Rising global demand and limited production have pushed the prices of ruthenium and tantalite two key metals used in electronics, aerospace, and artificial intelligence technologies to multi-year highs.
The surge has placed South Africa and the Democratic Republic of the Congo at the centre of the global supply chain for these valuable minerals. Growing use in AI-related technologies, combined with supply disruptions, has intensified market pressure and driven prices sharply upward.
Market data from LSEG referencing benchmark figures from Johnson Matthey shows that ruthenium one of the platinum-group metals rose to about $1,750 per ounce in March, compared with roughly $560 during the same period last year.
Industry experts note that production of ruthenium remains structurally limited because it is not mined independently. Instead, it is obtained as a secondary product during platinum-group metal extraction, a process dominated by mining operations in South Africa.
Demand for the metal is increasing across sectors including electronics manufacturing, semiconductor production, and chemical processing. The rapid expansion of AI-driven data storage systems and cloud computing infrastructure is further accelerating consumption.
Wilma Swarts, director of PGMs at Metals Focus, estimates that the market could face a shortfall of around 203,000 ounces by 2026, underscoring the growing supply constraints.
Meanwhile, the market for tantalite the main ore used to produce tantalum has also experienced significant turbulence. Tantalum is widely used in capacitors, aerospace equipment, and nuclear technologies. Prices in Europe have climbed to between $200 and $210 per pound, representing roughly a 90 percent increase since the start of the year.
Supply disruptions intensified after a landslide struck the Rubaya columbite-tantalite mine in eastern Democratic Republic of the Congo. The mine lies in territory controlled by rebel groups and operates largely outside formal international due-diligence frameworks.
Although the mine operates informally, its shutdown has disrupted exports of tantalite. Much of the material is typically shipped to China, the world’s largest consumer of the metal, according to market participants. Data from the United States Geological Survey indicates that the DRC accounted for more than half of global tantalum production in 2025, while Rwanda also plays an important role in the market.
Sian Morris, a senior analyst at Argus, said demand is rising as AI-powered data centres and industrial gas turbines increasingly rely on components containing tantalum.
At the same time, lower platinum-group metal output in South Africa is worsening the supply squeeze for ruthenium. Figures from Statistics South Africa show that PGM production declined by 3.8 percent year-on-year in January 2025. Mining firm Northam Platinum attributes part of the decline to limited investment in new mining projects over the past two decades.
Market observers warn that both ruthenium and tantalum are becoming increasingly important to the global technology supply chain. This places Africa particularly South Africa and the Democratic Republic of the Congo in a strategic position as major suppliers.
With the rapid expansion of AI technologies and ongoing constraints on production, analysts expect prices for both metals to remain elevated, reinforcing the continent’s growing importance in the supply of minerals critical to next-generation technologies.