Platinum and osmiridium (an alloy of
Today, Australia produces a relatively minute amount of platinum. But in the 1880s and 1890s the biggest platinum field in the world was in Fifield, New South Wales, where platinum is still mined to this day.
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.
At this time, platinum in quantity is limited to a few localities. 80% of the world's current production comes from South Africa and the Sudbury Basin of Canada. Smaller reserves can be found in the United States, Zimbabwe and Australia.
Platinum characteristically occurs in intrusive ultramafic rocks like pyroxenites, dunites, peridotites (rocks very high in Fe, Mg, and usually also Cr, originating deep in the Earth's crust), and some gabbros. These rocks are the result of large volume intrusions of basic magma into the Earth's crust.
Generally platinum is not magnetic. However, it depends on the platinum alloy: if the platinum is mixed with ruthenium, iridium or palladium then no, none of these are magnetic; if it's mixed with cobalt then yes, cobalt is magnetic so, theoretically, platinum can be attracted by a very powerful magnet.
Answer. The simplest tests are heating and discoloration. If the item is heated, for example, in a Bunsen flame, platinum will be more difficult or impossible to melt and the platinum will not discolour. The effect of acid is another basic test.
Platinum has often been used in cigarette boxes, lighter cases, cigarette and cigar holders, cigar cutters, and other smoking accessories. Now that smoking is becoming less popular, a number of these items are “washing back” onto the marketplace.
Platinum is used in catalytic converters, laboratory equipment, electrical contacts and electrodes, platinum resistance thermometers, dentistry equipment, and jewelry.
The electronics industry uses platinum for computer hard disks and thermocouples. Platinum is also used to make optical fibres and LCDs, turbine blades, spark plugs, pacemakers and dental fillings. Platinum compounds are important chemotherapy drugs used to treat cancers.
Platinum and osmiridium (an alloy of osmium and iridium) have been found in alluvial gold deposits at Turtons Creek, Stockyard Creek and Waratah Bay, all close to Foster in south Gippsland.
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.
Industrial and precious metals explorer Midas Minerals (ASX: MM1) has uncovered a likely find of platinum and palladium (PGE) deposits at its Challa Project near Mt Magnet, Western Australia.
Where can you find platinum? Geologically the platinum is generally found deep underground, mostly in nuggets or grains and is usually alloyed with other metals, such as gold, nickel and copper ores or mineral sperrylite.
#1: Jewelry Factories & Workshops
Jewelry factories that repair or produce platinum jewelry can be a great source of platinum scrap. Often, it can be found in floor dust, bench sweepings, and “squiggles” that are made when platinum is produced on machinery.
Platinum is 30 times more rare than gold. If all the platinum ever mined were melted and poured into an Olympic-sized pool, the platinum would barely reach your ankles. Gold, however, would fill three pools.
Platinum and Cobalt
Similar to Ruthenium, it is also a ferromagnetic metal, meaning it is attracted to magnets.
Look for the words “Platinum," “PLAT," or “PT” followed or preceded by the numbers “950” or “999." These numbers refer to the purity of the platinum, with “999” as the most pure. For example, an authentic piece of platinum jewelry might have a stamp reading “PLAT999."
Platinum uses. Platinum has a range of uses, including electronics, automotive industry, dentistry equipment, jewellery, and bullion. The biggest use of platinum however is as a catalyst. Catalysts are materials that speed up chemical reactions and reduce the energy needed to convert a substance.
Platinum is the rarest and most expensive of the popular precious metals. It is much rarer then Gold. Due to its rarity and value, it is not readily available to mineral collectors and is seldom represented in in all but the highest-end mineral collections.