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VW debacle puts favourable spotlight on zero-emission platinum fuel cell

Briquette of platinum shavings

Briquette of platinum shavings

Photo by Reuters

25th September 2015

By: Martin Creamer

Creamer Media Editor

  

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JOHANNESBURG (miningsweekly.com) – The attack on diesel vehicles and the Volkswagen emissions debacle are putting a favourable new spotlight on the zero-emission value of fuel cell electric vehicles that use considerable volumes of platinum.

This year has seen several global car manufacturers steadfastly advancing the introduction of hydrogen fuel cell cars that require close to 14 g of platinum per vehicle.

Research analyst Adam Collins of London mining analyst firm Liberum Capital said in a research document on Friday that the European Union (EU) carbon dioxide (CO2) regulatory ratchet was tightening so much that car makers would have to “push electric vehicles harder from here”.

Anglo American Platinum CEO Chris Griffith said at Platinum Week, in London, in May, that fuel cell electric vehicles would allow platinum mining to build its future in a “truly sustainable way”, on the back of zero emissions and the use of the world’s endless supply of hydrogen as a fuel source.

Collins said in the Liberum research document that it was no longer cost effective for car makers to promote diesel cars as a tool for meeting EU 2020 CO2 limits, as the tougher regulations were pushing up diesel compliance costs.

It is estimated that some 17 000 oz of platinum are required for the autocatalysis of 100 000 diesel cars.

The Liberum researcher placed most emphasis on battery electric vehicles and palladium-boosting petrol engine optimisation, including direct injection, variable valve timing and turbocharging, which were closing the fuel economy gap enjoyed by diesels that are fitted with platinum-using autocatalysts.

But observers noted this week that the current turmoil in the automotive emissions arena also shines a bright favourable light on fuel cell electric cars, which have superior range and take far less time to charge than battery vehicles.

Hyundai’s ix35 fuel-cell car, for example, has a 594 km range, takes three minutes to charge and produces no harmful emissions at all, compared with charging infrastructure for electric vehicles and plug-in hybrid electric vehicles, which has just gone public at the Melrose Arch, in Johannesburg, which requires nearly two-and-a-half hours to charge a BMW i3 or BMW i8 and relies on electricity from coal-fired power stations, which have both supply and emission issues.

Griffith revealed earlier this year that Korean car manufacturer Hyundai was targeting the production of 1 000 ix35 fuel cell vehicles in the UK by the end of this year and other car companies, such as Toyota and Honda, also have significant launch plans.

If fuel cell cars succeeded in dominating the electric vehicle segment in Europe, he calculated that platinum demand within Europe would rise to 6.6-million ounces by 2050.

Conversely, if battery electric cars dominated, demand for platinum in Europe would decline to 2.5-million ounces in the same period.

At a seminar held by the Japanese Chamber of Commerce and Industry in Johannesburg earlier this week, South Africa’s Deputy President Cyril Ramaphosa expressed optimism that Japan and South Africa would find ways to partner on the further development of the fuel cell, with Japan having emerged as a leading innovator and South Africa keen to foster the commercialisation of the platinum-using technology.

The Deputy President also revealed that he had driven in a fuel cell car during his recent visit to Tokyo.

Observers pointed out this week that the need to promote fuel cells urgently was great, owing to platinum-using diesel vehicles being under serious threat because of their nitrogen oxide (NOx) emissions.

The International Council on Clean Transportation, an independent organisation founded to improve the environmental performance of road transportation to mitigate climate change, published a report in October 2014 which indicated a glaring gap between real world EU vehicle emissions and measured levels.

When 15 modern EU and US diesel cars were monitored over 97 trips covering 6 400 km, only one had NOx emissions below Euro 6 certified limits and only three were below Euro 5.

The European Commission Driving Emissions working group is reportedly preparing for the introduction of on-road testing with portable emissions measurement systems as part of a new passenger car test procedure in the EU.

In such tests, observers said that the zero-emitting fuel cell vehicles were bound to come out head-and-shoulders above allcomers environmentally.

MarketWatch reported that the Volkswagen scandal had raised environmentalists' hopes that diesel power could die out owing to consumers becoming aware of the environmental and health risks of the fuel.

Clean Air in London founder Simon Birkett said that the combined effect of car owners unable to sell their diesel cars and class actions against suppliers would be the death of diesel.

“You have a consumer problem, a supplier problem and the combination is the death of diesel,” Birkett was quoted as saying.

“We do not believe that the diesel disaster will have a major negative impact on consumer preferences in Europe, but should curb market share growth in the United States,” Julius Baer commodities research analyst Carsten Menke was quoted as saying.

Diesel vehicles, which account for half of the car market in Europe, account for less than 5% of the market in the US.

The Economist reported that NOx and other vehicle emissions were seen as the cause of large numbers of early deaths – perhaps 58 000 a year in the US alone, one study suggested.

US News reported that major European cities such as Paris and Birmingham were already calling for a crackdown on diesel and The Times reported that Cabinet Ministers were demanding the introduction of accurate new vehicle emissions tests within 12 months, amid warnings from experts that the Volkswagen debacle could spell the end for diesel cars.

Platinum fell to a six-and-a-half year low of $925.30/oz on Wednesday, after dropping 4% on Tuesday, its biggest one-day fall in more than two years.

Shares in vehicle autocatalyst manufacturer Johnson Matthey fell 11.8% this week.

Vehicle catalysts made up 40% of the demand for platinum last year, with demand for platinum in catalysts rising 4% last year, the fastest rate of growth since 2011.

Palladium, used in catalysts for petrol-powered cars, was trading at $640/oz earlier this week.

Reuters reported that palladium prices last rose higher than platinum prices some 14 years ago, when palladium surged to $1 094/oz.

Edited by Creamer Media Reporter

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