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.

Sibanye PGM Production Rises in South Africa as US Output Falls

Sibanye

Sibanye PGM production improved in South Africa during the first quarter, but the company’s US mine output weakened because of lower production quality at East Boulder. The mixed result highlights the company’s uneven exposure across primary mining, recycling, zinc and lithium.

Sibanye PGM production in South Africa rose by 2% year on year to 383,241oz of 4E metals, covering platinum, palladium, rhodium and gold. Growth projects supported the increase and helped keep the company on track with its full-year guidance.

Sibanye PGM production in the US moved in the opposite direction. Output of 2E metals, covering platinum and palladium, fell by 5% to 68,386oz, with regular production expected to resume by the end of June.

The company maintained full-year guidance for both regions. South African operations are expected to produce 1.65mn-1.75mn oz, while US operations remain guided at 280,000-300,000oz.

South African Growth Offsets US Mine Weakness

Sibanye’s South African PGM operations remain the stronger side of the portfolio. The 2% increase in first-quarter output shows that ongoing growth projects are helping offset broader pressure across the PGM sector.

This matters because South Africa remains the world’s most important primary PGM supply base. Stable output from large producers supports automotive catalysts, hydrogen technologies, chemicals, electronics and industrial applications.

The US Stillwater operations faced a weaker quarter. Lower production quality at East Boulder reduced output, although Sibanye expects normal production to return by the end of June.

The US decline is important because North American primary PGM supply is limited. Any disruption at Stillwater assets can affect regional availability of palladium and platinum, especially for customers seeking non-Russian and traceable supply.

Recycling helped offset the weaker US mine performance. Sibanye’s US recycled PGM output rose by 50% to 107,597oz, supported by better optimisation of material flows.

That increase reinforces the strategic value of secondary supply. PGM recycling can provide flexible metal units when mine output is uneven, while also supporting lower-carbon and circular supply chains.

Zinc Weakness and Keliber Progress Broaden the Portfolio Story

Sibanye’s Australian Century zinc operation produced 20,000t in the first quarter, down by 25,000t from a year earlier. Above-average rainfall reduced capacity and operating flexibility at the zinc operation.

The decline shows the weather sensitivity of tailings and zinc operations. Heavy rainfall can affect mining rates, processing efficiency, transport and operating continuity.

Century’s weaker output also matters because zinc remains important for galvanizing steel, infrastructure, construction, die casting and industrial manufacturing. Lower production from a major operation can tighten regional supply if weather disruption persists.

Meanwhile, Sibanye’s Keliber lithium project in Finland reached full completion during the first quarter. The first mining blast took place at the Syvajarvi mine in February.

Keliber gives Sibanye a strategic entry into Europe’s lithium supply chain. The project connects the company to battery materials demand and supports Europe’s effort to build more domestic critical mineral capacity.

Sibanye’s portfolio is therefore becoming more diversified. PGMs remain the core earnings and strategic base, but recycling, zinc and lithium all add exposure to different industrial cycles.

The first-quarter results show the benefits and risks of that structure. South African PGMs and US recycling improved, US mine output weakened, zinc suffered weather disruption, and lithium moved closer to future production.

The Metalnomist Commentary

Sibanye’s quarter shows why diversified metals exposure can protect a company from single-asset weakness, but also adds execution complexity. The strongest strategic signal is the rise in recycled PGM output, which could become increasingly valuable as customers seek secure and lower-carbon platinum and palladium supply.

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.

Tharisa underground chrome and PGM project extends Bushveld mine life

Tharisa

Tharisa underground chrome and PGM project plans mark a major shift in its South African operations. The Tharisa underground chrome and PGM project will replace the existing open pit mine as it depletes, securing long-term output from the Bushveld complex. This strategic move aims to stabilise chrome and PGM supply while leveraging stronger platinum prices and future demand growth.

Long-life strategy for Bushveld chrome and PGM supply

Tharisa will invest $547mn over the next decade to develop the underground complexes, Apollo and Orion. These underground units will enter first production in 2031, as the open pit approaches depletion. The Tharisa underground chrome and PGM project is designed to match and then exceed the current 5.6mn t/yr ore mining capacity.

As a result, Tharisa expects to maintain existing chrome and PGM concentrate output levels and create room for expansion. The underground expansion will extend the life of the overall operation by more than 50 years. This life extension is critical for downstream smelters, refiners and automotive PGM users planning long-term contracts.

Recent production trends highlight why the transition matters. PGM output fell by 6.5pc year on year in April–June, with chrome concentrate down by 3.9pc. However, quarter-on-quarter volumes recovered, with PGMs up 6.2pc and chrome concentrate up 3.9pc from January–March. The Tharisa underground chrome and PGM project therefore seeks to smooth volatility and anchor a more predictable supply profile.

Platinum price strength supports underground investment case

Platinum prices have recently surged to their highest level in 11 years. Benchmark assessments put platinum around $1,592/troy oz, with palladium at $1,285/troy oz. This price environment strengthens the economic rationale for deep, capital-intensive underground development.

Therefore, the Tharisa underground chrome and PGM project benefits from supportive revenue expectations, even as near-term production dips. Underground operations typically deliver higher resource recovery and better grade control than mature open pits. Over time, this can offset higher operating and capital costs.

Meanwhile, chrome concentrate remains a key revenue pillar for Tharisa, tied to stainless steel and alloy demand. The combined chrome and PGM basket from the Tharisa underground chrome and PGM project will help diversify risk across stainless, auto catalyst and emerging hydrogen-related applications. For global buyers, this project adds another long-dated node of supply in a market wary of concentration risk.

The Metalnomist Commentary

Tharisa’s move underground signals confidence in long-run PGM and chrome fundamentals despite short-term market noise. For downstream users, the key questions will be project execution, cost control and how this new supply interacts with other Bushveld and global expansions. If delivered on schedule, the project should reinforce South Africa’s role at the core of the PGM and chrome value chain well into the second half of this century.

Lifezone PGM Recovery Advances US Autocatalyst Recycling Strategy

Lifezone

Lifezone PGM recovery has reached an important pilot milestone after Lifezone Metals produced platinum, palladium and rhodium from US-sourced automotive catalytic converters. The result supports the company’s plan to build a US-based precious metals refinery using hydrometallurgical technology.

Lifezone PGM recovery is designed to reduce US dependence on imported platinum group metals. The US imports around 2mn oz/yr of PGMs, mainly from South Africa and Russia, creating strategic exposure for automotive, defense and aerospace supply chains.

Lifezone PGM recovery could become especially important for rhodium, which carries one of the highest supply chain risk ratings in the US. Rhodium is critical for emissions control systems and remains highly concentrated in global mine supply.

Hydrometallurgy Targets Cleaner PGM Recycling

Lifezone completed 1,179 domestic pilot batch tests over two years, using 1t of US-sourced autocatalyst material. The company recovered platinum and palladium at more than 99% purity, while rhodium reached 95%.

Further refining is still underway. Lifezone is targeting more than 99.95% purity for platinum and palladium and 99.9% purity for rhodium.

The hydrometallurgical route is strategically relevant because it can produce lower CO2 and sulphur dioxide emissions than traditional pyrometallurgical smelting and refining. This gives the project both supply-chain and environmental value.

Glencore Support Adds Scale to US Refinery Plan

Glencore continues to support the project after forming a joint venture with Lifezone at the end of 2023. The Swiss mining group invested $1.5mn for a 6% stake and has the option to fund 50% of the project capital.

Lifezone said its pilot plant work and feasibility study are close to completion. The company expects to reach a final investment decision in the first half of 2026 for a commercial US autocatalyst recycling plant.

The project could give the US a stronger domestic route to recover PGMs from end-of-life catalytic converters. If scaled, it would support circular supply for automotive emissions systems, aerospace manufacturing, defense components and high-value industrial applications.

The Metalnomist Commentary

Lifezone’s pilot milestone shows that recycling can become a strategic source of PGMs, not only an environmental solution. The decisive test will be whether the company can scale rhodium recovery to commercial purity and volume in a US-based refinery.

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.

Sibanye-Stillwater and Glencore-Merafe Expand Chrome Partnership to Boost South African Output

Merafe Resources

New agreement strengthens chrome recovery and output efficiency amid weaker PGM and ferro-chrome markets

Chrome Deal Expansion Aims to Optimize South African Production

Sibanye-Stillwater has expanded its chrome delivery agreement with Glencore-Merafe, targeting increased chrome production from its South African operations. The updated agreement builds upon a 2011 contract originally formed with Lonmin, which Sibanye-Stillwater acquired in 2019. Glencore-Merafe, a joint venture between Glencore and Merafe Resources, will now take over operational control of most of Sibanye-Stillwater's chrome recovery plants (CRPs).

The deal is designed to accelerate chrome deliveries while increasing overall production volumes. Chrome ore, a by-product of platinum group metals (PGM) mining, is playing a larger role in producer revenues due to declining PGM prices. The new arrangement aims to improve plant feed, enhance recovery, and lower operating costs across Sibanye-Stillwater’s CRP network.

Ferro-Chrome Pressures Prompt Strategic Collaboration

Merafe Resources reported 301,000 tonnes of ferro-chrome output in 2024 but faces pricing challenges in the current market. As part of a strategic review announced in February, Merafe may close selected furnaces due to sustained low ferro-chrome prices. This chrome partnership with Sibanye-Stillwater presents an opportunity to mitigate margin pressure through operational efficiency and increased recovery of chrome by-product material.

The chrome produced from Sibanye-Stillwater’s PGM operations feeds directly into Glencore-Merafe’s ferro-chrome value chain, making the partnership critical for long-term supply reliability. Enhanced chrome recovery is expected to bring economic benefits to both parties and reduce resource waste.

As global stainless steel demand evolves, chrome and ferro-chrome remain vital to the supply chain. The success of this partnership may influence similar strategies across the Southern African region, where PGM and chrome operations are closely intertwined.

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.

Implats Reports Decline in PGM Production in Q1 2024, but Maintains 2025 Guidance

Impala Platinum

Impala Platinum (Implats), a leading South African producer of platinum group metals (PGMs), reported a decline in its output during the first quarter of its financial year, primarily due to furnace commissioning issues. However, the company has maintained its 2025 production guidance and remains optimistic about the future outlook for PGMs.

PGM Output Declines in Q1

In the July-September quarter of 2024, Implats' output of refined and saleable 6E PGMs—which includes platinum, palladium, rhodium, iridium, ruthenium, and osmium—fell by nearly 9% year-on-year, totaling 807,000 ounces. Similarly, sales volumes decreased by 4.4% to 792,000 ounces compared to the same period last year. The drop in production was attributed to several factors, including the commissioning of furnaces, operational revisions, and safety stoppages.

Implats' tonnes milled at managed operations were also down 6%, totaling 7 million tonnes during the quarter. This decline was primarily due to adjustments in the operating parameters at its Implala Canada and Styldrift mine in South Africa. Moreover, supply chain disruptions such as water supply interruptions further hampered production.

Outlook for 2025

Despite the production dip, Implats has reaffirmed its 2025 financial year guidance, which includes expectations for stable volumes, capital expenditure, and costs. CEO Nico Muller emphasized the healthy demand for PGMs, noting that continued metal purchases and discussions with key customers suggest that the PGM market could be shifting out of the current low-price cycle.

However, Muller cautioned that macroeconomic and geopolitical uncertainties continue to persist, affecting global market conditions. To mitigate these risks, Implats is taking a prudent approach in its capital allocation and operational planning to ensure the company's long-term sustainability and value creation.

Conclusion

While Implats has faced some production challenges in Q1 2024, the company is poised to weather current market uncertainties. By maintaining its 2025 guidance and focusing on robust global demand for PGMs, the company is positioning itself for sustainable growth in the coming years.

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.