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IDC to invest in platinum venture

Mar 29 2012 10:46 Reuters

Company Data

PALLINGHURST RESOURCES LIMITED [JSE:PGL]

Last traded 3.20
Change -0.1
% Change -0.03
Cumulative volume 169369
Market cap 2.43bn

Last Updated: 23/04/2014 at 03:26. Prices are delayed by 15 minutes. Source: McGregor BFA

JSE LIMITED [JSE:JSE]

Last traded 91.90
Change -0.1
% Change 0.00
Cumulative volume 9787
Market cap 7.98bn

Last Updated: 23/04/2014 at 04:19. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The Industrial Development Corporation (IDC), a state investment agency, said on Thursday it would invest $420m in a new platinum venture involving Pallinghurst Resources [JSE:PGL] and the Bakgatla tribe.

The venture, which is targeting production of 1.1 million ounces a year within five years, is also aiming for a stock listing within the next 12 months, said Pallinghurst chief executive officer Arne Frandsen.

“We will be listing the company on the JSE and an international exchange - either London or Hong Kong - within the next 12 months,” he said.

The Johannesburg Stock Exchange, Africa’s largest bourse, is operated by JSE Ltd [JSE:JSE].

The venture will construct an independent platinum processing facility that will be opened to third parties, offering junior platinum miners alternatives to the Anglo American Platinum and Impala Platinum smelters.

The IDC will hold a 16% stake in the new venture while the Bakgatla, which represents the 350 000 strong Bakgatla Ba Kgafela tribe, has paid R1bn for a 27% share.

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