IDC to invest in platinum venture
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
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.