Ruthenium, iridium, and osmium are minor platinum group metals. These metals typically are mined as byproducts of the major platinum group metals, nickel, and copper. Because of their scarcity and the nature of their occurrence along with more valuable metals in ores, they are not mined as primary metals, although there is some iridium and osmium that is mined in very small volumes in placer deposits in Colombia. As a result of this, minor PGM new mine supply is rather price insensitive and fluctuates according to output volumes of the primary products of the mines at which these metals are produced. There are shifts in refined output due to price changes. When prices rise, refiners will focus on recovering a higher proportion of the minor PGM content in ores, perhaps improving or shifting their refining processes, and sometimes putting in additional refining circuits designed to increase the recovery rate of these metals.
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