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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Platinum Min | LSE:PMCI | London | Ordinary Share | GB00B06T2F98 | ORD 0.045P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.11 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
19th October 2007 Platinum Mining Corporation of India Plc "Platinum Mining Corporation of India PLC ("PMCI") announces it has entered into an agreement, subject to completion of due diligence and necessary Government approvals, to acquire a 20% stake in Majormatic167 (Proprietary) Limited ("Majormatic") for US$1 million, which will be re-invested in an exploration programme. Majormatic has been granted the prospecting rights over the Naboom Platinum Deposit in South Africa. The investment will be used to fund the first phase of exploration at this deposit which will start in October/November of this year. If results from this exploration are sufficiently promising, the share subscription agreement allows PMCI to increase its stake to 51% by investing a further US$3.5 million in more extensive exploration. The consideration for this investment will be funded by PMCI's own cash resources. The Naboom Platinum Deposit was originally discovered in 1923 and was mined in 1926 before being closed by its operator, Transvaal Platinum Limited. It has not been mined since. The ore body is a platinum rich deposit occurring within a quartz host rock. It lies within the Bushveld region of the Limpopo Province of South Africa. Philip Adeane, Chairman of PMCI, commented "This investment will diversify our asset base and give shareholders the opportunity to participate in a platinum project related to the highly prospective Bushveld complex. PMCI is fully committed to the platinum industry and we look forward to informing shareholders of the results of our initial exploration which is expected to be completed by the year end." PMCI is a member of the SUN Group, whose subsidiary, SUN Mining, encompasses assets in Russia, the countries of the former Soviet Union, India and Southern Africa. Keith Rumble, SUN Mining's CEO added "We are pleased that this agreement has been concluded as it will significantly add to PMCI's platinum exposure and will contribute to SUN's existing mining activities. PMCI will have an important role to play in growth and success of SUN Mining." Enquiries: PMCI: Charles Zorab +44 (0) 20 7340 0970 W H Ireland: James Joyce/Sarang Shah +44 (0) 20 7220 1666
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