Anglo American Platinum Commits to $200m (c. R2.6bn) Venture Capital Funds
ANGLO AMERICAN PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
(“The Company" or "Anglo American Platinum")
Anglo American Platinum commits to $200 million (c. R2.6 billion) venture capital funds
managed by AP Ventures LLP focused on increasing demand for PGMs
Anglo American Platinum announces that its wholly-owned subsidiary, Anglo Platinum Marketing
Limited (“APML”), has subscribed for interests in two UK based venture capital funds (the “Funds"), with
a total aggregate commitment of $100 million (equivalent to c. R1.3 billion). Anglo American Platinum’s
commitment to the Funds is matched by a $100 million commitment from South Africa’s Government
Employees Pension Fund represented by the Public Investment Corporation SOC Ltd.
The Funds will be managed through an independent fund management business, AP Ventures LLP,
led by two experienced former APML executives. The Funds have been established to invest globally
in companies which support the development of innovative and competitive technological uses of
Platinum Group Metals (“PGMs”). The first Fund will hold certain of APML’s existing investments which
have been made under APML’s PGM Investment Programme (the “Programme”). The second Fund
will be established to make new investments.
Developing the market for PGMs has been a long-standing strategic priority for Anglo American
Platinum, having established the Programme in 2009. Through the Programme, Anglo American
Platinum committed US$10m, ring-fenced for local RSA beneficiation, to provide start-up capital to
entities that use PGM-based technology in their products and processes. As the market developed, the
Programme’s size and mandate expanded, adopting a direct funding approach to leverage networks
and attract third party funding, making US$60 million of early stage and growth capital investments.
Commenting on Anglo American Platinum’s decision to spin the Programme off to independent
management, CEO Chris Griffith said,
“Developing the market for PGMs is a strategic priority for Anglo American Platinum and this investment
with AP Ventures is a key initiative. Having enjoyed success and built a strong track record as part of
Anglo American Platinum’s PGM Investment Programme we have taken the decision to separate the
fund’s activities into an independent structure that will attract additional outside investment and allow
AP Ventures to increase the scale of its activities.
The launch of AP Ventures is an exciting new development which will support the growth of PGM
technologies and increase PGM demand. Through this transaction, we are hoping to facilitate the
application of cutting-edge technological advances and broad innovative thinking to address mining’s
major challenges. It is a clear example of the use of collaborative partnerships to connect people for
the betterment of the industry and we are grateful to have had the support of the Public Investment
Corporation in bringing the Funds to fruition.”
Dr Daniel Matjila, Chief Executive Officer: Public Investment Corporation said: “Through our investment
in the independent AP Ventures Fund, the PIC is funding technology innovation and furthering demand
for PGMs, which will ensure the industry has a sustainable future. As a leading global institutional
investor, this investment further demonstrates our support of the United Nations Sustainable
Development Goals. My view is this investment will stimulate and sustain the demand for PGMs in the
long term, benefitting our clients and preserving the long-term mineral wealth for all South Africans. In
addition, the potential for localisation of these technologies in South Africa, contributes to sustaining
jobs in the PGM mining sector and planning for creation of jobs in the manufacturing sectors. The PIC
is already a significant investor in the platinum mining industry and regards the long-term sustainability
of the industry as being critical to long-term returns of its portfolios.”
AP Ventures will invest in pioneering technologies and businesses harnessing the high-performance
characteristics of PGMs to address global challenges such as renewable energy integration, resource
scarcity and a growing population. This includes: hydrogen infrastructure; fuel-cell electric mobility;
energy storage platforms; water purification; sensors; durable electronics; and medical devices.
Johannesburg, South Africa
17 July 2018
Merrill Lynch South Africa Proprietary Limited
For further information, please contact:
Emma Chapman Mpumi Sithole
(SA) +27 (0) 11 373 6239 (SA) +27 (0) 11 373 6246
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is the world’s
leading primary producer of platinum group metals. The company is listed on the Johannesburg
Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa.
Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe. Anglo American Platinum
has a number of joint ventures with several historically disadvantaged South African consortia as part
of its commitment to the transformation of the mining industry. Anglo American Platinum is committed
to the highest standards of safety and continues to make a meaningful and sustainable difference in
the development of the communities around its operations.
Anglo American is a global diversified mining business and our products are the essential ingredients
in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and
undeveloped resources provides the metals and minerals to meet the growing consumer-driven
demands of the world’s developed and maturing economies. With our people at the heart of our
business, we use innovative practices and the latest technologies to discover new resources and mine,
process, move and market our products to our customers around the world.
As a responsible miner – of diamonds (through De Beers), copper, platinum and other precious metals,
iron ore, coal and nickel – we are the custodians of what are precious natural resources. We work
together with our key partners and stakeholders to unlock the sustainable value that those resources
represent for our shareholders, the communities and countries in which we operate and for society at
large. Anglo American is re-imagining mining to improve people’s lives.
About AP Ventures
AP Ventures is an independent venture capital firm headquartered in London dedicated to investing in
advanced technology companies utilising the unique high-performance characteristics of Platinum
Group Metals (PGMs). The fund operates a global mandate to invest in pioneering new technologies
and businesses which solve global challenges. AP Ventures is led by Andrew Hinkly (Managing Partner)
and Kevin Eggers (Partner). As cornerstone investors The Public Investment Corporation and Anglo
American Platinum have each committed US$100 million to AP Ventures.
More information: www.apventuresllp.com
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