Recyclers are hanging onto PGMs, hoping for higher prices in the future - Tanaka's Andrew Farry

The transition to electric vehicles and the hydrogen economy presents new opportunities for PGM recycling, said Andrew Farry, senior manager of precious metal refining at Tanaka Precious Metals.

Last week Farry recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.

Tanaka Precious Metals is one of the five major precious metals processors globally. The company has a significant presence in the industrial precious metals market, with 70% of its revenue coming from industrial products.

While transition to electric vehicles and the hydrogen economy presents new opportunities for PGM recycling, challenges remain in terms of technology and the development of an efficient collection ecosystem.

Farray noted that the many of the platinum group metals are depressed due to energy transition and drop-off in catalytic converter demand. Recyclers are hanging onto PGMs, hoping for higher prices in the future

"There's quite a bit of hoarding going on, " said Farry. "Industry participants that can just put the converters aside say: 'I'll wait for a rainy day, and that's my retirement fund."

0:00 - What is Tanaka
3:00 - Revenue source at Tanaka
5:30 Recycling centers at Tanaka
11:00 - PGM demand and end uses
19:56 - PGM prices
28:14 - PGM's and hoarding

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