Category III · Precious metals
Platinum group metals.
Catalytic-converter and emerging hydrogen-economy metals. South Africa holds 80%+ of global PGM reserves.
Benchmark
Pt-Pd-Rh basket (weighted)
Unit
US$ / oz (basket)
Current price · 3-mo forward avg
US$ 1,380 / oz (basket)
Apr — Jul 2026 (forward 3-mo avg)
Catalytic-converter and emerging hydrogen-economy metals. South Africa holds 80%+ of global PGM reserves.
Price · Pt-Pd-Rh basket (weighted)
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
South Africa
72%
Bushveld Igneous Complex — world's primary source
- 02
Russia
11%
Nornickel — Norilsk operations (palladium co-product)
- 03
Zimbabwe
8%
Great Dyke — extension of Bushveld geology
- 04
United States
4%
Stillwater Complex (Montana)
- 05
Canada
3%
Sudbury basin (by-product)
Leading companies
- 01
Anglo American Platinum
World's largest PGM producer
- 02
Impala Platinum (Implats)
SA + Zimbabwe operations
- 03
Sibanye-Stillwater
SA + US Stillwater operations
- 04
Northam Platinum
SA Bushveld; Booysendal, Zondereinde
- 05
Nornickel
Russian palladium dominance
Of note
- §
SA holds 80%+ of the world's known PGM reserves — a near-monopoly resource position.
- §
Hydrogen-economy demand (PEM electrolysers, fuel cells) is the next-decade structural growth vector.
- §
The Bushveld Igneous Complex is the largest layered intrusion on Earth — 66,000 km² of mineralised geology.
Sources
World Platinum Investment Council · Johnson Matthey PGM Market Report. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.