Platmin lists on Joburg Stock Exchange

Wednesday, July 22, 2009

Pretoria - Shares in Platmin Limited have been made available for trading in the platinum and precious metals sector on the main board of the Johannesburg Stock Exchange (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 has already been listed on the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange in London.

Platmin chairman Keith Liddell said today's listing was a natural progression for the company since South Africa hosts about 90 percent of the world's platinum resources.

"The country is home to a sophisticated and discerning investor community. Importantly a JSE listing creates for our empowerment shareholders, the Bakgatla Ba Kgafela (BBK), a platform to participate in the fortunes of this company at a listed ownership level," he said.

The BBK community in the North West lives near to the company's Pilanesberg Platinum Mine where they seek to develop strategies for social and economic upliftment in the area.

The mine, since commencement of production in March 2009, has produced approximately 250 000 low-cost PGM ounces annually.

During its construction phase over 2 500 jobs were created at the mine.

"Furthermore approximately 30 percent of the 1 000 permanent employment positions are currently filled by people in the neighbouring community," said Mr Liddell.

South Africa is the world's largest producer of platinum, chromium and has been a leading producer of Gold since the 1970's.

South Africa's infrastructure has grown to support the mining sector with well developed financial, legal, communications, energy, and transport sectors.

Some of the world's largest mining companies including BHP Billiton, Anglo American, Rio Tinto, De Beers Consolidated Mines Limited, Lonmin, Barrick Gold Corporation and Gold Fields South Africa, have invested and continue to invest in South Africa.