Anglo American to spin off unit to encourage platinum demand

ArticleMiningMay 16, 2018 - 7:03:37 AM

Anglo American will spin out its internal venture capital unit, it said on Tuesday, as the world's biggest platinum producer seeks to spur investment in fuel-cell technology to boost demand for a commodity in oversupply.

A push, particularly in Europe and China, for lower-emission transport raises the prospect of weaker demand for platinum, whose biggest industrial use is in diesel vehicles.

The World Platinum Investment Council sees oversupply in the platinum market of 180,000 ounces in 2018, down from last year's level but above a previous forecast of 25,000 ounces.

Confirming a report in the Financial Times, Anglo American said in an emailed comment it would provide more details in due course on the spin off of the internal fund that has been exploring new applications for platinum group metals, including hydrogen fuel cells...

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