South Africa-focused platinum junior Nkwe Platinum last week announced its plans to dual-list on the Hong Kong Stock Exchange (HKEx).

The ASX-listed company said that it planned to list in Hong Kong in the fourth quarter of this year, in conjunction with its planned listing on the JSE.

“The board of Nkwe believes that a dual listing on the HKEx would provide Nkwe with higher levels of shareholder liquidity and increased exposure to Asian capital markets and strategic partners looking to access physical platinum-group metals (PGMs).”

Meanwhile, Nkwe has successfully competed a placement with selected institutional investors, targeted at the proposed HKEx listing, to raise A$10-million.

It said it would use the funds to fast-track drilling programmes and a bankable feasibility study (BFS) on the Tubatse project, in South Africa, as well as for working capital.

The BFS would be finalised over the coming weeks, with optimisation of major capital cost items and mine scheduling, Nkwe reported.

The optimisation process was expected to result in a “meaningful” reduction of proposed capital costs of the project, as well as an improved timeline to the start of production.

Nkwe was also moving to complete the formal exercise of the development option by diversified miner Xstrata over the Garatau and Tubatse projects.

The two projects in South Africa consist of two contiguous farms with a strike length of more than 30 km.

Nkwe has finalised a feasibility study on the Garatau project, while exploration continues on the Tubatse project. The company aims to develop two mines with a combined production of more than 700 000 oz/y of PGMs.

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