FILE PHOTO: Pit head is seen at the Tumela Mine, an Anglo American Platinum open pit mine, in Thabazimbi

JOHANNESBURG - Mining company Anglo American Platinum said on Tuesday it had committed to $200 million (about R2.6 billion) in  venture capital funds focused on increasing demand for platinum group metals (PGMs).

It said its wholly-owned subsidiary Anglo Platinum Marketing Limited had subscribed for interests in two UK based venture capital funds with a total aggregate commitment of $100 million, which was matched by a $100 million commitment from South Africa’s Government Employees Pension Fund represented by the Public Investment Corporation (PIC).

The funds, to be managed through independent fund management business AP Ventures, had been established to invest globally in companies which support the development of innovative and competitive technological uses of PGMs, Amplats said.

Developing the market for PGMs had been a long-standing strategic priority for Anglo American Platinum, having established the programme in 2009.

"Developing the market for PGMs is a strategic priority for Anglo American Platinum and this investment with AP Ventures is a key initiative," CEO Chris Griffith said.

"It is a clear example of the use of collaborative partnerships to connect people for the betterment of the industry and we are grateful to have had the support of the Public Investment Corporation in bringing the funds to fruition.”

PIC CEO Daniel Matjila said the investment demonstrated the corporation's support of the United Nations sustainable development goals.

"This investment will stimulate and sustain the demand for PGMs in the long term, benefitting our clients and preserving the long-term mineral wealth for all South Africans," he said.

AP Ventures will invest in pioneering technologies and businesses harnessing the high-performance characteristics of PGMs to address global challenges such as renewable energy integration, resource scarcity and a growing population. 

This includes hydrogen infrastructure, fuel-cell electric mobility, energy storage platforms, water purification, sensors, durable electronics and medical devices.

- Africa News Agency (ANA)