The Value Of Platinum Metals Recovery

The importance of the recovery of precious metals, specifically platinum group metals, was recently expressed by Robert McNamara, former head of the World Bank, who stated that the United States should stockpile strategic metals. More than 90% of the platinum metals are imported into the United States from South Africa and Russia. Mr. McNamara's concern is based on the possibility of a disruption of obtaining these metals due to any racial unrest in South Africa and a renewal of the Cold War with Russia. The United States has a platinum mine from coast to coast. Since 1974, the automotive industry has consumed 3 million ounces of platinum and palladium, and the recovery of these metals from auto catalyst converters is estimated to be 300,000 ounces of platinum per year. This would make the United States the 4th largest producer in the world.