JOHANNESBURG (miningweekly.com) – Mid-tier South African platinum miner Northam is to list in New York.

Northam CEO Glyn Lewis says that the JSE-listed platinum-group metals (PGM) producer is taking the step to provide its “growing” US shareholder base with a more visible profile.

Recent corporate developments have resulted in improved liquidity in the Northam stock, with the free float increasing to 64%.

Northam, which has appointed the Bank of New York Mellon - BNY Mellon - as its depositary bank, has launched a sponsored level 1 American Depositary Receipt (ADR) programme in which one ADR represents one Northam ordinary share.

The programme offers American investors the opportunity to buy Northam Platinum ADRs in dollars and receive dividend payments in dollars.

The company controls its PGM stream from mine to market, and has a total resource base of 110-million ounces of 3PGE plus gold, which it holds through its long-standing wholly owned Zondereinde platinum mine and the large Booysendal project.

Zondereinde includes an onsite metallurgical complex and smelter, and is situated on the upper end of the western limb of the South African Bushveld Complex, near the town of Thabazimbi, while Booysendal is on the eastern limb.

Northam also owns 50% of the Dwaalkop project with the LSE-listed Lonmin, as well as 7.5% of the Pandora joint venture with Anglo American Platinum, Lonmin and the Bapo ba Mogale mining company.
 

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