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Top South African fund bets on platinum as power cuts hit miners
Afund run by one of South Africa’s largest asset managers has altered its approach on platinum, seeing better returns from betting on the physical metal, while offloading shares in companies that produce it as they grapple with a power crisis. Coronation Fund Managers, which oversees about R623-billion, has reduced the Impala Platinum Holdings and Northam Platinum Holdings shares in its resources fund this year, and cut its position in Anglo American Platinum parent Anglo American. The moves reflect strains on miners from a crippling electricity shortage in the world’s biggest producer of the metal. Record power ... (full story)