JOHANNESBURG (miningweekly.com) - Platinum-group metals (PGM) and chrome exploration, development and mining company Kameni had raised R300-million in seed capital, the company said on Thursday.

The R300-million was the minimum requirement to fund exploration in South Africa and Zimbabwe, former Rothschild investment banker turned Kameni CEO Stephen Gorven said, adding that discussions to raise more seed capital were continuing.

"We've been enormously encouraged," Gorven said, speaking against the background of the current global investment market gloom and the troubled political situation in Zimbabwe, where the company was active.

JSE-aspirant and Impala Platinum partner Kameni reported a "high level of irrevocable commitments" and "continuing keen interest" from prospective South African, Middle Eastern and European investors.

Kameni had extended the closing date of its seed capital-raising programme to March 20 in order to secure additional funding, which would be used to pay deposits on long-lead capital items, thus accelerating Kameni's path to production.

Impressing investors was the inclusion in the Kameni executive team of several members of the Eland Platinum executive, which had made a particularly successful disposal to Xstrata, as well as the grade, size and shallow positioning of the company's orebodies, and also the comany's compliance with the equity-ownership requirements of both South Africa and Zimbabwe.

Its major assets are the near-surface Kalkfontein PGMs project in South Africa and the surface Bougai PGMs-chrome project in Zimbabwe, which, Gorven said, both allowed for rapid exploration, development and cash-generating mining.

Six exploration drilling rigs had been deployed at Kalkfontein and two at Bougai, where some trenching had also been completed.

"We are now focused on driving the drilling programme and associated work streams to prove up our resources to Samrec-compliant standards in preparation for Kameni's listing on the JSE next year," Gorven added, reminding investors that it was the successful South African mining entrepreneur and Eland founder, Loucas Pouroulis, who had founded Kameni in 2008.

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