Platinum Group metals Ltd

Published : February 21st, 2011

– Media Coverage – The Globe and Mail

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Bushveld | Nickel | Platinum | South Africa | Water |
Platinum Group Metals

Platinum Group Metals � Media Coverage � The Globe and Mail

February 20, 2011

Going platinum in South Africa

By GEOFFREY YORK
From Monday's Globe and Mail

South Africa's platinum industry has been a 'closed shop' for most of its 85-year history

For decades, South Africa's legendary platinum reefs were so rich that few miners bothered to explore for more. The philosophy, says Canadian platinum miner Michael Jones, was simple: "Why bring a sandwich to a smorgasbord?"

Everything changed when the industry was shaken up by a new mining act, with its new rules to strengthen black empowerment and force the use of idle mining licences. Today there are at least five Canadian mining companies in the Bushveld, the main platinum field in South Africa, and they're helping create a new era of investment and exploration.

South Africa's platinum industry, which generates $7-billion in annual production and provides about 75 per cent of global platinum output, was a "closed shop" for most of its 85-year history, according to Mr. Jones, president and chief executive officer of Vancouver-based Platinum Group Metals Ltd. PTM-T, which is building a $443-million platinum mine in the Bushveld and exploring for more at other sites.

"The smorgasbord is getting consumed," Mr. Jones says. "It was great for 60 or 80 years, but now you've got to be more creative. The known reefs are getting deeper and tougher, and Canadian expertise is playing a role in finding the new stuff. Canadian companies are making a huge difference in looking in new places that aren't along the conventional reefs."

Under the new mining legislation that took effect in South Africa in 2004, mining companies were required to find "black economic empowerment" partners for a significant share of their business. They were also required to use their existing mining licences - or lose them.

Canadian entrepreneurs were among the first to win access to the new licences and partnerships that became available. "The lid on the treasure chest opened," Mr. Jones said. "It was a once-in-a-lifetime opportunity."

Since then, Canadian mining companies have jumped in with both feet, investing hundreds of millions of dollars in South Africa's platinum industry.

"The use-it-or-lose it policy has broken up the sector and created a huge amount of opportunity," said Joel Kesler, head of corporate development at Toronto-listed Anooraq Resources Corp., which controls the third-biggest platinum resource in South Africa.

"There was a sense that a lot of companies were just sitting on assets, effectively sterilizing the country's natural resources base," Mr. Kesler said.

"Exploration was not a key focus for the majors, because they had resource coming out of their eyeballs. The Canadians have come in here and they've done a lot more exploration. The Canadians have shaken up this industry nicely. It makes for a more competitive market."

Anooraq, which began its mining history in the Northwest Territories and took its name from the Inuit word for a winter jacket, eventually moved into South Africa and became the first platinum miner to become majority-owned by its Black Economic Empowerment (BEE) partners. Many Canadian miners have the advantage of experience in sharing ownership with indigenous people in places such as the Northwest Territories, Mr. Kesler said.

"This was familiar to them, because this was exactly what was done with some of the aboriginal people in Canada," he said. "Turning Anooraq into a BEE company was the key to unlocking our opportunities. The BEE card has been the ticket that allowed us to play in this space."

Mining tycoon Robert Friedland is another Canadian-based entrepreneur who has plunged into the South African platinum sector. One of his companies, Ivanhoe Nickel & Platinum Ltd., has made what he calls a "Tier one discovery" in the Bushveld, which he plans to unveil soon.

Among the other Canadian companies active in the South African platinum sector are Eastern Platinum Ltd., which describes itself as the sixth-biggest producer of platinum group metals in South Africa, and Toronto-listed Platmin Ltd., which is developing a mine on the western limb of the Bushveld.

South Africa's platinum is also attracting substantial Asian interest. Platinum Group Metals has found financing from a Japanese state company for its exploration work in the Bushveld. And its joint venture partner, Wesizwe Platinum, is being acquired by Jinchuan Group Ltd., a Chinese state company.

"South Africa is still wide open for exploration," Mr. Jones said. "I think there's a whole new era of mining in South Africa where exploration will take place away from the traditional areas into new places like where we're working."

Mining in South Africa does have disadvantages. Continued rumours of nationalization stirred up by populist politicians, combined with the lack of certainty over black empowerment rules, have created a "South Africa discount" in the valuations of many mining companies operating here.

Community relations is another challenge. With 40-per-cent unemployment in the area around its mine, Platinum Group Metals is under heavy pressure to provide jobs and basic services such as water and electricity for thousands of people.

"You have to be careful in managing expectations," Mr. Jones said. "We're not the government. You can't employ the whole town."

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All

Platinum Group metals Ltd

DEVELOPMENT STAGE
CODE : PTM.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Platinum Group Metals is a platinum development stage company based in Canada.

Platinum Group Metals holds various exploration projects in Philippines.

Its main asset in development is WESTERN BUSHVELD JV in South Africa and its main exploration properties are AGNEW LAKE and LAC DES ILES in Canada, WAR SPRINGS and TWEESPALK in South Africa and ACT (ADLAY CAGDIANAO TANDAWA NICKEL) in Philippines.

Platinum Group Metals is listed in Canada and in United States of America. Its market capitalisation is CA$ 306.1 millions as of today (US$ 244.7 millions, € 214.4 millions).

Its stock quote reached its highest recent level on November 30, 2012 at CA$ 9.90, and its lowest recent point on June 15, 2018 at CA$ 0.12.

Platinum Group Metals has 133 070 008 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Platinum Group metals Ltd
11/6/2018Group ten metals – On the search for platinum group metals i...
9/30/2013Media Coverage - A different animal! Long term South African...
7/10/2013Mining Weekly - New-Breed Platinum Operator Hits Jackpot In ...
8/15/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Mining Weekly
3/9/2011- Media Coverage - Mining Weekly
Financings of Platinum Group metals Ltd
5/5/2016Platinum Group Metals Announces US$33 Million Bought Deal Fi...
11/3/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
12/9/2014Platinum Group Metals Announces US$110 Million Bought Deal F...
12/9/2013Announces C$175 Million Bought Deal Financing
12/12/2012Announces Public Offering of Common Shares
9/26/2008Announces Non-Brokered Private Placement
Nominations of Platinum Group metals Ltd
7/16/2013Adds to Board of Directors
Financials of Platinum Group metals Ltd
7/14/2016Platinum Group Metals Third Quarter Results and Update
4/12/2016Platinum Group Metals Second Quarter Results and Update
4/10/2015and Second Quarter Results
1/14/2013Reports Q1 2013 Financial Results
7/13/2012Reports Q3 2012 Financial Results
4/16/2012Reports Q2 2012 Financial Results
1/25/2012Reports Q1 2012 Financial Results
7/13/2011Reports Q3 2011 Financial Results
Project news of Platinum Group metals Ltd
8/31/20151:57 am Platinum Group Metals files WBJV Project 1 technical...
4/20/20151:09 pm Platinum Group Metals announces a new intercept WE 0...
11/14/2013Extension of the Super F Zone of the Waterberg Platinum Depo...
11/11/2013WBJV Project 1 Project Finance Update and Waterberg Update
10/21/2013Reports on Initial Drilling on the Waterberg Extension Permi...
10/18/2013Announces that 26% WBJV Project 1 Shareholder Africa Wide Ha...
10/2/2013Announces the Start of New Exploration on the Waterberg Exte...
9/3/2013Announces Updated Waterberg Resource of 17.5 million ounces
6/10/2013Announces an 800 meter step out on the T2 Platinum Layer int...
4/24/2013WBJV Project 1 Platinum Mine Signs Life of Mine Concentrate ...
4/23/2013Continues to Significantly Expand Waterberg Platinum Discove...
2/14/2013WBJV Project 1 (Maseve) Section 54 Notice
2/14/2013WBJV Project 1 (Maseve) Surface Worker Fatality
2/5/2013Prophecy Platinum Announces Drill Results Demonstrating Broa...
2/1/201310 Million Ounce Platinum, Palladium and Gold Inferred Updat...
1/16/2013INVITATION: Platinum Group Metals Cocktail Reception, Core S...
11/5/2012Strike Length Doubles at Waterberg Platinum Discovery
10/12/2012WBJV Project 1 Banking Advances
9/11/2012Anglo American Exercises First Right of Refusal for Platinum...
9/5/2012Initial 6.6 Million Ounce Platinum, Palladium and Gold Infer...
7/20/2012Sable Project Update Western Bushveld South Africa
10/8/2009Feasibility Study Project 1 Platinum Mine
10/9/2009(Western Bushveld Jv)Exploration Projects Update New Large Funded Joint Venture w...
3/5/2009(War Springs)PTM Signs US$10M Option Funding Agreement for War Springs Pr...
9/2/2008(Western Bushveld Jv)Increase its Interest in Project 1 Platinum Mine from 37% to...
7/1/2008Project 1 Bankable Feasibility Study to be Published July 7,...
4/25/2008(Western Bushveld Jv)First Project 3 Resource adds 1.9 million ounces to Western ...
4/23/2008(Western Bushveld Jv)Project 2 Resources Increase Western Bushveld Joint Venture
3/17/2008(War Springs)War Springs Resource Increased to 1.7 Million Ounces
1/22/2008(Western Bushveld Jv)Western Bushveld Joint Venture Update
Corporate news of Platinum Group metals Ltd
7/31/2017Platinum Group Metals Ltd. Operational and Strategic Process...
9/19/2016Corporate Update
7/14/2016Platinum Group posts 3Q profit
7/14/2016Platinum Group posts 3Q profit
7/14/2016Platinum Group Metals Third Quarter Results and Update
5/31/2016Platinum Group Metals Ltd. Announces More High Grade, Thick ...
5/31/2016Platinum Group Metals Ltd. Announces More High Grade, Thick ...
5/26/2016Platinum Group Metals Closes Public Offering of Common Share...
5/26/2016Platinum Group Metals Closes Public Offering of Common Share...
5/5/2016Platinum Group Metals Announces US$33 Million Bought Deal Fi...
5/5/2016Platinum Group Metals Maseve Update and Amendment to Working...
5/5/2016Platinum Group Metals Maseve Update and Amendment to Working...
4/29/2016Platinum Group Metals Files Waterberg Project Technical Repo...
4/19/2016Platinum Group Metals Reports 13% Increase in F Zone Grade a...
4/19/2016Platinum Group Metals Reports 13% Increase in F Zone Grade a...
4/12/2016Platinum Group reports 2Q loss
1/26/20163:43 am Platinum Group Metals consolidates common shares on ...
1/26/2016Platinum Group Metals Announces Share Consolidation
1/26/2016Platinum Group Metals Announces Share Consolidation
1/19/2016Insiders Are Loading Up on Platinum Mining Company
1/19/2016Insiders Are Loading Up on Platinum Mining Company
1/14/2016Platinum Group Metals First Quarter Results and Update
1/14/2016Platinum Group Metals First Quarter Results and Update
1/14/2016Platinum Group posts 1Q loss
1/14/2016Platinum Group posts 1Q loss
11/25/2015Platinum Group Metals 2015 Annual Results and Update
11/25/2015Platinum Group Metals 2015 Annual Results and Update
11/3/2015Summary of Terms
11/2/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
11/2/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
10/15/2015Platinum Group Metals (PLG) in Focus: Stock Up 6.3%
10/15/2015Platinum Group Metals (PLG) in Focus: Stock Up 6.3%
9/5/2015Platinum Group Metals Files Waterberg Project Technical Repo...
8/29/2015Platinum Group Metals Files WBJV Project 1 Technical Report
8/29/2015Platinum Group Metals Files WBJV Project 1 Technical Report
7/22/2015Platinum Group Metals Increases Waterberg Mineral Resource t...
7/15/2015Platinum Group Metals Update and Third Quarter Results
7/15/2015Platinum Group Metals Update and Third Quarter Results
7/15/2015Platinum Group Metals Ltd.: WBJV Project 1 Platinum Mine Upd...
7/15/2015Platinum Group Metals Ltd.: WBJV Project 1 Platinum Mine Upd...
4/20/2015Platinum Group Metals Reports Second Waterberg Extension Int...
4/20/2015Platinum Group Metals Reports Second Waterberg Extension Int...
4/10/2015Platinum Group Metals Update and Second Quarter Results
4/10/2015Platinum Group Metals Update and Second Quarter Results
12/9/2014Platinum Group Discontinues 150,000 Unit Offering of Senior ...
11/26/2014Platinum Group Metals Reports 2014 Annual Results
2/25/2014BMO Global Metals and Mining Conference Webcast Presentation...
2/14/2014Announces a Positive Preliminary Economic Assessment for a 6...
1/10/2014Reports Q1 2014 Financial and Operating Results
12/9/2013Waterberg Extension Project Drilling Intersects 53.22 Metres...
11/27/2013Reports 2013 Annual Results
10/17/2013Files Report on Updated Mineral Resource Estimate for the Wa...
9/23/2013’ CEO Addresses Denver Gold Forum
7/25/2013Bushveld Complex: A Mining Battle Ground – Financial Mail – ...
7/25/2013Announces 52 New Platinum Intercepts at Waterberg
7/12/2013Reports Q3 2013 Financial and Operating Results
6/12/2013Announces an 800 meter step out on the T2 Platinum Layer (RE...
5/15/2013Reports Positive Metallurgical Test Results for Waterberg
4/12/2013Resumes Work on North Declines, WBJV Project 1 Platinum Mine
4/9/2013Reports Q2 2013 Financial and Operating Results
3/18/2013Waterberg Technical Report Filed
3/15/2013Added to S&P/TSX Global Mining Index
2/4/2013Announces New Intercepts at Waterberg
1/30/2013Visit Platinum Group Metals Ltd. at Mining Indaba
11/14/2012Leading PGM Forecaster Calls for Significant Platinum and Pa...
10/26/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage: The Northern Miner
10/10/2012Technical Report Filed
9/25/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage Business News Netwo...
9/19/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage - Bloomberg TV – Lu...
9/17/2012.: Significant New Intercepts Expand the Waterberg Platinum ...
9/11/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Kitco News from D...
7/10/2012Adopts Shareholder Rights Plan
6/19/2012Confirms Plans
5/23/2012New Waterberg Results
5/8/2012Announces Waterberg Discovery Expands
5/2/2012– Media Coverage – Business Day
4/4/2012.: Mining Right Granted for WBJV Project 1 Platinum Mine
2/29/2012CEO Addresses BMO Global Metals and Mining Conference
2/27/2012Reminder: Join PLATINUM GROUP METALS for cocktails at PDAC!
2/6/2012.: Waterberg Discovery of Thick High Grade Reefs Expanded
9/6/2011President and CEO Interviewed on Business News Network (BNN)
8/29/2011North Limb Platinum Exploration Update
8/2/2011.: Mandate for $260 Million WBJV Project Loan Completed
7/11/2011Adds to its Board
7/5/2011Construction Update
5/16/2011. Announces Acceptance of Western Bushveld Joint Venture (WB...
5/5/2011' Partner Completes Transaction with Chinese Consortium
4/13/2011Global Exploration Update Platinum Group Metals Ltd.
4/4/2011Project 1 Mine Advances Underground and Mining Right Applica...
2/21/2011– Media Coverage – The Globe and Mail
2/21/2011Appoints Gordon Chunnett to Advisory Board
2/17/2011Eskom Agreement Completed for Delivery of 40MVA Electricity ...
2/9/2011Media Coverage
12/22/2009Platinum For A New World
10/8/2009Hosts Webcast for WBJV Update
6/26/2009Company Update
6/17/2009Announces Closing for C$35 Million
5/29/2009Announces Pricing of Offering
5/28/2009Announces C$35 Million Offering
12/9/2008Definitive Agreements For 74% Deal Executed
9/15/2008Creates New Funded Platinum Joint Venture
9/6/2008Platinum Group in Loan Talks for $506 Million Mine
6/25/2008We Are Building on Platinum
4/1/2008Platinum Group Metals Ltd - Project 2 Update Western Bushvel...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (PTM.TO)AMEX (PLG)
2.30+6.48%1.35-4.26%
TORONTO
CA$ 2.30
05/25 15:07 0.140
6.48%
Prev close Open
2.16 2.14
Low High
2.10 2.37
Year l/h YTD var.
1.63 -  3.36 0.877%
52 week l/h 52 week var.
1.63 -  5.24 -53.72%
Volume 1 month var.
184,151 10.58%
24hGold TrendPower© : -11
Produces
Develops Platinum
Explores for Cobalt - Copper - Gold - Iron - Nickel - Palladium - Platinum - Uranium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-51.48%
2021-19.25%7.594.15
2020192.04%8.001.25
20193.08%2.911.36
2018413.16%2.140.12
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 8.18-0.67%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.20+5.96%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.84+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.50-3.27%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.70-4.39%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.20-5.88%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.65-1.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+5.66%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.30+6.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 73.75+3.57%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04-16.67%Trend Power :