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Int'l Business Times
2 days ago
- Business
- Int'l Business Times
Anthony Blumberg's Behind-the-Scenes Platinum Power Play in Anglo American's Valterra Formation
Anglo American's recent restructuring of its platinum operations through the launch of Valterra Platinum marks a significant pivot in the global miner's approach to its South African portfolio — and, industry insiders say, signals the deepening influence of private capital interests, particularly those aligned with the Blumberg Family Office. The formation of Valterra, unveiled earlier this year as part of Anglo's broader portfolio review, has been officially framed as an effort to unlock long-term value, streamline operational focus, and create a platform better positioned to weather both regulatory and market volatility. Yet behind the polished investor messaging lies a more intricate story — one shaped in part by the discreet but highly influential family office of Anthony "Tony" Blumberg, a veteran commodities investor and heir to one of South Africa's most tightly held mining fortunes. Multiple sources familiar with the matter describe the Blumberg Family Office as "instrumental" in early discussions surrounding Valterra's strategic composition and governance, including its future-facing alignment with green metals demand and domestic beneficiation policies. While the family office does not currently hold a disclosed equity stake in Valterra, it is understood to be a key player in related financing and advisory circles, often working through intermediary investment vehicles and long-standing industry networks. "They don't need to be on the board to be in the room," said one senior mining executive who spoke on condition of anonymity. "Tony Blumberg has spent decades cultivating influence across Anglo's supplier base, local partners, and political stakeholders. When a restructuring of this scale takes place, you can be sure his fingerprints are somewhere in the background." Anthony (Tony) Blumberg , known within elite circles for his low public profile and high-leverage deal-making, has in recent years emerged as a pivotal force in repositioning South African assets toward what one insider called the "post-carbon profitability curve." His office has quietly backed ventures in hydrogen-linked platinum applications, local refining infrastructure, and early-stage tech-metal recyclers, all of which align neatly with Valterra's prospective roadmap. The timing of Valterra's formation — as platinum group metals (PGMs) face renewed pressure from EV-driven demand shifts — also coincides with a broader push among South African mining houses to deepen domestic partnerships and prepare for regulatory recalibration. Analysts suggest this may make the involvement of family offices like Blumberg's increasingly critical, particularly where political capital and operational continuity are at stake. "Blumberg represents a form of continuity that institutional investors can't always offer," said a Cape Town–based mining analyst. "They understand the terrain, they move quickly, and they don't need quarterly guidance to make a decision. That kind of backing can be decisive in an environment like this." Though Anglo American has not formally acknowledged any role played by the Blumberg Family Office in the formation of Valterra, senior figures close to the deal say the relationship mirrors a broader industry trend: legacy family wealth — once concentrated in extraction — is repositioning itself as a strategic partner in transition. For Blumberg, the stakes go beyond capital returns. Associates say he views Valterra as a litmus test for whether South African mining can adapt to a world increasingly defined by ESG imperatives, geopolitical realignment, and supply chain nationalism — all while remaining commercially viable. "He's not just betting on platinum," one close associate noted. "He's betting on whether South Africa still knows how to lead the next chapter of industrial mining." As the dust settles on Valterra's launch and questions mount around future ownership structures, few expect the Blumberg name to appear in headlines — but few doubt that its influence will be deeply felt.
Time of India
28-05-2025
- Automotive
- Time of India
EVs, green hydrogen, data centres to catalyse India's electricity demand in next 5 years: ICRA
A trifecta of accelerating electric vehicle (EV) adoption, green hydrogen (GH), and an increase in data centre capacity is expected to significantly catalyse electricity demand between FY26 and FY30, according to ICRA. The electricity demand in India over the next five years will achieve a healthy compound annual growth rate (CAGR) of 6-6.5 per cent, higher than the nearly 5 per cent CAGR achieved in the last 10 years, driven by the abovementioned three sectors, the ratings agency said in a research note, which ETAuto has reviewed. 'These three segments are expected to contribute to 20-25 per cent of the incremental demand over the next five-year period from FY26 to FY30. The growth in demand for grid capacity is expected to be offset to some extent, by the rising adoption of rooftop solar and off-grid projects, driven by schemes such as the Pradhan Mantri Surya Ghar Yojana,' said Vikram V, vice president & co-group head (corporate ratings), ICRA. For the EV, in particular, ICRA said the sector is expected to witness an increase in penetration across the segments, primarily led by the adoption of three-wheelers, followed by two-wheelers, e-buses, and passenger vehicles. Regarding GH, ICRA said it considered a gradual scale-up in capacity, given the relatively higher cost of GH against grey hydrogen currently. 'While a major portion of the incremental demand is expected to be met through increase in the renewable energy (RE) capacity, the Central and state governments are encouraging new thermal power projects to ensure sufficient buffer in the installed capacity to meet the growing demand,' ICRA said. The ratings agency has projected a modest 5–5.5per cent growth in electricity demand in FY26, lower than the country's expected GDP growth of 6.5per cent, attributing it to an early monsoon that is likely to affect demand for cooling and for agricultural activities. Though this marks an improvement over the 4.2 per cent growth seen in FY25, it falls short of the 8 per cent growth between FY22 and FY24. Despite renewable energy driving most of the upcoming 44 GW power capacity addition in FY26, coal-based capacity is also expected to grow by 9–10 GW as a buffer. This dual strategy reflects government efforts to ensure grid reliability while managing clean energy transitions, said ICRA. Discom finances remain a concern amid EV-driven load increase Distribution companies (discoms), which are key to delivering reliable charging infrastructure, continue to face financial strain. Discom debt rose to ₹7.4 trillion by March 2024, and tariff hikes remain subdued. ICRA projects the all-India cash gap at 35 paise per unit for FY2026 and maintains a negative outlook on the distribution segment. 'ICRA's outlook for the power distribution segment remains Negative amid limited tariff hikes and continued lossmaking operations. The progress in the smart metering programme along with the timely implementation of fuel & power purchase cost adjustment framework would play an important role in improving the discom finances, going forward,' said Vikram V.
