Electric cars are boom or bust for platinum
Metal could make a mint depending on how car is powered
As more and more electric vehicles are developed in humanity's drive to limit its impact on the planet, the platinum industry faces a challenge. And that challenge comes courtesy of South African-born Elon Musk's decision to use lithium-ion batteries to power, among other things, cars made by his Tesla company in the US. To save platinum's bacon, the world will need to use more hydrogen fuel cells. The cells require the use of a catalyst, which utilises platinum - and South Africa produces 80% of the world's supply of this precious metal. The platinum industry began its boom in the late '60s because catalytic converters - containing platinum - had to be fitted to internal-combustion engines to filter out pollutants.The price of the metal then fell when China's growth stalled, leaving a glut of platinum on the market. Support needed But Vinay Somera, CEO of Isondo Precious Metals, believes fuel cells may be the product that will revive South Africa's platinum mining segment. Next mon...
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