JSE-listed Mvelaphanda Resources (Mvela), which made a R185-million profit for the year to June 30, said that it was feeling acquisitive, particularly in the platinum sector.

The company already owns a 63% stake in Northam Platinum, and the power and funding problems the juniors are suffering in South Africa made the sector appealing, Mvela said at the weekend.

World number-two producer Impala Platinum on Thursday voiced a similar view, saying that now was “absolutely” the right time to be looking at potential targets.

Mvela swung into profit for the 2008 financial year, after posting a R2,1-billion loss the previous year, thanks to more money flowing from Northam.

Since the year-end, the two companies concluded an agreement that saw Northam taking 100% ownership of the Booysendal platinum project, and Mvela getting a controlling stake in that company.

Adjusted earnings increased by 85% to R1,98 a share.

The Johannesburg-based company said that it would not only focus on platinum acquisitions, but would also seek other sectors in the commodities space and “increasingly with a focus in expansion beyond the borders of South Africa”.

Mvela owns 15% of Gold Fields’ South African operations, which are the country’s second-biggest producers of the yellow metal.

It also owns one-fifth of alluvial diamond-miner Trans Hex.

Mvela rose 1,2% on the JSE to trade at R46,50 a share as at 16:21.

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