The leading international platinum companies have come together to launch a new organisation, based in London, to promote investment in the precious metal.
The World Platinum Investment Council (WPIC) also aims to reinforce the platinum industry which is currently struggling with rising costs and lower prices due to a oversupply in the global market.
The members of WPIC are Anglo American Platinum, Impala Platinum Holdings, Aquarius Platinum,Lonmin and two smaller companies Northam Platinum and Royal Bafokeng Platinum.
The latest price of platinum recorded in MRW on the beginning of this month was £24.66 per gramme, down £1.74 since the beginning of the year. Three of the companies, Anglo American, Impala and Lonmin, are recovering from recent strikes in South Africa which drove prices upwards.
WPIC promises to publish quarterly data, analysis on supply and demand and insight on the size and liquidity of stocks to investors.
WPIC chief executive officer Paul Wilson said a priority will be to “shed more light on the key drivers behind the platinum market’s fundamentals, as these are critical to the platinum investment opportunities”.
Wilson promised that the WPIC would work alongside banks and asset managers to create more platinum-focused investment instruments.