Iridium Supply Chain & Substitution Market Size & Share 2026-2035

Iridium Supply Chain & Substitution Market Size

The iridium supply chain and substitution market was valued at USD 1.45 billion in 2025, is estimated at USD 1.53 billion in 2026, and is projected to reach USD 2.43 billion by 2035, expanding at approximately 5.9% CAGR during 2026–2035.

Iridium's market structure is governed by an unusual supply constraint: it is recovered principally as a by-product within platinum group metal (PGM) production rather than mined in response to its own price signal. Global primary output has remained close to 7 tonnes annually, while South Africa supplies more than 80% of refined material; Zimbabwe and Russia provide most of the remaining production. This linkage means an iridium shortage cannot be resolved simply by a higher iridium price. Mine plans, PGM basket economics, power availability, smelter throughput, and the timing of platinum and palladium investment determine whether incremental iridium reaches refiners. ^{[1]International Platinum Group Metals Association, Iridium Factsheet. ipa-news.com}

The value chain therefore concentrates strategic leverage at several points rather than solely at the mine. Bushveld and Great Dyke producers provide PGM-bearing concentrate; specialist refiners separate iridium from complex PGM streams; fabricators convert it into IrOₓ catalysts, electrode coatings, alloys, and high-purity chemicals; and end users recover metal from spent anodes, catalysts, and specialty components. Refining and fabrication capacity matters because an iridium unit is commercially useful only after it has been converted into application-qualified material. Johnson Matthey's refinery network, for example, processes primary and secondary PGM-bearing feedstock and supplies recovered metals back into industrial applications. ^{[2]Johnson Matthey, PGM Refining and Recycling. matthey.com}

Electrochemical demand has become the main pressure point. PEM water electrolysis requires iridium oxide at the anode because acidic oxygen-evolution conditions impose a combined activity and durability requirement that remains difficult for non-iridium catalysts to meet. Global water-electrolysis capacity reached 2 GW at the end of 2024, and China accounted for 65% of installed capacity and investment decisions. Yet the material intensity of PEM systems is changing rapidly. Research has demonstrated anode layers operating at around 0.2 mg Ir cm⁻², versus commercial reference loadings of roughly 2–3 mg Ir cm⁻², although long-duration degradation remains the central commercialization constraint,. The market is consequently growing not only through metal consumption, but through the economic activity required to reduce, recover, qualify, and manage iridium.

Price movements transmit this structural tightness into procurement behavior. Johnson Matthey recorded a 2024 decline in iridium prices as near-term hydrogen project schedules extended, despite a continuing tightness in physical supply-demand balances. For catalyst coaters and electrolyzer developers, price volatility creates a direct incentive to qualify lower-loading formulations, secure refining arrangements, and retain scrap ownership. For miners, the same volatility does not ensure a prompt supply response because iridium remains embedded in a broader PGM operating model.

Secondary flows are increasingly important because iridium retains its metallurgical value after use. Johnson Matthey estimates that recycled PGMs have substantially lower global-warming potential than newly mined material, while closed-loop recovery from high-value industrial applications can preserve iridium for redeployment. The distinction between closed-loop recovery and open-market secondary supply is commercially important: metal returned directly to an original user or fabricator improves that participant's supply security but does not necessarily increase freely tradable availability.

This changes the commercial meaning of substitution. In many materials markets, substitution signals lost demand for an incumbent input. In iridium, thrifting often supports the expansion of PEM electrolysis by allowing more installed capacity to be built from the same constrained metal pool. The resulting opportunity is shared among catalyst developers, membrane-electrode-assembly suppliers, refiners, and recyclers, while primary producers remain indispensable but cannot independently determine the pace of end-market adoption.

Key Drivers

Rising electrochemical and industrial demand

Iridium's demand base is broader than PEM electrolysis alone. Chlor-alkali and related electrochemical processes use dimensionally stable anodes containing iridium- and ruthenium-based coatings, creating replacement demand that is less dependent on hydrogen-project timing. Johnson Matthey reported electrochemical iridium demand of approximately 107,000 troy ounces in 2024, supported by established industrial uses alongside developing electrolyzer demand. This installed base provides a demand floor while PEM systems create incremental growth. ^{[3]Johnson Matthey, PGM Market Report. matthey.com}

Chemical catalysis and electronics add separate demand cycles. Iridium catalysts remain relevant in carbonylation and other specialty chemical processes, while spark plugs, electrical contacts, high-temperature crucibles, and hard-disk-drive components require iridium's resistance to heat and arc erosion. Johnson Matthey identifies more than one tonne of annual iridium use in new spark plug production alone. These uses moderate dependence on any single hydrogen-policy outcome, but they also compete for a supply pool that cannot be expanded quickly. ^{[4]Johnson Matthey, Circularity Whitepaper. matthey.com}

Structural limits on primary supply

Primary supply is constrained by the economics of PGM mines rather than by standalone iridium demand. South African production is exposed to electricity reliability, mine depth, labor costs, water events, and smelter availability. Valterra Platinum reported that its 2025 own-mined PGM production fell 6% to 2.06 million ounces, partly following the Amandelbult flood event. Such disruptions affect a metal market measured in tonnes, where even modest changes in PGM processing can alter availability to refiners.

New supply projects have long development cycles and must be justified by the full PGM basket. African Rainbow Minerals placed the Two Rivers Merensky project on care and maintenance in July 2024 amid weaker basket economics. This illustrates why a strong iridium price does not necessarily induce immediate new production. The constraint supports demand for recovery services, catalyst optimization, and technology routes that lower metal intensity.

Clean-energy investment and catalyst innovation

Electrolyzer deployment converts iridium from a specialty industrial metal into a material-planning issue for hydrogen developers. The International Energy Agency reported more than 1 GW of additional electrolyzer capacity added through July 2025, following the 2 GW installed base at the end of 2024. The relevant commercial question is no longer whether PEM deployment creates iridium demand, but whether loading reductions and recycling can keep the metal requirement within a manageable supply envelope.

Research and industrial investment are responding simultaneously. Demonstrated low-loading anodes show that substantial reductions are technically feasible, while durability at operating scale remains a qualification hurdle,. Furuya Metal's planned capacity addition for PEM electrolyzer catalysts, sufficient for more than 2 GW of annual electrolyzer capacity, shows that manufacturers are investing in catalyst availability rather than treating low-loading technology as laboratory-only work.

Key Restraints

Geographic concentration and operating disruption

South Africa's dominant position creates a concentrated physical supply chain before metal reaches European, Japanese, Chinese, or North American fabricators. Zimbabwe and Russia provide diversification, but neither creates a sufficiently broad supply base to remove concentration risk. Downstream users must manage exposure not only to a small number of mining jurisdictions, but also to a limited group of refiners capable of separating and qualifying iridium at the required purity.

The European Union has recognized PGMs as strategic raw materials under Regulation (EU) 2024/1252. The Critical Raw Materials Act seeks to reduce dependence on any one third country to no more than 65% of annual strategic-raw-material consumption by 2030. For iridium, that policy objective is harder to achieve through mine diversification than through recycling, stock management, fabrication capacity, and reduced loading, because primary production itself remains highly concentrated. ^{[5]European Union, Regulation (EU) 2024/1252. eur-lex.europa.eu}

Price volatility and qualification risk

Iridium price volatility complicates capital planning for buyers with long product-development and qualification cycles. A catalyst formulation, chlor-alkali anode, or medical component cannot necessarily switch feedstock or chemistry when the spot market changes. Johnson Matthey recorded a weakening price trend during 2024 as hydrogen schedules slowed, demonstrating that demand expectations can move prices even when primary supply remains structurally constrained.

The direct response is thrifting, but thrifting introduces another restraint: lower loading must retain lifetime performance. Forschungszentrum Jülich found that low-loadings can meet iridium-specific power-density targets, while extended-life degradation remains a binding issue. Buyers therefore face a trade-off between reducing metal exposure and preserving reliability. This favors suppliers that can validate catalyst durability, maintain traceable metal balances, and provide recovery arrangements after use. ^{[6]Forschungszentrum Jülich, PEM Electrolysis Iridium Loading Research. juser.fz-juelich.de}

The most durable mitigation pathway is a portfolio approach: lower catalyst loading reduces exposure per unit of output; secondary refining recovers metal after use; and process substitution limits iridium use where PEM-specific advantages are not required. None of these measures removes the need for primary material. Together, however, they can reduce the degree to which a disruption at a small number of PGM operations determines downstream project economics.

Iridium Supply Chain & Substitution Market Segment Analysis

By Supply Source

Primary Supply (Mine-Derived)

Primary mine-derived supply represents USD 1,189 million in 2025, or 82% of market value, and is projected to reach USD 1,873 million by 2035 at approximately 4.6% CAGR. Its dominance reflects the continuing importance of newly refined PGM output for applications requiring qualified high-purity material. Johnson Matthey estimated primary iridium supply at approximately 223,000 troy ounces in 2024 and forecast 242,000 ounces for 2025, partly reflecting the processing and release of South African work-in-progress inventory.

Growth remains moderate because mine-derived iridium is inseparable from the broader PGM operating environment. The prospect of additional South African output from projects such as Platreef may support future availability, but project timing, processing ramps, and PGM basket economics limit the certainty of new supply. Primary suppliers retain control over the first physical entry point into the value chain, but their commercial influence is tempered by the inability to tailor output specifically to iridium demand. ^{[7]Ivanhoe Mines, Platreef Project Mining Right Approval. ivanhoemines.com}

Secondary Supply (Recycled/Recovered)

Secondary supply accounts for USD 261 million in 2025, or 18% of the market, and is forecast to reach USD 557 million by 2035 at approximately 7.9% CAGR. The segment benefits from high metal value, established PGM refining methods, and growing attention to end-of-life electrolyzer recovery. Johnson Matthey operates PGM refining assets in the United States, United Kingdom, and China, processing both industrial scrap and PGM-bearing residues.

The economic value of secondary material depends on collection and ownership as much as metallurgical recovery. Closed-loop flows from electrodes, catalysts, and manufacturing scrap can maintain a user's metal availability without increasing market liquidity. HyRefine, Johnson Matthey's recovery route for spent hydrogen and fuel-cell assemblies, illustrates the direction of travel: recovery infrastructure is being designed around complex catalyst-bearing components rather than conventional autocatalyst feed alone. As first-generation PEM assets age, collection systems and contractual metal-return rights will determine whether recovered iridium supports the open market or remains within proprietary loops. ^{[8]Johnson Matthey, Hydrogen Fuel Cell Recycling and Refining. matthey.com}

By Substitution Strategy

Material Substitution

Material substitution represents USD 261 million in 2025 and is projected to reach USD 390 million by 2035 at approximately 4.1% CAGR. It includes efforts to replace iridium where application requirements permit alternative materials. In PEM electrolysis, full replacement remains constrained because acidic oxygen evolution requires a difficult combination of catalytic activity and stability. In chlor-alkali systems, alternative ruthenium-based formulations already serve applications with less demanding oxygen-evolution conditions, leaving iridium-containing coatings concentrated in more severe duty cycles.

The segment's moderate growth reflects targeted replacement rather than wholesale displacement. Material substitution is most viable where an alternative can pass durability and process-stability requirements without requiring a redesign of the surrounding cell, coating, or manufacturing process.

Catalyst Loading Reduction (Thrifting)

Catalyst loading reduction is the largest substitution strategy, valued at USD 464 million in 2025, or 32% of the market, and forecast to reach USD 920 million by 2035 at approximately 7.1% CAGR. Thrifting retains iridium but reduces its use per unit of electrochemical capacity. It is commercially distinct from material substitution because it protects PEM performance while lowering exposure to metal scarcity and price volatility.

The technical target is clear but demanding. Low-loading laboratory configurations have delivered substantial reductions in iridium content, while commercial deployment requires acceptable resistance, catalyst utilization, membrane interaction, and multiyear durability,. Tanaka's PEM catalyst range and Furuya Metal's capacity expansion demonstrate that the competitive arena includes qualified catalyst manufacture, not only academic catalyst discovery,. Suppliers that can provide reproducible low-loading materials at industrial scale are likely to capture disproportionate value as PEM projects move from demonstration to repeatable procurement.

Process & Technology Substitution

Process and technology substitution totals USD 363 million in 2025 and is expected to reach USD 537 million by 2035 at approximately 4.0% CAGR. It encompasses electrolyzer alternatives such as alkaline and anion-exchange-membrane systems, as well as process changes that reduce dependence on iridium-intensive anodes. These routes can avoid iridium, but their suitability differs by current density, dynamic operation, gas purity, site footprint, and system maturity.

This segment grows because project developers can choose a technology route based on renewable-power profile and delivered-hydrogen economics rather than catalyst chemistry alone. It does not eliminate PEM demand; instead, it creates a ceiling on iridium intensity in markets where alkaline or emerging AEM technologies can meet technical requirements at lower material exposure.

Recycling & Circular Supply Enhancement

Recycling and circular supply enhancement is valued at USD 305 million in 2025 and is projected to reach USD 511 million by 2035 at approximately 5.3% CAGR. The segment includes scrap collection, dismantling, hydrometallurgical treatment, refining, metal accounting, and return of high-purity iridium to catalyst or electrode manufacture. Recycled PGM material can offer a substantially lower environmental burden than newly mined metal.

The long-term constraint is feedstock timing. Manufacturing scrap and established industrial applications provide current recoverable material, but a larger stream of spent electrolyzer assemblies will emerge only as installed equipment reaches replacement or refurbishment cycles. Modeling cited by Johnson Matthey indicates that closed-loop iridium recycling can materially increase the electrolyzer capacity achievable from the available metal base. The market opportunity therefore develops with both installed PEM capacity and the maturity of collection infrastructure.

Others

Other substitution strategies account for USD 57 million in 2025 and are forecast to reach USD 72 million by 2035 at approximately 2.4% CAGR. These approaches include reduced-noble-metal alloy design, operational measures that lower catalyst consumption, and early-stage alternatives for specialty applications. Their contribution remains limited because many iridium uses are technically narrow and require long qualification periods.

By End Use

Electrochemical

Electrochemical applications represent USD 638 million in 2025, or 44% of the market, and are projected to reach USD 1,312 million by 2035 at approximately 7.4% CAGR. This segment includes PEM water electrolysis, chlor-alkali electrodes, electrowinning, water treatment, and other oxidation-intensive systems. Its growth reflects the intersection of existing industrial anode replacement demand and expanding hydrogen infrastructure.

PEM deployment amplifies the commercial value of each improvement in catalyst utilization. A lower-loading catalyst does not only reduce material cost; it allows a fixed quantity of iridium to support more installed capacity. Recycling has a similar effect once stacks return to market. This makes electrochemical demand the principal driver of both substitution technologies and secondary-supply investment.

Chemical Catalysis

Chemical catalysis is valued at USD 392 million in 2025 and is expected to reach USD 537 million by 2035 at approximately 3.2% CAGR. Applications include carbonylation, specialty synthesis, and selected oxidation and hydrogenation processes. Johnson Matthey reported firmer chemical demand in 2023 and 2024, with Asian catalyst requirements contributing to demand growth,.

The segment grows more slowly than electrochemical applications because many iridium catalyst systems serve mature production routes. Its importance lies in providing a diversified industrial demand base, which can sustain consumption even when electrolyzer projects are delayed.

Electrical & Electronics

Electrical and electronics applications account for USD 218 million in 2025 and are forecast to reach USD 339 million by 2035 at approximately 4.5% CAGR. The segment includes spark plugs, hard-disk-drive components, electrical contacts, and high-temperature processing hardware. Iridium's high melting point and resistance to arc erosion allow very fine spark-plug electrode geometries, while its physical characteristics also support specialized electronic and thermal applications.

Demand is shaped by different replacement cycles from electrochemistry. Automotive service intervals, storage technology transitions, and electronics production matter more than hydrogen-policy implementation. That diversity supports a steadier demand profile but limits the speed of growth relative to PEM-driven applications.

Medical & Other Specialty

Medical and specialty applications represent USD 145 million in 2025 and are projected to reach USD 170 million by 2035 at approximately 1.6% CAGR. Platinum-iridium alloys are used in selected implantable and interventional devices where corrosion resistance, radiopacity, and electrical performance are critical. Specialty uses also include laboratory crucibles and high-temperature materials applications.

The segment is protected by qualification barriers but grows slowly because volumes are small and design cycles are long. It remains commercially important for refiners and fabricators because high-value, traceable scrap can support recovery economics.

Others

Other end uses total USD 57 million in 2025 and are expected to reach USD 72 million by 2035 at approximately 2.4% CAGR. They include specialty optical, detector, and high-temperature applications whose demand is driven by narrow technical requirements rather than broad industrial deployment.

Secondary supply and thrifting are the most commercially consequential segments because both address the same bottleneck from different directions. Thrifting lowers the iridium requirement of a new PEM system; recovery returns iridium after use. Companies able to link catalyst supply, metal management, and refining have an advantage because they can offer a lower effective metal exposure across the asset life cycle rather than a single point-of-sale material transaction.

Iridium Supply Chain & Substitution Market Regional Analysis

Asia Pacific

Asia Pacific represents USD 536 million in 2025 and is forecast to reach USD 977 million by 2035 at approximately 6.2% CAGR. The region combines high-intensity demand with specialized fabrication. Japan accounted for USD 730 million of global HS 711041 imports in 2024 and represented 33.7% of global imports in that category. While the trade code includes iridium, osmium, and ruthenium in unwrought or powder forms, the data indicates the importance of Japan's PGM processing and catalyst-manufacturing role. ^{[9]Observatory of Economic Complexity, Iridium, Osmium and Ruthenium, Unwrought or Powder. oec.world}

Japan's position is reinforced by Tanaka Precious Metals and Furuya Metal, which supply iridium-based PEM catalyst materials. Furuya Metal's expansion, supported under Japan's GX Supply Chain Development Support Program, is designed to serve more than 2 GW of annual PEM electrolyzer capacity. China adds a separate demand engine through electrolysis deployment, chemical processing, copper-foil production, and a growing hydrogen-equipment base. Asia Pacific's growth therefore reflects both consumption and conversion of iridium into high-value catalyst products.

Europe

Europe accounts for USD 377 million in 2025 and is projected to reach USD 644 million by 2035 at approximately 5.5% CAGR. Its role extends beyond consumption because the United Kingdom and Germany are significant PGM refining, fabrication, and trading centers. Germany exported USD 397 million and the United Kingdom USD 225 million of HS 711041 material in 2024, reflecting their position within the refined PGM value chain,.

European growth is supported by hydrogen policy, refining capacity, and circular-material regulation. The EU CRMA places PGMs among strategic raw materials and establishes targets for diversification, domestic processing, and recycling. Those rules favor investment in end-of-life collection, PGM recovery, and qualified refining, although they cannot by themselves create a large new European primary iridium resource base.

North America

North America is valued at USD 319 million in 2025 and is forecast to reach USD 535 million by 2035 at approximately 5.3% CAGR. The United States represents USD 280 million in 2025 and is expected to reach USD 470 million by 2035. U.S. consumption is supported by industrial electrochemical equipment, medical devices, electronics, chemical processing, and an expanding hydrogen supply chain.

The United States imported approximately 1,400 kg of iridium for consumption in 2024, principally from South Africa, Germany, and the United Kingdom. This dependence explains the relevance of critical-mineral policy and domestic recycling capability. Stillwater's PGM operations provide a limited domestic by-product source, but North America's strategic position depends more on refining, catalyst development, and scrap recovery than on large-scale primary extraction.

Middle East & Africa

The Middle East & Africa market represents USD 131 million in 2025 and is projected to reach USD 163 million by 2035 at approximately 2.2% CAGR. South Africa dominates primary production but exports much of the refined-value opportunity to downstream hubs. Regional demand is more closely tied to petrochemicals, water treatment, chlor-alkali operations, and automotive components than to near-term PEM deployment.

Zimbabwe remains important to the global supply chain through Zimplats' Great Dyke operations. Zimplats produces PGM matte under a toll-refining arrangement with Impala Platinum, illustrating the regional interdependence of mining and refining. The slower regional demand outlook does not reduce the region's global importance; it emphasizes the difference between where iridium is mined and where it is fabricated and consumed.

Latin America

Latin America is valued at USD 87 million in 2025 and is expected to reach USD 111 million by 2035 at approximately 2.5% CAGR. The region is primarily a downstream consumer of fabricated iridium products, including spark-plug components and industrial electrochemical equipment. Demand is concentrated in automotive, petrochemical, and chemical-processing activity rather than large-scale domestic iridium production.

The region's relatively moderate growth reflects a smaller electrolyzer manufacturing base and later-stage hydrogen-project development compared with Asia Pacific and Europe. Its demand remains exposed to imported refined material and the availability of fabrication supply from Europe and Asia.

Asia Pacific's leading growth rate reflects its position at both the catalyst-manufacturing and electrochemical-demand ends of the chain. Europe's advantage is different: regulation and refining infrastructure support circularity and material conversion. Regions without either primary supply, advanced fabrication, or a sizeable electrolyzer pipeline are more likely to remain dependent on imported, qualified material and therefore more exposed to price and availability shocks.

Iridium Supply Chain & Substitution Market Share & Competitive Landscape

Valterra Platinum is a leading PGM producer with operations across the Bushveld Complex and Zimbabwe. Its mining and processing portfolio supplies the broader PGM basket from which iridium is recovered. The company reported 2025 own-mined PGM production of 2.06 million ounces, with production affected by the Amandelbult flood event. Its scale makes its operating performance material to global iridium availability, even though output decisions are governed by total PGM economics.

Implats operates PGM assets in South Africa, Zimbabwe, and Canada and maintains a major refining position through Impala Refining Services. The company reported FY2024 6E production of 3.65 million ounces, while Zimplats contributed 645,900 6E ounces of matte. Its toll-refining role extends its influence beyond wholly owned mine output and gives it an important position in the regional PGM supply chain.

Sibanye-Stillwater operates integrated PGM businesses in South Africa and the United States. The company disclosed approximately 64,000 troy ounces of iridium production in 2024 alongside significant platinum and palladium production. Its U.S. Stillwater operation offers a modest non-Southern-African primary supply contribution, while its recycling and tailings initiatives strengthen its exposure to secondary PGM flows.

Nornickel is Russia's principal PGM producer and recovers iridium through nickel and palladium operations. Its contribution is strategically significant because it provides one of the few material supply streams outside southern Africa. However, geopolitical and trade constraints increase the importance of origin traceability and create differentiated procurement choices for downstream buyers.

Johnson Matthey is a major PGM refiner and recycler with operations in the United States, United Kingdom, and China. Its position in the iridium market stems from secondary refining, precious-metal management, catalyst materials, and recovery services. HyRefine provides a route to recover iridium, platinum, and ruthenium from hydrogen and fuel-cell assemblies, making the company relevant to the emerging end-of-life PEM ecosystem.

Heraeus Precious Metals is a European PGM refiner and fabricator with capabilities in precious-metal management, compounds, and recycling. Its hydrogen-focused PGM recycling work highlights the need to establish deliberate collection systems for electrolyzer components if closed-loop recovery is to become scalable secondary supply. Heraeus is positioned where primary PGM flows, industrial scrap, and high-purity catalyst requirements intersect.

Umicore participates through precious-metals refining, recycling, and metal-management activities. Its iridium portfolio serves hydrogen, fuel-cell, and industrial applications, and its published iridium reference pricing provides a market indicator for buyers and fabricators. The company's broader recycling infrastructure creates adjacency with catalyst and electronics scrap streams.

Northam Platinum operates the Booysendal, Zondereinde, and Eland PGM mines in South Africa. Equivalent refined metal from own operations increased 10.3% to 892,876 ounces in FY2024. Northam's position is upstream, with iridium recovered as a small but valuable component of its PGM basket; its supply contribution remains tied to mine performance and capital allocation across the full basket.

ARM manages the Two Rivers joint venture with Implats, producing 6E PGM concentrate for Impala Refining Services. The decision to place the Merensky project on care and maintenance in July 2024 demonstrates the dependence of incremental PGM and associated iridium supply on prevailing basket economics. Two Rivers remains relevant as a source of long-term optionality rather than an assured near-term supply increase.

Tanaka Precious Metals manufactures PEM-electrolysis catalyst materials and provides precious-metal recovery services. Its TEC77100 and TEC77110 catalyst products address activity and durability requirements for PEM anodes. Tanaka's position illustrates the value of pairing catalyst manufacture with metal recovery, particularly where customers seek lower-loading, traceable supply arrangements.

Furuya Metal is a specialist precious-metals processor focused on catalyst materials for water electrolysis. Its November 2024 expansion announcement targeted annual iridium catalyst capacity sufficient for more than 2 GW of PEM electrolyzer capacity, with operations planned from fall 2025. The investment positions the company at a critical manufacturing chokepoint: conversion of refined iridium into application-qualified catalyst.

Zimplats, majority owned by Implats, operates underground mines and concentrators on Zimbabwe's Great Dyke. Its matte production is sold to Impala Platinum under a toll-refining arrangement, linking its output directly to the Implats processing system. The Mupani Mine development is intended to replace depleting mines and sustain future PGM production capacity, although its iridium contribution remains a by-product of the wider PGM output profile.

Recent Industry Developments

• July 2024 - Two Rivers Merensky project placed on care and maintenance: ARM placed the Two Rivers Merensky project on care and maintenance in response to weaker PGM basket economics, reducing near-term incremental PGM supply potential.
• 2025/26 - Johnson Matthey UK refinery commissioning: Johnson Matthey advanced commissioning of its new UK PGM refinery, supported by approximately £250 million of planned investment through FY2026/27, to expand secondary refining capability.
• June 2025 - Tanaka received CMAJ Technology Award: TANAKA PRECIOUS METAL TECHNOLOGIES received the 2025 Technology Award from the Catalyst Manufacturers Association Japan for a PEM-electrolysis catalyst technology addressing oxygen evolution and gas recombination.
• 2025 - Valterra Platinum production update: Valterra Platinum reported that own-mined PGM output declined 6% to 2.06 million ounces in 2025, while stronger basket pricing and cost reductions supported EBITDA improvement.
• April 2026 - Heraeus published hydrogen-focused PGM recycling whitepaper: Heraeus published analysis of PGM recycling for hydrogen applications, emphasizing the need for collection and recycling systems for end-of-life electrolyzer components.