The price of Rhodium is over $ 500 million per ton due to effect in reducing CO2 emissions

As of  September 2022 the magnificent and indispensable metal Rhodium is the most valuable metal in the world. The Rhodium price has been rocketing from $6,000 an ounce at the start of 2020 to a high of $14,000 an ounce by September 2022.

Rhodium atomic number is 45. It is an extraordinarily rare, silvery white, hard, corrosion-resistant, and chemically inert transition metal. It is a noble metal and a member of the platinum group PGE.

Today the price of Rhodium is over $ 500 million USD per ton. Most Rhodium mines and production is concentrated in the Bushveld Igneous Complex in South Africa

Albanian Minerals CEO Sahit Muja said “In 2022 severe supply disruptions is expected as reserves in this region are on the depletion stage, very limited investment’s and limited geological drilling to find more reserves.

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

“The lack of geographical diversity in PGM mine supply created a major global supply challenge in the near future for very important precious metal, Rhodium, Platinum Palladium”. Sahit Muja said.

The impact of COVID-19 and the unexpected shutdown of a large processing plant resulted in platinum and rhodium output falling by around 20 per cent year on year, with palladium production declining 15 per cent.

The big shortage in market is do to supply chain, which is struggling to meet resurgent demand.

The high grade of PGE ore reserves at existing mines are limited, so the major miners need to spend substantial sums every year just to maintain the production. Mining and refine PGE has become very expensive.

Albanian Minerals has announced that 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”. Mr. Muja said.

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.

South Africa, the world’s largest PGE, chrome ore producer, has approved an export tax on chrome ore, to support domestic ferrochrome industry.

“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.

Currently, the financial gains go predominantly to foreign corporations who export the raw materials obtained at extremely cheap prices.

Sahit Muja said; “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”.

Mr: Muja added that; Time to end South Africa’s economic devastation and the tragedy of modern day robbery. Looking at the issue from economic prosperity dimension, the profit made by the people in South Africa is equivalent to unprecedented modern day slavery .

It is fair to say trading raw materials suppliers to global markets at very low price is a significant disadvantage.

“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”. New York based Albanian Minerals CEO Sahit Muja said.

Chinese unfair trade that penalize South Africa’s economy need to be reviewed in light of the increased demand for minerals in the future.

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