TORONTO (miningweekly.com) – Vancouver-based Platinum Group Metals is “actively” assessing a number of strategic options to get the best value from its platinum-group metal (PGM) projects in South Africa, and hopes to have some news soon, the company said on Tuesday.

“The alternatives include building the Project 1 platinum mine using conventional debt and equity, hedging some of the project in a partnership or transaction involving a minority of the metal flow, or the sale of the company,” Platinum Group said.

The company hopes to finalise and unveil a path forward “shortly”.

Platinum Group controls Projects 1 and 3 of the Western Bushveld Joint Venture (WBJV), which had also included number-one producer Anglo Platinum (Angloplat) and Wesizwe Platinum.

The companies have restructured the JV, with Angloplat exiting the partnership, and PTM taking a 74% interest in Projects 1 and 3. JSE-listed Wesizwe holds the other 26%, plus 100% of Project 2.

Platinum Group CEO president Michael Jones had said in November last year he hoped to have a decision before the end of 2009 on whether to build the Project 1, for which it has a feasibility study ready, or seek a buyer.

According to an October 2009 feasibility study update, the project 1 could produce 275 000 oz/y of PGMs and gold.

Shares in Platinum Group, which reported a $383 494 loss for the six months ended February 28, slid 2,17% on Tuesday, to C$2,25 apiece by 15:59 in Toronto.

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