The current world supply of platinum is estimated to be approximately 80,000 metric tons, which sounds like a lot. However, compared to gold’s world supply of 244,000 metric tons, that puts into perspective just how rare platinum is. With such a small amount in the entire world, where is platinum mined?

Five countries are significant producers of this rare precious metal: South Africa, Russia, Zimbabwe, Canada, and the United States. Large-scale mines in each country extract platinum, mainly as a byproduct of platinum group metals (PGM).

World Mine Production of Platinum by Country in 2023

South Africa

The Bushveld Igneous Complex, located in the Transvaal Province, contains one of the highest concentrations of platinum, with over 70% of the world’s supply. Founded in 1924, the Bushveld complex has three layers containing most of the world’s platinum group metals: the Merensky Reef, the Upper Group 2 Reef, and the Platreef. Platinum mining is not heavily regulated in South Africa, allowing contracts to enter South Africa with little to no interference.

The largest platinum mines in South Africa and how much platinum they produced in 2023:

• Impala Mine – Located in North West and produced approximately 710.73 thousand ounces.
• Marikana Mine (Lonmin) – Also located in North West, this underground mine produced roughly 467.92 thousand ounces.
• Mogalakwena Mine – In Limpopo, this mine produced around 411.6 thousand ounces of platinum.
• Rustenburg Complex – Another underground mine located in North West, it produced an estimated 385.28 thousand ounces.
• Amandelbult Mine – Also in Limpopo, this underground mine generated 322 thousand ounces.

Russia

Platinum was mined in Russia as far back as the early 19th century. Today, it remains one of the hot spots for platinum mining and produces around 15% of the world’s supply. Russia has the longest history of platinum mining, with deposits discovered in the Ural Mountains in 1823. The top mines in Russia include the Oktyabrsky Mine, Komsomolsky Mine, Taimyrsky Mine, and the Kola MMC Mine. The latter is a surface/underground brownfield mine in Murmansk Oblast that produced 376.03 thousand ounces in 2023.

Zimbabwe

There are four primary sources where platinum is mined in Zimbabwe: Mimosa, Zimplats, Ngezi, and Unki. Zimbabwe remains a hotbed for platinum mining because of its unique geography and structures that lend themselves to the production of platinum. In 2023, the Zimplats mine produced approximately 282.04 ounces of platinum. The second largest is the Ngezi Mine, which produces around 200,000 ounces annually. The Mimosa Mine is the third largest, with approximately 120,000 ounces per year. The fourth largest, the Unki Mine, produces around 64,000 ounces per year. There are no platinum refineries in Zimbabwe, so it is sent to South Africa for refinement.

North America

The majority of the platinum mined in North America is in Canada and a few locations in the United States.

Canada

Canada has been fourth in platinum production since 1883, producing approximately 710,000 troy ounces in 2022. Mines are located in Ontario, Quebec, and Manitoba. 78% of the production took place in the Sudbury Basin, Ontario. While Canada significantly contributes to the world’s platinum supply, the metal is usually a byproduct of nickel mining operations.

United States

As the fifth largest platinum producer in the world, there are a few platinum-exclusive mines in the United States: Montana, Alaska, Arizona, and Minnesota. Montana has the largest platinum group metals concentration in the US. Two mining operations, Stillwater and East Boulder, source the platinum from the J-M Reef, which has the highest-grade PGM deposit in the world. In Alaska, there is a town named Platinum after the precious metal was discovered in the area during the 1930s. It became an essential source of platinum for the Allies during WWII.

Other Locations

Smaller quantities of platinum have been found in China, Finland, Colombia, Peru, New South Wales, and an island off Scotland called Rum.