Fund Bets $7.4 Billion on Platinum Metals Sustaining Rally
- South Africa’s PIC invested in miners of platinum-group metals
- Money manager sees supply-demand dynamics supporting prices
Sibanye-Stillwater’s Khuseleka platinum mine near Rustenburg.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Africa’s biggest money manager expects platinum miners to continue making bumper payouts as tighter vehicle-emissions rules boost metals demand and earnings.
The Public Investment Corp., which manages mainly South African government worker pensions, said it has invested more than 110 billion rand ($7.4 billion) in miners including Sibanye Stillwater Ltd., Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. That’s brought “great” returns over the past three years, said Mdu Bhulose, the PIC’s portfolio manager for mining and resources.