[miningmx.com] – PALLINGHURST Resources cleared the way for the Industrial Development Corporation (IDC) to invest R3.24bn in its platinum assets following the formation of Sedibelo Platinum Mines.
The platinum assets, consisting of Pilanesberg Platinum Mines, Sedibelo and
Magazynskraal properties, comprised Platmin, a JSE-listed company that Pallinghurst opted to delist about a year ago.
It said it would consolidate the properties as well as build up production at Pilansberg Platinum Mines, and return them to the market, possibly at the end of 2012.
However, the company will not be relisted this year owing to market conditions.
Arne Frandsen, CEO of Pallinghurst Resources, later told Miningmx that a listing of Sedibelo was likely during the course of 2013.
Brian Gilbertson, executive chairman of Pallinghurst Resources, said that the formation of Sedibelo created a long-life, shallow complex of platinum operations for years to come and that the company had one of the strongest balance sheets in the industry.
In return for pumping R3.24bn into the company, the IDC will control a 16.2% interest in Sedibelo Mines.
Interestingly, the parties are planning downstream beneficiation activities. The creation of Sedibelo would be an “… opportunity to partner with the IDC to form a joint venture to explore and develop opportunities for energy efficient Platinum Group Metal (PGM) beneficiation,” said Gilbertson in an announcement to the JSE on November 3.
