Amplats takes the lead in local sector’s search for new uses of PGMs
Anglo American Platinum (Amplats) is leading the South African platinum sector’s push for alternative demands for platinum group metals (PGMs), injecting $100m into a new offshore venture to develop and find new technologies. The $100m from Amplats, which is 78% owned by Anglo American, will be matched with $100m from the South African state pension fund manager, the Public Investment Corporation (PIC), bringing the total investment to about R2.6bn. Amplats is injecting its portfolio of companies that it has set up or invested in since 2009 into AP Ventures and these assets include Altergy Systems, Food Freshness Technology Holdings, Greyrock Energy, HyET Holdings, Hydrogenius Technologies, Primus Power and United Hydrogen Group.
AP Ventures, an independent fund management business headed by Amplats’ stalwart Andrew Hinkley, will manage two UK-based venture capital funds that will hold the Amplats assets and capital, and hunt for new investments. "Developing the market for PGM...
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