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Valterra Platinum, the world’s largest platinum group metals miner, is betting that China’s push into hydrogen-powered freight trucks will deliver a fresh wave of demand for the metals, an executive said. PGMs are vital to hydrogen technology, acting as catalysts in fuel cells to power electric vehicles. The company forecast it could add 6 million ounces a year of platinum and sister metals in demand. The projection, based on capturing a fifth of the global heavy-duty truck market for fuel cell vehicles, is nearly equivalent to a full year of global mine supply of the metal used primarily in catalytic converters to reduce emissions from internal combustion engines. For South Africa, which supplies more than 80% of the world’s platinum, the hydrogen bet ties its export earnings and job creation to Beijing’s industrial policy. Under China’s 15th five-year plan, energy security and the rollout of hydrogen infrastructure are central priorities. Beijing is deploying fuel-cell fleets near low-cost production hubs in the Yangtze River Delta, and pilot “tank-swapping” stations for heavy trucks are being tested to cut distribution costs.
document fetched 2026-09-01 02:50 · canonical https://semafor.com/article/08/31/2026/valterra-bets-on-china-platinum-demand-surge