Rhodium price declines from $ 735 million to $ 289 million per ton

PGE precious metals are rare and have a high economic value, due to various using including their effect in reducing CO2 emissions.

Albanian Minerals CEO Sahit Muja said, “The lack of geographical diversity in PGM mine supply created a major global supply challenge in the future for very important precious metal, Rhodium, Platinum Palladium. I don’t think the prices will drop any further”.

“Albanian Minerals has discovered PGE metal group including Rhodium on the Chrome ore mine in Tropoje region, Albania. We are working in drilling and infrastructure in this region”.

The PGE group metals including palladium and platinum, rhodium’s main application is to clean vehicle emissions, and surging demand amid tighter pollution regulation, particularly in US, Europe and China, and supply shortfalls from top producer South Africa and Russia could see the metal price skyrocket in the near future.

The main use for rhodium is in catalytic converters designed to clean vehicle emissions. Rhodium alloyed with palladium and platinum is reducing nitrogen oxide in exhaust gas. Without rhodium catalysts, the air in our cities would be much worse due to vehicle exhausts.

Since rhodium is quite brilliant and resistant to tarnishing, it is used as a finish for jewelry, searchlights and mirrors. It is also alloyed with platinum for aircraft turbine engines. In the chemical industry, rhodium is used as a catalyst in the making of nitric acid, acetic acid and hydrogenation reactions, according to the Royal Society of Chemistry (RSC).Other uses for rhodium are coating optic fibers, crucibles, thermocouple elements and headlight reflectors. Since it has a low electrical resistance and is highly resistant to corrosion, it is used as an electrical contact material as well, according to RSC.

Rhodium is also alloyed with platinum to make reinforcement fiber for the high-tech glass on consumer electronics, and used as a catalyst to make certain chemicals.

“Africa; being so richly endowed with significant reserves of worlds most important metals, must immediately change the course and become equipped technologically and financially to become a significant producer and put an end to the pattern of Africa’s abundant resources yielding limited benefits to Africa and Africans” Sahit Muja said.

Albanian Minerals CEO Added that, “Currently, the financial gains go predominantly to foreign corporations who export the raw materials obtained at extremely cheap prices. Africa must examine her current positioning in the metals sector and devise executable strategies for positioning to become a forerunner, if this wealthy continent is to realize the gains and benefits of her resources, including an increase in the price of metals”.

South Africa is rich in a variety of minerals. In addition to diamonds and gold, the country also contains reserves of iron ore, platinum, palladium, rhodium, manganese, chromium, copper, uranium, silver, beryllium, and titanium.

Sahit Muja said,  “The conclusion that can then be drawn from this situation is that; the current mineral resource trading model is not working to bring economic prosperity in South Africa the world’s richest nation in natural resources . I have advocate for new vision that South Africa’s mineral resources to be better utilized to address social and economic needs .To achieve the high aspirations of this vision, South Africa needs to get back to the fundamentals and solve electricity and some other initial problems that have continued to plague the management of the continent’s natural resources”.

Albanian Minerals currently hold largest reserves of magnesium  and largest chrome ore reserves  in Europe with highest quality lumpy chrome ore in the world. This mineral resource has great concentration of PGE metals including Rhodium.