5 most expensive metals and countries they are mined

Metals have played a crucial role in shaping economies of countries, industries, and even global trade.

While many metals are commonly used in everyday applications, some are exceptionally rare and valuable, commanding high prices due to their scarcity and industrial significance.

This article explores the five most expensive metals in the world and the countries that dominate their production.

1. Rhodium – South Africa

Rhodium, a lesser-known but highly valuable metal, has witnessed a significant price surge, exceeding its 2008 peak of $10,000 per troy ounce. The primary driver of this increase is its use in catalytic converters, which reduce toxic emissions from vehicles.

Approximately 80% of rhodium demand comes from the automotive industry, and South Africa dominates global production, mining around 80% of the world’s supply. With annual production at just 30 tonnes—compared to 2,500-3,000 tonnes for gold—rhodium remains one of the rarest and most sought-after metals. Stricter emission regulations in major economies like China and India further bolster its demand.

2. Palladium – Russia

Palladium, often considered rhodium’s counterpart, has also seen increased demand, particularly after the Dieselgate scandal, which shifted consumer preference from diesel to petrol vehicles. As a result, palladium, which is more effective in catalytic converters for petrol engines, surged in value.

Among the four major precious metals—gold, silver, platinum, and palladium—it is the most expensive and rarer than platinum. Russia leads global palladium production, with Nornickel being the top producer, extracting 86 metric tons in 2019. The rising popularity of battery-electric vehicles, however, could impact its long-term demand.

3. Gold – China, Australia, and Russia

Gold, a symbol of wealth and prestige, has been a valuable commodity throughout history. It is widely used in jewelry, electronics, and aerospace due to its durability and conductivity.

Historically, South Africa was the leading gold producer, accounting for two-thirds of global output in 1970. However, its dominance has waned. Today, the top three gold-producing nations are China, Australia, and Russia, reflecting shifting trends in global mining.

4. Iridium – South Africa and Russia

Iridium, one of the rarest metals in the Earth’s crust, has an annual production of just three tonnes. It is extremely dense and highly corrosion-resistant, making it a crucial material in specialized industries.

Despite its difficulty in fabrication, iridium is valued for strengthening alloys and producing high-performance crucibles. Like other platinum group metals (PGMs), iridium is primarily mined as a by-product of nickel, with South Africa and Russia being the main sources.

5. Platinum – South Africa

Platinum, once considered more prestigious than gold, has faced challenges in recent years due to the decline of diesel vehicles. It has traditionally been used in catalytic converters, with around 45% of the platinum sold in 2014 going to the automotive industry.

Despite its price fluctuations, platinum remains a highly valuable metal, largely mined in South Africa, which supplies about 75% of the world’s platinum demand. Leading producers include Anglo American Platinum, Impala Platinum, and Lonmin.

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