Reuters: Financial Services and Real Estate: UPDATE 1-S.Africa's IDC to invest $420 mln in platinum venture

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-S.Africa's IDC to invest $420 mln in platinum venture Mar 29th 2012, 09:14 Thu Mar 29, 2012 5:14am EDT JOHANNESBURG, March 29 (Reuters) - South Africa's Industrial Development Corporation (IDC), a state investment agency, said on Thursday it would invest $420 million in a new platinum venture involving Pallinghurst Resources and Bakgatla tribe. The venture, which is targeting production of 1.1 million ounces a year within five years, is also aiming for a stock listing within the next 12 months, said Pallinghurst Chief Executive Officer Arne Frandsen. "We will be listing the company on the JSE and an international exchange - either London or Hong Kong - within the next 12 months," he said. The Johannesburg Stock Exchange, Africa's largest bourse, is operated by JSE Ltd. The venture will construct an independent platinum processing facility that will be opened to third-parties, offering junior platinum miners alternatives to the Anglo American Platinum and Impala Platinum smelters. The IDC will hold a 16 percent stake in the new venture while the Bakgatla, which represents the 350,000 strong Bakgatla Ba Kgafela tribe, has paid 1 billion rand ($130.07 million) for a 27 percent share. ($1 = 7.6884 South African rand) (Reporting by Sherilee Lakmidas and Olivia Kumwenda; editing by David Dolan)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions