Platinum Group Metals Mining
Miners producing platinum, palladium, and rhodium.
Market snapshot
These figures describe Gold & Precious Metals Mining (7.4.4), the segment that Platinum Group Metals Mining sits within. They are not figures for Platinum Group Metals Mining on its own.
- Market size
- ~$11B
- Growth
- ~1.6%CAGR (2017–22, nominal)
Nearly flat over five years, which is what a gold price at a plateau looks like once mining-cost inflation is netted off. Precious-metals assets trade on reserve life and all-in sustaining cost, not on growth; the revenue line says very little about which mine is worth owning.
NAICS 212220. U.S. Census Bureau, 2022 Economic Census. No firm count is shown: the code was created in the 2022 classification revision and has no counterpart in the business-count series. Growth is measured against the 2017 predecessor codes 212221 and 212222.
Business model & economics
Revenue model
Gold, silver, and precious-metal sales
Key economics
- Recurring revenue
- Moderate
- EBITDA margin
- Cyclical with precious-metal prices
- Capex intensity
- High
recurring production; price-driven
Characteristics
- Led by Newmont (world's largest) and Barrick.
- Concentrated in Nevada and the West.
- Investment/safe-haven demand drives gold prices.
M&A deal context
Who’s acquiring
- Gold-mining majors
- Mid-tier & junior miners
- Royalty & streaming companies
What’s driving deals
- Consolidation among gold majors.
- Reserve replacement and M&A.
- Precious-metal price cycles.
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