Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Sylvania Platinum moots £30m iron ore spin-off
Platinum group metals (PGM) tailings developer Sylvania Platinum is contemplating an AIM spin-off for an iron ore discovery in the northern limb of South Africa’s Bushveld Complex. Formerly part of Sylvania Resources, the company, which came to AIM in March after a restructuring, reckons it could have between 500 million and one billion tonnes of iron ore, and it is conveniently close to transport and other key infrastructure.
Steered by managing director Terry McConnachie, a seasoned South African mining man, Sylvania, which also stands to boost PGM production significantly through a joint venture with fully listed Aquarius Platinum, is thought by analysts to have an iron ore deposit with a net present value of $20 million to $80 million (£12.2 million to £48.8 million). McConnachie, who has also considered a Hong Kong float, is understood now to favour AIM.
The iron ore opportunity comes in the midst of other changes for Sylvania. Company watchers suggest that the joint venture with Aquarius, covering the mining and processing of the Everest North PGM deposit in the Bushveld, could take its PGM output, already set to rise from 44,000 oz to 60,000 oz a year, up to 80,000 oz annually or more and the City expects pre-tax profits to surge from £7.9 million to £16 million in the year to June 2011.
Intriguingly, Sylvania also has a joint smelting and refining deal with Jubilee Platinum, using Jubilee’s ‘ConRoast’ technology. Jubilee, itself quoted on AIM, has disclosed that it is in takeover talks with an unnamed potential bidder, but neither company will comment on the suitor’s identity.
At 41p, valuing the company at £124 million, Sylvania shares are worth a punt on its
plans and prospects, as long as the sector remains in favour. At 29.75p, Jubilee looks more speculative.
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