SIBANYE-Stillwater confirmed it was heading out of the World Platinum Investment Council (WPIC), saying that as “a new kid on the block” the company had a different take on how to stimulate demand for platinum group metals (PGMs).
“We’re not sure marketing platinum as the investment product is quite right,” said James Wellsted. BusinessLive earlier reported Sibanye-Stillwater would quit the organisation by the year-end, saying it was “no longer aligned” to its strategy.
The WPIC would lose a significant part of its budget as PGM producers contribute to the entity in proportion to their market share.
“It’s a big loss on the budget side of things,” said Johan Theron, spokesman for Impala Platinum (Implats) which is the world’s third largest PGM producer. “But it’s also a big hit not to have the world’s largest PGM producer on the council,” he said.
“We will think about things; we support marketing of platinum as an investment especially in jewellery,” he said when asked if Implats might also pull its support for the WPIC. The WPIC’s other main shareholder is Anglo American Platinum (Amplats), the listed subsidiary of Anglo American, which is considering its response to the development.
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