy ounce: Platinum
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)
Trade and tariffs
Tariff codes and the countries behind U.S. imports and exports.
Trade codes and tariffs
| HTS code | What it covers | Normal rate | Column 2 rate |
|---|---|---|---|
| 7110 | Platinum, unwrought or in semimanufactured forms, or in powder form | Free * | Free |
Rates from the U.S. Harmonized Tariff Schedule (USITC, saved 2026-10-26). The normal rate is column 1 general; column 2 applies to countries without normal trade relations. A range means different products under the code have different rates. An asterisk means the schedule footnotes point to Chapter 99 additional-duty headings. Section 232, Section 301, emergency tariffs and antidumping or countervailing duties are set in separate notices and are not shown. Look up any code at hts.usitc.gov. These are the main codes for this mineral, not a complete list.
Source: U.S. International Trade Commission, Harmonized Tariff Schedule of the United States, general and column 2 rates (edition current when saved)
U.S. trade by country
U.S. imports in 2025 by source country, code 7110
| Name | Value |
|---|---|
| South Africa | 50% · $5.2B |
| Germany | 11% · $1.1B |
| Belgium | 8% · $870.9M |
| Russia | 7% · $732.9M |
| Switzerland | 6% · $630.6M |
| Italy | 4% · $370.6M |
U.S. exports in 2025 by destination, code 7110
| Name | Value |
|---|---|
| Canada | 18% · $1.1B |
| Italy | 17% · $1.1B |
| Germany | 13% · $841.8M |
| United Kingdom | 13% · $826.8M |
| Japan | 10% · $642.8M |
| Switzerland | 7% · $454.2M |
7110 Platinum, unwrought, semimfr forms or in powder fm
Top import sources South Africa 50%, Germany 11%, Belgium 8%
Top export destinations Canada 18%, Italy 17%, Germany 13%
U.S. Census Bureau International Trade API, saved 2026-10-26. Imports are general imports (customs value) and exports are total exports, in U.S. dollars. Duty collected is Census's calculated duty on imports for consumption. Figures cover every 10-digit product under the code, so they can include goods beyond this mineral, and the duty shown is not split into Section 232, Section 301 or antidumping duties. Bars show the largest code for each direction. Group rows such as the EU or OECD are left out so no country is counted twice.
Source: U.S. Census Bureau, International Trade API: U.S. imports and exports by HS code and country (calendar 2025, and January to Aug 2026) (data months 2025-12, 2026-08)
Value chain and risk
Where in the chain the bottlenecks sit, and what other governments and sources say about supply risk.
Value chain: where the bottlenecks are
Mining
One Montana company mined and processed platinum-group metals in 2025 (about $290 million, down 31%), and small amounts came as byproducts of Michigan copper-nickel mining. (partly U.S.)
The source says
“One company in Montana mined and processed PGMs with an estimated value of $290 million in 2025, a decrease of 31% compared with $420 million in 2024.”
“Small quantities of PGMs also were recovered as byproducts of copper-nickel mining in Michigan”
Source: USGS Mineral Commodity Summaries 2026, Platinum-Group Metals (PDF page 148) (2026-02)
U.S. platinum imports came 49% from South Africa in 2021-24. (partly U.S.)
The source says
“Platinum: South Africa, 49%; Belgium, 10%; Germany, 10%; Italy, 8%; and other, 23%.”
Source: USGS Mineral Commodity Summaries 2026, Platinum-Group Metals (PDF page 148) (2026-02)
Ore processing and primary recovery
At Stillwater and East Boulder in Montana, ore is concentrated at the mines and the concentrate goes to a smelter and base metals refinery at Columbus, Montana. (partly U.S.)
The source says
“Stillwater and East Boulder are platinum/palladium mines operated by Sibanye-Stillwater in Montana, US.”
“The concentrates are further processed at the company’s smelter and base metals refinery in Columbus, Montana.”
“Crushing, grinding and flotation to recover a sulphide concentrate; subsequent smelting to produce matte for further refining”
Source: Mining Technology, Stillwater and East Boulder Platinum and Palladium Mine, Montana, USA (2020-04-24)
Refining and separation
The Montana company processes its own platinum-group metals, but the Michigan byproduct material was exported for refining. (partly U.S.)
The source says
“One company in Montana mined and processed PGMs”
“however, this material was exported for refining.”
Source: USGS Mineral Commodity Summaries 2026, Platinum-Group Metals (PDF page 148) (2026-02)
Metal, alloy and chemical
Umicore's precious metals refining unit makes platinum, palladium and rhodium as 99.95% powder (sponge), and iridium and ruthenium as powder or sponge of the same purity. (U.S. role not stated)
The source says
“Umicore Precious Metals Refining produces platinum, palladium and rhodium in the form of a high purity powder (minimum 99.95%), known as "sponge".”
“Iridium and ruthenium are also available as a powder / sponge, with a purity of 99.95%.”
Source: Umicore, Precious Metals Refining: Precious metals (2026)
Components and end use
The leading U.S. use of platinum-group metals is in automobile catalytic converters. (U.S. role not stated)
The source says
“The leading domestic use for PGMs was in catalytic converters to decrease harmful emissions from automobiles.”
Source: USGS Mineral Commodity Summaries 2026, Platinum-Group Metals (PDF page 148) (2026-02)
Recycling
About 50,000 kilograms of palladium and 8,600 kilograms of platinum were recovered from U.S. automobile catalytic converters in 2025. (U.S. activity)
The source says
“including about 50,000 kilograms of palladium and 8,600 kilograms of platinum recovered from automobile catalytic converters in the United States.”
Source: USGS Mineral Commodity Summaries 2026, Platinum-Group Metals (PDF page 148) (2026-02)
Pilot. Summaries are ours, from official pages; each quoted passage is checked against the saved page. “Bottleneck” (orange dot) is shown only where the quote shows one country dominating the stage or the United States relying on imports for it. “No sourced data yet” means we have not found a source, not that the stage is unproblematic.
Mines, plants and partners
Named facilities with their operators and locations, as each source describes them on the date shown. 9 sourced entries for Platinum.
Mining
Sibanye-Stillwater
Beartooth Mountains, 130 km southwest of Billings, Montana (Stillwater); 20 km west of Stillwater (East Boulder), United States · Status not stated
The source says
“Stillwater and East Boulder are platinum/palladium mines operated by Sibanye-Stillwater in Montana, US.”
“The Stillwater mine is in the Beartooth Mountains, 130km southwest of Billings, Montana.”
“The East Boulder project, 20km west of Stillwater, was developed with an investment of $370m.”
Source: Mining Technology, Stillwater and East Boulder Platinum and Palladium Mine, Montana, USA (2020-04-24)
Impala Platinum (Implats' 87%-owned primary subsidiary Impala)
Western Limb of the Bushveld Complex, near Rustenburg, South Africa · Operating
The source says
“Impala, Implats' 87%-owned primary subsidiary, has mining operations situated on the Western Limb of the Bushveld Complex near Rustenburg in South Africa.”
“Implats is a leading, fully integrated PGM producer.”
Source: Impala Platinum Holdings (Implats), Implats at a glance (2026)
Impala Platinum (Implats 73%)
Limpopo province, about 35 km north-west of Burgersfort, South Africa · Operating
The source says
“Marula is 73% owned by Implats and is one of the first operations developed on the relatively under-exploited Eastern Limb of the Bushveld Complex in South Africa.”
“Situated in the Limpopo province, the operation is some 35km north-west of Burgersfort.”
Source: Impala Platinum Holdings (Implats), Implats at a glance (2026)
Valterra Platinum
South Africa and Zimbabwe, South Africa; Zimbabwe · Operating
The source says
“We also hold the Amandelbult and Mototolo mines in South Africa, and Unki mine in Zimbabwe.”
“Our massive ore body is amenable to bulk underground mining, particularly at Mogalakwena, where mineral reserves exceed the total PGM reserves of our peers in South Africa.”
Source: Valterra Platinum, What we do (2026)
Ore processing and primary recovery
Sibanye-Stillwater
Columbus, Montana, United States · Status not stated
The source says
“Stillwater and East Boulder are platinum/palladium mines operated by Sibanye-Stillwater in Montana, US.”
“The concentrates are further processed at the company’s smelter and base metals refinery in Columbus, Montana.”
“the concentrate is upgraded to produce matte containing approximately 16,000g/t PGMs, plus small amounts of rhodium, gold, nickel, copper and silver.”
Source: Mining Technology, Stillwater and East Boulder Platinum and Palladium Mine, Montana, USA (2020-04-24)
Refining and separation
Freeport-McMoRan (100%)
El Paso, Texas, United States · Operating
The source says
“The El Paso refinery has the potential to operate at an annual production capacity of about 900 million pounds of copper cathode, which is sufficient to refine all of the copper anode we produce at our Miami, Arizona operation.”
“The Copper Refinery and Rod Mill is located in east-central El Paso, which is in the far western corner of Texas near the U.S.-Mexico border and the Rio Grande River.”
“Our El Paso refinery also produces nickel carbonate, copper telluride and autoclaved slimes material containing gold, silver, platinum and palladium.”
Source: Freeport-McMoRan, Operations: North America (United States) (2026)
Impala Platinum (Implats' 87%-owned primary subsidiary Impala)
Springs, east of Johannesburg, South Africa · Operating
The source says
“Impala's base and precious metals refineries are situated in Springs, east of Johannesburg.”
“Implats is a leading, fully integrated PGM producer.”
Source: Impala Platinum Holdings (Implats), Implats at a glance (2026)
Valterra Platinum
South Africa, South Africa · Operating
The source says
“We safely and responsibly mine PGMs and their associated co-products at our long-life mines in South Africa and Zimbabwe, before smelting and refining them at our own processing facilities.”
“Our Precious Metals Refinery is one of the most technologically advanced plants of its kind, while our Base Metals Refinery is the largest producer of nickel cathode in South Africa.”
“We operate across the value chain to produce PGMs (platinum, palladium, rhodium, iridium and ruthenium) and base metals (nickel, copper and UG2 chrome concentrate).”
Source: Valterra Platinum, Who we are (2026)
Recycling
Umicore
Hoboken, Belgium, Belgium · Operating
The source says
“About Umicore Belgium”
“At Umicore in Hoboken, we recycle 17 different metals, including gold, silver, platinum, rhodium and palladium.”
“The precious metals refining site in Hoboken is one of a kind and the largest in the world.”
Source: Umicore Belgium, Hoboken: Activities (2026)
A curated list, not a complete register: it shows facilities we could confirm in a source page, and a missing name means we have not sourced it, not that it does not exist. Each quoted passage is checked against the saved page. Partnerships are listed only where the source states them.
Policy and funding
Federal items we track for this mineral, each linked to its original.
Federal awards already made
Ppg Industries, Inc. · Department of Energy · $6.1M obligated · started 2024-10-01
Source: usaspending.gov, retrieved 2026-10-29
Washington University, The · Department of Energy · $2M obligated · started 2021-09-01
Source: usaspending.gov, retrieved 2026-10-29
Alaska Department of Natural Resources · Department of the Interior · $1.6M obligated · started 2026-03-01
Source: usaspending.gov, retrieved 2026-10-29
Iowa State University of Science and Technology · Department of Energy · $988.9K obligated · started 2026-03-31
Source: usaspending.gov, retrieved 2026-10-29
Chemfinity Technologies, Inc. · Department of Energy · $750K obligated · started 2024-07-17
Source: usaspending.gov, retrieved 2026-10-29
The 5 largest of 10 AI-tagged awards from USAspending (last 12 months, found by keyword; some are only loosely about this mineral). See all awards for Platinum.
Source: U.S. Department of the Treasury, Bureau of the Fiscal Service, USAspending.gov: spending by award (contracts and grants, last 12 months) (award start dates per item)
Data tables
The USGS figures behind the charts. Click a column heading to sort.
Platinum: USGS tables
United States
| Measure | Unit | 2024 | 2025 |
|---|---|---|---|
| Net import reliance as a percentage of apparent consumption: Platinum | percent | 85 | 89 |
| Mine production: Platinum | kilograms | 3,010 | 1,800 |
| Imports for consumption: Platinum | kilograms | 70,500 | 99,000 |
| Exports: Platinum | kilograms | 11,700 | 17,000 |
| Consumption, apparent: Platinum | kilograms | 68,900 | 92,000 |
| Price, dollars per troy ounce: Platinum | dollars per troy ounce | 960.7 | 1,200 |
World production: Mine production: Platinum (kilograms; top 6 of 5, plus other countries)
| Country | 2024 | 2025 |
|---|---|---|
| South Africa | 126,000 | 120,000 |
| Russia | 22,000 | 20,000 |
| Zimbabwe | 18,400 | 18,000 |
| Canada | 5,700 | 5,000 |
| United States | 3,010 | 1,800 |
| Other countries | 3,860 | 3,900 |
U.S. import sources: Platinum (percent of imports, 2021–24)
| Country | Share (%) |
|---|---|
| South Africa | 49 |
| Belgium | 10 |
| Germany | 10 |
| Italy | 8 |
| Other countries | 23 |
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026: Platinum (February 2026)