Russia's ongoing war in Ukraine and electricity shortages in South Africa are expected to seriously hamper the ability of these nations to bring PGMs to market.
So what other countries are platinum and palladium producers, and which countries hold the most platinum and palladium reserves? Below is a list of the five top producers in 2024, as per the latest data from the US Geological Survey.
1. South Africa
Platinum production: 120,000 kilograms
Palladium production: 72,000 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 2024. South Africa is also a major producer of palladium, taking second place globally with 72,000 kilograms last year. The country holds the largest-known reserves of PGMs globally at 63 million kilograms, accounting for over 75 percent of known global reserves.
According to the US Geological Survey, 2024 production of PGMs in South Africa "decreased compared with (74,900 kilograms) in 2023 owing to declining prices, higher costs associated with deep-level mining, labor disputes, and ongoing disruptions to the supply of electricity."
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:IMPUF,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: 18,000 kilograms
Palladium production: 75,000 kilograms
PGM reserves: 16 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 18,000 kilograms for 2024. That said, Russia was the world's top palladium producer in 2024, putting out 75,000 kilograms last year — 3,000 kilograms higher than South Africa’s output.
Russian mining company 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.
While Russia held its spot as the top palladium producer last year, its palladium production dropped significantly from 87,000 kilograms in 2023. The USGS attributed the drop to "disruptions from natural disasters, lower metal grades and ore recovery, ongoing issues related to the Russia-Ukraine conflict, and planned outages at a major metallurgical plant."
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 2024. Zimplats Holdings (ASX:ZIM) 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 instead pay the royalties based on their production in a 50/50 combination of cash and refined 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.
In January 2025, the Government of Zimbabwe officially implemented a 5 percent levy on unbeneficiated platinum exports, which it had postponed to allow mining companies time to build refining capacity.
In line with the government's goal of adding value to the country's platinum products, Zimplats has expanded its smelting capacity and is making slow progress on a US$190 million refurbishment of its mothballed base metals refinery to process PGM mattes into pure platinum metal concentrates.
4. Canada
Platinum production: 5,200 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 310,000 kilograms
Canada’s strong palladium production of 15,000 kilograms tied with Zimbabwe to make it the third highest producer globally in 2024. Canada's platinum production was also significant at 5,200 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 nickel mines.
5. United States
Platinum production: 2,000 kilograms
Palladium production: 8,000 kilograms
PGM reserves: 820,000 kilograms
The United States produced 8,000 kilograms of palladium in 2024 alongside 2,900 kilograms of platinum. The US holds 820,000 kilograms of identified PGM reserves.
Sibanye Stillwater's (NYSE:SBSW,JSE:SSW) 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 catalytic convertor material from vehicles.
Low palladium prices 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, on July 30, 2025, Sibanye Stillwater and related industry participants filed antidumping and countervailing duty petitions with the US Department of Commerce and the US International Trade Commission (ITC) on imports of unwrought palladium from Russia.
On September 18, the ITC determined there is a reasonable indication the industry was "materially injured" by the Russian imports, and commenced the final phase of investigations.
FAQs for investing in palladium and platinum
What is platinum?
Platinum is a precious metal that belongs to the platinum-group metals category. Platinum has a silverish-white hue and is represented by the symbol Pt and atomic number 78 on the periodic table of elements.
What is platinum used for?
Platinum has several uses, including playing a large role in the auto industry for its ability to reduce emissions. Additionally, platinum is in high demand for jewelry and as an investment metal.
Platinum is also benefiting from growing demand from the hydrogen fuel cell sector. The metal is a key catalyst in the process that converts hydrogen into electricity.
What is palladium metal?
Palladium fits into the precious metals category and is a PGM. It is represented by the symbol Pd and atomic number 46 on the periodic table of elements. Palladium has a silvery-white color and is prized for its rarity.
What is palladium used for?
The automotive sector is the primary end user of palladium. The metal is a key component in the catalytic convertors of internal combustion engine vehicles, where it is used to reduce emissions.
Like platinum, palladium is used in jewelry and valued as an investment. It has other smaller-scale uses, and is consumed in various ways by the medical and dental fields, among others.
What is the best way to invest in palladium?
While there is no single best way to investing in palladium, those interested in gaining exposure to this market have a variety of options. Investors who prefer more tangible assets can add physical palladium to their portfolios, including palladium bullion and coins. Palladium exchange-traded funds such as the Sprott Physical Platinum and Palladium Trust (ARCA:SPPP) and the Aberdeen Standard Physical Palladium Shares (ARCA:PALL) offer another route. Palladium-focused stocks are yet another option, with pure-play palladium miners including Sibanye-Stillwater and Impala Platinum Holdings.
Why are metals like gold, platinum and palladium so expensive?
Precious metal gold has long been valued as a form of currency and a store of wealth, all of which have built up its high intrinsic value. Platinum and palladium are 30 times rarer than gold, much harder to mine and are in high demand due to their important industrial uses.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
