JOHANNESBURG (miningweekly.com) – Emerging platinum-miner Platmin on Monday announced that it would sell a $100-million convertible debenture to a subsidiary of Singapore-based Temasek Holdings.

The junior miner also said that it would retain agents for a potential global equity offering to raise an additional $250-million.

Platmin said in a statement that it would use the funds to complete the build-up to full production at its Pilanesberg mine in South Africa's North West province and to pursue a number of growth and acquisition opportunities.

The convertible debenture has a maturity date of December 31, 2010 and is convertible at a price of $1,215 per common share.

Upon conversion, some 82,3-million shares would be issued to the Asian investment company, which would have the right to appoint a nominee to the Platmin board.

Commenting on the placement, Temasek MD of investment Nagi Hamiyeh said it believed the Asian emerging markets would be the engine of global economic and commodity growth and that demand would be met by supply from mining regions such as Africa.

"Through our investment in Platmin, we will gain direct exposure to the fast-growing automotive sectors in China and India. We are pleased to participate in the funding of Platmin as it grows into an important industry producer," he said.

The Pilanesberg mine is expected to reach its targeted production rate of 250 000 oz/y early next year. This was about a year later than originally planned.

Platmin is also exploring the Mphahlele, Grootboom and Loskop projects in South Africa.

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