Anglo Platinum (Amplats) has said it is a "proud partner" of the 2011 Innovation Summit, which is an opportunity to communicate with innovators about using platinum group metals (pgms).

The miner says there are a number of opportunities for using pgms for automotive, industrial, electronics, medical and domestic purposes, but that this is not being fully exploited in South Africa.

Access to these opportunities is being promoted through the PGM Industrial Commercialisation Competition, which is a "call for ideas" to tap into the intellectual promise in the country.

South Africa is well placed to exploit pgms, as it boasts 80 per cent of the world's platinum reserves.

However, only around 15 per cent of platinum production goes on to further manufacturing within South Africa.

Amplats is the world's leading primary producer of platinum, accounting for approximately 37 per cent of newly mined production globally.

The firm said that its mineral wealth has the potential for "major financial growth", as well as opportunities for job creation.

To stimulate pgm ventures, Amplats launched the PGM Development Fund, a private equity fund managed by Douglas Investments.

The fund attempts to partner innovators in pgm technologies by investing in ventures at various stages of development, with a heavy focus on start-ups.

Michael Joseph, who is in charge of the competition, explained: "We are hoping that the innovation competition will stimulate interest amongst the innovative and research community that will result in new applications for pgms."

The best proposal submitted will win a risk-free cash injection of R300,000 (£27,000) from the fund.

"The aim of the competition is to promote the commercialisation of a potentially new application for platinum group metal/s or an improvement on a current commercialised product," added Mr Joseph.

"We want to hear from the right people and we really want them to tell us about their big idea."

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Anglo American Platinum Corporation: Proud partner of the 2011 Innovation Summit (08/06/11) 

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