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Of extraterrestrial origin, iridium, the rarest metal in the world, is highly demanded in the manufacture of watches, jewelry, electronic devices, airplane engines, car catalytic converters and other objects.
Revolution in Mining: Contrary to popular belief, gold is not the most expensive metal in the world. In 2023, while the value of gold was 1.900 dollars per troy ounce, iridium reached 4.600 dollars, according to data from The report of Statista, a platform specialized in market data. Furthermore, it is predicted that in 2024 its value could reach 6.500 dollars, according to Heraeus, a technology company focused on precious metals.
Iridium has a high price due to its scarcity and the difficulties in its extraction and processing. Its unique properties, such as high wear resistance and durability at high temperatures, also contribute to its high cost. Despite the price, it continues to be highly demanded in high-tech industries and specialized applications such as aerospace, electronics and medical device manufacturing.gold mining
What is iridium?
Iridium is one of the rarest elements on Earth, according to the Royal Society of Chemistry. It is a hard, silvery metal, with high density and an extremely high melting point.gold mining
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In nature, iridium is found uncombined in sediments deposited by rivers and in a very thin layer on the Earth's surface. This layer is believed to have formed from the impact of a large meteorite that wiped out the dinosaurs. gold mining
Discovered in 1803 along with osmium, another dense metal derived from platinum, iridium was identified by chemist Smithson Tennant in London. Tennant dissolved crude platinum in a mixture of nitric and hydrochloric acids, obtaining a black residue that was initially thought to be graphite. However, by treating it with acids, Tennant separated two new elements, now known as osmium and iridium. The discovery was announced at the Royal Institution in London.gold
The name “iridium” derives from Iris, the Greek goddess of the rainbow, due to the fact that its salts can display various colors because of the selective absorption of light.gold mining
Extraterrestrial metal more expensive than gold, promises to revolutionize mining
“Meteors and asteroids contain higher levels of iridium than the Earth’s crust,” says Royal Society of Chemistry. At some point in history, a giant meteorite that impacted Earth would have generated a cloud of dust that dispersed iridium throughout the world.gold mining
In the Earth's crust, the abundance of iridium is extremely low, approximately 0,001 parts per million. However, it is also found in natural alloys with other noble metals, such as eniridosmin and enplatinoridium.gold mining
Iridium demand in mining
Iridium is used as a catalyst in a wide variety of chemical reactions, including those in the petrochemical industry and in the synthesis of pharmaceuticals. Its ability to speed up specific chemical reactions makes it invaluable in many industrial processes. gold mining
In the automotive industry, it is used in long-lasting spark plugs and in the aerospace industry, which contributes to its demand and high price. Furthermore, it is used in catalysts, electrodes, special alloys and in components that require high resistance to corrosion and extreme temperatures.
According to the American Chemical Society, iridium is also used in the manufacture of electronic and technological devices, such as electrical contacts and data storage devices, due to its high resistance and chemical stability.gold
On the other hand, it is used in the production of high-end jewelry and watches, often in the form of alloys with other precious metals, such as gold and platinum, due to its resistance to wear and its silvery-white color. gold
Why is iridium more expensive than gold?
Iridium is more expensive than gold due to several factors that affect its availability, demand and cost of extraction and processing. It is estimated that the annual production of iridium is just a few tons, while that of gold is thousands of tons.gold mining
Extracting iridium is complicated because it is found in minerals that contain other metals. Furthermore, the refining process is more expensive compared to gold, due to its extremely high melting point, which requires specialized techniques.
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gold mining
Excellent article as it deals with a practically unknown element.
Very interesting
Very appropriate.
Excellent.