JOHANNESBURG (miningweekly.com) – Platinum and gold junior Platfields will list on the main board of the JSE on December 14, the JSE confirms.

The company is aspiring to raise R200-million for exploration at the listing, which it has been mooting since 2008.

Platfields CEO Bongani Mbindwane, who was unavailable for comment at the time of going to press, says in a media release that the company is listing in order to raise R200-million for its three exploration projects, the key one being the shallow Liger project, which has an inferred resource of 1,5-million ounces of platinum-group metals.

The company is fast-tracking the “openpittable” Liger project, as it has the potential to be brought into production relatively quickly.

Two contiguous new-order prospecting rights have been secured over the 1 100 ha Liger area, on the eastern limb of the Bushveld Complex..

The most advanced project, the 7 000 ha Berg project, has a one-million ounce indicated resource and a 600 000 oz inferred resource.

No resource statistics are provided for the Grootfonteinberg gold deposit on 300 ha in Mpumalanga province, which is said to be relatively shallow and for which the company reportedly holds new-order prospecting rights.

“The pronounced recovery in the platinum and palladium markets particularly, and gold’s historical performance, means that this is an optimal time to list,” says Mbindwane.

Platfields expects to list at between R1,60 a share and R1,80 a share, placing the company’s market capitalisation at between R1,2-billion and R1,5-billion.

The company’s share capital at the time of listing will be made up of two-billion ordinary shares each of one thousandth of a cent (R0,00001) and an equivalent par value for the 789 597 005 issued ordinary shares, providing a share premium of R236-million net of share issue expenses.

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