Top 5 Palladium and Platinum Countries by Production

1. South Africa

Platinum production: 120,000 kilograms
Palladium production: 71,000 kilograms
PGM reserves: 63 million kilograms

South Africa is top of the list of the world’s top platinum producers, with production of 120,000 kilograms in 2023. The country is also a major producer of palladium, taking second place globally with 71,000 kilograms last year. South Africa also holds the largest-known reserves of PGMs globally at 63 million kilograms.

According to the US Geological Survey, 2023 production of PGMs in South Africa "decreased compared with that in 2022 owing to disruptions to the supply of electricity and multiple issues related to rail transport. Declining prices also contributed to decreased production."

The Bushveld complex is the largest PGMs resource in the world, and represents a large majority of annual global production of platinum and palladium. Impala Platinum Holdings (OTCQX:IMPUY,JSE:IMP), commonly called Implats, is a significant producer in the complex, which hosts the company's Impala Rustenburg mine, Marula mine, Bafokeng and Two Rivers joint venture.

2. Russia

Platinum production: 23,000 kilograms
Palladium production: 92,000 kilograms
PGM reserves: 5.5 million kilograms

Despite being the world’s second biggest platinum-mining country, Russia’s annual production trails behind South Africa’s by a large margin, coming in at 23,000 kilograms for 2023. That said, Russia was the top palladium producer, putting out 92,000 kilograms last year — 21,000 kilograms higher than South Africa’s output.

Russia-focused Norilsk Nickel (MCX:GMKN) is the world’s largest palladium producer, and it plans to invest US$35 billion in infrastructure upgrades between 2021 and 2030, which will ultimately result in higher metals output.

There have been questions about how Russia's war in Ukraine could impact the Russian mining sector. The USGS reports that for 2023, "Production in Russia, the world’s leading producer of palladium, increased owing to higher metal grades and ore recovery as well as increased processing of inventory." In October 2024, as the war continued, the US suggested that Group of Seven countries sanction Russia's palladium production, leading prices to jump significantly on supply concerns.

3. Zimbabwe

Platinum production: 19,000 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 1.2 million kilograms

Zimbabwe is a major producer of both platinum and palladium, producing 19,000 and 15,000 kilograms of the precious metals respectively in 2023. Zimplats (ASX:ZIM,OTC Pink:ZMPLF) is the biggest platinum miner in the country, and it is 87 percent owned by Implats.

In October 2022, Zimbabwe introduced a policy that allows it to stockpile physical metals, including PGMs. A change to the country's existing cash royalties on miners, the rules require mining companies to pay royalties based on their production in a combination of cash and refined physical metals.

The policy currently applies to PGMs, gold, diamonds and lithium. However, it is dynamic, with the option to add or subtract affected metals and change royalty percentages based on factors such as geological scarcity and demand trends. For example, Zimbabwe doubled its royalties for platinum miners to 5 percent this past January, and intends to up the royalties for lithium as well.

4. Canada

Platinum production: 5,500 kilograms
Palladium production: 16,000 kilograms
PGM reserves: 310,000 kilograms

Canada’s strong palladium production of 16,000 kilograms was the third highest globally in 2023. Canada's platinum production is also significant, with 5,500 kilograms. The North American country's palladium and platinum production were nearly both on par with the previous year.

The country only holds 310,000 kilograms of known PGMs reserves — the lowest total reserves on this list — but companies continue to explore for PGMs in Canada in search of more deposits.

Canadian PGMs production takes place mainly in the province of Ontario, but PGMs output also comes out of Québec and Manitoba. The country has one primary PGMs-producing mine, the Lac des Iles mine in Western Ontario, which is owned by Implats Canada. The remainder of the country's production is as a by-product of Canada’s primary nickel mines.

5. United States

Platinum production: 2,900 kilograms
Palladium production: 9,800 kilograms
PGM reserves: 820,000 kilograms

The United States produced 9,800 kilograms of palladium in 2023 alongside 2,900 kilograms of platinum.

Sibanye Stillwater’s (NYSE:SBGL) Stillwater Complex in Montana is the only primary producer of PGMs in the US. The company also maintains a smelter, refinery and laboratory in Montana and recovers PGMs from spent catalyst material.

Low palladium prices have forced Sibanye Stillwater to curtail production and layoff about 700 employees at the Stillwater Complex in 2024. The company has pointed to Russia flooding the palladium market to depress prices. In response, Montana's two US senators introduced a bill calling for a ban on imports of Russian palladium.

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