Johannesburg, South Africa — MININGREVIEW.COM — 07 December 2010 – South African platinum exploration company Platfields plans to list on the Johannesburg Stock Exchange next week in a move that would value the precious metal explorer at up to US$217 million.
Platfields, which is exploring the eastern limb of South Africa’s platinum-rich Bushveld Complex, was looking to raise a minimum of R200 million by next year to help fund further exploration, chief executive Bongani Mbindwane told Reuters.
He said in an e-mail to the news agency that the company planned to list 789.6 million shares at 160-180 cents, meaning that the December 14 listing would value the company at R1.2 to R1.5 billion.
Platfields, which previously delayed listing plans, had been traded over the counter.
“We will seek fund-raising both internally and externally early next year for a minimum of R200 million to advance exploration activities,” Mbindwane said in the e-mail.
The company said medium to long-term prospects for platinum group metals were good, and it was similarly bullish on the outlook for gold.