Iridium — Exposure and concentration report
Adds trade-flow forensics from official customs statistics, a concentration score for every stage of the chain, policy and sanctions exposure by jurisdiction, and the substitution and recycling picture.
At a glance
- Largest producer
- South Africa 80%
- MiningBridge estimate from USGS Mineral Commodity Summaries 2026 totals
- Top 3 producers
- 95%
- share of world output
- Concentration (HHI)
- 6,564
- highly concentrated
- Producing countries
- 6
- 1 supply half
- Export measures
- 0
- USGS compilation, Jan 2026
Key findings
What the evidence shows
Iridium Derived Supply: Bushveld Prill Split from USGS Pt/Pd Baseline
USGS MCS 2026 reports global production only for Platinum (170,000 kg) and Palladium (190,000 kg); minor PGMs are not individually quantified by USGS. An illustrative MiningBridge estimate derived from USGS MCS 2026 Pt/Pd baseline and South African Bushveld Complex Merensky/UG2 reef prill splits (method: metallurgical refinery extraction ratios) indicates global output of approximately 8,480 kilograms refined metal, with South Africa controlling ~80%.
How concentrated supply is
The Herfindahl-Hirschman index over country shares is 6,564 (highly concentrated). The top three producers hold 95%; 1 country supplies half.
The full report is part of Professional
The full report is written from public sources, and every figure in it is numbered to its source.
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See plansThe rest is in the full report
6 sections with numbered sources: Supply structure and processing chokepoints; Trade-flow forensics from official customs statistics; Concentration scoring by stage of the chain and more.
Full analysis and cited sources
Supply structure and processing chokepoints
South Africa is the largest producer of iridium, at 80.2 percent of the output recorded across producing countries in 2024. It is followed by Russia at 10.0 percent, Zimbabwe at 5.0 percent and Canada at 2.5 percent. The country figures sum to 8,480 kilograms refined metal.[1]
The full report also opens these tools:
Change grade, recovery and costs to test a flowsheet.
Typical off-spec deductions for deleterious elements (As, Bi, Sb, etc.).
Model cargo financing, letters of credit and landed cost.
Primary overland rail, transshipment port pairs, and ocean freight routing.
What’s in the full report
6 sections · approximately 451 more words
- 01Supply structure and processing chokepoints
- 02Trade-flow forensics from official customs statistics
- 03Concentration scoring by stage of the chain
- 04Policy, sanctions and export-control exposure by jurisdiction
- 05Substitution, recycling and secondary supply
- 06What breaks first, and what it would cost
Executive Briefing & Strategic FAQ
Essential empirical supply-chain and geopolitical questions for market participants and intelligence analysts.
Which countries dominate global mining and refining for Iridium?▼
Global Iridium production is characterized by high geographical concentration in both raw extraction and chemical processing, as documented in MiningBridge's empirical supply-chain models.
What are the critical supply chain bottlenecks and geopolitical risks for Iridium?▼
Key geopolitical and operational risks include export licensing constraints, high chemical conversion barriers, and long lead times for developing non-concentrated commercial refining capacity.
What are the primary commercial uses for Iridium, and can it be substituted?▼
Iridium is essential across energy transition, advanced electronics, and defense systems. While direct substitutes exist in select low-performance applications, replacing Iridium in mission-critical hardware incurs significant metallurgical and cost trade-offs.