Platinum Price Sees Sharp Pullback, Spot Market Transactions Moderate [SMM Daily Review]

[SMM Flash] Valterra Platinum is using artificial intelligence (AI) to accelerate the development of new metal alloys and identify potential applications for platinum group metals (PGMs), CEO Craig Miller said on August 21. Miller said AI is helping the company and its partners assess combinations of metals and develop alloys that could be used in new applications. While volumes remain relatively small, Valterra sees significant potential for additional PGM demand from these emerging markets. Valterra also estimates that AI-related applications currently consume around 200,000–300,000 oz of PGMs annually. The company expects this demand to increase four- to five-fold over the next five to eight years as AI-related technologies expand. Valterra is also working with partners including Sibanye-Stillwater, Johnson Matthey, Umicore and Pujing Chemicals to develop industrial applications for PGMs. The initiatives form part of its strategy to diversify demand beyond automotive applications and support longer-term PGM consumption.