Mar 24, 2017 Last Updated 10:30 AM, Mar 24, 2017

Anglo American Platinum backs South African fuel cell plant

ABN – Anglo American Platinum (JSE: AMS) has announced that it would be willing to help investors set up a hydrogen fuel cell-based product production plant in South Africa.

The company hopes that the plant would help encourage demand for the products, which use platinum as a catalyst to generate electricity.

Many producers of the precious metal believe that fuel cells could be consuming as much as 600,000 ounces of platinum by 2025.

Andrew Hinkly, Amplats’ executive head of marketing and sales, said: “What our strategy has been is to establish the technology for rural applications in South Africa, so we invested a lot of money to get to the level where the product is capable of going to market.

“We’re willing to invest further to make sure that the manufacturing can happen in South Africa.”

@ABNetworkOnline

Sentuo Steel announces West African expansion plans

ABN – Chinese steel manufacturer Sentuo Steel Limited has announced plans to break into the West African market.

The company already has a presence in Ghana, where it has been operating for the past four years after acquiring the 300,000 capacity Wahome Steel factory in Tema.

Sentuo has started work on fulfilling its aim of entering the West African market and it has just completed phase two of the factory work.

Sentuo managing director Xu Ningquan said: "Our phase two total capacity is 500,000 tonnes to manufacture coils. I calculate almost to employ 700 people.

"Minus the working capital, the expansion cost about US$53 million. It was funded by our shareholders and also our Sentuo working capital to support phase two.

“Sentuo's customers came to me and explained to me, and after studies, we confirmed the size of the West African market and so we decided to do the phase two." 

@ABNetworkOnline

Ford to double North African purchases

ABN – Ford Motor (NYSE: F) has announced plans to double the amount of parts it purchases from North African-based suppliers.

The parts will be used at its newly expanded vehicle assembly plant in Valencia, Spain.

Around US$2.5 billion was spent on the expansion of its Spanish operations, which is thought to be the biggest investment ever made in Spain’s auto industry.

Jim Benintende, president of Ford Middle East and Africa said, said: "We purchase parts (worth) in the hundreds of millions of dollars from North Africa, and over the next three years we will more than double that.

"We don't give a breakdown of parts purchasing for specific markets, but we purchase more than $100 billion of parts annually around the globe."

@ABNetworkOnline

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