Heraeus Vmet PGM Recycling Partnership Targets Iridium and Ruthenium Supply

Heraeus Precious Metals

Heraeus Vmet PGM recycling partnership will strengthen recovery routes for platinum group metal-containing industrial scrap, with a focus on iridium and ruthenium coated materials. Germany-based Heraeus Precious Metals and Italy-based Vmet signed the agreement in March.

Heraeus Vmet PGM recycling cooperation brings together Vmet’s sourcing capabilities and Heraeus’ global refining capacity. The structure is designed to improve collection, processing and refining of complex PGM-bearing scrap streams.

Heraeus Vmet PGM recycling is strategically important because primary iridium and ruthenium supply is limited and unlikely to grow quickly. South African PGM miners have reduced production and limited capital investment in recent years, constraining future mine supply.

The partnership targets a more circular PGM supply chain for high-value industrial materials used in aerospace, defence, electrical and hydrogen applications.

Industrial Scrap Becomes a Critical PGM Feedstock

Vmet specialises in recycling PGM-containing industrial scrap, including ruthenium-coated titanium electrodes and catalyst residues. These materials can contain valuable metal units that are difficult to replace through primary mining alone.

This matters because iridium and ruthenium are small-volume but high-strategic-value metals. Global primary production was only 7.2t of iridium and 29.5t of ruthenium in 2022.

Such limited supply creates vulnerability. Even modest demand growth from hydrogen, electronics, aerospace or defence can tighten availability quickly.

Recycling therefore becomes more than an environmental solution. It becomes a supply-security tool for customers that need qualified PGMs in specialised applications.

Heraeus’ refining capacity adds scale and technical depth to the partnership. Processing coated materials and catalyst residues requires strong metallurgical expertise, sampling discipline and recovery control.

Hydrogen and Defence Demand Raise Circularity Value

Iridium and ruthenium are increasingly relevant to advanced industrial systems. They are used in electrical applications, aerospace and defence technologies, and selected hydrogen-sector processes.

Hydrogen demand is especially important because some electrolyser technologies rely on scarce PGMs. As governments invest in low-carbon hydrogen, pressure on iridium and ruthenium supply could rise.

At the same time, mine supply is not flexible. PGM output depends largely on South African mining economics, ore bodies and capital investment decisions.

This makes secondary supply strategically valuable. Recovered PGMs can reduce dependence on mined material, improve supply resilience and support customers with stronger traceability.

For Heraeus and Vmet, the opportunity lies in converting specialised scrap into reliable refined products. For end users, the partnership could improve access to metals that are difficult to source in large quantities from primary supply.

The deal also reflects a broader shift in minor and precious metals. Recycling networks are becoming part of industrial supply-chain strategy, especially where material scarcity, qualification requirements and geopolitical risk overlap.

The Metalnomist Commentary

The Heraeus-Vmet partnership shows that PGM recycling is becoming a strategic materials business. Iridium and ruthenium supply will increasingly depend on who can capture, process and refine complex industrial scrap before scarcity reaches end users.