| Fri 9 Oct 2009, 15:00 | | PLN - Platmin Limited - Platmin Enters into ZAR 400 Million Revolving |
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PLN
PLN
PLN - Platmin Limited - Platmin Enters into ZAR 400 Million Revolving
Commodity Finance Facility 9 October 2009
Platmin Limited
Incorporated in the accordance with the laws of Canada
Registration number: 610178-0
Share code on TSX: PPN
Share code on AIM: PPN
Share code on JSE: PLN
ISIN: CA72765Y1097
Platmin enters into ZAR 400 million revolving commodity finance facility
9 October 2009
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
October 09, 2009 TORONTO: Platmin Limited ("Platmin" or "the Company";
TSX/AIM: PPN; JSE: PLN) is pleased to announce the conclusion of a ZAR 400
million (USD 54.42 million at an exchange rate of ZAR 7.35: USD 1.00) twelve
month renewable, revolving commodity financing agreement with Investec Bank
Limited ("Investec") for working capital purposes ("the Facility") as
referenced in the Company`s 3 August 2009 announcement.
In terms of the Facility, Investec will finance up to 91% of Pilanesberg
Platinum Mines (Proprietary) Limited`s ("Pilanesberg") platinum, palladium,
gold, copper and nickel deliveries to Northam Platinum Limited ("Northam") in
accordance with the previously agreed Sale and Treatment of Concentrate
Agreement ("Concentrate Agreement") as concluded between Pilanesberg and
Northam in October 2008. The Facility would result in Pilanesberg receiving
the precious metal prices prevailing at the end of the month in which the
concentrate is delivered rather than when payment is received in terms of the
Concentrate Agreement, typically three to four months later. The Facility
carries an interest rate of JIBAR (approximately 7.05%) plus a margin of
3.00%.
Platmin Chairman, Mr Keith Liddell, said today, "We are very pleased to have
finalized and signed the agreements for the financing package with Investec
Bank under the prevailing macro-economic environment."
About Platmin
Platmin is an explorer and emerging PGM producer whose four key projects host
mineral resources and reserves: Pilanesberg, M`phahlele, Grootboom and
Loskop. The Pilanesberg Project is presently in the `ramp up` phase and is
expected to meet the design production rates during 2009. The despatch of PGM
concentrates to the custom smelter commenced in April 2009. All of Platmin`s
projects are located in the Bushveld Complex of South Africa, which is
estimated to contain approximately 90% of global platinum mineral resources.
About Investec
Investec is an international specialist banking group with a dual listing on
the London Stock Exchange plc and securities exchange of the JSE Limited.
Investec provides a diverse range of financial products and services to a
niche client base in three principal markets, the United Kingdom, South
Africa and Australia as well as certain other countries, with a focus on
delivering distinctive profitable solutions for its clients.
For further information
Keith Liddell, Chairman
+27 12 661 4280
Wayne Koonin, Chief Financial Officer
+27 12 661 4280
Investec Bank plc (Nominated Adviser)
Gerard Kisbey-Green
+44 207 597 5120
Russell & Associates
Marion Brower
+27 11 880 3924
Sponsor: Investec Bank limited
9 October 2009
Date: 09/10/2009 15:00:01 Produced by the JSE SENS Department.
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