Palladium: Production
Russia and South Africa: three-quarters of supply
What this tab covers Who produces it and how much: world output over recent years, the top producing countries with their shares, USGS world figures for 2024 and 2025, and the largest producing companies globally and in India.Two countries supply three-quarters of the world. In 2024 Russia mined 40.9% of palladium and South Africa 36.1%, followed by Canada (8.9%), Zimbabwe (7.5%) and the US (4.9%). The HHI of 3,136 is above 2,500, so supply is highly concentrated. World output was about 189 to 213 tons a year between 2020 and 2024 in World Mining Data. USGS estimates 217,000 kg in 2024 falling to 190,000 kg in 2025. Russian output dropped 6% on lower grades and recoveries, and South African PGM output fell 9%. Norilsk Nickel, Anglo American and Impala are among the leading producers (Tilton & Guzmán, pdf p. 183).
Palladium · WMD
2020 189k 2021 213k 2022 196k 2023 204k 2024 209k World production, kg (World Mining Data 2026).Top producers 2024
Russia 40.9% South Africa 36.1% Canada 8.9% Zimbabwe 7.5% United States 4.9% China 1.1% Finland 0.3% Australia 0.2% Concentration: HHI 3,136, highly concentrated.USGS estimate
World, 2024 217,000 kilograms, Pd content (mine) World, 2025e 190,000 kilograms, Pd content (mine)Largest producers by company, global
- Nornickel (MMC Norilsk Nickel): 2.7 Moz Pd (2025 guidance 2.677-2.729) (2025)
- Sibanye-Stillwater: 6.2 t Pd from its Montana mines (the only US producer); US operations mined 284,069 oz 2E (Pd+Pt) in 2025 (2025e)
- Valterra Platinum (formerly Anglo American Platinum): 1.065 Moz refined Pd (owned, excl. toll); own-mined Pd 0.760 Moz (2025)
Largest producers by company, India
India has no palladium mine or primary refinery and imports all its metal, mostly inside catalyst materials and electronic components. Demand comes from catalyst coaters supplying BS-VI vehicles, chemical and pharmaceutical catalysts and electronics. India was not among the top six palladium importers by value in 2024 (UN Comtrade, HS 711021), and no Indian exchange lists a palladium contract.