Anglo American Platinum has committed US $195m into venture capital of funding. This, according to a statement from the company is to focus on increasing demand for Platinum Group Metals (PGMs). The statement goes on to state that Anglo Platinum Marketing, the firm’s wholly-owned subsidiary, has subscribed for interests in two UK based venture capital funds, with a total aggregate commitment of US $97m.
According to media reports, the company’s commitment to the funds is matched by a US $100m commitment from South Africa’s Government Employees Pension Fund. This is represented by the Public Investment Corporation SOC. The funds will be managed through an independent fund management business, AP Ventures LLP.
The funds have been established to invest globally in companies that support the development of innovative and competitive technological uses of PGMs. Developing the market for PGMs has been a long-standing strategic priority for Anglo American Platinum, having established the Program back in 2009.
Commenting on Anglo American Platinum’s decision to spin the Program off to independent management, CEO Chris Griffith said termed a move as a strategic priority for the firm. He further expressed his hope that the independent structure attracts additional foreign investment. This, he says, will serve to increase AP Ventures’ activities.
Mr. Griffith said that through this transaction, they are hoping to facilitate the application of cutting-edge technological advances and broad innovative thinking to address mining’s major challenges.
Dr Daniel Matjila, CEO: Public Investment Corporation said that their involvement in the venture includes funding technology innovation in furthering demand for PGMs. This, he added, is with a view to ensure a sustainable future for the industry. Dr. Matiila further noted that as a leading global institutional investor, this investment further demonstrates their support for the United Nations Sustainable Development Goals.
According to him, the potential for localization of these technologies in South Africa, is tantamount to the sustenance of jobs in the PGM mining sector and planning for creation of jobs in the manufacturing sectors.
