Platinum, Tungsten, Bauxite and Other Metals

How bauxite becomes aluminum

Bauxite isn’t a metal. It’s a rock, formed by intense tropical weathering, that’s rich in aluminum hydroxide minerals such as gibbsite and boehmite. Turning it into metal takes two steps. The Bayer process dissolves the aluminum minerals in hot caustic soda and precipitates alumina (aluminum oxide). Then the Hall-Héroult process splits the alumina by electrolysis in a molten bath, which uses a great deal of electricity. As a rough guide, four to five tonnes of bauxite make about two tonnes of alumina, which make about one tonne of aluminum.

Aluminum isn’t rare either. It’s the most abundant metal in the Earth’s crust. What made it expensive in the 1800s was the difficulty of separating it, and what drives its cost today is mostly power. Australia, Guinea and China are among the largest bauxite producers, according to the USGS Mineral Commodity Summaries 2026, and Indonesia stopped exporting unprocessed bauxite in 2023 to push refining at home. Our bauxite market outlook covers prices and supply.

Platinum and palladium

Platinum and palladium belong to the six platinum group metals (PGMs). Most of the world’s platinum comes from the Bushveld Complex in South Africa, with Russia’s Norilsk deposits a leading source of palladium, and smaller output from Zimbabwe’s Great Dyke and North America. The main use for both is catalytic converters, which is why vehicle emission rules and the shift to electric cars move demand. Jewelry, chemical catalysts, electronics and hydrogen fuel cells account for much of the rest. Recycling of spent catalytic converters is a large secondary source, so scrap collection rates affect supply as well as mine output. Our page on top platinum producing countries has the figures.

Tungsten and the companies that mine it

Tungsten has the highest melting point of any metal, and most of it goes into tungsten carbide for cutting tools, drill bits and wear parts. The main ore minerals are wolframite and scheelite. China mines most of the world’s tungsten and controls much of the processing, which is why it appears on critical minerals lists in the US, EU and elsewhere.

Searches for the top tungsten mining companies usually turn up a few groups: Chinese producers such as China Tungsten and Hightech Materials and Xiamen Tungsten; Masan High-Tech Materials, which runs the Nui Phao mine in Vietnam; and Almonty Industries, with operations in Portugal and a project in South Korea, along with a number of juniors developing deposits elsewhere. This describes who’s active. It isn’t a ranking or a recommendation. Our article on tungsten mining companies in the USA covers the US side.

Why tungsten gets compared with gold and platinum

Tungsten’s density, about 19.3 grams per cubic centimeter, is almost exactly the same as gold’s. That’s why tungsten-filled counterfeit gold bars exist, and why serious buyers test bars with ultrasound or conductivity rather than weight alone. Platinum is denser still, at about 21.4.

Niobium, tantalum, tin, antimony and molybdenum

• Niobium is used mainly as ferroniobium, added in tiny amounts to strengthen steel for pipelines, cars and bridges. One company, CBMM, mining at Araxá in Brazil, supplies most of the world’s niobium. See our article on niobium mining and companies.
• Tantalum, often mined as coltan (columbite-tantalite), goes into capacitors for phones and electronics, with the DRC, Rwanda and Brazil among the main sources. Supply from Central Africa falls under conflict-minerals rules in the US and EU.
• Tin is used mostly in solder. Most mined tin comes from China, Southeast Asia and South America, and the US relies on imports and recycling for it.
• Antimony is used in flame retardants, lead-acid batteries and ammunition. China, the largest producer and processor, restricted its exports in 2024.
• Molybdenum strengthens steel and resists corrosion, and much of it is a by-product of copper mining.

How these metals are priced

Aluminum, tin and nickel trade on exchanges such as the London Metal Exchange, with public daily prices. Most of the metals on this page don’t. Tungsten is usually priced as ammonium paratungstate (APT) per metric tonne unit, niobium as ferroniobium under contracts, and tantalum and antimony through price reporting agencies. So when someone searches for a niobium spot price, the accurate answer is that there isn’t a public exchange price, only assessed prices from agencies and contract terms between buyers and sellers. Any figure quoted should carry a date and a source.

Exploring for these metals

Several of these metals are in our own exploration work. Platinum, bauxite, tin, tantalum-niobium, tungsten and antimony are among the 23 minerals clients have commissioned from our satellite mineral detection service. Bauxite, a surface weathering product, is a good fit for optical and shortwave infrared data, while tungsten and tin deposits are usually traced through the granites, alteration and structures around them. Results are ranked Exploration Targets ahead of a JORC or NI 43-101 resource estimate, not a substitute for one.