A new source of platinum demand is gaining traction in China as the government throws its financial might behind the development of hydrogen fuel cells for vehicles, potentially creating a market for 500,000oz of the metal and offsetting declines in antipollution devices in diesel engines.
China’s government set out a target of 2-million new electric vehicles, which includes hydrogen-powered vehicles on its roads by 2020, a figure that Benny Oeyen, the new head of marketing at Anglo American Platinum and former senior manager in various car companies, extrapolated to use up to 500,000oz of platinum in the systems converting hydrogen into electricity.
Jubilee Metals Group Plc (LON:JLP) is a diversified metals recovery company with a focus on reprocessing of historical surface mine waste and materials. The Company has secured surface platinum-bearing tailings to recover PGMs and chromite, lead, zinc and vanadium bearing tailings in Zambia and holds the mining right (granted March 2017) to a primary PGM project in the Eastern Bushveld complex.