Top 6 platinum producers launch investment promotion body
Between them, the six companies produced nearly 70 percent of world supply of mined platinum last year.
LONDON - Six of the world's biggest platinum producers have launched a dedicated body, the World Platinum Investment Council, to promote the precious metal as an investment vehicle, the new group said in a statement on Tuesday.
Anglo American Platinum, Aquarius Platinum, Impala Platinum, Lonmin, Northam Platinum and Royal Bafokeng Platinum will fund WPIC to develop an active investment market for platinum, it said.
Between them, the six companies produced nearly 70 percent of world supply of mined platinum last year. A spokesman for the WPIC declined to comment on how much funding the body would receive.
Industry and banking sources said last week that the WPIC was being set up to try to boost sales in the face of falling prices. Spot platinum has slid 12 percent this year.
Paul Wilson, a former advisory partner at management consultants Bain & Company, has been named as the WPIC's chief executive. It will produce data and analysis on the market researched by SFA Oxford.