Most of the platinum in the world is found in Southern Africa, Russia, and North America. South Africa leads the way, producing 75% of the world’s platinum output every year. The following are the three largest deposits of platinum in the world.
Bushveld Igneous Complex
The Bushveld Igneous Complex is located in South Africa and is home to a very rich collection of ore deposits. It is home to large amounts of iron, tin, titanium, vanadium, and chromium—all metals important for industrial uses.
In addition to those metals, Bushveld Igneous Complex is home to the largest reserves of platinum group metals in the world. The platinum group metals contain palladium, osmium, iridium, rhodium, ruthenium, and, of course, platinum. Precious metals were first found in Bushveld Igneous Complex in 1897.
Although platinum is very rare on Earth, it is found in greater abundance on the moon and on asteroids. It’s not surprise then that in areas on Earth in which asteroids have hit, we find platinum as well. That’s what happened with the Sudbury Basin in Canada.
The second-large impact crater on the planet, the basin was formed when hit by a meteoroid that was approximately ten to fifteen kilometers (six to nine miles) wide nearly two billion years ago. This sent debris in the air that traveled all the way around the globe.
As a result of the impact, Sudbury Basin was filled with magma that contained a number of metals, including platinum. The deposits were discovered in 1856 by a surveyor and became a central area for mining three decades later with the creation of the Canadian Pacific Railway.
Platinum was first discovered in the area in the Ural Mountains in Russia now home to the Norilsk-Talnakh mines back in 1823. It has been mined continuously to the present day. As a result of continuous mining, production started to decrease in the 1920s. However, more platinum was found in 1935 and today Norilsk-Talnakh is one of the largest producers of platinum in the world.
United States Gold Bureau has a large selection of platinum for you to choose from and add to your collection or your Precious Metal IRA. Contact us today to discuss our inventory and current prices.