The World Platinum Investment Council said this week that it expects higher costs of palladium, used in vehicle pollution-control devices, to spur a gradual switch by automakers to using more platinum in gasoline-powered cars and trucks.

The roughly 8 million ounce a year market will be oversupplied by 190,000 ounces in 2021, the WPIC said.

The success of either bid will put high-profile Ring of Fire nickel asset in Australian hands.

The rise of rhodium, the world’s most expensive precious metal, has made it the No. 1 revenue stream of the biggest platinum miners.

The company posted a 123% surge in full-year profit, boosted by higher prices of platinum group metals.