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.