Because PGMs are ‘iron loving’, when the Earth formed, they all gravitated towards the core. As a result, platinum does not actually occur naturally in the Earth’s crust – all platinum mines on Earth today are the result of asteroid impacts or igneous magma chamber intrusions.
Platinum is sufficiently valuable that there is long-term potential to economically return platinum group metals to Earth. Such access to a new, abundant supply source would disrupt current price levels and serve as a catalyst for significant innovation. Production of technologies like catalytic converters could be revolutionized, reducing emissions through improved efficiency, and opening the door for other innovations in technology in the automotive sector and beyond.