Issue link: http://resourceworld.uberflip.com/i/1239546
44 www.resourceworld.com A P R I L / M A Y 2 0 2 0 L ike gold and silver, platinum is used for jewelry and by industry. There are six Platinum Group Metals that, although rare, are often found together in a mineral deposit. They include platinum, palladium, rhodium, iridium, ruthenium and osmium – each with their own characteristics that make them uniquely suitable for various applications. Approximately 50% of global palladium production comes from platinum mines; however, there are two primary pal - ladium mines: Stillwater and Lac des Iles. Platinum is used in autocatalysts, both gasoline and diesel, to reduce emissions as well as in computer hard drives, glass manufacturing and petroleum refining, to name a few. Due to its hardness and beauty, platinum is also used in jewelry. Palladium is mainly used in autocata - lysts in gas-burning engines to reduce greenhouse gas emissions. Palladium is also used in electronics, dental and chemi- cal applications. Rhodium is also used in autocatalysts as well in applications that require very hard plating. Other applications include electrical contacts, jewelry and as an alloy - ing agent with platinum and palladium. These alloys are used to make such things as furnace coils, electrodes for aircraft spark plugs and laboratory crucibles. The remaining three PGMs have very small markets. According to the United States Geological Survey, during 2019, estimated world plati - num production was 180,000 kilograms (5,787,144 troy oz) with palladium produc- tion at 210,000 kilograms (6,751,657 troy oz). About 116,000 kilograms of platinum and palladium was recovered globally from new and old scrap in 2018. Platinum reached a high of US $1,205/ oz five years ago and gradually fell to US $767/oz in August 2016. Its price had gradually been climbing since June 2019; however, since January 17, 2020, the price has declined from US $1,033/oz to US $759.00/oz on April 21. A February 2020, Johnson Matthey report stated that the "platinum market swung into deficit in 2019, as a resurgence in ETF buying lifted physical investment demand to a record 1.3 million ounces. This outweighed a modest contraction in global industrial and automotive demand and a double-digit drop in the Chinese platinum jewelry market." Looking at the supply-demand situ - ation, Johnson Matthey (JM) said that "unless investor appetites are sustained into 2020, the platinum market could move back into a surplus." Their report stated that "demand for Platinum-Palladium Review by Ellsworth Dickson