Platinum

There are several sectors which require platinum for manufacturing their products or use it as a part in their goods. However, the highest demand of about 31 to 42% for platinum comes from the automotive industry. It is followed by industrial (23-26%), jewellery (24-31%) and investment (1-20%).

High demand of platinum can be attributed to its properties that deliver better when compared to other metals. In chemical processes, platinum catalysts boost production, while on hard disks for laptops and servers used in cloud storage applications, platinum lifts storage density. Its increasing application in the healthcare space is attributed to the metal’s biocompatible property. Therapies based on platinum have been leading the studies for cancer treatment. It has a tendency to stay in the body connecting pacemakers and makes instruments visible during keyhole surgery.

The automotive industry uses platinum in catalytic converters as an oxidation catalyst for treating automobile exhaust emissions. Some compliant catalysts, such as Euro 6d (RDE) and China 6, utilise additional platinum per car in order to fulfil lower emissions requirements.

When used in spark plugs and O2 sensors, platinum improves the efficiency of engines. Also, the metal supports diesel cars, which in turn is better for the health of the environment as a diesel car is, on an average, emits lesser carbon dioxide (CO2) versus an average gasoline car.

Moreover, the superior catalytic and conductive qualities of the metal in fuel cells convert air and hydrogen into water generating power, which is used to run electric cars with zero emissions.

Both the metals, gold and platinum, are precious metals. However, there are some interesting facts which make platinum more precious than gold. As per the World Platinum Investment Council, ‘all the platinum ever produced would only cover your ankles in one Olympic sized-swimming pool, while all the gold ever produced would fill three Olympic sized swimming pools’.  

In terms of weight, platinum is around 60% heavier than 14kt gold. Also, platinum can be flattened into a sheet as thin as 100 atoms, while one gram of gold can be pounced into a 230-atom thick sheet.

Australia has one of the world’s largest recoverable resources of critical minerals. It is driven by an approach following environmental and social governance. Also, the country offers one of the most efficient regulatory environments in the world. At present, it is in a strong position to support global supply chains for critical minerals.

Government agencies – Geoscience Australia and Austrade – work in collaboration to assist investors explore opportunities and fulfil approval essentials for investment in critical minerals projects of Australia.

Overall, there is a consistent and transparent management of economic settings in the country, in terms of health and safety, labour, skilled migration, foreign investment, taxes, and environmental protection.