Johannesburg, South Africa — MININGREVIEW.COM — 10 March 2009 – Platinum Group Metals (PGM) and chrome company Kameni Limited want to raise up to R1billion ahead of a March listing on the JSE, to fund their exploration and development programmes in South Africa and Zimbabwe.
Announcing this here, Kameni confirmed that it planned to list on the JSE in March 2010 when it would look to raise around R5billion to complete the construction of the two PGM mines – one in South Africa and another in Zimbabwe.
Kameni has so far raised R300 million from investors as seed capital.
“This is the basic start-up capital we need. Any more money will accelerate the programme and shorten the time until we come into production,” said Kameni CEO Stephen Gorven.
Fin24.com reports that the ideal target for Kameni is to raise R1billion, but Gorven said the realistic expectation was to raise between R600- and R700 million by 20 March 2009 – the projected closing date of the seed capital drive.
Kameni is the brainchild of mining entrepreneur Loucas Pouroulis who is looking to replicate the success of Eland Platinum with this new platinum venture. Pouroulis is Kameni’s non-executive chairperson.
Kameni’s projects in South Africa and Zimbabwe contain a total resource of some 90 Moz of PGMs, and it plans to build mines each capable of producing 400 000 oz of PGM annually.
The South African project named Kalkfontein covers 6 025 hectares on the Eastern Limb of the Bushveld Complex near Two Rivers and the Mototolo mines. Kalkfontein was created through a merger of ground held by Kameni and Impala Platinum (Implats), which has a 20% stake in the project along with board representation..
Kameni has also signed commercial terms for an off-take agreement to have the PGM concentrate from Kalkfontein treated by Implats. Gorven said Implats would participate in the project team, and Kameni would have access to Implats’ technical and operational skills.
“Impala has undertaken exploration to date, and we are taking over that cost,” Gorven added. “Impala is not contributing capital – that is our agreement,” Gorven said.
In Zimbabwe, Kameni has so far put together a resource of 10 Moz of PGM for its Bougai project, which was part of Anglo Platinum’s Unki operation. Fin24.com says Kameni has put in offers on surrounding properties which could increase the resource to 30 Moz. Gorven did not give a time frame on when these deals might be concluded.
The property in Zimbabwe also contains chrome resources. Kameni plans to build a chrome mine to produce 1.2 million tonnes of ferrochrome annually.