24 July 2009
Shares in Platmin Limited have been made available for trading in the platinum and precious metals sector on the main board of the JSE, with effect from Wednesday.
Platmin Limited is incorporated in Canada as a mineral exploration company focused on the exploration and development of platinum group metal (PGM) deposits in South Africa.
The company is already listed on the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange in London.
Platmin chairman Keith Liddell says the listing is a natural progression for the company, which has four key projects – Pilanesberg, Mphahlele, Grootboom and Loskop – in South Africa’s Bushveld Complex.
The complex, situated mostly in the North West and Limpopo provinces, is a geological structure that is estimated to contain approximately 90% of the world’s Platinum Group Metal (PGM) resources as well as some 80% of its chrome.
“The country is home to a sophisticated and discerning investor community,” Liddell said in Johannesburg this week. “Importantly, a JSE listing creates for our empowerment shareholders, the Bakgatla Ba Kgafela, a platform to participate in the fortunes of this company at a listed ownership level.”
Economic, social development
The Bakgatla Ba Kgafela community, which lives near Platmin’s Pilanesberg platinum mine in North West province, seeks to develop strategies for social and economic development in the area.
Since production commenced in March this year, the mine has produced approximately 250 000 low-cost PGM ounces annually. During the construction phase, over 2 500 jobs were created at the mine.
“Furthermore, approximately 30% of the 1 000 permanent employment positions are currently filled by people in the neighbouring community,” Liddell said.
SAinfo reporter and BuaNews
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