South Africa's wealthiest tribe, the Royal Bafokeng Nation, has announced plans to use its royalties in platinum mining to invest in its people.

The tribe has 300,000 members situated in South Africa's North West province and earns 22 per cent in royalties from world number two platinum miner Impala Platinum (Implats).

It expects its platinum to run out in 70 years and wants to plan investment of the money now, hoping to improve schools, roads and hospitals and create a black professional class, according to Reuters.

Royalties from the platinum mining make up nearly R500 million a year in income and are put into the Royal Bafokeng Resource Holding (RBRH), one of the wealthiest black-owned mining companies in South Africa.

RBRH has entered a number of agreements in the last two years such as a joint venture with Angloplat in the Bafokeng Rasimone platinum mine, a 1.5 per cent stake in Implats and a 33 per cent share in SA Chrome & Alloys.