[miningmx.com] — ROYAL Bafokeng Platinum (RBPlat) unveiled plans to list on the Johannesburg Stock Exchange in the last quarter of 2010, and said conditions were encouraging for going public.
The mid-tier black-controlled platinum group metal (PGM) producer has set its sights on listing on the JSE’s main board and it comes with its operations in the Bushveld Igneous Complex in the North West Province, the largest source of PGMs in the world.
“The investment case for RBPlat is compelling,’ said Steve Phiri CEO of RBPlat and formerly CEO of listed ferrochrome producer, Merafe Resources.
“RBPlat has an experienced and focused board and management team in place, is well funded and is positioned to grow organically and through consolidation opportunities as they arise,’ Phiri said.
The company holds a 67% interest in the Bafokeng Rasimone Platinum Mine (BRPM), a joint venture between RBPlat’s wholly-owned subsidiary, Royal Bafokeng Resources and Rustenburg Platinum Mines Limited, owned by Anglo Platinum.
“Fundamental demand for PGMs remains robust, with RBPlat presenting to the market a well-established, shallow Merensky producer on the Western Limb of the Bushveld Igneous Complex, with substantial opportunities for growth,’ he said.
The BRPM produces 270 000 PGM ounces per year in concentrate and is an established 73 million ounce resource. These provide the company with strong margins through a high-grade ore and a low cost curve position, the firm says.
RBPlat has been the operator of BRPM since January 2010.
“RBPlat intends optimising operations at the Boschkoppie mine and bringing the R11.8bn Styldrift project into production by 2017.’
“Its primary shareholders, RBH and Anglo Platinum, are committed to ensuring its success as a vehicle for sustainable wealth creation.’
RBPlat’s chairman, Kgomotso Moroka, is an advocate and chaired M-Net’s Phuthuma Trust empowerment scheme as well as the black accounting firm Gobodo Forensic and Investigative Accounting.
