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R450m share sales remain on track

12 September 2008

Source: Business report

Platfields would proceed with R450 million worth of share sales by the year-end even as the price of platinum slumped, it said yesterday.

Platfields, which was planning to mine the precious metal, would raise R200 million in an initial public offering (IPO) and R250 million in a secondary offering in Johannesburg, said Bongani Mbindwane, the company's chief executive.

Platfields might also list in Canada at a later stage. "We're not going to pull this listing," said Mbindwane.

Lesego Platinum, another company that plans to mine the metal, postponed its IPO in July, citing "negative sentiment" in the market.

Platinum has declined 48 percent since trading at a record in March.

Platfields will use the funds from the sales to develop two platinum mines and a gold project. - Bloomberg