Johannesburg, South Africa — 07 December 2012 – Platinum miner Pallinghurst Resources has cleared the way for the Industrial Development Corporation (IDC) to invest US$370 million in its platinum assets following the formation of Sedibelo Platinum Mines.
Miningmx reports that the platinum assets, consisting of the Pilanesberg Platinum Mines, Sedibelo and Magazynskraal properties, comprised Platmin, a JSE-listed company that Pallinghurst opted to delist about a year ago. It said it would consolidate the properties as well as build up production at Pilansberg Platinum Mines, and return them to the market, possibly at the end of 2012.
However, the company will not be relisted this year owing to market conditions. Arne Frandsen, CEO of Pallinghurst Resources, later told Miningmx that a listing of Sedibelo was likely during the course of 2013.
Brian Gilbertson, executive chairman of Pallinghurst Resources, said that the formation of Sedibelo created a long-life, shallow complex of platinum operations for years to come, and that the company had one of the strongest balance sheets in the industry.
In return for pumping US$370 million into the company, the IDC will control a 16.2% interest in Sedibelo Mines.
Interestingly, the parties are planning downstream beneficiation activities. The creation of Sedibelo would be an “opportunity to partner with the IDC to form a joint venture to explore and develop opportunities for energy-efficient platinum group metal (PGM) beneficiation,” said Gilbertson.
Source: Miningmx. For more information, click here.