Ruthenium is not mined on its own; it is produced in a ‘basket’ of PGMs as a by-product of platinum and palladium mining. South Africa accounts for 85% of global output, followed by Russia at around 4%. Small amounts of the metal are sourced from Zimbabwe and North America.
This high concentration of supply makes the ruthenium supply chain especially vulnerable, as disruptions in just one or two countries – either operational or geopolitical – can affect the entire market. Also, as a by-product of platinum and palladium mining, the ruthenium market is largely driven by the economics and output of those primary mining streams. As a result, production of ruthenium alone cannot be ramped up to meet demand.Â
Together, these factors make ruthenium a highly scarce and expensive critical metal. Current geopolitical uncertainty and supply-chain constraints, combined with strong demand, particularly in electronics and data storage, contribute to high price volatility.
Given these challenges in primary supply, ruthenium recycling from end-of-life products is of high strategic value.