JOHANNESBURG (miningweekly.com) – As cash-strapped emerging platinum miner Platfields’ JSE suspension remains, discussions with third parties over a possible acquisition of substantial mining assets continue.
In a quarterly update to shareholders, Platfields, which had been approached by a third party earlier this year, said the deal could result in a reverse listing, a change in control and in the board, and lead to an injection of cash flow into the group.
Platfields had also not yet made gains on petitions to the Mineral Resources Minister for the validity and security of tenure of the company’s now long-lapsed prospecting rights.
The “difficult situation” in the platinum industry, besides other factors, had thwarted the company’s attempts to secure additional funding.
The cash flow “problem” had also impacted potential acquisitions, which Platfields had been unable to conclude.