Over 100 years of South African PGM Bushveld Complex history is being questioned as NYSE/TSXlisted platinum junior Platinum Group Metals (PTM) reveals the northward extension of the complex, the emergence of a new PGM mining district and the introduction of a world-first mine set to start producing from the region only four years from now, says CEO Michael Jones. Laura Cornish writes.
South African mining investor appetite hasn’t disappeared entirely, contradictory to what some international researchers and analysts are saying – and PTM is proof. Although internationally listed, the company is focused entirely on the development of its two PGM projects in the country – the Western Bushveld Joint Venture (WBJV) project and its Waterberg Joint Venture (JV) and Waterberg extension projects.
“Considering we were the second largest capital raiser on the TSX in 2013 with US$355 million brought in from shareholders, second only to Barrick Gold (who raised $234 billion), we are proof that investors are taking notice of the positive changes in South Africa. It also made the country the number two mining destination in the world last year,” says Jones, who was speaking at the 2014 PDAC convention in Toronto, Canada.
“At the previous Mining Indaba DMR minister Susan Shabangu promised the industry only 12 months for a mining right. Our WBJV mining application was fully granted in just 11 months. South Africa is a great place to build a mine and we have every confidence of government’s support to see our major large-scale Waterberg project materialise,” Jones continues.