Platinum is a shiny, white precious metal used in car parts to clean exhaust, jewelry, and new tech like hydrogen fuel cells. A few countries mine most of it, with South Africa leading by a wide margin. In 2024, the world produced about 170 metric tons of platinum from mines. South Africa made around 120 metric tons that year, which is more than 70 percent of the total. For more details, check out this source from Statista: https://www.statista.com/statistics/273645/global-mine-production-of-platinum/[1].
Russia ranks second, producing 18 metric tons in 2024. The country faces challenges like sanctions and equipment issues that slow down output from big miners like Nornickel. Zimbabwe comes in third with 19 metric tons, close to Russia, thanks to operations like Zimplats. Canada produced 5,200 kilograms, or over 5 metric tons, often as a byproduct from nickel mines. Smaller producers include China at about 2,800 kilograms in recent years, the United States at 2 metric tons, and others like Finland, Colombia, and Australia making even less. See the full production table here from Wikipedia: https://en.wikipedia.org/wiki/Platinum[3].
South Africa holds 90 percent of the world’s known platinum reserves in its Bushveld Complex, but mining there is tough due to power shortages, high costs, and deep underground work. Companies like Anglo American Platinum lead production, making millions of ounces yearly. Russia supplies key amounts but deals with export hurdles from global tensions. Newer spots like Brazil, Australia, and Canada could grow to ease reliance on the top two. Demand is rising fast, especially from China, which calls platinum a critical mineral and imports nearly all it uses for cars and energy tech. Visit this Crux Investor article for supply risks: https://www.cruxinvestor.com/posts/chinas-strategic-critical-mineral-classification-of-platinum-its-investment-implications-for-global-pgm-supply-pricing-and-emerging-developers[2].
Projections show supply struggles ahead, with a market deficit expected in 2025 due to lower mine output. Recycling helps some, but mine production from leaders like South Africa and Russia won’t keep up easily. Read the latest from the World Platinum Investment Council: https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf[6].
Sources
https://www.statista.com/statistics/273645/global-mine-production-of-platinum/
https://www.cruxinvestor.com/posts/chinas-strategic-critical-mineral-classification-of-platinum-its-investment-implications-for-global-pgm-supply-pricing-and-emerging-developers
https://en.wikipedia.org/wiki/Platinum
https://www.phoenixrefining.com/blog/russia-s-largest-palladium-producer-sees-platinum-deficit-this-year
https://www.streetwisereports.com/article/2025/12/15/platinums-impressive-ascent-could-continue-through-2026.html
https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf