Learn About Where the “Rich Man’s Gold,” Platinum is Mined
Platinum is a Silver-white Precious Metal that is rarer than Gold. The Platinum bullion value is high because of its scarcity and its use in industrial applications. Platinum is mined in very few places around the world. With mining regulations crippling some parts of the world, Platinum mining remains strong in others. Here are the prime locations where Platinum is mined:
- South Africa
The Bushveld Igneous Complex, located in the Transvaal Province, contains one of the highest concentrations of Platinum. Founded in 1924, this complex has three layers, two of which contain most of the world’s Platinum group metals: the Merensky Reef and the Upper Group 2 Reef. Platinum mining is not heavily regulated in South Africa, allowing contracts to enter South Africa with little to no interference.
Platinum was mined in Russia as far back as the early 19th century. Today, it remains one of the hot spots for Platinum mining. Russia has the longest history of Platinum mining, with Platinum deposits discovered in the Ural Mountains in 1823. There are several Platinum mining locations throughout Russia, but two located in the far east region, the Kondyor mine and the Koryak mine, produced more than 185,000 oz of Platinum in 2005.
- North America
Platinum group metals in North America are primarily mined in Canada and Montana. Much of the Platinum in North America is a byproduct of nickel mining. Mining took place in Canada as early as 1883. To date, there are very few Platinum-exclusive mines in North America. This speaks to the value of Platinum today.
There are four main sources where Platinum is mined in Zimbabwe: the Great Dyke, Mimosa, Zimplats and Unki. Zimbabwe remains a hotbed for Platinum mining because of its unique geography and structures that lend themselves to the production of Platinum.
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