[miningmx.com] — BAUBA Platinum – formerly Absolute Holdings – commences trading on the JSE’s Main Board on Friday.
Bauba was created through the reverse listing of a 60% interest in Bauba A Hlabirwa Mining Investments. The listing marks a key milestone in the transformation of the company, it said.
The company’s immediate business objective is the exploration, evaluation and development of the Bauba Project, a high quality Platinum Group Metals (PGM) resource base located on the Eastern Limb of the Bushveld Complex.
The project, which extends over approximately 12 700 hectares, is strategically located down-dip from four producing PGM mines and four development projects.
In order to give full effect to the development of the business imperative offered by the Bauba Project, the company has realigned itself to optimise shareholder value, which includes listing on the JSE’s Main Board and a change in name to Bauba Platinum Limited, to reflect the core business and a reconstituted Board of Directors.
Bauba’s Chairman is Jonathan Best, former CFO of AngloGold Ashanti, and CEO is Pine Pienaar, former CEO of Mvelaphanda Resources. Financial Director is Mark Rosslee, former CFO of Braemore Resources.
An introductory capital raising earlier in the year was completed and the proceeds are funding the initial exploration drilling programme and scoping study, as well as the working capital.
The exploration programme, which began in April this year, will determine the nature and extent of the PGM mineralisation.
Initial drill results have exceeded expectations, the company said, with the first two boreholes successfully intersecting the Merensky Reef and confirming the anticipated mineralisation.
These results provide a solid base from which the company can, with confidence, accelerate the drilling programme and evaluation Pienaar said.
He is confident that the platinum market is poised for growth and investment over the next five years and expects Bauba to be well- positioned to take advantage of such.
“I am extremely happy to be associated with a PGM project with such potential. I am confident that with such an exceptionally experienced team, Board and management in place we will successfully manage the Bauba Project from a brownfield exploration project to an operating mine,” said Pienaar.
