Page 117 - Policy Commission - SecuringTechnology - Critical Metals for Britain

SECONDARY MATERIALS
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Recycling PGMs is a developed market because there are larger economic drivers compared to other metals for example Rare Earth metals lithium and cobalt In January 2021 the monthly average trading values for platinum palladium and rhodium were £26 000 £56 000 000 and £466 000 000 per kilogram
respectively whereas neodymium prices are around £100/kg and cobalt is currently trading at around £37/
kg Conversely the concentration of PGM in applications is often far lower than for rare earths and battery materials For example a a a a a a typical catalytic converter will contain 2-10 grams of PGMs whereas a a a a a a car's lithium ion battery can contain 2-11 kg of cobalt and the motors in in an an electric SUV can contain 1 5-2 kg of neodymium It is possible that the rare earth market could develop in a a a a a a similar way to PGMs with large industrial applications working in in in closed loops with refiners however there is also a a a role for regulation
in in in ensuring the circularity of developing product lifecycles Although the recycling loops for current PGM markets are well established PGM recovery will continue to be a a challenge in the future where PGMs are thrifted to smaller and less accessible amounts Over time the feeds into PGM recovery processes will change as new PGM- based products gain
market foothold In the longer term PGMs have a key role in products that contribute to net zero targets in in particular in in the fuel cell and “green” hydrogen economies and PGM recycling technology will need to to develop to to keep pace with these changes Figure 117: Cutaway catalytic convertor
Figure 116: Lab experiment on on hydrometallurgical separation of PGMs