Palladium mine production worldwide 2022, by country This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,178 U.S. dollars per ounce in 2022. Palladium is a platinum group metal, close to platinum in chemical composition.
With the precious metal outperforming both gold and silver in recent years, Australia's palladium stocks are well-positioned to take advantage of the growth in the sector.
In 2022, the global supply of palladium was forecast to be 7.12 million ounces. In 2021, the total supply of palladium amounted to seven million ounces worldwide.
In 2021, China accounted for the largest consumption share of palladium worldwide, at 26 percent of global consumption. North America was the second largest consumer of palladium that year.
The Gonneville deposit is estimated to contain 10 million ounces of palladium, platinum and gold – collectively called 3E (three elements) – plus more than 900,000 tonnes of base metals.
Southern Palladium Limited's current share price is $0.47.
Palladium mine production worldwide 2022, by country
The mine production of palladium in Russia reached an amount of some 88 metric tons in 2022. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,178 U.S. dollars per ounce in 2022.
Russia and South Africa are the two largest palladium-producing countries in the world, and both are known for their rich mineral reserves. Due to its incredibly limited use thanks to its high price, palladium has no dedicated miners focusing on it the way companies may focus on mining gold or silver.
In terms of abundance in the Earth's crust, the rarest metals are: gold, platinum, osmium, iridium, palladium, ruthenium, rhodium, tellurium and rhenium.
Rhenium, ruthenium, rhodium, iridium, osmium, gold, palladium and silver are the order this comes in. The most valuable of all precious metals is rhodium.
Palladium's relative rarity makes it a valuable investment option when used to strategically diversify a Precious Metals portfolio.
Australia has abundant reserves of critical minerals such as lithium, silicon and rare earths, which are key components of low-emissions technologies such as batteries, solar panels and electric vehicles which will help Australia and the world to lower emissions.
Australia is one of the world's leading producers of bauxite (aluminium ore), iron ore, lithium, gold, lead, diamond, rare earth elements, uranium, and zinc. Australia also has large mineral sand deposits of ilmenite, zircon and rutile.
Lynas Rare Earth's Mount Weld mine has dominated Australian rare earths since production began in 2011.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
Cadia Gold Mine
Cadia Valley Gold has officially remained Australia's most important producer. Newcrest Mining discovered a gold deposit at Cadia Hill and, in the same year, Cadia East was discovered.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes.
Total worldwide reserves of platinum group metals are estimated to be some 70,000 metric tons. Almost all of it, some 90 percent, is located in the Earth's crust of South Africa. Far behind it, other major countries are Russia, Zimbabwe, the United States, and Canada.
according to the US Geological Survey for Mineral Commodities and GFMS Platinum Group Metals Survey 2016, the three largest producers of Rhodium in the world are 1- South Africa, 2- Russia, and 3- Zimbabwe.
Platinum and palladium are similar in appearance, and both are hardwearing white precious metals. Still, platinum is our preferred choice as its greater weight gives it a more luxurious feel, and it is also a much better metal to work with.
The rarity of palladium and platinum may ensure an upward trend in pricing in the future. However, since palladium is 15 times rarer than platinum, it is a higher-quality option despite the expected price decline in the coming years.