In mining, not all metals beneath the surface are equally valuable.
Some are scarce and difficult to uncover, while some are incredibly critical to modern society.
Metals shape economies, drive technological advancements, and influence geopolitical strategies. But what are the most expensive metals in the world and where are they mined?
According to BullionByPost, ranking the most expensive metals can be difficult because prices change constantly.
Even so, the most expensive metals in the world are generally precious, rare, or synthetic materials that are difficult to produce at scale.
Californium
Californium — a synthetic, highly radioactive actinide element — is considered to be the most expensive metal in the world, sitting at US$839.7 million ($1.17 billion) an ounce, as reported by BullionByPost.
As a strong neutron emitter, californium is used to start up nuclear reactors, scan fuel rods, analyse industrial materials, and support specialised cancer radiotherapy.
The material does not occur naturally. It requires years of neutron bombardment of curium in specialised nuclear reactors, with only between 30 and 40 micrograms produced annually in Russia and the US.
First made in 1950 at the University of California, Berkeley, californium was created to advance scientific knowledge of transuranium elements and provide a powerful, portable neutron source.
Rhodium
Second to californium is rhodium, sitting at around US$10,050 per ounce, as reported by Trading Economics.
In 2021, rhodium’s price skyrocketed to around US$29,500 an ounce.
Over the past month, rhodium’s price has fallen 0.50%, but is still 86.98% higher than a year ago, as of 1 May 2026.
Rhodium is a rare, corrosion-resistant platinum group metal primarily used in automotive catalytic converters to reduce nitrogen oxide emissions, accounting for roughly 90% of the metal’s demand.
According to Manhattan Gold & Silver, it is one of the rarest precious metals and the rarest of the six platinum group metals. Extracting rhodium is complex and expensive because the ores are generally combined with other precious metals.
Most rhodium is found in South Africa, which accounts for 80% of global supply. It is also produced in Russia, Canada, and Zimbabwe.
Industry estimates suggest that less than 1,000 tonnes of rhodium have been mined globally since it was discovered in the early 19th century, as reported by DSF Antique Jewellery.
Annual production is also extremely small due to its rarity. In most years, global rhodium mining ranges between 20 and 30 tonnes.
Iridium
Iridium — another platinum group metal — is the third most expensive metal in the world, sitting at around US$7,500 an ounce as of 2026.
It is the rarest naturally occurring element and is predominantly used in spark plug manufacturing, as well as electronics such as hard disk drives and non-volatile memory devices.
Noble6 says about six to seven tonnes of iridium is mined annually, compared with around 30 tonnes of rhodium.
According to SFA Oxford, iridium supply is limited and geographically concentrated, with more than 95% of global primary production originating as a by-product of platinum and nickel mining in South Africa and Russia.
Smaller amounts of iridium also come from Canada’s Sudbury Basin, as well as minor trace production in Zimbabwe, Finland, and the US.
Gold
No list is considered complete without gold.
Recently, gold’s price has decreased — US$4,540 an ounce at the time of writing — to its lowest level since late March 2026. This price decrease comes as rising Middle East tensions fuel inflation concerns.
As previously reported at the beginning of Q1, gold had surged to nearly US$5,420 an ounce, reinforcing its reputation as the market’s safe haven asset.
However, since the Middle East conflict began earlier this year, the gold price has declined by around 13%. Trading Economics reports that the precious metal’s price has fallen 1.90% over the past month but is still 36.82% higher than a year ago.
Gold is found all over the world, with major deposits concentrated in Australia, China, North America, Russia, and South Africa.
Despite the immense amount of gold, the World Gold Council suggests that around 219,890 tonnes of gold have been mined throughout history, of which around two-thirds has been mined since 1950.
Australia holds some of the largest gold resources, particularly in Western Australia, accounting for nearly 70% of the nation’s total gold production. According to World Gold Council data, Australia’s annual production of gold averages around 284 tonnes as of 2024.
Platinum
The fifth most expensive metal in the world is platinum, trading at around US$2,000 an ounce as of 4 May 2026.
Platinum’s price is 104.38% higher than a year ago, according to Trading Economics.
Platinum is a dense, corrosion-resistant precious metal used as a catalyst in automotive catalytic converters to reduce harmful emissions. It is also essential in jewellery, chemical manufacturing, hydrogen fuel cells, and electronics.
According to Manhattan Gold & Silver, platinum can be found in small quantities across several countries, but only five account for roughly 97% of the world’s supply.
The ore almost always includes other metals and platinum itself is a part of the platinum group elements — rhodium, ruthenium, palladium, osmium, and iridium.
Platinum can be mostly found in South Africa, which accounts for 70% of global supply. The metal can also be found in Russia (15%), Zimbabwe, Canada, and the US.
Platinum can also be found in central Peru, Australia, and even on an ancient volcanic island off the western coast of Scotland.
From lab-made materials such as californium to naturally scarce metals like rhodium and iridium, the world’s most expensive metals reflect a mix of rarity, complexity, and necessity.
Their value is defined by price and the critical roles they play across energy, technology, and industry.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash, iStock & CCDC
