The price of iridium, a pgm, could soar to new heights in 2011, according to a senior executive at Johnson Matthey.

Speaking to Reuters, general manager for market research Peter Duncan said as the economy recovers and industries find new uses for the metal, iridium could rise even higher than the record $865 (£537) per ounce it reached recently.

Part of the demand has been driven by increased production of sapphire crystals for LEDs in backlit televisions and mobile devices, Mr Duncan said, adding that this demand is "not speculative, there is real industrial buying driving it".

The chlor-alkaline industry has also played its part in boosting the price of iridium, adding as much as 20,000 oz of demand per year.

Mr Duncan also noted that supply, 95 per cent of which comes from South Africa as a by-product of mining operations, is not a concern.

This month, Johnson Matthey increased its full-year profit guidance on the back of rising palladium prices and increased demand in China for new cars.

Source:


Iridium set to scale new peaks after stellar 2010 (07/02/11)

© Adfero Ltd