JOHANNESBURG - Anglo American Platinum (Amplats) and the Public Investment Corporation (PIC) yesterday moved to revive the ailing platinum industry, investing a combined $200 million (R2.64 billion) in funds managed by AP Ventures.
Amplats said that the development of a market for platinum group metals (PGMs) was a strategic priority to reignite demand for precious metals.
The group said the funds would be invested globally in companies that supported the development and competitive technological uses of PGMs.
Amplats said the funds would be invested through its wholly-owned subsidiary Anglo Platinum Marketing Limited (APML).
It said a part of the funds would hold certain of APML’s existing investments which have been made under APML’s PGM investment programme while the second would be used to make new investments.