Popular Mechanics – One of the largest crime-waves in recent years could cost you thousands: “…According to the Universal Technical Institute, there are typically 3 to 7 grams of platinum, 2 to 7 grams of palladium, and 1 to 2 grams of rhodium in the standard converter. PGMs are rare. They form inside intrusive igneous complexes, mineral patterns that occur when layers of subterranean magma cool into igneous rock and settle between pre-existing layers of the earth’s crust. The magma’s gradual cooling contributes to high crystallization—one can see the mineral makeup of these layers with the naked eye—which in turn contributes to the layering common to intrusive complexes. These specific geologic conditions are the only circumstances under which PGMs appear in nature, says Frank Hallam, President of Canadian mining company Platinum Group Metals, LTD. While a variety of industries, including computer hardware and medical tools, use PGMs like palladium, the automotive industry uses over 80 percent of the global supply of palladium each year. This intense demand exceeds what mining can supply, so the autocat recycling industry steps up to supplement the rest. More than 90 percent of the PGMs in an old catalytic converter can be recovered, and industry estimates suggest that recycled PGMs account for 40 to 50 percent of the annual supply. Recyclers typically buy used catalytic converters in thousand-pound lots from scrap yards, or take them from the junked cars they buy by the thousands, Froneman says, noting his company processes up to 24 tons of old catalytic converters per day. Used autocats are “decanned” with hydraulic shears, then the PGM-coated honeycomb substrate is removed, pulverized, smelted, and refined. From there, the PGMs are sold to original equipment manufacturers that build new catalytic converters for auto manufacturers. Whereas mining yields around 16 grams of PGMs per ton of ore, recycling yields up to 2300 grams per ton of old catalysts, Froneman says—a lucrative industry for miners, refiners, and thieves…”