ISLAMABAD: Gilgit-Baltistan (GB) hosts a vast treasure of iridium, a rare hard silvery metal with a slight yellow hue. Regular extraction of the metal is needed to help the country shore up its dwindling foreign exchange reserves.
Talking to WealthPK, acting Member of the Sectoral Council for Marble, Granite and Minerals, Ministry of Finance, Muhammad Yaqub Shah said, “Iridium belongs to the Platinum Group of Minerals (PGMs). Only from GB, out of about 200 tons of raw material per month, 200kgs of different PGM group metals, including iridium, can be obtained. Regular extraction of this PGM group metal can pull the country from the financial crunch.”
“The PGMs consist of six rare minerals, i.e., 1) Osmium Os, 2) Platinum Pt, 3) Palladium Pd, 4) Ruthenium Ru, 5) Iridium Ir, and 6) Rhodium Rh. All these minerals have different industrial uses. The average distribution of PGMs in the upper crust of the earth is different but mostly they are found as 0.0005 parts per million (ppm).
“The 5 gram per ton concentration of PGMs is considered economical or viable to work. It is also found in the uncombined form in the river-deposited sediments. Commercially, it can also be recovered as a by-product of nickel refining. It is more valuable than silver, gold, or platinum,” he added.
Iridium is non-radioactive, has a high melting point and is the second densest naturally occurring element. It is considered the best anti-corrosive among all the known corrosion-resistant metals and is used to make special alloys. Its alloy with osmium is used to manufacture the compass bearing and pen tips.
Owing to its high melting point and less reactivity, it is used for contacts in the spark plugs. Iridium is also a necessary component to produce standard meter bar, which is an alloy of 10% iridium and 90% platinum.
Iridium is an important component of communication devices and satellites. It is also used in a variety of organometallic compounds and is widely used as an industrial catalyst. Acids and salts formed by using iridium and chlorine are considered the most important industrial compounds.
Pakistan must extract and process iridium into a value-added form for indigenous use and trade under strict official protocols.
Globally, the market size of iridium is expected to reach USD1.792 billion in 2028, exhibiting a compound annual growth rate (CAGR) of 4.9 percent from 2022 to 2028.
Pakistan should focus on this important platinoid to earn a handsome foreign exchange, generate revenues, and uplift the socio-economic condition of the mining industry. –INP
