Temasek, APG plan to acquire stakes in Platmin

April 19, 2010
Singapore Democrats

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Euan Rocha

Platmin Ltd, which explores for platinum group metals (PGMs), said on Monday that Singapore’s sovereign wealth fund Temasek Holdings and Dutch pension fund Algemene Pensioen Groep have expressed an interest in investing in the company.

Earlier this month, Platmin filed a prospectus that will allow it raise up to $250 million through a new equity issue.

Temasek and APG have expressed an intention to buy $50 million worth of common shares that are issued as part of the new equity offering.

The shares, if purchased by Temasek and APG, would be bought directly from Platmin and not underwritten by RBC Capital Markets or Investec Bank Ltd, the underwriters for the offering.

Platmin, whose long-term goal is to become a significant producer of PGMs, recently said it would acquire Barrick Gold’s 10 percent stake in the Sedibelo platinum project in South Africa, along with assets needed to develop the deposit, for up to $60 million.

Platmin shares were down 1 Canadian cent at C$1.29 on the Toronto Stock Exchange early Monday morning. ($1=$1.02 Canadian)