Platinum group elements in geosphere and anthroposphere: Interplay among the global reserves, urban ores, markets and circular economy

Abstract

Industrial and strategic significance of platinum group elements (PGEs)—Os, Ir, Ru, Rh, Pd, Pt—makes them irreplaceable; furthermore, some PGEs are used by investors as “safe heaven” assets traded in the commodity markets. This review analyzes PGEs from various aspects: their place in the geosphere, destiny in the anthroposphere, and opportunity in the economy considering interactions among the exploration, recycling of urban ores, trade markets, speculative rhetoric, and changes required for successful technological progress towards the implementation of sustainability. The global market of PGEs is driven by several concerns: costs for extraction/recycling; logistics; the demand of industries; policies of waste management. Diversity of application and specific chemical properties, as well as improper waste management, make the recycling of PGEs complicated. The processing approach depends on composition and the amount of available waste material, and so therefore urban ores are a significant source of PGEs, especially when the supply of elements is limited by geopolitical or market tensions. Recycling potential of urban ores is particularly important in a long-term view disregarding short-term economic fluctuations, and it should influence investment flows in the advancement of innovation.