LARTC 2026
Precious metals catalyst: Managing and maximising your asset value
Bradford Cook and Kuldip M Rawat Sabin Metal Corporation
controls within the sequence of receiving, segregation, thermal treatment, homoge- nisation, sample reduction, analytical con- trol, and the overall auditability. Every precious metal settlement ulti- mately rests on three interlocking variables: weight, assay, and sample rep- resentativity. Weight must reflect the cor- rect dry material basis after removable contamination has been accounted for. Assay must be generated through dis- ciplined, reproducible analytical proce- dures. Sample representativity must be strong enough to ensure that the assay reflects the lot itself, not a distorted frac- tion of it. These variables do not operate indepen- dently: they interact. A correct weighing and sample methodology are meaningless if the lab QC is flawed. Precise sample and assay lose their value if materials weights are biased, and a disciplined laboratory procedure cannot repair bias introduced earlier during sampling. Remember: any incorrect figure or calculation on the sam- ple is exacerbated geometrically from grams to kilos and then to tonnes. To determine the precise amounts of precious metals contained in any given shipment of catalyst, the process must begin with a series of steps designed to create uniformity. Once the catalyst batch is free-flowing and free from con- taminants, carefully controlled sampling measures can draw a sample that is truly representative of the whole. Most pro- cess catalysts are sampled by a method known as dry sampling, which involves the use of mesh screens, vibratory feeders, rotary samplers, and other specialised equipment. Once accurate samples are obtained, the precious metals refiner and the cat- alyst owner can analyse the samples for their precious metals content indepen- dently. Most precious metal assay labora- tories perform assays in triplicate by more than one method to ensure accuracy. The goal is for these independent assays to return values that are in close agreement. The industry standard is to agree within 1% relative. If this is the case, their values are averaged to arrive at a ‘mean’ valuation of the platinum group metals (PGMs) in the spent catalyst. In a small percentage of cases, the val- ues of the two independent assays are not within agreed tolerances, and a third sample (known as the ‘umpire’) is sent to an independent laboratory to settle the dispute. Takeaway: Catalyst owners should audit their precious metals refiners and inde- pendent laboratories at least annually and always utilise third-party representa- tion to ensure all processing and weighing takes place precisely as intended.
Refinery management can usually identify feedstock and finished product invento- ries, labour force needs, projected mainte- nance costs, and working capital exposure within minutes. However, the large pre- cious metal inventories inside the facility often receive remarkably little board-level attention until catalyst replacement occurs. At that point, the precious metals recovery is largely fixed as internal pro- cessing and handling losses have already occurred. Unlike feedstock and other assets, this value is not consumed. Unlike maintenance expenditure, it is not absorbed into perfor- mance. Unlike utilities, it is not a straight- forward expense. The precious metal value simply changes form: from fresh catalyst to spent catalyst. The refinery’s challenge is not creating value; it is preserving asset value throughout the catalyst lifecycle and managing value during spent catalyst reclaim. Good Housekeeping and Record Keeping For many facilities, the precious met- als contained within reforming and pro- cess catalyst inventories represent many millions in owned metal value. Typical spent petroleum and petrochemical cat- alysts carry platinum in the range of 0.2- 0.6 wt%, which translates to 60-200 troy ounces per tonne. Market prices at the time of this writing would therefore put the worth of a single tonne between €90,000 and €270,000 ($100,000 to $300,000). The most important paradigm shift may be conceptual rather than technical. A spent catalyst should not be viewed as a waste stream awaiting disposal. It should be viewed as a precious metal inven- tory awaiting reconciliation. The distinc- tion appears subtle, but it changes every subsequent decision. Waste is managed. Inventory is measured. Capital is pro- tected. Refineries that make this shift evaluate recovery methodologies with the same rigour they apply to any other accounting, product measurement, or financial control. It would be unthinka- ble for money managers not to know the value, location, and security exposure of their assets, but horror stories abound: • Dozens of drums of fresh catalyst being ‘found’ in a storage shed well after the matching spent catalyst reclamation has been completed. • Losing sight of the vendor approval audit, quality control (QC), and accountability because the reclaimer’s processing bid is the lowest, resulting in receiving a fraction of the actual precious metals content for many years. • Sending valuable precious metals cata- lysts to the landfill or base metal catalyst reclaimer due to a lack of understanding. From the point the fresh catalyst arrives at your facility, it should be tracked in
Figure 1 Molten precious metals mid-refining
DID you know? Every precious
metal settlement ultimately rests on three interlocking variables: weight, assay, and sample representativity
Figure 1 Spent process catalyst ready for reclaim
unloading processes to control dust and fines. Visual checks and double-checks are needed to ensure that all materials, fil- ters, dust-collection equipment, and other items have been gathered for precious metal recovery. Takeaway: What happens to the catalyst over the course of its life cycle (from fresh catalyst purchase to metal return) will influence the value recovered and poten- tially even the precious metals refiner’s ability to recover the entirety of the plati- num group metals. Develop and document best practices for these high-value assets and train the people responsible for their management. Importance of Accurate Sampling and Assaying Just as one cannot ‘inspect’ quality into the end of a process, neither can accurate precious metal value be determined by a laboratory event at the end of the chain. The final assay is only as credible as the
detail: weights, piece count, and wherea- bouts. Many users are now even verifying weight and assay at purchase to confirm they receive the precious metal content they paid for. While in situ, keep data on additives employed, fines discharged, top-offs, and any regen performed. In short, any details that could affect the catalyst condition or final weight. Histories of each reactor and all previ- ous precious metal recovery data should be considered, as well as vendor perfor- mance from those prior events. This would include catalyst handlers, precious metal refiners, and third-party witnesses and labs. Knowledge gained can be important in preventing repeated mistakes. Every time the catalyst is handled, there will be some degree of loss. Great care should be taken during the loading and
Contact: bcook@sabinmetal.com
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