Faiza Tehseen

The mineral-rich Gilgit-Baltistan province of Pakistan has an abundance of Palladium – a lustrous silver-white rare metal more precious than gold. However, the government is yet to extract and trade it under strict official protocols to earn sizable foreign exchange, reports WealthPK.

Many countries are earning a handsome amount by trading Palladium in a controlled quantity. Russia was a leading producer of Palladium till 2021, but then South Africa led the market with its production of 80 metric tons superseding Russia’s production of 74 million tons. The other top exporters of Palladium during the year 2021 included the UK (US$ 1,765, 657.66K; 23,155kg), the United States (US$ 1,344, 831. 63K; 16,480 kg), Canada (US$ 485, 667, .71K; I kg), Switzerland (US$ 304, 940.97K; 5, 313kg), and Germany (US$275, 183 .11 kg).

Talking to WealthPK, Principal Geologist in the Global Mining Company and former GM Geology at the Pakistan Mineral Development Corporation (PMDC) Muhammad Yaqub Shah said, “From only Gilgit-Baltistan, about 200kgs of different PGM group metals including palladium can be obtained out of 200 tons of raw material per month. This processing rate is enough to solve the financial crisis of the country.’’

He said Platinum Group of Minerals (PGMs) consist of six precious but rare earth metals i.e., 1) Osmium   Os, 2) Rutanium Ru, 3) Platinum Pt, 4) Palladium Pd, 5) Iridium   Ir6) Rhodium Rh. The industrial application of each mineral is separate. In the upper crust of the earth, the average distribution of PGMs is different but mostly they are found in the quantity of 0.0005 parts per million (PPM). Their concentration of 5 grams per ton is considered economic.

In the international market, they are sold at a price. During July 2022, Palladium was sold at US$66 per gram. Palladium, a non-magnetic and transitional silver-white metal, is used in fuel cells to power automobiles, electronics, etc. It is also used to manufacture jewellery, crowns, aircraft spark plugs, exhaust treatment systems, professional transverse flutes, watch-making, and as an industrial catalyst.

Globally, about 85% of Palladium is used in the automobile industry to turn toxic emissions into less harmful contents. Palladium in high concentration and its chloride are highly toxic for living beings. Palladium is 15 times rarer than platinum, which makes it significantly precious.

A few countries have also minted memorable Palladium coins i.e., Panda (China), Ballerina (Russia), Little and Big Bear constellation (Canada), Maple Leaf (Canada), EMU (Australia).

Like other precious metals, palladium also belongs to the commodities market and is mostly traded on the New York Mercantile Exchange (NYMEX).

Through proper extraction of this metal, Pakistan can not only strengthen its industrial and strategic sectors, but also reap socio-economic benefits.

Credit: Independent News Pakistan-WealthPak