Prestige Bullion adds first platinum coin “Big 5” to its offering
CAPE TOWN – Prestige Bullion, a joint venture between the South African Mint, a wholly owned subsidiary of the SA Reserve Bank, and Rand Refinery, one of the world’s largest integrated single-site precious metals refining and smelting complexes, on Tuesday announced that it would deliver a new range of physical platinum investment products suited to retail investors.
In a statement on Tuesday Prestige Bullion said the move marked its first entry into the platinum bullion market. “The Big 5 themed platinum bullion coin will be part of a multi-year range starting in 2020 and continuing through 2022 featuring the awe-inspiring elephant, lion, rhino, leopard and the buffalo. The range will see a new animal on the platinum bullion coin every six months, beginning with the elephant.”
Prestige Bullion managing director Richard Collocott said the coin was in support of the South African mining industry’s broader effort to stimulate demand for the country’s platinum.
The country produces more than 70 percent of all platinum mined in the world.
“The introduction of the Big 5 platinum bullion coin will allow investors in precious metals a wider choice when diversifying their portfolio and catapults Prestige Bullion into the august company of highly respected peers offering investment products in platinum, gold and silver,” said Collocott.
The first coin in the series features the mighty African elephant filling the obverse, according to Collocott. Encircling the elephant at the bottom, below the tusks, are the words “South Africa” and “Big Five 2020” on the either side of the South African national coat-of-arms. The reverse, bears the ingenious design of two halves of the elephant’s face, side by side, with pronounced ear, tusk, eyes and the trunk.
“The Big 5 platinum bullion coin series will unlock the promise platinum holds as an investment product. Platinum is seen by many to be a store of value and source of long-term appreciation,” he said Collocott.
Prestige Bullion houses and manages the overall business of the manufacture, distribution, and sale of bullion Krugerrand coins for local and international markets. The Big 5 platinum coin will be sold through the same dealer network as the Krugerrand.
Prestige Bullion is a pure-play, global marketing firm formed initially to look after the Krugerrand and its related businesses. Prestige Bullion’s purpose is to ensure global access to South Africa’s world-class bullion coin offerings.
CEO of the Minerals Council South Africa, Roger Baxter, said: “There is sound logic in improving the economic value of platinum by the way of beneficiation and converting it into an investment asset. The platinum mining industry will benefit from Prestige Bullion’s extensive global experience in marketing South African gold to international investors in the form of Krugerrands.
The legal tender coin will be available in 1oz struck in 999.5% platinum and minted to bullion standard.
The Big 5 is priced relative to the closing spot price of platinum. While the price is subject to change based on fluctuations in the market prices, the final costs will include a standard manufacturing fee and will attract 15 percent VAT if bought in South Africa.
“The new coin, a first for Prestige Bullion, represents an important milestone and more broadly supports the South African platinum mining industry’s growth potential,” said Collocott in conclusion.