Not long ago, Toronto-listed firm Platinum Group Metal's share price was almost worthless. However, its Waterberg project is turning the tide for the company.
as far as brutal self-assessments are concerned, Mike Jones’s acknowledgement of his company’s shortcomings is as honest and as raw as they come. Jones is CEO of Platinum Group Metals (PTM), a Toronto-listed firm that spent more than 15 years developing the Maseve platinum project before selling last year for a knockdown $70m to Royal Bafokeng Platinum (RBPlat), a transaction conducted amid significant business distress.
“We’re starting from scratch,” he said when asked how the investment community viewed PTM’s latest project, the Waterberg PGM project situated north of the northernmost part of the Bushveld Complex, home to vast swathes of the world’s platinum group metals (PGMs).
Maseve didn’t work out. Between completing the feasibility on the project and production, the platinum price dropped from $1 500 per ounce to $900 per ounce.
PTM wasn’t alone as most of SA’s platinum producers had the rug similarly pulled from under their feet. Anglo American Platinum (Amplats), for instance, shut or sold hundreds of thousands of ounces in PGM production over this period.
Esta historia es de la edición 2 August 2018 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición 2 August 2018 de Finweek English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.
