The rise of rhodium, the world’s most expensive precious metal, has made it the No. 1 revenue stream of the biggest platinum miners, as per a report in bloomberg.com.
While the metal is well shy of its March peak, rhodium still accounted for 45% of Anglo American Platinum Ltd.’s first-half revenues. That’s more than platinum and palladium put together. For parent Anglo American Plc, the silvery-white metal generated more revenue than the diamonds mined by its De Beers business or the copper it extracts in Chile and Peru.
The scarcity of rhodium, a byproduct of platinum and palladium mining, and its unparalleled ability to curb nitrogen oxides from car exhaust fumes pushed up prices as stricter pollution laws boost demand.
In March, it climbed to a record $29,800 an ounce, making it 17 times more valuable than gold. Originally used for decoration or as corrosion-resistant coating, rhodium has become the biggest export for South Africa, which produces more than 80% of global supply.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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