Platinum is a rare and precious metal that has been valued for centuries for its beauty, rarity, and many practical uses. Unlike gold or silver, platinum is not a metal that is commonly found in its pure form. Instead, platinum is usually extracted from ore through complex chemical and industrial processes. This makes the history and origins of platinum mining and refining an interesting topic. Knowing what age platinum comes from can provide insight into the metal’s discovery and early uses throughout history.
When Was Platinum First Used?
Platinum is believed to have first been used by ancient South American civilizations before the arrival of European explorers in the 16th century. The earliest artifacts made from platinum have been dated back to around 700-800 BC. These early platinum artifacts have been found in locations that were centers of pre-Columbian civilization, including areas of modern-day Ecuador, Colombia and the Esmeraldas region of northwestern Ecuador.
Some of the earliest examples of platinum jewelry and decorative objects come from the Chocó region in what is now Colombia. Small decorative platinum objects from around 500 BC have been discovered here, indicating that ancient peoples in this area were able to mine platinum and create artifacts from it. The platinum used in these early artifacts likely came from nearby alluvial deposits where small amounts of platinum can be found mixed with gold dust and nuggets.
The skilled metalworkers of the Quimbaya civilization, which flourished between 300-1600 AD in present-day Colombia, also produced stunning gold and platinum artifacts, including finely detailed jewelry and containers. This demonstrates that pre-Columbian civilizations possessed advanced technical knowledge of how to extract platinum from ore and work it into jewelry and art objects.
Early European Encounters with Platinum
Europeans first became aware of platinum during the 16th century conquests of the Spanish in Central and South America. Writings from this time period describe nuggets of an unknown silvery-colored metal found with gold deposits that were difficult to melt down.
The first European reference to platinum is believed to come from 1557, when Julius Caesar Scaliger, an Italian scholar, described a metal found in Central America that no fire could destroy and which could not be melted by fire or dissolved in acids. He called this unidentified metal “platina,” meaning “little silver.”
In 1735, British scientist Charles Wood published a study introducing platinum as a new metal to the western world. He described its high melting point, infusibility, and resistance to acids. Wood’s research helped spark interest in examining and experimenting with platinum.
During the 18th century, small amounts of platinum were imported to Europe from Spanish colonies in the Americas. The first attempts to apply platinum for practical uses centered around the metal’s resistance to chemical reactions and high melting point. By the late 1700s, platinum crucibles were being used in laboratories for experiments needing containers that could withstand intense heat.
The Age of Platinum Mining
While small amounts of alluvial platinum were collected for centuries, active mining for platinum-rich ore started in the early 19th century. The first platinum mining boom began in the Ural Mountains of Russia in 1819. For several decades, this region produced a significant portion of the world’s platinum.
In 1822, British scientist William Hyde Wollaston discovered a method for manufacturing malleable and ductile platinum that could be shaped and extended into wire. This enabled the use of platinum in jewelry as well as industrial applications. After this advance, platinum became a popular jewelry metal in Russia with patronage from Russian aristocracy generating demand for Russian platinum jewelry.
By the 1820s, platinum mining had expanded beyond Russia to Columbia and the Ural Mountains. Deposits discovered in North America starting in the 1810s also began to be commercially mined. The first production of platinum from alluvial deposits in North America came from gold fields in Georgia and North Carolina.
South African Platinum Mining
In 1924, significant deposits of platinum were identified in South Africa’s Bushveld Igneous Complex. Large-scale commercial mining of this platinum-rich ore started in 1925 at Rustenburg Mine, located northwest of Johannesburg.
South Africa quickly became a leading platinum producer and shifted the geographic center of platinum mining. In the modern era, South Africa typically accounts for over 70% of worldwide annual platinum production.
Other Platinum Mining Regions
While South Africa dominates platinum mining, several other countries also contribute to global production:
- Russia – Major deposits are located in Siberia near the city of Norilsk. This is a legacy of Russia’s early dominance as a platinum mining region.
- Zimbabwe – Significant platinum reserves are mined from the Great Dyke geological formation.
- Canada – Platinum is mined as a by-product from nickel mining operations near Sudbury, Ontario.
- United States – Small amounts of platinum have been produced as a by-product from Stillwater Mine in Montana.
In recent decades, recycled platinum from automotive catalytic converters and end-of-life products has grown as another important source. Recycled platinum accounted for around 30% of total global supply in 2018.
Uses of Platinum Through History
Platinum’s applications and uses have expanded dramatically from the rare decorative objects created by ancient South American civilizations. Here is an overview of how platinum use has evolved over time:
Pre-19th Century
- Jewelry, decorative items, and artifacts created by skilled indigenous metalworkers in South America.
- Small amounts of platinum imported to Europe for laboratory crucibles and experiments due to its high heat resistance.
19th Century
- Use in fine jewelry expands in Europe, especially in Russia where platinum’s white color provided a fashionable alternative to gold.
- Laboratory containers, wire, electrodes, and other scientific equipment.
- Dental alloys, platinum-iridium alloy used for weights/measures.
- Introduction as a catalyst in industrial production of sulfuric acid.
20th Century
- Jewelry remains a major use, especially after development of modern machining methods.
- Catalytic converters, oxygen sensors, spark plugs, and other automotive applications.
- Petroleum and chemical refining catalysts.
- Electrical contacts, thermocouples, medical implants, fiber optics, capacitors.
- Investment asset in the form of bars, coins, and exchanged-traded funds.
21st Century
- Continued growth in automotive catalytic converter demand, especially for diesel engines.
- Emerging usage in electronics, data storage, glass manufacturing.
- Increasing investment demand and exchanges listing platinum investment products.
- Continued importance as a jewelry metal and luxury status symbol.
This history shows platinum transitioning from a rare metal used in decorative objects to a widely used industrial commodity. Platinum’s unique properties drive usage for increasingly high-tech applications alongside continued status as a precious metal.
Platinum Reserves in the Modern Era
The volume of platinum reserves and resources is an important metric for the health of the platinum mining industry. Here is a summary of current global platinum reserves:
| Country | Estimated Reserves (Metric tons) |
|---|---|
| South Africa | 63,000 |
| Russia | 22,000 |
| North America | 3,700 |
| Zimbabwe | 2,400 |
South Africa holds over 80% of known global platinum reserves. Combined with Russia, these two countries account for the vast majority of the world’s platinum.
Beyond formal reserves, estimated platinum resources in undeveloped deposits could be substantial. However, platinum is often a by-product of mining for other base or precious metals. New platinum supply depends on the economics of primary mining operations.
Recycling is increasingly important in meeting platinum demand and offsetting the need for new mining. Recycled platinum made up 30% of total supply in 2018 and recycling rates could increase further in the future.
Platinum Production in Recent Years
World platinum production from mining has averaged around 6.5 million ounces per year over the last decade. Production peaked at nearly 7 million ounces in 2006 before declining during the global recession. Here is a table summarizing global platinum production levels since 2015:
| Year | Production (Moz) |
|---|---|
| 2015 | 5.64 |
| 2016 | 4.92 |
| 2017 | 5.15 |
| 2018 | 6.13 |
| 2019 | 6.27 |
| 2020 | 5.15 |
| 2021 | 6.69 |
Production levels fluctuate year-to-year based on factors like mine supply, economics of production, and global growth and demand. The COVID-19 pandemic led to a significant decline in 2020 before a recovery in 2021.
Going forward, platinum production is expected to increase slightly over the next five years due to expansions of South African mining capacity. However, platinum likely faces constraints on major production increases due to limited undeveloped deposits. Supply is also increasingly reliant on a small number of major mining companies.
Platinum Demand and Consumption Patterns
On the demand side, four major categories account for the bulk of platinum consumption:
- Autocatalysts – Platinum plays an important role in catalytic converters for diesel vehicles. This represents around 40% of total demand.
- Jewelry – Platinum is a popular precious metal, especially for engagement rings and high-end jewelry. Jewelry accounts for ~30% of demand.
- Industrial – Platinum has applications in electronics, glass production, chemicals. This contributes around 20% of consumption.
- Investment – Platinum coins, bars, and exchanges like ETFs targeted towards investors make up most of the remaining demand.
In the past decade, autocatalyst and jewelry demand has shifted somewhat between years but industrial and investment demand has seen stronger growth. The global push towards clean energy is also likely to drive industrial use of platinum’s catalytic properties going forward.
From a geographic perspective, demand is spread across several major regions:
– China – 30%
– Europe – 25%
– North America – 15%
– Japan – 10%
– Rest of World – 20%
These percentages can vary year-to-year but highlight the global nature of platinum consumption.
Platinum Prices and Market Factors
As a rare precious metal with numerous applications, platinum pricing is shaped by a variety of supply and demand factors. Here are some of the key influences on platinum’s market price movements:
- Mining production constraints – Plentiful reserves but concentrated in a few countries limits major new supply increases.
- Slowing global auto sales – Weaker auto markets dampens a key source of platinum demand.
- Substitution threat – Platinum faces competition from palladium in some autocatalyst uses.
- Uncertain global economy – Weak growth projections limit industrial and jewelry demand.
- Exchange traded funds (ETFs) – Holdings in physical platinum ETFs rising over 1 million ounces.
- Investor interest – More exposure among individual and institutional investors.
- Recycling rates – Supply boost from recycling spent auto catalysts and end-of-life recovery.
These factors combine to create a mixed price outlook for platinum in coming years. Prices are expected to remain volatile but potentially Supported by both industrial and investment demand.
Conclusion
In conclusion, platinum’s age spans centuries of human use but only about 200 years of active mining and extraction from ores. Pre-Columbian South American societies created the first platinum artifacts as far back as 700-500 BC. However, substantial European knowledge and mining of platinum did not begin until the 19th century.
Today, platinum remains a rare and precious metal that is found mainly in South Africa and Russia. It has a wide range of applications including jewelry, autocatalysts, electronics, glass, chemicals, and investment assets. The platinum market balances tenuous mine supply with fluctuating global demand trends, resulting in volatile but potentially strong prices going forward. Understanding platinum’s long history helps provide perspective on its continued importance as a versatile industrial and luxury metal.