Anglo Platinum revealed yesterday (23rd July) that it intends to plough R100 million into the pgm market to further boost its progression, Mining Weekly reports.

The world's largest platinum producer is setting aside the money - which will be invested over a three-year period - as part of its new development and beneficiation strategy.

Announcing the launch of the fund, Anglo CEO Neville Nicolau explained that it represents the fruits of some extensive consultation with senior players in the industry.

He told the news provider: "The high level of rigour that went into the development of this strategy will ensure that we improve, innovate, enhance research and development capabilities, and develop local enterprise that will use pgms either in their processes or in their products."

Mr Nicolau also noted that the move is key to South Africa's future because exploiting its large platinum reserves should stimulate economic growth and create more jobs.

"Platinum in particular is a unique commodity that enables the producers to directly support the demand and the growth of the market development for the product," he added.

The launch will see the appointment of a trustee board, which will be tasked with pinpointing and recommending potential investments during the development phase.

Meanwhile, Mineral Resources Minister Susan Shabangu has welcomed the new strategy, which is set to be ratified by the South African Parliament in September.

She explained that pgms have traditionally comprised just two per cent of the country's total metal beneficiation figures, but that the proportion is now closer to 20 per cent.

"We hope that as we proceed, we will also be able to increase the pgms in terms of the percentage that is beneficiated in South Africa," she commented, according to Mining Weekly.

"This will assist in making sure that South Africa becomes an industrialised country."

Anglo Platinum produced 2.39 million ounces of platinum and 1.32 million ounces of palladium in the 12 months to December 2008.

Source:

Angloplat unveils R100m PGM fund as part of beneficiation strategy (23/07/09)

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