Companies: BRR   

Recently shunned platinum group metals (PGMs) minnow Braemore Resources has reached smelter supply agreements with two major producers.

Anglo Platinum, the world’s largest PGM producer, and Northam Platinum, both South African and both quoted on the Johannesburg exchange, have guaranteed to feed PGM concentrate to AIM-quoted Braemore’s recently upgraded 3.2-megawatt smelter in Johannesburg.

These agreements, which contract out Braemore’s installed smelting capacity on commercial terms, ‘bring further certainty to our strategy to become a PGM producer’, claims chief executive officer Leon Coetzer, ‘and take Braemore a step further towards establishing the first independent black-empowered smelter in South Africa’.

Floated at 10p in 2005, Braemore’s shares reached 23.75p two years later, but collapsed all the way to 1p last month. They have now bounced to 2.72p, valuing the company at £21.5 million.

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Braemore Resources	AIM	£18m	2.28p	0.08p
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Other company articles:
Off-take deals for Braemore			12/11/2008
Smelter to boost Braemore output			10/09/2008