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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Anglo American    AAL   GB00B1XZS820

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Anglo American Platinum Testing Fuel Cell Locomotive

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05/09/2012 | 12:44pm CEST

Anglo American Platinum Ltd. (AMS.JO) said Wednesday it's testing a platinum-based fuel cell-powered mining locomotive, in order to try and jumpstart a fuel cell industry in South Africa.

The world's largest platinum miner said it's working with partners to develop a locomotive which it will then test in one of its mines underground. Anglo American Platinum, a unit of Anglo American PLC (>> Anglo American plc), said it's working with Vehicle Projects, Trident South Africa, and Battery Electric.

"A South African fuel cell industry would support the country's drive for jobs and help to meet its energy challenges," Anglo American chief executive Cynthia Carroll said.

Anglo American said hydrogen powered fuel cell locomotives are more economical and environmentally friendly than traditional rail transport. A fuel cell is essentially a gas battery that produces electricity as long as it is fed with hydrogen gas.

The company is also working with government departments to develop a fuel cell industry in South Africa, and the "collaborative work is intended to enable the development of a local fuel cell manufacturing, distribution, marketing and servicing industry which will be globally competitive," Anglo American said.

-By Devon Maylie, Dow Jones Newswires; +27117837848; devon.maylie@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

05-09-12 0643ET

Stocks mentioned in the article : Anglo American plc, Anglo American plc
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Financials ($)
Sales 2017 24 493 M
EBIT 2017 5 328 M
Net income 2017 2 853 M
Debt 2017 5 451 M
Yield 2017 3,90%
P/E ratio 2017 6,69
P/E ratio 2018 8,77
EV / Sales 2017 1,03x
EV / Sales 2018 1,04x
Capitalization 19 885 M
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