Everything You Need to Know about Making Money by Recycling Iridium

Platinum ScrapRecycle Refine PlatinumRecycling and Refining
Written By Barry Lenson

What is the most valuable and sought-after precious metal today?

If you ask a group of precious metal investors that question, chances are that most of them will say, “Iridium!” And there are reasons for that. One is that iridium is now trading for more than $6,000/Troy Ounce, which is a very high price. Another reason is that most of those investors have never seen iridium because it is so rare. So it’s mysterious, kind of like unicorns. Everybody can describe a unicorn, but nobody has ever seen one. 

Let’s Take the Mystery Out of Iridium

In today’s post, we will demystify iridium and, more importantly, explain how you can make money by investing in iridium scrap. 

First of All, What Is Iridium?

Iridium is a chemical element with the symbol "Ir" and atomic number 77. It is a dense, lustrous, silvery-white metal belonging to the platinum group of elements. The platinum group elements, which also include platinum, palladium, rhodium, ruthenium, and osmium, are known for their similar properties and often occur together in nature.

Iridium is one of the rarest naturally occurring elements on Earth, and it is primarily found in meteorites or in trace amounts within certain ore deposits. It is notable for its extremely high melting point and resistance to corrosion, making it useful in various applications. One of the most well-known uses of iridium is in spark plugs, due to its ability to withstand the high temperatures and chemical reactions that occur in internal combustion engines. It is also used in various industrial applications, such as in the production of crucibles and other high-temperature equipment.

In recent years, iridium has gained attention in electronics and telecommunications due to its use in satellite communication systems. The Iridium satellite constellation, named after the element, consists of a network of communication satellites that provide global satellite phone and data services.

Where Is Iridium Mined?

Iridium is primarily obtained as a byproduct of mining other metals, particularly platinum and palladium. The majority of iridium production comes from mines located in countries with substantial platinum and palladium reserves, including South Africa, Russia, Canada (in the Sudbury Basin in Ontario), Zimbabwe, and in the United States and Columbia. 

According to Dan Fried, the President of Specialty Metals Smelters and Refiners, only about 250,000 ounces of iridium come from mines every year – “A very small number,” he says. 

Where Is Iridium Used?

Some of the key uses of iridium include:

  • Aerospace - Iridium is used in some aerospace applications, such as in the production of aircraft turbine engine components that require high-temperature resistance.

  • Catalysts - Iridium is used as a catalyst in various chemical reactions, including in the production of chemicals, pharmaceuticals, and plastics.

  • Crucibles and thermocouples - Iridium's high melting point and resistance to corrosion make it useful in the production of high-temperature equipment, such as crucibles and thermocouples.

  • Electrodes - Iridium is used in certain types of electrodes, including those used in electrolysis processes and in electrochemical applications.

  • Electronics - Iridium is used in certain electronic components, such as capacitors and resistors, where its resistance to corrosion and high-temperature stability are advantageous.

  • Jewelry - Iridium is occasionally used in jewelry, usually as an alloy with other precious metals.

  • Medical applications - Iridium isotopes are used in medical devices, such as brachytherapy, which involves placing radioactive sources inside or near tumors for cancer treatment. Iridium-192, for instance, is used in radiation therapy.

  • Nuclear power productions - Iridium alloys are used in certain nuclear applications, including in control rods for some types of nuclear reactors.

  • Satellites - The Iridium satellite constellation, named after the element, is a network of communication satellites that provide global satellite phone and data services. These satellites enable communication in remote and inaccessible areas.

  • Scientific instruments - Iridium is used in scientific research instruments, such as X-ray detectors and certain types of high-precision balances.

  • Space exploration - Iridium is used in certain components of spacecraft due to its resistance to high temperatures and its ability to withstand the harsh conditions of space.

  • Spark plugs - Iridium's high melting point and resistance to corrosion make it an ideal material for use in spark plugs in internal combustion engines. Iridium-tipped spark plugs are known for their durability, longevity, and efficient ignition.

Given the rarity of iridium and its many uses, it is in high demand. That explains why the trading price of the metal is so high. 

Advice from Dan Fried on Investing in Platinum

Let’s hear what Dan Fried, the President of Specialty Metals Smelters and Refiners, has to say about investing in iridium. . . 

  • Many people believe that the presence of iridium can be determined by x-raying a pile of scrap. It can’t. “You need to have a test done by a qualified lab,” Fried says.

  • Catheter tips from probes that are used in electrophysiology applications – one of the best sources of iridium – typically contain 90% platinum and 10% iridium, which is used as a hardening agent.

  • Some pieces of platinum jewelry that contain iridium will be stamped 9010, which means that the item contains 90% platinum and 10% iridium. 

  • To have your precious metal scrap tested to determine what metals it contains, call Specialty Metals Smelters and Refiners at 800-426-2344 or email sales@specialtymetals.com. 

Barry Lenson
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