Johnson Matthey Cormetech Acquisition Strengthens Clean Air Catalyst Business

Johnson Matthey

Johnson Matthey Cormetech acquisition will expand the UK chemicals group’s clean air solutions business and strengthen its position in stationary emissions control. Johnson Matthey has agreed to buy US-based Cormetech for an enterprise value of $360mn in cash.

Johnson Matthey Cormetech acquisition terms also include a potential earn-out of up to $100mn linked to Cormetech’s performance in 2028-29. The transaction is expected to close by the end of June or July, subject to regulatory approvals.

Johnson Matthey Cormetech acquisition is strategically important because Cormetech produces selective catalytic reduction catalysts used to reduce nitrogen oxide emissions from gas and coal-fired power plants and industrial facilities.

The deal gives Johnson Matthey greater exposure to the US stationary emissions market, where tighter regulation and rising electricity demand are supporting demand for clean air technologies.

SCR Catalysts Gain Relevance as Power Demand Rises

Cormetech produces SCR catalysts that help cut NOx emissions from power generation and industrial processes. These systems remain important as power plants and heavy industrial facilities face stricter air pollution requirements.

The acquisition strengthens Johnson Matthey’s position beyond automotive emissions control. Stationary emissions are becoming more important as electricity demand rises from data centres, industrial electrification and grid reliability needs.

Data centre growth is especially relevant. Artificial intelligence infrastructure requires large amounts of reliable power, and that can support continued use of gas-fired generation in some markets.

If gas-fired power expands or runs at higher utilisation, emissions control systems will become more important. That creates a demand channel for SCR catalysts and related clean air services.

Cormetech generated sales of $129mn in 2025 and expects revenue of around $180mn in 2026. The company also expects Ebitda of about $35mn, giving Johnson Matthey an earnings-accretive platform in a growing market.

Catalyst Deal Supports Johnson Matthey’s Materials Strategy

Johnson Matthey expects the deal to increase earnings in the first full year after completion. It also expects at least $20mn in annual cost savings and revenue gains by 2030 from combining the businesses.

The transaction supports Johnson Matthey’s wider materials strategy. The company has deep expertise in catalysts, precious metals and emissions control, and Cormetech adds a stronger US industrial emissions platform.

Catalyst production also connects to platinum group metals markets, where Johnson Matthey remains a major global supplier and processor. This gives the acquisition a metals supply-chain angle beyond clean air regulation alone.

The deal comes as industrial customers face pressure to reduce emissions without compromising operating reliability. Power producers, refiners, chemical plants and industrial facilities need proven technologies that can meet regulatory requirements at scale.

For Johnson Matthey, Cormetech offers customer access, manufacturing capability and technology depth in stationary emissions control. For Cormetech, Johnson Matthey adds global scale, technical resources and commercial reach.

The acquisition shows that clean air technology remains a strategic market even as attention shifts toward batteries, hydrogen and electrification. Emissions control for existing industrial assets will still require investment.

The Metalnomist Commentary

Johnson Matthey’s Cormetech acquisition shows that decarbonisation does not eliminate the need for conventional emissions control. As data centres lift power demand, clean air catalysts could become more important for keeping gas and industrial assets compliant.

Johnson Matthey PGM Outlook Points to Industrial Demand as Deficits Persist

Johnson Matthey

Johnson Matthey PGM outlook shows that industrial demand will remain a key support for platinum group metals in 2026, even as automotive, investment and jewellery demand weaken. The recycler expects platinum, ruthenium and iridium markets to remain in deficit.

Johnson Matthey PGM outlook also shows a split market. Palladium and rhodium may move into surplus as higher prices encourage more autocatalyst recycling, while mine supply remains constrained.

Johnson Matthey PGM outlook is strategically important because PGMs sit across automotive catalysts, electronics, chemicals, hydrogen, hard disks, jewellery and industrial processes. Demand is changing, but the metals remain deeply embedded in high-value manufacturing.

The report suggests that PGM markets are not moving in one direction. Industrial demand is resilient, recycling is recovering, mine supply is under pressure, and vehicle technology choices are reshaping long-term consumption.

Recycling Rises as Mine Supply Remains Constrained

Autocatalyst recycling increased in 2025 after a long period of weak collection. Low PGM prices had discouraged recycling, while high vehicle costs led consumers to keep cars longer.

Higher PGM prices have now started to unlock hoarded material across the supply chain. Johnson Matthey expects secondary supply to rise by 8% as vehicle scrappage rates improve.

This recycling growth could support palladium and rhodium availability. Both metals are heavily linked to internal combustion engine catalysts, and higher recovered supply may push those markets into surplus.

Mine supply remains less responsive. Johnson Matthey expects PGM mine supply to fall because of lower South African production and a 10% decline in palladium output from Norilsk Nickel.

Producers remain cautious about greenfield projects and mine expansions despite higher basket prices. The industry needs confidence in future prices, not only current price strength, before committing capital.

This is especially important in South Africa. Platinum dominates the country’s PGM production mix, so sustained strength in platinum prices could eventually support investment. But palladium and rhodium remain exposed to the long-term decline of combustion engine demand.

Data Centres, Hydrogen and Electronics Support Industrial PGMs

Ruthenium remains one of the tightest PGM markets. Its deficit reached nearly 300,000oz in 2025, equal to almost a quarter of annual consumption.

Demand from chemicals, electronics and data centre-related hard disk production has strengthened ruthenium use. Strategic buying, especially in China, has also tightened market conditions.

Chinese export controls on ruthenium and ruthenium-containing materials have reduced supply availability outside China. This makes ruthenium a more sensitive critical mineral for industrial buyers.

Data centre construction for artificial intelligence is increasing demand for hard disks that use platinum and ruthenium. Wider electronics and electrical applications also remain supportive, with PGM use in those sectors rising by 8% in 2025 to 1.25mn oz.

Iridium demand is expected to rise slightly because of green hydrogen projects in Europe. This supports its deficit outlook, although hydrogen demand still depends on project execution and electrolyser deployment.

The US-Iran war adds uncertainty. Petrochemical demand for PGMs could weaken if Middle East oil and gas operations remain disrupted, while higher feedstock and operating costs may pressure industrial users.

The conflict could also affect vehicle demand. Higher fuel prices may push consumers toward electrified vehicles, but the impact on PGMs depends on the technology mix. Battery electric vehicles reduce PGM use, while hybrids still require catalysts.

Johnson Matthey expects automotive PGM demand to fall by 4% in 2026, broadly in line with lower global internal combustion engine production.

The Metalnomist Commentary

PGMs are entering a more selective demand cycle. Palladium and rhodium face pressure from recycling and combustion-engine exposure, while platinum, ruthenium and iridium are gaining support from industrial, data-centre and hydrogen-linked demand.

Closed-Loop Recycling to Slash PGM Demand by 40% in 2024, Industry Report Finds

Johnson Matthey

PGM Recycling Revolutionizes Metal Demand with Close to 60% of Platinum Group Metals Being Recycled

In 2024, platinum group metals (PGMs) demand will see a significant reduction of nearly 40% due to the rise in closed-loop recycling, according to a report from UK-based chemicals company Johnson Matthey. With over 60% of PGMs used in new products now coming from recycled metal, the shift towards circularity in the PGM industry is transforming how metals are sourced and used.

Understanding Closed-Loop vs. Open-Loop Recycling

Recycling PGMs is categorized into two pathways: open-loop and closed-loop. Open-loop recycling occurs mainly in consumer markets, where metal ownership is passed along with the product's lifecycle, allowing the metal to be reused for different purposes. In contrast, closed-loop recycling, which dominates industries like chemicals and pharmaceuticals, involves the original buyer maintaining ownership of the metal, reusing it for the same purpose throughout its lifecycle.

This process greatly reduces the need for new PGMs, as the original purchaser reclaims and reuses the metal. In fact, Johnson Matthey's research shows that a substantial 15.7 million troy ounces (toz) of PGMs were recirculated globally in closed-loop systems last year, cutting down the net demand for primary PGMs to 35.4 million toz in 2024.

PGM Recycling Shifts the Industry Landscape

Recycled PGMs, whether through closed or open loops, now make up the majority of materials used in new and replacement products. As primary mining becomes supplementary to the increasing urban PGM mines, it’s clear that recycling is becoming the backbone of the global PGM supply chain. The well-established closed-loop system has proved to be an efficient, sustainable model for metal recycling, potentially setting a precedent for other metals in the industry.

Ryan from Johnson Matthey highlighted that the long-established network of PGM recycling has reached economies of scope and scale through decades of market-driven optimization. This model could serve as a roadmap for other sectors, where the international approach to recycling has not yet reached similar maturity.

Recycling efforts should not be confined within national borders. To ensure efficiency, scrap must be collected and recycled globally, transcending domestic limitations. Ryan advocates for a broader, global collaboration to boost recycling effectiveness and reduce dependence on newly mined metals.

Closed-Loop Recycling Slashes PGM Demand by 40% in 2024

Johnson Matthey

Johnson Matthey Highlights a Game-Changing Shift in the Platinum Group Metals Industry

Global demand for new platinum group metals (PGMs) dropped sharply in 2024 due to a surge in closed-loop recycling. According to a white paper released by UK-based Johnson Matthey, nearly 60% of PGMs used in new production now come from recycled sources.

Closed-loop recycling plays a critical role in this reduction. In this model, the original buyer retains ownership of the metal, recycles it after product use, and reuses it for the same application. This contrasts with open-loop systems, where the metal changes hands and often shifts purpose across industries. Because closed-loop PGMs never re-enter the broader market, they are not counted as secondary supply — yet they substantially reduce the need for newly mined metal.

In 2024, an estimated 15.7 million troy ounces of PGMs circulated through closed-loop systems globally. This recycling process slashed net demand for new PGMs by nearly 40%, reducing it to just 35.4 million troy ounces. As a result, recycled materials from both open- and closed-loop sources now dominate the PGM supply chain. Primary mining serves as a supplement rather than the main source.

Urban mining is now central to the industry’s survival. Without it, the sustainability of PGM production would falter. Johnson Matthey’s Advocacy Manager for PGMs, Marge Ryan, emphasized that the industry’s closed-loop model could serve as a blueprint for broader metals recycling initiatives.

Despite its success, this global recycling network is not yet mirrored across other metal sectors. Many nations still focus heavily on domestic circularity efforts. Ryan argues for a broader, cross-border system. “Scrap collection and recycling don’t need to be confined by national borders,” she said. A coordinated global framework could unlock similar benefits for aluminum, copper, rare earths, and more.

The evolution of the PGM recycling ecosystem underscores a pivotal shift — not just in metals demand, but in how the world approaches sustainability, material ownership, and industrial efficiency.

UK growth minerals list includes PGMs but leaves palladium out

Palladium

The UK growth minerals list now includes several platinum group metals, but it excludes palladium. The UK growth minerals list projects cumulative domestic demand of 28,040t by 2035 for PGMs excluding palladium. Meanwhile, the decision reshapes eligibility for targeted public capital under the wider critical minerals strategy.

The exclusion puts palladium’s strategic role under a policy spotlight. Palladium supports pharmaceutical supply chains and defence applications, which sit inside the UK’s growth sectors. However, the UK growth minerals list does not treat palladium as investment-eligible under the growth-critical overlap.

Palladium exclusion raises supply chain and industrial policy questions

The omission creates a mismatch between industrial priorities and material coverage. Johnson Matthey welcomed the strategy’s resilience focus but criticised the palladium carve-out. Liam Condon signalled that the company expects policy to recognise palladium’s role in circular supply.

The gap also matters for downstream procurement and stockpiling logic. The UK previously aligned many security-driven materials decisions with allies’ critical mineral frameworks. Meanwhile, palladium already appears on some allied lists, which raises questions for trade and sourcing alignment.

UK PGM refining investment hinges on funding clarity and execution

The investment signal now concentrates on platinum and other overlap minerals. Platinum qualifies as both a growth mineral and a critical mineral under the strategy. Therefore, platinum-linked projects can access the new £50mn critical minerals fund and related support tools.

The UK still holds an outsized processing position in global PGMs. Johnson Matthey estimates UK facilities source almost 60% of PGMs used in new products worldwide. Meanwhile, the company seeks state support for its PGM refinery in Royston, which should start operating in 2027.

The Metalnomist Commentary

This policy split may unintentionally push palladium investment decisions offshore. However, the UK can still close the gap by tying eligibility to defence and pharmaceutical demand signals. Therefore, the next budget cycle will likely become the real test of strategy credibility.

PGM Technology Partnership Targets New Demand Beyond Catalytic Converters

Sibanye-Stillwater

The PGM technology partnership between Johnson Matthey, Sibanye-Stillwater, and Valterra Platinum signals a serious push to build new platinum group metals demand beyond traditional auto catalysts. The three companies will work on a multi-year, multi-million research and development programme covering the full PGM basket. The goal is to move new ideas from research to commercialisation. As a result, the PGM technology partnership could become one of the most important demand-side initiatives in the sector.

This matters because platinum group metals demand still depends heavily on catalytic converters for internal combustion engines. That market remains large, but electric vehicles are steadily taking share. Producers and refiners therefore need new end uses that can support long-term balance across platinum, palladium, rhodium, and the wider basket. Therefore, the PGM technology partnership is not just a research collaboration. It is a strategic response to a changing demand structure.

The mix of partners also gives the programme unusual weight. Sibanye-Stillwater and Valterra are major South African mining players, while Johnson Matthey brings refining, recycling, and advanced materials capability. That combination improves the odds that new PGM applications can move beyond lab work and into real industrial markets. Consequently, the PGM technology partnership has more commercial credibility than a typical standalone innovation announcement.

New PGM Applications Could Open Demand in Hydrogen, Electronics, and Advanced Materials

New PGM applications are central to the entire programme. The companies said they will explore uses in clean hydrogen, emissions detection and reduction, electronic materials, and high-performance alloys. These are not fringe categories. They are all large industrial themes with room for higher-value materials adoption. As a result, new PGM applications could help widen the demand base beyond automotive exposure.

Hydrogen is especially important in that context. PGMs already play a role in several hydrogen-related technologies, and deeper commercial penetration could create a more durable growth market. Electronics and advanced materials also matter because they can support more specialized and higher-margin uses. Therefore, the PGM technology partnership is aimed at sectors where technical performance can justify premium metal value.

The emphasis on the full basket is also notable. The programme is not focused on only one metal or one application family. That reflects a broader industry need to improve supply and demand balance across multiple PGMs at the same time. Meanwhile, it suggests the partners are thinking in portfolio terms rather than chasing one headline technology.

PGM Innovation Strategy Reflects a Bigger Industry Shift

PGM innovation strategy is becoming more urgent as the auto market evolves. Around 60pc of global PGM supply still goes into catalytic converters. That share remains important today, but it cannot be the only long-term demand pillar. Producers now need stronger growth channels that can absorb metal units in a more diversified way. Consequently, the PGM technology partnership reflects a much wider strategic shift across the industry.

This also matters for South Africa’s mining sector. Major PGM producers need a healthier long-term demand profile if they want more stable pricing and investment conditions. New applications can help support that by reducing dependence on a single dominant sector. Therefore, PGM innovation strategy is not just about technology leadership. It is also about future market resilience.

The comment from Sibanye-Stillwater’s chief executive makes that clear. The focus is on the entire basket and on creating a better supply-demand balance. That is ultimately the core commercial purpose of the programme. As a result, the PGM technology partnership should be viewed as a demand-defense strategy as much as an innovation platform.

The Metalnomist Commentary

This partnership matters because the PGM industry can no longer rely on catalytic converters alone to carry long-term demand. The most interesting part is not that the companies announced research. It is that miners, refiners, and recyclers are now aligning around commercialization. If this expands with more partners, it could become a real turning point for PGM demand strategy.

Platinum Prices Rise on Market Deficit

Platinum

Platinum prices rise on market deficit as speculation and tight supply collide. Platinum prices rise on market deficit after gold and silver surged. As a result, investors refocused on fundamentals while South African mine output stayed constrained.

Liquidity, tariffs, and China shape the rally

Platinum prices rise on market deficit and stronger cross-metal sentiment. Johnson Matthey assessed platinum at $1,608/t on 29 September. Prices jumped 15pc since 19 September and 72pc year to date. However, macro drivers also mattered as the Fed signaled rate cuts.

Platinum trade liquidity spiked in early 2025 on tariff speculation. Over 500,000oz moved into Nymex inventories by early April, Heraeus reported. Inventories then whipsawed as stocks drew down and rebuilt. Meanwhile, Chinese investment and jewellery demand strengthened. More than 30 jewellery makers entered platinum this year from fewer than 10.

Third straight deficit underpins structural support

Tight mine supply magnified the price response. South African platinum output fell 10pc year on year in the first quarter. Producers also closed shafts and delayed projects after weak PGM basket prices. Therefore, above-ground stocks continued to shrink, heightening volatility.

The WPIC expects a third consecutive deficit in 2025 of about 850,000oz. Market participants still see robust industrial demand and auto substitution. Battery-electric growth tempers catalysts, but platinum use remains resilient.

Near-term demand hinges on China’s Golden Week retail sales. If jewellery inventories fail to clear, metal could be remelted. That would return units to market and potentially ease price pressure. Even so, prices likely remain above 2024 levels this year.

The Metalnomist Commentary

The platinum tape now reflects classic deficit dynamics amplified by macro momentum. Watch Nymex stocks, South African maintenance schedules, and Chinese retail sell-through as leading indicators. Sustained deficits suggest dips may be shallow unless jewellery remelt accelerates.

Russian PGMs Continue Flowing to Europe via East Asia Despite Direct Import Declines

Russian PGMs Mining

Hong Kong and China Re-export Platinum and Palladium to Europe as Shortages Persist and Prices Stay Depressed

Russian Metal Flows Persist Despite Western Sanctions

Russian-origin platinum group metals (PGMs) continued entering European markets in 2024, despite significant declines in direct exports. Instead, the metal flowed indirectly via Hong Kong and China, both of which ramped up PGM exports after stockpiling Russian volumes in 2023–2024.

The UK, for instance, imported a quarter of Hong Kong’s 857,379 oz of platinum in the first eleven months of 2024—up 500% year-on-year, despite zero direct imports from Russia for two consecutive years.

Re-export Surge Undercuts African Suppliers

As the UK increased platinum imports via Asia, its platinum purchases from South Africa—the world’s largest platinum producer—fell 4% year-on-year. Market participants say rebranded Russian metal, sold at a discount, is undercutting South African supply in Europe.

Meanwhile, Switzerland absorbed most of Hong Kong’s 121,682 oz of palladium exports in 2024, sharply up from prior years. China’s palladium exports also jumped 87%, with half shipped to Switzerland, reinforcing the growing role of East Asia as a trade intermediary.

Global Deficit Grows as Output Shrinks

With supply tight, the EU and UK may continue to rely on these indirect Russian flows. According to the World Platinum Investment Council, platinum and palladium demand will remain robust through 2025, even as global production falls.

Non-Russian producers are scaling back: Sibanye-Stillwater announced job cuts at its U.S. palladium mine, and Impala Platinum may shut its Canadian Lac des Iles site early. Despite tightness, spot prices remain weak, limiting producer incentives to boost output.

Europe's Strategic Dilemma in PGM Supply

Palladium prices have plunged 57% in 2023, followed by another 36% drop in 2024, averaging $998/oz, per Johnson Matthey data. Although sanctions remain in place, Europe’s automotive and industrial sectors have few alternatives for essential PGMs.

Market insiders expect indirect Russian-origin PGM flows into Europe to persist in the medium term, particularly as Asia profits from discounted access. The gap between policy and procurement realities is widening, reinforcing the fragility of Europe’s critical metals strategy.

Heraeus and Mattiq Join Forces to Cut Iridium Use in Hydrogen Electrolysers

Heraeus

Partnership aims to boost zero-carbon hydrogen production with low-iridium PEM technology

Heraeus Precious Metals and Mattiq have partnered to develop low-iridium catalysts for proton exchange membrane (PEM) electrolysers. This collaboration targets the growing need for scalable solutions in zero-carbon hydrogen production.

The use of iridium in PEM electrolysers remains a major bottleneck due to its scarcity and cost. However, by lowering iridium content, Heraeus and Mattiq aim to make hydrogen production more commercially viable and sustainable. This initiative directly addresses one of the core material challenges in green hydrogen technologies.

Low-Iridium Catalysts to Unlock Scalable Hydrogen Tech

PEM electrolysers are vital in the push for clean hydrogen, yet their dependence on high-loadings of iridium, a rare platinum group metal (PGM), has constrained manufacturing scale. Currently, the global hydrogen economy struggles to meet projections, and the anticipated surge in PGM demand has been delayed—contributing to a 5.5% dip in iridium prices, now at $4,300 per troy ounce, as per Johnson Matthey data from February 5.

Despite current trends, industry experts like the World Platinum Investment Council predict a 32% rise in PGM demand in 2025, largely due to advances in PEM electrolysers and hydrogen fuel cells. This forecast makes the Heraeus–Mattiq collaboration especially timely, as it aligns with the market’s future trajectory.

Catalyst Innovation Poised to Accelerate Hydrogen Economy

Reducing the iridium content per unit will make PEM systems more cost-effective and accessible. As global interest in green hydrogen increases, industry players must optimize materials to ensure scalability. Heraeus brings deep expertise in precious metals, while Mattiq contributes cutting-edge chemical technology—together, they aim to redefine the catalyst market.

The success of this project could help stabilize long-term iridium demand while supporting the broader adoption of sustainable hydrogen technologies. Ultimately, the move benefits not only the hydrogen sector but also strengthens the case for clean energy transition globally.

Implats Considers Early Closure of Canadian Palladium Mine Amid Slumping Prices and Profit Decline

Impala Platinum

Weak Market Conditions May Accelerate Wind-Down of Lac des Iles Mine as Group EBITDA Falls 23%

Implats Signals Potential Early Shutdown of Lac des Iles Mine in Canada

South African platinum group metals (PGM) miner Impala Platinum (Implats) is considering an early closure of its Lac des Iles palladium mine in Ontario, Canada, citing sustained market weakness. CEO Nico Muller noted that an accelerated wind-down could be the most economically effective response to deteriorating palladium market conditions.

While Implats had already scaled back operations at the site last year, the outlook for palladium prices has further worsened, prompting the potential closure. No final date was provided, but the move would significantly affect the company’s North American operations.

PGM Earnings Slide as Palladium Prices Hit Multi-Year Lows

Implats posted earnings before interest, tax, depreciation, and amortisation (EBITDA) of R6.5 billion ($351.62 million) for the first half of its 2025 financial year, a 23% decline from the previous year. This was driven by lower PGM prices, particularly palladium, which fell 17% year-on-year to $916 per troy ounce, according to Johnson Matthey.

Despite a 5% increase in sales volumes, total group 6E production — including platinum, palladium, rhodium, iridium, ruthenium, and osmium — fell 4.2% to 1.82 million ounces, largely due to reduced throughput in Canada.

Processing Efficiency Boosts Refined Output Despite Mining Constraints

Milled tonnage at Implats’ managed operations dropped 4% year-on-year to 13.74 million tonnes, reflecting lower throughput at both Impala Canada and the Marula site in South Africa. However, refined and saleable 6E output rose 2% to 1.79 million ounces, driven by greater processing availability.

The company's ability to offset mine-level setbacks with improved refining efficiency shows resilience, but long-term market recovery will be critical to sustaining profitability—particularly in palladium.