Platinum and gold junior 
Platfields, which has failed on three occasions to achieve its ambition of listing on the JSE – in the last quarter of 2008, in the first quarter of this year and by the end of last month – primarily owing to the bourse’s rigorous listing requirements, says that it is “close to meeting [those] requirements”.

“The reason why these deadlines have not been met is primarily . . . the diligence required of the company in meeting the understandably rigorous listing requirements. 
“The negative impact of the global economic crisis on the platinum-group metals (PGM) basket price, and, in particular, the PGM equity prices for junior explorers, such as Platfields, also presents a challenge,” says CEO Bongani Mbindwane.

“Nonetheless, I am pleased to report that we are close to meeting the listing requirements. 
“One key matter requires an outcome. 
“This relates to possible corporate activity, which, if concluded, will substantially 
strengthen the company’s black 
economic-empowerment status.”

He adds that its board con-
tinues to review market con-ditions on a regular basis and, while encouraged by recent strengthening of the platinum price in particular, they would like to see this more strongly reflected in the equity prices of Platfields’ listed peers. 

Mbindwane says that Plat-
fields is grateful to its share-holders and the Platinum Mile vendors for their ongoing understanding of and support for the company’s position regarding the proposed listing. 
He reports that Platinum Mile has agreed to extend its listing deadline contained in a prior agreement with Platfields by a further three months.  

Also, Mbindwane says that he is aware of some speculation in 
the market that he has plans 
to vacate the post of CEO of Platfields. 
“Please be assured that my intention is to see the company through a successful JSE listing and to continue, into the future, to oversee its transition from precious metals explorer to cash-generative miner.” 

He reports that Platfields exploration programmes at the Berg, Leeuwkop and Grootfonteinberg projects continue apace. 
Drilling and exploration on all three projects are on schedule and within budget, with encouraging results received to date.

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