JOHANNESBURG (miningweekly.com) – Platinum is to start coming out of Brazil from next year following Thursday’s listing of Jangada Mines on the London AIM.
The new platinum mining company, which advertises itself as having a project in “mining-friendly” Brazil, booked a 10% premium on a 5p a share debut, with the stock changing hands at 5.5p each in afternoon trade.
The Pedra Branca platinum group metals (PGMs) project, which is expected to produce at an initial 30 000 oz a year within the first year to 18 months, was disposed of by Anglo American Platinum (Amplats), allowing Jangada to pick up the $35-million worth of development expenditure Amplats had invested in it.
“We intend to hit the ground running,” Jangada executive chairperson Brian McMaster is quoted as saying about his shallow, low-cost opencast mine.
Jangada owns additional exploration licences spanning 55 000 ha, which contains PGM, nickel, copper, chrome, rhodium, gold and vanadium.
McMaster’s experience includes founding Highfield Resources, an ASX-listed potash company with projects in Spain as well as numerous reorganisations and the recapitalisation and listing of 12 Australian companies.
Pedra Branca has a compliant resource of one-million ounces of PGMs and gold.