African Platinum to raise R2,5b

LONDON – South Africa-focused miner African Platinum Plc is looking to raise about 2,5 billion rand to fund its next phase of development.

Speaking on the sidelines of a mining conference in London on Tuesday, Chief Executive Roy Pitchford told Reuters that the exploration group needed more cash to develop its key assets on South Africa’s platinum-rich West coast. “We are looking for 2,5 billion rand,” he said.”We could do it with a rights issue, or look for a strategic partner.”The AIM-listed company said last month that construction of its flagship project Leeuwkop is scheduled to start in the first quarter of next year.The first ore from the mine is expected in 2008, with full production being reached in 2011.African Platinum’s shares were down 2,4 per cent at 30,25 pence at 0828 GMT yesterday, valuing the company at 139 million pounds.Nampa-Reuters”We are looking for 2,5 billion rand,” he said.”We could do it with a rights issue, or look for a strategic partner.”The AIM-listed company said last month that construction of its flagship project Leeuwkop is scheduled to start in the first quarter of next year.The first ore from the mine is expected in 2008, with full production being reached in 2011.African Platinum’s shares were down 2,4 per cent at 30,25 pence at 0828 GMT yesterday, valuing the company at 139 million pounds.Nampa-Reuters