Buyers Equity Guide - Last updated on - Webmaster: bartho@barthosmith.com
Portfolio
Platfields May List in Johannesburg Within Weeks
Bloomberg, 12 March 2009
Platfields Ltd., a South African company planning to mine platinum, may list in Johannesburg “in weeks” after having delayed the plan late last year.
“The listing is close to finality,” Chief Executive Officer Bongani Mbindwane told reporters in the city today. There are just some “minor accounting issues” to be dealt with before the shares are listed on the JSE’s main board, he said.
Platfields, which has one gold and three platinum exploration projects in South Africa, postponed its listing at the end of last year as the global financial crisis crimped interest in new equity offerings, and because the company had not yet met all of the JSE’s requirements, Mbindwane said.
South Africa is the world’s largest platinum producer and third-biggest producer of gold after China and the U.S. Platinum has more than halved from its record a year ago to about $1,049 in London trading today.
Mbindwane sees platinum trading at a minimum of $1,400 toward the end of the year, he said.
While the company doesn’t urgently require funds -- with about 70 million rand ($6.9 million) in cash -- it plans to raise 200 million rand, possibly in July, and a further 250 million rand next year, Mbindwane said.
Platfields shares are traded over the counter at 2.80 rand apiece, giving a market capitalization of 1.5 billion rand.
Bloomberg, 12 March 2009
Platfields Ltd., a South African company planning to mine platinum, may list in Johannesburg “in weeks” after having delayed the plan late last year.
“The listing is close to finality,” Chief Executive Officer Bongani Mbindwane told reporters in the city today. There are just some “minor accounting issues” to be dealt with before the shares are listed on the JSE’s main board, he said.
Platfields, which has one gold and three platinum exploration projects in South Africa, postponed its listing at the end of last year as the global financial crisis crimped interest in new equity offerings, and because the company had not yet met all of the JSE’s requirements, Mbindwane said.
South Africa is the world’s largest platinum producer and third-biggest producer of gold after China and the U.S. Platinum has more than halved from its record a year ago to about $1,049 in London trading today.
Mbindwane sees platinum trading at a minimum of $1,400 toward the end of the year, he said.
While the company doesn’t urgently require funds -- with about 70 million rand ($6.9 million) in cash -- it plans to raise 200 million rand, possibly in July, and a further 250 million rand next year, Mbindwane said.
Platfields shares are traded over the counter at 2.80 rand apiece, giving a market capitalization of 1.5 billion rand.