TSX- and Aim-listed platinum-mining company Platmin, in which the Brian Gilbertson-linked Pallinghurst has a 62 % shareholding, hopes to do an inward listing on South Africa’s JSE towards mid-2009.

Platmin CEO Ian Watson told Mining Weekly on Monday that, although the company was Toronto- and London-listed, part of the deal with Pallinghurst was that the black economic empowerment (BEE) partners would make their Pallinghurst-underwritten R500-million contribution upon the listing of Platmin on the JSE.

Watson said that Platmin had raised $175-million through its arrangement with Pallinghurst and intended extending its bridging finance into a long-term facility, which gave the company a fully-funded status. Its BEE partner, the Moepi group, had repaid its $15-million loan.

“So we're funded to production,” Watson added.

Even though the company was required to have only 14% BEE ownership, it had already secured a 26% BEE ownership at operational level, with the majority interest held by the Bakgatla-Ba-Kgafela community.

Watson said that the company, which described itself as “ South Africa’s next mid-tier platinum producer”, was close to turning its western-limb Pilanesberg platinum project to account, with milling and concentrate production scheduled to begin this month.

A concentrate off-take agreement had been secured with Northam Platinum and production was coming within its 16-month timeframe and on budget at R2,8-million. Pilanesberg was on track to produce at a rate of 250 000 oz a year.

The company was continuing to grow its resource base and had the potential to be of considerable size once its three eastern-limb Mphatiele, Grootboom and Loskop projects became operational, but these were currently being held back so that full focus can be given to Pilanesberg.

The raising of capital had resulted in the company’s full dilution being at a level of 375-million shares, with 13,4% of the shares in free float.

The company intended increasing the number of shares in free float when it did its inward JSE listing.

While the JSE listing was not designed to be capital-raising, it might be opportune for the company to raise capital, should the platinum market improve.

Accompanying Watson were Platmin COO Terry Holohan, and CFO Wayne Koonin, both former Ivanhoe executives.

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