Industry news | add millions of jobs, creating trillions of economy

Issuing time:2023-04-02 09:54

Article source: miningweekly | translation: the world association of platinum investment


圖片礦業(yè)周刊Martin Creamer報道Platinum group metals (PGM) industry day

The co-marketing of platinum-group metals has the potential to add 1 million jobs in South Africa and contribute R8 trillion to the economy as the world goes green and reduces carbon intensity.
Green hydrogen substitution for natural gas plus fuel-cell electric vehicles (FCEVs) substitution for combustion engines could lead to net CO2 emissions reaching 11 per cent of the Paris Agreement's 2030 target.
Fuel cell vehicles and hydrogen electrolytic cells will provide a 34 to 51 percent growth opportunity in platinum group metals production in South Africa by 2030, based on the current 4.7 million ounces per year.
With demand for hydrogen set to increase sevenfold by 2050, investment in hydrogen is expected to reach $300 billion to $1 trillion over the next decade or so, much of it focused on producing green hydrogen through electrolysis at a very cost-effective rate.
"More than 30 countries around the world have developed plans around the development of the hydrogen economy, and a significant number have already spent their money on the ground," Roger Baxter, outgoing chief executive of the South African Minerals Council, told the Platinum Group Metals Industry Day, as reported by Mining Weekly, on Tuesday. Baxter is also president of the World Platinum Investment Association.
Australia, which has invested $4 billion to develop a hydrogen economy, is working with companies to bring the price of green hydrogen down to $1.50 / kg, which is a competitive price.
Baxter highlighted South Africa's pre-eminence as a major global source of PGMs, saying: "Everything is moving forward steadily and when you have the brightest and best brains in the world, including from a South African perspective, you will see how this will change and shape green hydrogen development in the future."
"Let's not beat about the bush. We need to recognize that 87 percent of the world's known reserves are in South Africa. If you include Zimbabwe, it's over 90 percent."
The South African National Platinum Strategy, developed by the Minerals Council, focuses on adding R8 trillion in revenue to the South African economy and one million additional direct and indirect jobs by 2050.
Platinum group metals are already playing an increasing role in the global transition to net zero energy.
"This is an industry with amazing potential, but it requires incredible collaboration between government, the mining industry, organised Labour and the community on how to solve short-term problems."
"We have made some progress in power, freeing up constraints on private sector investment in power, security and rail," Baxter said at the live online event hosted by mining stalwarts Bernard Swanepoel. On average, 10% of the basket price in the platinum group metals mining sector is chrome-related. Currently only 30 percent of chromium is transported by rail, the rest by road.”
"A concerted effort by the public and private sectors, supported by the national Platinum Strategic Framework, is needed to address short-term issues and then focus on long-term issues to deliver on the promise of platinum-group metals companies.
Our founding father [President Nelson] Mandela said, "' Desire without action is a daydream; action without desire is a pass of time. But putting your wishes into action can change the world. 'I've always lived by that."
"I really believe that if we work with governments to promote the platinum group metals industry in Africa, we can change the world," Baxter says.
In 2021, 277 tonnes of platinum-group metals worth R347 billion were produced by 172,159 employees, accounting for nearly 40% of total mineral sales in South Africa.
"This is an industry that is very important to the economy, an industry that pays R67bn in wages. I estimate that about half a million people work in the platinum group metals industry, which is very important to our country's economy." Baxter adds.
Platinum Group metals -- green metals
The platinum-group metals in automotive catalysts convert harmful vehicle exhausts (hydrocarbons, nitrogen oxides and carbon monoxide) into more harmless components of water, carbon dioxide and nitrogen.
"Green hydrogen is starting to change the world," Baxter says. "I think we're at the enlightenment stage when it comes to fuel cells." Green hydrogen is produced by electrolytic cells that use renewable energy and is key to decarbonizing heavy industry and everyday activities.
The Minerals Council has unveiled the first fuel cell mounted on a building in Africa to demonstrate the technology's feasibility. Platinum-group metal-based proton exchange membrane (PEM) technology is ideal for using intermittent renewable energy sources such as solar power supplies.
Working with the government, South African Mining has been able to launch 9 gigawatts of renewable energy projects.
Hydrogen fuel cells are an environmentally friendly alternative to power. They emit only medical-grade carbon dioxide and water used to bottle cold drinks. The emissions can then be returned to the circuit, as the Minerals Council experimented with its own 100kW fuel cell.
Platinum is used as a catalyst in both proton exchange membrane electrolytes and proton exchange membrane fuel cells, and iridium is also used along with platinum in proton exchange membrane electrolytes to produce hydrogen.
Proton exchange membrane fuel cells using ruthenium and platinum can be expanded from small applications to heavy transport equipment.
One sign of progress and savings from the use of platinum-group metals in vehicle exhaust since the 1970s is that a single car sold in 1979 emits as much exhaust as 100 cars sold in 2021.
The 99 per cent reduction is testament to the technological advances brought about by the platinum group metals industry working with the automotive industry over the past 50 years.
Industrial demand for platinum
In addition to platinum-group metal catalysts that reduce vehicle emissions, exhaust system catalysts, catalytic particle filters and emission absorbent to convert nitrogen oxide and sulfur oxide pollutants in internal combustion engines, platinum-group metals play a role in several fields, including chemicals and petroleum, dentistry and biomedicine, electrical and electronic glass, and pollution control.

"Think about how much this could change the world," Baxter says.


Palladium is the most commonly used metal for automotive catalysts, followed by platinum and rhodium, with South Africa the biggest source of all three.

Investment demand
The fact that the gold mined in South Africa could fill three and a half to four Olympic-sized swimming pools, while all the platinum mined in human history could only cover the ankles in one Olympic-sized swimming pool, speaks to the scarcity value of platinum group metals in general and platinum in particular.
"In terms of the scale of Investment demand, South Africa has done a fantastic job in partnering with the World Platinum Investment Council and engaging global investors," Baxter said. Platinum has always been a focus at this stage and investor interest in realising stores of value has been very strong over the past few years."
prospect
By the 2030s, as the demand for internal combustion engines (ICE) eases as many regions begin to reduce their use, fuel cell vehicles are expected to be the primary driver of platinum group metal demand, up to 3 million ounces per year.
"But I think globally it's more important and more critical that hydrogen fuel cell vehicles will play a role in heavy transportation," he said. Baxter showed an image of a 40-ton Daimler GenH2 hydrogen fuel cell truck with a target range of 1,000 km, achieved by two platinum-intensive 150 kW PEM fuel cells.
“In our view, this could be an important component of future global demand for hydrogen and platinum. Heavy transport is expected to be one of the first market segments to achieve economies of scale. That's because it's hard to condense enough energy into a lithium-ion battery, and if you want to achieve the same effect, you end up with two-thirds or three-quarters of the truck being basically batteries.
“This could play an important role, and when you have institutions buying 600 different trucks to deliver beer, for example in California, the potential is very exciting. California, which currently accounts for 1% of the global truck market, is expected to account for 50% of the global truck market by 2035, a considerable jump.
"Based on this growth, we estimate that an additional 2 million ounces of platinum could enter this market in due course. On a ten-year view, I think we will see global demand for fuel cell vehicles exceed demand for catalytic converters." "Baxter said.
"The World Platinum Investment Association data found that investor perceptions of platinum's potential and role in greening and cleaning the world economy are changing.
"Green hydrogen can save a lot of money and achieve independent energy security, and with the rising price of fossil fuels and growing economies of scale, green hydrogen will play an important role if we can reduce the price of green hydrogen. It is becoming increasingly attractive for private funding and there is a lot of work being done by different organisations looking at new innovative technologies around hydrogen energy - platinum itself is a proxy for investing in the hydrogen economy."
Green Hydrogen Leadership Forum
The Mines Council's Green Hydrogen Leadership Forum is developing a strategy on how to use green hydrogen to create sustainable and cost-effective green hydrogen. The strategy also includes decarbonizing members' mining operations, addressing the risk of a global carbon border tax on their products, alleviating pressure on the national grid supplied by Eskom, creating a pollution-free working environment for employees through the use of hydrogen fuel cell vehicles and machines underground and above ground, and collaborating with other key industries and partners, such as the Energy Council.
Anglo American Platinum has developed the world's largest hydrogen-powered mine transport truck, which can save 900,000 litres of diesel a year per truck.
Sibanye-Stillwater has partnered with Heraeus Precious Metals to research and develop a new proton exchange membrane electrolyzer using ruthenium and rare iridium.
Impala Platinum has installed its first hydrogen fuel cell forklift and hydrogenation station at its Springs refinery and is investing R25 million in fuel cell development in South Africa in partnership with government and academic institutions.
"Platinum-group metals without human involvement are useless," Baxter said. But the people of South Africa can work together to make platinum group metals a key industry of the future, which will help change the world. If we specify a vision and a plan, we can take our platinum group metals mining to the next level. It has been a key contributor to our economy so far, but by 2050, if we get our strategy right, another eight trillion rand in revenue is actually quite possible in current currency terms." (Credit: miningweekly)


World Platinum Investment Association


Note: The information provided here is for informational purposes only and does not represent the views of the World Platinum Investment Council and does not constitute or should be construed as the investment advice of the World Platinum Investment Council.


Note: This press release is selected from real-time industry news from foreign industry news websites and translated and edited into Chinese by the World Platinum Investment Association for your reference. In order to respect intellectual property rights, if any media want to reprint, please be sure to indicate the original source of the article and the source of the translation.
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