Platinum is around thirty times rarer than gold.
If you were to fill an Olympic-size pool with all the platinum ever mined, it would only reach your ankles-barely! Do the same with gold, and you’ll have three such pools full to the top.
If you consider the fact that platinum is the only material used for the electrodes in the life-preserving heart pacemakers, the reserves of this precious metal are as valuable as the life itself.
It takes us to a highly important question: How much platinum is in the world?
Let’s find out now!
Platinum Reserves: How Much Platinum Is In The World?
It is roughly estimated that there are approximately 70,000 metric tons of platinum in the world. Most of it (approx. 90%) is found in the Earth’s crust of South Africa. The leftover 10% of platinum is distributed in Russia, Canada, the USA, Australia, and Zimbabwe.
In the Earth’s core there are 6,482,179,183,963,750,000 kilograms of platinum in total. It is about 302,199 cubic kilometers.
If you were to distribute this amount of platinum evenly over the entire landmass of the earth, you would create a layer that is 2.03027 meters thick.
The Earth’s crust and mantle hold 1,012,214,000,000,000 kilograms of platinum. It is 47 cubic kilometers.
If spread across the earth’s landmass, it would create a layer 0.00032 meters thick.
Adding up this number brings us to the number representing the total amount of platinum on the earth. Hence, there are 6,483,191,397,963,750,000 kilograms or 302,247 cubic kilometers of platinum in total.
Spreading this amount of platinum across the earth’s landmass would create a 2.03059 meters thick layer.
Element Abundance in the Earth’s Core (parts per million)
| Platinum | 5.7 ppm |
| Gold | 0.5 ppm |
| Silver | 0.15 ppm |
| Palladium | 3.1 ppm |
Which is the largest platinum producing country in the world?
All the biggest pure platinum mines are in South Africa. Hence, South Africa is the primary producer of platinum on the globe. In 2021, this country produced about 130 metric tons of platinum.
Platinum is not always mined in its pure form. Quite the opposite, it is usually the by-product in nickel and copper mines and refineries.
The three largest platinum mining companies are located in South Africa, too. These are:
- Anglo American Platinum Ltd.
- Impala Platinum
- Sibanye Gold Ltd.
Russia is the second-largest producer of platinum. In 2021, it produced about 19 metric tons of this precious metal.
During the same year, the United States of America produced four metric tons of platinum.
The largest Russian mining company is Norilsk Nickel (Nornickel). This company is the world’s biggest palladium and nickel producer, too.
The three largest platinum producing mines in Russia are:
- The Kola MMC Mine, in the Murmansk area
- The Kondyor Mine, in Khabarovsk
- The Chernogorskoye Mine, in the Norilsk area
The only US palladium and platinum producer is the Stillwater Mining Company. It is based in Littleton, Colorado.
There is only one more platinum producer on the territory of North America. It is a North American Palladium company located in Canada.
Zimbabwe’s platinum production in 2021 was around 467 000 ounces. In 2022, it is predicted that the production will reach about 465 000 ounces.
The two biggest platinum mines in Zimbabwe are both located in Mashonaland West. They are:
- The Mupfuti Mine
- The Bimha Mine
Platinum production in Australia fluctuates between 0.2 and 0.1 metric tons per year.
Since March 2020, Chalice Mining company has been producing platinum at its Julimar project. Australia also boasts the Gonneville deposit containing around 10 million ounces of platinum, palladium, and gold.
| Global platinum mine production by country 2021 | In metric tones |
| South Africa | 130 |
| Russia | 19 |
| Zimbabwe | 15 |
| Canada | 6 |
| United States | 4.20 |
| Other countries | 4.30 |
Global Reserves: Platinum Production By Country
As we have already established, the world’s largest platinum producer is South Africa. It produced 130 metric tons of this precious metal in 2021. This country also holds the greatest part of global platinum reserves, estimated at 63,000 metric tons.
| Platinum-group metal reserves worldwide by country, 2021 (in metric tons) | 2017 | 2018 | 2019 | 2020 | 2021 |
| South Africa | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 |
| Russia | 3,900 | 3,900 | 3,900 | 3,900 | 4,500 |
| Zimbabwe | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 |
| United States | 900 | 900 | 900 | 900 | 900 |
| Canada | 310 | 310 | 310 | 310 | 310 |
| Worldwide | 69,000 | 69,000 | 69,000 | 69,000 | 70,000 |
Russia maintains second place with 19 metric tons of platinum produced in 2021 and 4,500 metric tons of platinum in its reserves.
Zimbabwe, the United States, Canada, and Australia cover the remaining platinum world production as well as the remaining global reserves.
What are the largest platinum mines by production?
| Rank | Name of the mine | Production of platinum in 2020 | Owned by | Location | End of operation |
| 1. | The Impala Mine | 514.399 thousand ounces | Impala Platinum Holdings | North West, South Africa. | 2035 |
| 2. | The Mogalakwena Mine | 500.8 thousand ounces | Anglo American Plc. | Limpopo, South Africa | 2040 |
| 3. | The Kola MMC Mine | 438.8 thousand ounces | MMC Norilsk Nickel | Murmansk Oblast, Russia | _ |
| 4. | The Marikana Mine (Lonmin) | 405.039 thousand ounces | Sibanye Stillwater | North West, South Africa | 2036 |
| 5. | The Amandelbult Mine | 307 thousand ounces | Anglo American Plc. | Limpopo, South Africa | 2040 |
| 6. | The Crocodile River Mine | 293.172 thousand ounces | EasternPlatinum | North West, South Africa. | 2020 |
| 7. | The Kroondal Mine | 245.571 thousand ounces | Sibanye Stillwater | North West, South Africa. | 2032 |
| 8. | The Mupfuti Mine | 209.172 thousand ounces | Impala Platinum Holdings | Mashonaland West, Zimbabwe | 2027 |
| 9. | The Bimha Mine | 191.484 thousand ounces | Impala Platinum Holdings | Mashonaland West, Zimbabwe | 2051 |
| 10. | The Booysendal North Mine | 164.593 thousand ounces | Northam Platinum | Limpopo, South Africa | 2043 |
I also have to stress that a significant portion of annual platinum supplies comes from recycling. It accounts for as much as 17% of yearly platinum demand.
The most common sources of recycled platinum that come back into the market are old coins and jewelry, autocatalytic converters, and platinum scrap supplies.
How Much Platinum Bullion Is In The World?
It is estimated that there are about 8 million ounces of .999 fine platinum circulating or being stored around the globe.
Where is all this platinum?
There are 2.709 million ounces of ETF bullion holdings, and about 3.7 million oz of platinum coins struck since 1983.
In addition, 170,000 oz of platinum bullion is held in the NYMEX inventory, and about 43,000 oz of platinum is stored in Japanese TOCOM platinum warehouses. Shanghai Gold Corporation has some minor physical stockpiles of platinum, too.
For all this data to be 100% valid, we would have to assume that no platinum bullions or coins have been recycled to this day. It is highly unlikely, though, to say the least.
How much is all this platinum worth?
Based on a current platinum spot price, the estimated 8 million ounces of .999 fine platinum bullion is worth more than seven billion dollars.
It sounds quite a lot, doesn’t it?
Yet, the total global debt is around the $250 trillion mark. Besides, almost any decent multi-billionaire could take over the entire platinum market at the drop of the hat.
I blame it on the paltry price of platinum and minuscule fine bullion supply. In comparison to the price of gold, platinum price has reached its historic low.
Platinum Price
The current price of platinum (May 2022) is $989.80 per ounce.
Check out the table below to see how the price of platinum has changed from 2020 to this day.
| Year | Year High | Year Low | Annual price change (%) |
| 2022 | $1,153.20 | $905.00 | 2.48% |
| 2021 | $1,293.10 | $894.20 | -10.44% |
| 2020 | $1,078.44 | $596.80 | 10.44% |
Ever since 1901, the price of platinum has been higher than the price of gold. The difference has reached its historic low, though.
Final Words
Platinum has a bright future ahead. It is essential for the automotive industry eager to reduce the emission of harmful pollutants and crucial for the world’s pursuit of decarbonization.
The jewelry industry is ever so hungry for platinum too. What’s more, the popularity of platinum jewelry seems to be on the rise in 2022.
So, the good news is there is enough platinum in the world for us to exploit for years to come!
Perhaps I should have said this in the beginning and saved you from reading all the uninteresting data. There is no such thing as too much knowledge, though. You never know when some information will come in handy!
So, if by any miracle you want to hear more, leave your questions and comments below. Share the article so others can get informed, too. Thanks.
