Global platinum production fell 9% in 2020
(Kitco News) - According to the preliminary data released by the U.S. Geological Survey (USGS), global mine platinum production was 170,000 kilograms in 2020, a 9% decline compared to 2019 (186,000 kilograms).
USGS said that production of platinum in South Africa, the world’s leading supplier of PGMs, decreased by 10% to 120,000 kilograms in 2020 compared with that of 2019 owing to temporary lockdowns related to the COVID-19 pandemic as well as increased labor costs, increased costs for electricity, an unreliable supply of electricity, and challenges related to deep-level mining.
USGS estimates that the world’s PGMs resources are amounted to more than 100 million kilograms. The largest reserves are in the Bushveld Complex in South Africa.