However, these deposits have been stripped of their highest-grade ore and now account for less than one percent of the platinum production from Russia.Īlluvial platinum deposit in the far eastern Koryak region of Russia. In the 19 th century, alluvial deposits in the Ural Mountains were heavily mined. Most of the world’s placer platinum is found in Russia. The sand and gravel beds are created when old rock is eroded from its source and further ground into pieces as it is washed into streams and rivers. Native platinum and platinum alloys can be found in concentrated sand and gravel beds called placer deposits. When iron is present in the alloy, a platinum nugget can also be slightly magnetic, a diagnostic tool for evaluating new discoveries. They have a dull grayish or blackish color but when you handle them, they can be distinguished by their extraordinary heft. In contrast to gold, platinum nuggets are relatively inconspicuous. Over the last few centuries mining has varied from small-scale family operations to large mining conglomerates.
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The Ural Mountains are well known for their rich mineral deposits. When platinum is found in a pure state, it is called native platinum. The size of platinum grains or nuggets varies from small granules to pebbles weighing up to 20 pounds (9 kg) or more. Nuggets or grains of pure platinum can be found in nature, but more frequently, platinum is found alloyed with other metals, such as iron, copper, gold, nickel, and the other PGMs.