/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
TORONTO, Nov. 2 /CNW/ - Platmin Limited ("Platmin" or the "Company",
TSX/AIM: PPN) is pleased to announce that The Standard Bank of South Africa
Limited ("Standard Bank") has been appointed by the Company and its South
African subsidiary, Boynton Investments (Pty) Limited ("Boynton") to act as
financial advisor and Lead Arranger to secure approximately US$200 million in
project debt finance for the development of the Pilanesberg Platinum Project
in South Africa.
Standard Bank is a leading provider of mining finance and has extensive
experience in structuring and financing mining projects in South Africa.
Standard Bank was recently named Best Project Finance Bank in Africa by
Highlights from the Pilanesberg Feasibility
- The positive results of the Pilanesberg Project Feasibility Study
confirmed a robust project. Platmin's Board of Directors has given
approval to proceed with the development of the project.
- Feasibility Study completed by SRK Consulting based on Proven and
Probable PGE Mineral Reserves totalling 4.4 million ounces of
3PGEs + Au (3.2 million ounces attributable to Platmin).
- Life of Mine 16 years with production planned to commence early 2009
with an average production rate of 250,000 oz/year 3PGE+Au in
concentrate for the first 11 years.
- Base Case Internal Rate of Return of 21.7% in real terms and 31.3% in
nominal terms (ungeared after tax).
- Base Case Net Present Value at an 8% real discount rate (ungeared
after tax) ("NPV (8%)") of ZAR1.82 billion (US$260 million).
- Payback period on capital of 2.5 years following first production.
- Average operating margin of 46% over LoM.
- The presence of Ruthenium and Iridium in ores and concentrates which
will be co-produced with the 3PGEs has the potential to improve
project values, positively affecting the IRR and NPV of the project.
- Engineering firm Dowding Reynard and Associates has been appointed to
implement the design and construction phase of the project.
Platmin is a TSX and AIM (PPN) listed PGM exploration and development
company focused on its four key advanced projects that host PGM Mineral
Resources and Reserves: Pilanesberg, M'Phatlele, Grootboom and Loskop of which
the first three are currently in the development phase. All of Platmin's
projects are located in the Bushveld Complex of South Africa, which is
estimated to contain approximately 90% of global platinum resources.
This Market Release contains forward-looking statements that are not
historical facts. Forward-looking statements involve risks, uncertainties and
other factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statements. Forward looking statements in this Market Release
include, but are not limited to, statements regarding the placement of US$200
million by Standard Bank and includes all the forward-looking statements with
regards to the Pilanesberg Project as outlined in Platmin's Market Release of
July 16, 2007. This Market Release does not constitute or form part of any
offer or invitation to sell or issue or any solicitation of any offer to
purchase or subscribe for any securities in any jurisdiction, nor shall it (or
any part of it) or the fact of its distribution form the basis of, or be
relied upon in connection with, or act as any inducement to enter into, any
contract or commitment therefore.
For further information:
For further information: Platmin Limited, 6 EcoFusion Office Park, Block
B, 324, Witch-Hazel Avenue, Highveld Park X59, 0157, Centurion, 0067, South
Africa; Keith Liddell, Executive Deputy Chairman, +61 8 9221 7466; Ian Watson,
Chief Executive Officer, +27 12 661 4280; RBC Capital Markets, Peter
Barrett-Lennard, +44 20 7653 4567; Grant Thornton, Corporate Finance (Nomad),
Fiona Owen, +44 207 383 5100; Haywood Securities, John Willett, (416)