LARTC 2025
Precious metals: real-world dynamics
brad cook SaBin metal Corporation
smelter to recover the platinum group met- als; however, the rhenium is lost. A refiner that uses pyro-metallurgical technology (for example, Sabin’s Pyro-Re™ process) can recover virtually all of the Re from spent catalyst lots, maximising the return value because catalyst owners are paid based on the total precious metals content. Wise customers will also closely exam- ine the precious metals refinery contract language, paying particular attention to terms regarding the values being returned. These terms should be based on the total precious metals contained and not only on the acid-soluble precious metals con- tent. Settlement on acid-soluble values is almost always the equivalent of losing some precious metals assets. Case Study: Platinum-Level Wisdom A leading refiner faced a massive cata- lyst management challenge when more than 4,500 drums of spent catalysts from reforming, hydrocracking, and hydrotreat- ing units were accidentally co-mingled without proper labels. Years of internal logistical complications and poor cat traceability had led refinery management to struggle in finding a viable solution. With internal pressure mounting, management considered offloading the entire parcel to a local trader for $7.1 million. Sabin Metal Corporation, having a long- standing relationship with the client, pro- actively reached out. Despite no formal commitment, its team flew in to assess the situation firsthand and presented a clear and confident alternative to bulk liq- uidation. It proposed the use of portable x-ray fluorescence (XRF) tools to evaluate each drum and segregate the materials by metal analysis levels. This ensured that the high-value platinum-rich drums were not diluted by cobalt, nickel, or molybde- num cat. Result: a huge payoff. Rather than accepting a local buyer’s flat offer of $7.1 million, Sabin’s comprehensive reclaim approach yielded $9.6 million. The first metal credits reached the client within 111 days from the commencement of the XRF separation, and the final metal settle- ment was concluded in just eight months. In addition to financial value, the client gained traceability, ESG compliance, and audit-ready documentation. In summary, due diligence in precious metals management involves a thorough investigation first, vigilance throughout the process, and meticulous attention to detail. Do not be fooled by the lowest bid- der mentality: select a precious metals refiner based on their reputation and expe- rience, and you’ll maximise your company’s precious metals returns. This wisdom is where the real value resides. References 1 Verified Market Research, Global Spent Catalyst Recycling Market Size and Forecast (2023–2031) . 2024. https://www.verifiedmarketresearch.com/
A recent global recycling model predicts that the spent precious metal catalyst market will grow from approximately $2.7 billion in 2023 to $6.3 billion by 2031, driven by rising precious metal demand and resource circularity mandates.¹ Couple that with platinum interest rates climbing to record levels, and the geopo- litical uncertainty in the daily news. Some of these significant shifts in the global precious metals industry present promis- ing opportunities for a secure future, but they can just as easily bring serious risks for those without experience, accuracy, proper methodology, and applied wisdom. Experience Sabin Metal Corporation is the largest privately owned precious metals refining organisation in North America and cele- brates its 80th Anniversary in 2025. The company specialises in the recovery of platinum group metals from process cata- lysts for the petroleum, petrochemical, and chemical industries. As many readers are aware, most petro- leum and petrochemical processors use some sort of catalyst containing pre- cious metals, including platinum, palla- dium, ruthenium, and rhodium, commonly referred to as platinum group metals (PGMs). Some of these PGM catalysts also contain another valuable precious metal, rhenium (Re); typically, this is used in com- bination with platinum for reforming naph- thas. Regardless of their precious metal composition, all PGM and rhenium-bearing catalysts must eventually be replaced with fresh catalysts (or ‘changed out’) to restore process efficacy or accelerate process reactions. The spent catalysts are then sent to a precious metals refiner to recover the value contained. Together with Sabin International Logistics Corporation, Sabin offers com- prehensive financial services and metals management, as well as pre-reclaim kiln- ing, utilising advanced facilities to safely and responsibly process, sample, and refine precious metal-bearing catalysts. Accuracy: Sampling and Analysis With clients seeking increasingly deeper discounts, many vendors are doing every- thing they can to reduce the costs of labour and raw materials, among other expenses. Taken too far, these shortcuts will reduce the quality of the service, which in the pre- cious metals business means improper sampling and improper analysis. Sabin believes that random sampling is an inefficient and incorrect method for the high-value asset of precious metals catalysts. One hundred per cent of the customer shipment must be sampled to ensure that the samples are truly repre- sentative of the customer materials. To complement Sabin’s sampling ser- vices, the company also operates a high- tech analytical laboratory to ensure fast, accurate results on the precious metal content of a client’s material. The lab incor- porates highly experienced staff, time- tested methodology, carefully calibrated
spent process catalysts in most cases. Certain events and circumstances encoun- tered over the life of the catalyst, however, can create many problems when trying to digest: • Overheating during operation can harden substrates (gamma alumina converting to theta or alpha alumina), rendering them insoluble to even powerful solvents. • Excessive fines or carbon content can prevent the exposure of the catalyst sur- face area to the solvents. • Metals present in the feed, or additives introduced to extend catalyst life, can cre- ate chemical imbalances and interfere with the desired digestive reaction. Individually, each of these factors can reduce precious metals recovery, and in combination, these effects can be great. In some extreme cases, as much as 20% or 30% of the rhenium contained can remain insoluble. Should the insoluble materials still con- tain precious metals, the hydrometallur- gical refiner must send them to a copper did you know? A refiner that uses pyro-metallurgical technology (for example, Sabin’s Pyro-Re process) can recover virtually all of the Re from spent catalyst lots
Platinum catalyst vial
instrumentation, and maintains a rigorous quality programme. It is highly recommended that customers audit the precious metals refiner before making the final vendor selection, and also attend the PGM catalyst weighing and sampling process or hire a reputable third- party to witness on their behalf. A second pair of eyes and ears on-site helps elimi- nate the human error factor and provides valuable corroboration of the calibration of machinery, data gathered, and that all pro- cessing and sampling proceeded precisely as intended. Methodology: A Unique Approach Traditionally, precious metals catalyst refiners recover PGMs and rhenium by dissolving the spent catalysts in strong caustics or acids. This hydrometallurgical recovery process is commonly referred to in the industry as ‘digesting’. With the exception of aluminosilicates (or zeolites), digestion is generally effec- tive in recovering the precious metals from
product/spent-catalyst-recycling-market Contact: bcook@sabinmetal.com
One hundred per cent of a customer’s shipment must be sampled to ensure that the sam- ples are truly representative of the customer materials
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