The Public Investment Corporation (PIC) has increased its stake in Northam Platinum to a commanding 20%, as the asset manager continues to back the long-term prospects of platinum group metals (PGMs).

PIC’s move follows a similar one last year when it increased its stake in Sibanye-Stillwater to 15%. Northam, worth R44.3bn on the JSE, has been attracting investors in the past six months...

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